Annual report pursuant to Section 13 and 15(d)

Oil and Gas Activities (Unaudited)

v3.3.0.814
Oil and Gas Activities (Unaudited)
 12 Months Ended
Jun. 30, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Oil and Gas Activities (Unaudited)
Note 20 - 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, 2015
 
 
 
 
 
 
 
Proved
$
—

 
$
—

 
$
—

 
$
—

Unproved
—

 
—

 
—

 
—

Exploration Costs
1,079

 
91

 
393

 
1,563

Development Costs
7,749

 
—

 
274

 
8,023

Total, including asset retirement obligation
$
8,828

 
$
91

 
$
667

 
$
9,586

 
 
 
 
 
 
 
 
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


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, 2015
 
 
 
 
 
 
 
Fiscal year beginning balance
$
19,955

 
$
—

 
$
1,890

 
$
21,845

Additions to capitalized costs
8,047

 
—

 
274

 
8,321

Assets sold or held for sale
—

 
—

 
(680
)
 
(680
)
Reclassified to producing properties (1)
(8,973
)
 
—

 
—

 
(8,973
)
Charged to expense
—

 
—

 
(20
)
 
(20
)
Exchange adjustment
—

 
—

 
(124
)
 
(124
)
Fiscal year closing balance
$
19,029

 
$
—

 
$
1,340

 
$
20,369

 
 
 
 
 
 
 
 
Fiscal year ended June 30, 2014
 
 
 
 
 
 
 
Fiscal year beginning balance
$
496

 
$
3,976

 
$
1,762

 
$
6,234

Additions to capitalized costs (2)
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
$
19,955

 
$
—

 
$
1,890

 
$
21,845

(1) The Company reclassified the capitalized costs for two of the five CO2-enhanced oil recovery pilot wells from wells in progress to producing properties during the forth quarter of fiscal 2015.
(2) The Company began implementing a CO2-enhanced oil recovery pilot project at NP in the first quarter of fiscal year 2014.

In the United Kingdom, during the third quarter of fiscal year 2015, the Company allowed a petroleum license to expire and recorded exploration expense of $20 thousand. During the fourth quarter of fiscal year 2015, the Company sold its interest in a license with a remaining capitalized cost of $0.7 million. During the third quarter of fiscal year 2014, the Company allowed petroleum exploration and development licenses in the UK to expire at the end of their term. As a result, $0.7 million of exploration expense was recorded in the consolidated statement of operations.
At June 30, 2015, the Company had no costs capitalized for exploratory wells in progress for a period of greater than one year after the completion of drilling.