Samson Oil & Gas (SSNYY) 10-Q 10 Feb 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Dec. 31, 2013	Feb. 06, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Dec-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'SSN	'
Entity Registrant Name	'Samson Oil & Gas LTD	'
Entity Central Index Key	'0001404079	'
Current Fiscal Year End Date	'--06-30	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	2,547,627,193

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Jun. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$5,902,559	$13,170,627
Restricted Cash	722,680	'
Accounts receivable, net of allowance for doubtful accounts of $nil and $nil respectively	2,716,219	3,090,666
Prepayments	5,103,646	411,113
Pipe inventory - held by third party	'	78,944
Income tax receivable	778,175	777,804
Total current assets	15,223,279	17,529,154
PROPERTY, PLANT AND EQUIPMENT, AT COST	'	'
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $19,348,992 and $18,318,918 at December 31, 2013 and June 30, 2013, respectively.	25,521,914	19,992,018
Other property and equipment, net of accumulated depreciation and amortization of $406,232 and $351,037 at December 31, 2013 and June 30, 2013, respectivelyOther property and equipment, net of accumulated depreciation and amortization of $406,232 and $351,037 at December 31, 2013 and June 30, 2013, respectively	336,506	367,657
Net property, plant and equipment	25,858,420	20,359,675
OTHER ASSETS	'	'
Undeveloped capitalized acreage	12,369,412	12,369,412
Capitalized exploration expense	2,771,794	2,468,934
Other	94,019	79,490
TOTAL ASSETS	56,316,924	52,806,665
CURRENT LIABILITIES	'	'
Accounts payable	1,716,978	1,381,407
Accruals	2,599,603	5,406,982
Provision for annual leave	281,219	242,368
Total current liabilities	4,597,800	7,030,757
Asset retirement obligations	1,048,001	868,589
TOTAL LIABILITIES	5,645,801	7,899,346
STOCKHOLDERS' EQUITY - nil par value	'	'
2,547,627,193 (equivalent to 127,381,360 ADR's) and 2,229,165,163 (equivalent to 111,452,258 ADR's) ordinary shares issued and outstanding at December 31, 2013 and June 30, 2013, respectively	99,580,273	92,717,784
Other comprehensive income	1,400,195	1,978,250
Accumulated deficit	-50,309,345	-49,788,715
Total stockholders' equity	50,671,123	44,907,319
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$56,316,924	$52,806,665

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Consolidated Balance Sheets [Abstract]	'	'	'	'	'	'
Other property and equipment, accumulated depreciation and amortization	$406,232	'	$351,037	'	'	'
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization	$19,270,685	'	$18,318,918	'	'	'
Common stock, par value	'	'	'	$0	'	$0
Common stock, shares issued	2,547,627,193	'	2,229,165,163	'	'	'
Common stock, shares outstanding	'	2,547,627,193	'	'	2,547,627,193	'
Common stock, shares issued ADR	127,381,360	'	111,452,258	'	'	'
Common stock, shares outstanding ADR	'	'	111,452,258	'	127,381,360	'

