Twelve Months Ended June 30,

2004

2003

Operating Revenues:

Crude oil sales

$

7,958

$

—

Operating Expenses:

Lease operating expenses

44,921

—

Selling, general, and adminstrative

244,176

12,148

Deferred compensation expense

96,844

—

Accretion of asset retirement obligations

690

—

Depletion and depreciation

4,533

—

Total operating expenses

391,164

12,148

Loss from continuing operations

(383,206

)

(12,148

)

Income on disposal of discontinued operations, net

—

3,139,167

Net income (loss)

$

(383,206

)

$

3,127,019

Net income (loss) per share - basic and diluted

Continuing operations

$

(0.05

)

$

(0.02

)

Discontinued operations

—

4.79

Net income (loss) per share

$

(0.05

)

$

4.77

Weighted average common shares outstanding

Basic and diluted

7,311,505

655,798