CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (11,254)	$ (10,699)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	359	420
Full amortization of proved oil and gas properties	441
Stock based compensation	2,109	2,639
Amortization of premium on short term investments		1,562
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable - joint interest	1,041	(5,885)
(Increase) decrease in Prepaid expenses	446	(147)
(Increase) decrease in Other current assets	3,069	(92)
Increase (decrease) in Accounts payable and accrued expenses	(3,166)	8,620
Increase (decrease) in Other liabilities	(12)	(3)
Net cash used in operating activities	(6,967)	(3,585)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) sale of property and equipment	29	(788)
Investment in oil and gas properties	(2,672)	(59,661)
Proceeds from sale of interest in unevaluated oil and gas properties, net of transaction costs of $257	26,743
Short term investments		8,469
Prospective investment deposit		(10,000)
Increase in restricted cash		676
Net cash provided by (used) in investing activities	24,100	(61,304)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options	358	608
Net cash provided by financing activities	358	608
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	17,491	(64,281)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	37,148	79,889
CASH AND CASH EQUIVALENTS AT END OF PERIOD	54,639	15,608
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for oil and gas properties	$ 3,416	$ 10,378