XML 55 R40.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Supplemental Disclosures about Oil and Natural Gas Producing Properties (unaudited) (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
Schedule of costs incurred and capitalized in oil and natural gas property acquisition, exploration and development activities | Exploration and development costs also include amounts incurred due to the recognition of asset retirement obligations, of $66,976, $65,575, and $93,522, during the years ended June 30, 2014, 2013, and 2012 , respectively.
| For the Years Ended June 30,
| 2014 |  | 2013 |  | 2012
Oil and natural gas activities |  |  |  |  |
Property acquisition costs: |  |  |  |  |
Proved property | $ | — |  |  | $ | 26,449 |  |  | $ | 115,637 |
Unproved property | 47,344 |  |  | 195,599 |  |  | 5,544,217 |
Exploration costs | 757,423 |  |  | 4,356,640 |  |  | 3,016,924 |
Development costs | 18,566 |  |  | 79,035 |  |  | 238,463 |
Total costs incurred for oil and natural gas activities | $ | 823,333 |  |  | $ | 4,657,723 |  |  | $ | 8,915,241 |
Schedule of estimated quantities of proved oil and natural gas reserves and changes in quantities of proved developed and undeveloped reserves | Estimated quantities of proved oil and natural gas reserves and changes in quantities of proved developed and undeveloped reserves for each of the periods indicated were as follows:
| Crude Oil (Bbls) |  | Natural Gas Liquids (Bbls) |  | Natural Gas (Mcf) |  | BOE
Proved developed and undeveloped reserves: |  |  |  |  |  |  |
June 30, 2011 | 11,567,846 |  |  | 712,300 |  |  | 9,403,899 |  |  | 13,847,462 |
Revisions of previous estimates | 84,219 |  |  | (212,677 | ) |  | (1,295,893 | ) |  | (344,440 | )
Improved recovery, extensions and discoveries | 137,634 |  |  | 5,461 |  |  | 18,925 |  |  | 146,249 |
Production (sales volumes) | (151,081 | ) |  | (12,611 | ) |  | (266,775 | ) |  | (208,155 | )
June 30, 2012 | 11,638,618 |  |  | 492,473 |  |  | 7,860,156 |  |  | 13,441,116 |
Revisions of previous estimates (a) | 1,826,053 |  |  | 975,515 |  |  | 27,679 |  |  | 2,806,181 |
Sales of minerals in place | (485,536 | ) |  | (480,832 | ) |  | (7,726,032 | ) |  | (2,254,038 | )
Production (sales volumes) | (196,380 | ) |  | (7,271 | ) |  | (139,006 | ) |  | (226,819 | )
June 30, 2013 | 12,782,755 |  |  | 979,885 |  |  | 22,797 |  |  | 13,766,440 |
Revisions of previous estimates (b) | (1,919,052 | ) |  | 1,269,588 |  |  | 2,412,677 |  |  | (247,350 | )
Improved recovery, extensions and discoveries | 17,146 |  |  | 32,731 |  |  | 498,044 |  |  | 132,884 |
Sales of minerals in place | (184,722 | ) |  | — |  |  | — |  |  | (184,722 | )
Production (sales volumes) | (169,783 | ) |  | (3,516 | ) |  | (26,655 | ) |  | (177,742 | )
June 30, 2014 | 10,526,344 |  |  | 2,278,688 |  |  | 2,906,863 |  |  | 13,289,510 |
Proved developed reserves: |  |  |  |  |  |  |
June 30, 2011 | 4,986,337 |  |  | 100,900 |  |  | 1,543,401 |  |  | 5,344,471 |
June 30, 2012 | 7,670,934 |  |  | 111,978 |  |  | 1,499,382 |  |  | 8,032,809 |
June 30, 2013 | 10,077,522 |  |  | 8,539 |  |  | 22,797 |  |  | 10,089,861 |
June 30, 2014 | 7,858,224 |  |  | 32,164 |  |  | 481,042 |  |  | 7,970,562 |
(a) A significant upward reserve revision occurred in the Delhi Field during fiscal 2013 as a result of (1) revised geological maps based on production results and acquired seismic data, (2) inclusion of an additional reservoir with similar features, production history and suitability for EOR, and (3) inclusion of natural gas processing at Delhi. (b) Significant reserve revisions occurred in the Delhi Field during fiscal 2014. As a result of an adverse fluid release event in the Field, certain oil reserves were reclassified from proved to an unproved category based on the operator's decision to defer CO2 injections in certain parts of the Field. There was a positive revision to estimated proved reserves of natural gas liquids and natural gas as a result of an improved design for the gas plant in the Delhi Field. The plant is expected to significantly increase recoveries of these products
Schedule of standardized measure of discounted future net cash flows related to proved oil and natural gas reserves | The standardized measure of discounted future net cash flows related to proved oil and natural gas reserves as of June 30, 2014, 2013, and 2012 are as follows:
| For the Years Ended June 30,
| 2014 |  | 2013 |  | 2012
Future cash inflows | $ | 1,193,515,075 |  |  | $ | 1,436,980,607 |  |  | $ | 1,355,686,188 |
Future production costs and severance taxes | (475,387,931 | ) |  | (510,902,614 | ) |  | (458,716,938 | )
Future development costs | (46,154,178 | ) |  | (60,742,406 | ) |  | (38,458,724 | )
Future income tax expenses | (195,581,510 | ) |  | (275,113,560 | ) |  | (296,703,838 | )
Future net cash flows | 476,391,456 |  |  | 590,222,027 |  |  | 561,806,688 |
10% annual discount for estimated timing of cash flows | (250,313,784 | ) |  | (283,001,328 | ) |  | (278,209,195 | )
Standardized measure of discounted future net cash flows | $ | 226,077,672 |  |  | $ | 307,220,699 |  |  | $ | 283,597,493 |
Schedule of NYMEX prices used in determining future cash flows | Future cash inflows represent expected revenues from production of period-end quantities of proved reserves based on the previous 12 months unweighted arithmetic average first-day-of-the-month commodity prices for each year and reflect adjustments for lease quality, transportation fees, energy content and regional price differentials.
