0001006655-22-000027 | 10-Q | XBRL Viewer

Depletion, depreciation, and amortization

$ 25,689,104

$ 7,635,748

$ 66,906,475

$ 18,999,276

Operating costs

1,737,226

1,070,967

4,488,759

3,840,023

Impairment of proved property

24,792,079

Impairment of Well Lift Inc. - related assets

146,051

General and administrative expenses

^[1]

1,515,257

1,831,614

5,278,411

4,956,011

Total operating costs

15,336,152

6,655,143

41,146,980

42,744,012

Income (loss) from operations

10,352,952

980,605

25,759,495

(23,744,736)

Other income and expenses

Net (loss) gain on derivative contracts

(2,591,465)

(614,645)

Interest and other income

2,212

9,223

11,982

34,866

Interest expense

(170,332)

(18,686)

(271,874)

(60,340)

Income (loss) before income taxes

7,593,367

971,142

22,908,138

(24,384,855)

Income tax provision (benefit)

1,887,556

(219,859)

5,151,754

(5,730,701)

Net income (loss) attributable to common stockholders

$ 5,705,811

$ 1,191,001

$ 17,756,384

$ (18,654,154)

Earnings (loss) per common share:

Basic (in dollars per share)

$ 0.17

$ 0.04

$ 0.53

$ (0.57)

Diluted (in dollars per share)

$ 0.17

$ 0.04

$ 0.52

$ (0.57)

Weighted average number of common shares outstanding

Basic (in shares)

33,009,156

32,817,999

32,933,016

32,743,070

Diluted (in shares)

33,388,045

32,891,380

33,257,729

32,743,070

Crude oil

Revenues

$ 14,868,519

$ 7,076,965

$ 34,309,127

$ 17,918,909

Natural gas

Revenues

6,070,866

141

20,698,653

499

Natural gas liquids

Revenues

Organization, Consolidation and Presentation of Financial Statements [Abstract]

4,749,719

558,642

11,898,695

1,079,868

Lease operating costs

Operating costs

Lease operating costs

$ 12,083,669

$ 3,606,511

$ 31,379,810

$ 9,009,848

[1]

General and administrative expenses for the three months ended March 31, 2022 and 2021 included non-cash stock-based compensation expenses of $340,440 and $320,236, respectively. For the nine months ended March 31, 2022 and 2021, non-cash stock-based compensation expenses were $867,943 and $938,093, respectively.

Consolidated Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation expense			$ 867,943	$ 938,093
General and administrative expenses
Stock-based compensation expense	$ 340,440	$ 320,236	$ 867,943	$ 938,093

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		100 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022
Cash flows from operating activities
Net income (loss) attributable to common stockholders	$ 5,705,811	$ 1,191,001	$ 17,756,384	$ (18,654,154)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization			4,488,759	3,840,023
Impairment of proved property	0	0	0	24,792,079
Impairment of Well Lift Inc. - related assets	0	146,051	0	146,051
Stock-based compensation			867,943	938,093
Settlement of asset retirement obligations			0	(101,311)
Deferred income taxes			400,236	(6,706,888)
Unrealized loss (gain) on derivative contracts			2,398,237	614,645
Accrued settlements on derivative contracts			193,228	(2,791,176)
Other			(7,140)	11,337
Changes in operating assets and liabilities:
Receivables			(4,999,067)	(1,450,747)
Prepaid expenses and other current assets			(79,187)	2,989
Accounts payable and accrued expenses			7,528,522	1,347,080
State and federal income taxes payable			143,135	571,361
Net cash provided by (used in) operating activities			28,691,050	2,559,382
Cash flows from investing activities
Acquisition of oil and natural gas properties			(25,844,046)	0
Capital expenditures for oil and natural gas properties			(825,872)	(183,690)
Acquisition deposit			(1,470,000)	(2,325,000)
Net cash provided by (used in) investing activities			(28,139,918)	(2,508,690)
Cash flows from financing activities
Common stock dividends paid			(8,421,508)	(2,666,334)	$ (82,900,000)
Common share repurchases, including shares surrendered for tax withholding			(37,596)	(7,348)
Borrowings on senior secured credit facility			17,000,000	0
Repayments of senior secured credit facility			(1,000,000)	0
Net cash provided by (used in) financing activities			7,540,896	(2,673,682)
Net increase (decrease) in cash and cash equivalents			8,092,028	(2,622,990)
Cash and cash equivalents, beginning of period			5,276,510	19,662,528
Cash and cash equivalents, end of period	$ 13,368,538	$ 17,039,538	13,368,538	17,039,538	$ 13,368,538
Supplemental disclosures of cash flow information:
Income taxes paid			5,064,239	667,618
Income tax refunds received			795,653	135,633
Non-cash transactions:
(Decrease) increase in accrued purchases of property and equipment			0	510
Oil and natural gas property costs attributable to the recognition of asset retirement obligations			$ 2,440,034	$ 91,430

Consolidated Condensed Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Jun. 30, 2020		32,956,469
Beginning Balance at Jun. 30, 2020	$ 74,124,482	$ 32,956	$ 41,291,446	$ 32,800,080	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		553,615
Issuance of restricted common stock	0	$ 554	(554)
Common share repurchases, including shares surrendered for tax withholding	(7,348)				(7,348)
Retirements of treasury stock (in shares)		(2,632)
Retirements of treasury stock	0	$ (3)	(7,345)		7,348
Stock-based compensation	938,093		938,093
Net income (loss) attributable to common stockholders	(18,654,154)			(18,654,154)
Common stock cash dividends	(2,666,334)			(2,666,334)
Ending Balance (in shares) at Mar. 31, 2021		33,507,452
Ending Balance at Mar. 31, 2021	53,734,739	$ 33,507	42,221,640	11,479,592	0
Beginning Balance (in shares) at Dec. 31, 2020		33,490,550
Beginning Balance at Dec. 31, 2020	53,228,726	$ 33,490	41,901,421	11,293,815	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		16,902
Issuance of restricted common stock	0	$ 17	(17)
Stock-based compensation	320,236		320,236
Net income (loss) attributable to common stockholders	1,191,001			1,191,001
Common stock cash dividends	(1,005,224)			(1,005,224)
Ending Balance (in shares) at Mar. 31, 2021		33,507,452
Ending Balance at Mar. 31, 2021	$ 53,734,739	$ 33,507	42,221,640	11,479,592	0
Beginning Balance (in shares) at Jun. 30, 2021	33,514,952	33,514,952
Beginning Balance at Jun. 30, 2021	$ 54,594,803	$ 33,515	42,541,224	12,020,064	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		313,870
Issuance of restricted common stock	0	$ 313	(313)
Forfeitures of restricted stock (in shares)		(101,816)
Forfeitures of restricted stock	0	$ (102)	102
Common share repurchases, including shares surrendered for tax withholding	(37,596)				(37,596)
Retirements of treasury stock (in shares)		(7,385)
Retirements of treasury stock	0	$ (7)	(37,589)		37,596
Stock-based compensation	867,943		867,943
Net income (loss) attributable to common stockholders	17,756,384			17,756,384
Common stock cash dividends	$ (8,421,508)			(8,421,508)
Ending Balance (in shares) at Mar. 31, 2022	33,719,621	33,719,621
Ending Balance at Mar. 31, 2022	$ 64,760,026	$ 33,719	43,371,367	21,354,940	0
Beginning Balance (in shares) at Dec. 31, 2021		33,688,679
Beginning Balance at Dec. 31, 2021	62,126,491	$ 33,689	43,066,954	19,025,848	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		60,000
Issuance of restricted common stock	0	$ 60	(60)
Forfeitures of restricted stock (in shares)		(22,026)
Forfeitures of restricted stock	0	$ (23)	23
Common share repurchases, including shares surrendered for tax withholding	(35,997)				(35,997)
Retirements of treasury stock (in shares)		(7,032)
Retirements of treasury stock	0	$ (7)	(35,990)		35,997
Stock-based compensation	340,440		340,440
Net income (loss) attributable to common stockholders	5,705,811			5,705,811
Common stock cash dividends	$ (3,376,719)			(3,376,719)
Ending Balance (in shares) at Mar. 31, 2022	33,719,621	33,719,621
Ending Balance at Mar. 31, 2022	$ 64,760,026	$ 33,719	$ 43,371,367	$ 21,354,940	$ 0

Organization and Basis of Preparation

9 Months Ended

Mar. 31, 2022

Organization and Basis of Preparation

Nature of Operations. Evolution Petroleum Corporation is an oil and natural gas company focused on delivering a sustainable dividend yield to its stockholders through the ownership of and investment in oil and natural gas properties. The Company's long-term goal is to build a diversified portfolio of oil and natural gas properties primarily through acquisitions while seeking opportunities to maintain and increase production through selective development, production enhancement, and other exploitation efforts on its oil and natural gas properties.

The Company's producing properties consist of interests in the Barnett Shale located in North Texas, a natural gas producing shale reservoir; interests in the Delhi Holt-Bryant Unit in the Delhi field in Northeast Louisiana, a CO2 enhanced oil recovery ("EOR") project; interests in the Williston Basin in North Dakota, a producing oil and natural gas reservoir; interests in the Hamilton Dome field located in Hot Springs County, Wyoming, a secondary recovery field utilizing water injection wells to pressurize the reservoir; and small overriding royalty interests in four onshore Texas wells.

Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s 2021 Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as filed with the SEC on September 14, 2021. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. The Company has evaluated events and transactions through the date of issuance of these unaudited consolidated condensed financial statements.

Principles of Consolidation and Reporting. The Company's unaudited consolidated condensed financial statements include the accounts of Evolution Petroleum Corporation and its wholly owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to match current year presentation.

Risks and Uncertainties. None of the Company's ownership interests are operated by the Company and involve other third-party working interest owners. As a result, the Company has a limited ability to influence or control the operation or future development of such properties. However, the Company is proactive with its third-party operators to review spending and alter plans as appropriate.

The Company is continuously monitoring the current and potential impacts of the novel coronavirus ("COVID-19") pandemic on its business, including how it has and may continue to impact its financial results, liquidity, employees, and the operations of the properties which it holds a non-operated interest.

In response to the COVID-19 pandemic, the Company focused on putting long-term measures in place to prevent future disruptions, maintaining its operations and system of controls remotely, and implemented its business continuity plan to allow its employees to securely work from home or in the corporate office, located in Houston, Texas. The Company has been able to transition the operation of its business with minimal disruption and has maintained its system of internal controls and procedures.

Use of Estimates. The preparation of the Company's unaudited consolidated condensed financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets, (f) commitments and contingencies, and (g) crude oil, natural gas, and natural gas liquids ("NGL") revenues. The Company analyzes estimates and judgments based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty

and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company's environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company's unaudited consolidated condensed financial statements.

Correction of Immaterial Error

The Company has identified an issue related to its historical process of calculating the Company's earnings (loss) per common share (“EPS”). The Company grants restricted stock awards which entitle the recipient to all of the rights of a shareholder of the Company including non-forfeitable rights to receive all dividends or other distributions paid with respect to such shares. Unvested restricted stock is forfeitable until earned and therefore not considered outstanding for basic EPS. Because restricted stock awards have the non-forfeitable right to share in dividends and earnings with common shareholders prior to vesting, the Company must apply the two-class method of allocating distributed and undistributed earnings to unvested restricted stock and outstanding common shares. The Company has not been applying the two-class method of calculating basic and diluted EPS in accordance with Accounting Standards Codification ("ASC") Topic 260, Earnings Per Share. Rather, the Company was considering all restricted stock grants as outstanding at the time of issuance in the calculation of EPS.

At March 31, 2022, the Company has determined that its unvested restricted stock awards are participating securities which contain non-forfeitable rights to dividends. As a result, the Company is required to adjust “Net income (loss) attributable to common stockholders” to allocate dividends paid to unvested shares as well as undistributed earnings. In addition, the Company has determined that its basic and diluted weighted average shares outstanding were also not adjusted correctly to reflect these participating securities.

The Company concluded the adjustments were immaterial to its 2021 annual and interim financial statements and its 2022 interim financial statements in accordance with the guidance in SEC Staff Accounting Bulletin (SAB) No. 99 "Materiality" and SAB No. 108 "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements." The correction resulted in a decrease of $0.01 per basic and diluted share for the nine months ended March 31, 2021. See Note 13, “Earnings (Loss) per Common Share” for more details.

The Company noted the following adjustments to its Earnings (loss) per common share presentation for the three and nine months ended March 31, 2021:


	Three Months Ended		Nine Months Ended
	March 31, 2021		March 31, 2021
As reported:
Net income (loss) for earnings per share calculation	$	1,191,001	$	(18,654,154)

Weighted average number of common shares outstanding — Basic	33,496,372		33,184,041
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	33,496,372		33,184,041

Net earnings (loss) per common share — Basic	$	0.04	$	(0.56)
Net earnings (loss) per common share — Diluted	$	0.04	$	(0.56)

Restated:
Net income (loss) for earnings per share calculation
	$	1,166,887	$	(18,689,432)
Weighted average number of common shares outstanding — Basic	32,817,999		32,743,070
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	32,891,380		32,743,070

Net earnings (loss) per common share — Basic	$	0.04	$	(0.57)
Net earnings (loss) per common share — Diluted	$	0.04	$	(0.57)

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesThe Company follows the significant accounting policies disclosed in its Annual Report on Form 10-K, as filed with the SEC on September 14, 2021, and are supplemented by the notes to the unaudited consolidated condensed financial statements included in this Quarterly Report on Form 10-Q. These unaudited consolidated condensed financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended June 30, 2021. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. Early adoption is permitted and entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. For smaller reporting companies, as provided by ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) ("ASU 2019-10"), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 but does not expect that it will have a material effect on the Company's financial position, results of operations, cash flows, or disclosures. Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations, cash flows, or disclosures.

Revenue Recognition

9 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company's revenue is primarily generated from its interests in the Barnett Shale properties of North Texas, the Delhi field in Northeast Louisiana, the Williston Basin properties of North Dakota, and the Hamilton Dome field in Wyoming. Additionally, overriding royalty interests retained in a past divestiture of Texas properties historically provided de minimis revenue, with the exception of the three months ended December 31, 2021 in which the Company received $1.1 million for past royalties that accumulated over a period of approximately three years. These past royalties were recorded as operating revenues within the unaudited consolidated condensed statements of operations for the nine months ended March 31, 2022. Going forward, the Company expects de minimis revenue from these royalty interests. The following table disaggregates the Company's revenues by major product for the periods indicated:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Revenues
Crude oil	$	14,868,519	$	7,076,965	$	34,309,127	$	17,918,909
Natural gas	6,070,866		141		20,698,653		499
Natural gas liquids	4,749,719		558,642		11,898,695		1,079,868
Total revenues	$	25,689,104	$	7,635,748	$	66,906,475	$	18,999,276

As of March 31, 2022, as a non-operator, the Company did not take production in-kind and did not negotiate contracts with customers. The Company recognizes oil, natural gas, and NGL production revenue at the point in time when custody and title (“control”) of the product transfers to the customer. Transfer of control drives the presentation of post-production expenses such as transportation, gathering, and processing deductions within the unaudited consolidated condensed statements of operations. Fees and other deductions incurred prior to control transfer are recorded as "Lease operating costs" on the unaudited consolidated condensed statements of operations, while fees and other deductions incurred subsequent to control transfer are embedded in the price and effectively recorded as a reduction to "Crude oil," "Natural gas," and "Natural gas liquids" on the unaudited consolidated condensed statements of operations. Transfer of control related production from the Company's Barnett Shale interests does not occur until after the marketing, transportation, and processing services have been performed, and as such, fees related to these services are recorded as "Lease operating costs" on the unaudited consolidated condensed statements of operations and do not reduce the oil, natural gas, and NGL production revenue. Transfer of control related to production from the Company's Williston Basin, Delhi, and Hamilton Dome interests occurs prior to the fees and other deductions, and as such, these fees are recorded as a reduction to "Crude oil," "Natural gas," and "Natural gas liquids" on the unaudited consolidated condensed statements of operations.

Judgments made in applying the guidance in ASC Topic 606, Revenue from Contracts with Customers, relate primarily to determining the point in time when control of product transfers to the customer. The Company does not believe that significant judgments are required with respect to the determination of the transaction price, including amounts that represent variable consideration, as volume and price carry a low level of estimation uncertainty given the precision of volumetric measurements

and the use of index pricing with predictable differentials. Accordingly, the Company does not consider estimates of variable consideration to be constrained.

The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied at the point in time upon control transferring to a customer at a specified delivery point. Consideration is allocated to completed performance obligations at the end of an accounting period.

Revenue is recorded in the month when contractual performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received by field operators before distributing the Company's share one to two months after production has occurred, which is typical in the oil and natural gas industry. As a result, the Company must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for the sale of the product. To estimate accounts receivable from operators' contracts with customers, the Company uses knowledge of its properties, information from the field operators, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Because the contractual performance obligations have been satisfied and an unconditional right to consideration exists as of the balance sheet date, the Company recognized amounts due from contracts with field operators of $15.3 million and $8.7 million as of March 31, 2022 and June 30, 2021, respectively, as "Receivables from oil, natural gas, and natural gas liquids sales" on the unaudited consolidated condensed balance sheets. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser as remitted to the Company by field operators.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

9 Months Ended

Mar. 31, 2022

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Prepaid insurance	$	68,350	$	365,922
Prepaid federal and state income taxes	514,438		97,470
Prepaid subscription and licenses	36,087		108,048
Carryback of EOR tax credit	416,441		416,441
Prepaid other	81,130		49,378
Total prepaid expenses and other current assets	$	1,116,446	$	1,037,259

Acquisitions	9 Months Ended
Acquisitions	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On January 14, 2022, the Company completed the acquisition of non-operated working interests in the Williston Basin in North Dakota from Foundation Energy Fund VII-A, LP and Foundation Energy Management, LLC ("the Williston Basin Acquisition"). After taking into account preliminary customary closing adjustments and an effective date of June 1, 2021, cash consideration was $25.7 million which includes cash expenses related to the acquisition. The Company determined that the properties acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. The Company also recognized $2.4 million in non-cash asset retirement obligations. The transaction was funded with cash on hand and $16.0 million in borrowings under the Company’s Senior Secured Credit Facility, as defined below. On May 7, 2021, the Company acquired an approximate 17% working interest and a 14% net revenue interest in non-operated oil and natural gas properties in the Barnett Shale from Tokyo Gas Americas for net cash consideration of $17.4 million, after taking into account customary closing adjustments, and also recognized $2.8 million in non-cash asset retirement obligations (the "Barnett Shale Acquisition"). The Company determined that the properties acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. During the nine months ended March 31, 2022, the Company recorded a downward purchase price adjustment of $0.9 million related to its acquisition of the Barnett Shale properties as a result of the completion of the final settlement statement. On February 8, 2022, the Company entered into a definitive purchase agreement ("the Jonah Purchase Agreement") to acquire non-operated interests in the Jonah field in Sublette County, Wyoming from Exaro Energy III, LLC (the " Jonah Field Acquisition") and in conjunction made a deposit of $1.5 million upon signing of the Jonah Purchase Agreement. The Jonah Field Acquisition closed on April 1, 2022. After taking into account the deposit on acquisition, preliminary customary closing adjustments and an effective date of February 1, 2022, cash consideration at closing was $27.7 million. See Note 18, "Subsequent Events" for a further discussion.

Property and Equipment

9 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Oil and natural gas properties:
Property costs subject to amortization	$	157,312,262	$	129,123,227
Less: Accumulated depletion, depreciation, amortization and impairment	(74,752,924)		(70,607,367)
Oil and natural gas properties, net	$	82,559,338	$	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	$	154,731	$	154,731
Less: Accumulated depreciation	(147,994)		(144,092)
Other property and equipment, net	$	6,737	$	10,639

As of March 31, 2022, all oil and natural gas property costs were subject to amortization. Depletion on oil and natural gas properties was $4.1 million and $3.7 million for the nine months ended March 31, 2022 and 2021, respectively. Depreciation on other properties and equipment was less than $0.1 million for both the nine months ended March 31, 2022 and 2021.

During the nine months ended March 31, 2022 and 2021, the Company incurred development capital expenditures of $0.8 million and $0.3 million, respectively. In addition, during the nine months ended March 31, 2022, the Company recorded a downward $0.9 million purchase adjustment related to its acquisition of the Barnett Shale properties.

The Company uses the full cost method of accounting for its investments in oil and natural gas properties. All costs of acquisition, exploration, and development of oil and natural gas reserves are capitalized as the cost of oil and natural gas and properties when incurred. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs result in an impairment charge.

At March 31, 2022, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended March 31, 2022 of the West Texas Intermediate (WTI) crude oil spot price of $75.28 per barrel and Henry Hub natural gas spot price of $4.15 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $40.07, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, the Company’s net book value of oil and natural gas properties at March 31, 2022 did not exceed the current ceiling. There was no impairment on oil and natural gas properties for the nine months ended March 31, 2022.

The Company recorded a ceiling test impairment of $24.8 million for the nine months ended March 31, 2021 as the Company's net book value of oil and natural gas properties exceeded the ceiling by $15.2 million at December 31, 2020 and $9.6 million at September 30, 2020. The ceiling test impairment in these periods was driven by a decrease in the first-day-of-the-month average for crude oil used in the ceiling test calculation for these periods together with adverse changes in differentials received in the Delhi field for the three months ended September 30, 2020. The impairments were recorded in "Impairment of proved property" on the unaudited consolidated condensed statements of operations.

Other Assets

9 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Acquisition deposit	$	1,470,000	$	—


Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(127,038)		(90,336)



Other assets, net	$	1,504,087	$	70,789

The acquisition deposit as of March 31, 2022, was related to the acquisition of oil and natural gas interests in the Jonah field which closed on April 1, 2022. See Note 18, "Subsequent Events" for a further discussion.

Operating leases are reflected as an operating lease right of use ("ROU") asset included in "Other assets, net", and as an operating lease liability, current in "Accrued liabilities and other" (see Note 8, "Accrued Liabilities and Other" below) and "Operating lease liability" on the Company's unaudited consolidated condensed balance sheets. Operating lease ROU assets and operating lease liabilities are recognized at commencement date of an arrangement based on the present value of lease payments over the lease term and amortized on a straight-line basis over the lease term. The ROU asset reflected in "Other assets, net" above is related to the Company's corporate office lease.

The Company's royalty rights and investment in Well Lift Inc. ("WLI") resulted from the separation of its artificial lift technology operations in December 2015. The Company conveyed its patents and other intellectual property to WLI and retained a 5% royalty on future gross revenues associated with the technology. We own approximately 18% of the common stock and 100% of the preferred stock of WLI and account for the investment in this private company at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or a similar investment of the same issuer, if such were to occur. The Company evaluates the investment for impairment when it identified any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment. At March 31, 2021, the Company reviewed its investment and technology rights in WLI for potential impairment and, as a result, recorded an impairment expense of $0.1 million as "Impairment of Well Lift Inc., - related assets" on the unaudited consolidated condensed statements of operations. This impairment charge was recorded based on a variety of factors included the lack of current revenue generated and the outlook for future activity associated with this technology primarily due to a reduction in drilling activities across the industry.

Accrued Liabilities and Other

9 Months Ended

Mar. 31, 2022

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other

Accrued liabilities and other as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Accrued incentive and other compensation	$	521,436	$	630,744
Accrued retirement costs	7,425		52,786
Accrued franchise taxes	72,709		35,207
Accrued ad valorem taxes	60,000		108,000
Accrued settlements on derivative contracts	193,228		—
Operating lease liability	41,137		64,234
Asset retirement obligations due within one year	—		44,520
Accrued - other	9,711		11,554
Accrued liabilities and other	$	905,646	$	947,045

Asset Retirement Obligations

9 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Company's asset retirement obligations ("ARO") represent the estimated present value of the amount expected to incur to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the unaudited consolidated condensed balance sheets and capitalizes the cost in "Oil and natural gas properties, net" during the period in which the obligation is incurred. The Company records the accretion of its ARO liabilities in "Depletion, depreciation and amortization" expense in the unaudited consolidated condensed statements of operations. The following is a reconciliation of the activity related to the Company's ARO liability for the nine months ended March 31, 2022 (inclusive of the current portion):


Asset retirement obligations as of June 30, 2021	$	5,583,272

Liabilities settled	(50,231)		(a)

Liabilities acquired	2,440,034		(b)
Accretion expense	339,300

Asset retirement obligations as of March 31, 2022	$	8,312,375

(a) Primarily related to abandonment of one Delhi field and one Hamilton Dome field well.

(b) Liabilities acquired in fiscal year 2022 were related to our Williston Basin Acquisition. See Note 5, "Acquisitions," for additional information on the Company's acquisition activities.

Stockholders' Equity

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As of March 31, 2022, the Company had 33,719,621 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. As of March 31, 2022, the Company has cumulatively paid over $82.9 million in cash dividends. The Company paid dividends of $8.4 million and $2.7 million to its common stockholders during the nine months ended March 31, 2022 and 2021, respectively. The following table reflects the dividends paid within the respective quarterly periods:


Common stock cash dividends per share	2022		2021
First quarter ended September 30,	$	0.075	$	0.025
Second quarter ended December 31,	$	0.075	$	0.025
Third quarter ended March 31,	$	0.100	$	0.030

In May 2015, the Board of Directors approved a share repurchase program covering up to $5.0 million of the Company's common stock. Since inception of the program, the Company has spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. There were no shares purchased under this program during the nine months ended March 31, 2022 and 2021. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities Exchange Commission ("SEC"). Such shares are initially recorded as treasury stock, then subsequently cancelled. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and it may be suspended or discontinued at any time.

During the nine months ended March 31, 2022 and 2021, the Company also acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The treasury shares were subsequently cancelled. Such shares were valued at fair market value on the date of vesting. The following table shows all treasury stock purchases in the respective periods:


	Nine Months Ended March 31,
	2022		2021
Number of treasury shares acquired	7,385		2,632
Average cost per share	$	5.09	$	2.79
Total cost of treasury shares acquired	$	37,596	$	7,348

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2021, all common stock dividends were treated for tax purposes as qualified dividend income to recipients. Based on its current projections for the fiscal year ending June 30, 2022, the Company expects all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on reasonable expectations as of March 31, 2022 and are subject to change based on the final tax calculations at the end of the fiscal year.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Share-based Payment Arrangement [Abstract]

Stock-Based Incentive Plan

9 Months Ended

Mar. 31, 2022

Stock-Based Incentive Plan

The Evolution Petroleum Corporation 2016 Equity Incentive Plan ("2016 Plan"), approved at the December 2016 annual meeting of stockholders, authorizes the issuance of 1,100,000 shares of common stock prior to its expiration on December 8, 2026. Incentives under the 2016 Plan may be granted to employees, directors, and consultants of the Company in any one or a combination of the following forms: incentive stock options and non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards, performance share awards, performance cash awards, and other forms of incentives valued in whole or in part by reference to, or otherwise based on, our common stock, including its appreciation in value. On December 9, 2020, an amendment to the 2016 Plan was approved by our stockholders which increased the number of shares available for issuance by 2,500,000 shares to a maximum of 3,600,000 shares. As of March 31, 2022 and June 30, 2021, 1,826,775 shares and 2,206,294 shares, respectively, remained available for grant under the 2016 Plan.

