View Filing Data

Depreciation, depletion and amortization

$ 10,249,566

$ 9,525,437

$ 29,854,348

$ 25,649,194

Operating costs

Production costs

3,360,603

2,811,258

9,166,701

7,448,320

1,360,885

1,523,475

4,513,296

4,104,424

Accretion of discount on asset retirement obligations

22,263

13,562

66,865

39,892

General and administrative expenses

^[1]

1,842,548

1,283,906

5,078,508

3,760,348

Total operating costs

6,586,299

5,632,201

18,825,370

15,352,984

Income from operations

3,663,267

3,893,236

11,028,978

10,296,210

Other

Gain on realized derivative instruments, net

3,350

3,440

Gain on unrealized derivative instruments, net

47,965

33,833

Interest and other income

21,345

13,099

52,036

39,905

Interest expense

(30,525)

(20,317)

(71,436)

(61,373)

Income before income taxes

3,654,087

3,937,333

11,009,578

10,312,015

Income tax provision (benefit)

585,733

1,518,190

(4,076,156)

3,768,463

Net income attributable to the Company

3,068,354

2,419,143

15,085,734

6,543,552

Dividends on preferred stock

250,990

Deemed dividend on redeemed preferred shares

1,002,440

Net income available to common stockholders

$ 3,068,354

$ 2,419,143

$ 15,085,734

$ 5,290,122

Earnings per common share

Basic (in dollars per share)

$ 0.09

$ 0.07

$ 0.46

$ 0.16

Diluted (in dollars per share)

$ 0.09

$ 0.07

$ 0.45

$ 0.16

Weighted average number of common shares

Basic (in shares)

33,171,514

33,062,297

33,123,185

33,021,865

Diluted (in shares)

33,191,312

33,115,699

33,155,870

33,064,708

Crude oil

Revenues

$ 9,639,238

$ 9,060,796

$ 27,654,128

$ 25,184,468

Natural gas liquids

Revenues

610,328

464,641

2,200,220

464,730

Natural gas

Revenues

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

$ 0

$ (4)

[1]

General and administrative expenses for the three months ended March 31, 2018 and 2017 included non-cash stock-based compensation expense of $352,420 and $291,151, respectively. For the corresponding nine month periods, non-cash stock-based compensation expense was $1,324,230 and $878,023, respectively.

Consolidated Condensed Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense			$ 1,324,230	$ 878,023
General and administrative expenses
Stock-based compensation expense	$ 352,420	$ 291,151	$ 1,324,230	$ 878,023

Consolidated Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income attributable to the Company	$ 15,085,734	$ 6,543,552
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,555,496	4,146,898
Stock-based compensation	1,324,230	878,023
Accretion of discount on asset retirement obligations	66,865	39,892
Settlements of asset retirement obligations	0	(157,910)
Deferred income taxes (benefit)	(5,072,214)	3,079,342
Gain on derivative instruments, net	0	(37,273)
Changes in operating assets and liabilities:
Receivables	(1,223,271)	(723,161)
Prepaid expenses and other current assets	(294,973)	(445,597)
Accounts payable and accrued expenses	73,678	(1,808,566)
Income taxes payable	0	(164,544)
Net cash provided by operating activities	14,515,545	11,350,656
Cash flows from investing activities
Derivative settlement payments paid	0	(318,618)
Capital expenditures for oil and natural gas properties	(1,668,820)	(10,096,475)
Capital expenditures for other property and equipment	(6,033)	(32,260)
Net cash used in investing activities	(1,674,853)	(10,447,353)
Cash flows from financing activities
Cash dividends to preferred stockholders	0	(250,990)
Cash dividends to common stockholders	(8,286,486)	(6,116,323)
Common share repurchases, including shares surrendered for tax withholding	(395,550)	(459,858)
Redemption of preferred shares	0	(7,932,975)
Other	0	32
Net cash used in financing activities	(8,682,036)	(14,760,114)
Net increase (decrease) in cash and cash equivalents	4,158,656	(13,856,811)
Cash and cash equivalents, beginning of period	23,028,153	34,077,060
Cash and cash equivalents, end of period	27,186,809	20,220,249
Supplemental disclosures of cash flow information:
Income taxes paid	1,456,754	1,383,773
Non-cash transactions:
Change in accounts payable used to acquire property and equipment	622,185	(3,181,640)
Oil and natural gas property costs incurred through recognition of asset retirement obligations	$ (778)	$ 14,119

