GulfSlope Energy (GSPE) 10-Q/A 30 Dec 13 2013 Q2 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2013	10-May-13
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'true	'
Document Period End Date	31-Mar-13	'
Entity Registrant Name	'GULFSLOPE ENERGY, INC.	'
Entity Central Index Key	'0001341726	'
Current Fiscal Year End Date	'--09-30	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2013	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	558,333,333
Amendment Description	'	'
	EXPLANATORY NOTE
	GulfSlope Energy, Inc. (the "Company," "we," or "our" unless the context indicates otherwise) is filing this Amendment No. 1 on Form 10-Q (this "Amendment") to our Quarterly Report on Form 10-Q for the three months ended March 31, 2013, as filed on May 15, 2013 (the "Original Filing"), to correct the comparative balance sheet information as of March 31, 2013, the statement of operations for the three months and six months ended March 31, 2013, and the statement of cash flows for the six months ended March 31, 2013 to reflect impairment of previously capitalized Exploration Costs. This correction resulted in the recording of $12,582,927 impairment of oil and natural gas properties for the three months and six months ended March 31, 2013, resulting in an increase in the net loss for the same amount. Per these changes, this Amendment includes the Restated Financial Statements and changes to the "Results of Operations" "and "Liquidity and Capital Requirements" sections in "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 4. Controls and Procedures." This Amendment on Form 10-Q/A only amends the Original Filing as noted above. This Amendment does not affect any other parts of or exhibits to the Original Filing, and no other information in the Original Filing, including the fiscal year ended September 30, 2012 financial statements or related notes to those financial statements, are amended hereby. Except for the amendments described above, this Amendment on Form 10-Q/A continues to describe conditions as of the date of the Original Filing, and the disclosures contained herein have not been updated to reflect events, results or developments that occurred after the Original Filing, or to modify or update those disclosures affected by subsequent events. Among other things, forward-looking statements made in the Original Filing have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Filing, and such forward-looking statements should be read in their historical context. Additionally, in connection with the filing of this Form 10-Q/A and pursuant to Securities and Exchange Commission ("SEC") rules, we are including currently dated certifications.

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2013	Sep. 30, 2012
Current Assets	'	'
Cash	$12,399	$423,009
Prepaid Expenses	11,389	329,373
Total Current Assets	23,788	752,382
Total Assets	23,788	752,382
Current Liabilities	'	'
Accounts Payable	47,974	31,731
Accrued Expenses and Other Payables	6,913,328	'
Related-Party Payable	'	31,183
Total Current Liabilities	6,961,302	62,914
Accrued Expenses and Other Payables, Net of Current Portion	6,006,130	'
Total Liabilities	12,967,432	62,914
Stockholders' Equity (Deficit)	'	'
Preferred Stock; par value ($0.001); Authorized 50,000,000 shares none issued or outstanding	'	'
Common Stock; par value ($0.001); Authorized 750,000,000 shares; 235,150,000 issued and outstanding	235,150	235,150
Additional Paid-in-capital - shares to be issued	470,000	'
Additional Paid-in-capital	2,151,610	2,151,610
Deficit accumulated during the exploration stage	-15,800,404	-1,697,292
Total Stockholders' Equity (Deficit)	-12,943,644	689,468
Total Liabilities and Stockholders' Equity (Deficit)	$23,788	$752,382

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2013	Sep. 30, 2012
Condensed Balance Sheets [Abstract]	'	'
Preferred Stock, par value per share	$0.00	$0.00
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	'	'
Preferred Stock, shares outstanding	'	'
Common Stock, par value per share	$0.00	$0.00
Common Stock, shares authorized	750,000,000	750,000,000
Common Stock, shares issued	235,150,000	235,150,000
Common Stock, shares outstanding	235,150,000	235,150,000

Condensed_Statements_of_Operat

Condensed Statements of Operations (USD $)	3 Months Ended		6 Months Ended		112 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Condensed Statements of Operations [Abstract]	'	'	'	'	'
Revenues	'	'	'	'	$9,694
Revenues from Related Parties	'	'	'	'	2,346
Total Revenue	'	'	'	'	12,040
Cost of Sales	'	'	'	'	8,394
Cost of Sales to Related Parties	'	'	'	'	2,101
Total Cost of Sales	'	'	'	'	10,495
Gross Profit	'	'	'	'	1,545
Impairment of Oil and Natural Gas Properties	12,582,927	'	12,582,927	'	12,582,927
General & Administrative Expenses	1,123,809	75,539	1,520,185	106,999	3,202,708
Net Loss from Operations	-13,706,736	-75,539	-14,103,112	-106,999	-15,784,090
Other Income/(Expenses):	'	'	'	'	'
Interest expense	'	'	'	'	-15,514
Net Loss Before Income Taxes	-13,706,736	-75,539	-14,103,112	-106,999	-15,799,604
Provision for Income Taxes	'	'	'	'	-800
Net Loss	($13,706,736)	($75,539)	($14,103,112)	($106,999)	($15,800,404)
Loss Per Share - Basic and Diluted	($0.06)	($0.01)	($0.06)	($0.01)	'
Weighted Average Shares Outstanding - Basic and Diluted	235,150,000	23,650,000	235,150,000	1,459,890	'

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	6 Months Ended		112 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Cash From Operating Activities	'	'	'
Net Loss	($14,103,112)	($106,999)	($15,800,404)
Adjustments to reconcile net income/loss to net cash From Operating Activities:	'	'	'
Impairment of Oil and Natural Gas Properties	12,582,927	'	12,582,927
Depreciation	'	'	8,906
Stock issued for services	'	'	1,350,000
Changes in Operating Assets and Liabilities:	'	'	'
(Increase)/Decrease in Prepaid Expenses	317,984	-13,818	-11,389
Increase/(Decrease) in Accounts Payable/Accrued Liabilities	352,774	8,004	384,506
Increase/(Decrease) in Accrued Interest/Related Party Payable	-31,183	'	11,022
Net Cash From Operating Activities	-880,610	-112,813	-1,474,432
Cash From Investing Activities	'	'	'
Purchase of Equipment	'	'	-7,406
Net Cash From Investing Activities	'	'	-7,406
Cash From Financing Activities	'	'	'
Loan from Shareholders	'	'	41,769
Payment on Loan from Shareholders	'	'	-41,769
Proceeds from Stock Issuances	'	'	914,237
Proceeds from sale of stock (to be issued)	470,000	26,500	580,000
Net Cash From Financing Activities	470,000	26,500	1,494,237
Net Increase/(Decrease) in cash	-410,610	-86,313	12,399
Beginning Cash Balance	423,009	87,505	'
Ending Cash Balance	12,399	1,192	12,399
Supplemental Schedule of Cash Flow Activities	'	'	'
Cash Paid for Income Taxes	'	'	800
Cash paid for Interest	'	'	11,356
Related Party Debt Forgiveness	'	'	11,023
Stock Issued for Prepaid Expenses	'	'	550,000
Property contributed by shareholder	'	'	1,500
Purchasers of Development Capital Expenditures Included in Accrued Expenses	$12,502,927	'	$12,582,927

ORGANIZATION_AND_NATURE_OF_BUS

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Mar. 31, 2013
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 energy company intent upon engaging in the acquisition, exploration, exploitation, development and production of crude oil and natural gas properties. To this end, the Company entered the exploration stage on March 22, 2013 when it executed a master license agreement with TGS-NOPEC Geophysical Company ("TGS") to license certain seismic data for the purposes of engaging in the exploration of oil and natural gas.

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Mar. 31, 2013
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	Restatement of March 31, 2013 Quarterly Results
	The Company determined that previously capitalized geological and geophysical costs ("G&G costs") (presented within the consolidated balance sheet as "Oil and Natural Gas Properties, Full Cost Method of Accounting, Unproved Properties") that were properly capitalized in accordance with full cost method accounting rules, should not be excluded from the depletion base as originally accounted for in accordance with the full cost rules defined in Regulation S-X Rule 4-10.  As a result of including these G&G costs within the depletion base of the full cost pool, the capitalized costs were effectively impaired since the Company did not yet own the specific leasehold properties or have established proven reserves.  Though the Company determined that these G&G costs have provided value to the Company in identifying specific unevaluated properties it will attempt to acquire, accounting guidance requires the G&G costs to be included in the depletion base since the specific unevaluated properties had not been acquired by the Company as of the date these G&G costs were capitalized. Once the specific unevaluated properties are acquired by the Company, the cost of their acquisition and subsequent G&G costs, if any, that are directly associated with the acquired unevaluated properties will be capitalized within the full cost pool and excluded from the depletion base until proven reserves are established.
	As the Company did not have any specific and owned unevaluated properties as of March 31, 2013, the G&G costs are subject to the ceiling limitation test, resulting in immediate impairment.   As a result, in the quarterly filing for March 31, 2013, operating expenses were understated in the amount of the previously capitalized G&G costs ($12,582,927) for the three months and six months ended March 31, 2013.  As a result, all previously capitalized G&G costs are impaired and reflected on the Company's statement of operations as Impairment of Oil and Natural Gas Properties.  Therefore, the Company is adjusting its previously reported March 31, 2013, balance sheet, statements of operations and cash flows in this restated March 31, 2013 quarterly filing.
	The following table reflects the impact of the above corrections to the condensed balance sheet as of March 31, 2013:
		As of March 31, 2013
		As Reported			Adjustments			As Restated
	Oil and natural gas properties, full cost method of accounting, unproved properties	$	12,582,927		$	(12,582,927	)	$	-
	Total Assets		12,606,715			(12,582,927	)		23,788
	Deficit accumulated during  the exploration stage		(3,217,477	)		(12,582,927	)		(15,800,404	)
	Total Stockholders' Equity (Deficit)		(360,717)			(12,582,927	)		(12,943,644	)
	Total Liabilities and Stockholders' Equity (Deficit)		12,606,715			(12,582,927	)		23,788
	The following tables reflect the impact of the above correction to the condensed statement of operations for the three months ended March 31, 2013:
		Three Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Impairment of Oil and Natural Gas Properties	$	-		$	12,582,927		$	12,582,927
	Net Loss		(1,123,809	)		(12,582,927	)		(13,706,736	)
	Loss Per Share - Basic and Diluted	$	(0.01	)	$	(0.05	)	$	(0.06	)
	Weighted Average Shares Outstanding - Basic and Diluted		235,150,000			235,150,000			235,150,000
	The following tables reflect the impact of the above correction to the condensed statement of operations for the six months ended March 31, 2013:
		Six Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Impairment of Oil and Natural Gas Properties	$	-		$	12,582,927		$	12,582,927
	Net Loss		(1,520,185	)		(12,582,927	)		(14,103,112	)
	Loss Per Share - Basic and Diluted	$	(0.01	)	$	(0.05	)	$	(0.06	)
	Weighted Average Shares Outstanding - Basic and Diluted		235,150,000			235,150,000			235,150,000
	The following table reflects the impact of the above correction to the condensed statement of cash flows for the six months ended March 31, 2013:
		Six Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Net Loss	$	(1,520,185	)	$	(12,582,927	)	$	(14,103,112	)
	Impairment of Oil and Natural Gas Properties		-			12,582,927			12,582,927
	Presentation
	The financial information included herein is unaudited, except for the balance sheet as of September 30, 2012, which has been derived from the Company's audited financial statements for the year ended September 30, 2012.  However, such information includes all adjustments (consisting of normal recurring adjustments), which are in the opinion of management, 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.
	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 financial statements should be read in conjunction with the audited financial statements for the year ended September 30, 2012, which were included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2012.
	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 March 31, 2013 of $15,800,404.  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.  As of March 31, 2013, we had $12,399 of cash on hand.  These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company estimates that it will need to raise a minimum of $20 million to meet its obligations during the next 12 months. The Company plans to finance the Company through best-efforts equity and/or debt financings. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
	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 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.
	The costs of unproved properties and related capitalized costs (such as G&G 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. Further, capitalized G&G costs that are directly associated with unevaluated properties not yet owned by the Company are included in the depletion base.  As of March 31, 2013, the Company had no proved reserves, nor any unevaluated properties.    As a result, the geological and geophysical costs are included in the amortization base as incurred and, per Rule 4-10, are subject to the ceiling limitation test, resulting in immediate impairment.
	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.
	Capitalized Interest
	Interest is capitalized on the cost of unevaluated gas and oil properties that are excluded from amortization and actively being evaluated, if any.
	Recent Accounting Pronouncements
	The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

