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Related Party Transactions
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6 Months Ended |
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Dec. 31, 2011
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure Text Block |
Note 18 Related Party Transactions The Company leases its Denver office (the office of NP) from an entity owned, in part, by J. Thomas Wilson, President and CEO of the Company. The lease expires February 2012. The total paid to such entity under this arrangement for the six months ended December 31, 2011, and 2010, was $36,148 and $36,148, respectively. J. Robinson West, Chairman of the Board of Directors is Chairman, Founder and CEO of PFC Energy (“PFC”), which has served as a consultant for the Company on various Australian projects. MPC had accrued liabilities of $0 and $106,417 included in the unaudited condensed consolidated balance sheets as of December 31, 2011, and December 31, 2010, respectively, for consulting services. The unaudited condensed consolidated statements of operations for the six months ended December 31, 2011, and 2010 include general and administrative expenses of $97,026 and 286,651, respectively. Please refer to Note 4 for more information on the transactions with NT and ER during the three months ended September 30, 2011. Young Energy Prize SA (“YEP”), a Luxembourg corporation and the Company's largest shareholder, was engaged by the Company to help assist in the funding of the Evans Shoal Transaction. Mr. Nikolay Bogachev, a Director of the Company since July 2009, is the President and CEO of YEP as well as an equity owner of YEP. On August 5, 2010, the Company executed a Securities Purchase Agreement (the “Second Purchase Agreement”), an Investor's Agreement and Memorandum of Agreement with YEP to finalize the terms of its second Private Investment in a Public Equity (“PIPE”). Pursuant to the terms of the Second Purchase Agreement, the Company is required to use the proceeds from the PIPE to close the Evans Shoal Transaction. On February 11, 2011 and February 17, 2011, the Company and YEP executed amendments to the Second Purchase Agreement. On February 17, 2011 the Company and YEP also executed an Investment Agreement to document the terms of additional financing to be provided by YEP to the Company in order to facilitate the closing of the Evans Shoal Transaction. Since the Amended Asset Sales Agreement was terminated and MPAL received back the additional AUD $10.0 million deposit made in connection with the Evans Shoal Transaction, the transactions contemplated by the Second Purchase Agreement, as amended, and the Investment Agreement, as amended, have not closed. As of October 12, 2011, the Company and YEP terminated these agreements. Accounts receivable includes an estimate of $80,000 which is due from entities in which J. Thomas Wilson and Nikolay Bogachev are members. |