QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Jun. 30, 2012

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)

(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	)

(in thousands, except per share data)	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	)