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Joint Interest Agreement | 9 Months Ended
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Mar. 31, 2013
Joint Interest Agreement |
Joint Interest Agreement | Note 3 — Joint Interest Agreement 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 interests in oil and gas leases, associated surface rights and related assets located in the Mississippian Lime formation in Kay County in North Central Oklahoma. The Company agreed to contribute cash and a drilling carry to maintain its non-operated working interest in the joint venture. Orion contributed the leases, its portion of the drilling capital, its operating expertise in the area and the Mississippian Lime play. The agreement commits the parties to drill between six and fourteen gross wells by April 17, 2013. To this date, one gross salt water disposal well and two gross producer wells have been drilled and completed. On May 1, 2013, the Company informed Orion that it has elected to forego payment of the $1.2 million remaining balance of original leasehold purchase cost, thereby reducing our joint venture interest in initial undrilled leasehold from 45% to 33.9% under the terms of the Agreement. Either party now has the right to propose a new well within the joint venture’s area of mutual interest with the other party having the rights under a pre-agreed joint operating agreement. Our participation in this joint venture is reflected on our March 31, 2013 and June 30, 2012 balance sheets by the items below. At March 31, 2013, the $1.3 million due to joint interest partner balance includes a $1.2 million liability for the remaining balance of original leasehold purchase cost. Included in the $1.4 million June 30, 2012 advance to our joint interest operating partner is an accrued $1,142,716 drilling cash call, which is also reflected in the due to joint interest partner balance.
|  | March 31, 2013 |  | June 30, 2012 |
Advances to joint interest operating partner |  | $ | — |  | $ | $ 1,366,921 |
Due to joint interest partner |  | 1,317,559 |  | 3,217,975 |

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- Definition Disclosure in respect of the drilling agreement entered into by the reporting entity with the industry partner to drill up development wells. + References No definition available. + Details
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