Oil and Gas Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure |
The following table presents the capitalized costs under the successful efforts method for oil and gas properties as of:
(1)On December 29, 2015, the Company entered into a farmout agreement with respect to the Company’s interests in the oil and gas leases which form the Poplar field specifically in relation to the formations located below the top of the Ordovician Winnipeg formation (the “Deep Formations”), which is estimated to be located at a depth of approximately 8,896 feet. Pursuant to the terms of the farmout agreement, the farmees made a $175 thousand non-refundable payment to the Company at signing of the farmout agreement and are required to i) commence the deepening of the EPU120 well before June 30, 2017, and ii) make an additional payment of $150 thousand to the Company to earn a 75% interest in the Company’s approximately 50% interests in the Deep Formations. The farmees intend to explore the Deep Formations for potential hydrocarbons and helium. The Company has reduced the capitalized cost for its unproved oil and gas properties, which at acquisition were assigned to the Deep Formations, by the amount of the $175 thousand non-refundable payment.
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