Property and Equipment

3 Months Ended

Sep. 30, 2013

Note 2 —Property and Equipment

As of September 30, 2013 and June 30, 2013 our oil and natural gas properties and other property and equipment consisted of the following:

	September 30, 2013			June 30, 2013
Oil and natural gas properties
Property costs subject to amortization	$	43,159,269		$	42,772,184
Less: Accumulated depreciation, depletion, and amortization	(8,397,608		)	(8,095,856		)
Unproved properties not subject to amortization	4,161,816			4,112,704
Oil and natural gas properties, net	$	38,923,477		$	38,789,032

Other property and equipment
Furniture, fixtures and office equipment, at cost	322,514			322,514
Less: Accumulated depreciation	(276,983		)	(270,297		)
Other property and equipment, net	$	45,531		$	52,217

An unproved property not subject to amortization consists of unevaluated acreage of $4.2 million and $4.1 million as of September 30, 2013 and June 30, 2013, 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, 2013 and 2012.

- 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.

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