EXPLORATION_COSTS

EXPLORATION COSTS	6 Months Ended
	Mar. 31, 2013
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 from TGS.  On March 22, 2013, the Company executed a master license agreement with TGS.  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 shares of the Company's common stock.  The common stock was valued at $2,435,167.  The shares were subsequently issued in April 2013.  These costs were included in accrued expenses as of March 31, 2013.
	In March 2013, the Company licensed certain seismic data from TGS.  The seismic data license fee totaled $6,135,500.
	In March 2013, the Company licensed certain seismic data from a different seismic company pursuant to another ordinary business course agreement.  The seismic data purchase totaled $4,012,260.
	See Note 5 for payment terms relating to these costs.
	The Company properly capitalized these G&G costs and included them in the depletion base because the Company did not yet own the specific unevaluated properties these costs related to. Therefore, these G&G costs were subject to the ceiling limitation test, resulting in immediate impairment for accounting purposes.

COMMON_STOCKPAID_IN_CAPITAL

COMMON STOCK/PAID IN CAPITAL	6 Months Ended
	Mar. 31, 2013
COMMON STOCK/PAID IN CAPITAL [Abstract]	'
COMMON STOCK/PAID IN CAPITAL	'
	NOTE 4 - COMMON STOCK/PAID IN CAPITAL
	Effective April 2012, the Company completed a reincorporation in the State of Delaware from the State of Utah. The reincorporation was effected by the merger of Plan A with and into GulfSlope Energy, Inc., a newly formed, wholly owned Delaware subsidiary. As of the effective time of the reincorporation merger, Plan A ceased to exist as a separate entity with GulfSlope being the surviving entity. Each outstanding share of common stock of Plan A was automatically converted into one share of GulfSlope common stock. The par value of GulfSlope common stock and preferred stock changed from $0.01 per share to $0.001 per share. In addition, the number of authorized shares of common stock was increased from 50,000,000 to 750,000,000 and the number of authorized shares of preferred stock was increased from 5,000,000 to 50,000,000. These financial statements and related notes give retroactive effect to the change in par value.
	On June 22, 2012, the Company entered into a one-year consulting agreement with the Company's former president and chief executive officer, and issued 5,000,000 shares of common stock thereto in July 2012. This agreement was valued at $50,000, or $0.01 per share. As of March 31, 2013, $38,611 has been expensed with $11,389 recorded as a prepaid expense.
	During February and March 2013, the Company sold 47,000,000 shares of common stock for cash. As of March 31, 2013, there were 47,000,000 shares to be issued for gross proceeds of $470,000, and such shares were issued in April 2013.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Mar. 31, 2013
COMMITMENTS AND CONTINGENCIES [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 5- COMMITMENTS AND CONTINGENCIES
	Effective March 2013, the Company amended the employment agreement of James Askew to allow the Company to terminate such agreement at any time. The Company agreed to pay Mr. Askew a severance payment upon termination in the amount of up to $100,000 as reimbursement for any tax liabilities arising from salary and other compensation paid to Mr. Askew during calendar year 2012.
	Effective March 2013, the Company terminated its consulting agreement with John B. Connally III in consideration for the issuance of 10,000,000 shares of common stock. The shares were valued at $100,000 and the expenses were accrued as of March 31, 2013. The shares were subsequently issued in April 2013.
	On March 1, 2013, the Company entered into a one-year consulting agreement with ConRon Consulting Inc ("ConRon") whereby ConRon will assist the Company in negotiating licensing for certain seismic data, as well as provide other general consulting. Pursuant to the agreement, ConRon is paid cash compensation of $30,000 per month. As of March 31, 2013, the fees for the month of March were unpaid and had been accrued.
	On March 1, 2013, the Company entered into a one-year consulting agreement with John N. Seitz, a shareholder, whereby Mr. Seitz will assist the Company in negotiating licensing for certain seismic data, as well as provide other general consulting. Pursuant to the agreement, Mr. Seitz is paid cash compensation of $40,000 per month. As of March 31, 2013, the fees for the month of March were unpaid and had been accrued.
	In March 2013, the Company licensed certain seismic data pursuant to two agreements. With respect to the first agreement, as of the date of this report, the Company has paid $2,135,500 in cash, and has provided an additional $2,500,000 in an escrow account, which will be released at a later date. The Company is obligated to provide the remaining $1,500,000 in an escrow account upon the occurrence of certain events expected to occur during the first calendar quarter of 2014. With respect to the second agreement, as of the date of this Report, the Company has paid $1,671,775 in cash and is obligated to make the following payments: (i) $334,355 during June 2013; (ii) $1,003,065 during April 2014; and (iii) $1,003,065 during April 2015.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Mar. 31, 2013
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 6 - SUBSEQUENT EVENTS
	During April 2013, the Company issued a total of 47,000,000 shares of common stock for $470,000 cash proceeds received in February and March 2013 (see Note 4 above).
	During April 2013, the Company issued a total of 6,000,000 shares of common stock to two third parties for services rendered. The shares were valued at $60,000.
	During April 2013, the Company issued 10,000,000 shares of common stock to John B. Connally III as consideration for termination of a consulting agreement (see Note 5 above).
	During April 2013, the Company issued 243,516,666 shares of common stock to third parties in relation to the licensing of certain seismic data (see Note 3 above).
	During April and May 2013, the Company sold 16,666,667 shares of common stock for $2,000,000 cash and borrowed $4,600,000 from Mr. Seitz to fund certain Company contractual commitments pursuant to a demand note, bearing interest at the rate of 5% per annum, and convertible into shares of common stock at a conversion price equal to $0.12 per share of common stock.

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 31, 2013
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Restatement of March 31, 2013 Quarterly Results	'
	Restatement of March 31, 2013 Quarterly Results
	The Company determined that previously capitalized geological and geophysical costs ("G&G costs") (presented within the consolidated balance sheet as "Oil and Natural Gas Properties, Full Cost Method of Accounting, Unproved Properties") that were properly capitalized in accordance with full cost method accounting rules, should not be excluded from the depletion base as originally accounted for in accordance with the full cost rules defined in Regulation S-X Rule 4-10.  As a result of including these G&G costs within the depletion base of the full cost pool, the capitalized costs were effectively impaired since the Company did not yet own the specific leasehold properties or have established proven reserves.  Though the Company determined that these G&G costs have provided value to the Company in identifying specific unevaluated properties it will attempt to acquire, accounting guidance requires the G&G costs to be included in the depletion base since the specific unevaluated properties had not been acquired by the Company as of the date these G&G costs were capitalized. Once the specific unevaluated properties are acquired by the Company, the cost of their acquisition and subsequent G&G costs, if any, that are directly associated with the acquired unevaluated properties will be capitalized within the full cost pool and excluded from the depletion base until proven reserves are established.
	As the Company did not have any specific and owned unevaluated properties as of March 31, 2013, the G&G costs are subject to the ceiling limitation test, resulting in immediate impairment.   As a result, in the quarterly filing for March 31, 2013, operating expenses were understated in the amount of the previously capitalized G&G costs ($12,582,927) for the three months and six months ended March 31, 2013.  As a result, all previously capitalized G&G costs are impaired and reflected on the Company's statement of operations as Impairment of Oil and Natural Gas Properties.  Therefore, the Company is adjusting its previously reported March 31, 2013, balance sheet, statements of operations and cash flows in this restated March 31, 2013 quarterly filing.
	The following table reflects the impact of the above corrections to the condensed balance sheet as of March 31, 2013:
		As of March 31, 2013
		As Reported			Adjustments			As Restated
	Oil and natural gas properties, full cost method of accounting, unproved properties	$	12,582,927		$	(12,582,927	)	$	-
	Total Assets		12,606,715			(12,582,927	)		23,788
	Deficit accumulated during  the exploration stage		(3,217,477	)		(12,582,927	)		(15,800,404	)
	Total Stockholders' Equity (Deficit)		(360,717)			(12,582,927	)		(12,943,644	)
	Total Liabilities and Stockholders' Equity (Deficit)		12,606,715			(12,582,927	)		23,788
	The following tables reflect the impact of the above correction to the condensed statement of operations for the three months ended March 31, 2013:
		Three Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Impairment of Oil and Natural Gas Properties	$	-		$	12,582,927		$	12,582,927
	Net Loss		(1,123,809	)		(12,582,927	)		(13,706,736	)
	Loss Per Share - Basic and Diluted	$	(0.01	)	$	(0.05	)	$	(0.06	)
	Weighted Average Shares Outstanding - Basic and Diluted		235,150,000			235,150,000			235,150,000
	The following tables reflect the impact of the above correction to the condensed statement of operations for the six months ended March 31, 2013:
		Six Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Impairment of Oil and Natural Gas Properties	$	-		$	12,582,927		$	12,582,927
	Net Loss		(1,520,185	)		(12,582,927	)		(14,103,112	)
	Loss Per Share - Basic and Diluted	$	(0.01	)	$	(0.05	)	$	(0.06	)
	Weighted Average Shares Outstanding - Basic and Diluted		235,150,000			235,150,000			235,150,000
	The following table reflects the impact of the above correction to the condensed statement of cash flows for the six months ended March 31, 2013:
		Six Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Net Loss	$	(1,520,185	)	$	(12,582,927	)	$	(14,103,112	)
	Impairment of Oil and Natural Gas Properties		-			12,582,927			12,582,927
Presentation	'
	Presentation
	The financial information included herein is unaudited, except for the balance sheet as of September 30, 2012, which has been derived from the Company's audited financial statements for the year ended September 30, 2012.  However, such information includes all adjustments (consisting of normal recurring adjustments), which are in the opinion of management, 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.
	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 financial statements should be read in conjunction with the audited financial statements for the year ended September 30, 2012, which were included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2012.
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 March 31, 2013 of $15,800,404.  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.  As of March 31, 2013, we had $12,399 of cash on hand.  These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company estimates that it will need to raise a minimum of $20 million to meet its obligations during the next 12 months. The Company plans to finance the Company through best-efforts equity and/or debt financings. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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 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.
	The costs of unproved properties and related capitalized costs (such as G&G 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. Further, capitalized G&G costs that are directly associated with unevaluated properties not yet owned by the Company are included in the depletion base.  As of March 31, 2013, the Company had no proved reserves, nor any unevaluated properties.    As a result, the geological and geophysical costs are included in the amortization base as incurred and, per Rule 4-10, are subject to the ceiling limitation test, resulting in immediate impairment.
	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.
Capitalized Interest	'
	Capitalized Interest
	Interest is capitalized on the cost of unevaluated gas and oil properties that are excluded from amortization and actively being evaluated, if any.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

BASIS_OF_PRESENTATION_AND_SIGN2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Mar. 31, 2013
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Schedule of Error Corrections on Prior Period Financials	'
	The following table reflects the impact of the above corrections to the condensed balance sheet as of March 31, 2013:
		As of March 31, 2013
		As Reported			Adjustments			As Restated
	Oil and natural gas properties, full cost method of accounting, unproved properties	$	12,582,927		$	(12,582,927	)	$	-
	Total Assets		12,606,715			(12,582,927	)		23,788
	Deficit accumulated during  the exploration stage		(3,217,477	)		(12,582,927	)		(15,800,404	)
	Total Stockholders' Equity (Deficit)		(360,717)			(12,582,927	)		(12,943,644	)
	Total Liabilities and Stockholders' Equity (Deficit)		12,606,715			(12,582,927	)		23,788
	The following tables reflect the impact of the above correction to the condensed statement of operations for the three months ended March 31, 2013:
		Three Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Impairment of Oil and Natural Gas Properties	$	-		$	12,582,927		$	12,582,927
	Net Loss		(1,123,809	)		(12,582,927	)		(13,706,736	)
	Loss Per Share - Basic and Diluted	$	(0.01	)	$	(0.05	)	$	(0.06	)
	Weighted Average Shares Outstanding - Basic and Diluted		235,150,000			235,150,000			235,150,000
	The following tables reflect the impact of the above correction to the condensed statement of operations for the six months ended March 31, 2013:
		Six Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Impairment of Oil and Natural Gas Properties	$	-		$	12,582,927		$	12,582,927
	Net Loss		(1,520,185	)		(12,582,927	)		(14,103,112	)
	Loss Per Share - Basic and Diluted	$	(0.01	)	$	(0.05	)	$	(0.06	)
	Weighted Average Shares Outstanding - Basic and Diluted		235,150,000			235,150,000			235,150,000
	The following table reflects the impact of the above correction to the condensed statement of cash flows for the six months ended March 31, 2013:
		Six Months Ended March 31, 2013
		As Reported			Adjustments			As Restated
	Net Loss	$	(1,520,185	)	$	(12,582,927	)	$	(14,103,112	)
	Impairment of Oil and Natural Gas Properties		-			12,582,927			12,582,927

