Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Entity Registrant Name | GULFSLOPE ENERGY, INC. | |
Entity Central Index Key | 1,341,726 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 667,006,679 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 |
Current Assets | ||
Cash and Cash Equivalents | $ 195,383 | $ 4,410,302 |
Restricted Cash | 1,500,077 | |
BOEM Deposit Receivable | $ 30,240 | |
Prepaid Expenses and Other Current Assets | 104,911 | 33,602 |
Total Current Assets | 330,534 | 5,943,981 |
Oil and Natural Gas Properties, Full Cost Method of Accounting Unproved Properties | 6,482,255 | 2,055,978 |
Property, Plant, and Equipment, Net of Depreciation | $ 83,630 | 107,971 |
Other Non-Current Assets | 150,000 | |
Total Non-Current Assets | $ 6,565,885 | 2,313,949 |
Total Assets | 6,896,419 | 8,257,930 |
Current Liabilities | ||
Accounts Payable | 225,561 | 45,210 |
Related Party Payable | 227,331 | 266,737 |
Accrued Expenses and Other Payables | 1,053,065 | 2,503,064 |
Accrued Interest Payable | 285,753 | 40,812 |
Notes Payable | 69,549 | $ 4,427 |
Stock Payable | 51,029 | |
Loan from Related-Party | 7,460,000 | $ 6,460,000 |
Total Current Liabilities | 9,372,288 | 9,320,250 |
Total Liabilities | $ 9,372,288 | $ 9,320,250 |
Stockholders' Deficit | ||
Preferred Stock; par value ($0.001); Authorized 50,000,000 shares none issued or outstanding | ||
Common Stock; par value ($0.001); Authorized 975,000,000 shares; 667,006,679 and 660,672,345 issued and outstanding, respectively | $ 667,006 | $ 660,672 |
Additional Paid-in-Capital | 24,193,376 | 22,936,685 |
Accumulated Deficit | (27,336,251) | (24,659,677) |
Total Stockholders' Deficit | (2,475,869) | (1,062,320) |
Total Liabilities and Stockholders' Deficit | $ 6,896,419 | $ 8,257,930 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Sep. 30, 2014 |
Condensed Balance Sheets [Abstract] | ||
Preferred Stock, par value per share | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, shares issued | ||
Preferred Stock, shares outstanding | ||
Common Stock, par value per share | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 975,000,000 | 975,000,000 |
Common Stock, shares issued | 667,006,679 | 660,672,345 |
Common Stock, shares outstanding | 667,006,679 | 660,672,345 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Statements of Operations [Abstract] | ||||
Revenues | ||||
Impairment of Oil and Natural Gas Properties | $ 93,052 | $ 2,726,103 | ||
General & Administrative Expenses | $ 756,911 | $ 542,222 | 2,334,765 | 1,772,025 |
Net Loss from Operations | $ (756,911) | (542,222) | (2,427,817) | (4,498,128) |
Other Income/(Expenses): | ||||
Interest Income | 160 | 965 | 2,648 | |
Interest Expense | $ (82,876) | (70,590) | (249,722) | (207,262) |
Net Loss Before Income Taxes | $ (839,787) | $ (612,652) | $ (2,676,574) | $ (4,702,742) |
Provision for Income Taxes | ||||
Net Loss | $ (839,787) | $ (612,652) | $ (2,676,574) | $ (4,702,742) |
Loss Per Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted Average Shares Outstanding - Basic and Diluted | 661,019,557 | 625,724,010 | 660,877,111 | 619,624,197 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (2,676,574) | $ (4,702,742) |
Adjustments to reconcile net income/loss to net cash From Operating Activities: | ||
Impairment of Oil and Natural Gas Properties | 93,052 | 2,726,103 |
Depreciation | 38,818 | 24,145 |
Stock Based Compensation | 305,483 | |
Stock Issued for Services | 119,650 | 305,087 |
Changes in Operating Assets and Liabilities | ||
(Increase)/Decrease in Prepaid Expenses | $ 162,111 | $ 58,371 |
(Increase)/Decrease in Other Assets | ||
Increase/(Decrease) in Accounts Payable and Stock Payable | $ 114,875 | $ 154,954 |
Increase/(Decrease) in Related Party Payable | (39,405) | (78,991) |
Increase/(Decrease) in Accrued Interest | 244,941 | 203,606 |
Increase/(Decrease) in Accrued Liabilities | (1,450,000) | (3,480,565) |
Net Cash From Operating Activities | (3,087,049) | (4,790,032) |
INVESTING ACTIVITIES | ||
Lease Deposits & Deposit Receivable | 119,760 | (254,885) |
Leases Purchased | $ (1,148,302) | (8,126,972) |
Proceeds From Sale of Working Interests | 8,200,000 | |
Exploration Costs | $ (2,916,627) | (3,833,359) |
Purchase of Equipment | (14,478) | (54,748) |
Net Cash From Investing Activities | (3,959,647) | (4,069,964) |
FINANCING ACTIVITIES | ||
Restricted Cash | 1,500,077 | 2,499,614 |
Proceeds from Stock Issuance | 500,000 | 5,154,372 |
Proceeds from Related Party Loans | 1,000,000 | 1,160,000 |
Payments on Note Payable | $ (168,300) | (83,539) |
Payments on Related Party Loans | (20,000) | |
Net Cash From Financing Activities | $ 2,831,777 | 8,710,447 |
Net Decrease in cash | (4,214,919) | (149,549) |
