Annual report pursuant to Section 13 and 15(d)

Oil and Gas Activities

v2.4.0.8
Oil and Gas Activities
 12 Months Ended
Jun. 30, 2013
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Oil and Gas Activities
Note 17 - Oil and Gas Activities (Unaudited)
Costs Incurred in Oil and Gas Producing Activities
Costs incurred in oil and gas property acquisition, exploration, and development activities, whether capitalized or expensed, are summarized as follows:
 
United States
 
Australia
 
United Kingdom
 
Total
 
(In thousands)
Fiscal year ended June 30, 2013
 
 
 
 
 
 
 
Proved
$
3,399

 
$
—

 
$
—

 
$
3,399

Unproved
157

 
179

 
335

 
671

Exploration Costs
398

 
4,169

 
3,700

 
8,267

Development Costs
2,045

 
—

 
—

 
2,045

Total, including asset retirement obligation
$
5,999

 
$
4,348

 
$
4,035

 
$
14,382

 
 
 
 
 
 
 
 
Fiscal year ended June 30, 2012
 
 
 
 
 
 
 
Proved
$
1,606

 
$
5,634

 
$
—

 
$
7,240

Unproved
945

 
3,787

 
—

 
4,732

Exploration Costs
2,192

 
1

 
5

 
2,198

Development Costs
2,779

 
—

 
—

 
2,779

Total, including asset retirement obligation
$
7,522

 
$
9,422

 
$
5

 
$
16,949


Net Changes in Capitalized Costs
The net changes in capitalized costs that are currently not being depleted pending the determination of proved reserves can be summarized as follows:
 
United States
 
Australia
 
United Kingdom
 
Total
 
(In thousands)
Fiscal year ended June 30, 2013
 
 
 
 
 
 
 
Fiscal year beginning balance
$
1,823

 
$
4,388

 
$
4,624

 
$
10,835

Additions to capitalized costs
1,954

 
—

 
335

 
2,289

Reclassified to producing properties
(3,223
)
 
—

 
—

 
(3,223
)
Charged to expense
(57
)
 
—

 
(3,035
)
 
(3,092
)
Exchange adjustment
—

 
(412
)
 
(162
)
 
(574
)
Fiscal year closing balance
$
497

 
$
3,976

 
$
1,762

 
$
6,235

 
 
 
 
 
 
 
 
Fiscal year ended June 30, 2012
 
 
 
 
 
 
 
Fiscal year beginning balance
$
2,411

 
$
415

 
$
5,259

 
$
8,085

Additions to capitalized costs
4,631

 
3,973

 
1,369

 
9,973

Assets sold or held for sale
(150
)
 
—

 
—

 
(150
)
Reclassified to producing properties
(3,772
)
 
—

 
—

 
(3,772
)
Charged to expense
(1,297
)
 
—

 
(2,106
)
 
(3,403
)
Exchange adjustment
—

 
—

 
102

 
102

Fiscal year closing balance
$
1,823

 
$
4,388

 
$
4,624

 
$
10,835

During the third quarter of fiscal year 2013, the Company allowed a petroleum exploration and development license in the UK to expire at the end of its term. As a result, an impairment of $0.9 million was recorded in the consolidated statements of operations. Additionally, the Company recorded a write-down related to the Markwells Wood-1 exploration well in the UK operated by Northern Petroleum. As a result, an exploration expense of $2.2 million was recorded in the consolidated statements of operations. No further write-downs were recorded during the fiscal year ended June 30, 2013.
At June 30, 2013, the Company had no costs capitalized for exploratory wells in progress for a period of greater than one year after the completion of drilling.