Represents the amount before allocation of valuation allowances of deferred tax asset and before deduction of deferred tax liabilities, which are attributable to deductible temporary differences and carryforwards expected to be realized or consumed after one year (or the normal operating cycle, if longer).

No definition available.

INCOME TAXES (Details) (USD $)	12 Months Ended
INCOME TAXES (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2001	Jan. 14, 1998
Current deferred tax assets:
Other current deferred tax assets		$ 162,000
Total current temporary differences		162,000
Less: valuation allowance		(162,000)
Non-current deferred tax assets
Stock compensation	2,276,000	2,314,000
Property and Equipment	55,000
Oil and gas properties	16,277,000	20,244,000
Capital loss	167,000	143,000
Total non-current deferred tax assets	18,775,000	22,701,000
Non-current deferred tax liabilities
Property and Equipment		(21,000)
Net operating losses	31,943,000	28,006,000
Total	50,718,000	50,686,000
Less: valuation allowance	(50,718,000)	(50,686,000)
Net operating loss carryforwards	103,800,000
Excess tax benefits related to stock compensation	2,200,000
Amount of net operating losses carryforwards, prior to ownership change					3,313,000	949,000
Net operating losses carryforwards per year					784,000	151,000
Net operating losses removed due to restructuring			13,200,000
Reconciliation of the actual taxes
Income tax (benefit) at the statutory federal rate (35%)	(5,991,000)	(6,461,000)	(52,256,000)
Increase (decrease) resulting from nondeductible stock compensation	120,000	349,000	1,454,000
Reduction of net operating losses related to excess tax benefits from non-qualifying stock options		(68,000)	854,000
Deemed taxable income not recognized for book purposes from Tullow carried well costs		12,950,000
Non-deductible capital loss		7,875,000
Reserve against US net operating loss upon transfer of the Concession to non-US tax jurisdiction		5,485,000
Foreign Rate Differential	5,619,000	1,268,000
Other, net	220,000	(1,052,000)	1,403,000
Change in valuation allowance	32,000	(20,346,000)	48,545,000
Statutory federal rate (as a percent)	35.00%
Summary of activity related to gross unrecognized tax benefits
Balance at the end of the period	5,485,000	5,485,000	5,485,000	5,485,000
Unrecognized tax benefits that, if recognized, would affect our effective tax rate	$ 5,485	$ 5,485	$ 0