CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (21,042)	$ (14,052)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	318	511
Full-Cost ceiling test write-down		441
Stock based compensation	559	2,257
Amortization of premium on short term investments	210
Unrealized gain on available-for-sale securities	25
Loss on sale of securities	69
Changes in operating assets and liabilities:
Decrease (Increase) in accounts receivable - joint interest	754	(1,056)
Decrease in Prepaid expenses	472	482
Decrease in Other current assets	39	3,095
Increase (decrease) in Accounts payable and accrued expenses	4,453	(2,859)
Decrease in Other liabilities	(25)	(22)
Net cash used in operating activities	(14,168)	(11,203)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) sale of property and equipment	(94)	49
Investment in unproved oil and gas properties	(1,262)	(3,520)
Proceeds from sale of interest in unproved oil and gas properties, net of transaction costs of $3,128		23,872
(Purchase) maturity of short term investments	15,173	(5,090)
Net cash Provided by investing activities	13,817	15,311
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options		372
Net cash provided by financing activities		372
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(351)	4,480
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	26,468	37,148
CASH AND CASH EQUIVALENTS AT END OF PERIOD	26,117	41,628
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for oil and gas properties	$ 45	$ 525