| Year Ended June 30,
| 2014 |  | 2013 |  | 2012
| Oil (Bbl) |  | Gas (MMBtu) |  | Oil (Bbl) |  | Gas (MMBtu) |  | Oil (Bbl) |  | Gas (MMBtu)
NYMEX prices used in determining future cash flows | $ | 100.37 |  |  | $ | 4.10 |  |  | $ | 91.51 |  |  | $ | 3.44 |  |  | $ | 95.67 |  |  | $ | 3.15 |
Schedule of changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves | A summary of the changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves is as follows:
| For the Years Ended June 30,
| 2014 |  | 2013 |  | 2012
Balance, beginning of year | $ | 307,220,699 |  |  | $ | 283,597,493 |  |  | $ | 228,447,954 |
Net changes in sales prices and production costs related to future production | (73,439,526 | ) |  | (35,184,725 | ) |  | 76,942,613 |
Changes in estimated future development costs | 9,848,614 |  |  | (566,125 | ) |  | 6,340,123 |
Sales of oil and gas produced during the period, net of production costs | (16,479,934 | ) |  | (19,569,182 | ) |  | (16,187,039 | )
Net change due to extensions, discoveries, and improved recovery | 775,574 |  |  | — |  |  | 1,606,122 |
Net change due to revisions in quantity estimates | (23,757,788 | ) |  | 64,817,544 |  |  | (11,975,496 | )
Net change due to sales of minerals in place | (3,150,277 | ) |  | (34,119,027 | ) |  | — |
Development costs incurred during the period | — |  |  | 747,656 |  |  | (2,639,398 | )
Accretion of discount | 45,896,187 |  |  | 41,678,733 |  |  | 22,568,868 |
Net change in discounted income taxes | 58,073,450 |  |  | 10,175,957 |  |  | (15,026,628 | )
Net changes in timing of production and other (a) | (78,909,327 | ) |  | (4,357,625 | ) |  | (6,479,626 | )
Balance, end of year | $ | 226,077,672 |  |  | $ | 307,220,699 |  |  | $ | 283,597,493 |
(a) The operator has expressed current plans to produce the Delhi Field at lower production rates. The decision to produce these reserves at lower rates over a longer period of time did not materially change the total quantities expected to be recovered, but resulted in a significant reduction in the discounted value of these reserves as of

X
- Definition Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63042-109448 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62059-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62038-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62014-109447 + Details
Name: | us-gaap_CostIncurredInOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of oil and gas production including quantitative production data, average price, and per unit cost data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Industry Guide -Number 2 -Paragraph 3 -Subparagraph A + Details
Name: | us-gaap_OilAndGasNetProductionAverageSalesPriceAndAverageProductionCostsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the aggregate change in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchases under long-term agreements in which the enterprise participates in the operation of the properties on which oil and gas is located or otherwise serves as the producer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62536-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62500-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62496-109447 + Details
Name: | us-gaap_ScheduleOfChangesInStandardizedMeasureOfDiscountedFutureNetCashFlowsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61858-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61797-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61869-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61831-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61884-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61872-109447 + Details
Name: | us-gaap_ScheduleOfProvedDevelopedAndUndevelopedOilAndGasReserveQuantitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62536-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62479-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62424-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62455-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62500-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62476-109447 + Details
Name: | us-gaap_StandardizedMeasureOfDiscountedFutureCashFlowsRelatingToProvedReservesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration