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Supplemental Disclosures about Oil and Natural Gas Producing Properties (unaudited) (Tables)
 12 Months Ended
Jun. 30, 2012
Supplemental Disclosures about Oil and Natural Gas Producing Properties (unaudited)  
Schedule of costs incurred and capitalized in oil and natural gas property acquisition, exploration and development activities

 

 

 

For the Years Ended June 30

 

 

 

2012

 

2011

 

2010

 

Oil and Natural Gas Activities

 

 

 

 

 

 

 

Property acquisition costs:

 

 

 

 

 

 

 

Proved property

 

$

115,637

 

$

465,176

 

$

391,785

 

Unproved property

 

5,544,217

 

523,591

 

185,154

 

Exploration costs

 

3,016,924

 

215,660

 

2,354,239

 

Development costs

 

238,463

 

2,200,905

 

890,116

 

Total costs incurred for oil and natural gas activities

 

$

8,915,241

 

$

3,405,332

 

$

3,821,294

 

 
Schedule of estimated quantities of proved oil and natural gas reserves and changes in quantities of proved developed and undeveloped reserves

 

 

 

Crude Oil
(Bbls)

 

Natural Gas
Liquids
(Bbls)

 

Natural Gas
(Mcf)

 

BOE

 

Proved developed and undeveloped reserves:

 

 

 

 

 

 

 

 

 

June 30, 2009

 

945,948

 

1,054,294

 

6,358,788

 

3,060,040

 

Revisions of previous estimates

 

(113,487

)

(19,147

)

430,145

 

(60,943

)

Improved recovery, extensions and discoveries

 

9,451,758

 

29,300

 

381,695

 

9,544,674

 

Production (sales volumes)

 

(29,749

)

(27,820

)

(407,674

)

(125,515

)

June 30, 2010

 

10,254,470

 

1,036,627

 

6,762,954

 

12,418,256

 

Revisions of previous estimates

 

1,475,918

 

(84,154

)

3,273,846

 

1,937,405

 

Improved recovery, extensions and discoveries

 

—

 

—

 

779,556

 

129,926

 

Sales of minerals in place

 

(104,577

)

(221,469

)

(1,173,850

)

(521,688

)

Production (sales volumes)

 

(57,965

)

(18,704

)

(238,607

)

(116,437

)

June 30, 2011

 

11,567,846

 

712,300

 

9,403,899

 

13,847,462

 

Revisions of previous estimates

 

84,219

 

(212,677

)

(1,295,893

)

(344,440

)

Improved recovery, extensions and discoveries

 

137,634

 

5,461

 

18,925

 

146,249

 

Sales of minerals in place

 

—

 

—

 

—

 

—

 

Production (sales volumes)

 

(151,081

)

(12,611

)

(266,775

)

(208,155

)

June 30, 2012

 

11,638,618

 

492,473

 

7,860,156

 

13,441,116

 

 

 

 

 

 

 

 

 

 

 

Proved developed reserves:

 

 

 

 

 

 

 

 

 

June 30, 2009

 

104,731

 

141,372

 

1,106,028

 

430,441

 

June 30, 2010

 

706,053

 

157,302

 

1,536,858

 

1,119,498

 

June 30, 2011

 

4,986,337

 

100,900

 

1,543,401

 

5,344,471

 

June 30, 2012

 

7,670,934

 

111,978

 

1,499,382

 

8,032,809

 

 
Schedule of standardized measure of discounted future net cash flows related to proved oil and natural gas reserves

 

 

 

For the Years Ended June 30

 

 

 

2012

 

2011

 

2010

 

Future cash inflows

 

$

1,355,686,188

 

$

1,161,278,060

 

$

827,902,260

 

 

 

 

 

 

 

 

 

Future production costs and severance taxes

 

(458,716,938

)

(379,493,392

)

(222,826,052

)

 

 

 

 

 

 

 

 

Future development costs

 

(38,458,724

)

(40,571,895

)

(34,024,112

)

 

 

 

 

 

 

 

 

Future income tax expenses

 

(296,703,838

)

(278,455,798

)

(213,063,769

)

Future net cash flows

 

561,806,688

 

462,756,975

 

357,988,327

 

10% annual discount for estimated timing of cash flows

 

(278,209,195

)

(234,309,020

)

(196,361,678

)

 

 

 

 

 

 

 

 

Standardized measure of discounted future net cash flows

 

$

283,597,493

 

$

228,447,954

 

$

161,626,649

 

 
Schedule of commodity prices used in determining future cash flows

 

 

 

Year Ended June 30,

 

 

 

2012

 

2011

 

2010

 

 

 

Oil
(Bbl)

 

Gas
(MMBtu)

 

Oil
(Bbl)

 

Gas
(MMBtu)

 

Oil
(Bbl)

 

Gas
(MMBtu)

 

Commodity prices used in determining future cash flows

 

$

95.67

 

$

3.15

 

$

90.09

 

$

4.21

 

$

75.76

 

$

4.10

 
Schedule of changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves

 

 

 

 

For the Years Ended June 30

 

 

 

2012

 

2011

 

2010

 

Balance, beginning of year

 

$

228,447,954

 

$

161,626,649

 

$

23,549,791

 

Net changes in sales prices and production costs related to future production

 

76,942,613

 

57,178,860

 

3,935,863

 

Changes in estimated future development costs

 

6,340,123

 

(16,028,728

)

(3,502,403

)

 

 

 

 

 

 

 

 

Sales of oil and gas produced during the period, net of production costs

 

(16,187,039

)

(6,151,549

)

(3,356,822

)

 

 

 

 

 

 

 

 

Net change due to purchases of minerals in place

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Net change due to extensions, discoveries, and improved recovery

 

1,606,122

 

623,446

 

236,828,138

 

 

 

 

 

 

 

 

 

Net change due to revisions in quantity estimates

 

(11,975,496

)

56,766,220

 

(934,602

)

 

 

 

 

 

 

 

 

Net change due to sales of minerals in place

 

—

 

(8,233,734

)

—

 

 

 

 

 

 

 

 

 

Development costs incurred during the period

 

(2,639,398

)

2,416,565

 

—

 

 

 

 

 

 

 

 

 

Accretion of discount

 

22,568,868

 

26,597,834

 

3,582,622

 

 

 

 

 

 

 

 

 

Net change in discounted income taxes

 

(15,026,628

)

(42,490,270

)

(91,991,767

)

 

 

 

 

 

 

 

 

Other

 

(6,479,626

)

(3,857,339

)

(6,484,171

)

 

 

 

 

 

 

 

 

Balance, end of year

 

$

283,597,493

 

$

228,447,954

 

$

161,626,649