Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SSN | |
Entity Registrant Name | Samson Oil & Gas LTD | |
Entity Central Index Key | 1404079 | |
Current Fiscal Year End Date | -24 | |
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 | 2,837,782,022 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $3,881,138 | $6,846,394 |
Accounts receivable, net of allowance for doubtful accounts of $nil and $nil respectively | 3,401,145 | 5,533,516 |
Prepayments | 1,202,115 | 5,388,428 |
Fair value of derivative instruments | 1,949,350 | |
Short term deferred tax asset | 84,946 | 84,946 |
Total current assets | 10,518,694 | 17,853,284 |
PROPERTY, PLANT AND EQUIPMENT, AT COST | ||
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $31,023,032 and $21,219,361 at December 31, 2014 and June 30, 2014, respectively | 46,866,724 | 34,430,793 |
Other property and equipment, net of accumulated depreciation and amortization of $486,953 and $421,443 at December 31, 2014 and June 30, 2014, respectively | 317,766 | 365,566 |
Net property, plant and equipment | 47,184,490 | 34,796,359 |
OTHER NON CURRENT ASSETS | ||
Derivative Asset, Noncurrent | 256,940 | |
Undeveloped capitalized acreage | 2,937,920 | 12,349,767 |
Capitalized exploration expense | 1,953,039 | 3,382,650 |
Other | 354,619 | 459,169 |
TOTAL ASSETS | 63,205,702 | 68,841,229 |
CURRENT LIABILITIES | ||
Accounts payable | 2,046,235 | 4,316,963 |
Accruals | 4,386,154 | 3,261,674 |
Provision for annual leave | 211,229 | 230,311 |
Fair value of derivative instruments | 284,376 | |
Total current liabilities | 6,643,618 | 8,093,324 |
NON CURRENT LIABILITIES | ||
Fair value of derivative instruments | 128,998 | |
Asset retirement obligations | 1,124,377 | 897,859 |
Credit Facility | 15,500,000 | 6,000,000 |
Deferred tax liability | 84,946 | 84,946 |
TOTAL LIABILITIES | 23,352,941 | 15,205,127 |
STOCKHOLDERS' EQUITY - nil par value | ||
2,837,782,022 (equivalent to 141,889,101 ADR's) and 2,837,756,933 (equivalent to 127,381,360 ADR's) ordinary shares issued and outstanding at December 31, 2014 and June 30, 2014, respectively | 104,491,774 | 104,535,894 |
Other comprehensive income | 1,075,697 | 1,302,096 |
Accumulated deficit | -65,714,710 | -52,201,888 |
Total stockholders' equity | 39,852,761 | 53,636,102 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $63,205,702 | $68,841,229 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Other property and equipment accumulated depreciation and amortization | $486,953 | $421,443 |
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization | $21,079,958 | $21,219,361 |
Common stock, par value | $0 | $0 |
Common stock, shares issued | 2,837,782,022 | 2,837,756,933 |
Common stock, shares issued ADR | 141,889,101 | 127,381,360 |
Common stock, shares outstanding ADR | 141,889,101 | 141,887,847 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES AND OTHER INCOME: | ||||
Interest income | $9,884 | $86,853 | $19,523 | $101,298 |
Gain on derivative instruments | 2,306,135 | 3,087,705 | ||
Gain on sale of oil and gas properties | 2,524,411 | |||
Other | 6,561 | 85 | 6,772 | 184 |
TOTAL REVENUE AND OTHER INCOME | 5,009,633 | 1,372,377 | 9,059,248 | 5,310,268 |
EXPENSES: | ||||
Lease operating expense | -1,512,195 | -586,926 | -2,972,117 | -1,231,676 |
Depletion, depreciation and amortization | -1,118,619 | -417,723 | -2,073,680 | -881,805 |
Impairment expense | -3,027,288 | -3,060,684 | -83,121 | |
Abandonment expense | -79,036 | -214,803 | ||
Exploration and evaluation expenditure | -362,540 | -51,669 | -11,465,956 | -319,374 |
Accretion of asset retirement obligations | -8,418 | -17,117 | -16,341 | -32,813 |
Amortisation of borrowing costs | -31,972 | -65,132 | ||
Interest expense | -147,343 | -231,285 | ||
General and administrative | -1,260,793 | -1,679,066 | -2,472,072 | -3,282,109 |
TOTAL EXPENSES | -7,548,204 | -2,752,501 | -22,572,070 | -5,830,898 |
Loss from operations | -2,538,571 | -1,380,124 | -13,512,822 | -520,630 |
Net loss | -2,538,571 | -1,380,124 | -13,512,822 | -520,630 |
OTHER COMPREHENSIVE GAIN (LOSS) [Abstract] | ||||
Foreign Currency Translation loss | -97,689 | -383,280 | -226,399 | -578,055 |
Total comprehensive loss for the period | -2,636,260 | -1,763,404 | -13,739,221 | -1,098,685 |
Net gain/(loss) per ordinary share from operations: | ||||
Basic - cents per share | ($0.09) | ($0.05) | ($0.48) | ($0.02) |
Diluted - cents per share | ($0.09) | ($0.05) | ($0.48) | ($0.02) |
Weighted average ordinary shares outstanding: | ||||
Basic | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 |
Diluted | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 |
Oil [Member] | ||||
REVENUES AND OTHER INCOME: | ||||
Sales | 2,538,100 | 1,082,154 | 5,541,245 | 2,339,144 |
Gas [Member] | ||||
REVENUES AND OTHER INCOME: | ||||
Sales | 148,953 | 202,658 | 404,003 | 344,604 |
Other Liquids [Member] | ||||
REVENUES AND OTHER INCOME: | ||||
Sales | $627 | $627 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Ordinary Shares [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Other Comprehensive Income (Loss) [Member] | Total |
Balance at Jun. 30, 2014 | $104,535,894 | ($52,201,888) | $1,302,096 | $53,636,102 |
Net loss | -13,512,822 | -13,512,822 | ||
Foreign Currency Translation, net tax of $nil | -226,399 | -226,399 | ||
Total comprehensive loss for the period | -13,512,822 | -226,399 | -13,739,221 | |
Stock based compensation | ||||
Exercise of Options | 880 | 880 | ||
Share issue costs | -45,000 | -45,000 | ||
Balance at Dec. 31, 2014 | $104,491,774 | ($65,714,710) | $1,075,697 | $39,852,761 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Consolidated Statements Of Changes In Stockholders' Equity [Abstract] | |
Foreign currency translation, tax | $0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows (used in)/provided by operating activities | ||
Receipts from customers | $7,010,394 | $2,504,828 |
Proceeds from derivative instruments | -228,837 | |
Payments to suppliers & employees | -6,349,789 | -4,207,411 |
Interest received | 19,499 | 102,019 |
State income taxes paid | 107,135 | |
Net cash flows (used in)/ provided by operating activities | 801,806 | -1,600,564 |
Cash flows from investing activities | ||
Proceeds from sale of oil and gas properties | 3,547,409 | |
Payments for plant & equipment | -21,427 | -25,041 |
Payments for exploration and evaluation | -1,399,142 | -240,945 |
Payments for oil and gas properties | -11,313,174 | -15,144,169 |
Net cash flows used in investing activities | -12,733,743 | -11,862,746 |
Cash flows from financing activities | ||
Issuance of share capital | 7,337,138 | |
Proceeds from the exercise of options | 880 | 347 |
Proceeds from borrowings | 9,500,000 | |
Borrowing costs | -83,690 | |
Interest paid | -172,917 | |
Share issuance costs | -45,000 | -561,239 |
Net cash flows provided by financing activities | 9,199,273 | 6,776,246 |
Net decrease in cash and cash equivalents | -2,732,664 | -6,687,064 |
Cash and cash equivalents at the beginning of the fiscal period | 6,846,394 | 13,170,627 |
Effects of exchange rate changes on cash and cash equivalents | -232,592 | -581,004 |
Cash and cash equivalents at end of fiscal period | $3,881,138 | $5,902,559 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation |
These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. All adjustments which are normal and recurring by nature, in the opinion of management, necessary for fair statement of Samson Oil & Gas Limited’s (the Company) Consolidated Financial Statements have been included herein. Interim results are not necessarily indicative of expected annual results because of the impact of fluctuations in prices received for oil and natural gas, as well as other factors. In the course of preparing the Consolidated Financial Statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and, accordingly, actual results could differ from amounts previously established. | |
The Company’s Consolidated Financial Statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s audited financial statements as of and for the year ended June 30, 2014. The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP. | |
It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report (Form 10-K). | |
Accruals. Accrued liabilities at December 31, 2014 and June 30, 2014 consist primarily of estimates for goods and services received but not yet invoiced. | |
Prepayments. Prepayments at December 31, 2014 and June 30, 2014 consist primarily of cash advanced to the operators of our drilling projects for future drilling operations. As at December 31, 2014, cash had been advanced to the operator of our North Stockyard infill development project for the drilling and/or completion of four wells. | |
Recent Accounting Standards | |
There are no new accounting pronouncements that have not been adopted by the Company as of December 31, 2014 that will have a material effect on the Company’s financial statements. | |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | 2. Income Taxes | ||||||||||||
Three months ended | Six months ended | ||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||
Income tax benefit | $ | - | $ | - | $ | - | $ | - | |||||
Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
The Company has cumulative net operating losses (“NOL”) that may be carried forward to reduce taxable income in future years. The Tax Reform Act of 1986 contains provisions that limit the utilization of NOLs if there has been a change in ownership as described in Internal Revenue Code Section 382. The Company’s prior year NOLs are limited by IRC Section 382. | |||||||||||||
In the tax year ended June 30, 2012, the Company generated an NOL of $33 million which exceeded the amount of taxable income, after NOL, generated in the tax year ended June 30, 2011. As a result, the NOL from June 30, 2012 was carried back to the year of June 30, 2011, generating a refund of tax paid in that year. The Company’s remaining NOLs will be carried forward to offset future taxable income. | |||||||||||||
ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all deferred tax assets will not be realized. The Company’s ability to realize the benefits of its deferred tax assets will depend on the generation of future taxable income through profitable operations. Due to the Company’s history of losses and the uncertainty of future profitable operations, the Company has recorded a full valuation allowance against its deferred tax assets. | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share | 3. Earnings Per Share | ||||||||||
Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shares by the weighted average number of shares outstanding for the period. Under the treasury stock method, diluted earnings per share is calculated by dividing net earnings (loss) by the weighted average number of shares outstanding including all potentially dilutive ordinary shares (which in Samson’s case consists of unexercised stock options). In the event of a net loss, however no potential ordinary shares are included in the calculation of shares outstanding since the impact would be anti-dilutive. | |||||||||||
The following table details the weighted average dilutive and anti-dilutive securities outstanding, which consist of options, for the periods presented: | |||||||||||
Three months ended | Six months ended | ||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||
Dilutive | - | - | - | - | |||||||
Anti–dilutive | 389,168,104 | 300,885,050 | 389,177,139 | 261,058,802 | |||||||
The following tables set forth the calculation of basic and diluted loss per share: | |||||||||||
Three months ended | Six months ended | ||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||
Net income (loss) | $ | -2,538,571 | -1,380,124 | $ | -13,512,822 | -520,630 | |||||
Basic weighted average ordinary shares outstanding | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 | |||||||
Add: dilutive effect of stock options | - | - | - | - | |||||||
Add: bonus element for rights issue | - | - | - | - | |||||||
Diluted weighted average ordinary shares outstanding | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 | |||||||
Basic earnings per ordinary share – cents per share | -0.09 | -0.05 | -0.48 | -0.02 | |||||||
Diluted earnings per ordinary share – cents per share | -0.09 | -0.05 | -0.48 | -0.02 | |||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Asset Retirement Obligations [Abstract] | |||||||
Asset Retirement Obligations | 4. Asset Retirement Obligations | ||||||
The Company’s asset retirement obligations primarily represent the estimated present value of the amounts expected to be incurred to plug, abandon and remediate producing and shut–in properties at the end of their productive lives in accordance with applicable state and federal laws. The Company determines the estimated fair value of its asset retirement obligations by calculating the present value of estimated cash flows related to those obligations. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit adjusted discount rates, inflation rates and estimated dates of abandonment. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted using the units–of–production method. | |||||||
The liabilities settled in the six months to December 31, 2014 relate to work performed to plug and abandon three wells in our Greens Canyon prospect in Wyoming. These wells were drilled 10 years ago and did not produce economic quantities of hydrocarbons. | |||||||
The following table summarizes the activities for the Company’s asset retirement obligations for the six months ended December 31, 2014 and 2013: | |||||||
Six months ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Asset retirement obligations at beginning of period | $ | 1,775,792 | $ | 868,589 | |||
Liabilities incurred or acquired | 42,805 | 154,735 | |||||
Liabilities settled | -710,561 | -8,136 | |||||
Disposition of properties | - | - | |||||
Accretion expense | 16,341 | 32,813 | |||||
Asset retirement obligations at end of period | 1,124,377 | 1,048,001 | |||||
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) | - | - | |||||
Long-term asset retirement obligations | $ | 1,124,377 | $ | 1,048,001 | |||
Equity_Incentive_Compensation
Equity Incentive Compensation | 6 Months Ended |
Dec. 31, 2014 | |
Equity Incentive Compensation [Abstract] | |
Equity Incentive Compensation | 5. Equity Incentive Compensation |
Stock-based compensation is measured at the grant date based on the estimated fair value of the awards with the resulting amount recognized as compensation expense on a straight-line basis over the requisite service period (usually the vesting period). | |
Total compensation cost recognized in the Statements of Operations for the grants under the Company’s equity incentive compensation plans was $nil during the three months ended December 31, 2014 and $80,989 during the three months ended December 31, 2013. | |
Total compensation cost recognized in the Statements of Operations for the grants under the Company’s equity incentive compensation plans was $nil during the six months ended December 31, 2014 and $86,244 during the six months ended December 31, 2013. | |
As of December 31, 2014, there was $nil total unrecognized compensation cost related to outstanding stock options. | |
Sale_of_Oil_and_Gas_Properties
Sale of Oil and Gas Properties | 6 Months Ended |
Dec. 31, 2014 | |
Gain (Loss) on Disposition of Oil and Gas Property [Abstract] | |
sale of oil and gas properties tex block | |
6. Sale of Oil and Gas Assets | |
In August 2013, we divested half our equity position in the undeveloped acreage in the North Stockyard project to Slawson Exploration Company Inc. (“Slawson”) for $5.562 million in cash and other consideration while retaining our full interest in the currently producing wells in the North Stockyard field. $0.9 million of the cash portion of the purchase price was subject to the delivery of a useable well bore in Billabong. While work is continuing on this well bore, it had to be suspended to permit other drilling operations to proceed on the same pad. The Billabong workover was completed during the year ended June 30, 2014 and Slawson exercised its option to take over operation of the Billabong well bore. | |
As a consequence of the transaction the rig contract with Frontier was also terminated, with no penalty payment. Slawson is now the operator of the project going forward for the development of the undeveloped acreage. | |
Along with the undeveloped acreage for which a gain on sale was recognized in the Income Statement of $2.52 million, we have also transferred a 25% working interest in Sail and Anchor well, which was drilled but not completed, at the time of sale, as well as a 25% working interest in the salt water disposal well drilled in the prior year in the North Stockyard project for $2.92 million, recognized as a reimbursement in the capitalized costs for these assets at the time of the transaction. | |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||
Fair Value Measurements | 7. Fair Value Measurements | |||||||||||||||||
Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The FASB has established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | ||||||||||||||||||
The three levels of the fair value hierarchy are as follows: | ||||||||||||||||||
| Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||||
| Level 2—Pricing inputs are other than quoted prices in active markets included in level 1, but are either directly or indirectly observable as of the reported date and for substantially the full term of the instrument. Inputs may include quoted prices for similar assets and liabilities. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. | |||||||||||||||||
| Level 3—Pricing inputs include significant inputs that are generally unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | |||||||||||||||||
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2014 and June 30, 2013. | ||||||||||||||||||
Carrying value at December 31, 2014 | Level 1 | Level 2 | Level 3 | Netting (1) | Fair Value at December 31, 2014 | |||||||||||||
Current Assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 3,881,138 | $ | 3,881,138 | $ | - | $ | - | $ | - | $ | 3,881,138 | ||||||
Derivative Instruments | 1,949,350 | - | 1,960,723 | - | -11,373 | 1,949,350 | ||||||||||||
Non Current Assets | ||||||||||||||||||
Derivative Instruments | 256,940 | - | 722,491 | -465,551 | 256,940 | |||||||||||||
- | ||||||||||||||||||
Current Liabilities | - | |||||||||||||||||
Derivative instruments | - | - | 11,373 | - | -11,373 | - | ||||||||||||
- | ||||||||||||||||||
Non Current Liabilities | - | |||||||||||||||||
Derivative Instruments | - | - | 465,551 | -465,551 | - | |||||||||||||
Carrying value at June 30, 2014 | Level 1 | Level 2 | Level 3 | Netting (1) | Fair Value at June 30, 2014 | |||||||||||||
Current Assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 6,846,394 | $ | 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 | 284,376 | - | 340,756 | - | -56,380 | 284,376 | ||||||||||||
Non Current Liabilities | ||||||||||||||||||
Derivative Instruments | 128,998 | - | 190,491 | - | -61,493 | 128,998 | ||||||||||||
-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: | ||||||||||||||||||
Level 1 Fair value Measurements | ||||||||||||||||||
Fair Value of Financial Instruments. The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable and payable and derivatives (discussed below). The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short–term maturities. | ||||||||||||||||||
Level 2 Fair Measurements | ||||||||||||||||||
Derivative Contracts. The Company’s derivative contracts consist of oil collars and oil call options. The fair value of these contracts are based on inputs that are either readily available in the public market, such as oil future prices or inputs that can be corroborated from active markets. Fair value is determined through the use of a discounted cash model using applicable inputs discussed above. | ||||||||||||||||||
Other fair value measurements | ||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. | ||||||||||||||||||
The Company also applies fair value accounting guidance to measure non–financial assets and liabilities such as business acquisitions, proved oil and gas properties, and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. These items are primarily valued using the present value of estimated future cash inflows and/or outflows. Given the unobservable nature of these inputs, they are deemed to be Level 3. | ||||||||||||||||||
Some oil and gas properties are stated at fair value as at December 31, 2014. As a result of the significant decline in oil prices experienced in recent months, the carrying value of oil and gas properties was reviewed and subject to impairment costs of $3.0 million. $2.7 million of this related to our Rainbow property in North Dakota, while the remaining $0.3 million related to various small non-operated properties in Wyoming. | ||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 8. Commitments and Contingencies |
The Company has no accrued environmental liabilities for its sites, including sites in which governmental agencies have designated the Company as a potentially responsible party, because it is not probable that a loss will be incurred and the minimum cost and/or amount of loss cannot be reasonably estimated. However, due to uncertainties associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites identified in the future, if any, could be incurred. Management believes, based upon current site assessments, that the ultimate resolution of any such matters will not materially affect our results of operations or cash flows. | |
From time to time, we are involved in various legal proceedings through the ordinary course of business. While the ultimate outcome is not known, management believes that any resolution will not materially impact the financial statements. | |
Halliburton Dispute | |
Halliburton Energy Services, Inc., a co-participant in the Company’s Hawk Springs project, has filed a complaint in Harris County, Texas District Court against Samson USA seeking unpaid oil revenue attributable to its ownership interest in the Hawk Springs Project, which was approximately $126,000 as of June 5, 2013, and has since increased to approximately $168,000. Samson USA has answered the complaint and has filed counterclaims against Halliburton arising out of Samson USA’s engagement of Halliburton’s Project Management group in May of 2011 to provide services in connection with its drilling program in Roosevelt County, Montana. In its counterclaims, Samson USA claims approximately $336,000 from Halliburton on account of Halliburton’s refusal to pay an invoice for demobilization of the drilling rig used in the Roosevelt project. Samson USA has also asked for a judicial accounting with respect to Halliburton’s fees and expenses charged to Samson in connection with the Spirit of America well in Goshen County, Wyoming, and the Australia II, well in Roosevelt County, Wyoming, because of Samson’s discovery of self-dealing and bill padding by Halliburton’s onsite project manager there. Halliburton has not yet filed an answer to Samson’s counterclaims but the parties are commencing discovery efforts in the lawsuit. While Samson believes that its counterclaims are meritorious and is confident that Samson will obtain a net positive recovery from the lawsuit, there can be no assurance as to the ultimate outcome of this litigation. | |
Issue_of_Share_Capital
Issue of Share Capital | 6 Months Ended |
Dec. 31, 2014 | |
Issue of Share Capital [Abstract] | |
Issue of Share Capital | 10. Issue of Share Capital |
During the three months ended December 31, 2014, 1,064 Australian 3.8 cent options were exercised for net proceeds of $38. | |
During the six months ended December 31, 2014, 25,089 Australian 3.8 cent options were exercised for net proceeds of $880. | |
During the three months ended December 31, 2013 there were no issues of ordinary shares. | |
During the six months ended December 31, 2013 9,864 Australian 3.8 cent options were exercised for net proceeds of $347. | |
All options exercised were issued in a public rights offering conducted in June 2013. | |
During the six months ended December 31, 2013, we issued 318,452,166 ordinary shares for 2.5 cents (Australian cents)/2.3 cents (United States cents) for proceeds of $7.3 million. The ordinary shares were issued to investors in the US and Australia. In conjunction with these issues we also issued 132,380,866 warrants with an exercise price of 3.8 cents (Australian) and expiry date of March 31, 2017. | |
Cash_Flow_Statement
Cash Flow Statement | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Cash Flow Statement [Abstract] | |||||||
Cash Flow Statement | 11. Cash Flow Statement | ||||||
Reconciliation of loss after tax to the net cash flows from operations: | |||||||
Six months ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Net loss after tax | $ | -13,512,822 | $ | -520,630 | |||
Depletion, depreciation and amortization | 2,073,680 | 881,805 | |||||
Stock-based compensation | - | 86,244 | |||||
Accretion of asset retirement obligation | 16,341 | 32,813 | |||||
Impairment expense | 3,060,684 | 83,121 | |||||
Exploration and evaluation expenditure | 11,465,956 | 319,374 | |||||
Gain on sale of oil and gas properties | - | -2,524,411 | |||||
Amortisation borrowing costs | 65,132 | - | |||||
Abandonment expense | 214,803 | - | |||||
Non cash gain on derivative instruments | -2,619,664 | - | |||||
Changes in assets and liabilities: | |||||||
Decrease/(Increase) in receivables | 2,132,371 | -179,360 | |||||
Decrease in income tax receivable/deferred tax asset | - | - | |||||
Increase/(decrease) in provision for annual leave | -19,082 | 38,851 | |||||
(Decrease)/Increase in payables | -2,075,593 | 181,629 | |||||
NET CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES | $ | 801,806 | $ | -1,600,564 | |||
Credit_Facility
Credit Facility | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Credit Facility [Abstract] | |||||||
Credit Facility Disclosure | 12. Credit Facility | ||||||
Six months ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Credit facility at beginning of period | $ | 6,000,000 | $ | - | |||
Cash advanced under facility | $ | 9,500,000 | - | ||||
Repayments | - | - | |||||
Credit facility at end of period | $ | 15,500,000 | $ | - | |||
- | |||||||
Funds available for drawdown under the facility | $ | 3,500,000 | - | ||||
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, which was increased to $15.5 million in June 2014. In November 2014, the borrowing base was increased to $19.0 million, of which $15.5 million has been drawn down. | |||||||
Additional increases in the borrowing base, up to the credit facility maximum of $50.0 million, may be made available to us in the future depending on the value of our reserves. Borrowing base redeterminations are performed by the lender every six months at June and December. We also have the ability to request a borrowing base redetermination at another period, once a year. The facility matures January 28, 2017. The interest rate is LIBOR plus 3.25% or approximately 3.48% for the quarter ended December 31, 2014. | |||||||
The credit facility includes the following covenants, tested on a quarterly basis: | |||||||
· | Current ratio greater than 1 | ||||||
· | Debt to EBITDAX (annualized) ratio no greater than 3.5 | ||||||
· | Interest coverage ratio minimum of between 2.5 and 1.0 | ||||||
The credit facility also includes an annual cap on general and administrative expenditures of $6,000,000 per year to be tested for the first time for calendar year ended December 31, 2014 and each subsequent December 31 thereafter while the facility is in place. | |||||||
As at December 31, 2014 we were in breach of our debt to EBITDAX covenant. We have received a waiver from Mutual of Omaha with respect to this breach for this quarter only. We were in compliance with all other covenants. | |||||||
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 $0.4 million in borrowing costs (including legal fees and bank fees) which have been deferred and will be amortized over the life of the facility. | |||||||
Derivatives
Derivatives | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Derivatives [Abstract] | |||||||
Derivatives | 13. Derivatives | ||||||
The Company has not designated any of its derivative contracts as hedges for accounting purposes. The Company records all derivative contracts at fair value. Changes in derivative contracts are recognized in earnings. Changes in settlements and valuation gains and losses are included in loss/(gain) on derivative instruments in the Statement of Operations. These contracts are settled on a monthly basis. Derivative assets and liabilities arising from the Company’s derivative contracts with the same counterparty that provide for net settlement are reported on a net basis in the Balance Sheet. | |||||||
The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil. The Company seeks to manage this risk through the use of commodity derivative contracts These derivative contracts allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil sales. At December 31, 2014, the Company’s commodity derivative contracts consisted of collars and fixed price swaps, which are described below: | |||||||
CollarCollars contain a fixed floor price (put) and fixed ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, the Company receives the fixed price and pays the market price. If the market price is between the call and the put strike price, no payments are due from the either party. | |||||||
Fixed price swapThe Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. | |||||||
All of the Company’s derivative contracts are with the same counterparty (a large multinational oil company) and are shown on a net basis on the Balance Sheet. The Company’s counterparty has entered into an inter-creditor agreement with Mutual of Omaha Bank, the provider of the Company’s credit facility, as such, no additional collateral is required by the counterparty. | |||||||
During the quarter ended December 31, 2014 we recognized $2,306,135 gain on derivative instruments in the Statement of Operations. | |||||||
We intend to increase our derivative portfolio as our production increases in order to provide downside protection to our future production. | |||||||
In October 2014, we entered into a deferred put spread arrangement with respect to 36,600 barrels from production in 2016. These options have a floor of $82.50 (the Company receives $82.50 when the market price settles between $67.20 and $82.50) and a sub floor of $67.50 (the Company receives the market price plus $15 for any prices below $67.50) with a cost of $5.50 per barrel which is deferred until the settlement of the derivative instrument. | |||||||
At December 31, 2014 the Company’s open derivative contracts consisted of the following: | |||||||
Oil Price Collars - WTI | Volumes (Bbls) | Floor US$ | Ceiling US$ | ||||
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$ | |||||
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$ | |||||
January 2015 - December 2015 | 39,791 | 92.61 | |||||
Income_Tax_Tables
Income Tax (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Schedule Of Effective Income tax Rate | |||||||||||||
Three months ended | Six months ended | ||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||
Income tax benefit | $ | - | $ | - | $ | - | $ | - | |||||
Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities | |||||||||||
Three months ended | Six months ended | ||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||
Dilutive | - | - | - | - | |||||||
Anti–dilutive | 389,168,104 | 300,885,050 | 389,177,139 | 261,058,802 | |||||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | |||||||||||
Three months ended | Six months ended | ||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||
Net income (loss) | $ | -2,538,571 | -1,380,124 | $ | -13,512,822 | -520,630 | |||||
Basic weighted average ordinary shares outstanding | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 | |||||||
Add: dilutive effect of stock options | - | - | - | - | |||||||
Add: bonus element for rights issue | - | - | - | - | |||||||
Diluted weighted average ordinary shares outstanding | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 | |||||||
Basic earnings per ordinary share – cents per share | -0.09 | -0.05 | -0.48 | -0.02 | |||||||
Diluted earnings per ordinary share – cents per share | -0.09 | -0.05 | -0.48 | -0.02 | |||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Asset Retirement Obligations [Abstract] | |||||||
Summary Of Activities Of Asset Retirement Obligations | |||||||
Six months ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Asset retirement obligations at beginning of period | $ | 1,775,792 | $ | 868,589 | |||
Liabilities incurred or acquired | 42,805 | 154,735 | |||||
Liabilities settled | -710,561 | -8,136 | |||||
Disposition of properties | - | - | |||||
Accretion expense | 16,341 | 32,813 | |||||
Asset retirement obligations at end of period | 1,124,377 | 1,048,001 | |||||
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) | - | - | |||||
Long-term asset retirement obligations | $ | 1,124,377 | $ | 1,048,001 | |||
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||||||||||||||||||
Carrying value at December 31, 2014 | Level 1 | Level 2 | Level 3 | Netting (1) | Fair Value at December 31, 2014 | |||||||||||||
Current Assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 3,881,138 | $ | 3,881,138 | $ | - | $ | - | $ | - | $ | 3,881,138 | ||||||
Derivative Instruments | 1,949,350 | - | 1,960,723 | - | -11,373 | 1,949,350 | ||||||||||||
Non Current Assets | ||||||||||||||||||
Derivative Instruments | 256,940 | - | 722,491 | -465,551 | 256,940 | |||||||||||||
- | ||||||||||||||||||
Current Liabilities | - | |||||||||||||||||
Derivative instruments | - | - | 11,373 | - | -11,373 | - | ||||||||||||
- | ||||||||||||||||||
Non Current Liabilities | - | |||||||||||||||||
Derivative Instruments | - | - | 465,551 | -465,551 | - | |||||||||||||
Carrying value at June 30, 2014 | Level 1 | Level 2 | Level 3 | Netting (1) | Fair Value at June 30, 2014 | |||||||||||||
Current Assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 6,846,394 | $ | 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 | 284,376 | - | 340,756 | - | -56,380 | 284,376 | ||||||||||||
Non Current Liabilities | ||||||||||||||||||
Derivative Instruments | 128,998 | - | 190,491 | - | -61,493 | 128,998 | ||||||||||||
Cash_Flow_Statement_Reconcilat
Cash Flow Statement Reconcilation (Tables) | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Cash Flow Statement [Abstract] | |||||||
Schedule Of Cash Flow Statement Reconciliation | |||||||
Six months ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Net loss after tax | $ | -13,512,822 | $ | -520,630 | |||
Depletion, depreciation and amortization | 2,073,680 | 881,805 | |||||
Stock-based compensation | - | 86,244 | |||||
Accretion of asset retirement obligation | 16,341 | 32,813 | |||||
Impairment expense | 3,060,684 | 83,121 | |||||
Exploration and evaluation expenditure | 11,465,956 | 319,374 | |||||
Gain on sale of oil and gas properties | - | -2,524,411 | |||||
Amortisation borrowing costs | 65,132 | - | |||||
Abandonment expense | 214,803 | - | |||||
Non cash gain on derivative instruments | -2,619,664 | - | |||||
Changes in assets and liabilities: | |||||||
Decrease/(Increase) in receivables | 2,132,371 | -179,360 | |||||
Decrease in income tax receivable/deferred tax asset | - | - | |||||
Increase/(decrease) in provision for annual leave | -19,082 | 38,851 | |||||
(Decrease)/Increase in payables | -2,075,593 | 181,629 | |||||
NET CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES | $ | 801,806 | $ | -1,600,564 | |||
Credit_Facility_Tables
Credit Facility (Tables) | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Credit Facility [Abstract] | |||||||
Schedule of Line of Credit Facilities [Table Text Block] | |||||||
Six months ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Credit facility at beginning of period | $ | 6,000,000 | $ | - | |||
Cash advanced under facility | $ | 9,500,000 | - | ||||
Repayments | - | - | |||||
Credit facility at end of period | $ | 15,500,000 | $ | - | |||
- | |||||||
Funds available for drawdown under the facility | $ | 3,500,000 | - | ||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Derivatives [Abstract] | |||||||
Schedule Of Open Derivative Contracts | |||||||
Oil Price Collars - WTI | Volumes (Bbls) | Floor US$ | Ceiling US$ | ||||
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$ | |||||
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$ | |||||
January 2015 - December 2015 | 39,791 | 92.61 | |||||
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income tax Rate) (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||
Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive | 389,168,104 | 300,885,050 | 389,177,139 | 261,058,802 |
Net income | ($2,538,571) | ($1,380,124) | ($13,512,822) | ($520,630) |
Basic weighted average ordinary shares outstanding | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 |
Diluted weighted average ordinary shares outstanding | 2,837,781,683 | 2,547,627,193 | 2,837,772,648 | 2,452,931,137 |
Basic earnings per ordinary share - cents per share | ($0.09) | ($0.05) | ($0.48) | ($0.02) |
Diluted earnings per ordinary share - cents per share | ($0.09) | ($0.05) | ($0.48) | ($0.02) |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Asset Retirement Obligations [Abstract] | |||||
Asset retirement obligations at beginning of period | $1,775,792 | $868,589 | |||
Liabilities incurred or acquired | 42,805 | 154,735 | |||
Liabilities settled | -710,561 | -8,136 | |||
Accretion expense | 8,418 | 17,117 | 16,341 | 32,813 | |
Asset retirement obligations at end of period | 1,124,377 | 1,048,001 | 1,124,377 | 1,048,001 | |
Long-term asset retirement obligations | $1,124,377 | $1,048,001 | $1,124,377 | $1,048,001 | $897,859 |
Equity_Incentive_Compensation_
Equity Incentive Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Equity Incentive Compensation [Abstract] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $0 | ||
Share-based Compensation | $80,989 | $86,244 |
Sale_of_Oil_and_Gas_Properties1
Sale of Oil and Gas Properties (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Dec. 31, 2013 | |
Gain (Loss) on Disposition of Oil and Gas Property [Abstract] | ||
total value of slawson sale | $5,562,000 | |
value applied to Billabong well | 900,000 | |
well cost reimbursement from slawson | 2,920,000 | |
Gain Loss On Sale Of Property | 2,524,411 | |
Proceeds From Sale Of Oil And Gas Property And Equipment | $3,547,409 | |
percentage of interest sold | 25.00% |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $3,881,138 | $6,846,394 | ||
Derivative instruments, Current Assets | 1,949,350 | |||
Fair value of derivative instruments | 256,940 | |||
Derivative Liability, Current | 284,376 | |||
Derivative instrument, Non Current Liabilities | 128,998 | |||
Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 3,881,138 | 6,846,394 | ||
Derivative instruments, Current Assets | 1,949,350 | |||
Fair value of derivative instruments | 256,940 | |||
Derivative Liability, Current | 284,376 | |||
Derivative instrument, Non Current Liabilities | 128,998 | |||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 3,881,138 | 6,846,394 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative instruments, Current Assets | 1,960,723 | 56,380 | ||
Fair value of derivative instruments | 722,491 | 61,493 | ||
Derivative Liability, Current | 11,373 | 340,756 | ||
Derivative instrument, Non Current Liabilities | 465,551 | 190,491 | ||
Netting [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative instruments, Current Assets | -11,373 | [1] | -56,380 | [1] |
Fair value of derivative instruments | -465,551 | [1] | -61,493 | [1] |
Derivative Liability, Current | -11,373 | [1] | -56,380 | [1] |
Derivative instrument, Non Current Liabilities | ($465,551) | [1] | ($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. |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2013 | |
Commitments And Contingencies [Abstract] | ||
Unpaid oil revenue claimed by Halliburton | $168,000 | $126,000 |
Disputed rig mobilisation invoice | $336,000 |
Capitalized_Exploration_Expens
Capitalized Exploration Expense (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | |
Capitalized Exploration Expense [Abstract] | |||
Capiltalized exploration expense after write off | $2,300,000 | ||
Undeveloped capitalized acreage | 2,937,920 | 12,349,767 | |
undevelopedacreagecapitalisedHawkSprings | 2,900,000 | ||
capitalisedexpenditureHawkSprings | 2,300,000 | ||
undevelopedacreageRoosevelt | 7,800,000 | ||
CapitalisedExpenditureRoosevelt | 300,000 | ||
UndevelopedAcreageCostsSouthPrairie | 1,600,000 | ||
ExplorationExpenditureCapitalisedSouthPrairie | 900,000 | ||
Exploration acreage written off lease expirations Hawk Springs | 100,000 | ||
Exploration written off South Prairie | 2,500,000 | ||
Exploration written off Roosevelt | $8,100,000 |
Issue_of_Share_Capital_Details
Issue of Share Capital (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | AUD | |
Issue of Share Capital [Abstract] | ||||
Shares issued upon exercise of options, shares | 1,064 | 25,089 | ||
Net proceeds from option exercises | $38 | $880 | $347 | |
Shares issued to institutional investors | 318,452,166 | |||
Price per share, shares issued | $0.02 | 0.025 | ||
Warrants issued with 3.8 cent exercise price | 132,380,866 |
Cash_Flow_Statement_Details
Cash Flow Statement (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow Statement [Abstract] | |||
Net income/(loss) after tax | ($13,512,822) | ||
Net (loss) after tax | -2,538,571 | -13,512,822 | -520,630 |
Depletion, depreciation and amortization | 2,073,680 | 881,805 | |
Stock based compensation | 86,244 | ||
Accretion of asset retirment obligation | 8,418 | 16,341 | 32,813 |
Impairment expense | 3,060,684 | 83,121 | |
Exploration and evaluation expenditure | 11,465,956 | 319,374 | |
Gain on sale of oil and gas properties | -2,524,411 | ||
Amortisation of borrowing costs | 31,972 | 65,132 | |
Abandonment expense | 79,036 | 214,803 | |
Unrealized Gain (Loss) on Derivatives | -2,619,664 | ||
Increase in receivables | 2,132,371 | -179,360 | |
Increase/(decrease) in provision for annual leave | -19,082 | 38,851 | |
Increase in payables | -2,075,593 | 181,629 | |
Net cash flows used in operating activities | $801,806 | ($1,600,564) |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | |
Credit Facility [Abstract] | ||||
Line of Credit Facility, Current Borrowing Capacity | $19,000,000 | $8,000,000 | $15,500,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | 50,000,000 | 25,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 3,500,000 | |||
Debt Instrument, Interest Rate During Period | 3.48% | |||
Debt Instrument, Maturity Date | 28-Jan-17 | |||
Credit facility at end of period | 15,500,000 | 6,000,000 | ||
Payments of Debt Issuance Costs | 83,690 | |||
Cash advanced under facility | $9,500,000 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Derivatives [Abstract] | ||
Gain on derivative instruments | $2,306,135 | $3,087,705 |
Derivatives_Schedule_Of_Open_D
Derivatives (Schedule Of Open Derivative Contracts) (Details) | 12 Months Ended | 2 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Feb. 29, 2016 | Dec. 31, 2016 | |
bbl | bbl | bbl | |
Derivative Contract Two [Member] | |||
Derivative [Line Items] | |||
Volumes (bbls) | 18,270 | ||
Floor US$ | 85 | ||
Ceiling US$ | 89.85 | ||
Derivative Contract Three [Member] | |||
Derivative [Line Items] | |||
Volumes (bbls) | 2,788 | ||
Floor US$ | 85 | ||
Ceiling US$ | 89.85 | ||
Derivative Contract Nine [Member] | |||
Derivative [Line Items] | |||
Volumes (bbls) | 36,600 | ||
Derivative, Underlying | $5.50 | ||
Swap [Member] | Derivative Contract Five [Member] | |||
Derivative [Line Items] | |||
Volumes (bbls) | 18,270 | ||
Price US$ | 105 | ||
Swap [Member] | Derivative Contract Six [Member] | |||
Derivative [Line Items] | |||
Volumes (bbls) | 2,788 | ||
Price US$ | 105 | ||
Swap [Member] | Derivative Contract Member Eight [member] | |||
Derivative [Line Items] | |||
Volumes (bbls) | 39,791 | ||
Price US$ | 92.61 |