INVESTMENT IN OIL AND GAS PROPERTIES (Tables)

12 Months Ended

Jun. 30, 2015

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

       Aggregate capitalized costs relating to our crude oil and natural gas producing activities, including asset retirement costs and related accumulated depreciation, depletion & amortization are shown below (in thousands):

	United States		Republic of Guinea		Total
June 30, 2015
Unproved properties	$	—	$	14,311	$	14,311
Proved properties		—		—		—
		—		14,311		14,311
Less accumulated DD&A		—		—		—
Net capitalized costs	$	—	$	14,311	$	14,311
June 30, 2014
Unproved properties	$	—	$	14,259	$	14,259
Proved properties		—		—		—
		—		14,259		14,259
Less accumulated DD&A		—		—		—
Net capitalized costs	$	—	$	14,259	$	14,259

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	%

Guinea concession

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

        The following table provides detail of total capitalized costs for our Guinea Concession as of June 30, 2015 and 2014 (in thousands):

	June 30, 2015		June 30, 2014
Oil and Gas Properties:
Unproved oil and gas Properties	$	14,311	$	14,259
Other Equipment Costs		—		—
Unproved properties not subject to amortization	$	14,311	$	14,259