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Property and Equipment
 6 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment
 
As of December 31, 2014 and June 30, 2014 our oil and natural gas properties and other property and equipment consisted of the following:
 
December 31,
2014
 
June 30,
2014
Oil and natural gas properties
 

 
 

Property costs subject to amortization
$
48,812,257

 
$
47,166,282

Less: Accumulated depreciation, depletion, and amortization
(10,275,524
)
 
(9,344,212
)
Oil and natural gas properties, net
$
38,536,733

 
$
37,822,070

Other property and equipment
 

 
 

Furniture, fixtures and office equipment, at cost
$
286,820

 
$
343,178

Artificial lift technology equipment, at cost
595,877

 
377,943

Less: Accumulated depreciation
(549,696
)
 
(296,294
)
Other property and equipment, net
$
333,001

 
$
424,827


 
During the six months ended ended December 31, 2014, we incurred $217,934 of costs related to the installation of our artificial lift technology on the remaining two wells of a five-well program 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 timing and amounts of our expected net revenues from the wells. During the six months ended December 31, 2014, we recorded additional depreciation of $267,326 to expense the unrecovered installation costs of artificial lift equipment, net of estimated residual salvage value, which have been removed or are planned to be removed from three wells of a third-party customer.