CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands	3 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,376)	$ (2,883)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization	179	70
Stock based compensation	1,144	195
Loss on warrant derivative liability		771
Amortization of premium on short term investments	686
Changes in operating assets and liabilities:
Joint interest accounts receivable	(3,130)	(3,997)
Prepaid expenses and other current assets	(91)	(30)
Inventory	(39)
Other assets	65	(29)
Accounts payable and accrued expenses	1,450	2,164
Deferred rent	(2)	52
Net cash used in operating activities	(4,114)	(3,687)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(395)	(138)
Investment in unevaluated oil and gas properties	(15,113)	(1,741)
Increase in restricted cash	(16,370)	(19,813)
Prospective investment deposit	(5,000)
Net cash used by investing activities	(36,878)	(21,692)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options	588	28
Proceeds from exercise of warrants		564
Payments on notes payable and installment debt		(54)
Net cash provided by financing activities	588	538
DECREASE IN CASH AND CASH EQUIVALENTS	(40,404)	(24,841)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	79,889	26,040
CASH AND CASH EQUIVALENTS AT END OF PERIOD	39,485	1,199
SUPPLEMENTAL DISCLOSURES:
Interest paid in cash, net of amounts capitalized		1
Income taxes paid in cash	0	0
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for unevaluated oil and gas property	1,325	12,713
Exercise of warrants classified as a derivative		$ 705