INCOME TAXES (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2001	Jan. 14, 1998
Current deferred tax assets:
Other current deferred tax assets	$ 60,000
Total current temporary differences	60,000
Less: valuation allowance	(60,000)
Non-current deferred tax assets
Stock compensation	1,999,000	1,951,000
Property and Equipment	28,000
Oil and Gas properties	46,194,000	5,485,000
Other non-current deferred tax assets		12,000
Total non-current deferred tax assets	48,221,000	7,448,000
Non-current deferred tax liabilities
Property and Equipment		(165,000)
Net operating losses	22,751,000	15,204,000
Total	70,972,000	22,487,000
Less: valuation allowance	(70,972,000)	(22,487,000)
Net operating loss carryforwards	80,884,000
Excess tax benefits related to stock compensation	2,441,000
Amount of net operating losses carryforwards, prior to ownership change				3,313,000	949,000
Net operating losses carryforwards per year				784,000	151,000
Net operating losses removed due to restructuring	13,202,000
Reconciliation of the actual taxes
Income tax (benefit) at the statutory federal rate (35%)	(52,256,000)	(3,933,000)	(2,803,000)
Increase (decrease) resulting from nondeductible stock compensation	1,454,000	(515,000)
Reduction of NOL related to excess tax benefits from non-qualifying stock options	854,000
Increase (decrease) resulting from nontaxable gain on derivative liability		270,000	(98,000)
Other, net	1,403,000	14,000
Change in valuation allowance	48,545,000	4,164,000	2,901,000
Statutory federal rate (as a percent)		35.00%
Summary of activity related to gross unrecognized tax benefits
Balance at the beginning of the period	5,485,000	5,485,000
Additions to tax positions related to the current year	0	0	5,485,000
Additions to tax positions related to prior years	0	0	0
Statute expirations	0	0	0
Balance at the end of the period	5,485,000	5,485,000	5,485,000
Unrecognized tax benefits that, if recognized, would affect our effective tax rate	$ 0	$ 0	$ 0