INVESTMENT IN OIL AND GAS PROPERTIES (Tables)

12 Months Ended

Jun. 30, 2013

INVESTMENT IN OIL AND GAS PROPERTIES

Schedule of allocation of revenue after recovery cost of operations

Daily production (b/d)	Guinea Share			Contractor Share
From 0 to 2,000		25	%		75	%
From 2,001 to 5,000		30	%		70	%
From 5,001 to 100,000		41	%		59	%
Over 100,001		60	%		40	%

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

	United States		Republic of Guinea			Total
June 30, 2013
Unproved properties	$	—	$	21,174			21,174
Proved properties		—		116,753			116,753
		—		137,927			137,927
Less accumulated DD&A		—		(116,753	)		(116,753	)
Net capitalized costs	$	—	$	21,174			21,174
June 30, 2012
Unproved properties	$	—	$	39,278		$	39,278
Proved properties		—		116,312			116,312
		—		155,590			155,590
Less accumulated DD&A		—		(116,312	)		(116,312	)
Net capitalized costs	$	—	$	39,278			39,278
June 30, 2011
Unproved properties	$	—	$	36,200		$	36,200
Proved properties		—		—			—
		—		36,200			36,200
Less accumulated DD&A		—		—			—
Net capitalized costs	$	—	$	36,200		$	36,200

Guinea concession

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

	June 30, 2013			June 30, 2012
Oil and Gas Properties:
Proved oil and gas Properties	$	116,753		$	116,312
Unproved oil and gas Properties		14,365			32,469
Other Equipment Costs		6,809			6,809
Total Oil and Gas Properties		137,927			155,590
Less—Accumulated depreciation, depletion and amortization costs		(116,753	)		(116,312	)
Unevaluated properties not subject to amortization	$	21,174		$	39,278