CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Jun. 30, 2011
Current assets:
Cash and cash equivalents	$ 15,608	$ 79,889
Available-for-sale securities	45,686	55,368
Accounts receivable - joint interest	6,593	708
Prepaid expenses	849	702
Other current assets	241	149
Total current assets	68,977	136,816
Property and equipment, net of accumulated depreciation of $1,218 and $798	1,703	1,336
Oil and gas properties:
Unevaluated properties excluded from amortization	107,267	36,200
Restricted cash	17,624	18,300
Deposits	10,031	31
Total assets	205,602	192,683
Current liabilities:
Accounts payable and accrued expenses	22,114	3,116
Total current liabilities	22,114	3,116
Other non-current liabilities	350	138
Total liabilities	22,464	3,254
Commitments and contingencies (Note 9)
Shareholders' equity:
Preferred stock, $0.001 par value; 20,000,000 authorized, 0 shares issued and outstanding
Common stock, $0.001 par value, 250,000,000 shares authorized; 156,816,065 and 155,792,524 shares issued and outstanding	157	156
Additional paid-in capital	280,542	276,484
Accumulated other comprehensive loss		(349)
Accumulated deficit	(97,561)	(86,862)
Total shareholders' equity	183,138	189,429
Total liabilities and shareholders' equity	$ 205,602	$ 192,683