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Joint Interest Agreement

6 Months Ended

Dec. 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. Our participation in this joint venture is reflected on our December 31, 2013 and June 30, 2013 balance sheets by the items below.

		December 31, 2013			June 30, 2013
Advances to joint interest operating partner		$	43,646		$	26,059
Due to joint interest partner		86,289			127,081

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Disclosure in respect of the drilling agreement entered into by the reporting entity with the industry partner to drill up development wells.

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