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Property and Equipment
 3 Months Ended
Sep. 30, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment
 
As of September 30, 2014 and June 30, 2014, our oil and natural gas properties and other property and equipment consisted of the following:
 
September 30,
2014
 
June 30,
2014
Oil and natural gas properties
 

 
 

Property costs subject to amortization
$
47,167,417

 
$
47,166,282

Less: Accumulated depreciation, depletion, and amortization
(9,515,967
)
 
(9,344,212
)
Oil and natural gas properties, net
$
37,651,450

 
$
37,822,070

Other property and equipment
 

 
 

Furniture, fixtures and office equipment, at cost
$
348,507

 
$
343,178

Artificial lift technology equipment, at cost
497,606

 
377,943

Less: Accumulated depreciation
(401,171
)
 
(296,294
)
Other property and equipment, net
$
444,942

 
$
424,827


 
During the quarter ended September 30, 2014, we incurred $119,663 of costs related to the installation of our artificial lift technology on wells for a third-party customer. Under the contract for these installations, we fund the majority of the
incremental equipment and installation costs and will receive 25% of the net profits from production, as defined, for as long as
the technology remains in the wells. We are depreciating these costs using a method and a life which approximates the relative timing and amounts of our expected net revenues from the wells. During the quarter ended September 30, 2014, we recorded additional depreciation of $76,515 to expense the unrecovered installation costs of artificial lift equipment which was removed from one well and reinstalled in another well of a third-party customer.