Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 3 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
Note 6 - Income Taxes
The Company has estimated the effective tax rate expected to be applicable for the full fiscal year. The Company's effective tax rate used in providing for income taxes on a current year-to-date basis for the three months ended September 30, 2012, is 5.96% compared to 0% for the three months ended September 30, 2011. Deferred tax assets are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating losses and tax credit carry forwards. A valuation allowance reduces deferred tax assets to estimated realizable value, which is the value that corresponds to the amount management believes is more likely than not the deferred tax assets that will be realized in future periods.
We review our deferred tax assets and valuation allowance on a quarterly basis. As part of our review, we consider positive and negative evidence, including cumulative results in recent years. We anticipate we will continue to record a valuation allowance against the deferred tax assets in all jurisdictions of the Company, except for the deferred asset related to the Australian Petroleum Resource Rent Tax ("PRRT"), until such time as we are able to determine it is "more-likely-than-not" those deferred tax assets will be realized.