Samson Oil & Gas (SSNYY) 10-Q 9 May 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Feb. 06, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
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

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$5,753,379	$13,170,627
Accounts receivable, net of allowance for doubtful accounts of $nil and $nil respectively	3,223,409	3,090,666
Prepayments	4,850,322	411,113
Pipe inventory - held by third party	'	78,944
Income tax receivable	778,175	777,804
Derivative instruments	11,559	'
Total current assets	14,605,285	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 $19,862,016 and $18,318,918 at March 31, 2014 and June 30, 2013, respectively.	30,821,935	19,992,018
Other property and equipment, net of accumulated depreciation and amortization of $387,751 and $351,037 at March 31, 2014 and June 30, 2013, respectively	395,698	367,657
Net property, plant and equipment	31,217,633	20,359,675
OTHER NON CURRENT ASSETS	'	'
Undeveloped capitalized acreage	12,369,412	12,369,412
Capitalized exploration expense	2,641,907	2,468,934
Deferred borrowing costs	178,201	'
Other	79,239	79,490
TOTAL ASSETS	61,091,677	52,806,665
CURRENT LIABILITIES	'	'
Accounts payable	2,833,033	1,381,407
Accruals	684,639	5,406,982
Provision for annual leave	310,944	242,368
Fair value of derivative instruments	11,559	'
Total current liabilities	3,840,175	7,030,757
NON CURRENT LIABILITIES	'	'
Asset retirement obligations	1,083,708	868,589
Credit Facility	6,000,000	'
TOTAL LIABILITIES	10,923,883	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	99,580,828	92,717,784
Other comprehensive income	1,277,581	1,978,250
Accumulated deficit	-50,690,615	-49,788,715
Total stockholders' equity	50,167,794	44,907,319
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$61,091,677	$52,806,665

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Jun. 30, 2013
Consolidated Balance Sheets [Abstract]	'	'
Other property and equipment, accumulated depreciation and amortization	$387,751	$351,037
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization	$19,862,016	$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	'
Common stock, shares issued ADR	127,381,360	111,452,258
Common stock, shares outstanding ADR	127,381,360	111,452,258

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
REVENUES AND OTHER INCOME:	'	'	'	'
Interest income	$7,607	$37,000	$108,905	$164,000
Gain on sale of oil and gas properties	'	'	2,742,076	'
Other	16,642	1,000	16,826	112,000
TOTAL REVENUE AND OTHER INCOME	3,144,660	1,178,000	8,454,928	4,689,000
EXPENSES:	'	'	'	'
Lease operating expense	-1,124,478	-499,000	-2,356,154	-2,353,000
Depletion, depreciation and amortization	-720,394	-359,000	-1,602,199	-1,449,000
Impairment expense	-714	-6,000	-83,835	-250,000
Exploration and evaluation expenditure	-22,411	-7,416,000	-341,785	-7,817,000
Accretion of asset retirement obligations	-17,417	-14,000	-50,230	-41,000
Loss on derivative instruments	-79,156	'	-79,156	'
Amortisation of borrowing costs	-10,931	'	-10,931	'
Interest expense	-29,903	'	-29,903	'
General and administrative	-1,520,524	-1,805,000	-4,802,635	-4,624,000
TOTAL EXPENSES	-3,525,928	-10,099,000	-9,356,828	-16,534,000
Loss from operations	-381,268	-8,921,000	-901,900	-11,845,000
Income tax benefit	'	'	'	2,036,000
Net loss	-381,268	-8,921,000	-901,900	-9,809,000
OTHER COMPREHENSIVE GAIN (LOSS) [Abstract]	'	'	'	'
Foreign Currency Translation gain (loss)	-122,614	-10,000	-700,669	79,000
Total comprehensiveincome/(loss) for the period	-503,882	-8,931,000	-1,602,569	-9,730,000
Net gain/(loss) per ordinary share from operations:	'	'	'	'
Basic - cents per share	($0.01)	($0.45)	($0.04)	($0.52)
Diluted - cents per share	($0.01)	($0.45)	($0.04)	($0.52)
Weighted average ordinary shares outstanding:	'	'	'	'
Basic	2,547,627,193	1,996,871,729	2,484,035,681	1,870,519,291
Diluted	2,547,627,193	1,996,871,729	2,484,035,681	1,870,519,291
Oil [Member]	'	'	'	'
REVENUES AND OTHER INCOME:	'	'	'	'
Sales	2,564,894	1,007,000	4,904,038	3,911,000
Gas [Member]	'	'	'	'
REVENUES AND OTHER INCOME:	'	'	'	'
Sales	337,852	132,000	682,456	497,000
Other Liquids [Member]	'	'	'	'
REVENUES AND OTHER INCOME:	'	'	'	'
Sales	'	$1,000	$627	$5,000