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
REVENUES AND OTHER INCOME:	'	'	'	'
Interest income	$86,853	$55,139	$101,298	$126,779
Gain on sale of oil and gas properties	'	'	2,524,411	'
Other	85	111,469	184	111,481
TOTAL REVENUE AND OTHER INCOME	1,372,377	1,842,731	5,310,268	3,511,141
EXPENSES:	'	'	'	'
Lease operating expense	-586,926	-1,041,761	-1,231,676	-1,853,750
Depletion, depreciation and amortization	-417,723	-498,851	-881,805	-1,089,618
Impairment expense	'	-244,560	-83,121	-244,589
Exploration and evaluation expenditure	-51,669	-39,006	-319,374	-400,950
Accretion of asset retirement obligations	-17,117	-13,675	-32,813	-27,109
General and administrative	-1,679,066	-1,336,332	-3,282,109	-2,819,114
TOTAL EXPENSES	-2,752,501	-3,174,185	-5,830,898	-6,435,130
Loss from operations	-1,380,124	-1,331,454	-520,630	-2,923,989
Income tax benefit	'	1,366,938	'	2,035,936
Net loss	-1,380,124	35,484	-520,630	-888,053
OTHER COMPREHENSIVE GAIN (LOSS) [Abstract]	'	'	'	'
Foreign Currency Translation gain (loss)	-383,280	-62,606	-578,055	89,070
Total comprehensiveincome/(loss) for the period	-1,763,404	-27,122	-1,098,685	-798,983
Net gain/(loss) per ordinary share from operations:	'	'	'	'
Basic - cents per share	($0.05)	$0	($0.02)	($0.05)
Diluted - cents per share	($0.05)	$0	($0.02)	($0.05)
Weighted average ordinary shares outstanding:	'	'	'	'
Basic	2,547,627,193	1,832,852,723	2,452,931,137	1,808,716,468
Diluted	2,547,627,193	1,955,132,196	2,452,931,137	1,808,716,468
Oil [Member]	'	'	'	'
REVENUES AND OTHER INCOME:	'	'	'	'
Sales	1,082,154	1,457,238	2,339,144	2,903,775
Gas [Member]	'	'	'	'
REVENUES AND OTHER INCOME:	'	'	'	'
Sales	202,658	218,885	344,604	364,907
Other Liquids [Member]	'	'	'	'
REVENUES AND OTHER INCOME:	'	'	'	'
Sales	$627	$0	$627	$4,199

Consolidated_Statements_Of_Cha

Consolidated Statements Of Changes In Stockholders' Equity (USD $)	Ordinary Shares [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Other Comprehensive Income (Loss) [Member]	Total
Balance at Jun. 30, 2013	$92,717,784	($49,788,715)	$1,978,250	$44,907,319
Net income	'	'	'	-520,630
Net income (loss)	'	-520,630	'	'
Foreign Currency Translation, net tax of $nil	'	'	-578,055	-578,055
Total comprehensiveincome/(loss) for the period	'	-520,630	-578,055	-1,098,685
Stock based compensation	86,244	'	'	'
Issue of share capital	7,337,485	'	'	'
Share issue costs	-561,240	'	'	'
Balance at December 31, 2013 at Dec. 31, 2013	$99,580,273	($50,309,345)	$1,400,195	$50,671,123

Consolidated_Statements_Of_Cha1

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $)	3 Months Ended
	Sep. 30, 2013
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]	'
Foreign currency translation, tax	$0

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows used in operating activities	'	'
Receipts from customers	$2,504,828	$3,487,463
Payments to suppliers & employees	-4,207,411	-4,464,795
Interest received	102,019	138,544
Income taxes paid	'	-100
Net cash flows used in operating activities	-1,600,564	-838,888
Cash flows from investing activities	'	'
Proceeds from sale of oil and gas properties	3,547,409	'
Payments for plant & equipment	-25,041	-10,392
Payments for exploration and evaluation	-240,945	-10,371,563
Payments for oil and gas properties	-15,144,169	-1,140,341
Net cash flows used in investing activities	-11,862,746	-11,522,296
Cash flows from financing activities	'	'
Issuance of share capital	7,337,138	'
Proceeds from the exercise of options	347	3,132,420
Share issuance costs	-561,239	'
Net cash flows provided by financing activities	6,776,246	3,132,420
Net decrease in cash and cash equivalents	-6,687,064	-9,228,764
Cash and cash equivalents at the beginning of the fiscal period	13,170,627	18,845,894
Effects of exchange rate changes on cash and cash equivalents	-581,004	108,033
Cash and cash equivalents at end of fiscal period	$5,902,559	$9,725,163

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2013
Basis of Presentation [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. All adjustments which are normal and recurring by nature, in the opinion of management, necessary for fair statement of Samson Oil & Gas Limited’s (the Company) Consolidated Financial Statements have been included herein. Interim results are not necessarily indicative of expected annual results because of the impact of fluctuations in prices received for oil and natural gas, as well as other factors. In the course of preparing the Consolidated Financial Statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and, accordingly, actual results could differ from amounts previously established.
	The Company’s Consolidated Financial Statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s audited financial statements as of and for the year ended June 30, 2013. The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP.
	These Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013.
	Accruals.   Accrued liabilities at December  31, 2013 and June 30, 2013 consist primarily of estimates for goods and services received but not yet invoiced.
	Prepayments. The components of prepayments for the periods ended December 31, 2013 and June 30, 2013 include cash advanced to the operators of our drilling projects as a prepayment toward future expected drilling operations.  As at December  31, 2013 cash had been advanced to the operator of our North Stockyard infill development project for the drilling and/or completion of five wells.
	Recent Accounting Standards
	There are no new accounting pronouncements that have not been adopted by the Company as of December 31, 2013 that will have a material effect on the Company’s financial statements.

Income_Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
Income Taxes	'
	2. Income Taxes
		Three months ended					Six months ended
		31-Dec-13		31-Dec-12		31-Dec-13		31-Dec-12
	Income tax benefit/(expense)	$	-	$	1,366,938	$	-	$	2,035,936
	Effective tax rate		0.00%		102.67%		18.00%		70.00%
	Due to the Company's history of net operating losses and the uncertainty of future profitable operations, the Company has recorded a full valuation allowance against its deferred tax assets.
	The Company has current year losses and available prior year cumulative net operating losses that may be carried forward to reduce taxable income in future years.  The Tax Reform Act of 1986 contains provisions that limit the utilization of net operation loss carryforwards if there has been a change in ownership as described in Internal Revenue Code Section 382.  The Company’s prior year losses are limited by IRC Section 382, however current year losses are not subject to these limitations.
	In the tax year ended June 30, 2012, the Company had a taxable loss of $33 million which exceeded the amount of taxable income, after NOL, generated in the tax year ended June 30, 2011. As a result the loss from June 30, 2012 was carried back to the income year of June 30, 2011 generating a refund of tax paid in that year.  As such the balance of the June 30, 2013 losses will be carried forward along with a portion of the current year prior loss to offset future taxable income.
	During the quarter ending March 31, 2013, the Company received a $5.6 million income tax refund from the Internal Revenue Service of the taxes paid in a prior period noted above.  $0.8 million remains as receivable in the Balance Sheet and is expected to be received within the current year.
	ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all deferred tax assets will not be realized.  The Company’s ability to realize the benefits of its deferred tax assets will depend on the generation of future taxable income through profitable operations. Due to the Company’s history of losses and the uncertainty of future profitable operations, the Company has recorded a full valuation allowance against its deferred tax assets.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	3. Earnings Per Share
	Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shares by the weighted average number of shares outstanding for the period. Under the treasury stock method, diluted earnings per share is calculated by dividing net earnings (loss) by the weighted average number of shares outstanding including all potentially dilutive ordinary shares (which in Samson’s case consists of unexercised stock options). In the event of a net loss, however no potential ordinary shares are included in the calculation of shares outstanding since the impact would be anti-dilutive.
	The following table details the weighted average dilutive and anti-dilutive securities outstanding, which consist of options, for the periods presented:
		Three months ended				Six months ended
		31-Dec-13		31-Dec-12		31-Dec-13		31-Dec-12
	Dilutive	-		95,791,227		-		-
	Anti–dilutive	300,885,050		72,201,619		261,058,802		261,839,351
	The following tables set forth the calculation of basic and diluted earnings/(loss) per share:
		Three months ended					Six months ended
		31-Dec-13			31-Dec-12		31-Dec-13		31-Dec-12
	Net income (loss)	$	-1,380,124		35,484		$	-520,630	-888,053
	Basic weighted average ordinary shares outstanding		2,547,627,193		1,832,852,723			2,452,931,137	1,808,716,468
	Add: dilutive effect of stock options		-		95,791,227			-	-
	Add: bonus element for rights issue		-		26,488,246			-	-
	Diluted weighted average ordinary shares outstanding		2,547,627,193		1,955,132,196			2,452,931,137	1,808,716,468
	Basic earnings per ordinary share – cents per share		-0.05		0.00			-0.02	-0.05
	Diluted earnings per ordinary share – cents per share		-0.05		0.00			-0.02	-0.05

Asset_Retirement_Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 31, 2013
Asset Retirement Obligations [Abstract]	'
Asset Retirement Obligations	'
	4. Asset Retirement Obligations
	The Company’s asset retirement obligations primarily represent the estimated present value of the amounts expected to be incurred to plug, abandon and remediate producing and shut–in properties at the end of their productive lives in accordance with applicable state and federal laws. The Company determines the estimated fair value of its asset retirement obligations by calculating the present value of estimated cash flows related to plugging and abandonment liabilities. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit adjusted discount rates, inflation rates and estimated dates of abandonment. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted using the units–of–production method.
	During the three months ended September 30, 2013, we recorded an out-of-period adjustment to increase asset retirement obligations by $0.15 million, capitalized asset retirement costs by $0.085 million and expenses by $0.065 million. Based upon an evaluation of the relevant factors, we concluded that the related impact of this out-of-period adjustment was not material to our consolidated financial statements for any current or prior period.
	The following table summarizes the activities for the Company’s asset retirement obligations for the six months ended December 31, 2013 and 2012:
		Six months ended
		31-Dec-13		31-Dec-12
	Asset retirement obligations at beginning of period	$	868,589	$	808,572
	Liabilities incurred or acquired		154,735		4,691
	Liabilities settled		-8,136		-
	Disposition of properties		-		-
	Accretion expense		32,813		27,109
	Asset retirement obligations at end of period		1,048,001		840,372
	Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-		-
	Long-term asset retirement obligations	$	1,048,001	$	840,372
	Discount rates used to calculate the present value vary depending on the estimated timing of the obligation, but typically range between 4% and 9%.

Equity_Incentive_Compensation

Equity Incentive Compensation	6 Months Ended
	Dec. 31, 2013
Equity Incentive Compensation [Abstract]	'
Equity Incentive Compensation	'
	5. Equity Incentive Compensation
	Stock-based compensation is measured at the grant date based on the estimated fair value of the awards with the resulting amount recognized as compensation expense on a straight-line basis over the requisite service period (usually the vesting period).
	Total compensation cost recognized in the Statements of Operations for the grants under the Company’s equity incentive compensation plans was $80,989 and  $72,011 during the three months ended December 31, 2013 and 2012 and $86,244 and $152,061 during the six months ended December 31, 2013 and 2012.
	As of December 31, 2013, there was $nil total unrecognized compensation cost related to outstanding stock options.

Sale_of_Oil_and_Gas_Properties

Sale of Oil and Gas Properties	6 Months Ended
	Dec. 31, 2013
Gain (Loss) on Sale of Oil and Gas Property [Abstract]	'
sale of oil and gas properties tex block	'
	6. Sale of Oil and Gas Assets
	In August 2013, we divested half our equity position in the undeveloped acreage in the North Stockyard project to Slawson Exploration Company Inc. (“Slawson”) for $5.562 million in cash and other consideration while retaining our full interest in the currently producing wells in the North Stockyard field.  $0.9 million of the cash portion of the purchase price is subject to the delivery of a useable well bore in Billabong. While work is continuing on this well bore, it had to be suspended to permit other drilling operations to proceed on the same pad.  The Billabong work is currently expected to recommence by the end of March 2014. The remaining $4.6 million in consideration was transferred into an escrow account on the sale date, less $0.4 million which was transferred to Slawson as it related to cash calls from other non-operator parties received by Samson prior to the sale. As at December 31, 2013, $3.5 million in sale funds have been released from the escrow account. The remaining $0.7 million is recorded as Restricted Cash on the Balance Sheet at December 2013. These funds are expected to be released to us prior the end of the quarter ending March 31, 2014.
	As a consequence of the transaction the rig contract with Frontier was also terminated, with no penalty payment. Slawson are now the operator of the project going forward for the development of the undeveloped acreage.
	Along with the undeveloped acreage for which a gain on sale was recognized in the Income Statement of $2.52 million, we have also transferred a  25% working interest in the drilled but not completed, at the time of sale, Sail and Anchor well, as well as a 25% working interest in the salt water disposal well drilled in the prior year in the North Stockyard project for $2.92 million, recognized as a reimbursement in the capitalized costs for these assets on the December 31, 2013 Balance Sheet.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2013
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	7. Fair Value Measurements
	Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The FASB has established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).
	The three levels of the fair value hierarchy are as follows:
			Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
			Level 2—Pricing inputs are other than quoted prices in active markets included in level 1, but are either directly or indirectly observable as of the reported date and for substantially the full term of the instrument. Inputs may include quoted prices for similar assets and liabilities. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
			Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.
	Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2013 and June 30, 2013.
		Carrying value at December 31, 2013		Level 1		Level 2		Level 3		Fair Value at December 31, 2013
	Assets
	Cash and cash equivalents	$	5,902,559	$	5,902,559	$	-	$	-	$	5,902,559
	Restricted cash		722,680		722,680		-		-		722,680
		Carrying value at June 30, 2013		Level 1		Level 2		Level 3		Fair Value at June 30, 2013
	Assets
	Cash and cash equivalents	$	13,170,627	$	13,170,627	$	-	$	-	$	13,170,627
	The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above:
	Fair Value of Financial Instruments.   The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable and payable and derivatives (discussed below). The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short–term maturities.
	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis.   The Company also applies fair value accounting guidance to measure non–financial assets and liabilities such as business acquisitions, proved oil and gas properties, and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. These items are primarily valued using the present value of estimated future cash inflows and/or outflows. Given the unobservable nature of these inputs, they are deemed to be Level 3.