Time-Vested Restricted Stock

These awards contain service-based vesting conditions and expire after a maximum of four years from the date of grant if unvested. The common shares underlying these awards are issued on the date of grant and participate in dividends paid by the Company. These serviced-based awards vest with continuous employment by the Company, generally in annual installments over terms of three to four years. Awards to the Company's directors have one-year cliff vesting. For such awards, grant date fair value is based on market value of the Company's common stock at the time of grant. This value is then amortized ratably over the term of the grant. Previously recognized amortization expense subsequent to the last vesting date of an award is reversed in the event that the holder has no longer rendered service to the Company resulting in forfeiture of the award.

Performance-Based Restricted Stock and Performance-Based Contingent Shares

Presently under the 2016 Plan, the Company has only granted such awards having market-based vesting conditions based on the price of its common stock, the intrinsic value indexed solely to its common stock and the intrinsic value indexed to its common stock compared to the performance of the common stock of its peers. While the 2016 Plan also provides for awards whose vesting is based upon other performance conditions that relate to attaining Company-specific operating goals such as earnings, revenues, and other operational goals, no such awards have been granted under the 2016 Plan nor have any such awards previously granted by legacy plans been outstanding during the nine months ended March 31, 2022 and 2021.

The common shares underlying our performance-based restricted stock awards are issued on the date of grant and participate in dividends paid by the Company and expire after a maximum of four years from the date of grant if unvested. Performance-based contingent shares do not participate in dividends and shares are only issued upon the attainment of vesting conditions which generally have a lower probability of achievement and expire after a maximum of four years from the date of grant if unvested. Shares underlying performance-based contingent shares are reserved from the 2016 Plan.

Vesting of grants with market-based vesting conditions is dependent on the future price of the Company’s common stock. Such awards vest if the trailing total returns on the Company’s common stock for a specified three-year period exceed the corresponding total returns of various quartiles of indices consisting of peer companies or, in some cases, vest when the average of the Company's closing common stock price over a defined measurement period meets or exceeds a required common stock price. As discussed below, a third party valuation firm estimates the grant date fair value of the award as well as the expected vesting period. This value is amortized ratably over the expected vesting period, which may be less than the term of the grant. Previously recognized compensation expense is only reversed for the awards with market-based vesting conditions if the requisite service period is not rendered by the holder resulting in forfeiture of the award.

During nine months ended March 31, 2022, the Company granted a total of 379,519 equity awards that included 182,577 shares of time-vested restricted stock primarily to employees under its long term incentive pay program together with annual awards to its directors, 131,293 shares of performance-based restricted stock, and 65,649 performance-based contingent share awards.

During nine months ended March 31, 2021, the Company granted a total of 676,695 equity awards that included 307,455 shares of time-vested restricted stock, primarily to employees under its long-term incentive pay program together with annual awards to directors, 246,160 shares of performance-based restricted stock, and 123,080 performance-based contingent share awards. In addition to the foregoing, in connection with the retirement of the Company's former Chief Financial Officer, vesting was accelerated as to 50,524 aggregate shares of service- and market-based equity awards which, for accounting purposes, was treated as a cancellation and replacement of the same number of awards.

As mentioned above for awards with market-based vesting conditions, the Company utilizes third-party independent assessments of grant date fair values and expected vesting periods that are determined using a Monte Carlo simulation based on the historical volatility of the Company's total return compared to the historical volatilities of the other peer companies in the index. During the nine months ended March 31, 2022 and 2021, the assumptions used in the Monte Carlo simulation valuations were as follows:


	Nine Months Ended March 31,
	2022		2021
Weighted average fair value of market-based awards granted	$	3.10	$	3.08
Risk-free interest rate	0.53% to 0.60%		0.23		%
Expected vesting term in years	2.64 to 2.79		2.56
Expected volatility	64.7% to 64.7%		56.9		%
Dividend yield	4.8% to 6.3%		3.2		%

Unvested restricted stock awards at March 31, 2022 consisted of the following:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	330,555	$	4.70
Performance-based awards	379,910	3.34

Unvested restricted stock at March 31, 2022	710,465	$	3.97

The following table sets forth the restricted stock transactions for the nine months ended March 31, 2022:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2022		Weighted Average Remaining Amortization Period (Years)
Unvested restricted stock at July 1, 2021	669,295	$	3.37
Service-based shares granted	182,577	5.73
Performance-based shares granted	131,293	3.31

Vested	(170,884)	3.27
Forfeited	(101,816)	3.53
Unvested restricted stock at March 31, 2022	710,465	$	3.97	$	1,850,758	2.0

Unvested contingent restricted stock awards table below consists solely of market-based awards:


	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2022		Weighted Average Remaining Amortization Period (Years)
Unvested contingent shares at July 1, 2021	323,080	$	2.84

Performance-based awards granted	65,649	2.67


Forfeited	(27,483)	1.92

Unvested contingent shares at March 31, 2022	361,246	$	2.88	$	224,477	1.9

Stock-based Compensation Expense

Expenses related to all of the above equity awards for the three months ended March 31, 2022 and 2021 were $0.3 million for both periods. Expenses for the nine months ended March 31, 2022 and 2021 were $0.9 million for both periods.

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company files a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during any periods presented in these unaudited consolidated condensed financial statements. The Company believes that it has appropriate support for the income tax positions taken and to be taken on the Company's tax returns and that the accruals for tax liabilities are adequate for all open years based on its assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2018 through June 30, 2021 for federal tax purposes and for the fiscal years ended June 30, 2017 through June 30, 2021 for state tax purposes. To the extent the Company utilizes net operating losses generated in earlier years, such earlier years may also be subject to audit. For the nine months ended March 31, 2022, the Company recognized income tax expense of $5.2 million and had an effective tax rate of 22.5% compared to an income tax benefit of $5.7 million and an effective tax rate of 23.5% for the nine months ended March 31, 2021. The Company's effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the states of Louisiana and Texas, due to percentage depletion in excess of basis, stock-based compensation, and other permanent differences. For both periods, the respective statutory federal tax rate was 21%. At March 31, 2022, the Company had a $2.3 million receivable for a refund for its 2019 federal tax return attributable to 2019 EOR credits. The Company currently anticipates receiving the refund within the next twelve months based on inquiries and communication with the Internal Revenue Service, although no assurances can be made as to the actual date of receipt. During the nine months ended March 31, 2022, the Company recognized an income tax benefit of $0.4 million attributable to the EOR credit. The Company must assess the likelihood that it will be able to realize its deferred tax assets. Realization is dependent on generating sufficient taxable income over the period the deferred tax assets are deductible. Currently, the Company is in a cumulative taxable loss position, but with the increase in commodity prices and absent material unexpected losses, the Company may be in a cumulative taxable income position during the current fiscal year. Management considered the reversal of deferred tax liabilities and tax planning strategies in assessing the realization of deferred tax assets. Based upon the weight of available evidence, the Company believes that some of the deferred tax assets are not likely to be realized at the time of this report. For the nine months ended March 31, 2022, there was no material change in the valuation allowance related to the federal and state deferred tax assets.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Numerator
Net income (loss) attributable to common stockholders	$	5,705,811	$	1,191,001	$	17,756,384	$	(18,654,154)
Undistributed earnings allocated to unvested restricted stock	(114,209)		(24,114)		(360,519)		(35,278)
Net income (loss) for earnings per share calculation	$	5,591,602	$	1,166,887	$	17,395,865	$	(18,689,432)

Denominator
Weighted average number of common shares outstanding — Basic	33,009,156		32,817,999		32,933,016		32,743,070
Effect of dilutive securities:
Unvested restricted stock	378,889		73,381		324,713		—
Contingent restricted stock grants	—		—		—		—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	33,388,045		32,891,380		33,257,729		32,743,070

Net earnings (loss) per common share — Basic	$	0.17	$	0.04	$	0.53	$	(0.57)
Net earnings (loss) per common share — Diluted	$	0.17	$	0.04	$	0.52	$	(0.57)

Unvested restricted stock (both service-based and performance-based), totaling approximately 24,000 and 17,000 for the three and nine months ended March 31, 2022, respectively, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

Unvested restricted stock (both service-based and performance-based), totaling approximately 58,000 for the three months ended March 31, 2021, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. Unvested restricted stock (both service-based and performance-based), totaling 0.3 million for the nine months ended March 31, 2021, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive due to the net loss.

In addition, unvested performance-based restricted stock and unvested contingent restricted share awards that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.

