CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (149,313)	$ (11,238)	$ (8,009)
Income from discontinued operations			(765)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	827	353	156
Full amortization of proved oil and gas properties	116,312
Write-off of prospective investment deposit	10,000
Common stock issued for services			143
Stock based compensation	5,025	2,176	1,579
Variable share issuance obligation			(374)
Loss on settlement of debt			298
Gain on sale of oil and gas properties			(2,955)
Gain (Loss) on warrant derivative liability		771	(279)
Interest accreted to debt principal			342
Repricing of warrants			158
(Gain) loss on disposition of assets			32
Amortization of discount and financing costs on debt			144
Amortization of premium on short term investments	1,562
Reclassification of other than temporary impairments of securities included in net income	472
Unrealized gain on available-for-sale securities	(123)
Changes in operating assets and liabilities:
Advances to Joint Interest Partner	(555)	(558)
Accounts receivable			(150)
Prepaid expenses	(51)	(497)	122
Other current assets	(3,410)	(111)	(58)
Accounts payable and accrued expenses	6,829	(2,746)	2,714
Other liabilities	(13)	68	14
Cash used in operating activities - continuing operations	(12,438)	(11,782)	(6,888)
Cash used in operating activities - discontinued operations			(76)
Net cash used in operating activities	(12,438)	(11,782)	(6,964)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,075)	(1,025)	(651)
Investment in unevaluated oil and gas properties	(100,986)	(33,781)	(14,041)
Prospective investment deposit	(10,000)
Increase in restricted cash	(880)	(18,300)
Proceeds from sale of interest in unevaluated oil and gas properties			25,001
Proceeds from sale (purchase) of short-term investments	53,806	(55,717)
Cash provided by (used in) investing activities - continuing operations	(59,135)	(108,823)	10,309
Cash provided by investing activities - discontinued operations			881
Net cash provided by (used in) investing activities	(59,135)	(108,823)	11,190
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock and warrants, net of offering costs of $1,838, $7,751 and $1,285	28,162	165,999	17,200
Proceeds from exercise of options	670	906
Proceeds from exercise of warrants		7,709	4,414
Payments of dividends payable - related party			(430)
Payments on notes payable and installment debt		(160)	(730)
Net cash provided by financing activities	28,832	174,454	20,454
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(42,741)	53,849	24,680
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	79,889	26,040	1,360
CASH AND CASH EQUIVALENTS AT END OF YEAR	37,148	79,889	26,040
SUPPLEMENTAL DISCLOSURES:
Interest paid in cash		10	69
NON-CASH INVESTING and FINANCING TRANSACTIONS
Common stock issued to settle variable share obligation			181
Deemed dividend attributable to repriced warrants originally issued with purchase of common stock			322
Asset retirement obligation transferred as part of sale of assets			18
Accounts payable for oil and gas property	16,659	1,353	434
Note payable for prepaid insurance			275
Conversion of Series B Preferred Stock into Common Stock			16
Fair value of warrant modifications			480
Relative fair value of warrants issued in connection with equity offerings			3,839
Conversion of debt, net of discount of $1,116			1,294
Discount of convertible debt modification			1,172
Exercise of warrants classified as a derivative		1,354	723
Reclassification of warrants as a derivative under ASC 815			1,585
Common stock issued for Series A settlement		$ 372