Lynden Energy 10-Q 16 May 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2016	May. 13, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	LVL
Entity Registrant Name	Lynden Energy Corp.
Entity Central Index Key	1,622,620
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		130,198,411

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Current assets
Cash and cash equivalents	$ 7,542,271	$ 8,748,008
Trade and other receivables, net of allowance for doubtful accounts	1,386,754	1,660,135
Income taxes receivable	347,412	469,434
Prepaid expenses	83,803	50,613
Total current assets	9,360,240	10,928,190
Non-current assets
Property, plant and equipment	104,146,787	107,283,684
Total assets	113,507,027	118,211,874
Current liabilities
Trade and other payables	1,858,906	1,646,846
Credit facility	36,579,326
Total current liabilities	38,438,232	1,646,846
Non-current liabilities
Credit facility		29,908,366
Asset retirement liabilities	310,998	278,790
Deferred tax liabilities	16,120,892	17,497,692
Total non-current liabilities	16,431,890	47,684,848
Total liabilities	54,870,122	49,331,694
Shareholders' equity
Share capital - authorized unlimited common shares, no par value Issued and outstanding: March 31, 2016 - 130,198,411 June 30, 2015 - 130,198,411	65,622,727	65,622,727
Paid-in capital	15,228,879	15,228,879
Accumulated other comprehensive loss	(4,157,907)	(3,788,414)
Deficit	(18,056,794)	(8,183,012)
Total shareholders' equity	58,636,905	68,880,180
Total liabilities and shareholders' equity	$ 113,507,027	$ 118,211,874

Condensed Consolidated Interim3

Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock, no par value
Common stock, shares issued	130,198,411	130,198,411
Common stock, shares outstanding	130,198,411	130,198,411

Condensed Consolidated Interim4

Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Revenue and other income
Oil and natural gas sales, net of royalties	$ 2,483,043	$ 3,699,751	$ 9,570,382	$ 17,593,290
Derivative financial instruments gain	120,204		901,539
Interest income	14,582	30,249	66,403	103,539
Total revenue and other income	2,617,829	3,730,000	10,538,324	17,696,829
Expenses
Production and operating expenses	(2,040,665)	(1,959,220)	(5,062,440)	(4,651,407)
Depletion, depreciation and accretion	(2,394,500)	(2,704,024)	(7,271,729)	(8,166,473)
Exploration and impairments	23,701		(6,545,578)	(449,541)
General and administrative	(783,179)	(805,744)	(1,998,466)	(1,720,508)
Share of loss in equity investment		(431,919)		(431,919)
Interest	(349,213)	(279,960)	(781,384)	(794,918)
Total expenses	(5,543,856)	(6,180,867)	(21,659,597)	(16,214,766)
(Loss) income before income taxes	(2,926,027)	(2,450,867)	(11,121,273)	1,482,063
Income tax recovery (expense)	673,191	339,000	1,247,491	(1,449,000)
Net (loss) income	(2,252,836)	(2,111,867)	(9,873,782)	33,063
Other comprehensive (loss) income
Foreign currency translation adjustment	430,910	(835,324)	(369,493)	(1,741,618)
Total comprehensive (loss) income for the period	$ (1,821,926)	$ (2,947,191)	$ (10,243,275)	$ (1,708,555)
Weighted average number of common shares outstanding
Basic	130,198,411	130,198,411	130,198,411	129,994,825
Diluted	130,198,411	130,198,411	130,198,411	130,967,825
Net earnings per common share
Basic	$ (0.02)	$ (0.02)	$ (0.08)	$ 0
Diluted	$ (0.02)	$ (0.02)	$ (0.08)	$ 0

Condensed Consolidated Interim5

Condensed Consolidated Interim Statement of Changes in Equity - USD ($)	Total	Common Shares [Member]	Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Deficit [Member]
Beginning balance at Jun. 30, 2014	$ 72,763,993	$ 65,160,387	$ 15,434,128	$ (212,663)	$ (7,617,859)
Beginning balance, shares at Jun. 30, 2014		129,275,911
Common shares issued for cash
Exercise of stock options	257,092	$ 462,352	(205,260)
Exercise of stock options, shares		922,500
Foreign currency translation	(1,741,618)			(1,741,618)
Net (loss) income	33,063				33,063
Ending balance at Mar. 31, 2015	71,312,530	$ 65,622,739	15,228,868	(1,954,281)	(7,584,796)
Ending balance, shares at Mar. 31, 2015		130,198,411
Beginning balance at Jun. 30, 2014	$ 72,763,993	$ 65,160,387	15,434,128	(212,663)	(7,617,859)
Beginning balance, shares at Jun. 30, 2014		129,275,911
Common shares issued for cash
Exercise of stock options, shares	922,500
Ending balance at Jun. 30, 2015	$ 68,880,180	$ 65,622,727	15,228,879	(3,788,414)	(8,183,012)
Ending balance, shares at Jun. 30, 2015		130,198,411
Common shares issued for cash
Foreign currency translation	(369,493)			(369,493)
Net (loss) income	(9,873,782)				(9,873,782)
Ending balance at Mar. 31, 2016	$ 58,636,905	$ 65,622,727	$ 15,228,879	$ (4,157,907)	$ (18,056,794)
Ending balance, shares at Mar. 31, 2016		130,198,411

Condensed Consolidated Interim6

Condensed Consolidated Interim Statements of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net (loss) income for the period	$ (9,873,782)	$ 33,063
Adjustments for:
Accrued interest	(79,040)	44,867
Unrealized gain on derivative financial instruments	(426,420)	0
Depletion, depreciation and accretion	7,271,729	8,166,473
Impairments	6,565,361	449,541
Share of loss in equity investment		431,919
Deferred income taxes	(1,376,800)	1,167,000
Unrealized foreign exchange gain	(156,432)	(417,337)
Changes in non-cash working capital items:
Trade and other receivables	559,761	1,693,100
Income taxes receivable	122,022
Prepaid expenses	(33,190)	(86,215)
Trade and other payables	1,200,781	(38,344)
Income taxes payable		157,000
Cash generated by operating activities	3,773,990	11,601,067
Investing activities
Advances to investment in associate		(431,919)
Acquisition of property, plant and equipment	(11,516,666)	(24,193,545)
Cash used in investing activities	(11,516,666)	(24,625,464)
Financing activities
Drawings on credit facility	6,750,000	9,500,000
Common shares issued for cash, net of issue costs		257,092
Cash generated by financing activities	6,750,000	9,757,092
Effect of exchange rate on cash held in foreign currency	(213,061)	(1,324,281)
Change in cash and cash equivalents during the period	(1,205,737)	(4,591,586)
Cash and cash equivalents, beginning of period	8,748,008	13,955,890
Cash and cash equivalents, end of period	$ 7,542,271	$ 9,364,304

Condensed Consolidated Interim7

Condensed Consolidated Interim Statements of Cash Flows - Cash and cash equivalents - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Cash and cash equivalents are composed of:
Cash	$ 714,328	$ 646,239
Guaranteed investment certificates	6,827,943	8,718,065
Cash and cash equivalents, total	$ 7,542,271	$ 9,364,304

Description of Business

Description of Business	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business	1. Description of Business Lynden Energy Corp. (the “Company” or “Lynden”) is a public company continued under the Business Corporations Act On December 17, 2015, Lynden and Earthstone Energy, Inc. (“Earthstone”) announced a definitive agreement (as amended, the “Earthstone Agreement”) under which Earthstone will acquire Lynden in an all-stock transaction (the “Transaction”) under a plan of arrangement pursuant to the Business Corporations Act Under the Earthstone Agreement, Lynden shareholders will receive 0.02842 of a share of Earthstone stock in exchange for each share of Lynden common stock held, representing consideration to each Lynden shareholder of $0.52 per share based on the closing price of Earthstone common stock on December 16, 2015. Following the Transaction, shareholders of Earthstone and Lynden are expected to own approximately 79% and 21%, respectively, of the combined company on a fully diluted basis. The parties have made representations, warranties and covenants in the Earthstone Agreement, including (i) that the parties will, subject to certain exceptions, conduct their respective businesses in the ordinary course and will not engage in certain activities between the execution of the Earthstone Agreement and the consummation of the Transaction; and (ii) the agreement of the Company, subject to certain exceptions, not to solicit alternative transactions or provide information in connection with alternative transactions. Completion of the Transaction is subject to: (1) the approval by the shareholders of the Company of the Earthstone Agreement; (2) a final order from the court in British Columbia to approve the Earthstone Agreement and the fairness of the terms and conditions of the Transaction; (3) applicable regulatory approvals, including certain stock exchange approvals; (4) the absence of legal impediments prohibiting the transactions; and (5) other customary closing conditions. A Special Meeting of Shareholders was held on May 12, 2016, at which meeting the Lynden securityholders approved a special resolution in respect of the Transaction. While a joint information statement/circular has been submitted to all Earthstone stockholders, the Transaction has been approved by the requisite majority pursuant to Earthstone’s certificate of incorporation which provides for approval via stockholder action by written consent.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies a) Basis of presentation These condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) as at March 31, 2016, and for the three and nine months ended March 31, 2016, and the 2015 comparative period. These condensed consolidated interim financial statements do not include all the necessary annual disclosures as prescribed under US GAAP and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended June 30, 2015. In management’s opinion, the condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) which are necessary to present fairly the financial position as at March 31, 2016, and results of operations and cash flows for all periods presented. b) Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amount and timing of recording of assets, liabilities, revenues and expenses since the determination of these amounts may be dependent on future events. Significant estimates made by management include: oil and natural gas reserves and related present value of future cash flows, depreciation, depletion, amortization and accretion (“DDA&A”), impairment, asset retirement obligations, income taxes, and share-based compensation. The Company uses the most current information available and exercises judgment in making these estimates and assumptions. There have been no significant changes in the estimates or judgments between these condensed consolidated interim financial statements and the audited consolidated financial statements for the year ended June 30, 2015. c) Recent accounting pronouncements As of July 1, 2015, the Company adopted the following Financial Accounting Standards Board (“FASB”) accounting standards updates. The adoption of these standards did not have a material impact on the Company’s condensed consolidated interim financial statements. • Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity The FASB has issued the following accounting standards updates which are not yet effective: • Accounting Standards Update 2014-09, Revenue From Contracts With Customers • Accounting Standards Update 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved After the Requisite Service Period • Accounting Standards Update 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern • Accounting Standards Update 2015-03, Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs • Accounting Standards Update 2015-15, Imputation of Interest: Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements • Accounting Standards Update 2015-16, Business Combinations: Simplifying the Accounting for Measurement – Period Adjustments • Accounting Standards Update 2016-01, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities The Company has not early adopted these accounting standards updates and is currently assessing the application of these standards on the results of operations and financial position of the Company.

Trade and Other Receivables

Trade and Other Receivables	9 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Trade and Other Receivables	3. Trade and Other Receivables March 31, 2016 June 30, 2015 Accounts receivable – trade $ 76,538 $ 1,340,803 Accrued receivables 1,005,351 237,430 Other receivable – derivative financial asset 286,380 — Sales taxes receivable 18,485 81,902 $ 1,386,754 $ 1,660,135 The Company did not have any allowance for doubtful accounts as at March 31, 2016, and June 30, 2015. As at March 31, 2016, $990,842 (June 30, 2015 - $1,532,382) is owing from one counterparty. Other receivable consists of a fair valued derivative financial instrument (discussed in more detail in note 8).

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	4. Property, Plant and Equipment March 31, 2016 Cost Accumulated Net Book Value Petroleum and natural gas properties Proved $ 132,127,614 $ (30,346,363 ) $ 101,781,251 Exploratory well costs 37,956,871 (35,591,749 ) 2,365,122 170,084,485 (65,938,112 ) 104,146,373 Computer equipment 2,001 (1,587 ) 414 Total property, plant and equipment $ 170,086,486 $ (65,939,699 ) $ 104,146,787 June 30, 2015 Cost Accumulated Net Book Value Petroleum and natural gas properties Proved $ 122,491,540 $ (23,096,935 ) $ 99,394,605 Exploratory well costs 36,938,662 (29,050,534 ) 7,888,128 159,430,202 (52,147,469 ) 107,282,733 Computer equipment 2,081 (1,130 ) 951 Total property, plant and equipment $ 159,432,283 $ (52,148,599 ) $ 107,283,684 Proved petroleum and natural gas assets Proved petroleum and natural gas assets consist of lease acquisition costs, costs of drilling and equipping development wells, and construction of related production facilities all relating to the Company’s Midland Basin property. Exploratory well costs Exploratory well costs consist of costs associated with the drilling and equipping of exploratory wells relating to 1) the Mitchell Ranch Project; and 2) one vertical well location in the Midland Basin. The Company is performing economic evaluations including, but not limited to, results of additional appraisal drilling, well test analysis, additional geological and geophysical data, facilities and infrastructure development options, development plan approval, and permitting. During the three months ended December 31, 2015, it was determined that test results from four exploratory test wells drilled in fiscal 2015 had not identified significant reserves. Consequently, the costs attributable to these wells and a portion of the Mitchell Ranch Project leasehold costs, totaling $6,565,361, were written off.

Credit Facility

Credit Facility	9 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Credit Facility	5. Credit Facility The Company has a reducing revolving line of credit (the “Credit Facility”) in an amount up to $100 million. As at March 31, 2016, the Credit Facility has a borrowing base of $40.0 million, of which $36.5 million has been drawn down. The Credit Facility bears interest determined by the percent of the borrowing base utilized and by elections made by the Company. Amounts drawn down under the Credit Facility will bear interest at a rate of LIBOR plus a range of 3.00% to 3.50% or at a rate of U.S. prime plus a range of 2.00% to 2.50%. A minimum interest rate of 3.5% is required on borrowings under the Credit Facility. Payments under the Credit Facility will be required to the extent that outstanding principal and interest exceed the borrowing base. Other fees may also apply pursuant to the bank’s re-determinations of the borrowing base. Changes in borrowing base are made based on the bank’s engineering valuation of the Company’s oil and gas reserves. The borrowing base is re-determined semi-annually; however, the Company may request two additional re-determinations of the borrowing base annually. The lender`s next engineering valuation of the Company’s oil and gas reserves and re-determination of the borrowing base is anticipated to be completed in June 2016. The Credit Facility contains certain mandatory covenants, including minimum current ratio and cash flow requirements, and other standard business operating covenants. During the three months ended March 31, 2016, the Company did not comply with a mandatory covenant, the interest coverage ratio, which non-compliance has been waived by the lenders. The Company has pledged its interest in its P&NG and other assets as security for liabilities pursuant to the Credit Facility. Amounts owing on the Credit Facility are payable when the Credit Facility expires in August 2016, unless otherwise extended by the parties, or payable on demand on the event of default. As a result of the Credit Facility expiring in less than one year, the amount due under the Credit Facility has been classified as a current liability. As a result of the entry into the Earthstone Agreement, the Company does not currently plan on committing to an extension of the Credit Facility.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity a) Authorized An unlimited number of common shares without par value. An unlimited number of preference shares without par value. b) Earnings per share: Diluted earnings per share computation Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Numerator: Net (loss) income $ (2,252,836 ) $ (2,111,867 ) $ (9,873,782 ) $ 33,063 Denominator: Weighted average number of common shares (basic) 130,198,411 130,198,411 130,198,411 129,994,825 Dilutive effect of share options — — — 436,429 Dilutive effect of warrants — — — 536,571 Weighted average number of common shares (diluted) 130,198,411 130,198,411 130,198,411 130,967,825 Diluted earnings per common share $ (0.02 ) $ (0.02 ) $ (0.08 ) $ 0.00 For the three months ended March 31, 2016, 4,010,000 (2015 – 4,270,000) share options are not dilutive and have been excluded from the dilutive earnings per share calculation. For the three months ended March 31, 2016, nil (2015 – 7,512,000) warrants are not dilutive and have been excluded from the dilutive earnings per share calculation. For the nine months ended March 31, 2016, 4,010,000 (2015 – 2,612,500) share options are not dilutive and have been excluded from the dilutive earnings per share calculation. For the nine months ended March 31, 2016, nil (2015 – nil) warrants are not dilutive and have been excluded from the dilutive earnings per share calculation. c) Stock option plan The Company has a stock option plan whereby a maximum of 10% of the issued and outstanding common shares of the Company may be reserved for issuance pursuant to the exercise of stock options. The term of the stock options granted are fixed by the board of directors and are not to exceed ten years. The exercise prices of the stock options are determined by the board of directors but shall not be less than the closing price of the Company’s common shares on the day preceding the day on which the directors grant the stock options, less any discount permitted by the TSX-V. Subject to any vesting schedule imposed by the Company’s board of directors in respect of any specific stock option grants, the stock options vest immediately on the date of grant except for stock options granted to investor relations consultants which vest over a twelve month period. The changes in stock options issued during the nine months ended March 31, 2016, and the year ended June 30, 2015, are as follows: Nine months ended Year ended Number of Weighted Number of Weighted Balance, beginning of period 4,270,000 $ 0.69 6,632,500 $ 0.61 Exercised — $ — (922,500 ) $ 0.31 Expired (260,000 ) $ 0.60 (1,440,000 ) $ 0.55 Balance, end of period 4,010,000 $ 0.70 4,270,000 $ 0.69 The following table summarizes information about stock options outstanding and exercisable at March 31, 2016: Options outstanding Options exercisable Exercise price (CDN$) Number of Weighted Number of Weighted $0.50 1,397,500 1.26 1,397,500 1.26 $0.80 2,612,500 0.31 2,612,500 0.31 4,010,000 0.64 4,010,000 0.64

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions The Company incurred the following fees and expenses in the normal course of operations at amounts agreed upon between the parties to companies owned by key management and directors. The legal fees are paid to a law firm in which a director is a shareholder and the transportation and marketing costs are paid to Abajo Gas Transmission Company, LLC, the Company’s investment in associate. Three months ended Nine months ended 2016 2015 2016 2015 Legal fees $ 38,554 $ 14,341 $ 87,835 $ 42,682 Transportation and marketing costs 9,098 8,569 33,906 27,859 Total $ 47,652 $ 22,910 $ 121,741 $ 70,541 As at March 31, 2016, trade and other payables include $23,281 (June 30, 2015 - $33,320) owing to related parties. Amounts due to or from related parties are unsecured, non-interest bearing and are due on demand.

Financial Instruments

Financial Instruments	9 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instruments	8. Financial Instruments As at March 31, 2016, the Company’s financial instruments are cash and cash equivalents, trade and other receivables, credit facility, and trade and other payables. These financial instruments are classified as follows: Cash and cash equivalents – loans and receivables Trade and other receivables – loans and receivables Credit facility – other financial liabilities Trade and other payables – other financial liabilities Derivative asset/liability (included in trade and other receivables) – fair value through profit or loss The following fair value hierarchy is used to categorize and disclose the Company’s financial assets and liabilities held at fair value for which a valuation technique is used: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: All inputs which have a significant effect on the fair value are observable, either directly or indirectly, for substantially the full contractual term. Level 3: Inputs which have a significant effect on the fair value are not based on observable market data. The Company’s commodity derivative asset/liability was classified as a level 2 in accordance with the above hierarchy. The amounts reported in the condensed consolidated interim balance sheet for the Company’s cash and cash equivalents, trade and other receivables, credit facility, and trade and other payables are carrying amounts and approximate their fair values due to their short-term nature. The Company has exposure to credit risk, liquidity risk, and market risk from its use of financial instruments. There have not been any changes to the Company’s exposure to risks, or the objectives, policies and processes to manage these since June 30, 2015. a) Credit risk The aging of trade and other receivables are as follows: March 31, 2016 June 30, 2015 Trade and other receivables 0 to 60 days $ 1,381,057 $ 1,592,126 61 to 120 days 5,697 8,357 > 120 days 1 — 59,652 $ 1,386,754 $ 1,660,135 1 Utah State withholding taxes on P&NG sales. b) Liquidity Risk The following table details the Company’s expected remaining contractual maturities for its financial liabilities and other obligations. The table is based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company is required to satisfy the liabilities. Total Less than One to two More than Credit facility 1 $ 36,579,326 $ 36,579,326 $ — $ — Trade and other payables 1,858,906 1,858,906 — — Asset retirement liabilities 4,462,000 — — 4,462,000 $ 42,900,232 $ 38,438,232 $ — $ 4,462,000 1 Includes accrued interest of $79,326. c) Currency Risk As at March 31, 2016, a 10% depreciation or appreciation of the Canadian dollar against the United States dollar would result in an increase or decrease, respectively, in the Company’s earnings or loss by $687,806, based on the net exposures presented below: Cash Trade and Trade Net assets Effect of +/- Canadian dollar denominated $ 6,953,726 $ 10,361 $ (86,028 ) $ 6,878,059 $ 687,806 d) Price Risk The Company’s P&NG production is marketed and sold on the spot market to area aggregators based on daily spot prices that are adjusted for product quality and transportation costs. The Company’s cash flow from product sales will therefore be impacted by fluctuations in commodity prices. To protect future cash flows for planned capital expenditures, the Company periodically enters into commodity derivative contracts. In April 2015, the Company entered into a NYMEX based oil price put contract for 9,000 barrels of oil per month from September 2015 until August 2016 (12 months) with a strike price of $50 per barrel. Fair value changes on this contract are recognized in the statement of income. During the nine months ended March 31, 2016, the Company reported a realized gain of $475,119 (2015 - $0) and reported an unrealized gain of $426,420 (2015 - $0). As at March 31, 2016, the contract has a fair value of $286,380 included in accounts receivable-trade.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	9. Supplemental Cash Flow Information Nine months ended March 31, 2016 2015 Non-cash financing activities: Fair value of stock options transferred to common shares on exercise of stock options $ — $ 205,260

Segmented Information

Segmented Information	9 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segmented Information	10. Segmented Information At March 31, 2016, the Company has one reportable operating segment, being the acquisition, exploration and development of petroleum and natural gas properties. The Company operates in two reportable geographic areas, being Canada and the United States of America. An operating segment is defined as a component of the Company: • that engages in business activities from which it may earn revenues and incur expenses; • whose operating results are reviewed regularly by the entity’s chief operating decision maker; and • for which discrete financial information is available. The Company’s revenues and capital assets in each of the geographic areas are as follows: Canada USA Consolidated Total Three months ended March 31, 2016 2015 2016 2015 2016 2015 Revenue and other income Interest income, net of royalties $ 14,582 $ 30,249 $ — $ — $ 14,582 $ 30,249 Derivative financial instruments gain — — 120,204 — 120,204 — Petroleum sales, net of royalties — — 1,849,155 2,975,682 1,849,155 2,975,682 Natural gas sales, net of royalties — — 319,844 485,205 319,844 485,205 Natural gas liquids sales, net of royalties — — 314,044 238,864 314,044 238,864 $ 14,582 $ 30,249 $ 2,603,247 $ 3,699,751 $ 2,617,829 $ 3,730,000 Canada USA Consolidated Total Nine months ended March 31, 2016 2015 2016 2015 2016 2015 Revenue and other income Interest income, net of royalties $ 66,403 $ 103,539 $ — $ — $ 66,403 $ 103,539 Derivative financial instruments gain — — 901,539 — 901,539 — Petroleum sales, net of royalties — — 7,504,785 13,685,536 7,504,785 13,685,536 Natural gas sales, net of royalties — — 1,086,766 1,785,493 1,086,766 1,785,493 Natural gas liquids sales, net of royalties — — 978,831 2,122,261 978,831 2,122,261 $ 66,403 $ 103,539 $ 10,471,921 $ 17,593,290 $ 10,538,324 $ 17,696,829 Canada USA Consolidated Total March 31, June 30, March 31, June 30, March 31, June 30 Property, plant and equipment $ 414 $ 951 $ 104,146,373 $ 107,282,733 $ 104,146,787 $ 107,283,684

Significant Accounting Polici18

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of presentation	a) Basis of presentation These condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) as at March 31, 2016, and for the three and nine months ended March 31, 2016, and the 2015 comparative period. These condensed consolidated interim financial statements do not include all the necessary annual disclosures as prescribed under US GAAP and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended June 30, 2015. In management’s opinion, the condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) which are necessary to present fairly the financial position as at March 31, 2016, and results of operations and cash flows for all periods presented.
Use of estimates	b) Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amount and timing of recording of assets, liabilities, revenues and expenses since the determination of these amounts may be dependent on future events. Significant estimates made by management include: oil and natural gas reserves and related present value of future cash flows, depreciation, depletion, amortization and accretion (“DDA&A”), impairment, asset retirement obligations, income taxes, and share-based compensation. The Company uses the most current information available and exercises judgment in making these estimates and assumptions. There have been no significant changes in the estimates or judgments between these condensed consolidated interim financial statements and the audited consolidated financial statements for the year ended June 30, 2015.
Recent accounting pronouncements	c) Recent accounting pronouncements As of July 1, 2015, the Company adopted the following Financial Accounting Standards Board (“FASB”) accounting standards updates. The adoption of these standards did not have a material impact on the Company’s condensed consolidated interim financial statements. • Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity The FASB has issued the following accounting standards updates which are not yet effective: • Accounting Standards Update 2014-09, Revenue From Contracts With Customers • Accounting Standards Update 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved After the Requisite Service Period • Accounting Standards Update 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern • Accounting Standards Update 2015-03, Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs • Accounting Standards Update 2015-15, Imputation of Interest: Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements • Accounting Standards Update 2015-16, Business Combinations: Simplifying the Accounting for Measurement – Period Adjustments • Accounting Standards Update 2016-01, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities The Company has not early adopted these accounting standards updates and is currently assessing the application of these standards on the results of operations and financial position of the Company.

Trade and Other Receivables (Ta

Trade and Other Receivables (Tables)	9 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Summary of Trade and Other Receivables	March 31, 2016 June 30, 2015 Accounts receivable – trade $ 76,538 $ 1,340,803 Accrued receivables 1,005,351 237,430 Other receivable – derivative financial asset 286,380 — Sales taxes receivable 18,485 81,902 $ 1,386,754 $ 1,660,135

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	March 31, 2016 Cost Accumulated Net Book Value Petroleum and natural gas properties Proved $ 132,127,614 $ (30,346,363 ) $ 101,781,251 Exploratory well costs 37,956,871 (35,591,749 ) 2,365,122 170,084,485 (65,938,112 ) 104,146,373 Computer equipment 2,001 (1,587 ) 414 Total property, plant and equipment $ 170,086,486 $ (65,939,699 ) $ 104,146,787 June 30, 2015 Cost Accumulated Net Book Value Petroleum and natural gas properties Proved $ 122,491,540 $ (23,096,935 ) $ 99,394,605 Exploratory well costs 36,938,662 (29,050,534 ) 7,888,128 159,430,202 (52,147,469 ) 107,282,733 Computer equipment 2,081 (1,130 ) 951 Total property, plant and equipment $ 159,432,283 $ (52,148,599 ) $ 107,283,684

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Computation of Diluted Earning Per Share	Diluted earnings per share computation Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Numerator: Net (loss) income $ (2,252,836 ) $ (2,111,867 ) $ (9,873,782 ) $ 33,063 Denominator: Weighted average number of common shares (basic) 130,198,411 130,198,411 130,198,411 129,994,825 Dilutive effect of share options — — — 436,429 Dilutive effect of warrants — — — 536,571 Weighted average number of common shares (diluted) 130,198,411 130,198,411 130,198,411 130,967,825 Diluted earnings per common share $ (0.02 ) $ (0.02 ) $ (0.08 ) $ 0.00
Schedule of Changes in Stock Option Issued	The changes in stock options issued during the nine months ended March 31, 2016, and the year ended June 30, 2015, are as follows: Nine months ended Year ended Number of Weighted Number of Weighted Balance, beginning of period 4,270,000 $ 0.69 6,632,500 $ 0.61 Exercised — $ — (922,500 ) $ 0.31 Expired (260,000 ) $ 0.60 (1,440,000 ) $ 0.55 Balance, end of period 4,010,000 $ 0.70 4,270,000 $ 0.69
Summary of Stock Options Outstanding and Exercisable	The following table summarizes information about stock options outstanding and exercisable at March 31, 2016: Options outstanding Options exercisable Exercise price (CDN$) Number of Weighted Number of Weighted $0.50 1,397,500 1.26 1,397,500 1.26 $0.80 2,612,500 0.31 2,612,500 0.31 4,010,000 0.64 4,010,000 0.64

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Summary of Fees and Expenses to Related Parties	The Company incurred the following fees and expenses in the normal course of operations at amounts agreed upon between the parties to companies owned by key management and directors. The legal fees are paid to a law firm in which a director is a shareholder and the transportation and marketing costs are paid to Abajo Gas Transmission Company, LLC, the Company’s investment in associate. Three months ended Nine months ended 2016 2015 2016 2015 Legal fees $ 38,554 $ 14,341 $ 87,835 $ 42,682 Transportation and marketing costs 9,098 8,569 33,906 27,859 Total $ 47,652 $ 22,910 $ 121,741 $ 70,541

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Summary of Aging of Trade and Other Receivables	The aging of trade and other receivables are as follows: March 31, 2016 June 30, 2015 Trade and other receivables 0 to 60 days $ 1,381,057 $ 1,592,126 61 to 120 days 5,697 8,357 > 120 days 1 — 59,652 $ 1,386,754 $ 1,660,135 1 Utah State withholding taxes on P&NG sales.
Summary of Expected Remaining Contractual Maturities for Financial Liabilities and Other Obligations	The following table details the Company’s expected remaining contractual maturities for its financial liabilities and other obligations. The table is based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company is required to satisfy the liabilities. Total Less than One to two More than Credit facility 1 $ 36,579,326 $ 36,579,326 $ — $ — Trade and other payables 1,858,906 1,858,906 — — Asset retirement liabilities 4,462,000 — — 4,462,000 $ 42,900,232 $ 38,438,232 $ — $ 4,462,000 1 Includes accrued interest of $79,326.
Summary of Currency Risk	As at March 31, 2016, a 10% depreciation or appreciation of the Canadian dollar against the United States dollar would result in an increase or decrease, respectively, in the Company’s earnings or loss by $687,806, based on the net exposures presented below: Cash Trade and Trade Net assets Effect of +/- Canadian dollar denominated $ 6,953,726 $ 10,361 $ (86,028 ) $ 6,878,059 $ 687,806

Supplemental Cash Flow Inform24

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Nine months ended March 31, 2016 2015 Non-cash financing activities: Fair value of stock options transferred to common shares on exercise of stock options $ — $ 205,260

Segmented Information (Tables)

Segmented Information (Tables)	9 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Revenues and Capital Assets	The Company’s revenues and capital assets in each of the geographic areas are as follows: Canada USA Consolidated Total Three months ended March 31, 2016 2015 2016 2015 2016 2015 Revenue and other income Interest income, net of royalties $ 14,582 $ 30,249 $ — $ — $ 14,582 $ 30,249 Derivative financial instruments gain — — 120,204 — 120,204 — Petroleum sales, net of royalties — — 1,849,155 2,975,682 1,849,155 2,975,682 Natural gas sales, net of royalties — — 319,844 485,205 319,844 485,205 Natural gas liquids sales, net of royalties — — 314,044 238,864 314,044 238,864 $ 14,582 $ 30,249 $ 2,603,247 $ 3,699,751 $ 2,617,829 $ 3,730,000 Canada USA Consolidated Total Nine months ended March 31, 2016 2015 2016 2015 2016 2015 Revenue and other income Interest income, net of royalties $ 66,403 $ 103,539 $ — $ — $ 66,403 $ 103,539 Derivative financial instruments gain — — 901,539 — 901,539 — Petroleum sales, net of royalties — — 7,504,785 13,685,536 7,504,785 13,685,536 Natural gas sales, net of royalties — — 1,086,766 1,785,493 1,086,766 1,785,493 Natural gas liquids sales, net of royalties — — 978,831 2,122,261 978,831 2,122,261 $ 66,403 $ 103,539 $ 10,471,921 $ 17,593,290 $ 10,538,324 $ 17,696,829 Canada USA Consolidated Total March 31, June 30, March 31, June 30, March 31, June 30 Property, plant and equipment $ 414 $ 951 $ 104,146,373 $ 107,282,733 $ 104,146,787 $ 107,283,684

Description of Business - Addit

Description of Business - Additional Information (Detail) - $ / shares	Dec. 16, 2015	Mar. 31, 2016	Dec. 17, 2015	Jun. 30, 2015
Description Of Business [Line Items]
Common stock, issue shares		130,198,411		130,198,411
Earthstone [Member]
Description Of Business [Line Items]
Common stock closing price percentage	79.00%
Lynden [Member]
Description Of Business [Line Items]
Common stock closing price percentage	21.00%
Earthstone Agreement [Member]
Description Of Business [Line Items]
Common stock, issue shares			3,700,000
Shares received from shareholders in exchange of common stock held in Lynden	0.02842
Closing price of common shares	$ 0.52
Agreement description	The parties have made representations, warranties and covenants in the Earthstone Agreement, including (i) that the parties will, subject to certain exceptions, conduct their respective businesses in the ordinary course and will not engage in certain activities between the execution of the Earthstone Agreement and the consummation of the Transaction; and (ii) the agreement of the Company, subject to certain exceptions, not to solicit alternative transactions or provide information in connection with alternative transactions. Completion of the Transaction is subject to: (1) the approval by the shareholders of the Company of the Earthstone Agreement; (2) a final order from the court in British Columbia to approve the Earthstone Agreement and the fairness of the terms and conditions of the Transaction; (3) applicable regulatory approvals, including certain stock exchange approvals; (4) the absence of legal impediments prohibiting the transactions; and (5) other customary closing conditions. As previously announced, the Special Meeting of Shareholders will be held on May 12, 2016, at which meeting the Lynden shareholders will be asked to approve the Transaction. While a joint information statement/circular has been submitted to all Earthstone stockholders, the Transaction has been approved by the requisite majority pursuant to Earthstone’s certificate of incorporation which provides for approval via stockholder action by written consent.

Trade and Other Receivables - S

Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Receivables [Abstract]
Accounts receivable - trade	$ 76,538	$ 1,340,803
Accrued receivables	1,005,351	237,430
Other receivable - derivative financial asset	286,380
Sales taxes receivable	18,485	81,902
Total	$ 1,386,754	$ 1,660,135

Trade and Other Receivables - A

Trade and Other Receivables - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Receivables [Abstract]
Allowance for doubtful accounts	$ 0	$ 0
Accounts receivable owed from one counterparty	$ 990,842	$ 1,532,382

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Property plant and equipment, cost	$ 170,086,486	$ 159,432,283
Property plant and equipment, Accumulated Depletion, Depreciation and Impairment	(65,939,699)	(52,148,599)
Property plant and equipment, net	104,146,787	107,283,684
Petroleum and Natural Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, cost	170,084,485	159,430,202
Property plant and equipment, Accumulated Depletion, Depreciation and Impairment	(65,938,112)	(52,147,469)
Property plant and equipment, net	104,146,373	107,282,733
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, cost	2,001	2,081
Property plant and equipment, Accumulated Depletion, Depreciation and Impairment	(1,587)	(1,130)
Property plant and equipment, net	414	951
Proved [Member] | Petroleum and Natural Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, cost	132,127,614	122,491,540
Property plant and equipment, Accumulated Depletion, Depreciation and Impairment	(30,346,363)	(23,096,935)
Property plant and equipment, net	101,781,251	99,394,605
Exploratory Well Costs [Member] | Petroleum and Natural Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, cost	37,956,871	36,938,662
Property plant and equipment, Accumulated Depletion, Depreciation and Impairment	(35,591,749)	(29,050,534)
Property plant and equipment, net	$ 2,365,122	$ 7,888,128

Property, Plant and Equipment30

Property, Plant and Equipment - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2015USD ($)Well
Property, Plant and Equipment [Line Items]
Number of well exploration | Well	4
Mitchell Ranch Project [Member]
Property, Plant and Equipment [Line Items]
Leasehold costs | $	$ 6,565,361

Credit Facility - Additional In

Credit Facility - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Revolving line of credit	$ 100,000,000
Borrowing base of credit facility	40,000,000
Credit facility drawn down	$ 36,500,000
Credit facility expiration period	Aug. 31, 2016
Credit facility expiration description	As a result of the Credit Facility expiring in less than one year, the amount due under the Credit Facility has been classified as a current liability.
Minimum [Member]
Line of Credit Facility [Line Items]
Minimum interest rate	3.50%
Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate	3.00%
Minimum [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate	2.00%
Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate	3.50%
Maximum [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate	2.50%

Shareholders' Equity - Computat

Shareholders' Equity - Computation of Diluted Earning Per Share (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net (loss) income	$ (2,252,836)	$ (2,111,867)	$ (9,873,782)	$ 33,063
Denominator:
Weighted average number of common shares (basic)	130,198,411	130,198,411	130,198,411	129,994,825
Dilutive effect of share options				436,429
Dilutive effect of warrants				536,571
Weighted average number of common shares (diluted)	130,198,411	130,198,411	130,198,411	130,967,825
Diluted earnings per common share	$ (0.02)	$ (0.02)	$ (0.08)	$ 0

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Maximum [Member]
Class of Warrant or Right [Line Items]
Percentage that may be reserved for issuance pursuant to the exercise of stock options			10.00%
Term of stock options granted			10 years
Share Options [Member]
Class of Warrant or Right [Line Items]
Share options that are not dilutive	4,010,000	4,270,000	4,010,000	2,612,500
Warrants [Member]
Class of Warrant or Right [Line Items]
Share options that are not dilutive	0	7,512,000	0	0

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Changes in Stock Option Issued (Detail) - CAD / shares	9 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Number of options, beginning balance	4,270,000	6,632,500
Number of options, exercised		(922,500)
Number of options, expired	(260,000)	(1,440,000)
Number of options, ending balance	4,010,000	4,270,000
Weighted average exercise price, beginning balance	CAD 0.69	CAD 0.61
Weighted average exercise price, exercised		0.31
Weighted average exercise price, expired	0.60	0.55
Weighted average exercise price, ending balance	CAD 0.70	CAD 0.69

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Stock Options Outstanding and Exercisable (Detail)	9 Months Ended
	Mar. 31, 2016CAD / sharesshares
Schedule Of Stock Option Activity [Line Items]
Options outstanding, Number of options	4,010,000
Options outstanding, Weighted average remaining life (years)	7 months 21 days
Options exercisable, Number of options	4,010,000
Options exercisable, weighted average remaining life(years	7 months 21 days
Exercise Price Range $0.50 [Member]
Schedule Of Stock Option Activity [Line Items]
Exercise price, Lower Limit | CAD / shares	CAD 0.5
Options outstanding, Number of options	1,397,500
Options outstanding, Weighted average remaining life (years)	1 year 3 months 4 days
Options exercisable, Number of options	1,397,500
Options exercisable, weighted average remaining life(years	1 year 3 months 4 days
Exercise Price Range $0.80 [Member]
Schedule Of Stock Option Activity [Line Items]
Exercise price, Upper Limit | CAD / shares	CAD 0.8
Options outstanding, Number of options	2,612,500
Options outstanding, Weighted average remaining life (years)	3 months 22 days
Options exercisable, Number of options	2,612,500
Options exercisable, weighted average remaining life(years	3 months 22 days

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses to Related Parties (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Total	$ 47,652	$ 22,910	$ 121,741	$ 70,541
Law Firm [Member]
Related Party Transaction [Line Items]
Legal fees	38,554	14,341	87,835	42,682
Abajo Gas Transmission Company, LLC [Member]
Related Party Transaction [Line Items]
Transportation and marketing costs	$ 9,098	$ 8,569	$ 33,906	$ 27,859

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Related Party Transactions [Abstract]
Trade and other payables owing to related parties	$ 23,281	$ 33,320

Financial Instruments - Summary

Financial Instruments - Summary of Aging of Trade and Other Receivables (Detail) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Trade and other receivables
0 to 60 days	$ 1,381,057	$ 1,592,126
61 to 120 days	5,697	8,357
> 120 days		59,652
Total	$ 1,386,754	$ 1,660,135

Financial Instruments - Summa39

Financial Instruments - Summary of Expected Remaining Contractual Maturities for Financial Liabilities and Other Obligations (Detail)	Mar. 31, 2016USD ($)
Contractual Obligation Fiscal Year Maturity [Line Items]
Total	$ 42,900,232
Less than 1 year	38,438,232
One to two years	0
More than two years	4,462,000
Asset Retirement Liabilities [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Total	4,462,000
One to two years	0
More than two years	4,462,000
Trade and Other Payables [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Total	1,858,906
Less than 1 year	1,858,906
One to two years	0
Credit Facility [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Total	36,579,326
Less than 1 year	36,579,326
One to two years	$ 0

Financial Instruments - Summa40

Financial Instruments - Summary of Expected Remaining Contractual Maturities for Financial Liabilities and Other Obligations (Parenthetical) (Detail)	Mar. 31, 2016USD ($)
Credit Facility [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Accrued Interest	$ 79,326

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2016CAD	Mar. 31, 2015USD ($)	Apr. 01, 2015$ / bblbbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Depreciation or appreciation, foreign currency translation adjustment, percent		10.00%	10.00%
Increase or decrease in earnings or loss, due to depreciation or appreciation of currency		$ 687,806	CAD 687,806
Barrels of fuel covered under derivative contracts | bbl					9,000
Strike price per barrel | $ / bbl					50
Derivative financial instruments gain	$ 120,204	901,539
Unrealized gain on derivative financial instrument		426,420		$ 0
Fair value of derivative instrument	$ 286,380	286,380
Price Risk Derivative [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments gain		$ 475,119		$ 0

Financial Instruments - Summa42

Financial Instruments - Summary of Currency Risk (Detail) - 9 months ended Mar. 31, 2016	USD ($)	CAD
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Net assets exposure		CAD 6,878,059
Effect of +/- 10% change in currency	$ 687,806	687,806
Cash [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Cash		6,953,726
Trade and Other Payables [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Trade and other payables		(86,028)
Trade Accounts Receivable [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Cash		CAD 10,361

Financial Instruments - Summa43

Financial Instruments - Summary of Currency Risk (Parenthetical) (Detail)	9 Months Ended
	Mar. 31, 2016
Foreign Currency [Abstract]
Depreciation or appreciation, foreign currency translation adjustment, percent	10.00%

Supplemental Cash Flow Inform44

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail)	9 Months Ended
	Mar. 31, 2015USD ($)
Non-cash financing activities:
Fair value of stock options transferred to common shares on exercise of stock options	$ 205,260

Segmented Information - Additio

Segmented Information - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2016GeographicalAreasSegment
Segment Reporting [Abstract]
Number of operating segments | Segment	1
Number of geographic areas considered as reportable operating segments | GeographicalAreas	2

Segmented Information - Schedul

Segmented Information - Schedule of Revenues and Capital Assets (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Segment Reporting Information [Line Items]
Derivative financial instruments gain	$ 120,204		$ 901,539
Revenue and other income	2,617,829	$ 3,730,000	10,538,324	$ 17,696,829
Property, plant and equipment	104,146,787		104,146,787		$ 107,283,684
Interest Income [Member]
Segment Reporting Information [Line Items]
Revenue and other income	14,582	30,249	66,403	103,539
Petroleum [Member]
Segment Reporting Information [Line Items]
Revenue and other income	1,849,155	2,975,682	7,504,785	13,685,536
Natural Gas [Member]
Segment Reporting Information [Line Items]
Revenue and other income	319,844	485,205	1,086,766	1,785,493
Natural Gas Liquids [Member]
Segment Reporting Information [Line Items]
Revenue and other income	314,044	238,864	978,831	2,122,261
Canada [Member]
Segment Reporting Information [Line Items]
Revenue and other income	14,582	30,249	66,403	103,539
Property, plant and equipment	414		414		951
Canada [Member] | Interest Income [Member]
Segment Reporting Information [Line Items]
Revenue and other income	14,582	30,249	66,403	103,539
USA [Member]
Segment Reporting Information [Line Items]
Derivative financial instruments gain	120,204		901,539
Revenue and other income	2,603,247	3,699,751	10,471,921	17,593,290
Property, plant and equipment	104,146,373		104,146,373		$ 107,282,733
USA [Member] | Petroleum [Member]
Segment Reporting Information [Line Items]
Revenue and other income	1,849,155	2,975,682	7,504,785	13,685,536
USA [Member] | Natural Gas [Member]
Segment Reporting Information [Line Items]
Revenue and other income	319,844	485,205	1,086,766	1,785,493
USA [Member] | Natural Gas Liquids [Member]
Segment Reporting Information [Line Items]
Revenue and other income	$ 314,044	$ 238,864	$ 978,831	$ 2,122,261