Commitments_And_Contingencies

Commitments And Contingencies	6 Months Ended
	Dec. 31, 2013
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	8. Commitments and Contingencies
	Environmental Matters
	The Environmental Protection Agency has proposed a cash settlement of $60,000 in relation to a 400 barrel oil spill on the Pierce well site in February 2009.  The spill was contained and the area rehabilitated to the satisfaction of the appropriate authorities in 2009.  The costs associated with the spill and subsequent remediation were covered by our insurance. The settlement has not yet been paid and is included within the accrual balance on the Balance Sheet.
	Other than the matter mentioned above, the Company has no accrued environmental liabilities for its sites, including sites in which governmental agencies have designated the Company as a potentially responsible party, because it is not probable that a loss will be incurred and the minimum cost and/or amount of loss cannot be reasonably estimated. However, due to uncertainties associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites identified in the future, if any, could be incurred. Management believes, based upon current site assessments, that the ultimate resolution of any matters will not materially affect our results of operations or cashflows.

Capitalized_Exploration_Expens

Capitalized Exploration Expense	6 Months Ended
	Dec. 31, 2013
Capitalized Exploration Expense [Abstract]	'
Capitalized Exploration Expense	'
	9. Capitalized Exploration Expense
	We use the successful efforts method of accounting for exploration and evaluation expenditure in respect of each    area of interest. The application of this policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular the assessment of whether economic quantities of reserves have been found.  Any such estimates and assumptions may change as new information becomes available.
	Exploration and evaluation assets are assessed for impairment when facts and circumstances indicate that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.  When assessing for impairment consideration is given to but not limited to the following:
		§	the period for which Samson has the right to explore;
		§	planned and budgeted future exploration expenditure;
		§	activities incurred during the year; and
		§	activities planned for future periods.
	If, after having capitalized expenditures under our policy, we conclude that we are unlikely to recover the expenditures through future exploitation, then the relevant capitalized amount will be written off to expense.
	As of December 31, 2013 we had capitalized exploration expenditures of  $2.7  million and undeveloped capitalized acreage expenditures of $12.4 million.  This primarily relates to costs in relation to our Hawk Springs, Roosevelt and South Prairie projects.
	Our Hawk Springs project, in Goshen County, Wyoming, includes $3.0 million in undeveloped capitalized acreage costs and $1.5 million in capitalized exploration expenditure. The capitalized exploration expenditure includes costs associated with the acquisition of our North Platte 3D seismic data.  During the six months ended December 31, 2013, we spent and capitalized $0.3 million on our Bluff Federal well in the Hawk Springs project.  This well is expected to be completed by June 2014.
	Our Roosevelt project, in Roosevelt County, Montana, includes $7.8 million in undeveloped capitalized acreage costs and $0.3 million in capitalized exploration expenditure. The capitalized exploration expenditure consists of costs associated with well permitting, surface use agreements and other expenses associated with drilling preparation activities.  In December 2013, we entered into a seismic and drilling agreement with Momentus Energy Corp, a Canadian exploration and development company based in Calgary.  Momentus has committed to the acquisition of approximately 20 squares of 3-D seismic data at no cost to us. Following the acquisition of the seismic data, Momentus has the option to drill a horizontal Bakken well on our acreage at 100% cost to it.  Upon Momentus drilling this well, it will have earned the right to 50% of the test well and 50% of our acreage in the Roosevelt project.  This farm out is expected to be finalized by March 2014, with the acquisition of the 3-D seismic data to commence shortly after that.
	Our South Prairie project in Ward and Renville counties, North Dakota, includes $1.6 million in undeveloped acreage costs and $0.9 million in capitalized exploration expenditure.  This expenditure relates to 3-D seismic acquisition costs. We are not the operator of this project. The joint venture is focusing on developing three structural closure prospects (Pubco, Deering, and Birch) along the Prairie Salt edge in the South Prairie 3-D project. The joint venture has approved that the Pubco Prospect will be drilled next on the eastern edge of the South Prairie 3-D seismic survey.  We anticipate this well will be drilled before the end of Q2 of calendar year 2014.
	Exploration or divestment activities are continuing in all exploration areas. The outcome of these activities remains uncertain and may result in write offs in future periods if the related efforts prove unsuccessful.