Beginning Cash Balance | 4,410,302 | 310,199 |
Ending Cash Balance | $ 195,383 | $ 160,650 |
Supplemental Schedule of Cash Flow Activities | ||
Cash Paid for Income Taxes | ||
Cash Paid for Interest | $ 4,678 | $ 2,675 |
Non-Cash Financing and Investing Activities | ||
Stock Issued on Conversion of Related Party Note | 180,000 | |
Prepaid Asset Financed by Note Payable | $ 233,421 | 121,626 |
Purchase of Developmental Capital Expenditures Through Issuance of Restricted Common Stock and Options | 337,893 | 54,343 |
Purchases of Development Capital Expenditures Included in Accounts Payable | $ 116,506 | $ 113,712 |
Purchases of Development Capital Expenditures Included in Accrued Expenses | ||
Purchases of Development Capital Expenditures Included in Related Party Payable | $ 19,500 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Jun. 30, 2015 | |
ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS GulfSlope Energy, Inc. (the Company, GulfSlope, our and words of similar import), a Delaware corporation, is an independent crude oil and natural gas exploration company whose interests are concentrated in the United States Gulf of Mexico federal waters offshore Louisiana in less than 1000 23 2.2 Since March 2013, we have been singularly focused on identifying high-potential oil and gas prospects. We have licensed 3-D seismic data covering approximately 2.2 million acres and have evaluated this data using advanced interpretation technologies. As a result of these analyses, we have identified and acquired leases on 19 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES The condensed financial statements included herein are unaudited. However, these condensed financial statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. The results of operations for interim periods are not necessarily indicative of the results to be expected for an entire year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Company's condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain information, accounting policies, and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been omitted in this Form 10-Q pursuant to certain rules and regulations of the Securities and Exchange Commission (SEC). The condensed financial statements should be read in conjunction with the audited financial statements for the year ended September 30, 2014, which were included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and filed with the SEC on December 15, 2014. Cash and Cash Equivalents GulfSlope considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts and money market funds. The Company's cash positions represent assets held in checking and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. Liquidity/Going Concern We have incurred accumulated losses for the period from inception to June 30, 2015 of $27,336,251. Further losses are anticipated in developing our business. As a result, our auditors have expressed substantial doubt about our ability to continue as a going concern. Full Cost Method The Company uses the full cost method of accounting for oil and gas exploration and development activities. Under the full cost method of accounting, all costs associated with the exploration for and development of oil and gas reserves are capitalized on a country-by-country basis into a single cost center (full cost pool). Such costs include land acquisition costs, geological and geophysical (G&G) expenses, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells and overhead charges directly related to acquisition, exploration and development activities. All of the Company's oil and gas properties are located within the United States, its sole cost center. The costs of unproved properties and related capitalized costs are withheld from the depletion base until such time as they are either developed or abandoned. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion and full cost ceiling calculations. Capitalized costs that are directly associated with unproved properties acquired by the Company during the current quarter are included in the full cost pool. As of June 30, 2015, the Company had no proved reserves. Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve month period. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10% plus the lower of cost or market value of unproved properties less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. Proceeds from property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of the proved reserves related to a single full cost pool. Basic and Dilutive Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income (loss) (the numerator) by the weighted average number of common shares outstanding for the period (denominator). Diluted EPS is computed by dividing net income (loss) by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants, and restricted stock. The number of potential common shares outstanding relating to stock options, warrants, and restricted stock is computed using the treasury stock method. As the Company has incurred losses for the nine months ended June 30, 2015 and 2014, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of June 30, 2015 and 2014, there were 54,125,467 and 51,701,528 potentially dilutive shares. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU No. 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In July 2015 the effective date of this standard was deferred for one year to December 15, 2017. In June 2014, the FASB issued Accounting Standards Update No. 2014-10 (ASU No. 2014-10), which eliminated the definition of a Development Stage Entity and the related reporting requirements. ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, with early adoption allowed. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows, and shareholder's equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company chose to adopt ASU No. 2014-10 early, effective in its financial statements for the period ended September 30, 2014. In August 2014, the FASB issued Accounting Standard Update No. 2014-15 (ASU No. 2014-15), Presentation of Financial Statements Going Concern (Subtopic 205-40) which requires management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans and requires an express statement and other disclosures when substantial doubt is not alleviated. ASU No. 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early application is permitted. We are currently evaluating the accounting implication and do not believe the adoption of ASU 2014-15 will have material impact on our financial statements, although there may be additional disclosures upon adoption. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company's financial statements. |
EXPLORATION COSTS
EXPLORATION COSTS | 9 Months Ended |
Jun. 30, 2015 | |
EXPLORATION COSTS [Abstract] | |
EXPLORATION COSTS | NOTE 3 EXPLORATION COSTS On March 20, 2013, the Company entered into an assignment and assumption agreement (the Assignment Agreement) with third parties pursuant to which the Company was assigned the exclusive right to license certain seismic data. On March 22, 2013, the Company executed a master license agreement with this seismic company. In consideration for the assignment and other transactions contemplated by the Assignment Agreement, the Company agreed to issue to the assignor parties an aggregate of 243,516,666 2,435,167 6,135,500 4,012,260 During April through September of 2013, the Company incurred $ 1,674,376 773,271 90,000 15,120,574 From October 2013 through March 2014, the Company incurred $ 1,426,786 1,219,317 80,000 2,726,103 |
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES | 9 Months Ended |
Jun. 30, 2015 | |
OIL AND NATURAL GAS PROPERTIES [Abstract] | |
OIL AND NATURAL GAS PROPERTIES | NOTE 4 OIL AND NATURAL GAS PROPERTIES During March 2014, the Company bid on 23 blocks in the Central Gulf of Mexico Lease Sale 231 conducted by the Bureau of Ocean Energy Management (BOEM). Of those 23 bids, the Company was the high bidder on 22 of 23 blocks. During May and June of 2014, the Company was awarded 21 of the 22 blocks and paid the remaining 80% lease bonus amount and the first year lease rentals on all of the awarded blocks. The total amount paid was $ 8,126,972 In March 2014, the Company entered into a farm-out letter agreement with Texas South Energy, Inc. (Texas South) relating to five prospects located within the blocks the Company bid on at the Central Gulf of Mexico Lease Sale 231. Under the terms of the farm-out letter agreement, Texas South may acquire up to a 20% working interest in these five prospects for up to $ 10 8.2 During the period April 1 to September 30, 2014, the Company incurred $ 1,365,239 763,767 2,129,006 8,200,000 2,055,978 During the period October 1, 2014 to June 30, 2015, the Company incurred $ 2,500,705 870,322 93,052 9,348,302 8,200,000 6,482,255 In March 2015, the Company competitively bid on four blocks in the Central Gulf of Mexico Lease Sale 235 conducted by BOEM. The Company was the high bidder on three of the four blocks. The Company was awarded two 80 340,547 The Company paid $ 807,755 30,240 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jun. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 RELATED PARTY TRANSACTIONS During April through September 2013, the Company entered into convertible promissory notes whereby it borrowed a total of $ 6,500,000 5 0.12 1,200,000 10,000,000 1,160,000 5 1,000,000 5 285,753 During September 2013, the Company entered into convertible promissory notes whereby it borrowed a total of $ 200,000 5 0.12 180,408 1,503,403 .12 20,000 In October 2013, the Company issued 937,500 112,500 In October 2013, the Company issued to Mr. Rodgers a ten-year option to purchase 2,000,000 0.12 161,143 9,989 35,426 24,562 81,246 50 50 Domenica Seitz, CPA, a family member of the CEO, has provided accounting consulting services to the Company. During the fiscal year ended September 30, 2013, the amount of services rendered was nominal and was donated. During the twelve month period ended September 30, 2014, the level of services provided increased and was valued at $ 59,510 44,640 James M. Askew is the sole officer, director and greater than 10 Mr. Seitz has not received a salary since May 31, 2013, the date he commenced serving as our chief executive officer and accordingly, no amount has been accrued on our financial statements. Prior to serving as an executive officer, Mr. Seitz served as a Company consultant and the Company accrued and subsequently paid $ 120,000 245,706,023 In connection with the Company's 2013 private placement of common stock at a purchase price of $ 0.12 166,667 256,106 1,666,667 416,667 In connection with the Company's 2014 private placement of common stock at a purchase price of $ 0.24 750,000 100,000 416,667 |
COMMON STOCK_PAID IN CAPITAL
COMMON STOCK/PAID IN CAPITAL | 9 Months Ended |
Jun. 30, 2015 | |
COMMON STOCK/PAID IN CAPITAL [Abstract] | |
COMMON STOCK/PAID IN CAPITAL | NOTE 6 COMMON STOCK/PAID IN CAPITAL During April through October of 2013 the Company sold 68,496,107 8,219,533 0.12 10,000,000 1,200,000 1,503,403 180,408 937,500 112,500 In October 2013, the Company issued 1,620,000 194,400 In October 2013, the Company issued a ten-year option to purchase 2,000,000 0.12 In March 2014, the Company awarded 500,000 In March 2014, the Company issued an aggregate of 1,000,000 In May 2014, the Company awarded 550,000 At our annual meeting in May of 2014, our shareholders approved increasing the number of authorized shares of common stock from 750,000,000 975,000,000 50,000,000 The Company shareholders approved the 2014 Omnibus Incentive Plan on May 29, 2014. Restricted stock awards made after this date to executives and employees were made pursuant to the plan. During July 2014, the Company sold 33,448,335 0.24 8,027,600 In July 2014, Mr. Malanga was awarded 2,500,000 600,000 In August 2014, a new employee was awarded 200,000 In August 2014, the Company closed an equity financing in which 1,500,000 0.24 360,000 In September 2014, the Company awarded 3,030,000 Shares of the restricted stock awards will be issued to the recipients according to the vesting terms. On April 17, 2015, the Company sold 5,000,000 0.10 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Jun. 30, 2015 | |
STOCK-BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 7 STOCK-BASED COMPENSATION Stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized over the required vesting period. The Company recognized $ 212,639 643,376 52,563 109,247 As of June 30, 2015, there was $ 12,843 six 870,200 15 The following table summarizes the Company's stock option activity during the nine months ended June 30, 2015: Number of Options Weighted Average Exercise Price Weighted Average Remaining Outstanding at September 30, 2014 2,000,000 - Granted - - Exercised - - Cancelled - - Outstanding at June 30, 2015 2,000,000 $ 0.12 4.06 Vested and expected to vest 2,000,000 $ 0.12 4.06 Exercisable at June 30, 2015 1,000,000 - - |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jun. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 COMMITMENTS AND CONTINGENCIES In March 2013, the Company licensed certain seismic data pursuant to two agreements. With respect to the first agreement, as of June 30, 2015, the Company has paid $ 6,135,500 3,009,195 1,003,065 In July 2013, the Company entered into a two-year office lease agreement. The agreement calls for monthly payments of approximately $ 20,200 20,500 18,760 six In March 2014, the Company entered into a farm out letter agreement with Texas South Energy relating to five prospects located within 23 blocks we bid on at the Central Gulf of Mexico Lease Sale 231. Of the blocks containing the five prospects, the Company was the high bidder on blocks for four of the prospects. Under the terms of the farm-out letter agreement, Texas South will acquire up to a 20 10 8.2 In October 2014, the Company purchased an insurance policy and financed the premium by executing a note payable in the amount of $ 224,361 62,108 At June 30, 2015, the Company owes shares of common stock to one |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jun. 30, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 SUBSEQUENT EVENTS The company entered into a promissory note with Mr. John Seitz whereby it borrowed a total of $ 160,000 5 |
