XML 59 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Property and Equipment | 9 Months Ended
--- | ---
Mar. 31, 2014
Property and Equipment |
Property and Equipment | Note 2 —Property and Equipment As of March 31, 2014 and June 30, 2013 our oil and natural gas properties and other property and equipment consisted of the following:
|  | March 31, 2014 |  | June 30, 2013 |
Oil and natural gas properties |  |  |  |  |
Property costs subject to amortization |  | $ | 47,136,642 |  | $ | 42,772,184 |
Less: Accumulated depreciation, depletion, and amortization |  | (9,089,365 | ) | (8,095,856 | )
Unproved properties not subject to amortization |  | — |  | 4,112,704 |
Oil and natural gas properties, net |  | $ | 38,047,277 |  | $ | 38,789,032 |
Other property and equipment |  |  |  |  |
Furniture, fixtures and office equipment, at cost |  | 334,901 |  | 322,514 |
Less: Accumulated depreciation |  | (290,168 | ) | (270,297 | )
Other property and equipment, net |  | $ | 44,733 |  | $ | 52,217 |
During the quarter ended March 31, 2014, we transferred our remaining unevaluated properties of $4.4 million in the Mississippi Lime in Oklahoma to the full cost pool. During the nine months ended March 31, 2013, we transferred $3.8 million of Mississippi Lime properties to the full cost pool as initial quantities of hydrocarbon production were indicative of impairment. At June 30, 2013 unproved property not subject to amortization consisted of unevaluated acreage of $4.1 million for our properties in the Mississippi Lime. Our evaluation of impairment of unproved properties occurs, at a minimum, on a quarterly basis.

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

X
- 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. + 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 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration