CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,117)	$ (18,461)	$ (149,313)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	400	630	827
Full-Cost ceiling test write-down		441	116,312
Write-off of prospective investment deposit			10,000
Gain on legal settlement	(10,734)
Stock based compensation	525	2,615	5,025
Shares issued in severance agreement		365
Amortization of premium on short term investments	158	25	1,562
Reclassification of other than temporary impairments of securities included in net income			(472)
Unrealized gain (loss) on available-for-sale securities	25		(123)
Loss on sale of securities	69
Changes in operating assets and liabilities:
(Increase) decrease in Accounts receivable - joint interest	689	509	(555)
(Increase) decrease in Prepaid expenses	(195)	116	(51)
(Increase) decrease in Other current assets	38	3,538	(3,410)
Increase (decrease) in Accounts payable and accrued expenses	3,534	(5,362)	6,829
Decrease in Other liabilities	(92)	(33)	(13)
Net cash used in operating activities	(22,700)	(15,617)	(12,438)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) sale of property and equipment	(89)	49	(1,075)
Investment in oil and gas properties	(1,333)	(3,650)	(100,986)
Prospective investment deposit			(10,000)
Decrease (Increase) in restricted cash	17,699		(880)
Proceeds from sale of interest in unevaluated oil and gas properties, net of transaction costs of $3,332		23,668
(Purchase) maturity of short term investments	15,225	(15,502)	53,806
Net cash provided by (used in) investing activities	31,502	4,565	(59,135)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock , net of offering costs of $1,838			28,162
Proceeds from exercise of options		372	670
Net cash provided by financing activities		372	28,832
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,802	(10,680)	(42,741)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	26,468	37,148	79,889
CASH AND CASH EQUIVALENTS AT END OF YEAR	35,270	26,468	37,148
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Accounts payable for oil and gas property	1,439	1,859	16,659
Accounts payable relating to legal settlement	$ 19,035