CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,807)	$ (11,254)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	221	359
Full amortization of proved oil and gas properties		441
Stock based compensation	439	2,109
Amortization of premium on short term investments	201
Changes in operating assets and liabilities:
Decrease in accounts receivable - joint interest	384	1,041
Decrease in Prepaid expenses	358	446
Decrease in Other current assets	40	3,069
Increase (decrease) in Accounts payable and accrued expenses	4,372	(3,166)
Decrease in Other liabilities	(24)	(12)
Net cash used in operating activities	(6,816)	(6,967)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) sale of property and equipment	(112)	29
Investment in unevaluated oil and gas properties	(1,523)	(2,672)
Proceeds from sale of interest in unevaluated oil and gas properties, net of transaction costs of $257		26,743
Net cash Provided by (used in) investing activities	(1,635)	24,100
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options		358
Net cash provided by financing activities		358
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(8,451)	17,491
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	26,468	37,148
CASH AND CASH EQUIVALENTS AT END OF PERIOD	18,017	54,639
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable (receivable) for oil and gas properties	$ (342)	$ 3,416