QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jun. 30, 2012

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)

12. QUARTERLY RESULTS (UNAUDITED)

        Shown below are selected unaudited quarter data for the years ended June 30, 2012 and 2011 (in thousands, except per share data):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2012:
Depreciation	$	179		$	241		$	230		$	177
Selling, general and administrative		4,352			5,726			4,893			7,091
Full amortization of proved oil and gas properties		—			—			112,145			4,167
Write-off of prospective investment deposit		—			—			10,000			—
Loss from operations		(4,531	)		(5,967	)		(127,268	)		(11,435	)
Net loss		(4,376	)		(6,323	)		(127,198	)		(11,416	)
Basic and diluted loss per common share:	$	(0.03	)	$	(0.04	)	$	(0.78	)	$	(0.07	)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2011:
Depreciation	$	70		$	71		$	100		$	112
Selling, general and administrative		2,049			3,218			2,571			2,678
Loss from operations		(2,119	)		(3,289	)		(2,671	)		(2,790	)
Net loss		(2,883	)		(3,282	)		(2,638	)		(2,435	)
Basic and diluted loss per common share:	$	(0.03	)	$	(0.03	)	$	(0.02	)	$	(0.02	)

        The sum of the individual quarterly net loss per share amounts may not agree with year-to-date net loss per share as each quarterly computation is based on the weighted average number of common shares outstanding during that period. In addition, certain potentially dilutive securities were not included in any of the quarterly computations of diluted net loss per share because to do so would have been antidilutive.