ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Jun. 30, 2014

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Summary of accounts payable and accrued expenses

Accounts payable and accrued expenses as of June 30, 2014 and 2013 include the following (in thousands):

	2014		2013
Accounts payable — trade and oil and gas exploration activities	$	998	$	22,208
Accounts payable — joint interest partner share of legal settlement	1,890		—
Accounts payable — legal costs	2,492		164
Accrued payroll	282		215
Accrued — Other	—		15
	$	5,662	$	22,602