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Property and Equipment | 6 Months Ended
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Dec. 31, 2012
Property and Equipment |
Property and Equipment | Note 2 —Property and Equipment As of December 31, 2012 and June 30, 2012 our oil and natural gas properties and other property and equipment consisted of the following:
|  | December 31, 2012 |  | June 30, 2012 |
Oil and natural gas properties |  |  |  |  |
Property costs subject to amortization |  | $ | 38,447,880 |  | $ | 40,874,244 |
Less: Accumulated depreciation, depletion, and amortization |  | (7,202,718 | ) | (6,440,166 | )
Unproved properties not subject to amortization |  | 9,031,522 |  | 6,042,094 |
Oil and natural gas properties, net |  | $ | 40,276,684 |  | $ | 40,476,172 |
Other property and equipment |  |  |  |  |
Furniture, fixtures and office equipment, at cost |  | 322,515 |  | 322,514 |
Less: Accumulated depreciation |  | (254,484 | ) | (230,243 | )
Other property and equipment, net |  | $ | 68,031 |  | $ | 92,271 |
Unproved properties not subject to amortization consists of unevaluated acreage and development costs of $9.0 million and $6.0 million as of December 31, 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 six months ended December 31, 2012. During the corresponding prior year period, we transferred approximately $2.2 million of impaired assets, reflecting principally Woodford Shale properties, from our unevaluated pool to our full cost pool. In early November 2012 the company sold its Wood well in the Giddings Field to EnerVest LLC and received net proceeds of $250,000 and the buyer’s assumption of all abandonment liabilities. On December 24, 2012, the Company closed the sale of a portion of its producing and non-producing properties and assets in Brazos, Burleson, Fayette, Lee and Grimes Counties, Texas to ASM Oil and Gas Company, Inc. (“ASM”) for and adjusted purchase price of $2.8 million and the buyer’s assumption of all abandonment liabilities. The proceeds from these sales were recognized as a reduction of the cost of oil and gas properties.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
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