Issue_of_Share_Capital

Issue of Share Capital	6 Months Ended
	Dec. 31, 2013
Issue of Share Capital [Abstract]	'
Issue of Share Capital	'
	10.  Issue of Share Capital
	During the three months ended December 31, 2013 there were no issues of ordinary shares.
	During the six months ended December 31, 2013, 9,864 Australian 3.8 cent options were exercised for net proceeds of $348. The options were issued in a public rights offering conducted in June 2013.
	During the six months ended December 31, 2013 we issued 318,452,166 ordinary shares for 2.5 cents (Australian cents)/2.3 cents (United States cents) for proceeds of $7.3 million. The ordinary shares were issued to investors in the US and Australia.

Cash_Flow_Statement

Cash Flow Statement	6 Months Ended
	Dec. 31, 2013
Cash Flow Statement [Abstract]	'
Cash Flow Statement	'
	11. Cash Flow Statement
	Reconciliation of net income/(loss) after tax to the net cash flows from operations:
		Six months ended
		31-Dec-13		31-Dec-12
	Net income/(loss) after tax	$	-520,630	$	-888,053
	Depletion, depreciation and amortization		881,805		1,089,618
	Stock based compensation		86,244		152,062
	Accretion of asset retirement obligation		32,813		27,109
	Impairment expense		83,121		244,589
	Exploration and evaluation expenditure		319,374		400,950
	Gain on sale of oil and gas properties		-2,524,411		-
	Changes in assets and liabilities:
	(Increase)/decrease in receivables		-179,360		24,074
	(Increase)/decrease in income tax receivable/deferred tax asset		-		-2,036,036
	Increase/(decrease) in provision for annual leave		38,851		-37,643
	(Decrease)/Increase in payables		181,629		184,442
	NET CASH FLOWS USED IN OPERATING ACTIVITIES	$	-1,600,564	$	-838,888

Income_Tax_Tables

Income Tax (Tables)	6 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
Schedule Of Effective Income tax Rate	'
		Three months ended					Six months ended
		31-Dec-13		31-Dec-12		31-Dec-13		31-Dec-12
	Income tax benefit/(expense)	$	-	$	1,366,938	$	-	$	2,035,936
	Effective tax rate		0.00%		102.67%		18.00%		70.00%

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities	'
		Three months ended				Six months ended
		31-Dec-13		31-Dec-12		31-Dec-13		31-Dec-12
	Dilutive	-		95,791,227		-		-
	Anti–dilutive	300,885,050		72,201,619		261,058,802		261,839,351
Schedule Of Calculation Of Basic And Diluted Earnings Per Share	'
		Three months ended					Six months ended
		31-Dec-13			31-Dec-12		31-Dec-13		31-Dec-12
	Net income (loss)	$	-1,380,124		35,484		$	-520,630	-888,053
	Basic weighted average ordinary shares outstanding		2,547,627,193		1,832,852,723			2,452,931,137	1,808,716,468
	Add: dilutive effect of stock options		-		95,791,227			-	-
	Add: bonus element for rights issue		-		26,488,246			-	-
	Diluted weighted average ordinary shares outstanding		2,547,627,193		1,955,132,196			2,452,931,137	1,808,716,468
	Basic earnings per ordinary share – cents per share		-0.05		0.00			-0.02	-0.05
	Diluted earnings per ordinary share – cents per share		-0.05		0.00			-0.02	-0.05

