CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (137,898)	$ (8,803)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization	650	241
Full amortization of proved oil and gas properties	112,145
Write-off of prospective investment deposit	10,000
Stock based compensation	3,682	1,812
Loss on warrant derivative liability		771
Amortization of premium on short term investments	1,562
Changes in operating assets and liabilities:
Joint interest accounts receivable	(1,207)	(2,661)
Prepaid expenses and other current assets	286	31
Other assets	(43)	62
Accounts payable and accrued expenses	5,081	(1,152)
Net cash used in operating activities	(5,742)	(9,699)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,040)	(731)
Investment in oil and gas properties	(100,968)	(31,540)
Prospective investment deposit	(10,000)
Sale of short term investments	54,155
Increase in restricted cash	(878)	(200)
Net cash used by investing activities	(58,731)	(32,471)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of offering costs of $1,827 and $7,688	28,173	166,062
Proceeds from exercise of options	608	562
Proceeds from exercise of warrants		7,709
Payments on notes payable and installment debt		(160)
Net cash provided by financing activities	28,781	174,173
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(35,692)	132,003
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	79,889	26,040
CASH AND CASH EQUIVALENTS AT END OF PERIOD	44,197	158,043
SUPPLEMENTAL DISCLOSURES:
Interest paid in cash, net of amounts capitalized		3
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for unevaluated oil and gas property	11,123	491
Exercise of warrants classified as a derivative		1,354
Common stock issued for Series A settlement		$ 372