Property and Equipment

6 Months Ended

Dec. 31, 2013

Note 2 —Property and Equipment

As of December 31, 2013 and June 30, 2013 our oil and natural gas properties and other property and equipment consisted of the following:

	December 31, 2013			June 30, 2013
Oil and natural gas properties
Property costs subject to amortization	$	42,746,486		$	42,772,184
Less: Accumulated depreciation, depletion, and amortization	(8,760,874		)	(8,095,856		)
Unproved properties not subject to amortization	4,258,459			4,112,704
Oil and natural gas properties, net	$	38,244,071		$	38,789,032

Other property and equipment
Furniture, fixtures and office equipment, at cost	332,151			322,514
Less: Accumulated depreciation	(283,969		)	(270,297		)
Other property and equipment, net	$	48,182		$	52,217

Unproved property not subject to amortization consists of unevaluated acreage of $4.2 million and $4.1 million as of December 31, 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. During the six months ended December 31, 2013 and the corresponding 2012 period, no impairments have been recorded.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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