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Property and Equipment (Tables)

6 Months Ended

Dec. 31, 2013

Property and Equipment

Schedule of oil and natural gas properties and other property and equipment

		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

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph b

-Article 5

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