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	'	'	'	-901,900
Net income (loss)	'	-901,900	'	-901,900
Foreign Currency Translation, net tax of $nil	'	'	-700,669	-700,669
Total comprehensiveincome/(loss) for the period	'	-901,900	-700,669	-1,602,569
Stock based compensation	86,244	'	'	86,244
Issue of share capital	7,338,040	'	'	7,338,040
Share issue costs	-561,240	'	'	-561,240
Balance at March 31, 2014 at Mar. 31, 2014	$99,580,828	($50,690,615)	$1,277,581	$50,167,794

Consolidated_Statements_Of_Cha1

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $)	9 Months Ended
	Mar. 31, 2014
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]	'
Foreign currency translation, tax	$0

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows (used in)/provided by operating activities	'	'
Receipts from customers	$4,164,889	$3,687,000
Payments to suppliers & employees	-6,960,365	-7,095,000
Interest received	108,885	164,000
Payments for derivative instruments	-67,596	'
Income taxes refund	'	5,597,000
Net cash flows (used in)/ provided by operating activities	-2,754,187	2,353,000
Cash flows from investing activities	'	'
Proceeds from sale of oil and gas properties	4,488,825	'
Payments for plant & equipment	-61,894	-10,000
Payments for exploration and evaluation	-532,769	-7,774,000
Payments for oil and gas properties	-20,445,691	-4,294,000
Net cash flows used in investing activities	-16,551,529	-12,078,000
Cash flows from financing activities	'	'
Issuance of share capital	7,337,138	2,721,000
Proceeds from the exercise of options	902	3,343,000
Proceeds from borrowings	6,000,000	'
Borrowing costs	-189,112	'
Share issuance costs	-561,240	'
Net cash flows provided by financing activities	12,587,688	6,064,000
Net decrease in cash and cash equivalents	-6,718,028	-3,661,000
Cash and cash equivalents at the beginning of the fiscal period	13,170,627	18,846,000
Effects of exchange rate changes on cash and cash equivalents	-699,220	145,000
Cash and cash equivalents at end of fiscal period	$5,753,379	$15,330,000

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2014
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 March  31, 2014 and June 30, 2013 consist primarily of estimates for goods and services received but not yet invoiced.
	Prepayments. Prepayments at March 31, 2014 and June 30, 2013 consist primarily of cash advanced to the operators of our drilling projects for future drilling operations.  As at March 31, 2014, 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 March 31, 2014 that will have a material effect on the Company’s financial statements.

Income_Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	2. Income Taxes
		Three months ended					Nine months ended
		31-Mar-14		31-Mar-13		31-Mar-14		31-Mar-13
	Income tax benefit	$	-	$	-	$	-	$	2,036,000
	Effective tax rate		0.00%		0.00%		0.00%		17.00%
	The Company has cumulative net operating losses (“NOL”) 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 NOLs if there has been a change in ownership as described in Internal Revenue Code Section 382.  The Company’s prior year NOLs are limited by IRC Section 382.
	In the tax year ended June 30, 2012, the Company generated an NOL 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 NOL from June 30, 2012 was carried back to the  year of June 30, 2011, generating a refund of tax paid in that year.   The Company’s remaining NOLs will be carried forward 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	9 Months Ended
	Mar. 31, 2014
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				Nine months ended
		31-Mar-14		31-Mar-13		31-Mar-14		31-Mar-13
	Dilutive	-		-		-		-
	Anti–dilutive	302,178,528		75,890,103		274,565,281		200,849,957
	The following tables set forth the calculation of basic and diluted loss per share:
		Three months ended					Nine months ended
		31-Mar-14			31-Mar-13		31-Mar-14		31-Mar-13
	Net income (loss)	$	-381,268		-8,921,000		$	-901,900	-9,809,000
	Basic weighted average ordinary shares outstanding		2,547,627,193		1,996,871,729			2,484,035,681	1,870,519,291
	Basic earnings per ordinary share – cents per share		-0.01		-0.45			-0.04	-0.52
	Diluted earnings per ordinary share – cents per share		-0.01		-0.45			-0.04	-0.52

