Exploration Costs

9 Months Ended

Jun. 30, 2012

Exploration Costs [Abstract]

Exploration Costs

NOTE 10: Exploration Costs

In the quarter and nine month period ended June 30, 2012, lease expirations and leasehold impairments of $14,916 and $314,277, respectively, were charged to exploration costs. Leasehold impairments are recorded for individually insignificant non-producing leases which the Company believes will not be transferred to proved properties over the remaining lives of the leases. In the quarter and nine month period ended June 30, 2012, the Company also incurred costs of $14,225 and $69,922, respectively, related to exploratory dry holes. In the quarter and nine month period ended June 30, 2011, lease expirations and impairments of $305,156 and $455,486, respectively, were charged to exploration costs as well as costs of $112,899 and $540,026, respectively, related to exploratory dry holes.