ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

9 Months Ended

Mar. 31, 2013

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Summary of accounts payable and accrued expenses

Accounts payable and accrued expenses (in thousands) as of March 31, 2013 and June 30, 2012 include the following:

	March 31, 2013		June 30, 2012
Accounts payable — oil and gas exploration activities	$	20,509	$	21,965
Accrued payroll, severance and bonus	3,742		4,220
Accrued — Other	16		419
	$	24,267	$	26,604