SIGNIFICANT ACCOUNTING POLICI15
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents GulfSlope considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts and money market funds. The Company's cash positions represent assets held in checking and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. |
Liquidity/Going Concern | Liquidity/Going Concern We have incurred accumulated losses for the period from inception to June 30, 2015 of $27,336,251. Further losses are anticipated in developing our business. As a result, our auditors have expressed substantial doubt about our ability to continue as a going concern. |
Full Cost Method | Full Cost Method The Company uses the full cost method of accounting for oil and gas exploration and development activities. Under the full cost method of accounting, all costs associated with the exploration for and development of oil and gas reserves are capitalized on a country-by-country basis into a single cost center (full cost pool). Such costs include land acquisition costs, geological and geophysical (G&G) expenses, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells and overhead charges directly related to acquisition, exploration and development activities. All of the Company's oil and gas properties are located within the United States, its sole cost center. The costs of unproved properties and related capitalized costs are withheld from the depletion base until such time as they are either developed or abandoned. When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion and full cost ceiling calculations. Capitalized costs that are directly associated with unproved properties acquired by the Company during the current quarter are included in the full cost pool. As of June 30, 2015, the Company had no proved reserves. Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve month period. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10% plus the lower of cost or market value of unproved properties less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. Proceeds from property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of the proved reserves related to a single full cost pool. |
Basic and Dilutive Earnings Per Share | Basic and Dilutive Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income (loss) (the numerator) by the weighted average number of common shares outstanding for the period (denominator). Diluted EPS is computed by dividing net income (loss) by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants, and restricted stock. The number of potential common shares outstanding relating to stock options, warrants, and restricted stock is computed using the treasury stock method. As the Company has incurred losses for the nine months ended June 30, 2015 and 2014, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of June 30, 2015 and 2014, there were 54,125,467 and 51,701,528 potentially dilutive shares. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU No. 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In July 2015 the effective date of this standard was deferred for one year to December 15, 2017. In June 2014, the FASB issued Accounting Standards Update No. 2014-10 (ASU No. 2014-10), which eliminated the definition of a Development Stage Entity and the related reporting requirements. ASU No. 2014-10 is effective for annual reporting periods beginning after December 15, 2014, with early adoption allowed. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows, and shareholder's equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company chose to adopt ASU No. 2014-10 early, effective in its financial statements for the period ended September 30, 2014. In August 2014, the FASB issued Accounting Standard Update No. 2014-15 (ASU No. 2014-15), Presentation of Financial Statements Going Concern (Subtopic 205-40) which requires management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans and requires an express statement and other disclosures when substantial doubt is not alleviated. ASU No. 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early application is permitted. We are currently evaluating the accounting implication and do not believe the adoption of ASU 2014-15 will have material impact on our financial statements, although there may be additional disclosures upon adoption. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company's financial statements. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
STOCK-BASED COMPENSATION [Abstract] | |
Summary of Stock Options Activity | Number of Options Weighted Average Exercise Price Weighted Average Remaining Outstanding at September 30, 2014 2,000,000 - Granted - - Exercised - - Cancelled - - Outstanding at June 30, 2015 2,000,000 $ 0.12 4.06 Vested and expected to vest 2,000,000 $ 0.12 4.06 Exercisable at June 30, 2015 1,000,000 - - |
ORGANIZATION AND NATURE OF BU17
ORGANIZATION AND NATURE OF BUSINESS (Details) - Jun. 30, 2015 a in Millions | aitemm |
ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
Minimum area under water where exploration activity are conducted | m | 1,000 |
Number of leased federal outer continental shelf blocks | 23 |
Area of three-dimensional (3-D) seismic data licensed | a | 2.2 |
Number of leases acquired of hydrocarbon deposits | 19 |
SIGNIFICANT ACCOUNTING POLICI18
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 9 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||
Accumulated losses | $ 27,336,251 | $ 24,659,677 | ||
Cash | 195,383 | $ 160,650 | $ 4,410,302 | $ 310,199 |
Minimum capital which company estimated to raise to meet its obligations and planned expenditures through June 30, 2016 | $ 10,000,000 | |||
Shares excluded from the computation of diluted loss per share | 54,125,467 | 51,701,528 |
EXPLORATION COSTS (Details)
EXPLORATION COSTS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Impairment of Oil and Natural Gas Properties | $ 93,052 | $ 93,052 | $ 2,726,103 | $ 2,726,103 | $ 15,120,574 | |||
License Fee [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Exploration costs capitalized during the period | $ 6,135,500 | |||||||
Seismic Data Purchase [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Exploration costs capitalized during the period | $ 4,012,260 | |||||||
Geophysical Research Program [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Exploration costs capitalized during the period | 90,000 | |||||||
Technological Infrastructure And Third Party Hosting Services [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Exploration costs capitalized during the period | 1,674,376 | $ 1,219,317 | ||||||
Consulting Fees And Salaries And Benefits [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Exploration costs capitalized during the period | $ 773,271 | 1,426,786 | ||||||
Independent Reserve Study [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Exploration costs capitalized during the period | $ 80,000 | |||||||
TGS [Member] | ||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | ||||||||
Shares issued in consideration for seismic data | 243,516,666 | |||||||
Value of shares issued in consideration for seismic data | $ 2,435,167 |
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015USD ($) | May. 31, 2015USD ($) | Mar. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | |||||||||||
Exploration costs capitalized during the period | $ 2,129,006 | ||||||||||
Paid for lease | $ 1,148,302 | 8,126,972 | |||||||||
Lease payment before netting of working interest | 9,348,302 | ||||||||||
Proceeds from sale of working interest | 8,200,000 | 8,200,000 | |||||||||
Impairment of oil and natural gas properties | $ 93,052 | 93,052 | $ 2,726,103 | $ 2,726,103 | $ 15,120,574 | ||||||
Unproved oil and gas properties | $ 6,482,255 | $ 2,055,978 | 6,482,255 | $ 2,055,978 | |||||||
BOEM Lease Deposit Receivable | 30,240 | 30,240 | |||||||||
Number of blocks awarded | item | 2 | ||||||||||
Percentage of lease bonus paid | 80.00% | ||||||||||
Total first year consideration for awarded blocks | $ 340,547 | $ 340,547 | |||||||||
Technological Infrastructure And Third Party Hosting Services [Member] | |||||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | |||||||||||
Exploration costs capitalized during the period | 763,767 | 870,322 | |||||||||
Consulting Fees And Salaries And Benefits [Member] | |||||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | |||||||||||
Exploration costs capitalized during the period | $ 1,365,239 | 2,500,705 | |||||||||
Farm Out Letter Agreement Texas South [Member] | |||||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | |||||||||||
Maximum proceeds to be received under farm out agreement | 10,000,000 | 10,000,000 | |||||||||
Proceeds received under farm out agreement | $ 8,200,000 | ||||||||||
BOEM [Member] | |||||||||||
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items] | |||||||||||
Paid for lease | 807,755 | $ 807,755 | |||||||||
BOEM Lease Deposit Receivable | $ 30,240 | $ 30,240 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||||||||||
Apr. 30, 2015 | Aug. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | May. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Oct. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||||||||||||||
Proceeds from Related Party Loans | $ 1,000,000 | $ 1,160,000 | ||||||||||||
