CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (18,461)	$ (149,313)	$ (11,238)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	630	827	353
Full amortization of proved oil and gas properties	441	116,312
Write-off of prospective investment deposit		10,000
Stock based compensation	2,615	5,025	2,176
Shares issued in severance agreement	365
Gain on warrant derivative liability			771
Amortization of premium on short term investments	25	1,562
Reclassification of other than temporary impairments of securities included in net income		472
Unrealized loss on available-for-sale securities		(123)
Changes in operating assets and liabilities:
(Increase) decrease in Accounts receivable - joint interest	509	(555)	(558)
(Increase) decrease in Prepaid expenses	116	(51)	(497)
(Increase) decrease in Other current assets	3,538	(3,410)	(111)
Increase (decrease) in Accounts payable and accrued expenses	(5,362)	6,829	(2,746)
Increase (decrease) in Other liabilities	(33)	(13)	68
Net cash used in operating activities	(15,617)	(12,438)	(11,782)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) sale of property and equipment	49	(1,075)	(1,025)
Investment in oil and gas properties	(3,650)	(100,986)	(33,781)
Prospective investment deposit		(10,000)
Increase in restricted cash		(880)	(18,300)
Proceeds from sale of interest in unevaluated oil and gas properties, net of transaction costs of $3,332	23,668
Proceeds from sale (purchase) of short-term investments	(15,502)	53,806	(55,717)
Net cash provided by (used in) investing activities	4,565	(59,135)	(108,823)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock , net of offering costs of $1,838 and $7,751		28,162	165,999
Proceeds from exercise of options	372	670	906
Proceeds from exercise of warrants			7,709
Payments on notes payable and installment debt			(160)
Net cash provided by financing activities	372	28,832	174,454
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(10,680)	(42,741)	53,849
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	37,148	79,889	26,040
CASH AND CASH EQUIVALENTS AT END OF YEAR	26,468	37,148	79,889
SUPPLEMENTAL DISCLOSURES:
Interest paid in cash			10
Income taxes paid in cash	0
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for oil and gas property	1,859	16,659	1,353
Exercise of warrants classified as a derivative			1,354
Common stock issued for Series A settlement			$ 372