Samson Oil & Gas (SSNYY) 10-K15 Sep 142014 FY Annual reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Sep. 11, 2014	Dec. 31, 2013
Document And Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	30-Jun-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'
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	'	2,837,780,958	'
Entity Public Float	'	'	$51.70

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Jun. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$6,846,394	$13,170,627
Accounts receivable, net of allowance for doubtful accounts of $nil and $nil respectively	5,533,516	3,090,666
Prepayments	5,388,428	350,669
Pipe inventory - held by third party	'	78,944
Short tern deferred tax asset	84,946	'
Income tax receivable	'	777,804
Total current assets	17,853,284	17,468,710
PROPERTY, PLANT AND EQUIPMENT, AT COST	'	'
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $21,219,361 and $18,318,917 at June 30, 2014 and June 2013, respectively	34,430,793	19,992,018
Other property and equipment, net of accumulated depreciation and amortization of $421,443 and $351,037 at June 30, 2013 and June 2012, respectively	365,566	367,657
Net property, plant and equipment	34,796,359	20,359,675
OTHER ASSETS	'	'
Undeveloped capitalized acreage	12,349,767	12,369,412
Capitalized exploration expense	3,382,650	2,468,934
Other	459,169	139,934
TOTAL ASSETS	68,841,229	52,806,665
CURRENT LIABILITIES	'	'
Accounts payable	4,316,963	1,381,407
Accrued liabilities	3,261,674	5,406,982
Provision for annual leave	230,311	242,368
Fair value of derivative instruments	284,376	'
Total current liabilities	8,093,324	7,030,757
Fair value of derivative instruments	128,998	'
Asset retirement obligations	897,859	868,589
Credit Facility	6,000,000	'
Deferred Tax Liabilities, Gross, Noncurrent	84,946	'
Total liabilities	15,205,127	7,899,346
Commitments and Contingencies	'	'
STOCKHOLDERS' EQUITY - nil par value	'	'
Common stock, 2,837,756,933 (equivalent to 141,887,847 ADRs) and 2,229,165,163 (equivalent to 111,458,258 ADRs) shares issued and outstanding at June 30, 2014 and 2013, respectively)	104,535,894	92,717,784
Other comprehensive income	1,302,096	1,978,250
Retained earnings (accumulated deficit)	-52,201,888	-49,788,715
Total stockholders' equity	53,636,102	44,907,319
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$68,841,229	$52,806,665

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Consolidated Balance Sheets [Abstract]	'	'
Accounts receivable, allowance for doubtful accounts	'	'
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion Amortization and Impairment	21,219,361	18,381,917
Other property and equipment, accumulated depreciation and amortization	$421,443	$351,037
Common stock, par value	'	'
Common stock, shares issued	2,837,756,933	2,229,165,163
Common stock, shares outstanding	2,837,756,933	2,229,165,163

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	12 Months Ended
Consolidated Statements Of Operations (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
REVENUES AND OTHER INCOME:	'	'	'
Interest income	$118,076	$253,150	$355,357
Gain on sale of exploration acreage	2,937,010	'	'
Other	66,893	211,736	58,598
TOTAL REVENUE AND OTHER INCOME	13,740,607	6,268,994	8,799,754
EXPENSES:	'	'	'
Lease operating expense	-4,105,809	-3,466,339	-2,789,902
Depletion, depreciation and amortization	-2,992,649	-1,975,932	-2,776,005
Impairment of oil and natural gas properties	-83,121	-259,529	-635,464
Exploration and evaluation expenditure	-368,469	-7,929,204	-30,559,458
Accretion of asset retirement obligations	-9,236	-55,326	-23,603
General and administrative	-6,457,812	-6,313,993	-7,858,698
Abandonment Expense	-726,427	'	'
Loss on derivative instruments	-504,592	'	-22,268
Borrowing costs	-33,632	'	'
Interest expense	-91,422	'	'
TOTAL EXPENSES	-15,373,169	-20,000,323	-44,665,398
Loss before income tax	-1,632,562	-13,731,329	-35,865,644
Income tax (provision)/benefit	-780,611	2,010,280	4,629,193
Net loss	-2,413,173	-11,721,049	-31,236,451
OTHER COMPREHENSIVE GAIN (LOSS)	'	'	'
Foreign currency translation	-676,154	-794,508	-317,037
Total comprehensive loss for the period	-3,089,327	-12,515,557	-31,553,488
Net earnings per common share from continuing operations:	'	'	'
Basic loss per common share - cents per share	($0.09)	($0.61)	($1.78)
Diluted earnings per common share - cents per share	($0.09)	($0.61)	($1.78)
Weighted average common shares outstanding:	'	'	'
Basic	2,558,418,209	1,935,438,970	1,752,408,357
Diluted	2,558,418,209	1,935,438,970	1,752,408,357
Oil [Member]	'	'	'
REVENUES AND OTHER INCOME:	'	'	'
Sales revenue	9,616,660	5,028,050	7,352,494
Natural Gas [Member]	'	'	'
REVENUES AND OTHER INCOME:	'	'	'
Sales revenue	1,001,341	772,073	1,020,945
Other Liquids [Member]	'	'	'
REVENUES AND OTHER INCOME:	'	'	'
Sales revenue	$627	$3,985	$12,360

Consolidated_Statements_Of_Cha

Consolidated Statements Of Changes In Stockholders' Equity (USD $)	Issued Capital [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Other Comprehensive Income (Loss) [Member]	Total
Beginning Balance, value at Jun. 30, 2011	$81,668,085	($6,831,215)	$3,089,795	$77,926,665
Net loss	'	-31,236,451	'	-31,236,451
Foreign currency translation	'	'	-317,037	-317,037
Total comprehensive loss for the period	'	-31,236,451	-317,037	-31,553,488
Stock based compensation	1,167,801	'	'	1,167,801
Issue of share capital	632,101	'	'	632,101
Ending Balance, value at Jun. 30, 2012	83,467,987	-38,067,666	2,772,758	48,173,079
Net loss	'	-11,721,049	'	-11,721,049
Foreign currency translation	'	'	-794,508	-794,508
Total comprehensive loss for the period	'	-11,721,049	-794,508	-12,515,557
Stock based compensation	199,437	'	'	199,437
Issue of share capital	9,409,451	'	'	9,409,451
Share issue costs	-359,091	'	'	-359,091
Ending Balance, value at Jun. 30, 2013	92,717,784	-49,788,715	1,978,250	44,907,319
Net loss	'	-2,413,173	'	-2,413,173
Foreign currency translation	'	'	-676,154	-676,154
Total comprehensive loss for the period	'	-2,413,173	-676,154	-3,089,327
Stock based compensation	86,245	'	'	86,245
Issue of share capital	12,777,720	'	'	12,777,720
Share issue costs	-1,045,855	'	'	-1,045,855
Ending Balance, value at Jun. 30, 2014	$104,535,894	($52,201,888)	$1,302,096	$53,636,102

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	12 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities	'	'	'
Receipts from customers	$8,411,998	$6,301,239	$8,778,983
Cash received from commodity derivative financial instruments	'	'	38,508
Payments to suppliers & employees	-9,892,747	-9,952,928	-9,296,930
Interest received	118,351	253,000	355,945
Interest paid	-60,780	'	'
Income taxes paid	'	5,581,000	2,943,975
Payments for abandonment costs	-23,492	'	'
Payments for derivative instruments	-80,593	'	'
Net cash flows provided by (used in) operating activities	-1,527,263	2,182,311	2,820,481
Cash flows from investing activities	'	'	'
Proceeds from sale of oil and gas properties	5,192,819	'	'
Payments for plant & equipment	-66,845	-24,000	-189,599
Cash receipts for cash calls	490,338	'	'
Payments for exploration and evaluation	-68,967	-11,253,246	-39,987,483
Payments for oil and gas properties	-27,122,802	-6,127,878	-2,555,201
Net cash flows (used in)/ provided by investing activities	-21,575,457	-17,405,124	-42,732,283
Cash flows from financing activities	'	'	'
Proceeds from issue of share capital	12,777,720	9,409,000	632,101
Proceeds from borrowings	6,000,000	'	'
Payments for costs associated with borrowings	-276,856	'	'
Payments for costs associated with capital raising	-1,045,855	-359,000	'
Net cash flows (used in)/ provided by financing activities	17,455,009	9,050,000	632,101
Net (decrease)/increase in cash and cash equivalents	-5,647,711	-6,172,813	-39,279,701
Cash and cash equivalents at the beginning of the year	13,170,627	18,845,894	58,448,477
Effects of exchange rate changes on cash and cash equivalents	-676,522	497,546	-322,882
Cash and cash equivalents at end of year	$6,846,394	$13,170,627	$18,845,894

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies [Abstract]	'
Summary Of Significant Accounting Policies	'


	1	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Description of Operations. Samson Oil & Gas Limited and its consolidated subsidiaries (“Samson” or the “Company”), is engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties with a focus on properties in North Dakota, Montana and Wyoming.

	Comparatives. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain amounts in prior years' financial statements have been reclassified to conform to the 2013 financial statement presentation.

	Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation.

	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Items subject to such estimates and assumptions include (1) oil and gas reserves; (2) cash flow estimates used in impairment tests of long–lived assets; (3) depreciation, depletion and amortization; (4) asset retirement obligations; (5) assigning fair value and allocating purchase price in connection with business combinations; (6) accrued revenue and related receivables; (7) valuation of commodity and interest derivative instruments; (8) certain accrued liabilities; (9) valuation of share-based payments and (10) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions through the date of this report for matters that may require recognition or disclosure in these financial statements.

	Business Segment Information. The Company has evaluated how it is organized and managed and has identified only one operating segment, which is the exploration and production of crude oil, natural gas and natural gas liquids. All of the Company's operations and assets are located in the United States, and all of its revenues are attributable to United States customers.

	Revenue Recognition and Gas Imbalances. Revenues from the sale of natural gas and crude oil are recognized when the product is delivered at a fixed or determinable price, title has transferred and collectability is reasonably assured and evidenced by a contract. This generally occurs when a barge completes delivery, oil or natural gas has been delivered to a refinery or a pipeline, or has otherwise been transferred to a customer's facilities or possession. Oil revenues are generally recognized based on actual volumes of completed deliveries where title has transferred. Title to oil sold is typically transferred at the wellhead.

	The Company uses the entitlement method of accounting for natural gas revenues. Under this method, revenues are recognized based on actual production of natural gas. The Company incurs production gas volume imbalances in the ordinary course of business. Net deliveries in excess of entitled amounts are recorded as liabilities, while net under–deliveries are reflected as assets. Imbalances are reduced either by subsequent recoupment of over– and under– deliveries or by cash settlement, as required by applicable contracts. The Company's production imbalances were not material at June 30, 2014 or 2013.

	Cash and Cash Equivalents. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash management process provides for the daily funding of checks as they are presented to the bank.

	Accounts Receivable. The components of accounts receivable include the following:

		30-Jun
		2014			2013
	Oil and natural gas sales	$	3,107,292		$	818,820
	Cost recovery from drilling partners		1,496,218			2,214,940
	Other		930,006			56,906
	Total accounts receivable, net of nil allowance for doubtful accounts for June 30, 2014 and 2013	$	5,533,516		$	3,090,666


	The Company's accounts receivable result from (i) oil and natural gas sales to oil and intrastate gas pipeline companies and (ii) billings to joint working interest partners in properties operated by the Company. The Company's trade and accrued production receivables are primarily from the operators of our various projects, who negotiate the sale of oil and gas to third parties on our behalf.

	The cost recovery from drilling partners relates to the partners share of drilling costs associated with the current drilling program in our North Stockyard infill project and Hawk Springs project.

	Accruals. The components of accrued liabilities for the years ended June 30, 2014 and 2013 are as follows:


		2014			2013
	Bonus Accrual		132,324			-
	Other accruals		3,129,350			5,406,982
		$	3,261,674		$	5,406,982


	The majority of other accruals in the current year relate to expenses incurred in relation to our exploratory well, Bluff, in our Hawk Springs project and other general accruals.

	Oil and Gas Properties.

	Oil and gas properties and equipment consist of the following at June 30:



		2014			2013
	Proved properties	$	41,166,960		$	26,657,972
	Lease and well equipment		8,174,727			5,371,923
	Work in progress		6,308,467			6,344,040
	Less accumulated depreciation, depletion and impairment		-21,219,361			-18,381,917
		$	34,430,793		$	19,992,018

	Undeveloped acreage	$	12,349,767		$	12,369,412


	The Company accounts for its oil and gas exploration and development costs using the successful efforts method. Geological and geophysical costs are expensed as incurred. Exploratory well costs are capitalized pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. All exploratory wells are evaluated for economic viability within one year of well completion, and the related capitalized costs are reviewed quarterly.

Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project.

The costs of development wells are capitalized whether productive or nonproductive. The provision for depletion of oil and gas properties is calculated on a field–by–field basis using the unit–of–production method. If the estimates of total proved or proved developed reserves decline, the rate at which the Company records depreciation, depletion and amortization (DD&A) expense increases, which in turn reduces net earnings. Such a decline in reserves may result from lower commodity prices, which may make it uneconomic to drill for and produce higher cost fields. The Company is unable to predict changes in reserve quantity estimates as such quantities are dependent on the success of its development program, as well as future economic conditions. Changes in reserves are applied on a prospective basis.

As wells are drilled in a field with proved undeveloped reserves or unproved reserves, a portion of the acquisition costs are either re–designated as proved developed or expensed, as appropriate. In fields with multiple potential drilling sites, the Company determines the amount of the acquisition cost to re–designate or expense through a systematic and rational basis that considers the total expected wells to be drilled in that field.

The Company reviews its proved oil and gas properties for impairment whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected future cash flows of its oil and gas properties and compares these undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and gas properties to fair value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk associated with realizing the projected cash flows. Unproved oil and gas properties are assessed periodically for impairment on a property–by–property basis based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks or future plans to develop acreage and allocate capital. When the Company has allocated fair values to significant unproved property (probable reserves) as the result of a business combination or other purchase of proved and unproved properties, it uses a future cash flow analysis to assess the property for impairment. Probable reserves are defined as those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

Gains on sales of proved and unproved properties are only recognized when there is no uncertainty about the recovery of costs applicable to any interest retained or where there is no substantial obligation for future performance by the Company. Impairment on properties sold is recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.

In determining whether an unproved property is impaired, we consider numerous factors including, but not limited to, current development and exploration drilling plans, favorable or unfavorable exploration activity on adjacent leaseholds, in-house geologists' evaluation of the lease, future reserve cash flows and the remaining lease term. We have capitalized leasehold acreage in relation to our Hawk Springs project in Goshen County, Wyoming, Roosevelt Project in Roosevelt County, Montana and South Prairie Project in Williston, North Dakota.

Work in progress

Work in progress relates to costs associated with the drilling of wells in Samson’s in fill development project in its North Stockyard field. These wells were not completed as at June 30, 2014 and 2013, respectively and work is continuing on them.

Exploration written off, including dry hole expenses

During the fiscal year ended June 30, 2014 we expensed $0.2 million with respect to our Matson #3-1 well in our South Prairie project in North Dakota. The well was plugged after no hydrocarbons were noted during the drilling of the well.

During the fiscal year ended June 30, 2013 we continued work on our Spirit of America 2 well in our Hawk Springs project in Goshen County, Wyoming. Three of the four potential completion zones were water saturated and therefore non-productive for hydro carbons. It is unlikely that the costs of the well will be recovered and $7.4 million in previously capitalized exploration costs in relation to this well were written off during the fiscal year ended June 30, 2013.

During the fiscal year ended June 30, 2012 we drilled Spirit of America 1 in our Hawk Springs project in Goshen County, Wyoming. Numerous operational difficulties were encountered when drilling this well and it ultimately failed to reach its target. The Company wrote off $4.9 million in relation to this well and recorded it as exploration and evaluation expenditure on the Statement of Operations.

During the fiscal year ended June 30, 2012 we also wrote off $24.7 million in exploration expense as a result of poor drilling results in relation to our the two exploratory wells – Australia II and Gretel II drilled in our Roosevelt Project in Roosevelt County, Montana. Although these wells maybe productive in the future, we do not believe we will recover the costs incurred to drill them and have therefore written them off.

