QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jun. 30, 2013

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)

12. QUARTERLY RESULTS (UNAUDITED)

        Shown below are selected unaudited quarter data for the years ended June 30, 2013 and 2012 (in thousands, except per share data):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2013:
Depreciation	$	183		$	176		$	152		$	119
General, administrative and other operating		5,570			4,890			2,650			4,364
Full amortization of proved oil and gas properties		441			—			—			—
Loss from operations		(6,194	)		(5,066	)		(2,802	)		(4,483	)
Net loss		(6,190	)		(5,064	)		(2,798	)		(4,409	)
Basic and diluted loss per common share(1):	$	(0.30	)	$	(0.24	)	$	(0.13	)	$	(0.21	)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2012:
Depreciation	$	179		$	241		$	230		$	177
General, administrative and other operating		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(1):	$	(0.22	)	$	(0.32	)	$	(6.24	)	$	(0.55	)

(1)

All share amounts and computations using such amounts have been retroactively adjusted to reflect the July 1, 2013 1-for-8 reverse stock split.

        The sum of the individual quarterly net loss per share amounts may not agree with year-to-date net loss per share as each quarterly computation is based on the weighted average number of common shares outstanding during that period. In addition, certain potentially dilutive securities were not included in any of the quarterly computations of diluted net loss per share because to do so would have been antidilutive.