Senior Secured Credit Agreement	9 Months Ended
Senior Secured Credit Agreement	Mar. 31, 2022
Debt Disclosure [Abstract]
Senior Secured Credit Agreement	Senior Secured Credit AgreementOn April 11, 2016, the Company entered into a three-year, senior secured reserve-based credit facility, as amended, (the "Senior Secured Credit Facility") with MidFirst Bank in an amount up to $50.0 million with a current borrowing base of $50.0 million. On November 2, 2020, the Company entered into the Fifth Amendment to the Senior Secured Credit Facility extending the maturity to April 9, 2024. The borrowing base will be redetermined semi-annually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. The borrowing base takes into account the estimated value of the Company's oil and natural gas properties, proved reserves, total indebtedness, and other relevant factors consistent with customary oil and natural gas lending criteria. The Senior Secured Credit Facility included a placement fee of 0.50% on the initial borrowing base amounting to $50.0 million and carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Senior Secured Credit Facility will bear interest, at the Company’s option, at either London Interbank Offered Rate ("LIBOR") plus 2.75%, subject to a minimum LIBOR of 0.25%, or the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.00%. The Company may elect, at its option, to prepay any borrowings outstanding under the Senior Secured Credit Facility without premium or penalty. Amounts outstanding under the Senior Secured Credit Facility are guaranteed by the Company's direct and indirect subsidiaries and secured by a security interest in substantially all of the properties of the Company and its subsidiaries. Borrowings from the Senior Secured Credit Facility may be used for the acquisition and development of oil and natural gas properties, investments in cash flow generating assets complimentary to the production of oil and natural gas, and for letters of credit or other general corporate purposes. The Senior Secured Credit Facility contains certain events of default, including non-payment; breaches or representation and warranties; non-compliance with covenants; cross-defaults to material indebtedness; voluntary or involuntary bankruptcy; judgments and change in control. The Senior Secured Credit Facility also contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (i) a maximum total leverage ratio of not more than 3.00 to 1.00, (ii) a current ratio of not less than 1.00 to 1.00, and (iii) a consolidated tangible net worth of not less than $40.0 million, all as defined under the Senior Secured Credit Facility. At March 31, 2022, the Company had $20.0 million borrowings outstanding under its Senior Secured Credit Facility, resulting in $30.0 million of available borrowing capacity. At March 31, 2022, the Company was in compliance with the financial covenants under the Senior Secured Credit Facility. On August 5, 2021, and effective as of June 30, 2021, the Company entered into the Seventh Amendment to the Senior Secured Credit Facility which, among other things, added definitions for the terms “Acquired Entity or Mineral Interests” and “Acquired Entity or Mineral Interests EBITDA Adjustment.” Additionally, the consolidated tangible net worth covenant level was reduced to $40.0 million from $50.0 million. On November 9, 2021, the Company entered into the Eighth Amendment to the Senior Secured Credit Facility. This amendment, among other things, increased the borrowing base to $50.0 million and added a hedging covenant whereby the Company must hedge a minimum of 25% to 75% of future production on a rolling twelve-month basis when 25% or more of the borrowing base is utilized. On February 7, 2022, the Company entered into the Ninth Amendment to the Senior Secured Credit Facility. This amendment, among other things, modified the definition of utilization percentage related to the required hedging covenant such that for the purposes of determining the amount of future production to hedge, the utilization of the Senior Secured Credit Facility will be based on the Margined Collateral Value, as defined in the agreement, to the extent it exceeds the borrowing base then in effect. This amendment also required the Company to enter into hedges for the next twelve-month period ending February 2023, covering 25% of expected oil and natural gas production over that period. On April 6, 2022, the Company was notified by MidFirst Bank that the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, was increased to $160.0 million from $125.0 million as a result of the closing of the Jonah Field Acquisition. The Company is required to enter into hedges on a rolling twelve-months basis when the borrowings exceed 25% of the Margined Collateral Value. As of May 9, 2022, the Company has $32.8 million outstanding under the facility. Based on the current amount outstanding, the utilization percentage under the required hedging covenant is below the minimum utilization threshold of 25% and as a result the Company is not required to enter into additional hedges at this time.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company discloses such matters if it believes there is a reasonable possibility that a future event or events will confirm a material loss through impairment of an asset or the incurrence of a material liability. The Company accrues a material loss if it believes that a probable future event or events will confirm a loss and the loss is reasonably estimable. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

Derivatives

9 Months Ended

Mar. 31, 2022

Derivatives

The Company is exposed to certain risks relating to its ongoing business operations, including commodity price risk and interest rate risk. In accordance with the Company's policy and the requirements under the Senior Secured Credit Facility (as discussed in Note 14, "Senior Secured Credit Agreement"), it may hedge or may be required to hedge a varying portion of anticipated oil and natural gas production for future periods. Derivatives are carried at fair value on the unaudited consolidated condensed balance sheets as assets or liabilities, with the changes in the fair value included in the unaudited consolidated condensed statements of operations for the period in which the change occurs. The Company's hedge policies and objectives may change significantly as its operational profile changes. The Company does not enter into derivative contracts for speculative trading purposes.

It is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial or commodity hedging institutions deemed by management as competent and competitive market makers. As of March 31, 2022, the Company did not post collateral under any of its derivative contracts as they are secured under the Company's Senior Secured Credit Facility.

The Company has in the past and may utilize in the future costless put/call collars and fixed-price swaps to hedge a portion of its anticipated future production. A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract, and a purchased put that establishes a minimum price. Fixed-price swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for the volumes under contract. The Company has elected not to designate its open derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of the derivative contracts and all payments and receipts on settled derivative contracts in “Net loss (gain) on derivative contracts” on the unaudited consolidated condensed statements of operations.

All derivative contracts are recorded at fair market value in accordance with ASC 815, Derivatives and Hedging ("ASC 815") and ASC 820, Fair Value Measurement ("ASC 820") and included in the unaudited consolidated condensed balance sheets as assets or liabilities. The “Derivative contract liabilities” represents the difference between the market commodity prices and the hedged prices for the remaining volumes of production hedges as of March 31, 2022 (the “mark-to-market valuation”). The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited consolidated condensed balance sheets as of March 31, 2022 and June 30, 2021:


Derivatives not designated as hedging contracts under ASC 815		Derivative Contract Asset					Derivative Contract Liability
	Balance sheet location	March 31, 2022		June 30, 2021		Balance sheet location	March 31, 2022		June 30, 2021
Commodity contracts	Current assets - derivative contract assets	$	—	$	—	Current liabilities - derivative contract liabilities	$	2,398,237	$	—
Commodity contracts	Other assets - derivative contract assets	—		—		Long term liabilities - derivative contract liabilities	—		—
Total derivatives not designated as hedging contracts under ASC 815		$	—	$	—		$	2,398,237	$	—

The following table summarizes the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts in the Company's unaudited consolidated condensed statements of operations. "Realized loss (gain) on derivative contracts" represents all payments (receipts) on derivative contracts settled during the quarter. "Unrealized loss (gain) on derivative contracts" represents the net change in the mark-to-market valuation of the derivative contracts. For the three months ended March 31, 2022, the "Unrealized loss (gain) on derivative contracts" is equal to the "Derivative contract liabilities" since there were no hedges in place in the prior quarter.


Derivatives not designated as hedging contracts under ASC 815	Location of loss recognized in income on derivative contracts	Three Months Ended				Nine Months Ended
		March 31,				March 31,
		2022		2021		2022		2021
Commodity contracts:
Realized loss (gain) on derivative contracts	Other income and expenses - net loss (gain) on derivative contracts	$	193,228	$	—	$	193,228	$	2,525,988
Unrealized loss (gain) on derivative contracts	Other income and expenses - net loss (gain) on derivative contracts	2,398,237		—		2,398,237		(1,911,343)
Total net loss (gain) on derivative contracts		$	2,591,465	$	—	$	2,591,465	$	614,645

At March 31, 2022, the Company had the following open crude oil and natural gas derivative contracts:


Period	Instrument	Commodity	Volumes in Barrels	Weighted Average Floor Price per MMBTU/Bbl		Weighted Average Ceiling Price per MMBTU/Bbl
April 2022 - October 2022	Collar	Natural Gas	835,956	$	3.75	$	5.05
November 2022 - February 2023	Collar	Natural Gas	443,750	3.75		7.30
April 2022 - June 2022	Collar	Crude Oil	60,475	75.00		95.65
July 2022 - February 2023	Collar	Crude Oil	122,389	70.00		87.50

Subsequent to March 31, 2022, the Company entered into the following natural gas derivative contracts:


Period	Instrument	Commodity	Volumes in Barrels	Weighted Average Floor Price per MMBTU/Bbl		Weighted Average Ceiling Price per MMBTU/Bbl
May 2022 - October 2022	Collar	Natural Gas	479,590	$	5.25	$	6.67
November 2022 - March 2023	Collar	Natural Gas	374,072	$	5.25	$	7.50

The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited consolidated condensed balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:


	Derivative Assets				Derivative Liabilities
Offsetting of Derivative Assets and Liabilities	March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet	$	—	$	—	$	2,398,237	$	—
Amounts not offset in the Consolidated Balance Sheet	—		—		—		—
Net amount	$	—	$	—	$	2,398,237	$	—

The Company enters into an International Swap Dealers Association Master Agreement ("ISDA") with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

Fair Value Measurement

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.