Impairment
We recorded impairment charges of $0.1 million, $0.3 million and $0.6 million for the years ended June 30, 2014, 2013 and 2012 respectively.

The charges in the fiscal year ended June 30 2014, related to the continued poor performance of our Abercrombie well in our Roosevelt project.

The charges in the fiscal year ended June 30, 2013 relate to the continued poor performance of our Roosevelt Project wells – Riva Ridge, Abercrombie, Australia II and Gretel II.

The charges in fiscal year ended June 30, 2012 were related in part to a decrease in value of our Davis Bintliff well in Brazoria County, Texas. This well is a gas well and has declined in value consistent with the decline in the natural gas price. It continues to perform in line with our forecast decline curve. Other fiscal year ended June 30, 2012 impairment was recorded for write-offs of exploratory wells drilled.

Other Property and Equipment.

Other property and equipment, which includes leasehold improvements, office and other equipment, are stated at cost. Depreciation and amortization are calculated using the straight–line method over the estimated useful lives of the related assets, ranging from 3 to 25 years.

Depreciation and amortization expense for the years ended June 30, 2014, 2013 and 2012 was $0.1 million, $0.1 million and $0.1 million, respectively.

Other property and equipment consists of the following at June 30:

	2014			2013

Furniture, fittings and equipment	$	787,009		$	718,694
Less accumulated depreciation		-421,443			-351,037
	$	365,566		$	367,657


Derivative Financial Instruments. The Company enters into derivative contracts, primarily collars, swaps and option contracts, to hedge future crude oil and natural gas production in order to mitigate the risk of market price fluctuations. All derivative instruments are recorded on the balance sheet at fair value. All of the Company's derivative counterparties are major oil companies. The Company has elected not to apply hedge accounting to any of its derivative transactions and consequently, the Company recognizes mark-to-market gains and losses in earnings currently, rather than deferring such amounts in other comprehensive income for those commodity derivatives that qualify as cash flow hedges.

Asset Retirement Obligations. The Company recognizes estimated liabilities for future costs associated with the abandonment of its oil and gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long–lived asset are recorded at the time the well is spud or acquired.

Environmental. The Company is subject to extensive federal, state and local environmental laws and regulations. These laws and regulations, which regularly change, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non–capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. Such liabilities are generally recorded at their undiscounted amounts unless the amount and timing of payments is fixed or reliably determinable. The Company believes that it is in material compliance with existing laws and regulations.

Income Taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred income tax assets is reduced, if necessary, by a valuation allowance if management believes that it is more likely than not that some portion or all of the net deferred tax assets will not be fully realized on future income tax returns. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, projected future taxable income and tax planning strategies in making this assessment.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Earnings Per Share. Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to common stock 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 common shares. In the event of a net loss, no potential common shares are included in the calculation of shares outstanding since the impact would be anti-dilutive. When the Company records a net loss, none of the loss is allocated to the unexercised stock options since the securities are not obligated to share in Company losses. Consequently, in periods of net loss, outstanding options will have no dilutive impact to the Company’s basic earnings per share.

The following potential common shares relating to options and warrants have been excluded from the calculation of diluted earnings per share as the related impact was anti-dilutive.


	Year ended June 30,
	2014		2013		2012

Anti–dilutive		298,127,947		142,694,297		289,942,436





Stock-Based Compensation. Stock-based compensation is measured at the estimated grant date fair value of the awards and is recognized on a straight-line basis over the requisite service period (usually the vesting period). The Company recognizes stock-based compensation net of an estimated forfeiture rate, and recognizes compensation expense only for shares that are expected to vest. Compensation expense is then adjusted based on the actual number of awards for which the requisite service period is rendered.

Foreign Currency Translation. The functional currency of Samson Oil & Gas Limited (Parent Entity) is Australian dollars, the reason for this being the majority of cash flows of the Parent Entity are denominated in Australia dollars. The functional and presentation currency of Samson Oil & Gas USA, Inc (subsidiary) is U.S dollars. The presentation currency of the Company is U.S. dollars.

Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year ended exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit and loss

Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Translation differences on non-monetary assets and liabilities are recognized in other comprehensive income.

Impact of Recently Adopted Accounting Standards.
There have been no recently adopted accounting standards that would impact our business.

Recently Issued Accounting Pronouncements
ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in this Update is to provide consistency in the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its agreement among its co-obligors; and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in the Update also requires disclosures about the nature as well as other information about the obligations. For public entities, the amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is required. Early adoption is permitted. We have not yet begun the process of assessing the impact of this standard on our financial statements and do not except to adopt the standard earlier than its effective date.

ASU No 2014-09, Revenue from Contracts with Customers (Topic 606). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standards for revenue recognition. The standard requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early adoption is not permitted. We have not yet begun the process of assessing the impact of this standard on our financial statements and do not except to adopt the standard earlier than its effective date.

Sales_Of_Properties

Sales Of Properties	12 Months Ended
	Jun. 30, 2014
Sales Of Properties [Abstract]	'
Sales Of Properties	'

	2	SALES OF PROPERTIES
	In August 2013, as part of our broader financing plan, to ensure our participation in the full development of the North Stockyard project, we divested half our equity position in the undeveloped acreage in the North Stockyard project to Slawson Exploration Company Inc. for up to $5.6 million in cash and other consideration recognizing a gain of $2.5 million. We retained our full interest in the currently producing wells in the North Stockyard field. As a consequence of the transaction we have also terminated our rig contract with Frontier, 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 acre age, we have also transferred 25% working interest in the drilled but not yet completed Billabong (at the time of the sale). The cash portion of the purchase price is subject to the delivery of a useable well bore in Billabong, valued in the agreement at $0.9 million. In June 2014, the workover operation has been completed with respect to the Billabong wellbore and Slawson have agreed to assignment of the wellbore.

	In April 2014, we sold our interests in Rennerfeldt 1-13H and Rennerfeldt 2-13H in our North Stockyard project in North Dakota to the operator of the project for $0.2 million, resulting in a $0.2 million gain. We had made cash prepayments with respect to these wells to the operator, which were applied to new wells that we are participating in.

	In March 2014, we finalized the sale of our Deep Draw well in Campbell County, Wyoming for cash of $0.2 million, resulting in a $0.2 million gain. This well had been previously fully impaired and had no value.

Hedging_And_Derivative_Financi

Hedging And Derivative Financial Instruments	12 Months Ended
	Jun. 30, 2014
Hedging And Derivative Financial Instruments [Abstract]	'
Hedging And Derivative Financial Instruments	'


	3	HEDGING AND DERIVATIVE FINANCIAL INSTRUMENTS

	Commodity Derivative Agreements. The Company utilizes swap and collar option contracts to hedge the effect of price changes on a portion of its future oil and natural gas production. The objective of the Company’s hedging activities and the use of derivative financial instruments is to achieve more predictable cash flows. While the use of these derivative instruments limits the downside risk of adverse price movements, they also may limit future revenues from favorable price movements. The Company may, from time to time, opportunistically restructure existing derivative contracts or enter into new transactions to effectively modify the terms of current contracts in order to improve the pricing parameters in existing contracts or realize the current value of the Company’s existing positions. The Company may use the proceeds from such transactions to secure additional contracts for periods in which the Company believes it has additional unmitigated commodity price risk.

	The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts. The Company’s derivative contracts are with a single major oil company with no history of default with the Company. The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement.

	The Company has elected not to apply hedge accounting to any of its derivative transactions and, consequently, the Company recognizes mark-to-market gains and losses in earnings currently, rather than deferring such amounts in accumulated other comprehensive income for those commodity derivatives that would qualify as cash flow hedges. All derivative instruments are recorded on the balance sheet at fair value.

	At June 30, 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 rather than the market price. If the market price is between the call and the put strike price, no payments are due from 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 collateral is required by the counterparty.

	At 30 June, 2014 the Company’s open derivative contracts consisted of the following:





	Oil Price Collars – WTI		Volumes (bbls)	Floor US$	Ceiling US$
	July 2014- December 2014		10,473	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$
	July 2014- December 2014		10,473	105.00
	January 2015 - December 2015		18,270	105.00
	January 2016 - February 2016		2,788	105.00

	Oil Price Swaps - WTI		Volumes (bbls)	Avg Price US$
	July 2014- December 2014		27,048	99.46
	January 2015 - December 2015		39,791	92.61




	During the year ended June 30, 2012 commodity derivative losses of $22,268 was recognised in the Statement of Operations in loss on derivative instruments. During the year ended June 30, 2014, we recognized $504,592 in the Statement of Operations in loss on derivative instruments. As of June 30, 2014, our derivative instruments were valued at $284,376 recorded as current liability and $128,998 recorded as a non-current liability.

	See Note 4 for additional fair value disclosures about our oil derivatives.

	Price risk

	Price risk arises from the Company’s exposure to oil and gas prices. These commodity prices are subject to wide fluctuations and market uncertainties due to a variety of factors that are beyond the control of the Company. Sustained weakness in oil and natural gas prices may adversely affect the Company’s financial condition.

	The Company manages this risk by continually monitoring the oil and gas price and the external factors that may affect it. The Board reviews the risk profile associated with commodity price risk periodically to ensure that it is appropriately managing this risk. Derivatives are used to manage this risk where appropriate. The Board must approve any derivative contracts that are entered into by the Company.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'

	4	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 June 30, 2014 and 2013.


		Fair Value at June 30, 2014
		Level 1			Level 2		Level 3		Netting (1)		Total
	Current Assets:
	Cash and cash equivalents	$	6,846,394		$	-	$	-	$	-	$	6,846,394
	Derivative Instruments		-			56,380		-		-56,380		-

	Non Current Assets:
	Derivative Instruments		-			61,493		-		-61,493		-

	Current Liabilities
	Derivative Instruments		-			340,756		-		-56,380		284,376

	Non Current Liabilities:
	Derivative Instruments					190,491				-61,493		128,998

		Fair Value at June 30, 2013
		Level 1			Level 2		Level 3		Level 3		Total
	Assets (Liabilities):
	Cash and cash equivalents	$	13,170,627		$	-	$	-	$	-	$	13,170,627


		-1		Netting In accordance with the Company’s standard practice, its commodity derivatives are subject to counterparty netting under agreements governing such derivatives and therefore the risk of loss is somewhat mitigated.

	The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above:

	Commodity Derivative Contracts. The Company’s commodity derivative instruments consisted of collars and swap contracts for oil. The Company values the derivative contracts using industry standard models, based on an income approach, which considers various assumptions including quoted forward prices and contractual prices for the underlying commodities, time value and volatility factors, as well as other relevant economic measures. Substantially all of the assumptions can be observed throughout the full term of the contracts, can be derived from observable data or are supportable by observable levels at which transactions are executed in the marketplace and are therefore designated as level 2 within the fair value hierarchy. The discount rates used in the assumptions include consideration of non-performance risk. The Company accounts for its commodity derivatives at fair value (see Note 3) on a recurring basis.

	Fair Value of Financial Instruments. The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable and payable, investments and derivatives (discussed above). 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.

	Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two. The Company utilizes the discounted cash flow method, estimated future cash flows are based on management’s expectations for the future and include estimates of future oil and gas production, commodity prices based on published forward commodity price curves as of the date of the estimate, operational costs, and a risk–adjusted discount rate. The fair value measurement was based on Level 3 inputs.

Asset_Retirement_Obligations

Asset Retirement Obligations	12 Months Ended
Asset Retirement Obligations	Jun. 30, 2014
Asset Retirement Obligations [Abstract]	'
Asset Retirement Obligations	'

	5	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.

	The following table summarizes the activities for the Company’s asset retirement obligations for the years ended June 30, 2014 and 2013:

		2014		2013
	Asset retirement obligations at beginning of period	$	868,589	$	808,572
	Liabilities incurred or acquired		921,459		4,691
	Liabilities settled		-23,492		-
	Disposition of properties		-		-
	Accretion expense		9,236		55,326
	Asset retirement obligations at end of period		1,775,792		868,589
	Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-877,933		-
	Long-term asset retirement obligations	$	897,859	$	868,589

	Discount rates used to calculate the present value vary depending on the estimated timing of the obligation, but typically range between 4% and 10%.

	A portion of the increase in the liability incurred during the current period is a result of drilling and completing five new wells in our North Stockyard project in North Dakota. Subsequent to year end, we also commenced the abandonment operation for wells in our Greens Canyon field in Wyoming. The costs expected to be incurred during the operation were greater than our previous estimate, therefore we have increased the value of our liability carried with respect to those wells. The abandonment of the field is expected to be completed by December 2014.

	The increase in liability incurred during the prior period is a result of drilling Abercrombie and Riva Ridge in our Montana acreage. We have very minor working interest in these projects, thus our share of the retirement obligations are minor.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Jun. 30, 2014
Income Taxes [Abstract]	'
Income Taxes	'

	6	INCOME TAXES

	The Company accounts for income taxes under the asset and liability approach prescribed by GAAP, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns.

	The Company’s income tax provision (benefit) is composed of the following:

		June 30
		2014			2013			2012
	Current:
	Federal	$	777,804		$	-2,035,992		$	-4,712,856
	State		2,807			25,712			83,663
			780,611			-2,010,280			-4,629,193
	Deferred:
	Federal		-			-			-
	State		-			-			-
	Total income tax provision (benefit)	$	780,611		$	-2,010,280		$	-4,629,193

	A reconciliation of the income tax provision (benefit) computed by applying the Australian federal statutory rate of 30% to the Company’s income tax provision (benefit) is as follows (in thousands):


			June 30
		2014			2013			2012
	Income tax expense (benefit) at federal statutory rate	$	-489,769		$	-4,114,908		$	-10,759,693
	State income taxes		-14,204			-170,787			-460,051
	Alternative minimum tax		777,804			-			-
	Other adjustments - true up of deferred balances		1,158,743			1,284,297			503,911
	Other - change in deferred tax rate		-154,175			-			-53,885
	Other		32,326			-485,099			-1,886,403
	Valuation allowance		-530,114			1,476,217			8,026,928
		$	780,611		$	-2,010,280		$	-4,629,193


	The components of deferred tax assets and (liabilities) are as follows (in thousands):



		June 30
		2014			2013
	Deferred income tax assets:
	Net operating losses	$	16,571,685		$	13,576,942

	Asset retirement obligation		655,050			315,794
	Annual leave		60,873			51,593
	Abandonment limitation		142,664			2,953,235
	Accrued bonus		48,811			-
	Charitable contributions		876			-
	AMT credit		777,804			-
	Share based compensation		500,844			500,844
	Derivative liability		152,481			-
	Valuation allowance		-14,019,119			-14,549,234
	Deferred income tax liabilities:
	Commodity liability		-			-
	Amortization - loan costs		-			-
	Oil and gas property		-4,891,969			-2,849,174

	Net deferred income tax assets (liabilities)		-			-
	Net current deferred tax asset		84,946			-
	Noncurrent deferred tax liability	$	-84,946		$	-


	The following table summarizes the activities for the Company’s valuation allowance for the years ended:



		June 30
	2014			2013			2012
Deferred Income Tax Valuation Allowance
Balance at July 1		14,549,234			13,073,017		$	5,046,289
Additions (reductions) to deferred income tax expense		-530,115			1,476,217			8,026,628
Balance at June 30		14,019,119			14,549,234		$	13,073,017



The income tax expense recognized in the current year is a result of a change in the estimated amount of AMT receivable from the IRS. We are currently under audit by the IRS, the IRS is challenging whether or not we met the small business taxpayer AMT exemption. Although we believe we met the small business taxpayer exemption, we had determined not to appear this IRS ruling and have written off the receivable.

The Company has tax losses carried forward arising in Australia of $11,040,667 (2013: $10,298,250). The benefit of these losses of $3,312,200 (2013: $3,089,475) will only be obtained in future years if:


	(i)	the Parent Entity derive future assessable income of a nature and an amount sufficient to enable the benefit from the deduction for the losses to be realized; and
	(ii)	the Parent Entity have complied and continue to comply with the conditions for deductibility imposed by law; and
	(iii)	no changes in tax legislation adversely affect the Parent Entity in realizing the benefit from deduction for the losses.

