CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,052)	$ (137,898)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	511	650
Full amortization of proved oil and gas properties	441	112,145
Write-off of prospective investment deposit		10,000
Stock based compensation	2,257	3,682
Amortization of premium on short term investments		1,562
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable - joint interest	(1,056)	(1,207)
(Increase) decrease in Prepaid expenses	482	286
(Increase) decrease in Other current assets	3,095	(43)
Increase (decrease) in Accounts payable and accrued expenses	(2,859)	5,081
Increase (decrease) in Other liabilities	(22)
Net cash used in operating activities	(11,203)	(5,742)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) sale of property and equipment	49	(1,040)
Investment in oil and gas properties	(3,520)	(100,968)
Proceeds from sale of interest in unevaluated oil and gas properties, net of transaction costs of $3,128	23,872
(Purchase) sale of short term investments	(5,090)	54,155
Prospective investment deposit		(10,000)
Increase in restricted cash		(878)
Net cash provided by (used in) investing activities	15,311	(58,731)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of offering costs of $1,827		28,173
Proceeds from exercise of options	372	608
Net cash provided by financing activities	372	28,781
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,480	(35,692)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	37,148	79,889
CASH AND CASH EQUIVALENTS AT END OF PERIOD	41,628	44,197
SUPPLEMENTAL DISCLOSURES:
Interest paid in cash, net of amounts capitalized	0
Income taxes paid in cash	0
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for oil and gas properties	$ 525	$ 11,123