The three levels are defined as follows:

Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.

Fair Value of Derivative Instruments. The Company’s determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company’s unaudited consolidated condensed balance sheets, but also the impact of the Company’s nonperformance risk on its own liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable (Level 1), market corroborated (Level 2), or generally unobservable (Level 3). The Company classifies fair value balances based on the observability of those inputs.

As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for any period presented. The following table set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of March 31, 2022. The Company did not have any open positions as of June 30, 2021.


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	—	$	—	$	—

Liabilities
Derivative contract liabilities	$	—	$	2,398,237	$	—	$	2,398,237

Derivative contracts listed above as Level 2 include costless put/call collars that are carried at fair value. The Company records the net change in fair value of these positions in "Net loss (gain) on derivative contracts" in the Company's unaudited consolidated condensed statements of operations. The Company is able to value the assets and liabilities based on observable market data for similar instruments, which resulted in the Company reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted market prices and implied volatility factors related to changes in the forward curves. See Note 16, "Derivatives," for additional discussion of derivatives.

The Company's derivative contracts are with large utilities with investment grade credit ratings which are believed to have minimal credit risk. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts; however, the Company does not anticipate such nonperformance.

Other Fair Value Measurements. The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of ASC 825, Financial Instruments. The estimated fair value amounts have been determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash and cash equivalents, accounts receivable, and accounts payable approximates their carrying value due to their short-term nature. The estimated fair value of the Company's Senior Secured Credit Facility approximates carrying value because the interest rates approximate current market rates.

The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. These provisions apply to the Company's initial measurement and any subsequent revision of ARO for which fair value is calculated using discounted future cash flows derived from historical costs and management's expectation of future cost environments. Significant Level 3 inputs used in the calculation of ARO include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated ARO are made when changes occur for input values. See Note 9, "Asset Retirement Obligations," for a reconciliation of the beginning and ending balances of the liability for the Company's ARO.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events	9 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2022, the Company closed the Jonah Field Acquisition after entering into the Jonah Purchase Agreement on February 8, 2022 to acquire non-operated interests in the Jonah field in Sublette County, Wyoming from Exaro Energy III, LLC. After taking into account preliminary customary closing adjustments and an effective date of February 1, 2022, total cash consideration for the Jonah Field Acquisition was $27.7 million, which included a $1.5 million payment made upon signing the Jonah Purchase Agreement. On April 1, 2022, the Company entered into natural gas collar arrangements for approximately 25% of natural gas production over the subsequent twelve months with weighted average floor prices of $5.25/MMBtu and ceilings ranging from $6.67/MMBtu to $7.50/MMBtu as required at the time by the Senior Secured Credit Facility. See Note 16, "Derivatives," above for further details. On April 6, 2022, the Company was notified by MidFirst Bank that the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, was increased to $160.0 million from $125.0 million as a result of the closing of the Jonah Field Acquisition. The Company is required to enter into hedges on a rolling twelve-months basis when the borrowings exceed 25% of the Margined Collateral Value. As of May 9, 2022, the Company has $32.8 million outstanding under the facility. Based on the current amount outstanding, the utilization percentage under the required hedging covenant is below the minimum utilization threshold of 25% and as a result the Company is not required to enter into additional hedges or extend existing hedges at this time. On May 4, 2022, the Company declared a quarterly cash dividend of $0.10 per share of common stock to shareholders of record on June 15, 2022 and payable on June 30, 2022.

Organization and Basis of Preparation (Policies)	9 Months Ended
Organization and Basis of Preparation (Policies)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. The Company's unaudited consolidated condensed financial statements include the accounts of Evolution Petroleum Corporation and its wholly owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation.
Risks And Uncertainties	Risks and Uncertainties. None of the Company's ownership interests are operated by the Company and involve other third-party working interest owners. As a result, the Company has a limited ability to influence or control the operation or future development of such properties. However, the Company is proactive with its third-party operators to review spending and alter plans as appropriate. The Company is continuously monitoring the current and potential impacts of the novel coronavirus ("COVID-19") pandemic on its business, including how it has and may continue to impact its financial results, liquidity, employees, and the operations of the properties which it holds a non-operated interest. In response to the COVID-19 pandemic, the Company focused on putting long-term measures in place to prevent future disruptions, maintaining its operations and system of controls remotely, and implemented its business continuity plan to allow its employees to securely work from home or in the corporate office, located in Houston, Texas. The Company has been able to transition the operation of its business with minimal disruption and has maintained its system of internal controls and procedures.
Use of Estimates	Use of Estimates. The preparation of the Company's unaudited consolidated condensed financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets, (f) commitments and contingencies, and (g) crude oil, natural gas, and natural gas liquids ("NGL") revenues. The Company analyzes estimates and judgments based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company's environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company's unaudited consolidated condensed financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. Early adoption is permitted and entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. For smaller reporting companies, as provided by ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) ("ASU 2019-10"), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 but does not expect that it will have a material effect on the Company's financial position, results of operations, cash flows, or disclosures. Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations, cash flows, or disclosures.

Organization and Basis of Preparation (Tables)

9 Months Ended

Mar. 31, 2022

Schedule of Error Corrections and Prior Period Adjustments

The Company noted the following adjustments to its Earnings (loss) per common share presentation for the three and nine months ended March 31, 2021:


	Three Months Ended		Nine Months Ended
	March 31, 2021		March 31, 2021
As reported:
Net income (loss) for earnings per share calculation	$	1,191,001	$	(18,654,154)

Weighted average number of common shares outstanding — Basic	33,496,372		33,184,041
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	33,496,372		33,184,041

Net earnings (loss) per common share — Basic	$	0.04	$	(0.56)
Net earnings (loss) per common share — Diluted	$	0.04	$	(0.56)

Restated:
Net income (loss) for earnings per share calculation
	$	1,166,887	$	(18,689,432)
Weighted average number of common shares outstanding — Basic	32,817,999		32,743,070
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	32,891,380		32,743,070

Net earnings (loss) per common share — Basic	$	0.04	$	(0.57)
Net earnings (loss) per common share — Diluted	$	0.04	$	(0.57)

Revenue Recognition (Tables)

9 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates the Company's revenues by major product for the periods indicated:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Revenues
Crude oil	$	14,868,519	$	7,076,965	$	34,309,127	$	17,918,909
Natural gas	6,070,866		141		20,698,653		499
Natural gas liquids	4,749,719		558,642		11,898,695		1,079,868
Total revenues	$	25,689,104	$	7,635,748	$	66,906,475	$	18,999,276

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses


	March 31, 2022		June 30, 2021
Prepaid insurance	$	68,350	$	365,922
Prepaid federal and state income taxes	514,438		97,470
Prepaid subscription and licenses	36,087		108,048
Carryback of EOR tax credit	416,441		416,441
Prepaid other	81,130		49,378
Total prepaid expenses and other current assets	$	1,116,446	$	1,037,259

Property and Equipment (Tables)

9 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of oil and natural gas properties and other property and equipment

Property and equipment as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Oil and natural gas properties:
Property costs subject to amortization	$	157,312,262	$	129,123,227
Less: Accumulated depletion, depreciation, amortization and impairment	(74,752,924)		(70,607,367)
Oil and natural gas properties, net	$	82,559,338	$	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	$	154,731	$	154,731
Less: Accumulated depreciation	(147,994)		(144,092)
Other property and equipment, net	$	6,737	$	10,639

Other Assets (Tables)

9 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Acquisition deposit	$	1,470,000	$	—


Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(127,038)		(90,336)



Other assets, net	$	1,504,087	$	70,789

Accrued Liabilities and Other (Tables)

9 Months Ended

Mar. 31, 2022

Other Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities and other as of March 31, 2022 and June 30, 2021 consisted of the following:


	March 31, 2022		June 30, 2021
Accrued incentive and other compensation	$	521,436	$	630,744
Accrued retirement costs	7,425		52,786
Accrued franchise taxes	72,709		35,207
Accrued ad valorem taxes	60,000		108,000
Accrued settlements on derivative contracts	193,228		—
Operating lease liability	41,137		64,234
Asset retirement obligations due within one year	—		44,520
Accrued - other	9,711		11,554
Accrued liabilities and other	$	905,646	$	947,045

Asset Retirement Obligations (Tables)

9 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Reconciliations of the Beginning and Ending Asset Retirement Obligation Balances

The following is a reconciliation of the activity related to the Company's ARO liability for the nine months ended March 31, 2022 (inclusive of the current portion):


Asset retirement obligations as of June 30, 2021	$	5,583,272

Liabilities settled	(50,231)		(a)

Liabilities acquired	2,440,034		(b)
Accretion expense	339,300

Asset retirement obligations as of March 31, 2022	$	8,312,375

(a) Primarily related to abandonment of one Delhi field and one Hamilton Dome field well.

