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:
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:
(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.
The entire disclosure for oil and gas producing industries.
Reference 1: http://www.xbrl.org/2003/role/presentationRef