The Company has federal net operating tax losses in the United States of approximately $36,755,473 (2013: $28,164,751). The current year utilization carried back to prior years, is approximately $nil (2013: $nil) and future years are limited to an estimated $403,194 per year as a result of a change in ownership of the one of the subsidiaries which occurred in January 2005. If not utilized, the tax net operating losses will expire during the period from 2015 to 2033.

The Company has recognized income tax expense of $780,611 for the year ended June 30, 2014, income tax benefit of $2,010,280 for the year ended June 30, 2013 compared to a benefit of $4,629,193 for the year ended June 30 2012, before discontinued operations.

In addition to the above mentioned Federal carried forward losses in the United States, the Company also has approximately $20, 927,764 (2013: $11,257,204) of State carried forward tax losses, with expiry dates between June 2015 and June 2033. A deferred income tax asset in relation to these losses has not been recognized as realization of the benefit is not regarded as probable.

In assessing the realizeability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the use of such net operating losses are allowed. Among other items, Management considers the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income. As of the current year end, the company does not believe the realizeablity of the deferred tax assets to be more likely than not. As such, the company has a full valuation allowance offsetting the deferred tax asset.

The Company adopted the uncertainty provision of FASB ASC Topic 740, "Income Taxes" and has analyzed filing positions in all federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in this jurisdictions. Most uncertain tax positions relate primarily to timing differences and management does not believe any such uncertain tax positions will materially impact the Company's effective tax rate in future periods. The state of North Dakota has opened an audit of the tax return for the year ending June 30, 2011. We have recorded a liability to reflect the potential exposure based on the issues being raised with regard to the sale of Wyoming proven and unproven properties. The Company anticipates that no additional uncertain tax positions will be recognized within the next twelve months. Our policy is to recognize any interest and penalties related to the unrecognized tax benefits in income tax expense. In our major tax jurisdictions, the earliest years remaining open to examination are as follows US - 6/30/1996 due to the usage of net operating losses from that period. If recognized, these uncertain tax positions would impact the Company's effective income tax rate. A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows:

		2014			2013


Total gross uncertain tax positions at beginning of year	$	105,000		$	80,000
Additions / Reductions for tax positions of prior years		2,524			-
Additions / Reductions for tax positions of current year		-			25,000
Reductions due to settlements with taxing authorities		-			-
Reductions due to lapse of statute of limitations		-			-
Total amount of gross uncertain tax positions at end of year	$	-107,524		$	105,000

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. We have reached a settlement with the State of North Dakota for a payment of $107,524, paid after year end.

Capital_Stock_Contributed_Equi

Capital Stock Contributed Equity	12 Months Ended
Capital Stock Contributed Equity	Jun. 30, 2014
Capital Stock Contributed Equity [Abstract]	'
Capital Stock Contributed Equity	'


	7	COMMON STOCK


		Consolidated Entity
		2014		2013
	2,837,756,933 ordinary fully paid shares including shares to be issued	$	104,535,894	$	92,717,784
	(2013 – 2,229,165,163 ordinary fully paid shares including shares to be issued)



	Movements in contributed equity for the year	2014				2013				2012
		No. of shares		$		No. of shares		$		No. of shares		$
	Opening balance		2,229,165,163		92,717,784		1,771,891,827		83,467,987		1,731,978,789		81,668,085
	Capital raising (i)		608,562,986		12,776,715		243,271,098		6,066,792		-		-
	Shares issued upon exercise of options (ii)		28,784		1,005		214,002,238		3,342,659		39,913,038		632,101
	Stock based compensation (options issued)		-		86,245		-		199,437		-		1,167,801
	Transaction costs incurred		-		-1,045,855		-		-359,091		-		-
	Shares on issue at balance date		2,837,756,933		104,535,894		2,229,165,163		92,717,784		1,771,891,827		83,467,987



		318,452,166 ordinary shares at $0.02 cents each to raise $6,700,000 in a private placement to certain institutional investors.

		290,110,820 ordinary shares at $0.02 cents to raise $5,400,000 in a private placement to certain investors.


		114,335,711 ordinary shares to raise $2,716,701.


		19,182,812 ordinary shares at 0.026 cents to raise $500,000 in a private placement to certain institutional investors.

		109,752,575 ordinary shares at 0.0259 cents to raise $2,850,000 in a private placement to certain institutional investors.


	(i)	Equity raised during the fiscal year ended June 30, 2014
		In August 2013, we issued 318,452,166 ordinary shares at $0.02 cents each to raise $7.3 million in a private placement to certain institutional investors.

		In April 2014, we issued 290,110,820 ordinary shares at $0.02 cents to raise $5.4 million in a private placement to certain investors.

		Equity raised during the fiscal year ended June 30, 2013
		In June 2013, we completed a rights offering and issued 114,335,711 ordinary shares to raise $2.7 million.


		In April 2013, we issued 19,182,812 ordinary shares at $0.026 cents to raise $0.5 million in a private placement to certain institutional investors.

		In March 2013, we issued 109,752,575 ordinary shares at $0.0259 cents to raise $2.9 million in a private placement to certain institutional investors.



	(ii)	During the course of the year the Company issued 28,784 (2013: 214,002,238) ordinary shares upon the exercise of 28,784 (2013: 214,002,238) options.
	The exercise price of 28,784 (2013: 214,002,238) of the options exercised was A$0.038 cents per share/US$0.035 cents per shares (average price based on the exchange rate on the date of exercise) (2013:A$0.015/US$0.015 cents per share) to raise US$1,005 (2013: US$3,342,660).

Cash_Flow_Statement

Cash Flow Statement	12 Months Ended
Cash Flow Statement	Jun. 30, 2014
Cash Flow Statement [Abstract]	'
Cash Flow Statement	'

	8	CASH FLOW STATEMENT


		Year ended June 30
		2014		2013		2012
	A reconciliation of the net loss to the net cash (used in)/provided by operations is as follows:

	Net loss after tax	$	-2,413,173	$	-11,721,049	$	-31,236,451
	Depreciation		2,992,649		1,975,932		2,776,005
	Accretion of asset retirement obligations		9,236		55,326		23,603
	Share based payments		86,245		199,437		1,167,801
	Exploration and evaluation expenditures		368,469		7,929,204		30,559,458
	Impairment losses of oil and gas properties		83,121		259,529		635,464
	Borrowing costs		33,632
	Change in fair value of derivative instruments		423,999
	Gain on sale of assets		-2,937,010		-		-
	Abandonment costs		726,427

	Changes in assets and liabilities:

	(Increase)/decrease in receivables		-1,376,522		3,601,100		-1,360,049
	(Decrease)/Increase in employee benefits		-12,057		7,832		72,645
	(Decrease)/Increase in payables		487,721		-125,000		182,005
	NET CASH FLOWS (USED IN)/PROVIDED BY OPERATING ACTIVITIES	$	-1,527,263	$	2,182,311	$	2,820,481

Credit_Facility

Credit Facility	12 Months Ended
Credit Facility	Jun. 30, 2014
Credit Facility [Abstract]	'
Credit Facility	'
	9.CREDIT FACILITY



			June 30,
			2014		2013
	Credit facility at beginning of period		$	-	$	-
	Cash advanced under facility			6,000,000		-
	Repayments			-		-
	Credit facility at end of period		$	6,000,000	$	-
						-
	Funds available for drawdown under the facility			9,500,000		-


	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. An additional $5.0 million was drawn down in August 2014. In June 2014, the borrowing base was increased from $8.0 million to $15.5 million. The next borrowing base redetermination is expected to be completed in October 2014 based on June 30, 2014 reserves information. The facility matures January 28, 2017. The interest rate is LIBOR plus 3.75% or approximately 3.98% at June 30, 2014.

	All of our assets are pledged as collateral under this facility.

	The credit facility includes the following financial 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 June 30, 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 $6.0 million per year. The first test for this covenant will be for the year ended December 31, 2014.

	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, 2015 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 $0.3 million in borrowing costs which have been deferred and will be amortized over the life of the facility.

ShareBased_Payments

Share-Based Payments	12 Months Ended
Share-Based Payments	Jun. 30, 2014
Share-Based Payments [Abstract]	'
Share-Based Payments	'

	10	SHARE-BASED PAYMENTS (all figures are in Australian dollars in this note unless noted otherwise)

	To convert June 30, 2014 balances denominated in Australian dollars to U.S. dollars, we used the June 30, 2014, 2013 and 2012 Federal Reserve Bank of Australia (www.rba.gov.au) closing exchange rates of 0.942, 0.925 and 1.0191 U.S. dollars per Australian dollar, respectively. All dollars in this footnote are Australian dollars, except where stated otherwise.

	During the year ended June 30, 2011, the Company registered a Form S-8 with the Securities Exchange Commission. The Form S-8 is a registration statement used by U.S. public companies to register securities to be offered pursuant to employee benefit plans; in this case the ordinary shares issuable and reserved for issuance underlying the options which may be issued pursuant to the Samson Oil & Gas Limited Stock Option Plan were registered.

	All incentive options issued by the Company are valued using a Black-Scholes pricing model which requires inputs for the share price at grant date, exercise price, time to expiry, risk free interest rate, share price volatility and dividend yield. The risk free interest rate is based on the interest rate applicable to Australian Government Bonds with a similar remaining life to the options on the day of grant. The dividend yield is the expected annual dividend yield over the expected life of the option. The volatility factors are based on historic volatility of the Company’s stock. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by certain employees who receive stock options, and subsequent events are indicative of the reasonableness of the original fair value estimates.

	Options issued during the year ended June 30, 2014

	In November 2013, 4,000,000 stock options were granted under the Samson Oil & Gas Limited Stock Option Plan to a Director of the Company. These options have an exercise price of 3.9 cents (Australian) and an expiry date of November 30, 2017.These options vested immediately.

	The fair value of this grant was US$0.1 million, estimated using the Black-Scholes option pricing model. The following assumptions were used to compute the fair market value of options granted:

	Share price at grant date (Australian cents)			2.4
	Exercise price (Australian cents)			3.9
	Time to expiry (years)			4.0
	Risk free rate (%)			1.25
	Share price volatility (%)			176.52
	Dividend yield		Nil

	The value of these options has been expensed in the Statement of Operations as they vested immediately.

	No options were issued during the year ended June 30, 2013 as share based payments.

	Options issued during the year ended June 30, 2012

	In July 2011, 4,000,000 stock options were granted under the Samson Oil & Gas Limited Stock Option Plan to an employee of the Company. These options have an exercise price of 16.4 cents (Australian) and an expiry date of December 31, 2014. One third of these stock options vested on July 31, 2011. Another third vested on July 31, 2012, the remaining third vested on July 31, 2013, as provided the employee was still employed by the Company on those dates.

	The fair value of this grant was US$0.4 million was estimated using the Black-Scholes option pricing model. The following assumptions were used to compute the fair market value of options granted:

	Share price at grant date (Australian cents)			14.0
	Exercise price (Australian cents)			16.40
	Time to expiry (years)			3.5
	Risk free rate (%)			5.25
	Share price volatility (%)			129.33
	Dividend yield		Nil

	In November 2011, 4,000,000 options were granted under the Samson Oil and Gas Limited Stock Option to a non-executive Director of the Company. These options have an exercise price of 15.5 cents (Australian) and expiry date of October 31, 2015. These options vested immediately.

	The fair value of this grant was US$0.3 million was estimated using the Black-Scholes option pricing model. The following assumptions were used to compute the fair market value of options granted:



	Share price at grant date (Australian cents)			10.0
	Exercise price (Australian cents)			15.5
	Time to expiry (years)			4
	Risk free rate (%)			6.00
	Share price volatility (%)			124.61
	Dividend yield		Nil


	At the end of the year there were 389,192,854 (2013: 166,807,526) unissued ordinary shares in respect of which options were outstanding. Option holders do not have any right by virtue of the option to participate in any share issue of the Company.

	The Company recognized total share–based compensation which was recognized within general and administrative expense as follows:




		Year ended June 30
		U.S. Dollar
		2014			2013			2012
Share-based compensation expensed	$	86,245		$	199,436		$	1,167,801


As of June 30, 2014, there was US$Nil unrecognized compensation cost related to stock options.


The following summarizes the Company’s stock option and warrant activity for the years ended June 30, 2014, 2013 and 2012 (all values in AUD unless otherwise noted):

	2014					2013			2012
	Number	Weighted		Aggregate		Number	Weighted		Number	Weighted
		Average		Intrinsic			Average			Average
		Exercise		Value of			Exercise			Exercise
		Price – cents		Options/Warrants			Price – cents			Price – cents
		(AUD)		cents			(AUD)			(AUD)
				(AUD)
				-1

Outstanding, start of period	166,807,526	0.06				301,499,902	0.04		333,412,940	0.033
Granted	223,414,112	0.036				97,307,526	0.038		8,000,000	0.16
Exercised	-28,784	0.038				-214,002,238	0.015		-39,913,038	0.015
Cancelled/expired	-1,000,000	0.20				-17,997,664	0.013		-	-
Outstanding, end of period	389,192,854	0.046		-0.03		166,807,526	0.06		301,499,902	0.04
Exercisable, end of period	389,192,854	0.046				165,474,192	0.06		288,166,570	0.05





-1	The intrinsic value of a stock option is the amount by which the market value is (less than)/exceeds the exercise price at the Balance Date.

All warrants are immediately exercisable upon grant.

The aggregate intrinsic value of options exercised in 2014, 2013 and 2012 was (AUD341), AUD4,739,926 and AUD3,608,250, respectively.

Additional information related to options outstanding at June 30, 2014 is as follows (outstanding):

		Options/Warrants Outstanding								Options/Warrants Exercisable
Range of		Number		Weighted			Weighted			Number	Weighted		Weighted
Exercise		Outstanding		Average			Average			Exercisable	Average		Average
Prices				Remaining			Exercise				Remaining		Exercise
				Contractual			Prices				Contractual		Prices
				Life - years							Life
3.8 cents		229,659,608			2.75			0.038		229,659,608		2.75		0.038
3.3 cents		87,033,246			3.83			0.033		87,033,246		3.83		0.033
3.9 cents		4,000,000			3.42			0.039		4,000,000		3.42		0.039
8 cents		60,500,000			0.50			0.08		60,500,000		0.50		0.08
15.5 cents		4,000,000			1.33			0.155		4,000,000		1.33		0.155
16.4 cents		4,000,000			0.50			0.164		4,000,000		0.50		0.164

		389,192,854								389,192,854


The following summarizes the Company’s unvested stock option award activity for the year ended June 30, 2014.


Non-vested stock options		Shares				Weighted–
						Average
						Grant–Date
						Fair Value
Non-vested at June 30, 2013			1,333,332			0.11
Granted			-				-
Vested			-1,333,332				0.11
Forfeited			–
Non-vested at June 30, 2014			–				-

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'

	11	RELATED PARTY TRANSACTIONS

	There were no related party transactions during the years ended June 30, 2014, 2013 or 2012.

Commitments

Commitments	12 Months Ended
Commitments	Jun. 30, 2014
Commitments [Abstract]	'
Commitments	'

	12	COMMITMENTS







	Contractual Obligations		Total	2015		2016		2017		2018		2019		Thereafter
	Asset retirement obligations (1)	$	1,775,792	$	877,933	$	-	$	-	$	-	$	-	$	897,859
	Leases (2)		335,728		164,026		161,408		10,294		-		-		-
	Drilling carry - Rainbow Project		1,000,000		1,000,000		-		-		-		-		-
	Credit Facility (3)		6,000,000		-		-		6,000,000		-		-		-
	Total		9,111,520		2,041,959		161,408		6,010,294		-		-		897,859

	-1	Asset retirement obligations represent the estimated fair value at June 30, 2014 of our obligations with respect to the retirement/abandonment of our oil and gas properties. Each reporting period the liability is accreted to its then present value. The ultimate settlement amount and the timing of the settlement of such obligations are unknown because they are subject to, among other things, federal, state, local, and tribal regulation and economic factors.
	-2	Leases relate primarily to obligations associated with our office facilities in Denver, Colorado and Perth, Western Australia and to vehicle leases.

		(3) Excludes variable rate debt interest payments related to the Company’s credit facility. The interest rate is LIBOR plus 3.75% or approximately 3.98% at June 30, 2014.

