INCOME TAXES (Details) (USD $)	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2001	Jan. 14, 1998
Current deferred tax assets:
Other current deferred tax assets	$ 162,000	$ 60,000
Total current temporary differences	162,000	60,000
Less: valuation allowance	(162,000)	(60,000)
Non-current deferred tax assets
Stock compensation	2,314,000	1,999,000
Property and Equipment		28,000
Oil and gas properties	20,244,000	46,194,000
Capital loss	143,000
Total non-current deferred tax assets	22,701,000	48,221,000
Non-current deferred tax liabilities
Property and Equipment	(21,000)
Net operating losses	28,006,000	22,751,000
Total	50,686,000	70,972,000
Less: valuation allowance	(50,686,000)	(70,972,000)
Net operating loss carryforwards	92,900,000
Excess tax benefits related to stock compensation	2,200,000
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		13,200,000
Reconciliation of the actual taxes
Income tax (benefit) at the statutory federal rate (35%)	(6,461,000)	(52,256,000)	(3,933,000)
Increase (decrease) resulting from nondeductible stock compensation	349,000	1,454,000	(515,000)
Reduction of net operating losses related to excess tax benefits from non-qualifying stock options	(68,000)	854,000
Increase (decrease) resulting from nontaxable gain on derivative liability			270,000
Deemed taxable income not recognized for book purposes from Tullow carried well costs	12,950,000
Non-deductible capital loss	7,875,000
Reserve against US net operating loss upon transfer of the Concession to non-US tax jurisdiction	5,485,000
Other, net	216,000	1,403,000	14,000
Change in valuation allowance	(20,346,000)	48,545,000	4,164,000
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	5,485,000
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	5,485	0	0
Accruals for the payment of interest, net of tax benefits, or penalties	$ 0	$ 0	$ 0