Payment to related party | 20,000 | |||||||||||||
Exercise price | $ 0.12 | $ 0.12 | ||||||||||||
Stock Based Compensation | $ 305,483 | |||||||||||||
Accrued expense | $ 285,753 | 285,753 | $ 40,812 | |||||||||||
Common stock issued, price per share | $ 0.10 | $ 0.24 | ||||||||||||
Stock issued during period, shares | 5,000,000 | 1,500,000 | ||||||||||||
John Seitz [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Note payable from related party, original amount | $ 6,500,000 | $ 1,000,000 | $ 1,160,000 | $ 1,000,000 | $ 1,160,000 | |||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||
Debt conversion, price per share | $ 0.12 | |||||||||||||
Stock issued for debt | $ 1,200,000 | |||||||||||||
Conversion of notes payable, shares | 10,000,000 | |||||||||||||
Accrued expense | $ 120,000 | $ 285,753 | $ 285,753 | |||||||||||
Number of common shares beneficially owned | $ 245,706,023 | $ 245,706,023 | ||||||||||||
John Seitz [Member] | Subsequent Event [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Note payable from related party, original amount | $ 160,000 | |||||||||||||
Interest rate | 5.00% | |||||||||||||
Dr. Ronald Bain [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Proceeds from Related Party Loans | $ 200,000 | |||||||||||||
Interest rate | 5.00% | |||||||||||||
Debt conversion, price per share | $ 0.12 | $ 0.12 | $ 0.12 | |||||||||||
Stock issued for debt | $ 180,408 | |||||||||||||
Conversion of notes payable, shares | 1,503,403 | |||||||||||||
Payment to related party | $ 20,000 | |||||||||||||
Dr. Ronald Bain [Member] | Private Placement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock issued, price per share | $ 0.24 | $ 0.24 | ||||||||||||
Stock issued during period, shares | 750,000 | |||||||||||||
Mr. Rodgers [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Issuance of common stock for services | $ 112,500 | |||||||||||||
Issuance of common stock for services, shares | 937,500 | |||||||||||||
Number of common stock shares that can be purchased through options granted | 2,000,000 | |||||||||||||
Exercise price | $ 0.12 | $ 0.12 | ||||||||||||
Stock Based Compensation | $ 161,143 | $ 9,989 | $ 24,562 | $ 35,426 | $ 81,246 | |||||||||
Mr. Rodgers [Member] | Private Placement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Exercise price | $ 0.12 | 0.12 | ||||||||||||
Stock issued during period, shares | 256,106 | |||||||||||||
Mr. Rodgers [Member] | October 2014 [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Vesting percentage of options granted | 50.00% | |||||||||||||
Mr. Rodgers [Member] | October 2015 [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Vesting percentage of options granted | 50.00% | |||||||||||||
Paul Morris [Member] | Private Placement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Exercise price | $ 0.12 | 0.12 | ||||||||||||
Common stock issued, price per share | $ 0.24 | $ 0.24 | ||||||||||||
Stock issued during period, shares | 1,666,667 | 416,667 | ||||||||||||
Richard Langdon [Member] | Private Placement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Exercise price | $ 0.12 | 0.12 | ||||||||||||
Stock issued during period, shares | 416,667 | |||||||||||||
Domenica Seitz [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Accrued expense | $ 44,640 | $ 44,640 | $ 59,510 | |||||||||||
Mr. Charles Hughes [Member] | Private Placement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock issued, price per share | $ 0.24 | $ 0.24 | ||||||||||||
Stock issued during period, shares | 100,000 | |||||||||||||
John Malanga [Member] | Private Placement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Exercise price | $ 0.12 | $ 0.12 | ||||||||||||
Stock issued during period, shares | 166,667 | |||||||||||||
James Askew [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Issuance of common stock for services, shares | 1,000,000 | |||||||||||||
Percentage of holding | 10.00% | 10.00% |
COMMON STOCK_PAID IN CAPITAL (D
COMMON STOCK/PAID IN CAPITAL (Details) - USD ($) | 1 Months Ended | 7 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | May. 31, 2014 | Mar. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock Issuance [Line Items] | ||||||||||
Shares issued | 68,496,107 | 68,496,107 | ||||||||
Stock Issued for Services | $ 119,650 | $ 305,087 | ||||||||
Shares of common stock issued for cash | 5,000,000 | 1,500,000 | ||||||||
Common shares issued for cash | $ 360,000 | $ 8,219,533 | ||||||||
Common Stock, shares authorized | 975,000,000 | 750,000,000 | 975,000,000 | |||||||
Common Stock, par value per share | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |||||||
Preferred Stock, par value per share | $ 0.001 | $ 0.001 | ||||||||
Shares issued, price per share | $ 0.10 | $ 0.24 | ||||||||
