v2.4.0.6

STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	9 Months Ended
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) for the period	$ (2,265,563)	$ (2,598,046)
Adjustments to reconcile net (loss) to net cash (used) by operating activities:
Employee share-based compensation	1,154,646	1,572,895
Contributed services fees	410
Warrants issued for interest	2,895
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	261,450	(78,487)
Accounts payable - related parties	14,251
NET CASH (USED) BY OPERATING ACTIVITIES	(831,911)	(1,103,638)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposit on purchase of oil and gas properties	(90,000)	(100,000)
NET CASH (USED) BY INVESTING ACTIVITIES	(90,000)	(100,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short term note payable	30,000
Proceeds from short term note payable to related parties	44,300
Sale of common stock	397,500	112,000
Proceeds from subscription receivable	237,500	965,000
Re-purchase and retirement of Series A preferred stock		(90,611)
NET CASH PROVIDED BY FINANCING ACTIVITIES	709,300	986,389
NET INCREASE (DECREASE) IN CASH	(212,611)	(217,249)
CASH AT BEGINNING OF PERIOD	220,778	329,773
CASH AT END OF PERIOD	8,167	112,524
Cash paid during the period for:
Income taxes
Interest

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