Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
OPERATING ACTIVITIES:    
Net (Loss) income before non-controlling interest $ (3,632,271) $ (5,508,529)
Foreign currency exchange loss (942,204) 232,212
Depletion, depreciation and amortization 840,928 1,568,353
Interest earned on restricted deposits (23,555) 0
Accretion Of Contingent Considerations 81,000 0
Amortization of Loan Fees 5,142 0
Deferred income taxes 0 (1,758,907)
(Gain) loss from disposal of assets (4,009,888) (463,177)
Gain On Sale Of Investments 0 (1,894)
Exploration and dry hole costs 0 60,605
Share-based Compensation 886,355 1,203,396
Change in operating assets and liabilities:    
Accounts receivable 1,757,189 1,724,334
Inventories (796,349) 69,894
Prepayments and other current assets (162,905) 356,949
Accounts payable and accrued liabilities (1,899,135) (245,467)
Income taxes payable (receivable) 60,645 (571,779)
Other Noncurrent Liabilities (17,074) 0
Net cash (used in) provided by operating activities (7,852,122) (3,334,010)
INVESTING ACTIVITIES:    
Additions to property and equipment (3,212,846) (3,373,694)
Proceeds from sale of assets 5,000,709 467,844
Purchase of additional working interest in Poplar Fields (823,299) 0
Refund of Deposit for purchase of Evans Shoal 10,939,906 0
Marketable securities matured or sold 3,086,960 3,206,250
Marketable securities purchased (5,686,555) (6,999,735)
Net cash (used in) provided by investing activities 9,304,875 (6,699,335)
FINANCING ACTIVITIES:    
Proceeds from issuance of stock 35,000 0
Short term debt issuances 3,799,500 1,805,000
Short term debt repayments (3,025,000) (1,924,408)
Purchase of non-controlling interest - Nautilus Poplar LLC (including $237,956 of transaction costs) (3,461,120) (380,000)
Noncontrolling Capital Contribution Nautilus Poplar LLC 0 80,000
Long term debt repayments (288,000) 0
Net cash (used in) provided by financing activities (2,939,620) (419,408)
Effect of exchange rate changes on cash and cash equivalents (105,760) 4,952,402
Net (decrease) increase in cash and cash equivalents (1,592,627) (5,500,351)
Cash and cash equivalents at beginning of period 20,416,625 33,591,534
CASH AND CASH EQUIVALENTS AT END OF PERIOD 18,823,998 28,091,183
Income taxes 25,924 651,034
Interest Paid, net of amount capitalized 55,720 37,198
Supplemental Schedule of Noncash Investing and Financing Activities:    
Unrealized holding gains, net of deferred tax 91,102 (60,360)
Revision to estimate of asset retirement obligations 0 189,108
Write off of expired license 0 79,921
Amounts in accounts payable related to property and equipment 917,510 831,687
Accrued transaction costs 0 0
Purchase of non-controlling interest for Stock and contingent consideration 4,729,316 0
Purchase of working interest for Stock and contingent consideration $ 1,243,107 $ 0