QUARTERLY RESULTS (UNAUDITED) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Selected unaudited quarter data
Depreciation	$ 177	$ 230	$ 241	$ 179	$ 112	$ 100	$ 71	$ 70
Selling, general and administrative	7,091	4,893	5,726	4,352	2,678	2,571	3,218	2,049	22,062	10,516	10,847
Full amortization of proved oil and gas properties	4,167	112,145							116,312
Write-off of prospective investment deposit		10,000							10,000
Loss from operations	(11,435)	(127,268)	(5,967)	(4,531)	(2,790)	(2,671)	(3,289)	(2,119)	(149,201)	(10,869)	(8,048)
Net loss	$ (11,416)	$ (127,198)	$ (6,323)	$ (4,376)	$ (2,435)	$ (2,638)	$ (3,282)	$ (2,883)	$ (149,313)	$ (11,238)	$ (8,009)
Basic and diluted loss per common share (in dollars per share)	$ (0.07)	$ (0.78)	$ (0.04)	$ (0.03)	$ (0.02)	$ (0.02)	$ (0.03)	$ (0.03)	$ (0.93)	$ (0.09)	$ (0.09)