Tellurian Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Oil and Gas Activities (Tables)

Oil and Gas Activities (Tables)

12 Months Ended

Jun. 30, 2014

Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure

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, 2014
Proved	$	1,729	$	—	$	—	$	1,729
Unproved	8		—		—		8
Exploration Costs	541		436		2,507		3,484
Development Costs	21,174		—		551		21,725
Total, including asset retirement obligation	$	23,452	$	436	$	3,058	$	26,946

Fiscal year ended June 30, 2013
Proved	$	3,399	$	—	$	—	$	3,399
Unproved	157		—		335		492
Exploration Costs	398		3,809		3,700		7,907
Development Costs	2,045		—		—		2,045
Total, including asset retirement obligation	$	5,999	$	3,809	$	4,035	$	13,843

Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization

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, 2014
Fiscal year beginning balance	$	497		$	3,976		$	1,762		$	6,235
Additions to capitalized costs ⁽¹⁾	19,459			1,104			948			21,511
Assets sold or held for sale	—			(5,258		)	—			(5,258		)
Charged to expense	—			—			(733		)	(733		)
Exchange adjustment	—			178			(87		)	91
Fiscal year closing balance	$	19,956		$	—		$	1,890		$	21,846

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

⁽¹⁾ The Company began implementing a CO2-enhanced oil recovery pilot project at NP in the first quarter of fiscal year 2014.

- Definition

Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities.

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