INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2015

INCOME TAXES

Components of deferred tax assets

Components of deferred tax assets as of June 30, 2015 and 2014 are as follows (in thousands):

	2015			2014
Current deferred tax assets:
Other current deferred tax assets	$	—		$	—
Total current temporary differences		—			—
Less: valuation allowance		—			—
Net current deferred tax assets	$	—		$	—
Non-current deferred tax assets
Stock compensation	$	2,389		$	2,276
Property and Equipment		164			55
Oil and gas properties		16,503			16,277
Capital loss		144			167
Total non-current deferred tax assets	$	19,200		$	18,775
Non-current deferred tax liabilities
Property and Equipment		—			—
Net operating losses		34,128			31,943
		53,328			50,718
Less: valuation allowance		(53,328	)		(50,718	)
Net non-current deferred tax assets (liabilities)	$	—		$	—

Reconciliation of actual taxes

A reconciliation of the actual taxes to the U.S. statutory tax rate for the years ended June 30, 2015 and 2014 is as follows (in thousands):

	2015			2014
Income tax (benefit) at the statutory federal rate (35%)	$	(4,687	)	$	(5,991	)
Increase (decrease) resulting from nondeductible stock compensation		172			120
Foreign Rate Differential		1,885			5,619
Other, net		21			220
Change in valuation allowance		2,609			32
Net income tax expense	$	—		$	—

Summary of activity related to gross unrecognized tax benefits

        The following table summarizes the activity related to our gross unrecognized tax benefits from July 1, 2013 to June 30, 2015 (in thousands):

	Federal, State and Foreign Tax
	(In thousands)
Balance at July 1, 2013	$	5,485
Additions to tax positions related to the current year		—
Additions to tax positions related to prior years		—
Statute expirations		—
Balance at June 30, 2014	$	5,485
Additions to tax positions related to the current year		—
Additions to tax positions related to prior years		—
Statute expirations		—
Balance at June 30, 2015	$	5,485