BASIS_OF_PRESENTATION_AND_SIGN3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended		112 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2011	Dec. 09, 2003
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'	'	'	'	'	'	'	'
Impairment of Oil and Gas Properties	($12,582,927)	'	($12,582,927)	'	($12,582,927)	'	'	'
Accumulated losses	15,800,404	'	15,800,404	'	15,800,404	1,697,292	'	'
Cash	12,399	1,192	12,399	1,192	12,399	423,009	87,505	'
Capital required to meet obligations for the next 12 months	'	'	20,000,000	'	'	'	'	'
Licensed seismic data	'	'	'	'	'	'	'	'

BASIS_OF_PRESENTATION_AND_SIGN4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Error Corrections to the Balance Sheet) (Details) (USD $)	Mar. 31, 2013	Sep. 30, 2012
Oil and natural gas properties	'	'
Total Assets	23,788	752,382
Deficit accumulated during the exploration stage	-15,800,404	-1,697,292
Total Stockholders' Equity (Deficit)	-12,943,644	689,468
Total Liabilities and Stockholders' Equity (Deficit)	23,788	752,382
As Reported [Member]	'	'
Oil and natural gas properties	12,582,927	'
Total Assets	12,606,715	'
Deficit accumulated during the exploration stage	-3,217,477	'
Total Stockholders' Equity (Deficit)	-360,717	'
Total Liabilities and Stockholders' Equity (Deficit)	12,606,715	'
Adjustments [Member]	'	'
Oil and natural gas properties	-12,582,927	'
Total Assets	-12,582,927	'
Deficit accumulated during the exploration stage	-12,582,927	'
Total Stockholders' Equity (Deficit)	-12,582,927	'
Total Liabilities and Stockholders' Equity (Deficit)	($12,582,927)	'

BASIS_OF_PRESENTATION_AND_SIGN5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Error Corrections to the Income Statement) (Details) (USD $)	3 Months Ended		6 Months Ended		112 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Impairment of Oil and Natural Gas Properties	$12,582,927	'	$12,582,927	'	$12,582,927
Net Loss	-13,706,736	-75,539	-14,103,112	-106,999	-15,800,404
Loss Per Share - Basic and Diluted	($0.06)	($0.01)	($0.06)	($0.01)	'
Weighted Average Shares Outstanding - Basic and Diluted	235,150,000	23,650,000	235,150,000	1,459,890	'
As Reported [Member]	'	'	'	'	'
Impairment of Oil and Natural Gas Properties	'	'	'	'	'
Net Loss	-1,123,809	'	-1,520,185	'	'
Loss Per Share - Basic and Diluted	($0.01)	'	($0.01)	'	'
Weighted Average Shares Outstanding - Basic and Diluted	235,150,000	'	235,150,000	'	'
Adjustments [Member]	'	'	'	'	'
Impairment of Oil and Natural Gas Properties	12,582,927	'	12,582,927	'	'
Net Loss	($12,582,927)	'	($12,582,927)	'	'
Loss Per Share - Basic and Diluted	($0.05)	'	($0.05)	'	'
Weighted Average Shares Outstanding - Basic and Diluted	235,150,000	'	235,150,000	'	'

BASIS_OF_PRESENTATION_AND_SIGN6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Error Corrections to the Cash Flow Statement) (Details) (USD $)	3 Months Ended	6 Months Ended	112 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2013
Net Loss	($13,706,736)	($14,103,112)	($15,800,404)
Impairment of Oil and Natural Gas Properties	12,582,927	12,582,927	12,582,927
As Reported [Member]	'	'	'
Net Loss	-1,123,809	-1,520,185	'
Impairment of Oil and Natural Gas Properties	'	'	'
Adjustments [Member]	'	'	'
Net Loss	-12,582,927	-12,582,927	'
Impairment of Oil and Natural Gas Properties	$12,582,927	$12,582,927	'

