Property and Equipment

6 Months Ended

Dec. 31, 2011

Property and Equipment

Property and Equipment

Note 2 — Property and Equipment

As of December 31, 2011 and June 30, 2011 our oil and natural gas properties and other property and equipment consisted of the following:

	December 31,2011			June 30, 2011
Oil and natural gas properties
Property costs subject to amortization	$	40,106,046		$	35,860,517
Less: Accumulated depreciation, depletion, and amortization	(5,854,280		)	(5,353,152		)
Unproved properties not subject to amortization	695,544			2,940,199
Oil and natural gas properties, net	$	34,947,310		$	33,447,564
Other property and equipment
Furniture, fixtures and office equipment, at cost	274,117			261,340
Less: Accumulated depreciation	(208,629		)	(192,078		)
Other property and equipment, net	$	65,448		$	69,262

Unproved properties not subject to amortization includes: unevaluated acreage of $0.7 million and $2.9 million as of December 31, 2011 and June 30, 2011, respectively, of which (i) $0.7 million as of December 31, 2011 and June 30, 2011, related to our interests in the Delhi Field in Louisiana; and (ii) $6,000 and $2.2 million as of December 31, 2011 and June 30, 2011, respectively, related to Woodford Shale trend in Oklahoma.  Development of our unproved properties is expected to be completed within five years.  Our evaluation of impairment of unproved properties occurs, at a minimum, on a quarterly basis.  During the six months ended December 31, 2011, our evaluations determined that approximately $2.2 million of our unevaluated Woodford Shale trend property was impaired and accordingly was moved to the full cost pool.