PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION (Tables)

12 Months Ended

Sep. 30, 2012

PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION

Schedule of property and equipment

					Accumulated
					Depletion,
	Estimated	Gross			Depreciation,				Net
	Useful	Property and			and				Property and
	Lives	Equipment			Amortization				Equipment
At September 30, 2012:
Land			$	863,000		$	-			$	863,000
Oil and natural gas properties
(full cost accounting)			242,433,000			(198,768,000		)		43,665,000
Drilling rigs and equipment	3 – 10 years		6,752,000			(5,152,000		)		1,600,000
Offices	40 years		2,420,000			(264,000		)		2,156,000
Other property and equipment	3 – 17 years		3,685,000			(3,345,000		)		340,000
Total			$	256,153,000		$	(207,529,000	)		$	48,624,000

					Accumulated
					Depletion,
	Estimated	Gross			Depreciation,				Net
	Useful	Property and			and				Property and
	Lives	Equipment			Amortization				Equipment
At September 30, 2011:
Land			$	863,000		$	-			$	863,000
Oil and natural gas properties (full cost accounting)			224,852,000			(175,715,000		)		49,137,000
Drilling rigs and equipment	3 – 10 years		7,020,000			(4,988,000		)		2,032,000
Offices	40 years		2,420,000			(203,000		)		2,217,000
Other property and equipment	3 – 17 years		3,881,000			(3,511,000		)		370,000
Total			$	239,036,000		$	(184,417,000	)		$	54,619,000

Schedule of reconciliation of the asset retirement obligation

	Year ended September 30,
	2012			2011
Asset retirement obligation as of beginning of year	$	4,921,000		$	4,869,000
Obligations incurred on new wells drilled	68,000			123,000
Revision of estimated obligation	320,000			(330,000		)
Accretion expense	363,000			341,000
Payments	(324,000		)	(36,000		)
Foreign currency translation adjustment	281,000			(46,000		)
Asset retirement obligation as of end of year	$	5,629,000		$	4,921,000