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2013
Asset Retirement Obligations [Abstract]	'
Summary Of Activities Of Asset Retirement Obligations	'
		Six months ended
		31-Dec-13		31-Dec-12
	Asset retirement obligations at beginning of period	$	868,589	$	808,572
	Liabilities incurred or acquired		154,735		4,691
	Liabilities settled		-8,136		-
	Disposition of properties		-		-
	Accretion expense		32,813		27,109
	Asset retirement obligations at end of period		1,048,001		840,372
	Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-		-
	Long-term asset retirement obligations	$	1,048,001	$	840,372

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2013
Fair Value Measurements [Abstract]	'
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis	'
		Carrying value at December 31, 2013		Level 1		Level 2		Level 3		Fair Value at December 31, 2013
	Assets
	Cash and cash equivalents	$	5,902,559	$	5,902,559	$	-	$	-	$	5,902,559
	Restricted cash		722,680		722,680		-		-		722,680
		Carrying value at June 30, 2013		Level 1		Level 2		Level 3		Fair Value at June 30, 2013
	Assets
	Cash and cash equivalents	$	13,170,627	$	13,170,627	$	-	$	-	$	13,170,627

Cash_Flow_Statement_Reconcilat

Cash Flow Statement Reconcilation (Tables)	6 Months Ended
	Dec. 31, 2013
Cash Flow Statement [Abstract]	'
Schedule Of Cash Flow Statement Reconciliation	'
		Six months ended
		31-Dec-13		31-Dec-12
	Net income/(loss) after tax	$	-520,630	$	-888,053
	Depletion, depreciation and amortization		881,805		1,089,618
	Stock based compensation		86,244		152,062
	Accretion of asset retirement obligation		32,813		27,109
	Impairment expense		83,121		244,589
	Exploration and evaluation expenditure		319,374		400,950
	Gain on sale of oil and gas properties		-2,524,411		-
	Changes in assets and liabilities:
	(Increase)/decrease in receivables		-179,360		24,074
	(Increase)/decrease in income tax receivable/deferred tax asset		-		-2,036,036
	Increase/(decrease) in provision for annual leave		38,851		-37,643
	(Decrease)/Increase in payables		181,629		184,442
	NET CASH FLOWS USED IN OPERATING ACTIVITIES	$	-1,600,564	$	-838,888

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	6 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Jun. 30, 2013
Income Taxes [Abstract]	'	'	'
Income tax refund received	($100)	'	'
Income tax receivable	'	$778,175	$777,804

Income_Taxes_Schedule_Of_Effec

Income Taxes (Schedule Of Effective Income tax Rate) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]	'	'	'	'
Income tax benefit/(expense)	'	$1,366,938	'	$2,035,936
Effective tax rate	0.00%	102.67%	18.00%	70.00%

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]	'	'	'	'
Anti-dilutive	300,885,050	72,201,619	261,058,802	261,839,351
Net income	($1,380,124)	$35,484	($520,630)	($888,053)
Basic weighted average ordinary shares outstanding	2,547,627,193	1,832,852,723	2,452,931,137	1,808,716,468
Add: dilutive effect of stock options	'	95,791,227	'	'
Add: bonus element for rights issue	'	26,488,246	'	'
Diluted weighted average ordinary shares outstanding	2,547,627,193	1,955,132,196	2,452,931,137	1,808,716,468
Basic earnings per ordinary share - cents per share	($0.05)	$0	($0.02)	($0.05)
Diluted earnings per ordinary share - cents per share	($0.05)	$0	($0.02)	($0.05)

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	3 Months Ended			6 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
Asset Retirement Obligations [Line Items]	'	'	'	'	'	'
Asset retirement obligations at beginning of period	'	$868,589	'	$868,589	$808,572	'
Liabilities incurred or acquired	'	'	'	154,735	4,691	'
Liabilities settled	'	'	'	-8,136	'	'
Accretion expense	17,117	'	13,675	32,813	27,109	'
Asset retirement obligations at end of period	1,048,001	'	840,372	1,048,001	840,372	'
Long-term asset retirement obligations	1,048,001	'	840,372	1,048,001	840,372	868,589
Out of period ARO adjustment to liabilities	'	150,000	'	'	'	'
ARO asset out of period adjustment	'	85,000	'	'	'	'
ARO expensed out of period adjustment	'	$65,000	'	'	'	'
Minimum [Member]	'	'	'	'	'	'
Asset Retirement Obligations [Line Items]	'	'	'	'	'	'
Asset Retirement Obligations, Discount Rate	'	'	'	4.00%	4.00%	'
Maximum [Member]	'	'	'	'	'	'
Asset Retirement Obligations [Line Items]	'	'	'	'	'	'
Asset Retirement Obligations, Discount Rate	'	'	'	9.00%	9.00%	'