(b) Liabilities acquired in fiscal year 2022 were related to our Williston Basin Acquisition. See Note 5, "Acquisitions," for additional information on the Company's acquisition activities.

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

Dividends Paid

The following table reflects the dividends paid within the respective quarterly periods:


Common stock cash dividends per share	2022		2021
First quarter ended September 30,	$	0.075	$	0.025
Second quarter ended December 31,	$	0.075	$	0.025
Third quarter ended March 31,	$	0.100	$	0.030

Schedule of Share Repurchases

The following table shows all treasury stock purchases in the respective periods:


	Nine Months Ended March 31,
	2022		2021
Number of treasury shares acquired	7,385		2,632
Average cost per share	$	5.09	$	2.79
Total cost of treasury shares acquired	$	37,596	$	7,348

Stock-Based Incentive Plan (Tables)

9 Months Ended

Mar. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Market-based Award Valuation Assumptions

During the nine months ended March 31, 2022 and 2021, the assumptions used in the Monte Carlo simulation valuations were as follows:


	Nine Months Ended March 31,
	2022		2021
Weighted average fair value of market-based awards granted	$	3.10	$	3.08
Risk-free interest rate	0.53% to 0.60%		0.23		%
Expected vesting term in years	2.64 to 2.79		2.56
Expected volatility	64.7% to 64.7%		56.9		%
Dividend yield	4.8% to 6.3%		3.2		%

Schedule of Restricted Stock transactions

Unvested restricted stock awards at March 31, 2022 consisted of the following:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	330,555	$	4.70
Performance-based awards	379,910	3.34

Unvested restricted stock at March 31, 2022	710,465	$	3.97

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

The following table sets forth the restricted stock transactions for the nine months ended March 31, 2022:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2022		Weighted Average Remaining Amortization Period (Years)
Unvested restricted stock at July 1, 2021	669,295	$	3.37
Service-based shares granted	182,577	5.73
Performance-based shares granted	131,293	3.31

Vested	(170,884)	3.27
Forfeited	(101,816)	3.53
Unvested restricted stock at March 31, 2022	710,465	$	3.97	$	1,850,758	2.0

Contingent Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

Unvested contingent restricted stock awards table below consists solely of market-based awards:


	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2022		Weighted Average Remaining Amortization Period (Years)
Unvested contingent shares at July 1, 2021	323,080	$	2.84

Performance-based awards granted	65,649	2.67


Forfeited	(27,483)	1.92

Unvested contingent shares at March 31, 2022	361,246	$	2.88	$	224,477	1.9

Earnings (Loss) per Common Share (Tables)

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Numerator
Net income (loss) attributable to common stockholders	$	5,705,811	$	1,191,001	$	17,756,384	$	(18,654,154)
Undistributed earnings allocated to unvested restricted stock	(114,209)		(24,114)		(360,519)		(35,278)
Net income (loss) for earnings per share calculation	$	5,591,602	$	1,166,887	$	17,395,865	$	(18,689,432)

Denominator
Weighted average number of common shares outstanding — Basic	33,009,156		32,817,999		32,933,016		32,743,070
Effect of dilutive securities:
Unvested restricted stock	378,889		73,381		324,713		—
Contingent restricted stock grants	—		—		—		—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	33,388,045		32,891,380		33,257,729		32,743,070

Net earnings (loss) per common share — Basic	$	0.17	$	0.04	$	0.53	$	(0.57)
Net earnings (loss) per common share — Diluted	$	0.17	$	0.04	$	0.52	$	(0.57)

Derivatives (Tables)

9 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited consolidated condensed balance sheets as of March 31, 2022 and June 30, 2021:


Derivatives not designated as hedging contracts under ASC 815		Derivative Contract Asset					Derivative Contract Liability
	Balance sheet location	March 31, 2022		June 30, 2021		Balance sheet location	March 31, 2022		June 30, 2021
Commodity contracts	Current assets - derivative contract assets	$	—	$	—	Current liabilities - derivative contract liabilities	$	2,398,237	$	—
Commodity contracts	Other assets - derivative contract assets	—		—		Long term liabilities - derivative contract liabilities	—		—
Total derivatives not designated as hedging contracts under ASC 815		$	—	$	—		$	2,398,237	$	—

At March 31, 2022, the Company had the following open crude oil and natural gas derivative contracts:


Period	Instrument	Commodity	Volumes in Barrels	Weighted Average Floor Price per MMBTU/Bbl		Weighted Average Ceiling Price per MMBTU/Bbl
April 2022 - October 2022	Collar	Natural Gas	835,956	$	3.75	$	5.05
November 2022 - February 2023	Collar	Natural Gas	443,750	3.75		7.30
April 2022 - June 2022	Collar	Crude Oil	60,475	75.00		95.65
July 2022 - February 2023	Collar	Crude Oil	122,389	70.00		87.50

Subsequent to March 31, 2022, the Company entered into the following natural gas derivative contracts:


Period	Instrument	Commodity	Volumes in Barrels	Weighted Average Floor Price per MMBTU/Bbl		Weighted Average Ceiling Price per MMBTU/Bbl
May 2022 - October 2022	Collar	Natural Gas	479,590	$	5.25	$	6.67
November 2022 - March 2023	Collar	Natural Gas	374,072	$	5.25	$	7.50

Derivative Instruments, Gain (Loss)


Derivatives not designated as hedging contracts under ASC 815	Location of loss recognized in income on derivative contracts	Three Months Ended				Nine Months Ended
		March 31,				March 31,
		2022		2021		2022		2021
Commodity contracts:
Realized loss (gain) on derivative contracts	Other income and expenses - net loss (gain) on derivative contracts	$	193,228	$	—	$	193,228	$	2,525,988
Unrealized loss (gain) on derivative contracts	Other income and expenses - net loss (gain) on derivative contracts	2,398,237		—		2,398,237		(1,911,343)
Total net loss (gain) on derivative contracts		$	2,591,465	$	—	$	2,591,465	$	614,645

Offsetting Assets

The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:


	Derivative Assets				Derivative Liabilities
Offsetting of Derivative Assets and Liabilities	March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet	$	—	$	—	$	2,398,237	$	—
Amounts not offset in the Consolidated Balance Sheet	—		—		—		—
Net amount	$	—	$	—	$	2,398,237	$	—

Offsetting Liabilities

The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:


	Derivative Assets				Derivative Liabilities
Offsetting of Derivative Assets and Liabilities	March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet	$	—	$	—	$	2,398,237	$	—
Amounts not offset in the Consolidated Balance Sheet	—		—		—		—
Net amount	$	—	$	—	$	2,398,237	$	—

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

Schedule of Derivative Assets at Fair Value

Fair Value Measurement (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

The Company did not have any open positions as of June 30, 2021.


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	—	$	—	$	—

Liabilities
Derivative contract liabilities	$	—	$	2,398,237	$	—	$	2,398,237

Schedule of Derivative Liabilities at Fair Value

The Company did not have any open positions as of June 30, 2021.


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Derivative contract assets	$	—	$	—	$	—	$	—

Liabilities
Derivative contract liabilities	$	—	$	2,398,237	$	—	$	2,398,237

Organization and Basis of Preparation - Narrative (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2022 well $ / shares	Mar. 31, 2021 $ / shares	Mar. 31, 2022 well $ / shares	Mar. 31, 2021 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wells \| well	4		4
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic (in dollars per share)	$ (0.17)	$ (0.04)	$ (0.53)	$ 0.57
Diluted (in dollars per share)	$ (0.17)	$ (0.04)	$ (0.52)	0.57
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic (in dollars per share)				0.01
Diluted (in dollars per share)				$ 0.01

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Organization and Basis of Preparation - Revision of Prior Period (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) for earnings per share calculation	$ 5,591,602	$ 1,166,887	$ 17,395,865	$ (18,689,432)
Net income (loss) for earnings per share calculation	$ 5,591,602	$ 1,166,887	$ 17,395,865	$ (18,689,432)
Weighted average number of common shares outstanding — Basic (in shares)	33,009,156	32,817,999	32,933,016	32,743,070
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,388,045	32,891,380	33,257,729	32,743,070
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.17	$ 0.04	$ 0.53	$ (0.57)
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.17	$ 0.04	$ 0.52	$ (0.57)
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) for earnings per share calculation		$ 1,191,001		$ (18,654,154)
Net income (loss) for earnings per share calculation		$ 1,191,001		$ (18,654,154)
Weighted average number of common shares outstanding — Basic (in shares)		33,496,372		33,184,041
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)		33,496,372		33,184,041
Net earnings (loss) per common share - Basic (in dollars per share)		$ 0.04		$ (0.56)
Net earnings (loss) per common share - Diluted (in dollars per share)		$ 0.04		$ (0.56)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Proceeds from royalties	$ 1.1
Royalty accumulation period		3 years
Accounts receivable		$ 15.3	$ 8.7

Revenue Recognition - Schedule of Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 25,689,104	$ 7,635,748	$ 66,906,475	$ 18,999,276
Crude oil
Disaggregation of Revenue [Line Items]
Total revenues	14,868,519	7,076,965	34,309,127	17,918,909
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues	6,070,866	141	20,698,653	499
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,749,719	$ 558,642	$ 11,898,695	$ 1,079,868