Asset_Retirement_Obligations

Asset Retirement Obligations	9 Months Ended
	Mar. 31, 2014
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 those obligations. 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 our asset retirement obligations by $0.15 million, capitalized asset retirement costs by $0.085 million and expensed $0.065 million.  Based upon 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 nine months ended March 31, 2014 and 2013:
		Nine months ended
		31-Mar-14		31-Mar-13
	Asset retirement obligations at beginning of period	$	868,589	$	809,000
	Liabilities incurred or acquired		178,911		4,000
	Liabilities settled		-13,920		-
	Disposition of properties		-102		-
	Accretion expense		50,230		41,000
	Asset retirement obligations at end of period		1,083,708		854,000
	Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-		-
	Long-term asset retirement obligations	$	1,083,708	$	854,000

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 $nil and $57,000 during the three months ended March 31, 2014 and 2013 and $86,244 and $209,000 during the nine months ended March 31, 2014 and 2013 respectively.
	As of March 31, 2014, there was $nil total unrecognized compensation cost related to outstanding stock options.

Sale_of_Oil_and_Gas_Properties

Sale of Oil and Gas Properties	9 Months Ended
	Mar. 31, 2014
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 June 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 March 31, 2014, the entire $4.6 million in sale funds have been released from the escrow account.
	As a consequence of the transaction the rig contract with Frontier was also terminated, with no penalty payment. Slawson is 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 March 31, 2014 Balance Sheet.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2014
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 unobservable 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 March 31, 2014 and June 30, 2013.
		Carrying value at March 31, 2014		Level 1		Level 2		Level 3		Netting (1)		Fair Value at March 31, 2014
	Assets
	Cash and cash equivalents	$	5,753,379	$	5,753,379	$	-	$	-	$	-	$	5,753,379
	Derivative asset	$	-	$	-	$	50,503	$	-	$	-50,503	$	-
	Current Liabilities
	Derivative instruments	$	11,559	$	-	$	62,062	$	-	$	-50,503	$	11,559
		Carrying value at June 30, 2013		Level 1		Level 2		Level 3		Level 3		Fair Value at June 30, 2013
	Assets
	Cash and cash equivalents	$	13,170,627	$	13,170,627	$	-	$	-	$	-	$	13,170,627
	(1) Represents the impact of netting assets and liabilities with counterparties with which the right of offset exists
	The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above:
	Level 1 Fair value Measurements
	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.
	Level 2 Fair Measurements
	Derivative Contracts. The Company’s derivative contracts consist of oil collars and oil call options. The fair value of these contracts are based on inputs that either readily available in the public market, such as oil future prices or inputs that can be corroborated from active markets.  Fair value is determined through the use of a discounted cash model using applicable inputs discussed above.
	Other fair value measurements
	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	9 Months Ended
	Mar. 31, 2014
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	8. Commitments and Contingencies
	Environmental Matters
	The Environmental Protection Agency 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 was paid subsequent to March 31, 2014 and is included within the accrual balance on the Consolidated 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 such matters will not materially affect our results of operations or cashflows.
	State Income Tax Matters
	The State of North Dakota has made a claim against our wholly owned subsidiary, Samson Oil and Gas USA, Inc. relating to additional corporate income tax allegedly due for the years ended June 30, 2007 through June 30, 2011 in an amount of $597,852.  On December 23, 2013, we filed a Statement of Grounds for Protest with the North Dakota Office of State Tax Commissioner responding to and protesting the allegations.  At this time, we cannot predict the ultimate outcome of this disputed claim.
	Halliburton Dispute
	We have an ongoing dispute with Halliburton Energy Services, Inc., a co-participant in our Hawk Springs project.  The dispute also relates to our 2012 drilling program in our Roosevelt project in Montana, where Halliburton provided us with project management services.  We are claiming $302,000 from Halliburton for an unpaid invoice arising out of the Roosevelt project while Halliburton is claiming at least $126,000 in unpaid oil revenue from the Hawk Springs Project.  We have engaged in sporadic negotiations with Halliburton over the past two years to try to resolve these offsetting liabilities, but it now appears likely that the competing claims will be the subject of a lawsuit between the parties.  While we believe that our own claim against Halliburton is meritorious, we cannot predict the ultimate resolution of the dispute, whether it is resolved by litigation or negotiated settlement.

Issue_of_Share_Capital

Issue of Share Capital	9 Months Ended
	Mar. 31, 2014
Issue of Share Capital [Abstract]	'
Issue of Share Capital	'
	10.  Issue of Share Capital
	During the nine months ended March 31, 2014,  25,864 Australian 3.8 cent options were exercised for net proceeds of $902. The options were issued in a public rights offering conducted in June 2013.
	During the nine months ended March 31, 2014, 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. In conjunction with these issues we also issued 132,380,866 warrants with an exercise price of 3.8 cents (Australian) and expiry date of March 31, 2017.

Cash_Flow_Statement

Cash Flow Statement	9 Months Ended
	Mar. 31, 2014
Cash Flow Statement [Abstract]	'
Cash Flow Statement	'
	11. Cash Flow Statement
	Reconciliation of loss after tax to the net cash flows from operations:
		Nine months ended
		31-Mar-14		31-Mar-13
	Net loss after tax	$	-901,900	$	-9,809,000
	Depletion, depreciation and amortization		1,602,199		1,449,000
	Stock-based compensation		86,244		209,000
	Accretion of asset retirement obligation		50,230		41,000
	Impairment expense		83,835		250,000
	Exploration and evaluation expenditure		341,785		7,384,000
	Gain on sale of oil and gas properties		-2,742,076		-
	Amortisation borrowing costs		10,931		-
	Non cash loss on derivative instruments		11,559		-
	Changes in assets and liabilities:
	Increase in receivables		-1,421,605		-838,000
	Decrease in income tax receivable/deferred tax asset		-		3,560,000
	Increase/(decrease) in provision for annual leave		68,576		-21,000
	Increase in payables		56,035		128,000
	NET CASH FLOWS USED IN OPERATING ACTIVITIES	$	-2,754,187	$	2,353,000

Credit_Facility

Credit Facility	9 Months Ended
	Mar. 31, 2014
Credit Facility [Abstract]	'
Credit Facility Disclosure	'
	12. Credit Facility
			Nine months ended
			31-Mar-14		31-Mar-13
	Cash advanced under facility		$	6,000,000		-
	Repayments			-		-
	Credit facility at end of period		$	6,000,000	$	-
						-
	Funds available for drawdown under the facility		$	2,000,000		-
	In January 2014, we entered into a $25.0 million credit facility with Mutual of Omaha Bank, with an initial borrowing base of $8.0 million, of which $6.0 million has been drawn down.  We expect the remaining $2.0 million in borrowing base will be drawn down prior to June 30, 2014 on an as needed basis. Additional increases in the borrowing base, up to the credit facility maximum of $25 million, may be made available to us in the future depending on the value of our reserves. Borrowing base redeterminations are performed by the lender every six months at June and December.  We also have the ability to request a borrowing base redetermination at another period, once a year. The facility matures January 28, 2017. The interest rate is LIBOR plus 3.75% or approximately 3.98% for the quarter ended March 31, 2014.
	The credit facility includes the following covenants, tested on a quarterly basis:
		·		Current ratio greater than 1
		·		Debt to EBITDAX (annualized) ratio no greater than 3.5
		·		Interest coverage ratio minimum of between 2.5 and 1.0
	As at March 31, 2014 we were in compliance with all of these quarterly covenants.
	The credit facility also includes an annual cap on general and administrative expenditure of $6,000,000 per fiscal year.
	While we expect to be in compliance with these covenants based on our current debt levels, if we are not in compliance with the financial covenants in the credit facility, or if we do not receive a waiver from the lender, and if we fail to cure any such noncompliance during the applicable cure period, the due date of our debt could be accelerated by the lender.  In addition, failure to comply with any of the covenants under our credit facility could adversely affect our ability to fund ongoing operations.
	These funds, along with cash on hand and cash flow from operations, will be used to fund drilling in our North Stockyard project in North Dakota.  We expect to fund our remaining capital expenditures for the fiscal year ending June 30, 2014 thereby, though we may obtain additional capital through further drawdowns of our credit facility (if possible) or another capital raising program or asset sales.
	We incurred $0.2 million in borrowing costs which have been deferred and will be amortized over the life of the facility.

Derivatives

Derivatives	9 Months Ended
	Mar. 31, 2014
Derivatives [Abstract]	'
Derivatives	'
	13. Derivatives
	The Company has not designated any of its derivative contracts as hedges for accounting purposes. The Company records all derivative contracts at fair value.  Changes in derivative contracts are recognized in earnings.  Changes in settlements and valuation gains and losses are included in loss/(gain) on derivative instruments in the Statement of Operations. These contracts are settled on a monthly basis.  Derivative assets and liabilities arising from the Company’s derivative contracts with the same counterparty that provide for net settlement are reported on a net basis in the Balance Sheet.
	The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil.  The Company seeks to manage this risk through the use of commodity derivative contracts These derivative contracts allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil sales.  At March 31, 2014, the Company’s commodity derivative contracts consisted of collars and fixed price swaps, which are described below:
	CollarCollars contain a fixed floor price (put) and fixed ceiling price (call).  If the market price exceeds the call strike price or falls below the put strike price, the Company receives the fixed price and pays the market price.  If the market price is between the call and the put strike price, no payments are due from the either party.
	Fixed price swapThe Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume.
	All of the Company’s derivative contracts are with the same counterparty and are shown on a net basis on the Balance Sheet. The Company’s counterparty has entered into an inter-creditor agreement with Mutual of Omaha Bank, the provider of the Company’s credit facility, as such, no additional collateral is required by the counterparty.
	No cash settlement has been made in relation to the derivative contracts as at March 31, 2014.  $79,156 in loss due to change in fair value movement has been included in loss on derivative instrument in the Statement of Operations for the three month and nine month periods ending March 31, 2014.
	We intend to increase our derivative portfolio as our production increases in order to provide downside protection to our future production.
	At March 31, 2014 the Company’s open derivative contracts consisted of the following:
		Oil Price Collars - WTI	Volumes (bbls)	Floor US$	Ceiling US$
		March 2014-  December 2014	18,443	90.00	99.30
		January 2015 - December 2015	18,270	85.00	89.85
		January 2016 - February 2016	2,788	85.00	89.85
		Oil Price Swaps - WTI	Volumes (bbls)	Price US$
		March 2014-  December 2014	18,443	105.00
		January 2015 - December 2015	18,270	105.00
		January 2016 - February 2016	2,788	105.00

Income_Tax_Tables

Income Tax (Tables)	9 Months Ended
	Mar. 31, 2014
Income Taxes [Abstract]	'
Schedule Of Effective Income tax Rate	'
		Three months ended					Nine months ended
		31-Mar-14		31-Mar-13		31-Mar-14		31-Mar-13
	Income tax benefit	$	-	$	-	$	-	$	2,036,000
	Effective tax rate		0.00%		0.00%		0.00%		17.00%

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities	'
		Three months ended				Nine months ended
		31-Mar-14		31-Mar-13		31-Mar-14		31-Mar-13
	Dilutive	-		-		-		-
	Anti–dilutive	302,178,528		75,890,103		274,565,281		200,849,957
Schedule Of Calculation Of Basic And Diluted Earnings Per Share	'
		Three months ended					Nine months ended
		31-Mar-14			31-Mar-13		31-Mar-14		31-Mar-13
	Net income (loss)	$	-381,268		-8,921,000		$	-901,900	-9,809,000
	Basic weighted average ordinary shares outstanding		2,547,627,193		1,996,871,729			2,484,035,681	1,870,519,291
	Basic earnings per ordinary share – cents per share		-0.01		-0.45			-0.04	-0.52
	Diluted earnings per ordinary share – cents per share		-0.01		-0.45			-0.04	-0.52

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	9 Months Ended
	Mar. 31, 2014
Asset Retirement Obligations [Abstract]	'
Summary Of Activities Of Asset Retirement Obligations	'
		Nine months ended
		31-Mar-14		31-Mar-13
	Asset retirement obligations at beginning of period	$	868,589	$	809,000
	Liabilities incurred or acquired		178,911		4,000
	Liabilities settled		-13,920		-
	Disposition of properties		-102		-
	Accretion expense		50,230		41,000
	Asset retirement obligations at end of period		1,083,708		854,000
	Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-		-
	Long-term asset retirement obligations	$	1,083,708	$	854,000

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis	'
		Carrying value at March 31, 2014		Level 1		Level 2		Level 3		Netting (1)		Fair Value at March 31, 2014
	Assets
	Cash and cash equivalents	$	5,753,379	$	5,753,379	$	-	$	-	$	-	$	5,753,379
	Derivative asset	$	-	$	-	$	50,503	$	-	$	-50,503	$	-
	Current Liabilities
	Derivative instruments	$	11,559	$	-	$	62,062	$	-	$	-50,503	$	11,559
		Carrying value at June 30, 2013		Level 1		Level 2		Level 3		Level 3		Fair Value at June 30, 2013
	Assets
	Cash and cash equivalents	$	13,170,627	$	13,170,627	$	-	$	-	$	-	$	13,170,627
	(1) Represents the impact of netting assets and liabilities with counterparties with which the right of offset exists

Cash_Flow_Statement_Reconcilat

Cash Flow Statement Reconcilation (Tables)	9 Months Ended
	Mar. 31, 2014
Cash Flow Statement [Abstract]	'
Schedule Of Cash Flow Statement Reconciliation	'
		Nine months ended
		31-Mar-14		31-Mar-13
	Net loss after tax	$	-901,900	$	-9,809,000
	Depletion, depreciation and amortization		1,602,199		1,449,000
	Stock-based compensation		86,244		209,000
	Accretion of asset retirement obligation		50,230		41,000
	Impairment expense		83,835		250,000
	Exploration and evaluation expenditure		341,785		7,384,000
	Gain on sale of oil and gas properties		-2,742,076		-
	Amortisation borrowing costs		10,931		-
	Non cash loss on derivative instruments		11,559		-
	Changes in assets and liabilities:
	Increase in receivables		-1,421,605		-838,000
	Decrease in income tax receivable/deferred tax asset		-		3,560,000
	Increase/(decrease) in provision for annual leave		68,576		-21,000
	Increase in payables		56,035		128,000
	NET CASH FLOWS USED IN OPERATING ACTIVITIES	$	-2,754,187	$	2,353,000

Credit_Facility_Tables

Credit Facility (Tables)	9 Months Ended
	Mar. 31, 2014
Credit Facility [Abstract]	'
Schedule of Line of Credit Facilities [Table Text Block]	'
		Nine months ended
		31-Mar-14		31-Mar-13
	Cash advanced under facility	$	6,000,000		-
	Repayments		-		-
	Credit facility at end of period	$	6,000,000	$	-
					-
	Funds available for drawdown under the facility	$	2,000,000		-

Derivatives_Tables

Derivatives (Tables)	9 Months Ended
	Mar. 31, 2014
Derivatives [Abstract]	'
Schedule Of Open Derivative Contracts	'
		Oil Price Collars - WTI	Volumes (bbls)	Floor US$	Ceiling US$
		March 2014-  December 2014	18,443	90.00	99.30
		January 2015 - December 2015	18,270	85.00	89.85
		January 2016 - February 2016	2,788	85.00	89.85
		Oil Price Swaps - WTI	Volumes (bbls)	Price US$
		March 2014-  December 2014	18,443	105.00
		January 2015 - December 2015	18,270	105.00
		January 2016 - February 2016	2,788	105.00

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Jun. 30, 2013
Income Taxes [Abstract]	'	'	'
Income tax refund received	$5,597,000	'	'
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		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Abstract]	'	'	'	'
Income tax benefit/(expense)	'	'	'	$2,036,000
Effective tax rate	0.00%	0.00%	0.00%	17.00%

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'	'	'
Anti-dilutive	302,178,528	75,890,103	274,565,281	200,849,957
Net income	($381,268)	($8,921,000)	($901,900)	($9,809,000)
Basic weighted average ordinary shares outstanding	2,547,627,193	1,996,871,729	2,484,035,681	1,870,519,291
Diluted weighted average ordinary shares outstanding	2,547,627,193	1,996,871,729	2,484,035,681	1,870,519,291
Basic earnings per ordinary share - cents per share	($0.01)	($0.45)	($0.04)	($0.52)
Diluted earnings per ordinary share - cents per share	($0.01)	($0.45)	($0.04)	($0.52)

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
Asset Retirement Obligations [Abstract]	'	'	'	'	'
Asset retirement obligations at beginning of period	'	'	$868,589	$809,000	'
Liabilities incurred or acquired	'	'	178,911	4,000	'
Liabilities settled	'	'	-13,920	'	'
Disposition of properties	'	'	-102	'	'
Accretion expense	17,417	14,000	50,230	41,000	'
Asset retirement obligations at end of period	1,083,708	854,000	1,083,708	854,000	'
Long-term asset retirement obligations	1,083,708	854,000	1,083,708	854,000	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	'	'

Equity_Incentive_Compensation_

Equity Incentive Compensation (Summary Of Stock Option Activity) (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Equity Incentive Compensation [Abstract]	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$0	'	$0	'
Share-based Compensation	$0	$57,000	$86,244	$209,000

Sale_of_Oil_and_Gas_Properties1

Sale of Oil and Gas Properties (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Mar. 31, 2014
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	217,665	2,742,076
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	'	$4,488,825
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 $)	Mar. 31, 2014	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	$5,753,379	$13,170,627
Fair value of derivative instruments	11,559	'
Carrying Value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	5,753,379	13,170,627
Fair value of derivative instruments	11,559	'
Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	5,753,379	13,170,627
Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative Asset, Fair Value, Gross Liability	62,062	'
Derivative Liability, Fair Value, Gross Asset	$50,503	'

Commitments_And_Contingencies_

Commitments And Contingencies (Details) (USD $)	9 Months Ended
	Mar. 31, 2014
Commitments And Contingencies [Abstract]	'
CashsettlementEPAfine	$60,000
Income tax claimed by State of North Dakota	597,852
Unpaid oil revenue claimed by Halliburton	126,000
Disputed rig mobilisation invoice	$302,000

Capitalized_Exploration_Expens

Capitalized Exploration Expense (Details) (USD $)	9 Months Ended
	Mar. 31, 2014	Jun. 30, 2013
Capitalized Exploration Expense [Abstract]	'	'
Capiltalized exploration expense after write off	$2,600,000	'
Undeveloped capitalized acreage	12,369,412	12,369,412
undevelopedacreagecapitalisedHawkSprings	3,000,000	'
capitalisedexpenditureHawkSprings	1,500,000	'
costcapitalisedforBluffFederalWell	100,000	'
undevelopedacreageRoosevelt	7,800,000	'
CapitalisedExpenditureRoosevelt	300,000	'
UndevelopedAcreageCostsSouthPrairie	1,600,000	'
ExplorationExpenditureCapitalisedSouthPrairie	$900,000	'

Issue_of_Share_Capital_Details

Issue of Share Capital (Details)	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
	USD ($)	USD ($)	AUD
Issue of Share Capital [Abstract]	'	'	'
Shares issued upon exercise of options, shares	25,864	'	'
Net proceeds from option exercises	$902	$3,343,000	'
Shares issued to institutional investors	318,452,166	'	'
Price per share, shares issued	$0.02	'	0.025
Issue of share capital	$7,338,040	'	'
Warrants issued with 3.8 cent exercise price	132,380,866	'	'

Cash_Flow_Statement_Details

Cash Flow Statement (Details) (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013
Cash Flow Statement [Abstract]	'	'	'
Net income/(loss) after tax	'	($901,900)	'
Net (loss) after tax	-381,268	-901,900	-9,809,000
Depletion, depreciation and amortization	'	1,602,199	1,449,000
Stock based compensation	'	86,244	209,000
Accretion of asset retirment obligation	17,417	50,230	41,000
Impairment expense	'	83,835	250,000
Exploration and evaluation expenditure	'	341,785	7,384,000
Gain on sale of oil and gas properties	'	-2,742,076	'
Amortisation of borrowing costs	10,931	10,931	'
Non cash loss on derivative instuments	'	11,559	'
Increase in receivables	'	-1,421,605	-838,000
Decrease in income tax receivable/deferred tax asset	'	'	3,560,000
Increase/(decrease) in provision for annual leave	'	68,576	-21,000
Increase in payables	'	56,035	128,000
Net cash flows used in operating activities	'	($2,754,187)	$2,353,000

Credit_Facility_Details

Credit Facility (Details) (USD $)	9 Months Ended
	Mar. 31, 2014
Credit Facility [Abstract]	'
Line of Credit Facility, Current Borrowing Capacity	$8,000,000
Line of Credit Facility, Maximum Borrowing Capacity	25,000,000
Line of Credit Facility, Amount Outstanding	6,000,000
Line of Credit Facility, Remaining Borrowing Capacity	2,000,000
Debt Instrument, Interest Rate During Period	3.98%
Debt Instrument, Maturity Date	28-Jan-17
Credit facility at end of period	6,000,000
Payments of Debt Issuance Costs	189,112
Cash advanced under facility	$6,000,000

Derivatives_Narrative_Details

Derivatives (Narrative) (Details) (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2014
Derivatives [Abstract]	'	'
Loss on derivative instruments	$79,156	$79,156

Derivatives_Schedule_Of_Open_D

Derivatives (Schedule Of Open Derivative Contracts) (Details) (Crude Oil [Member])	9 Months Ended
	Mar. 31, 2014
	bbl
Collar [Member] | Derivative Contract One [Member]	'
Derivative [Line Items]	'
Derivative inception	1-Mar-14
Derivative maturity	1-Dec-14
Volumes (bbls)	18,443
Floor US$	90
Ceiling US$	99.3
Collar [Member] | Derivative Contract Two [Member]	'
Derivative [Line Items]	'
Derivative inception	1-Jan-15
Derivative maturity	1-Dec-15
Volumes (bbls)	18,270
Floor US$	85
Ceiling US$	89.85
Collar [Member] | Derivative Contract Three [Member]	'
Derivative [Line Items]	'
Derivative inception	1-Jan-16
Derivative maturity	1-Feb-16
Volumes (bbls)	2,788
Floor US$	85
Ceiling US$	89.85
Swap [Member] | Derivative Contract Four [Member]	'
Derivative [Line Items]	'
Derivative inception	1-Mar-14
Derivative maturity	1-Dec-14
Volumes (bbls)	18,443
Price US$	105
Swap [Member] | Derivative Contract Five [Member]	'
Derivative [Line Items]	'
Derivative inception	1-Jan-15
Derivative maturity	1-Dec-15
Volumes (bbls)	18,270
Price US$	105
Swap [Member] | Derivative Contract Six [Member]	'
Derivative [Line Items]	'
Derivative inception	1-Jan-16
Derivative maturity	1-Feb-16
Volumes (bbls)	2,788
Price US$	105