Discontinued Operations (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2016

Jun. 30, 2016

Disposal Groups, Including Discontinued Operations

	THREE MONTHS ENDED September 30,
	2016						2015
	CO2 Business		Weald Basin		Total		CO2 Business		Weald Basin		Total
	(In thousands)
Revenue	$	143	$	—	$	143	$	649	$	—	$	649
Operating, exploration and general and administrative expenses		45		—		45		1,329		99		1,428
Depletion, depreciation, amortization and accretion		—		—		—		179		—		179
Interest expense and other disposal costs		301		—		301		65		—		65
Total expenses		346		—		346		1,573		99		1,672
Non-controlling interest		(36)		—		(36)		12		—		12
Loss from discontinued operations before tax		(239)		—		(239)		(912)		(99)		(1,011)
Gain on disposal of discontinued operations before tax		—		1,069		1,069		—		—		—
Income tax expense (benefit)		—		—		—		—		—		—
Net income (loss) from discontinued operations, net of tax	$	(239)	$	1,069	$	830	$	(912)	$	(99)	$	(1,011)

	September 30, 2016						June 30, 2016
	CO2 Business		Weald Basin		Total		CO2 Business		Weald Basin		Total
	(In thousands)
Assets sold:
Cash	$	—	$	—	$	—	$	141	$	—	$	141
Accounts receivable		198		—		198		249		—		249
Inventories		242		295		537		232		301		533
Other classes of current assets that are not major		38		—		38		34		—		34
Property and equipment, net		24,294		795		25,089		23,941		812		24,753
Other classes of assets that are not major		204		—		204		332		—		332
Total assets of the disposal groups	$	24,976	$	1,090	$	26,066	$	24,929	$	1,113	$	26,042
Liabilities sold:
Accounts payable	$	1,469	$	648	$	2,117	$	1,594	$	670	$	2,264
Note payable		5,500		—		5,500		5,500		—		5,500
Asset retirement obligations		2,818		—		2,818		2,818		—		2,818
Other classes of liabilities that are not major		55		—		55		56		—		56
Total liabilities of the disposal groups	$	9,842	$	648	$	10,490	$	9,968	$	670	$	10,638
Consideration:
Series A Preferred Stock exchanged	$	23,501	$	—
Secured promissory note forgiven		625		—
Cash received		900		586
Stock of UKOG received		—		925
Total consideration	$	25,026	$	1,511
Contribution to equity from preferred stockholder	$	9,892
Gain on disposal of discontinued operations, net of tax			$	1,069

The adjusted carrying amounts of the major classes of assets and liabilities included in discontinued operations are as follows:

	June 30,
	2016						2015
	CO2 Business		Weald Basin		Total		CO2 Business		Weald Basin		Total
	(in thousands)
Carrying amounts of major classes of assets included as part of assets held for sale:
Cash	$	141	$	—	$	141	$	282	$	—	$	282
Accounts receivable		249		—		249		504		—		504
Inventories		232		301		533		297		354		651

	June 30,
	2016						2015
	CO2 Business		Weald Basin		Total		CO2 Business		Weald Basin		Total
	(in thousands)
Other classes of current assets that are not major		34		—		34		77		—		77
Property and equipment, net		23,941		812		24,753		35,593		953		36,546
Other classes of assets that are not major		332		—		332		376		—		376
Total assets of the disposal group classified as held for sale in the balance sheet	$	24,929	$	1,113	$	26,042	$	37,129	$	1,307	$	38,436
Carrying amounts of major classes of liabilities included as part of liabilities held for sale:
Accounts payable	$	1,594	$	670	$	2,264	$	1,752	$	485	$	2,237
Note payable		5,500		—		5,500		5,500		—		5,500
Asset retirement obligations		2,818		—		2,818		2,647		—		2,647
Other classes of liabilities that are not major		56		—		56		104		—		104
Total liabilities of the disposal group classified as held for sale in the balance sheet	$	9,968	$	670	$	10,638	$	10,003	$	485	$	10,488

Summarized results of the Company’s discontinued operations are as follows:

	June 30,
	2016						2015
	CO2 Business		Weald Basin		Total		CO2 Business		Weald Basin		Total
	(in thousands)
Revenue	$	1,990	$	—	$	1,990	$	4,459	$	—	$	4,459
Operating, exploration and general and administrative expenses		3,070		361		3,431		6,708		370		7,078
Depletion, depreciation, amortization and accretion		651		—		651		1,001		—		1,001
Exploration		—		—		—		—		—		—
Impairment expense		11,280		—		11,280		18,027		—		18,027
General and administrative		—		—		—		—		—		—
Interest expense and other disposal costs		926		—		926		168		—		168
Total expenses	$	15,927	$	361	$	16,288		25,904		370		26,274
Non-controlling interest		49		—		49		411		—		411
Loss from discontinued operations before tax	$	(13,888)	$	(361)	$	(14,249)	$	(21,034)	$	(370)	$	(21,404)

Asset Retirement Obligations Roll-Forward

The following table summarizes the asset retirement obligation activity included in liabilities held for sale for the fiscal years ended:

	June 30,
	2016		2015
	(In thousands)
Fiscal year opening balance	$	2,647	$	2,476
Accretion expense		171		171
Fiscal year closing balance		2,818		2,647
Less current asset retirement obligations		—		—
Long-term asset retirement obligations	$	2,818	$	2,647

The following table summarizes the asset retirement obligation activity for the fiscal years ended:

	June 30,
	2016		2015
	(In thousands)
Fiscal year opening balance	$	—	$	397
Sale of assets (1)		—		(346)
Effect of exchange rate changes		—		(51)
Fiscal year closing balance		—		—
Less current asset retirement obligations		—		—
Long-term asset retirement obligations	$	—	$	—

(1) In fiscal 2015, the Company sold its 40% interest in PEDL 126, the exploration license that contains the Markwells Wood-1 wellbore. By selling the license and the wellbore, the Company was able to eliminate its current asset retirement obligation related to the wellbore.

Liabilities Held For Sale

Asset Retirement Obligations Roll-Forward

The following table summarizes the asset retirement obligation activity included in liabilities held for sale for the fiscal years ended:

	June 30,
	2016		2015
	(In thousands)
Fiscal year opening balance	$	2,647	$	2,476
Accretion expense		171		171
Fiscal year closing balance		2,818		2,647
Less current asset retirement obligations		—		—
Long-term asset retirement obligations	$	2,818	$	2,647