Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2013

Schedule of oil and natural gas properties and other property and equipment

	June 30, 2013			June 30, 2012
Oil and natural gas properties
Property costs subject to amortization	$	42,772,184		$	40,874,244
Less: Accumulated depreciation, depletion, and amortization		(8,095,856	)		(6,440,166	)
Unproved properties not subject to amortization		4,112,704			6,042,094

Oil and natural gas properties, net		38,789,032			40,476,172

Other property and equipment
Furniture, fixtures and office equipment, at cost		322,514			322,514
Less: Accumulated depreciation		(270,297	)		(230,243	)

Other property and equipment, net	$	52,217		$	92,271

Schedule of summary of costs that are not being amortized by the fiscal year in which the costs were incurred

					During the Year Ended June 30,
Costs excluded from amortization		Total			2013			2012			2011			2010			2009
Leasehold acquisition costs and other		$	4,112,704		$	243,593		$	3,869,111		$	—		$	—		$	—

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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