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Property and Equipment | 9 Months Ended
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Mar. 31, 2015
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment As of March 31, 2015 and June 30, 2014 our oil and natural gas properties and other property and equipment consisted of the following:
| March 31, 2015 |  | June 30, 2014
Oil and natural gas properties |  |  |  |  |
Property costs subject to amortization | $ | 51,722,157 |  |  | $ | 47,166,282 |
Less: Accumulated depreciation, depletion, and amortization | (11,372,217 | ) |  | (9,344,212 | )
Unproved properties not subject to amortization | — |  |  | — |
Oil and natural gas properties, net | $ | 40,349,940 |  |  | $ | 37,822,070 |
Other property and equipment |  |  |  |  |
Furniture, fixtures and office equipment, at cost | $ | 288,732 |  |  | $ | 343,178 |
Artificial lift technology equipment, at cost | 330,525 |  |  | 377,943 |
Less: Accumulated depreciation | (310,846 | ) |  | (296,294 | )
Other property and equipment, net | $ | 308,411 |  |  | $ | 424,827 |
During the nine months ended ended March 31, 2015, we incurred $225,883 of costs related to the installation of our artificial lift technology, GARP®, 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 nine months ended March 31, 2015, we recorded additional depreciation of $273,301 reflecting the impairment of unrecovered installation costs of artificial lift equipment, net of estimated residual salvage value, which had been removed from three wells of a third-party customer. Artificial lift equipment cost and corresponding accumulated depreciation have both been reduced by the $273,301 impairment.

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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 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
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