Lakes Oil N.L. is engaged in hydrocarbon exploration and investment. The Company operates in two segments: Exploration for hydrocarbon reserves, principally in on-shore regions of Victoria, Australia and Investment in entities engaged in exploration for energy reserves. During the fiscal year ended June 30, 2012, the Company�s exploration focus has been concentrated on the drilling of two wells with the assistance of its new joint venture partner, Armour Energy Ltd (Armour), with one well in each of the Otway and Gippsland Basins. The Company holds interests in petroleum exploration permits and mineral exploration licences in Victoria. The Company�s subsidiaries include Commonwealth Mining Pty. Ltd, Geothermal Energy Victoria Pty. Ltd, The Gippsland Gas Corp. Pty. Ltd, Gippsland Petroleum Pty. Ltd, Mirboo Ridge Pty. Ltd, Otway Resources Pty. Ltd and Owens Lane Pty Ltd.