Discontinued Operations

3 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In May 2011, the Company sold its 100% working interest (72.5% net revenue interest) in Rexer #1 and a 75% working interest (54.4% net revenue interest) in Rexer-Tusa #2 to Patara Oil & Gas LLC (“Patara”). B.A. Berilgen, a member of the Company’s board of directors, is the Chief Executive Officer of Patara. In October 2011, the Company sold its remaining 25% working interest (18.4% net revenue interest) in Rexer-Tusa #2 to Patara. The sale was effective October 1, 2011. The Company has accounted for the sale of Rexer #1 and Rexer-Tusa #2 as discontinued operations as of December 31, 2011 and reclassified the results of operations for these two wells to discontinued operations for all periods presented as follows:

	Three Months Ended September 30, 2011
Results of Operations:
Revenues	$	—
Operating expenses	(10		)
Exploration expenses	(1,031		)
Impairment of natural gas and oil properties	(8		)
Loss before income taxes	(1,049		)
Income tax benefit	367
Loss from discontinued operations, net of income taxes	$	(682	)