UNITED
STATES
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OMB
APPROVAL
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(Check
One):
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SECURITIES
AND EXCHANGE
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OMB Number: 3235-0058
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x Form
10-K
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COMMISSION
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Expires:
March 31, 2006
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¨ Form
20-F
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Washington,
D.C. 20549
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Estimated
average burden hours per response . . .
2.50
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¨ Form
11-K
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¨ Form
10-Q
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FORM
12b-25
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SEC
FILE NUMBER
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¨ Form
10-D
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000-50929
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¨ Form
N-SAR
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NOTIFICATION
OF LATE
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¨ Form
N-CSR
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FILING
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CUSIP
NUMBER
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For
Period Ended: June 30, 2007
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¨ Transition
Report on
Form 10-K
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¨ Transition
Report on
Form 20-F
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¨ Transition
Report on
Form 11-K
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¨ Transition
Report on
Form 10-Q
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¨ Transition
Report on
Form N-SAR
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For
the Transition Period Ended:
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Read
Instruction (on back page) Before Preparing Form. Please Print
or
Type.
Nothing
in this form shall be construed to imply that the Commission has
verified
any information contained
herein.
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(a)
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The
reasons described in reasonable detail in Part III of this form
could not
be eliminated without unreasonable effort or expense;
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x
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(b)
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The
subject annual report, semi-annual report, transition report on
Form 10-K,
Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof,
will
be filed on or before the fifteenth calendar day following the
prescribed
due date; or the subject quarterly report or transition report
on Form
10-Q or subject distribution report on Form 10-D, or portion thereof,
will
be filed on or before the fifth calendar day following the prescribed
due
date; and
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(c)
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The
accountant’s statement or other exhibit required by Rule 12b-25(c) has
been attached if applicable.
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(1)
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Name
and telephone number of person to contact in regard to this
notification
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Shawn
L. Clift
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972-526-5251
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(Name)
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(Telephone
Number)
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(2)
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Have
all other periodic reports
required under Section 13 or 15(d) of the Securities Exchange Act
of 1934
or Section 30 of the Investment Company Act of 1940 during the
preceding
12 months or for such shorter period that the registrant was required
to
file such report(s) been filed? If answer is no, identify
report(s).
x Yes ¨ No
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(3)
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Is
it anticipated that any
significant change in results of operations from the corresponding
period
for the last fiscal year will be reflected by the earnings statements
to
be included in the subject report or portion
thereof?
x Yes ¨
No
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June
30, 2006
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June
30, 2006
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|||||||||||
As
Previously Reported
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Adjustments
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As
Restated
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||||||||||
Accounts
receivable
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55,782
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17,482
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73,264
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|||||||||
Property
and equipment:
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2,521,869
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(438,170 | ) |
2,083,699
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||||||||
Oil
and gas properties, successful efforts method
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||||||||||||
Other
assets
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669,760
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28,042
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697,802
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|||||||||
Accounts
payable and accrued expenses
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1,089,396
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3,366
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1,092,762
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|||||||||
Long-term
debt less debt discount
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1,931,886
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(1,831,884 | ) |
100,002
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||||||||
Derivative
liability
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2,604,813
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(1,455,678 | ) |
1,149,135
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||||||||
Warrant
liability
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3,694,293
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1,280,014
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4,974,307
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|||||||||
Accumulated
deficit
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(12,716,068 | ) |
2,098,302
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(10,617,766 | ) | |||||||
Revenues
from oil and gas product sales
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519,535
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33,731
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553,266
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|||||||||
Lease
operating expense
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-
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5,647
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5647.18
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|||||||||
Production
an ad valorem taxes
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-
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28,466
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28466.32
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|||||||||
Depreciation
and depletion
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494,493
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51,653
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546,146
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|||||||||
Exploration
expenses, including dry holes
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4,813,268
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274,082
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5,087,350
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|||||||||
General
and administrative expenses
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4,233,971
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(130,122 | ) |
4,103,849
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||||||||
Loss)
from valuation of derivative liability
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1,299,201
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(175,664 | ) |
1,123,537
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||||||||
Interest
expense
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2,102,681
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(1,826,646 | ) |
276,035
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||||||||
Basic
and diluted loss per common share
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(0.26 | ) |
0.04
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(0.22 | ) |
Date:
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September
28, 2007
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By:
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/s/
Shawn L. Clift
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Shawn
L. Clift
Chief
Financial Officer
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