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Property and Equipment (Tables)

6 Months Ended

Dec. 31, 2012

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

	December 31, 2012			June 30, 2012
Oil and natural gas properties
Property costs subject to amortization	$	38,447,880		$	40,874,244
Less: Accumulated depreciation, depletion, and amortization	(7,202,718		)	(6,440,166		)
Unproved properties not subject to amortization	9,031,522			6,042,094
Oil and natural gas properties, net	$	40,276,684		$	40,476,172

Other property and equipment
Furniture, fixtures and office equipment, at cost	322,515			322,514
Less: Accumulated depreciation	(254,484		)	(230,243		)
Other property and equipment, net	$	68,031		$	92,271

- 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.

+ References+ Details