CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Jun. 30, 2012
Current assets:
Cash and cash equivalents	$ 54,639	$ 37,148
Accounts receivable - joint interest	222	1,263
Prepaid expenses	307	753
Other current assets	490	3,559
Total current assets	55,658	42,723
Property and equipment, net of accumulated depreciation of $1,787 and $1,443	1,189	1,584
Oil and gas properties, using full-cost accounting:
Proved properties	116,753	116,312
Unevaluated properties excluded from amortization	18,869	39,278
Total Oil and Gas Properties	135,622	155,590
Less- accumulated depreciation, depletion and amortization	(116,753)	(116,312)
Oil and gas properties, using full-cost accounting	18,869	39,278
Other Assets:
Restricted cash	19,185	19,180
Deposits	31	31
Total assets	94,932	102,796
Current liabilities:
Accounts payable and accrued expenses	26,852	26,604
Total current liabilities	26,852	26,604
Other non-current liabilities	113	125
Total liabilities	26,965	26,729
Commitments and contingencies (Note 7)
Shareholders' equity:
Preferred stock, $0.001 par value; 20,000,000 authorized, 0 shares issued and outstanding
Common stock, $0.001 par value, 350,000,000 shares authorized; 167,667,731 and 166,937,731 shares issued and outstanding, respectively	168	167
Additional paid-in capital	315,228	312,075
Accumulated deficit	(247,429)	(236,175)
Total shareholders' equity	67,967	76,067
Total liabilities and shareholders' equity	$ 94,932	$ 102,796