ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Jun. 30, 2012
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable - oil and gas exploration activities	$ 24,501	$ 21,965
Accrued payroll and bonus	2,335	4,220
Accrued - Other	16	419
Accounts payable and accrued expenses	$ 26,852	$ 26,604