		-3



	Leases –The Company has entered into lease agreements for office space in Denver, Colorado and Perth, Western Australia. As of June 30, 2014, future minimum lease payments under operating leases that have initial or remaining non–cancelable terms in excess of one year are $164,026 in 2015, $161,408 in 2016, $10,294 in 2017, and $nil thereafter. Net rent expense incurred for office space was $212,715, $285,427 and $100,351 in 2012, 2013 and 2014, respectively.

Contingencies

Contingencies	12 Months Ended
	Jun. 30, 2014
Contingencies [Abstract]	'
Contingencies	'

	13	CONTINGENCIES

	There are no unrecorded contingent assets or liabilities in place for the Company at June 30, 2014 (2013: Nil).

	Samson may be subject to various other lawsuits and disputes incidental to its business operations, including commercial disputes, personal injury claims, and claims for underpayment of royalties, property damage claims and contract actions.

	The Company records an associated liability when a loss is probable and the amount is reasonably estimable. Although the outcome of litigation cannot be predicted with certainty, management is of the opinion that no pending or threatened lawsuit or dispute incidental to its business operations is likely to have a material adverse effect on the company’s consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	14. SUBSEQUENT EVENTS
	There have been no subsequent events.

Quarterly_Financial_Data

Quarterly Financial Data	12 Months Ended
Quarterly Financial Data	Jun. 30, 2014
Quarterly Financial Data [Abstract]	'
Quarterly Financial Data	'

	15	QUARTERLY FINANCIAL DATA (UNAUDITED)

	The following is a summary of the unaudited financial data for each quarter for the years ended June 30, 2014 and 2013 (except per share data):

		Three Months Ended
		June 30, 2014		March 31, 2014		Dec 31, 2013		Sep 30, 2013
	Year ended June 30, 2014:
	Revenues	$	5,285,679	$	3,144,660	$	1,372,377	$	3,937,891
	(Loss)/income from operations		-730,661		-381,268		-1,380,124		859,491
	Tax (expense)/benefit		-780,611		-		-		-
	Net (loss)/income		-1,511,272		-381,268		-1,380,124		859,491
	Basic (loss)/earnings per common share – cents per share		-0.05		-0.01		-0.05		0.04
	Diluted (loss)/earnings per common share – cents per share		-0.05		-0.01		-0.05		0.04




			Three Months Ended
		June 30, 2013		March 31, 2013		Dec 31, 2012		Sep 30, 2012
	Year ended June 30, 2013:
	Revenues	$	1,579,853	$	1,178,000	$	1,842,731	$	1,668,410
	Loss from operations		-1,886,339		-8,921,000		-1,331,454		-1,592,536
	Tax (expense)/benefit		-25,656		-		1,366,938		668,998
	Net (loss)/income		-1,911,995		-8,921,000		35,484		-923,538
	Basic loss per common share – cents per share		-0.11		-0.45		0.00		-0.05
	Diluted loss per common share – cents per share		-0.11		-0.45		0.00		-0.05

Supplemental_Information_On_Oi

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations	12 Months Ended
	Jun. 30, 2014
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations [Abstract]	'
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations	'

	16	SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES, INCLUSIVE OF DISCONTINUED OPERATIONS (UNAUDITED)


	Oil and Gas Reserves
	The information set forth below regarding the Company’s oil and gas reserves, for the year ended June 30, 2014, 2013 and 2012 was prepared by Ryder Scott Company L.P., an independent reserve engineering firm. The CEO reviews all reserve reports. All reserves are located within the continental United States.

	Estimated Proved Reserves

	Proved reserves are those quantities of hydrocarbons which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and government regulations. As commodity prices decline, the commercially viability of wells change and reserve quantities may decrease. Proved reserves can be categorized as developed or undeveloped.





	Capitalized Costs of Oil and Natural Gas Properties

		As of June 30,
		2014			2013			2012
	Oil and gas properties – subject to amortization	$	41,166,960		$	26,657,972		$	25,785,108
	Work in progress		6,308,467			6,344,040			-
	Lease and well equipment		8,174,727			5,371,923			4,217,803
	Total capitalized costs		55,650,154			38,373,935			30,002,911
	Accumulated depreciation, depletion and amortization		-15,137,300			-12,362,977			-10,488,529
	Impairment		-6,082,061			-6,018,940			-5,624,002
	Net capitalized costs	$	34,430,793		$	19,992,018		$	13,890,380

	Capitalized Costs Incurred

	Costs incurred for oil and natural gas exploration, development and acquisition are summarized below.

		Year ended June 30,
		2014			2013			2012
	Work in progress		2,991,622			6,344,040			-
	Development		17,401,377			2,026,984			3,384,858
	Exploration costs		1,080,925			3,911,191			5,172,707
	Undeveloped capitalized acreage		-			2,352,125			7,859,832
	Total costs incurred	$	21,473,924		$	14,634,340		$	16,417,397

	Estimated Proved Reserves

	Proved reserves are those quantities of hydrocarbons which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and government regulations. As commodity prices decline, the commercially viability of wells change and reserve quantities may decrease. Proved reserves can be categorized as developed or undeveloped.


		Year ended June 30, 2014						Year ended June 30, 2013						Year ended June 30, 2012
		Oil		Gas		Total		Oil		Gas		Total		Oil	Gas	Total
		Mbbls		MMcf		MBOE		Mbbls		MMcf		MBOE		Mbbls	MMcf	MBOE
	Beginning of year	1,452		1,845		1,761		770		1,352		996		495	1,311	714
	Revisions of previous quantity estimates	-179		-187		-210		227		27		232		4	-168	-24
	Extensions and discoveries	400		387		465		153		198		186		359	423	430
	Sale of reserves in place	-89		-99	-	-106		-		-	-	-		-	-	-
	Acquisitions	-		-	-	-		364		435	-	437		-	-	-
	Production	-106		-183		-137		-62		-167		-90		-88	-214	-124
	End of year	1,478		1,763		1,773		1,452		1,845		1,761		770	1,352	996
	Proved developed producing reserves	1,002		1,277		1,216		454		784		586		419	927	574
	Proved undeveloped reserves	476		486		557		998		1,061		1,175		351	425	422
	Total proved reserves	1,478		1,763		1,773		1,452		1,845		1,761		770	1,352	996

	Proved developed producing reserves at June 30, 2011 were 455 Mbbls of oil and 1,274 MMcf of gas. Proved undeveloped reserves at June 30, 2011 were 40 Mbbls of oil and 37 MMcf of gas.


	*Developed Reserves*

Developed reserves are those reserves expected to be recovered from existing wells, with existing equipment and operating methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery should be included as proved developed reserves only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.

Undeveloped Reserves

Undeveloped reserves are those reserves expected to be recovered from new wells on undeveloped acreage or from existing wells where a relatively large expenditure is required to recomplete an existing well or install production or transportation facilities for primary or improved recovery projects. Estimated development costs on our undeveloped fields are approximately $12.5 million as of June 30, 2014. The feasibility of development is also heavily dependent upon future commodity prices. As such the timing of drilling and development activities depends upon a number of factors that are outside of our control. While as of June 30, 2014, we continued to expect that these fields will be developed within a reasonable period of time and that the capitalized costs will be recoverable from future operations, there is no assurance that there will not be future impairment of these costs.

Standardized Measure of Discounted Future Net Cash Flows

Future hydrocarbon sales and production and development costs have been estimated using a 12 month average price for the commodity prices for June 30, 2014, 2013, 2012, 2011, and 2010 and costs in effect at the end of the periods indicated. The average 12 month historical average of the first of the month prices used for natural gas for June 30, 2014, 2013, 2012, 2011 and 2010 were $7.69, $5.89, $5.16, $4.61 and $3.75 per Mcf, respectively. The 12 month historical average of the first of the month prices used for oil for June 30, 2014, 2013, 2012, 2011 and 2010 were $91.63, $84.54, $83.93, $81.04 and $66.53 per barrel of oil, respectively. Future cash flows were reduced by estimated future development, abandonment and production costs based on period–end costs. No deductions were made for general overhead, depletion, depreciation and amortization or any indirect costs. All cash flows are discounted at 10%.

Changes in demand for hydrocarbons, inflation and other factors make such estimates inherently imprecise and subject to substantial revisions. This table should not be construed to be an estimate of current market value of the proved reserves attributable to Samson.

During the year ended June 30, 2014 we converted three PUD locations to PDP locations. We also drilled and completed four additional wells which were recorded as PDP wells at year end. We also completed drilling one PUD location, which is currently awaiting fracture stimulation. We also commenced drilling a PUD location prior to year end. This well was completed subsequent to year end and is awaiting fracture stimulation. Both of these wells are expected to be converted to PDP locations during the year ended June 30, 2015.

During the year ended June 30, 2013 we recognised four additional proved undeveloped drilling locations with respect to our Rainbow Project, the estimated cost to developed these locations is $16.4 million.

Samson believes that reflecting the impact of future income taxes in its SMOG calculation is appropriate under the circumstances because many other public companies disclose the impact of future impact taxes, making Samson’s SMOG more readily comparable with that disclosed by those other companies.

The following table shows the estimated standardized measure of discounted future net cash flows relating to proved reserves (in US$’000’s):

	As at June 30,
	2014			2013			2012			2011			2010
Future cash inflows	$	148,975		$	133,589		$	71,655		$	46,250		$	67,996
Future production costs		-43,009			-44,672			-29,321			-16,046			-23,288
Future development costs		-12,461			-29,012			-10,198			-917			-11,910
Future income taxes		-21,819			-12,050			-5,524			-4,357			–
Future net cashflows		71,686			47,855			26,612			24,930			32,798
10 % discount		-29,093			-26,012			-13,274			-10,207			-17,675
Standardized measure of discounted future net cash flows relating to proved reserves	$	42,593		$	21,843		$	13,338		$	14,723		$	15,123


The principal sources of changes in the standardized measure of discounted future net cash flows during the periods ended June 30, 2014, June 30, 2013 and June 30, 2012 are as follows (in US$’000’s):

	Fiscal Year Ended June 30
	2014			2013			2012
Beginning of year	$	21,843		$	13,338		$	14,723
Sales of oil and gas produced during the period, net of production costs		-6,513			-2,338			-5,596
Net changes in prices and production costs		4,689			8,027			3,216
Previously estimated development costs incurred during the period		22,100			-			917
Changes in estimates of future development costs		-6,829			-18,814			-10,198
Extensions and discoveries		19,833			5,892			11,354
Revisions of previous quantity estimates and other		-5,727			7,419			-643
Sale of reserves in place		-1,558			-			-
Purchase of reserves in place		-			11,664			-
Change in future income taxes		-6,484			-6,526			-987
Accretion of discount		2,666			1,334			1,472
Other		-1,427			1,847			-920
Balance at end of year	$	42,593		$	21,843		$	13,338

During the year ended June 30, 2014 the increase in extensions and discoveries relates to the drilling of our wells which were not previously PUD locations. We also converted three PUD locations to PDP wells.

The increase in extensions and discoveries during year ended June 30, 2013 mainly relates to our recognition of four new proved undeveloped locations in our Rainbow project in North Dakota and decreased salt water disposal costs North Stockyard field in North Dakota, following the drilling of a salt water disposal well and water gathering system in the field.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies [Abstract]	'
Description Of Operations	'
	Description of Operations. Samson Oil & Gas Limited and its consolidated subsidiaries (“Samson” or the “Company”), is engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties with a focus on properties in North Dakota, Montana and Wyoming.

	Comparatives. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain amounts in prior years' financial statements have been reclassified to conform to the 2013 financial statement presentation.

Principles Of Consolidation	'
	Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation.


Use Of Estimates	'
	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Items subject to such estimates and assumptions include (1) oil and gas reserves; (2) cash flow estimates used in impairment tests of long–lived assets; (3) depreciation, depletion and amortization; (4) asset retirement obligations; (5) assigning fair value and allocating purchase price in connection with business combinations; (6) accrued revenue and related receivables; (7) valuation of commodity and interest derivative instruments; (8) certain accrued liabilities; (9) valuation of share-based payments and (10) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions through the date of this report for matters that may require recognition or disclosure in these financial statements.

Business Segment Information	'
	Business Segment Information. The Company has evaluated how it is organized and managed and has identified only one operating segment, which is the exploration and production of crude oil, natural gas and natural gas liquids. All of the Company's operations and assets are located in the United States, and all of its revenues are attributable to United States customers.

Revenue Recognition And Gas Imbalances	'
	Revenue Recognition and Gas Imbalances. Revenues from the sale of natural gas and crude oil are recognized when the product is delivered at a fixed or determinable price, title has transferred and collectability is reasonably assured and evidenced by a contract. This generally occurs when a barge completes delivery, oil or natural gas has been delivered to a refinery or a pipeline, or has otherwise been transferred to a customer's facilities or possession. Oil revenues are generally recognized based on actual volumes of completed deliveries where title has transferred. Title to oil sold is typically transferred at the wellhead.

	The Company uses the entitlement method of accounting for natural gas revenues. Under this method, revenues are recognized based on actual production of natural gas. The Company incurs production gas volume imbalances in the ordinary course of business. Net deliveries in excess of entitled amounts are recorded as liabilities, while net under–deliveries are reflected as assets. Imbalances are reduced either by subsequent recoupment of over– and under– deliveries or by cash settlement, as required by applicable contracts. The Company's production imbalances were not material at June 30, 2014 or 2013.

Cash And Cash Equivalents	'
	Cash and Cash Equivalents. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash management process provides for the daily funding of checks as they are presented to the bank.

Accounts Receivable	'
	Accounts Receivable. The components of accounts receivable include the following:

		30-Jun
		2014			2013
	Oil and natural gas sales	$	3,107,292		$	818,820
	Cost recovery from drilling partners		1,496,218			2,214,940
	Other		930,006			56,906
	Total accounts receivable, net of nil allowance for doubtful accounts for June 30, 2014 and 2013	$	5,533,516		$	3,090,666


	The Company's accounts receivable result from (i) oil and natural gas sales to oil and intrastate gas pipeline companies and (ii) billings to joint working interest partners in properties operated by the Company. The Company's trade and accrued production receivables are primarily from the operators of our various projects, who negotiate the sale of oil and gas to third parties on our behalf.

	The cost recovery from drilling partners relates to the partners share of drilling costs associated with the current drilling program in our North Stockyard infill project and Hawk Springs project.


Accruals	'
	Accruals. The components of accrued liabilities for the years ended June 30, 2014 and 2013 are as follows:


		2014			2013
	Bonus Accrual		132,324			-
	Other accruals		3,129,350			5,406,982
		$	3,261,674		$	5,406,982


	The majority of other accruals in the current year relate to expenses incurred in relation to our exploratory well, Bluff, in our Hawk Springs project and other general accruals.


Oil And Natural Gas Properties	'
	Oil and Gas Properties.

	Oil and gas properties and equipment consist of the following at June 30:



		2014			2013
	Proved properties	$	41,166,960		$	26,657,972
	Lease and well equipment		8,174,727			5,371,923
	Work in progress		6,308,467			6,344,040
	Less accumulated depreciation, depletion and impairment		-21,219,361			-18,381,917
		$	34,430,793		$	19,992,018

	Undeveloped acreage	$	12,349,767		$	12,369,412


	The Company accounts for its oil and gas exploration and development costs using the successful efforts method. Geological and geophysical costs are expensed as incurred. Exploratory well costs are capitalized pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. All exploratory wells are evaluated for economic viability within one year of well completion, and the related capitalized costs are reviewed quarterly.

	Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project.

	The costs of development wells are capitalized whether productive or nonproductive. The provision for depletion of oil and gas properties is calculated on a field–by–field basis using the unit–of–production method. If the estimates of total proved or proved developed reserves decline, the rate at which the Company records depreciation, depletion and amortization (DD&A) expense increases, which in turn reduces net earnings. Such a decline in reserves may result from lower commodity prices, which may make it uneconomic to drill for and produce higher cost fields. The Company is unable to predict changes in reserve quantity estimates as such quantities are dependent on the success of its development program, as well as future economic conditions. Changes in reserves are applied on a prospective basis.

	As wells are drilled in a field with proved undeveloped reserves or unproved reserves, a portion of the acquisition costs are either re–designated as proved developed or expensed, as appropriate. In fields with multiple potential drilling sites, the Company determines the amount of the acquisition cost to re–designate or expense through a systematic and rational basis that considers the total expected wells to be drilled in that field.

	The Company reviews its proved oil and gas properties for impairment whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected future cash flows of its oil and gas properties and compares these undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and gas properties to fair value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk associated with realizing the projected cash flows. Unproved oil and gas properties are assessed periodically for impairment on a property–by–property basis based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks or future plans to develop acreage and allocate capital. When the Company has allocated fair values to significant unproved property (probable reserves) as the result of a business combination or other purchase of proved and unproved properties, it uses a future cash flow analysis to assess the property for impairment. Probable reserves are defined as those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

	Gains on sales of proved and unproved properties are only recognized when there is no uncertainty about the recovery of costs applicable to any interest retained or where there is no substantial obligation for future performance by the Company. Impairment on properties sold is recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.

	In determining whether an unproved property is impaired, we consider numerous factors including, but not limited to, current development and exploration drilling plans, favorable or unfavorable exploration activity on adjacent leaseholds, in-house geologists' evaluation of the lease, future reserve cash flows and the remaining lease term. We have capitalized leasehold acreage in relation to our Hawk Springs project in Goshen County, Wyoming, Roosevelt Project in Roosevelt County, Montana and South Prairie Project in Williston, North Dakota.

	Work in progress

	Work in progress relates to costs associated with the drilling of wells in Samson’s in fill development project in its North Stockyard field. These wells were not completed as at June 30, 2014 and 2013, respectively and work is continuing on them.

Exploration Written Off, Including Dry Hole Expenses	'
	Exploration written off, including dry hole expenses

	During the fiscal year ended June 30, 2014 we expensed $0.2 million with respect to our Matson #3-1 well in our South Prairie project in North Dakota. The well was plugged after no hydrocarbons were noted during the drilling of the well.

	During the fiscal year ended June 30, 2013 we continued work on our Spirit of America 2 well in our Hawk Springs project in Goshen County, Wyoming. Three of the four potential completion zones were water saturated and therefore non-productive for hydro carbons. It is unlikely that the costs of the well will be recovered and $7.4 million in previously capitalized exploration costs in relation to this well were written off during the fiscal year ended June 30, 2013.

	During the fiscal year ended June 30, 2012 we drilled Spirit of America 1 in our Hawk Springs project in Goshen County, Wyoming. Numerous operational difficulties were encountered when drilling this well and it ultimately failed to reach its target. The Company wrote off $4.9 million in relation to this well and recorded it as exploration and evaluation expenditure on the Statement of Operations.

	During the fiscal year ended June 30, 2012 we also wrote off $24.7 million in exploration expense as a result of poor drilling results in relation to our the two exploratory wells – Australia II and Gretel II drilled in our Roosevelt Project in Roosevelt County, Montana. Although these wells maybe productive in the future, we do not believe we will recover the costs incurred to drill them and have therefore written them off.


Impairment	'
	Impairment
	We recorded impairment charges of $0.1 million, $0.3 million and $0.6 million for the years ended June 30, 2014, 2013 and 2012 respectively.

	The charges in the fiscal year ended June 30 2014, related to the continued poor performance of our Abercrombie well in our Roosevelt project.

	The charges in the fiscal year ended June 30, 2013 relate to the continued poor performance of our Roosevelt Project wells – Riva Ridge, Abercrombie, Australia II and Gretel II.

	The charges in fiscal year ended June 30, 2012 were related in part to a decrease in value of our Davis Bintliff well in Brazoria County, Texas. This well is a gas well and has declined in value consistent with the decline in the natural gas price. It continues to perform in line with our forecast decline curve. Other fiscal year ended June 30, 2012 impairment was recorded for write-offs of exploratory wells drilled.


Other Property And Equipment	'
	Other Property and Equipment.

	Other property and equipment, which includes leasehold improvements, office and other equipment, are stated at cost. Depreciation and amortization are calculated using the straight–line method over the estimated useful lives of the related assets, ranging from 3 to 25 years.

	Depreciation and amortization expense for the years ended June 30, 2014, 2013 and 2012 was $0.1 million, $0.1 million and $0.1 million, respectively.

	Other property and equipment consists of the following at June 30:

		2014			2013

	Furniture, fittings and equipment	$	787,009		$	718,694
	Less accumulated depreciation		-421,443			-351,037
		$	365,566		$	367,657


Derivative Financial Instruments	'
	Derivative Financial Instruments. The Company enters into derivative contracts, primarily collars, swaps and option contracts, to hedge future crude oil and natural gas production in order to mitigate the risk of market price fluctuations. All derivative instruments are recorded on the balance sheet at fair value. All of the Company's derivative counterparties are major oil companies. The Company has elected not to apply hedge accounting to any of its derivative transactions and consequently, the Company recognizes mark-to-market gains and losses in earnings currently, rather than deferring such amounts in other comprehensive income for those commodity derivatives that qualify as cash flow hedges.

Asset Retirement Obligations	'


	Asset Retirement Obligations. The Company recognizes estimated liabilities for future costs associated with the abandonment of its oil and gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long–lived asset are recorded at the time the well is spud or acquired.

Environmental	'
	Environmental. The Company is subject to extensive federal, state and local environmental laws and regulations. These laws and regulations, which regularly change, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non–capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. Such liabilities are generally recorded at their undiscounted amounts unless the amount and timing of payments is fixed or reliably determinable. The Company believes that it is in material compliance with existing laws and regulations.

Income Taxes	'
	Income Taxes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred income tax assets is reduced, if necessary, by a valuation allowance if management believes that it is more likely than not that some portion or all of the net deferred tax assets will not be fully realized on future income tax returns. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, projected future taxable income and tax planning strategies in making this assessment.

	The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Earnings Per Share	'
	Earnings Per Share. Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to common stock 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 common shares. In the event of a net loss, no potential common shares are included in the calculation of shares outstanding since the impact would be anti-dilutive. When the Company records a net loss, none of the loss is allocated to the unexercised stock options since the securities are not obligated to share in Company losses. Consequently, in periods of net loss, outstanding options will have no dilutive impact to the Company’s basic earnings per share.

	The following potential common shares relating to options and warrants have been excluded from the calculation of diluted earnings per share as the related impact was anti-dilutive.


		Year ended June 30,
		2014		2013		2012

	Anti–dilutive		298,127,947		142,694,297		289,942,436




Stock-Based Compensation	'
	Stock-Based Compensation. Stock-based compensation is measured at the estimated grant date fair value of the awards and is recognized on a straight-line basis over the requisite service period (usually the vesting period). The Company recognizes stock-based compensation net of an estimated forfeiture rate, and recognizes compensation expense only for shares that are expected to vest. Compensation expense is then adjusted based on the actual number of awards for which the requisite service period is rendered.

Foreign Currency Translation	'
	Foreign Currency Translation. The functional currency of Samson Oil & Gas Limited (Parent Entity) is Australian dollars, the reason for this being the majority of cash flows of the Parent Entity are denominated in Australia dollars. The functional and presentation currency of Samson Oil & Gas USA, Inc (subsidiary) is U.S dollars. The presentation currency of the Company is U.S. dollars.

	Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year ended exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit and loss

	Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Translation differences on non-monetary assets and liabilities are recognized in other comprehensive income.

New Accounting Pronouncements, Policy [Policy Text Block]	'
	Impact of Recently Adopted Accounting Standards.
	There have been no recently adopted accounting standards that would impact our business.

	Recently Issued Accounting Pronouncements
	ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in this Update is to provide consistency in the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its agreement among its co-obligors; and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in the Update also requires disclosures about the nature as well as other information about the obligations. For public entities, the amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is required. Early adoption is permitted. We have not yet begun the process of assessing the impact of this standard on our financial statements and do not except to adopt the standard earlier than its effective date

Summary_Of_Significant_Account2

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
Summary Of Significant Accounting Policies (Tables)	Jun. 30, 2014
Summary Of Significant Accounting Policies [Abstract]	'
Schedule Of Components Of Accounts Receivable	'

		30-Jun
		2014			2013
	Oil and natural gas sales	$	3,107,292		$	818,820
	Cost recovery from drilling partners		1,496,218			2,214,940
	Other		930,006			56,906
	Total accounts receivable, net of nil allowance for doubtful accounts for June 30, 2014 and 2013	$	5,533,516		$	3,090,666


Schedule Of Components Of Accrued Liabilities	'


		2014			2013
	Bonus Accrual		132,324			-
	Other accruals		3,129,350			5,406,982
		$	3,261,674		$	5,406,982



Schedule Of Oil And Gas Properties And Equipment	'

		2014			2013
	Proved properties	$	41,166,960		$	26,657,972
	Lease and well equipment		8,174,727			5,371,923
	Work in progress		6,308,467			6,344,040
	Less accumulated depreciation, depletion and impairment		-21,219,361			-18,381,917
		$	34,430,793		$	19,992,018

	Undeveloped acreage	$	12,349,767		$	12,369,412


Schedule Of Other Property And Equipment	'

		2014			2013

	Furniture, fittings and equipment	$	787,009		$	718,694
	Less accumulated depreciation		-421,443			-351,037
		$	365,566		$	367,657


Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities	'

		Year ended June 30,
		2014		2013		2012

	Anti–dilutive		298,127,947		142,694,297		289,942,436

Hedging_And_Derivative_Financi1

Hedging And Derivative Financial Instruments (Tables)	12 Months Ended
Hedging And Derivative Financial Instruments (Tables)	Jun. 30, 2014
Hedging And Derivative Financial Instruments [Abstract]	'
Schedule Of Open Derivative Contracts	'


	Oil Price Collars – WTI	Volumes (bbls)	Floor US$	Ceiling US$
	July 2014- December 2014	10,473	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$
	July 2014- December 2014	10,473	105.00
	January 2015 - December 2015	18,270	105.00
	January 2016 - February 2016	2,788	105.00

	Oil Price Swaps - WTI	Volumes (bbls)	Avg Price US$
	July 2014- December 2014	27,048	99.46
	January 2015 - December 2015	39,791	92.61

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis	'

		Fair Value at June 30, 2014
		Level 1		Level 2		Level 3		Netting (1)		Total
	Current Assets:
	Cash and cash equivalents	$	6,846,394	$	-	$	-	$	-	$	6,846,394
	Derivative Instruments		-		56,380		-		-56,380		-

	Non Current Assets:
	Derivative Instruments		-		61,493		-		-61,493		-

	Current Liabilities
	Derivative Instruments		-		340,756		-		-56,380		284,376

	Non Current Liabilities:
	Derivative Instruments				190,491				-61,493		128,998

		Fair Value at June 30, 2013
		Level 1		Level 2		Level 3		Level 3		Total
	Assets (Liabilities):
	Cash and cash equivalents	$	13,170,627	$	-	$	-	$	-	$	13,170,627

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	12 Months Ended
Asset Retirement Obligations (Tables)	Jun. 30, 2014
Asset Retirement Obligations [Abstract]	'
Summary Of Activities Of Asset Retirement Obligations	'

		2014		2013
	Asset retirement obligations at beginning of period	$	868,589	$	808,572
	Liabilities incurred or acquired		921,459		4,691
	Liabilities settled		-23,492		-
	Disposition of properties		-		-
	Accretion expense		9,236		55,326
	Asset retirement obligations at end of period		1,775,792		868,589
	Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-877,933		-
	Long-term asset retirement obligations	$	897,859	$	868,589

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Jun. 30, 2014
Income Taxes [Abstract]	'
Schedule Of Components Of Income Tax Provision (Benefit)	'

		June 30
		2014		2013		2012
	Current:
	Federal	$	777,804	$	-2,035,992	$	-4,712,856
	State		2,807		25,712		83,663
			780,611		-2,010,280		-4,629,193
	Deferred:
	Federal		-		-		-
	State		-		-		-
	Total income tax provision (benefit)	$	780,611	$	-2,010,280	$	-4,629,193


Schedule Of Effective Income tax Rate Reconciliation	'

			June 30
		2014		2013		2012
	Income tax expense (benefit) at federal statutory rate	$	-489,769	$	-4,114,908	$	-10,759,693
	State income taxes		-14,204		-170,787		-460,051
	Alternative minimum tax		777,804		-		-
	Other adjustments - true up of deferred balances		1,158,743		1,284,297		503,911
	Other - change in deferred tax rate		-154,175		-		-53,885
	Other		32,326		-485,099		-1,886,403
	Valuation allowance		-530,114		1,476,217		8,026,928
		$	780,611	$	-2,010,280	$	-4,629,193


Schedule Of Components Of Deferred Tax Assets and (Liabilities)	'



		June 30
		2014		2013
	Deferred income tax assets:
	Net operating losses	$	16,571,685	$	13,576,942

	Asset retirement obligation		655,050		315,794
	Annual leave		60,873		51,593
	Abandonment limitation		142,664		2,953,235
	Accrued bonus		48,811		-
	Charitable contributions		876		-
	AMT credit		777,804		-
	Share based compensation		500,844		500,844
	Derivative liability		152,481		-
	Valuation allowance		-14,019,119		-14,549,234
	Deferred income tax liabilities:
	Commodity liability		-		-
	Amortization - loan costs		-		-
	Oil and gas property		-4,891,969		-2,849,174

	Net deferred income tax assets (liabilities)		-		-
	Net current deferred tax asset		84,946		-
	Noncurrent deferred tax liability	$	-84,946	$	-


Summary Of Valuation Allowance	'

			June 30
		2014		2013		2012
	Deferred Income Tax Valuation Allowance
	Balance at July 1		14,549,234		13,073,017	$	5,046,289
	Additions (reductions) to deferred income tax expense		-530,115		1,476,217		8,026,628
	Balance at June 30		14,019,119		14,549,234	$	13,073,017



Reconciliation Of Gross Uncertain Tax Positions	'

			2014		2013


	Total gross uncertain tax positions at beginning of year	$	105,000	$	80,000
	Additions / Reductions for tax positions of prior years		2,524		-
	Additions / Reductions for tax positions of current year		-		25,000
	Reductions due to settlements with taxing authorities		-		-
	Reductions due to lapse of statute of limitations		-		-
	Total amount of gross uncertain tax positions at end of year	$	-107,524	$	105,000

Capital_Stock_Contributed_Equi1

Capital Stock Contributed Equity (Tables)	12 Months Ended
Capital Stock Contributed Equity (Tables)	Jun. 30, 2014
Capital Stock Contributed Equity [Abstract]	'
Contributed Equity	'

		Consolidated Entity
		2014		2013
	2,837,756,933 ordinary fully paid shares including shares to be issued	$	104,535,894	$	92,717,784
	(2013 – 2,229,165,163 ordinary fully paid shares including shares to be issued)


Movements In Contributed Equity For The Year	'


	Movements in contributed equity for the year	2014				2013				2012
		No. of shares		$		No. of shares		$		No. of shares		$
	Opening balance		2,229,165,163		92,717,784		1,771,891,827		83,467,987		1,731,978,789		81,668,085
	Capital raising (i)		608,562,986		12,776,715		243,271,098		6,066,792		-		-
	Shares issued upon exercise of options (ii)		28,784		1,005		214,002,238		3,342,659		39,913,038		632,101
	Stock based compensation (options issued)		-		86,245		-		199,437		-		1,167,801
	Transaction costs incurred		-		-1,045,855		-		-359,091		-		-
	Shares on issue at balance date		2,837,756,933		104,535,894		2,229,165,163		92,717,784		1,771,891,827		83,467,987



		318,452,166 ordinary shares at $0.02 cents each to raise $6,700,000 in a private placement to certain institutional investors.

		290,110,820 ordinary shares at $0.02 cents to raise $5,400,000 in a private placement to certain investors.


		114,335,711 ordinary shares to raise $2,716,701.


		19,182,812 ordinary shares at 0.026 cents to raise $500,000 in a private placement to certain institutional investors.

		109,752,575 ordinary shares at 0.0259 cents to raise $2,850,000 in a private placement to certain institutional investors.


	(i)	Equity raised during the fiscal year ended June 30, 2014
		In August 2013, we issued 318,452,166 ordinary shares at $0.02 cents each to raise $7.3 million in a private placement to certain institutional investors.

		In April 2014, we issued 290,110,820 ordinary shares at $0.02 cents to raise $5.4 million in a private placement to certain investors.

		Equity raised during the fiscal year ended June 30, 2013
		In June 2013, we completed a rights offering and issued 114,335,711 ordinary shares to raise $2.7 million.


		In April 2013, we issued 19,182,812 ordinary shares at $0.026 cents to raise $0.5 million in a private placement to certain institutional investors.

		In March 2013, we issued 109,752,575 ordinary shares at $0.0259 cents to raise $2.9 million in a private placement to certain institutional investors.



	(ii)	During the course of the year the Company issued 28,784 (2013: 214,002,238) ordinary shares upon the exercise of 28,784 (2013: 214,002,238) options.

Cash_Flow_Statement_Tables

Cash Flow Statement (Tables)	12 Months Ended
Cash Flow Statement (Tables)	Jun. 30, 2014
Cash Flow Statement [Abstract]	'
Schedule Of Cash Flow Statement	'

		Year ended June 30
		2014		2013		2012
	A reconciliation of the net loss to the net cash (used in)/provided by operations is as follows:

	Net loss after tax	$	-2,413,173	$	-11,721,049	$	-31,236,451
	Depreciation		2,992,649		1,975,932		2,776,005
	Accretion of asset retirement obligations		9,236		55,326		23,603
	Share based payments		86,245		199,437		1,167,801
	Exploration and evaluation expenditures		368,469		7,929,204		30,559,458
	Impairment losses of oil and gas properties		83,121		259,529		635,464
	Borrowing costs		33,632
	Change in fair value of derivative instruments		423,999
	Gain on sale of assets		-2,937,010		-		-
	Abandonment costs		726,427

	Changes in assets and liabilities:

	(Increase)/decrease in receivables		-1,376,522		3,601,100		-1,360,049
	(Decrease)/Increase in employee benefits		-12,057		7,832		72,645
	(Decrease)/Increase in payables		487,721		-125,000		182,005
	NET CASH FLOWS (USED IN)/PROVIDED BY OPERATING ACTIVITIES	$	-1,527,263	$	2,182,311	$	2,820,481

Credit_Facility_Tables

Credit Facility (Tables)	12 Months Ended
Credit Facility (Tables)	Jun. 30, 2014
Credit Facility [Abstract]	'
Schedule of Credit Facilities	'

		June 30,
		2014		2013
	Credit facility at beginning of period	$	-	$	-
	Cash advanced under facility		6,000,000		-
	Repayments		-		-
	Credit facility at end of period	$	6,000,000	$	-
					-
	Funds available for drawdown under the facility		9,500,000		-

ShareBased_Payments_Tables

Share-Based Payments (Tables)	12 Months Ended
Share-Based Payments (Tables)	Jun. 30, 2014
Share-Based Payments [Abstract]	'
Schedule Of Assumption Used In Black-Scholes Model	'
	The fair value of this grant was US$0.4 million was estimated using the Black-Scholes option pricing model. The following assumptions were used to compute the fair market value of options granted:

	Share price at grant date (Australian cents)			14.0
	Exercise price (Australian cents)			16.40
	Time to expiry (years)			3.5
	Risk free rate (%)			5.25
	Share price volatility (%)			129.33
	Dividend yield		Nil

	In November 2011, 4,000,000 options were granted under the Samson Oil and Gas Limited Stock Option to a non-executive Director of the Company. These options have an exercise price of 15.5 cents (Australian) and expiry date of October 31, 2015. These options vested immediately.

	The fair value of this grant was US$0.3 million was estimated using the Black-Scholes option pricing model. The following assumptions were used to compute the fair market value of options granted:



	Share price at grant date (Australian cents)			10.0
	Exercise price (Australian cents)			15.5
	Time to expiry (years)			4
	Risk free rate (%)			6.00
	Share price volatility (%)			124.61
	Dividend yield		Nil


Schedule Of Share-Based Compensation Recognized In General And Administrative Expense	'


		Year ended June 30
		U.S. Dollar
		2014			2013			2012
	Share-based compensation expensed	$	86,245		$	199,436		$	1,167,801



Summary Of Stock Option Activity	'


		2014					2013			2012
		Number	Weighted		Aggregate		Number	Weighted		Number	Weighted
			Average		Intrinsic			Average			Average
			Exercise		Value of			Exercise			Exercise
			Price – cents		Options/Warrants			Price – cents			Price – cents
			(AUD)		cents			(AUD)			(AUD)
					(AUD)
					-1

	Outstanding, start of period	166,807,526	0.06				301,499,902	0.04		333,412,940	0.033
	Granted	223,414,112	0.036				97,307,526	0.038		8,000,000	0.16
	Exercised	-28,784	0.038				-214,002,238	0.015		-39,913,038	0.015
	Cancelled/expired	-1,000,000	0.20				-17,997,664	0.013		-	-
	Outstanding, end of period	389,192,854	0.046		-0.03		166,807,526	0.06		301,499,902	0.04
	Exercisable, end of period	389,192,854	0.046				165,474,192	0.06		288,166,570	0.05





	-1	The intrinsic value of a stock option is the amount by which the market value is (less than)/exceeds the exercise price at the Balance Date.


Schedule Of Additional Information Related To Options Outstanding	'

			Options/Warrants Outstanding								Options/Warrants Exercisable
	Range of		Number		Weighted			Weighted			Number	Weighted		Weighted
	Exercise		Outstanding		Average			Average			Exercisable	Average		Average
	Prices				Remaining			Exercise				Remaining		Exercise
					Contractual			Prices				Contractual		Prices
					Life - years							Life
	3.8 cents		229,659,608			2.75			0.038		229,659,608		2.75		0.038
	3.3 cents		87,033,246			3.83			0.033		87,033,246		3.83		0.033
	3.9 cents		4,000,000			3.42			0.039		4,000,000		3.42		0.039
	8 cents		60,500,000			0.50			0.08		60,500,000		0.50		0.08
	15.5 cents		4,000,000			1.33			0.155		4,000,000		1.33		0.155
	16.4 cents		4,000,000			0.50			0.164		4,000,000		0.50		0.164

			389,192,854								389,192,854


Schedule Of Unvested Stock Option Award Activity	'

	Non-vested stock options		Shares				Weighted–
							Average
							Grant–Date
							Fair Value
	Non-vested at June 30, 2013			1,333,332			0.11
	Granted			-				-
	Vested			-1,333,332				0.11
	Forfeited			–
	Non-vested at June 30, 2014			–				-

Commitments_Tables

Commitments (Tables)	12 Months Ended
Commitments (Tables)	Jun. 30, 2014
Commitments [Abstract]	'
Contractual Obligations	'




	Contractual Obligations		Total	2015		2016		2017		2018		2019		Thereafter
	Asset retirement obligations (1)	$	1,775,792	$	877,933	$	-	$	-	$	-	$	-	$	897,859
	Leases (2)		335,728		164,026		161,408		10,294		-		-		-
	Drilling carry - Rainbow Project		1,000,000		1,000,000		-		-		-		-		-
	Credit Facility (3)		6,000,000		-		-		6,000,000		-		-		-
	Total		9,111,520		2,041,959		161,408		6,010,294		-		-		897,859

	-1	Asset retirement obligations represent the estimated fair value at June 30, 2014 of our obligations with respect to the retirement/abandonment of our oil and gas properties. Each reporting period the liability is accreted to its then present value. The ultimate settlement amount and the timing of the settlement of such obligations are unknown because they are subject to, among other things, federal, state, local, and tribal regulation and economic factors.
	-2	Leases relate primarily to obligations associated with our office facilities in Denver, Colorado and Perth, Western Australia and to vehicle leases.

		(3) Excludes variable rate debt interest payments related to the Company’s credit facility. The interest rate is LIBOR plus 3.75% or approximately 3.98% at June 30, 2014.

		-3

Quarterly_Financial_Data_Table

Quarterly Financial Data (Tables)	12 Months Ended
Quarterly Financial Data (Tables)	Jun. 30, 2013
Quarterly Financial Data [Abstract]	'
Schedule Of Quarterly Financial Data	'

		Three Months Ended
		June 30, 2014		March 31, 2014		Dec 31, 2013		Sep 30, 2013
	Year ended June 30, 2014:
	Revenues	$	5,285,679	$	3,144,660	$	1,372,377	$	3,937,891
	(Loss)/income from operations		-730,661		-381,268		-1,380,124		859,491
	Tax (expense)/benefit		-780,611		-		-		-
	Net (loss)/income		-1,511,272		-381,268		-1,380,124		859,491
	Basic (loss)/earnings per common share – cents per share		-0.05		-0.01		-0.05		0.04
	Diluted (loss)/earnings per common share – cents per share		-0.05		-0.01		-0.05		0.04




			Three Months Ended
		June 30, 2013		March 31, 2013		Dec 31, 2012		Sep 30, 2012
	Year ended June 30, 2013:
	Revenues	$	1,579,853	$	1,178,000	$	1,842,731	$	1,668,410
	Loss from operations		-1,886,339		-8,921,000		-1,331,454		-1,592,536
	Tax (expense)/benefit		-25,656		-		1,366,938		668,998
	Net (loss)/income		-1,911,995		-8,921,000		35,484		-923,538
	Basic loss per common share – cents per share		-0.11		-0.45		0.00		-0.05
	Diluted loss per common share – cents per share		-0.11		-0.45		0.00		-0.05

Supplemental_Information_On_Oi1

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Tables)	12 Months Ended
	Jun. 30, 2014
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations [Abstract]	'
Schedule Of Capitalized Costs Of Oil And Natural Gas Properties	'

		As of June 30,
		2014			2013		2012
	Oil and gas properties – subject to amortization	$	41,166,960		$	26,657,972	$	25,785,108
	Work in progress		6,308,467			6,344,040		-
	Lease and well equipment		8,174,727			5,371,923		4,217,803
	Total capitalized costs		55,650,154			38,373,935		30,002,911
	Accumulated depreciation, depletion and amortization		-15,137,300			-12,362,977		-10,488,529
	Impairment		-6,082,061			-6,018,940		-5,624,002
	Net capitalized costs	$	34,430,793		$	19,992,018	$	13,890,380


Summary Of Costs Incurred For Oil And Natural Gas Exploration, Development And Acquisition	'

		Year ended June 30,
		2014			2013		2012
	Work in progress		2,991,622			6,344,040		-
	Development		17,401,377			2,026,984		3,384,858
	Exploration costs		1,080,925			3,911,191		5,172,707
	Undeveloped capitalized acreage		-			2,352,125		7,859,832
	Total costs incurred	$	21,473,924		$	14,634,340	$	16,417,397


Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities	'

		Year ended June 30, 2014					Year ended June 30, 2013					Year ended June 30, 2012
		Oil		Gas		Total	Oil		Gas		Total	Oil		Gas	Total
		Mbbls		MMcf		MBOE	Mbbls		MMcf		MBOE	Mbbls		MMcf	MBOE
	Beginning of year	1,452		1,845		1,761	770		1,352		996	495		1,311	714
	Revisions of previous quantity estimates	-179		-187		-210	227		27		232	4		-168	-24
	Extensions and discoveries	400		387		465	153		198		186	359		423	430
	Sale of reserves in place	-89		-99	-	-106	-		-	-	-	-		-	-
	Acquisitions	-		-	-	-	364		435	-	437	-		-	-
	Production	-106		-183		-137	-62		-167		-90	-88		-214	-124
	End of year	1,478		1,763		1,773	1,452		1,845		1,761	770		1,352	996
	Proved developed producing reserves	1,002		1,277		1,216	454		784		586	419		927	574
	Proved undeveloped reserves	476		486		557	998		1,061		1,175	351		425	422
	Total proved reserves	1,478		1,763		1,773	1,452		1,845		1,761	770		1,352	996


Schedule Of Estimated Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Reserves	'

		As at June 30,
		2014			2013		2012			2011		2010
	Future cash inflows	$	148,975		$	133,589	$	71,655		$	46,250	$	67,996
	Future production costs		-43,009			-44,672		-29,321			-16,046		-23,288
	Future development costs		-12,461			-29,012		-10,198			-917		-11,910
	Future income taxes		-21,819			-12,050		-5,524			-4,357		–
	Future net cashflows		71,686			47,855		26,612			24,930		32,798
	10 % discount		-29,093			-26,012		-13,274			-10,207		-17,675
	Standardized measure of discounted future net cash flows relating to proved reserves	$	42,593		$	21,843	$	13,338		$	14,723	$	15,123


Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows	'

		Fiscal Year Ended June 30
		2014			2013		2012
	Beginning of year	$	21,843		$	13,338	$	14,723
	Sales of oil and gas produced during the period, net of production costs		-6,513			-2,338		-5,596
	Net changes in prices and production costs		4,689			8,027		3,216
	Previously estimated development costs incurred during the period		22,100			-		917
	Changes in estimates of future development costs		-6,829			-18,814		-10,198
	Extensions and discoveries		19,833			5,892		11,354
	Revisions of previous quantity estimates and other		-5,727			7,419		-643
	Sale of reserves in place		-1,558			-		-
	Purchase of reserves in place		-			11,664		-
	Change in future income taxes		-6,484			-6,526		-987
	Accretion of discount		2,666			1,334		1,472
	Other		-1,427			1,847		-920
	Balance at end of year	$	42,593		$	21,843	$	13,338

Summary_Of_Significant_Account3

Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
	segment	Jun. 30, 2013	Jun. 30, 2012
Significant Accounting Policies [Line Items]	'	'	'
Number of operating segments	1	'	'
Bonus accrual	$132,324	'	'
Dry hole cost	200,000	'	'
Impairment of oil and natural gas properties	83,121	259,529	635,464
Depreciation and amortization	2,992,649	1,975,932	2,776,005
Minimum percentage of likelihood tax benefits recognized from uncertain tax position, reasonably possible upon settlement	50.00%	'	'
Proved properties	41,166,960	26,657,972	'
Spirit Of America I, Goshen County, Wyoming [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Exploration expense	'	'	4,900,000
Spirit Of America II, Goshen County, Wyoming [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Exploratory costs charged to expense	'	7,400,000	'
Australia II And Gretel II, Roosevelt County, Montana [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Wells being drilled	'	'	2
Exploration expense	'	'	24,700,000
Other Property And Equipment [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Depreciation and amortization	$100,000	$100,000	$100,000
Other Property And Equipment [Member] \| Minimum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Estimated useful life	'3 years	'	'
Other Property And Equipment [Member] \| Maximum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Estimated useful life	'25 years	'	'

Summary_Of_Significant_Account4

Summary Of Significant Accounting Policies (Schedule Of Components Of Accounts Receivable) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts receivable	$5,533,516	$3,090,666
Accounts receivable, allowance for doubtful accounts	'	'
Oil And Natural Gas Sales Related Receivable [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts receivable	3,107,292	818,820
Cost Recovery From JV Partner Receivable [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts receivable	1,496,218	2,214,940
Other Receivable [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Accounts receivable	$930,006	$56,906

Summary_Of_Significant_Account5

Summary Of Significant Accounting Policies (Schedule Of Components Of Accrued Liabilities) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Summary Of Significant Accounting Policies [Abstract]	'	'
Bonus Accrual	$132,324	'
Other accruals	3,129,350	5,406,982
Total accrued liabilities	$3,261,674	$5,406,982

Summary_Of_Significant_Account6

Summary Of Significant Accounting Policies (Schedule Of Oil And Gas Properties And Equipment) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Summary Of Significant Accounting Policies [Abstract]	'	'
Proved properties	$41,166,960	$26,657,972
Lease and well equipment	8,174,727	5,371,923
Work in progress	6,308,467	6,344,040
Less accumulated depreciation, depletion and impairment	-21,219,361	-18,381,917
Total oil and gas properties and equipment	34,430,793	19,992,018
Undeveloped capitalized acreage	$12,349,767	$12,369,412

Summary_Of_Significant_Account7

Summary Of Significant Accounting Policies (Schedule Of Other Property And Equipment) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Summary Of Significant Accounting Policies [Abstract]	'	'
Furniture, fittings and equipment	$787,009	$718,694
Less accumulated depreciation	-421,443	-351,037
Total other property and equipment	$365,566	$367,657

Summary_Of_Significant_Account8

Summary Of Significant Accounting Policies (Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities) (Details)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Diluted weighted average common shares outstanding	2,558,418,209	1,935,438,970	1,752,408,357
Options And Warrants [Member]	'	'	'
Anit-dilutive weighted average common shares outstanding	298,127,947	142,694,297	289,942,436

Summary_Of_Significant_Account9

Summary Of Significant Accounting Policies (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $)	3 Months Ended								12 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Summary Of Significant Accounting Policies [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Basic weighted average common shares outstanding	'	'	'	'	'	'	'	'	2,558,418,209	1,935,438,970	1,752,408,357
Diluted weighted average common shares outstanding	'	'	'	'	'	'	'	'	2,558,418,209	1,935,438,970	1,752,408,357
Continuing operations, basic earnings per common share - cents per share	($0.05)	($0.01)	($0.05)	$0.04	($0.11)	($0.45)	$0	($0.05)	($0.09)	($0.61)	($1.78)
Diluted earnings per common share - cents per share	($0.05)	($0.01)	($0.05)	$0.04	($0.11)	($0.45)	$0	($0.05)	($0.09)	($0.61)	($1.78)

Sales_Of_Properties_Narrative_

Sales Of Properties (Narrative) (Details) (USD $)	12 Months Ended	1 Months Ended
	Jun. 30, 2014	Apr. 30, 2014	Aug. 31, 2013	Aug. 31, 2013	Mar. 31, 2014
	Jun. 30, 2014	North Stockyard Project [Member]	North Stockyard Project [Member]	Billabong [Member]	Deep Draw Well [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'
Proceeds from sale of oil and gas properties	$5,192,819	$200,000	$5,600,000	'	$200,000
Gain on sale of property	'	200,000	2,500,000	'	200,000
Percentage of interest sold	'	'	'	25.00%	'
Fair value of property sold	'	'	'	$900,000	'

Hedging_And_Derivative_Financi2

Hedging And Derivative Financial Instruments (Narrative) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2012
Hedging And Derivative Financial Instruments [Abstract]	'	'
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$128,998	'
Derivative Liability, Current	284,376	'
Derivative Liability, Noncurrent	128,998	'
Loss on Derivative Instruments, Pretax	$504,592	$22,268

Hedging_And_Derivative_Financi3

Hedging And Derivative Financial Instruments (Schedule Of Open Derivative Contracts) (Details)

6 Months Ended

12 Months Ended

2 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

2 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2015

Jun. 30, 2014

Feb. 29, 2016

Jun. 30, 2014

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2015

Jun. 30, 2014

Feb. 29, 2016

Jun. 30, 2014

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2015

Jun. 30, 2014

Collar [Member]

Swap [Member]

Derivative Contract One [Member]

Derivative Contract Two [Member]

Derivative Contract Three [Member]

Derivative Contract Four [Member]

Derivative Contract Five [Member]

Derivative Contract Six [Member]

Derivative Contract Seven [Member]

Derivative Contract Eight [Member]

bbl

Derivative [Line Items]

Derivative inception

1-Jul-14

1-Jan-15

1-Jan-16

1-Jul-14

1-Jan-15

1-Jan-16

1-Jul-14

1-Jan-15

Derivative maturity

1-Dec-14

1-Dec-15

1-Feb-16

1-Dec-14

1-Dec-15

1-Feb-16

1-Dec-14

1-Dec-15

Volumes (bbls)

10,473

18,270

2,788

10,473

18,270

2,788

27,048

39,791

Floor price

Cap price

99.3

89.85

Derivative, Swap Type, Average Fixed Price

99.46

92.61

Derivative, Swap Type, Fixed Price

105

Fair_Value_Measurements_Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis) (Details) (USD $)	Jun. 30, 2014		Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash and cash equivalents	$6,846,394		$13,170,627
Current Liabilities, Derivative Instruments	284,376		'
Non Current Liabilities, Derivative Instruments	128,998		'
Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash and cash equivalents	6,846,394		13,170,627
Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash and cash equivalents	'		'
Current Assets, Derivative Instruments	56,380		'
Non Current Assets, Derivative Instruments	61,493		'
Current Liabilities, Derivative Instruments	340,756		'
Non Current Liabilities, Derivative Instruments	190,491		'
Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash and cash equivalents	'		'
Current Assets, Derivative Instruments	'		'
Non Current Assets, Derivative Instruments	'		'
Current Liabilities, Derivative Instruments	'		'
Non Current Liabilities, Derivative Instruments	'		'
Netting [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Current Assets, Derivative Instruments	-56,380	[1]	'
Non Current Assets, Derivative Instruments	-61,493	[1]	'
Current Liabilities, Derivative Instruments	-56,380	[1]	'
Non Current Liabilities, Derivative Instruments	($61,493)	[1]	'

[1]	Netting In accordance with the Companybs standard practice, its commodity derivatives are subject to counterparty netting under agreements governing such derivatives and therefore the risk of loss is somewhat mitigated.

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	12 Months Ended
	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2012
	item		Jun. 30, 2013	Jun. 30, 2012
Asset Retirement Obligations [Line Items]	'		'	'
Asset retirement obligations at beginning of period	$868,589		$808,572	'
Liabilities incurred or acquired	921,459		4,691	'
Liabilities settled	-23,492		'	'
Accretion expense	9,236		55,326	23,603
Asset retirement obligations at end of period	1,775,792	[1]	868,589	808,572
Less: current asset retirement obligation (classified with accounts payable and accrued liabilities)	-877,933		'	'
Long-term asset retirement obligations	$897,859		$868,589	'
New wells drilled	5		'	'
Minimum [Member]	'		'	'
Asset Retirement Obligations [Line Items]	'		'	'
Asset Retirement Obligations, Discount Rate	4.00%		'	'
Maximum [Member]	'		'	'
Asset Retirement Obligations [Line Items]	'		'	'
Asset Retirement Obligations, Discount Rate	10.00%		'	'

[1]	Asset retirement obligations represent the estimated fair value at June 30, 2014 of our obligations with respect to the retirement/abandonment of our oil and gas properties. Each reporting period the liability is accreted to its then present value. The ultimate settlement amount and the timing of the settlement of such obligations are unknown because they are subject to, among other things, federal, state, local, and tribal regulation and economic factors.

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details)

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

USD ($)

AUD

USD ($)

Internal Revenue Service (IRS) [Member]

State and Local Jurisdiction [Member]

Minimum [Member]

Maximum [Member]

USD ($)

Internal Revenue Service (IRS) [Member]

State and Local Jurisdiction [Member]

Internal Revenue Service (IRS) [Member]

State and Local Jurisdiction [Member]

Income Taxes [Line Items]

Tax losses carried forward

$3,312,200

$3,089,475

11,040,667

10,298,250

Net operating tax losses

36,755,473

11,257,204

Current year utilization

Limitation per year

403,194

Net operating losses, expiration year

1-Jan-15

1-Jun-15

31-Dec-33

1-Jun-33

Tax expense (benefit)

780,611

-2,010,280

-4,629,193

Income tax allegedly due

597,852

Income tax, settlement amount

$107,524

Income_Taxes_Schedule_Of_Compo

Income Taxes (Schedule Of Components Of Income Tax Provision (Benefit)) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Income Taxes [Abstract]	'	'	'
Current Federal	$777,804	($2,035,992)	($4,712,856)
Current State	2,807	25,712	83,663
Current	780,611	-2,010,280	-4,629,193
Total income tax provision (benefit)	$780,611	($2,010,280)	($4,629,193)

Income_Taxes_Schedule_Of_Effec

Income Taxes (Schedule Of Effective Income tax Rate Reconciliation) (Details) (USD $)	3 Months Ended				12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Income Taxes [Abstract]	'	'	'	'	'	'	'
Federal statutory rate	'	'	'	'	30.00%	'	'
Income tax expense (benefit) at federal statutory rate	'	'	'	'	($489,769)	($4,114,908)	($10,759,693)
State income taxes	'	'	'	'	-14,204	-170,787	-460,051
Alternative minimum tax	'	'	'	'	777,804	'	'
Other adjustments - true up deferred balances	'	'	'	'	1,158,743	1,284,297	503,911
Other - change in deferred tax rate	'	'	'	'	-154,175	'	-53,885
Other	'	'	'	'	32,326	-485,099	-1,886,403
Valuation allowance	'	'	'	'	-530,114	1,476,217	8,026,928
Income Tax Expense (Benefit), Total	$780,611	$25,656	($1,366,938)	($668,998)	$780,611	($2,010,280)	($4,629,193)

Income_Taxes_Schedule_Of_Compo1

Income Taxes (Schedule Of Components Of Deferred Tax Assets and (Liabilities)) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011
Income Taxes [Abstract]	'	'	'	'
Net operating losses	$16,571,685	$13,576,942	'	'
Asset retirement obligation	655,050	315,794	'	'
Annual leave	60,873	51,593	'	'
Abandonment limitation	142,664	2,953,235	'	'
Accrued bonus	48,811	'	'	'
Charitable contributions	876	'	'	'
AMT Credit	777,804	'	'	'
Share based compensation	500,844	500,844	'	'
Derivative liability	152,481	'	'	'
Valuation allowance	-14,019,119	-14,549,234	-13,073,017	-5,046,289
Commodity liability	'	'	'	'
Amortization - loan costs	'	'	'	'
Oil and gas property	-4,891,969	-2,849,174	'	'
Net deferred income tax assets (liabilities)	'	'	'	'
Net current deferred tax asset	84,946	'	'	'
Noncurrent deferred tax liability	($84,946)	'	'	'

Income_Taxes_Summary_Of_Valuat

Income Taxes (Summary Of Valuation Allowance) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Income Taxes [Abstract]	'	'	'
Balance	$14,549,234	$13,073,017	$5,046,289
Additions (reductions) to deferred income tax expense	-530,115	1,476,217	8,026,628
Balance	$14,019,119	$14,549,234	$13,073,017

Income_Taxes_Reconciliation_Of

Income Taxes (Reconciliation Of Gross Uncertain Tax Positions) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Income Taxes [Abstract]	'	'
Total gross uncertain tax positions at beginning of year	$105,000	$80,000
Additions / Reductions for tax positions of prior years	2,524	'
Additions / Reductions for tax positions of current year	'	25,000
Reductions due to settlements with taxing authorities	'	'
Reductions due to lapse of statute of limitations	'	'
Total amount of gross uncertain tax positions at end of year	($107,524)	$105,000

Capital_Stock_Contributed_Equi2

Capital Stock Contributed Equity (Narrative) (Details)

1 Months Ended

12 Months Ended

Apr. 30, 2014

Nov. 30, 2013

Aug. 31, 2013

Jun. 30, 2013

Apr. 30, 2013

Mar. 31, 2013

Nov. 30, 2011

Jul. 31, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2012

USD ($)

AUD

USD ($)

AUD

USD ($)

AUD

USD ($)

AUD

8 Cents [Member]

1.5 Cents [Member]

AUD

Ordinary shares issued, shares

290,110,820

318,452,166

114,335,711

19,182,812

109,752,575

Ordinary shares issued, price per share

$0.02

$0.03

Ordinary shares issued, amount

$5,400,000

$7,300,000

$2,700,000

$500,000

$2,900,000

Shares issued upon exercise of options, shares

28,784

214,002,238

39,913,038

28,784

214,002,238

Weighted average exercise price - cents (AUD), exercised

0.039

0.155

0.164

$0.04

0.038

$0.02

0.015

0.08

Aggregate intrinsic value of options exercised

$1,005

$3,342,660

341

4,739,926

3,608,250

Shares issued to employees and directors

Capital_Stock_Contributed_Equi3

Capital Stock Contributed Equity (Contributed Equity) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Capital Stock Contributed Equity [Abstract]	'	'
2,837,756,933 ordinary fully paid shares including shares to be issued (2013 - 2,229,165,163 ordinary fully paid shares including shares to be issued)	$104,535,894	$92,717,784
Common stock outstanding and to be issued	2,837,756,933	2,229,165,163

Capital_Stock_Contributed_Equi4

Capital Stock Contributed Equity (Movements In Contributed Equity For The Year) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Capital Stock Contributed Equity [Abstract]	'	'	'
Beginning Balance, shares	2,229,165,163	1,771,891,827	1,731,978,789
Opening balance, value	$92,717,784	$83,467,987	$81,668,085
Capital raising, shares	608,562,986	243,271,098	'
Capital raising	12,776,715	6,066,792	'
Shares issued upon exercise of options, shares	28,784	214,002,238	39,913,038
Shares issued upon exercise of options, value	1,005	3,342,659	632,101
Stock based compensation (options issued), value	86,245	199,437	1,167,801
Transaction costs incurred, value	-1,045,855	-359,091	'
Ending Balance, shares	2,837,756,933	2,229,165,163	1,771,891,827
Shares on issue at balance date, value	$104,535,894	$92,717,784	$83,467,987

Cash_Flow_Statement_Details

Cash Flow Statement (Details) (USD $)	12 Months Ended
Cash Flow Statement (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Cash Flow Statement [Abstract]	'	'	'
Net loss after tax	($2,413,173)	($11,721,049)	($31,236,451)
Net (gain)/loss recognized on re-measurement to fair-value of investments held for trading	423,999	'	'
Depreciation	2,992,649	1,975,932	2,776,005
Accretion of asset retirement obligations	9,236	55,326	23,603
Borrowing costs	33,632	'	'
Share based payments	86,245	199,437	1,167,801
Exploration expense	368,469	7,929,204	30,559,458
Impairment losses of oil and gas properties	83,121	259,529	635,464
Abandonment expense	726,427	'	'
Gain on sale of assets	-2,937,010	'	'
(Increase)/decrease in receivables	-1,376,522	3,601,100	-1,360,049
Increase/(decrease) in employee benefits	-12,057	7,832	72,645
Increase/(decrease) in payables	487,721	-125,000	182,005
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total	($1,527,263)	$2,182,311	$2,820,481

Credit_Facility_Narrative_Deta

Credit Facility (Narrative) (Details) (USD $)	12 Months Ended			12 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jan. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Aug. 31, 2014
	Jun. 30, 2014	Jan. 31, 2014	Jun. 30, 2013	London Interbank Offered Rate (LIBOR) [Member]	Minimum [Member]	Maximum [Member]	Subsequent Event [Member]
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'
Line of credit facility, maximum borrowing capacity	'	$25	'	'	'	'	'
Line of credit facility, current borrowing capacity	15.5	8	'	'	'	'	'
Line of credit facility, amount outstanding	6	'	'	'	'	'	5
Line of credit facility, expiration date	28-Jan-17	'	'	'	'	'	'
Debt instrument, basis spread on variable rate	'	'	'	3.75%	'	'	'
Debt instrument, interest rate at period end	3.98%	'	'	'	'	'	'
Current ratio	'	'	'	'	1	'	'
Debt to EBITDAX	'	'	'	'	'	3.5	'
Interest coverage ratio	'	'	'	'	1	2.5	'
Line of credity facility, cap on general and administrative expenditure	$6	'	'	'	'	'	'

Credit_Facility_Schedule_of_Cr

Credit Facility (Schedule of Credit Facilities) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014
Credit Facility [Abstract]	'
Credit facility at beginning of period	'
Cash advanced under facility	6,000,000
Repayments	'
Credit facility at end of period	6,000,000
Funds available for drawdown under the facility	$9,500,000

ShareBased_Payments_Narrative_

Share-Based Payments (Narrative) (Details)

1 Months Ended

12 Months Ended

Nov. 30, 2013

Nov. 30, 2011

Jul. 31, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2014

Jun. 30, 2012

AUD

USD ($)

AUD

USD ($)

AUD

1.5 Cents [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exchange rate

0.942

0.925

1.0191

Options issued

Options granted

4,000,000

223,414,112

97,307,526

8,000,000

Exercise price (Australian cents)

0.039

0.155

0.164

$0.04

0.038

$0.02

0.015

Options, expiration date

30-Nov-17

31-Oct-15

31-Dec-14

Percentage of options that vest in year one

33.33%

Percentage of options that vest in year two

33.33%

Percentage of options that vest in year three

33.33%

Options exercised

28,784

214,002,238

39,913,038

28,784

214,002,238

Unissued shares in respect to options outstanding

389,192,854

166,807,526

Unrecognized compensation cost related to stock options

Aggregate intrinsic value of options exercised

$1,005

$3,342,660

341

4,739,926

3,608,250

ShareBased_Payments_Schedule_O

Share-Based Payments (Schedule Of Assumption Used In Black-Scholes Model) (Details)	1 Months Ended						12 Months Ended
	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2011	Nov. 30, 2011	Jul. 31, 2011	Jul. 31, 2011	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012
	USD ($)	AUD	USD ($)	AUD	USD ($)	AUD	USD ($)	AUD	USD ($)	AUD	AUD
Share-Based Payments [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Share price at grant date (Autralian cents)	'	0.024	'	0.1	'	0.14	'	'	'	'	'
Exercise price (Australian cents)	'	0.039	'	0.155	'	0.164	$0.04	0.038	$0.02	0.015	0.015
Time to expiry (years)	'4 years	'4 years	'4 years	'4 years	'3 years 6 months	'3 years 6 months	'	'	'	'	'
Risk free rate (%)	1.25%	1.25%	6.00%	6.00%	5.25%	5.25%	'	'	'	'	'
Share price volatility (%)	176.52%	176.52%	124.61%	124.61%	129.33%	129.33%	'	'	'	'	'
Dividend yield	'	'	'	'	'	'	'	'	'	'	'

ShareBased_Payments_Schedule_O1

Share-Based Payments (Schedule Of Share-Based Compensation Recognized In General And Administrative Expense) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Share-Based Payments [Abstract]	'	'	'
Share-based compensation expensed	$86,245	$199,436	$1,167,801

ShareBased_Payments_Summary_Of

Share-Based Payments (Summary Of Stock Option Activity) (Details)	1 Months Ended			12 Months Ended
	Nov. 30, 2013	Nov. 30, 2011	Jul. 31, 2011	Jun. 30, 2014	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012
	AUD	AUD	AUD	USD ($)	AUD		USD ($)	AUD	AUD
Share-Based Payments [Abstract]	'	'	'	'	'		'	'	'
Outstanding, start of period	'	'	333,412,940	166,807,526	166,807,526		301,499,902	301,499,902	333,412,940
Granted	4,000,000	4,000,000	4,000,000	223,414,112	223,414,112		97,307,526	97,307,526	8,000,000
Exercised	'	'	'	-28,784	-28,784		-214,002,238	-214,002,238	-39,913,038
Exercised in period	'	'	'	'	'		-214,002,238	-214,002,238	'
Cancelled/expired	'	'	'	-1,000,000	-1,000,000		-17,997,664	-17,997,664	'
Outstanding, end of period	'	'	'	389,192,854	389,192,854		166,807,526	166,807,526	301,499,902
Exercisable, end of period	'	'	'	389,192,854	389,192,854		165,474,192	165,474,192	288,166,570
Weighted average exercise price - cents (AUD), outstanding, start of period	'	'	0.033	'	0.06		'	0.04	0.033
Weighted average exercise price - cents (AUD), granted	'	'	'	'	0.036		'	0.038	0.16
Weighted average exercise price - cents (AUD), exercised	0.039	0.155	0.164	$0.04	0.038		$0.02	0.015	0.015
Weighted average exercise price - cents (AUD), cancelled/expired	'	'	'	'	0.2		'	0.013	'
Weighted average exercise price - cents (AUD), outstanding, end of period	'	'	'	'	0.046		'	0.06	0.04
Weighted average exercise price - cents (AUD), exercisable, end of period	'	'	'	'	0.046		'	0.06	0.05
Aggregate intrinsic value of options - cents (AUD)	'	'	'	'	-0.03	[1]	'	'	'

[1]	The intrinsic value of a stock option is the amount by which the market value is (less than)/exceeds the exercise price at the Balance Date.

ShareBased_Payments_Schedule_O2

Share-Based Payments (Schedule Of Additional Information Related To Options Outstanding) (Details)

1 Months Ended

12 Months Ended

Nov. 30, 2013

Nov. 30, 2011

Jul. 31, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

AUD

USD ($)

AUD

USD ($)

AUD

3.8 Cents [Member]

3.3 Cents [Member]

3.9 Cents [Member]

8 Cents [Member]

15.5 Cents [Member]

16.4 Cents [Member]

AUD

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercise price (Australian cents)

0.039

0.155

0.164

$0.04

0.038

$0.02

0.015

0.038

0.033

0.039

0.08

0.155

0.164

Options outstanding, number outstanding

389,192,854

166,807,526

301,499,902

333,412,940

229,659,608

87,033,246

4,000,000

60,500,000

4,000,000

Options outstanding, weighted average remaining contractual life - years

'2 years 9 months

'3 years 9 months 29 days

'3 years 5 months 1 day

'6 months

'1 year 3 months 29 days

'6 months

Options outstanding, weighted average exercise prices

0.046

0.06

0.04

0.033

0.038

0.033

0.039

0.08

0.155

0.164

Options exercisable, number exercisable

389,192,854

165,474,192

288,166,570

229,659,608

87,033,246

4,000,000

60,500,000

4,000,000

Options exercisable, weighted average remaining contractual life

'2 years 9 months

'3 years 9 months 29 days

'3 years 5 months 1 day

'6 months

'1 year 3 months 29 days

'6 months

Options exercisable, weighted average exercise prices

0.046

0.06

0.05

0.038

0.033

0.039

0.08

0.155

0.164

ShareBased_Payments_Schedule_O3

Share-Based Payments (Schedule Of Unvested Stock Option Award Activity) (Details) (AUD)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Share-Based Payments [Abstract]	'	'
Non-vested at June 30, 2013	1,333,332	'
Vested	-1,333,332	'
Forfeited	'	'
Non-vested at June 30, 2014	0	1,333,332
Weighted-average grant-date fair value, non-vested at June 30, 2011	0.11	'
Weighted-average grant-date fair value, vested	0.11	'
Weighted-average grant-date fair value, forfeited	'	'
Weighted-average grant-date fair value, non-vested at June 30, 2012	'	0.11

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Related Party Transactions [Abstract]	'	'	'
Related party transactions	$0	$0	$0

Commitments_Narrative_Details

Commitments (Narrative) (Details) (USD $)	12 Months Ended
Commitments (Narrative) (Details) (USD $)	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2012
Commitments [Abstract]	'		'	'
Operating leases, 2015	$164,026	[1]	'	'
Operating leases, 2016	161,408	[1]	'	'
Operating leases, 2017	10,294	[1]	'	'
Operating leases, Thereafter	'		'	'
Net rent expense	$100,351		$285,427	$212,715

[1]	Leases relate primarily to obligations associated with our office facilities in Denver, Colorado and Perth, Western Australia and to vehicle leases.(3) Excludes variable rate debt interest payments related to the Companybs credit facility. The interest rate is LIBOR plus 3.75% or approximately 3.98% at June 30, 2014.(3)

Commitments_Contractual_Obliga

Commitments (Contractual Obligations) (Details) (USD $)	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2012
Commitments [Abstract]	'		'	'
Asset retirement obligations, Total	$1,775,792	[1]	$868,589	$808,572
Asset retirement obligations, 2015	877,933	[1]	'	'
Asset retirement obligations, 2018	'	[1]	'	'
Asset retirement obligations, 2019	'	[1]	'	'
Asset retirement obligations, Thereafter	897,859	[1]	'	'
Operating leases, Total	335,728	[2]	'	'
Operating leases, 2015	164,026	[2]	'	'
Operating leases, 2016	161,408	[2]	'	'
Operating leases, 2017	10,294	[2]	'	'
Operating leases, 2018	'	[2]	'	'
Operating leases, 2019	'	[2]	'	'
Operating leases, Thereafter	'		'	'
Drilling carry - Rainbow Project, Total	1,000,000		'	'
Drilling carry - Rainbow Project, 2015	1,000,000		'	'
Drilling carry - Rainbow Project, 2018	'		'	'
Drilling carry - Rainbow Project, 2019	'		'	'
Credit Facility, Total	6,000,000		'	'
Credit Facility, 2017	6,000,000		'	'
Credit Facility, 2018	'		'	'
Credit Facility, 2019	'		'	'
Contractual Obligations, Total	9,111,520		'	'
Contractual Obligations, 2015	2,041,959		'	'
Contractual Obligations, 2016	161,408		'	'
Contractual Obligations, 2017	6,010,294		'	'
Contractual Obligations, 2018	'		'	'
Contractual Obligations, 2019	'		'	'
Contractual Obligations, Thereafter	$897,859		'	'

[1]	Asset retirement obligations represent the estimated fair value at June 30, 2014 of our obligations with respect to the retirement/abandonment of our oil and gas properties. Each reporting period the liability is accreted to its then present value. The ultimate settlement amount and the timing of the settlement of such obligations are unknown because they are subject to, among other things, federal, state, local, and tribal regulation and economic factors.
[2]	Leases relate primarily to obligations associated with our office facilities in Denver, Colorado and Perth, Western Australia and to vehicle leases.(3) Excludes variable rate debt interest payments related to the Companybs credit facility. The interest rate is LIBOR plus 3.75% or approximately 3.98% at June 30, 2014.(3)

Contingencies_Details

Contingencies (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Contingencies [Abstract]	'	'
Contingent assets	$0	'
Contingent liabilities	$0	'

Quarterly_Financial_Data_Detai

Quarterly Financial Data (Details) (USD $)	3 Months Ended								12 Months Ended
Quarterly Financial Data (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Quarterly Financial Data [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Revenues	$5,285,679	$3,144,660	$1,372,377	$3,937,891	$1,579,853	$1,178,000	$1,842,731	$1,668,410	$13,740,607	$6,268,994	$8,799,754
Income (loss) from continuing operations	-730,661	-381,268	-1,380,124	859,491	-1,886,339	-8,921,000	-1,331,454	-1,592,536	-1,632,562	-13,731,329	-35,865,644
Income tax (provision)/benefit	-780,611	'	'	'	-25,656	'	1,366,938	668,998	-780,611	2,010,280	4,629,193
Net loss	($1,511,272)	($381,268)	($1,380,124)	$859,491	($1,911,995)	($8,921,000)	$35,484	($923,538)	($2,413,173)	($11,721,049)	($31,236,451)
Basic loss per common share - cents per share	($0.05)	($0.01)	($0.05)	$0.04	($0.11)	($0.45)	$0	($0.05)	($0.09)	($0.61)	($1.78)
Diluted earnings per common share - cents per share	($0.05)	($0.01)	($0.05)	$0.04	($0.11)	($0.45)	$0	($0.05)	($0.09)	($0.61)	($1.78)

Supplemental_Information_On_Oi2

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Narrative) (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Development costs	$12.50	'	'	'	'
Discount factor of future net cash flows	10.00%	'	'	'	'
Number of proved undeveloped drilling locations	'	4	'	'	'
Estimated costs to develop proved undeveloped sites	'	$16.40	'	'	'
Oil [Member]	'	'	'	'	'
12 month historical average price per barrel of oil	91.63	84.54	83.93	81.04	66.53
Natural Gas [Member]	'	'	'	'	'
12 month historical average price per Mcf	7.69	5.89	5.16	4.61	3.75

Supplemental_Information_On_Oi3

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Schedule Of Capitalized Costs Of Oil And Natural Gas Properties) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations [Abstract]	'	'	'
Oil and gas properties - subject to amortization	$41,166,960	$26,657,972	$25,785,108
Work in progress	6,308,467	6,344,040	'
Lease and well equipment	8,174,727	5,371,923	4,217,803
Total capitalized costs	55,650,154	38,373,935	30,002,911
Accumulated depreciation, depletion and amortization	-15,137,300	-12,362,977	-10,488,529
Impairment	-6,082,061	-6,018,940	-5,624,002
Net capitalized costs	$34,430,793	$19,992,018	$13,890,380

Supplemental_Information_On_Oi4

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Summary Of Costs Incurred For Oil And Natural Gas Exploration, Development And Acquisition) (Details) (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations [Abstract]	'	'	'
Work in progress	$2,991,622	$6,344,040	'
Development costs	17,401,377	2,026,984	3,384,858
Exploration costs	1,080,925	3,911,191	5,172,707
Undeveloped capitalized acreage	'	2,352,125	7,859,832
Total costs incurred	$21,473,924	$14,634,340	$16,417,397

Supplemental_Information_On_Oi5

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities) (Details)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
	MBoe	MBoe	MBoe
Reserve Quantities [Line Items]	'	'	'
Beginning of year (BOE)	1,761	996	714
Revisions of previous quantity estimates (BOE)	-210	232	-24
Extensions, discoveries and improved estimates (BOE)	465	186	430
Sales of reserves in place (BOE)	-106	'	'
Acquisitions (BOE)	'	437	'
Production (BOE)	-137	-90	-124
End of year (BOE)	1,773	1,761	996
Proved developed producing reserves (BOE)	1,216	586	574
Proved undeveloped reserves (BOE)	557	1,175	422
Proved reserves (BOE)	1,773	1,761	996
Oil [Member]	'	'	'
Reserve Quantities [Line Items]	'	'	'
Beginning of year (Volume)	1,452	770	495
Revisions of previous quantity estimates (Volume)	-179	227	4
Extensions, discoveries and improved recovery (Volume)	400	153	359
Sales of reserves in place (Volume)	-89	'	'
Acquisitions (Volume)	'	364	'
Production (Volume)	-106	-62	-88
End of year (Volume)	1,478	1,452	770
Proved developed producing reserves (Volume)	1,002	454	419
Proved undeveloped reserves (Volume)	476	998	351
Proved reserves (Volume)	1,478	1,452	770
Natural Gas [Member]	'	'	'
Reserve Quantities [Line Items]	'	'	'
Beginning of year (Volume)	1,845	1,352	1,311
Revisions of previous quantity estimates (Volume)	-187	27	-168
Extensions, discoveries and improved recovery (Volume)	387	198	423
Sales of reserves in place (Volume)	-99	'	'
Acquisitions (Volume)	'	435	'
Production (Volume)	-183	-167	-214
End of year (Volume)	1,763	1,845	1,352
Proved developed producing reserves (Volume)	1,277	784	927
Proved undeveloped reserves (Volume)	486	1,061	425
Proved reserves (Volume)	1,763	1,845	1,352

Supplemental_Information_On_Oi6

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Estimated Standard Measure Of Discounted Future Net CF Relating To Proved Reserves) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations [Abstract]	'	'	'	'	'
Future cash inflows	$148,975	$133,589	$71,655	$46,250	$67,996
Future production costs	-43,009	-44,672	-29,321	-16,046	-23,288
Future development costs	-12,461	-29,012	-10,198	-917	-11,910
Future income taxes	-21,819	-12,050	-5,524	-4,357	'
Future net cashflows	71,686	47,855	26,612	24,930	32,798
10% discount	-29,093	-26,012	-13,274	-10,207	-17,675
Standardized measure of discounted future net cash flows relating to proved properties	$42,593	$21,843	$13,338	$14,723	$15,123

Supplemental_Information_On_Oi7

Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations (Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Supplemental Information On Oil And Natural Gas Exploration, Development And Production Activities, Inclusive Of Discontinued Operations [Abstract]	'	'	'
Beginning of year	$21,843	$13,338	$14,723
Sales of oil and gas produced during the period, net of production costs	-6,513	-2,338	-5,596
Net changes in prices and production costs	4,689	8,027	3,216
Previously estimated development costs incurred during the period	22,100	'	917
Changes in estimates of future development costs	-6,829	-18,814	-10,198
Extensions, discoveries and improved recovery	19,833	5,892	11,354
Revisions of previous quantity estimates and other	-5,727	7,419	-643
Sale of reserves in place	-1,558	'	'
Purchase of reserves in place	'	11,664	'
Change in future income taxes	-6,484	-6,526	-987
Accretion of discount	2,666	1,334	1,472
Other	-1,427	1,847	-920
Balance at end of year	$42,593	$21,843	$13,338