CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Jun. 30, 2011
Current assets:
Cash and cash equivalents	$ 37,148	$ 79,889
Available-for-sale securities		55,368
Accounts receivable - joint interest	1,263	708
Prepaid expenses	753	702
Other current assets	3,559	149
Total current assets	42,723	136,816
Property and equipment, net of accumulated depreciation of $1,443 and $798	1,584	1,336
Oil and gas properties, using full-cost accounting:
Proved properties	116,312
Unevaluated properties excluded from amortization	39,278	36,200
Oil and gas properties before accumulated depreciation, depletion and amortization	155,590	36,200
Less-accumulated depreciation, depletion and amortization	(116,312)
Oil and gas properties, using full-cost accounting	39,278	36,200
Other Assets:
Restricted cash	19,180	18,300
Deposits	31	31
Total assets	102,796	192,683
Current liabilities:
Accounts payable and accrued expenses	26,604	3,116
Total current liabilities	26,604	3,116
Other non-current liabilities	125	138
Total liabilities	26,729	3,254
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, $0.001 par value; 20,000,000 authorized, 0 shares issued and outstanding
Common stock, $0.001 par value, 350,000,000 and 250,000,000 shares authorized; 166,937,731 and 155,792,524 shares issued and outstanding, respectively	167	156
Additional paid-in capital	312,075	276,484
Accumulated other comprehensive loss		(349)
Accumulated deficit	(236,175)	(86,862)
Total shareholders' equity	76,067	189,429
Total liabilities and shareholders' equity	$ 102,796	$ 192,683