INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2016

INCOME TAXES

Components of deferred tax assets

Components of deferred tax assets as of June 30, 2016 and 2015 are as follows (in thousands):

	2016			2015
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	$	2,464		$	2,389
Property and Equipment		69			164
Oil and gas properties		21,504			16,503
Capital loss		144			144
Total non-current deferred tax assets	$	24,181		$	19,200
Non-current deferred tax liabilities
Property and Equipment		—			—
Net operating losses		36,138			34,128
		60,319			53,328
Less: valuation allowance		(60,319	)		(53,328	)
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, 2016 and 2015 is as follows (in thousands):

	2016			2015
Income tax (benefit) at the statutory federal rate (35%)	$	(7,996	)	$	(4,687	)
Increase (decrease) resulting from nondeductible stock compensation		56			172
Foreign Rate Differential		914			1,885
Other, net		35			21
Change in valuation allowance		6,991			2,609
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, 2014 to June 30, 2016 (in thousands):

	Federal, State and Foreign Tax
	(In thousands)
Balance at July 1, 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
Additions to tax positions related to the current year		—
Additions to tax positions related to prior years		—
Statute expirations		—
Balance at June 30, 2016	$	5,485