Weighted average exercise price per share | $ 0.12 | |||||||||
James Askew [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares of stock issued for services | 1,000,000 | |||||||||
Private Placement [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares of common stock issued for cash | 33,448,335 | |||||||||
Common shares issued for cash | $ 8,027,600 | |||||||||
Shares issued, price per share | $ 0.24 | |||||||||
John Seitz [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares issued | 10,000,000 | 10,000,000 | ||||||||
Common shares issued for cash | $ 1,200,000 | |||||||||
Common stock issued for consulting services, per share value | $ 0.12 | |||||||||
Brady Rodgers [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares of stock issued for services | 937,500 | |||||||||
Value of stock issued for services | $ 112,500 | |||||||||
Weighted average exercise price per share | $ 0.12 | $ 0.12 | ||||||||
Number of common stock shares that can be purchased through options granted | 2,000,000 | |||||||||
Employees [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Stock Issued for Services | $ 194,400 | |||||||||
Shares of stock issued for services | 3,030,000 | 550,000 | 500,000 | 1,620,000 | ||||||
Mr. Malanga [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares of stock issued for services | 2,500,000 | |||||||||
Value of stock issued for services | $ 600,000 | |||||||||
Ron Bain, COO [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares issued | 1,503,403 | 1,503,403 | ||||||||
Common shares issued for cash | $ 180,408 | |||||||||
New Employee [Member] | ||||||||||
Common Stock Issuance [Line Items] | ||||||||||
Shares of stock issued for services | 200,000 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-based compensation [Line Items] | ||||
Stock Based Compensation | $ 212,639 | $ 52,563 | $ 643,376 | $ 109,247 |
Options outstanding, aggregate intrinsic value | 0 | 0 | ||
Stock option [Member] | ||||
Stock-based compensation [Line Items] | ||||
Unrecognized compensation cost | 12,843 | $ 12,843 | ||
Unrecognized compensation cost, period of recognition | 6 months | |||
Restricted stock [Member] | ||||
Stock-based compensation [Line Items] | ||||
Unrecognized compensation cost | $ 870,200 | $ 870,200 | ||
Unrecognized compensation cost, period of recognition | 15 months |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Stock Options Activity) (Details) - Jun. 30, 2015 - $ / shares | Total |
Number of Options | |
Outstanding at beginning of period | 2,000,000 |
Granted | |
Exercised | |
Cancelled | |
Outstanding at end of period | 2,000,000 |
Vested and expected to vest | 2,000,000 |
Exercisable at end of period | 1,000,000 |
Weighted Average Exercise Price | |
Outstanding at beginning of period | |
Granted | |
Exercised | |
Cancelled | |
Outstanding at end of period | $ 0.12 |
Vested and expected to vest | $ 0.12 |
Exercisable at end of period | |
Weighted Average Remaining Contractual Term | |
Outstanding at end of period | 4 years 22 days |
Vested and expected to vest | 4 years 22 days |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Jul. 31, 2013USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Security deposit | $ 18,760 | ||||
Office lease agreement extended term | 6 months | ||||
Proceeds from sale of working interests | $ 8,200,000 | $ 8,200,000 | |||
Amount of premium paid by executing a note payable | $ 224,361 | ||||
Prepaid Asset Financed by Note Payable Outstanding Amount | $ 62,108 | ||||
Number of vendors to whom entity owes shares of common stock to three vendors for services rendered | item | 1 | ||||
First Period [Member] | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Agreement monthly amount | 20,200 | ||||
Second Period [Member] | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Agreement monthly amount | $ 20,500 | ||||
TGS [Member] | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Payments for exploration costs | $ 6,135,500 | ||||
Payment due during September 2015 | 1,003,065 | ||||
Nonspecified Siesmic Company [Member] | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Payments for exploration costs | $ 3,009,195 | ||||
Texas South Energy [Member] | Pro Forma [Member] | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Working interest percent | 20.00% | ||||
Total price for working interests | $ 10,000,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Chief Executive Officer [Member] - USD ($) | Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2013 |
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,000,000 | $ 1,160,000 | $ 6,500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 160,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |