Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Net income (loss) after income tax $ 26,483 $ (32,437) $ (1,457)
Adjustments to reconcile net loss to net cash used in operating activities      
Foreign transaction (gain) loss (1,038) 499 732
Write off of the Evans Shoal deposit 0 15,893 0
Depletion, depreciation and amortization 1,744 2,890 5,428
Interest earned on restricted deposits (24) (150) 0
Fair value increase of contingent consideration payable (79) 0 0
Deferred income taxes (5,951) 5,355 922
Gain on disposal of assets (40,413) (969) (6,817)
Gain on sale of investments 0 0 (1,975)
Exploration costs previously capitalized 2,930 (124) 0
Stock based compensation 1,560 1,670 6,582
Related party withholding tax (Note 11) 1,082 0 0
Impairment loss 328 239 2,050
Net changes in operating assets and liabilities:      
Accounts receivable 3,021 625 2,733
Inventories 142 143 647
Prepayments and other current assets (36) 213 (106)
Accounts payable and accrued liabilities (138) 613 (1,689)
Other long term liabilities (113) 0 0
Income taxes payable 61 1,045 (3,098)
Net cash (used in) provided by operating activities (10,441) (4,495) 3,952
INVESTING ACTIVITIES:      
Additions to property and equipment (9,577) (4,568) (2,843)
Proceeds from sale of assets 35,089 1,481 7,280
Purchase of working interest in Poplar (823) (380) (4,090)
Cash acquired from controlling interest purchase - Nautilus Poplar LLC 0 0 315
Increase in restricted cash 0 0 (75)
Refund (Payment) of Deposit for Purchase of Evans shoal (includes interest) 10,940 (10,014) (13,752)
Proceeds from sale of securities 0 0 465
Securities matured or sold 5,687 7,000 16,809
Securities purchased (5,687) (7,000) (13,456)
Net cash provided by (used in) investing activities 35,629 (13,481) (9,347)
FINANCING ACTIVITIES:      
Proceeds from issuance of stock 35 43 10,000
Short term debt issuances 6,075 5,027 570
Short term debt repayments (6,025) (4,589) (845)
Purchase of non-controlling interest - Nautilus Poplar LLC (3,461) 0 (7,309)
Non-controlling capital contribution Nautilus Poplar LLC 0 80 0
Long term debt repayments (552) 0 0
Net cash (used in) provided by financing activities (3,928) 561 2,416
Effect of exchange rate changes on cash and cash equivalents (462) 4,240 1,882
Net increase (decrease) in cash and cash equivalents 20,798 (13,175) (1,097)
Cash and cash equivalents at beginning of period 20,417 33,592 34,689
CASH AND CASH EQUIVALENTS AT END OF PERIOD 41,215 20,417 33,592
Income taxes 0 (1,259) 4,822
Interest Paid, net of amount capitalized 109 141 62
Supplemental Schedule of Noncash Investing and Financing Activities:      
Unrealized holding gain (loss) (83) 46 0
Revision to estimate of asset retirement obligations (603) (129) (2,232)
Accounts payable related to property plant and equipment 155 8 48
Purchase of non-controlling interest for Stock and contingent consideration 4,729 0 0
Purchase of 3% working interest for stock and contingent consideration $ 1,243 $ 0 $ 0