XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6

Subsequent Events	9 Months Ended
	Mar. 31, 2012
Subsequent Events
Subsequent Events	Note 11 — Subsequent Events Effective April 17, 2012, a wholly owned subsidiary of the Company entered into definitive agreements with Orion Exploration Partners, LLC (“Orion”) to acquire and develop an undivided 45% interest in oil and gas leases, associated surface rights and related assets located in the Mississippian Lime formation aggregating 11,700 acres (5,265 net acres) in 38 sections in Kay County, Oklahoma.  The Company has agreed to contribute cash and a drilling carry to earn its 45% non-operating interest in the joint venture.  Orion is contributing the leases, its portion of the drilling capital, its operating expertise in the area and the Mississippian Lime play. In April we made our initial $4,083,780 cash outlay for the purchase of our 45% share of the JV leasehold and partial prepayment of our drilling and completion costs of the first three commitment wells.  Our acquisition cost also includes carrying our partner for a minor portion of their drilling and completion costs over the next year, not to exceed approximately $2.2 million. Not including any future leases acquired though forced pooling or other additions, the Company’s initial interests are estimated to have up to 25 to 33 potential drilling locations net to the Company, subject to ultimate spacing per horizontal well, including water disposal facilities.  Field operations are expected to begin in May 2012 with the drilling of a water disposal well, followed by the scheduled drilling of two producer wells.  The agreement commits the parties to drill between six and fourteen gross wells over the next twelve months. In April and May 2012, the Company received proceeds totaling $669,845, and the retention of overrides and back-in interests, for the farmout of some of its Woodbine rights at Giddings.

X

- Details

Name:	us-gaap_SubsequentEventsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

No definition available.

+ Details

Name:	us-gaap_SubsequentEventsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration