SUBSEQUENT EVENTS	3 Months Ended
Aug. 31, 2011
SUBSEQUENT EVENTS	NOTE 14. SUBSEQUENT EVENTS On September 26, 2011, the Company entered into an employment agreement with Tommy W. Folsom pursuant to which Mr. Folsom will serve as the Company’s Executive Vice President and Director of Exploration and Production. The agreement provides for Mr. Folsom to receive a base salary of $20,000 per month (or $240,000 per year) and expires on December 31, 2016. Mr. Folsom will receive an annual performance bonus of at least $250,000. The performance targets will be determined by no later than December 31, 2011. On September 22, 2011, the Company granted to an additional investor the right to purchase an additional $3,000,000 of shares of the Company’s common stock. The investor may exercise its rights to purchase the additional shares at any time until December 31, 2011. If exercised, the shares would be sold to the investor at a price equal to the lesser of (i) $1.10 per share or (ii) the average closing price of the Company’s common stock during the period from five days prior to the investor exercising its right to purchase the shares and ending five days after such exercise. On October 20, 2011, Paul N. Vassilakos and Richard Y. Roberts were appointed to the Company’s Board of Directors, to hold office until the next annual meeting of shareholders and until their respective successor is elected and qualified. The Company also adopted a compensation program for non-employee directors pursuant to which it will: (i) pay each non-employee director an annual cash fee of $35,000 (payable quarterly within 30 days of the beginning of each quarter), plus $1,000 for attendance at each board meeting and $500 for attendance at each committee meeting; (ii) grant to each such director $50,000 worth of shares of the Company’s common stock (payable annually on May 31 of each year (or the next business day if May 31 is not a business day) and pro rated for partial service in any given year) at a price equal to the last sale price of the Company’s common stock on the date of issuance; (iii) pay to the Chairman of each of the Audit Committee and the Compensation Committee an additional cash fee of $10,000 and $5,000, respectively (payable quarterly within 30 days of the beginning of each quarter); and (iv) reimburse each non-employee director for their costs incurred in attending each board and committee meeting.

NOTE 14. SUBSEQUENT EVENTS

On September 26, 2011, the Company entered into an employment agreement with Tommy W. Folsom pursuant to which Mr. Folsom will serve as the Company’s Executive Vice President and Director of Exploration and Production. The agreement provides for Mr. Folsom to receive a base salary of $20,000 per month (or $240,000 per year) and expires on December 31, 2016. Mr. Folsom will receive an annual performance bonus of at least $250,000. The performance targets will be determined by no later than December 31, 2011.

On September 22, 2011, the Company granted to an additional investor the right to purchase an additional $3,000,000 of shares of the Company’s common stock. The investor may exercise its rights to purchase the additional shares at any time until December 31, 2011. If exercised, the shares would be sold to the investor at a price equal to the lesser of (i) $1.10 per share or (ii) the average closing price of the Company’s common stock during the period from five days prior to the investor exercising its right to purchase the shares and ending five days after such exercise.

On October 20, 2011, Paul N. Vassilakos and Richard Y. Roberts were appointed to the Company’s Board of Directors, to hold office until the next annual meeting of shareholders and until their respective successor is elected and qualified.

The Company also adopted a compensation program for non-employee directors pursuant to which it will: (i) pay each non-employee director an annual cash fee of $35,000 (payable quarterly within 30 days of the beginning of each quarter), plus $1,000 for attendance at each board meeting and $500 for attendance at each committee meeting; (ii) grant to each such director $50,000 worth of shares of the Company’s common stock (payable annually on May 31 of each year (or the next business day if May 31 is not a business day) and pro rated for partial service in any given year) at a price equal to the last sale price of the Company’s common stock on the date of issuance; (iii) pay to the Chairman of each of the Audit Committee and the Compensation Committee an additional cash fee of $10,000 and $5,000, respectively (payable quarterly within 30 days of the beginning of each quarter); and (iv) reimburse each non-employee director for their costs incurred in attending each board and committee meeting.