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 68,350	$ 365,922
Prepaid federal and state income taxes	514,438	97,470
Prepaid subscription and licenses	36,087	108,048
Carryback of EOR tax credit	416,441	416,441
Prepaid other	81,130	49,378
Total prepaid expenses and other current assets	$ 1,116,446	$ 1,037,259

Acquisitions (Details) - USD ($) $ in Millions				9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Feb. 08, 2022	Jan. 14, 2022	May 07, 2021	Mar. 31, 2022
Williston Basin Acquisition
Business Combination Segment Allocation [Line Items]
Asset acquisition, consideration transferred		$ 25.7
Non-cash asset retirement obligations		2.4
Senior Secured Reserve-Based Credit Facility
Business Combination Segment Allocation [Line Items]
Initial borrowing base		$ 16.0
Barnett Shale
Business Combination Segment Allocation [Line Items]
Non-cash asset retirement obligations			$ 2.8
Non-operating working interest, percent			17.00%
Revenue interest, percent			14.00%
Purchase price of oil and gas assets			$ 17.4
Downward purchase adjustment				$ 0.9
Jonah Field Acquisition
Business Combination Segment Allocation [Line Items]
Purchase price of oil and gas assets	$ 27.7
Payments to acquire businesses, gross	$ 1.5

Property and Equipment - Schedule of oil and natural gas properties and other property and equipment (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Oil and natural gas properties:
Property costs subject to amortization	$ 157,312,262	$ 129,123,227
Less: Accumulated depletion, depreciation, amortization and impairment	(74,752,924)	(70,607,367)
Oil and natural gas properties, net	82,559,338	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	154,731	154,731
Less: Accumulated depreciation	(147,994)	(144,092)
Other property and equipment, net	$ 6,737	$ 10,639

Property and Equipment - Narrative (Details)	3 Months Ended		9 Months Ended
Property and Equipment - Narrative (Details)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($) $ / bbl	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Depletion			$ 4,100,000	$ 3,700,000
Depreciation			100,000	100,000
Capital expenditures			800,000	300,000
Impairment of proved property	$ 0	$ 0	0	$ 24,792,079
Excess over book value					$ 15,200,000	$ 9,600,000
Barnett Shale
Property, Plant and Equipment [Line Items]
Downward purchase adjustment			$ 900,000
Natural Gas and Natural Gas Liquids
Property, Plant and Equipment [Line Items]
Net price per barrel (in dollars per barrel) \| $ / bbl			40.07

Other Assets - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquisition deposit	$ 1,470,000	$ 0
Right of use asset under operating lease	161,125	161,125
Less: Accumulated amortization of right of use asset	(127,038)	(90,336)
Other assets, net	$ 1,504,087	$ 70,789

Other Assets - Narrative (Details) - Well Lift Inc. $ in Millions	9 Months Ended
	Mar. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Royalty percentage	5.00%
Impairment expense	$ 0.1
Common Stock
Noncontrolling Interest [Line Items]
Ownership percentage	18.00%
Preferred Stock
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%

Accrued Liabilities and Other (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 521,436	$ 630,744
Accrued retirement costs	7,425	52,786
Accrued franchise taxes	72,709	35,207
Accrued ad valorem taxes	60,000	108,000
Accrued settlements on derivative contracts	193,228	0
Operating lease liability	41,137	64,234
Asset retirement obligations due within one year	0	44,520
Accrued - other	9,711	11,554
Accrued liabilities and other	$ 905,646	$ 947,045

Asset Retirement Obligations (Details)	9 Months Ended
Asset Retirement Obligations (Details)	Mar. 31, 2022 USD ($) well
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations as of June 30, 2021	$ 5,583,272
Liabilities settled	(50,231)
Liabilities acquired	2,440,034
Accretion expense	339,300
Asset retirement obligations as of March 31, 2022	$ 8,312,375
Delhi field
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Abandoned wells \| well	1
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Abandoned wells \| well	1
Hamilton Dome Field
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Abandoned wells \| well	1
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Abandoned wells \| well	1

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details) - USD ($)	9 Months Ended		82 Months Ended	83 Months Ended	100 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2022	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)	33,719,621		33,719,621	33,719,621	33,719,621
Common stock dividends paid	$ 8,421,508	$ 2,666,334			$ 82,900,000
Cash dividends to common stockholders	8,400,000	2,700,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost of treasury shares acquired	$ 37,596	$ 7,348
Average cost per share (in dollars per share)	$ 5.09	$ 2.79
Common Stock \| 2015 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount to be repurchased						$ 5,000,000
Total cost of treasury shares acquired				$ 4,000,000
Treasury stock acquired (in shares)	0			706,858
Average cost per share (in dollars per share)			$ 5.72

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.100	$ 0.075	$ 0.075	$ 0.030	$ 0.025	$ 0.025

Stockholders' Equity - Treasury Shares (Details) - Common Stock - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	7,385	2,632
Average cost per share (in dollars per share)	$ 5.09	$ 2.79
Total cost of treasury shares acquired	$ 37,596	$ 7,348

Stock-Based Incentive Plan - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Dec. 09, 2020	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Dec. 08, 2016
Stock-Based Incentive Plan
Granted (in shares)			379,519	676,695
Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Granted (in shares)			131,293	246,160
Restricted Stock, Time Vested
Stock-Based Incentive Plan
Granted (in shares)			182,577	307,455
Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period			3 years
Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)			182,577
Performance Based Contingent Shares
Stock-Based Incentive Plan
Granted (in shares)			65,649	123,080
Forfeited (in shares)			27,483
Restricted Stock
Stock-Based Incentive Plan
Forfeited (in shares)			101,816	50,524
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense		$ 0.3	$ 0.9
2016 Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan (in shares)						1,100,000
Number of additional shares authorized (in shares)	2,500,000
Number of shares remaining available for grant under plan (in shares)		1,826,775	1,826,775
Minimum \| Restricted Stock, Time Vested
Stock-Based Incentive Plan
Vesting period			3 years
Maximum \| Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Expiration period			4 years
Maximum \| Restricted Stock, Time Vested
Stock-Based Incentive Plan
Vesting period			4 years
Maximum \| 2016 Plan
Stock-Based Incentive Plan
Number of additional shares authorized (in shares)	3,600,000
Number of shares remaining available for grant under plan (in shares)					2,206,294
Director
Stock-Based Incentive Plan
Vesting period			1 year

Stock-Based Incentive Plan - Valuation Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in dollars per share)	$ 3.10	$ 3.08
Risk-free interest rate, minimum	0.53%
Risk-free interest rate, maximum	0.60%
Risk-free interest rate		0.23%
Expected vesting term in years		2 years 6 months 21 days
Expected volatility, minimum	64.70%
Expected volatility, maximum	64.70%
Expected volatility		56.90%
Dividend yield		3.20%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years	2 years 7 months 20 days
Dividend yield	4.80%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years	2 years 9 months 14 days
Dividend yield	6.30%

Stock-Based Incentive Plan - Unvested Restricted Stock (Details) - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Number of Restricted Shares
Granted (in shares)	379,519	676,695
Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares)	669,295
Vested (in shares)	(170,884)
Forfeited (in shares)	(101,816)	(50,524)
Unvested at the end of the period (in shares)	710,465
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 3.37
Vested (in dollars per share)	3.27
Forfeited (in dollars per share)	3.53
Unvested at the end of the period (in dollars per share)	$ 3.97
Additional disclosures of restricted stock
Unamortized compensation expense	$ 1,850,758
Weighted average remaining amortization period	2 years
Restricted Stock, Service-Based
Number of Restricted Shares
Granted (in shares)	182,577
Unvested at the end of the period (in shares)	330,555
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 5.73
Unvested at the end of the period (in dollars per share)	$ 4.70
Contingent Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares)	323,080
Unvested at the end of the period (in shares)	361,246
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 2.84
Unvested at the end of the period (in dollars per share)	$ 2.88
Additional disclosures of restricted stock
Unamortized compensation expense	$ 224,477
Weighted average remaining amortization period	1 year 10 months 24 days
Restricted Stock, Performance-Based
Number of Restricted Shares
Granted (in shares)	131,293	246,160
Unvested at the end of the period (in shares)	379,910
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 3.31
Unvested at the end of the period (in dollars per share)	$ 3.34
Performance Based Contingent Shares
Number of Restricted Shares
Granted (in shares)	65,649	123,080
Forfeited (in shares)	(27,483)
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 2.67
Forfeited (in dollars per share)	$ 1.92

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0		$ 0
Unrecognized tax benefits, income tax penalties and interest accrued	0		0
Income tax provision (benefit)	1,887,556	$ (219,859)	$ 5,151,754	$ (5,730,701)
Income tax expense, effective rates (as a percent)			22.50%	23.50%
Statutory federal tax rate			21.00%	21.00%
Receivables for federal and state income tax refunds	$ 2,311,985		$ 2,311,985		$ 3,107,638
Net tax benefit			$ 400,000