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Property and Equipment | 12 Months Ended
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Jun. 30, 2015
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment As of June 30, 2015 and June 30, 2014, our oil and natural gas properties and other property and equipment consisted of the following:
| June 30, 2015 |  | June 30, 2014
Oil and natural gas properties |  |  |
Property costs subject to amortization | $ | 57,718,653 |  |  | $ | 47,166,282 |
Less: Accumulated depreciation, depletion, and amortization | (12,531,767 | ) |  | (9,344,212 | )
Unproved properties not subject to amortization | — |  |  | — |
Oil and natural gas properties, net | 45,186,886 |  |  | 37,822,070 |
Other property and equipment |  |  |
Furniture, fixtures and office equipment, at cost | 287,680 |  |  | 343,178 |
Artificial lift technology equipment, at cost | 319,994 |  |  | 377,943 |
Less: Accumulated depreciation | (330,918 | ) |  | (296,294 | )
Other property and equipment, net | $ | 276,756 |  |  | $ | 424,827 |
As of June 30, 2015 and 2014, all oil and gas property costs incurred by the Company were being amortized. During the year ended June 30, 2014, we incurred $377,943 of costs related to the installation of our artificial lift technology, GARP® on three wells of a five-well program for a third-party customer. Under the contract for these installations, we funded the majority of the incremental equipment and installation costs and receive 25% of the net profits from production, as defined, for as long as the technology remains in the wells. During the year ended ended June 30, 2015, we incurred $217,733 of additional costs related to the installation on the remaining two wells of this five-well program. Also during the year ended June 30, 2015, we recorded an impairment charge of $275,682 reflecting the unrecovered installation costs of artificial lift equipment, net of estimated residual salvage value, which were associated with three wells of this third-party customer. Artificial lift equipment cost has been reduced by this impairment charge which is included in depreciation, depletion and amortization expense on our consolidated statement of operations. On October 24, 2014, we sold all of our remaining mineral interest and assets in the Mississippi Lime project for proceeds of $389,165 and the buyer's assumption of all abandonment liabilities. On December 1, 2013, we sold our producing assets and undeveloped reserves in the Lopez Field in South Texas in return for proceeds of $402,500 and the buyer's assumption of all abandonment liabilities. The net proceeds from these sales, including the reduction of asset retirement obligations, were recognized as a reduction of the cost of oil and gas properties.

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- 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 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 Reference 2: 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=51717284&loc=d3e1361-107760 Reference 3: 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=51719941&loc=d3e2921-110230 Reference 4: 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 + Details
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