INVESTMENT IN OIL AND GAS PROPERTIES (Tables)

12 Months Ended

Jun. 30, 2012

INVESTMENT IN OIL AND GAS PROPERTIES

Schedule of allocation of revenue after recovery cost of operations

Daily production (b/d)	Guinea Share			Contractor Share
From 0 to 2,000		25	%		75	%
From 2,001 to 5,000		30	%		70	%
From 5,001 to 100,000		41	%		59	%
Over 100,001		60	%		40	%

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

(in thousands)	United States		Republic of Guinea			Total
June 30, 2012
Unproved properties	$	—	$	39,278		$	39,278
Proved properties		—		116,312			116,312
Oilfield equipment		—		—			—
		—		155,590			155,590
Less accumulated DD&A		—		(116,312	)		(116,312
Net capitalized costs	$	—	$	39,278			39,278
June 30, 2011
Unproved properties	$	—	$	36,200		$	36,200
Proved properties		—		—			—
Oilfield equipment		—		—			—
		—		36,200			36,200
Less accumulated DD&A		—		—			—
Net capitalized costs	$	—	$	36,200		$	36,200
June 30, 2010
Unproved properties	$	—	$	92		$	92
Proved properties		—		—			—
Oilfield equipment		—		—			—
		—		92			92
Less accumulated DD&A		—		—			—
Net capitalized costs	$	—	$	92		$	92

Guinea concession

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

(in thousands)	June 30, 2012			June 30, 2011
Oil and Gas Properties:
Proved oil and gas Properties	$	116,312		$	—
Unproved oil and gas Properties		32,469			36,200
Other Equipment Costs		6,809			—
Less—Accumulated depreciation, depletion and amortization costs		(116,312	)		—
Unevaluated properties not subject to amortization	$	39,278		$	36,200