Equity_Incentive_Compensation_

Equity Incentive Compensation (Summary Of Stock Option Activity) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Equity Incentive Compensation [Abstract]	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$0	'	$0	'
Share-based Compensation	$80,989	$72,011	$86,244	$152,061

Sale_of_Oil_and_Gas_Properties1

Sale of Oil and Gas Properties (Details) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Dec. 31, 2013
Gain (Loss) on Sale of Oil and Gas Property [Abstract]	'	'
total value of slawson sale	$5,562,000	'
value applied to Billabong well	900,000	'
well cost reimbursement from slawson	2,920,000	'
Gain Loss On Sale Of Property	'	2,524,411
cash value of slawson sale net of billabong allocated	4,600,000	'
cash calls transferred to slawson	400,000	'
Proceeds From Sale Of Oil And Gas Property And Equipment	'	3,547,409
Restricted Cash and Cash Equivalents, Current	'	$722,680
percentage of interest sold	25.00%	'

Fair_Value_Measurements_Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis) (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	$5,902,559	$13,170,627
Restricted Cash and Cash Equivalents	722,680	'
Carrying Value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	5,902,559	13,170,627
Restricted Cash and Cash Equivalents	722,680	'
Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	5,902,559	13,170,627
Restricted Cash and Cash Equivalents	$722,680	'

Commitments_And_Contingencies_

Commitments And Contingencies (Details) (USD $)	6 Months Ended
	Dec. 31, 2013
Commitments And Contingencies [Abstract]	'
CashsettlementEPAfine	$60,000

Capitalized_Exploration_Expens1

Capitalized Exploration Expense (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2013
Capitalized Exploration Expense [Abstract]	'	'
Capiltalized exploration expense after write off	$2,700,000	'
Undeveloped capitalized acreage	12,369,412	12,369,412
undevelopedacreagecapitalisedHawkSprings	3,000,000	'
capitalisedexpenditureHawkSprings	1,500,000	'
costcapitalisedforBluffFederalWell	300,000	'
undevelopedacreageRoosevelt	7,800,000	'
CapitalisedExpenditureRoosevelt	300,000	'
UndevelopedAcreageCostsSouthPrairie	1,600,000	'
ExplorationExpenditureCapitalisedSouthPrairie	$900,000	'

Issue_of_Share_Capital_Details

Issue of Share Capital (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
	USD ($)	USD ($)	USD ($)	AUD
Issue of Share Capital [Abstract]	'	'	'	'
Shares issued upon exercise of options, shares	'	9,864	'	'
Net proceeds from option exercises	'	$347	$3,132,420	'
Shares issued to institutional investors	'	318,452,166	'	'
Price per share, shares issued	'	$0.02	'	0.025
Issue of share capital	$7,337,485	'	'	'

Cash_Flow_Statement_Details

Cash Flow Statement (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash Flow Statement [Abstract]	'	'
Net (loss) after tax	($520,630)	($888,053)
Depletion, depreciation and amortization	881,805	1,089,618
Stock based compensation	86,244	152,062
Accretion of asset retirment obligation	32,813	27,109
Impairment expense	83,121	244,589
Exploration and evaluation expenditure	319,374	400,950
Gain on sale of oil and gas properties	-2,524,411	'
Increase in receivables	-179,360	24,074
Increase in income tax receivable/deferred tax asset	'	-2,036,036
Increase/(decrease) in provision for annual leave	38,851	-37,643
Increase in payables	181,629	184,442
Net cash flows used in operating activities	($1,600,564)	($838,888)

Subsequent_Event_Details

Subsequent Event (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
Subsequent Events [Abstract]	'
Maximum credit facility	$25
Initial borrowing base	8
Initial draw down	$4