EXPLORATION_COSTS_Details

EXPLORATION COSTS (Details) (USD $)	Mar. 31, 2013	Sep. 30, 2012	Apr. 30, 2013	Mar. 31, 2013	Mar. 21, 2013	Mar. 31, 2013
			Subsequent Event [Member]	TGS [Member]	TGS [Member]	Nonspecified Siesmic Company [Member]
Deferred Costs, Capitalized, Prepaid And Other Assets [Line Items]	'	'	'	'	'	'
Shares issued in consideration for seismic data	'	'	243,516,666	'	'	'
Exploration costs capitalized during the period	$12,582,927	'	'	$6,135,500	$2,435,167	$4,012,260

COMMON_STOCKPAID_IN_CAPITAL_De

COMMON STOCK/PAID IN CAPITAL (Details) (USD $)	2 Months Ended	6 Months Ended		112 Months Ended			1 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Sep. 30, 2012	Apr. 30, 2012	Jun. 22, 2012	Mar. 31, 2013
							John Preftokis [Member]	John Preftokis [Member]
Common Stock Issuance [Line Items]	'	'	'	'	'	'	'	'
Common Stock, shares authorized	750,000,000	750,000,000	'	750,000,000	750,000,000	50,000,000	'	'
Common Stock, par value per share	$0.00	$0.00	'	$0.00	$0.00	$0.01	'	'
Preferred Stock, shares authorized	50,000,000	50,000,000	'	50,000,000	50,000,000	5,000,000	'	'
Preferred Stock, par value per share	$0.00	$0.00	'	$0.00	$0.00	$0.01	'	'
Shares of stock issued for services	'	'	'	'	'	'	5,000,000	'
Price per share	'	'	'	'	'	'	$0.01	'
Value of stock issued for services	'	'	'	'	'	'	$50,000	'
Common stock payable, shares	47,000,000	47,000,000	'	47,000,000	'	'	'	'
Proceeds from issuance of common stock	470,000	'	'	914,237	'	'	'	'
Accrued expense	6,913,328	6,913,328	'	6,913,328	'	'	'	38,611
Prepaid expense	$11,389	$11,389	'	$11,389	$329,373	'	'	$11,389

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	6 Months Ended
	Mar. 31, 2013
TGS [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Payments for exploration costs	$2,135,500
Payments for escrow deposits	2,500,000
Remaining amount obligated to escrow by end of April, 2013	1,500,000
Nonspecified Siesmic Company [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Payments for exploration costs	1,671,775
Payment due during June 2013	334,355
Payment due during April 2014	1,003,065
Payment due during April 2015	1,003,065
James Askew [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Severance pay	100,000
John Connally III [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Shares issued in consideration of agreement termination	10,000,000
Value of shares issued in consideration of agreement termination	100,000
Ron Bain [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Consulting fees	30,000
John N. Seitz [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Consulting fees	$40,000

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	2 Months Ended	6 Months Ended		112 Months Ended	6 Months Ended	1 Months Ended	2 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2013	Apr. 30, 2013	31-May-13
					John Connally III [Member]	Subsequent Event [Member]	Subsequent Event [Member]
							John N. Seitz [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'
Shares of common stock issued for cash	'	'	'	'	'	47,000,000	16,666,667
Proceeds from issuance of common stock	$470,000	'	'	$914,237	'	'	$2,000,000
Shares of stock issued for services	'	'	'	'	'	6,000,000	'
Value of stock issued for services	'	'	'	'	'	60,000	'
Shares issued in consideration of agreement termination	'	'	'	'	10,000,000	'	'
Shares issued in consideration for seismic data	'	'	'	'	'	243,516,666	'
Note payable from related party, original amount	'	'	'	'	'	'	$4,600,000
Note payable, interest rate	'	'	'	'	'	'	5.00%
Note payable, conversion price	'	'	'	'	'	'	$0.12