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Receivable Allowance	9 Months Ended
Mar. 31, 2014
Notes to Financial Statements
Note 7 - Receivable Allowance	During the quarter ended March 31, 2014, the Company recorded an allowance of $2,980,456 against its oil and gas receivable and recorded an expense of the same amount. Management continues to be confident as to the collection of its oil and gas receivable. However, despite having won an order for collection from the International Court of Arbitration, there have been collection delays due to the appeals process. Accordingly, Management has determined to set up an allowance against the receivable. The Company will record the recovery of the receivable as income in the period received. Further, beginning in the fourth quarter, the Company will begin recording revenue on a cash received basis until such time as regular payments are coming from the purchaser of the oil and gas.

Receivable Allowance

9 Months Ended

Mar. 31, 2014

During the quarter ended March 31, 2014, the Company recorded an allowance of $2,980,456 against its oil and gas receivable and recorded an expense of the same amount.

Management continues to be confident as to the collection of its oil and gas receivable. However, despite having won an order for collection from the International Court of Arbitration, there have been collection delays due to the appeals process. Accordingly, Management has determined to set up an allowance against the receivable. The Company will record the recovery of the receivable as income in the period received. Further, beginning in the fourth quarter, the Company will begin recording revenue on a cash received basis until such time as regular payments are coming from the purchaser of the oil and gas.