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Property and Equipment

3 Months Ended

Sep. 30, 2012

Property and Equipment

Property and Equipment

Note 2 — Property and Equipment

As of September 30, 2012 and June 30, 2012 our oil and natural gas properties and other property and equipment consisted of the following:

		September 30, 2012			June 30, 2012
Oil and natural gas properties
Property costs subject to amortization		$	41,232,889		$	40,874,244
Less: Accumulated depreciation, depletion, and amortization		(6,701,388		)	(6,440,166		)
Unproved properties not subject to amortization		7,782,060			6,042,094
Oil and natural gas properties, net		$	42,313,561		$	40,476,172

Other property and equipment
Furniture, fixtures and office equipment, at cost		322,515			322,514
Less: Accumulated depreciation		(242,493		)	(230,243		)
Other property and equipment, net		$	80,022		$	92,271

Unproved properties not subject to amortization consists of unevaluated acreage of $7.8 million and $6.0 million as of September 30, 2012 and June 30, 2012, respectively, for our properties in the Mississippi Lime in Oklahoma. Our evaluation of impairment of unproved properties occurs, at a minimum, on a quarterly basis. Based on this evaluation there were no impaired properties for the three months ended September 30, 2012. During the corresponding prior year period, we transferred approximately $0.8 million of impaired assets, reflecting principally Woodford Shale properties, from our unevaluated pool to our full cost pool.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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