Consolidated Condensed Statement of Changes in Stockholders' Equity - 9 months ended Mar. 31, 2018 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance at Jun. 30, 2017	$ 68,469,855	$ 33,087	$ 40,961,957	$ 27,474,811	$ 0
Beginning Balance (shares) at Jun. 30, 2017	33,087,308	33,087,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (shares)		158,785
Issuance of restricted common stock	$ 0	$ 158	(158)
Forfeitures of restricted stock (shares)		(19,561)
Forfeitures of restricted stock		$ (20)	20
Common share repurchases, including shares surrendered for tax withholding (shares)		(55,018)
Common share repurchases, including shares surrendered for tax withholding	(395,550)				(395,550)
Retirements of treasury stock		$ (54)	(395,496)		395,550
Stock-based compensation	1,324,230		1,324,230
Net income attributable to the Company	15,085,734			15,085,734
Common stock cash dividends	(8,286,486)			(8,286,486)
Ending Balance at Mar. 31, 2018	$ 76,197,783	$ 33,171	$ 41,890,553	$ 34,274,059	$ 0
Ending Balance (shares) at Mar. 31, 2018	33,171,514	33,171,514

Organization and Basis of Preparation	9 Months Ended
Organization and Basis of Preparation	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation ("EPM"), together with its subsidiaries (the "Company", "we", "our" or "us"), is an independent petroleum company headquartered in Houston, Texas and incorporated under the laws of the State of Nevada. We are engaged primarily in the development and production of oil and gas reserves. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted 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 accounting principles generally accepted in the United States 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 2017 Annual Report on Form 10-K for the fiscal year ended June 30, 2017, as filed with the SEC. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year may include certain reclassifications to conform to the current presentation. Any such reclassifications have no impact on previously reported net income or stockholders' equity. Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depreciation, depletion and amortization 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 and (f) commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. New Accounting Pronouncements. In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2015-14, which defers the effective date of ASU 2014-09 Revenue from Contracts with Customers (Topic 606) (" ASU 2014-09") by one year and allows entities the option to early adopt the new revenue standard as of the original effective date, which for public business entities was for fiscal years beginning after December 31, 2016. Issued in May 2014, ASU 2014-09 provided guidance on revenue recognition for contracts with customers to transfer goods or services or for contracts for the transfer of nonfinancial assets. ASU 2014-09 requires that revenue recognition for contracts with customers depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public business entities, ASU 2014-09 is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standard provides for either the full retrospective or modified retrospective transition methods. We expect to adopt this standard using the modified retrospective method. The Company expects that additional disclosures will be required as a result of adopting ASU 2014-09 and is currently assessing the impact of the guidance on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The pronouncement requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for fiscal years beginning after December 15, 2017. The expected adoption method of ASU 2016-01 is being evaluated by the Company and the adoption is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with early adoption permitted, provided that it is adopted in its entirety in the same period. Currently, the Company does not expect the impact of adopting ASU 2016-15 to have a material effect on its consolidated statements of cash flows.

Receivables

9 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Receivables

As of March 31, 2018 and June 30, 2017, our receivables consisted of the following:



	March 31, 2018		June 30, 2017
Receivables from oil and NGL sales	$	3,949,863	$	2,722,880
Other	110		3,822
Total receivables	$	3,949,973	$	2,726,702

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Prepaid Expenses and Other Current Assets

9 Months Ended

Mar. 31, 2018

Prepaid Expenses and Other Current Assets

As of March 31, 2018 and June 30, 2017, our prepaid expenses and other current assets consisted of the following:



	March 31, 2018		June 30, 2017
Prepaid insurance	$	31,269	$	169,416
Retainers and deposits	6,089		7,553
Prepaid federal and state income taxes	581,991		121,232
Other prepaid expenses	63,296		89,471
Prepaid expenses and other current assets	$	682,645	$	387,672

Property and Equipment

9 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

As of March 31, 2018 and June 30, 2017, our oil and natural gas properties and other property and equipment consisted of the following:



	March 31, 2018			June 30, 2017
Oil and natural gas properties
Property costs subject to amortization	$	87,253,160		$	84,962,933
Less: Accumulated depreciation, depletion, and amortization	(27,663,410		)	(23,172,865		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	59,589,750		$	61,790,068
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	$	141,410		$	135,377
Less: Accumulated depreciation	(107,266		)	(94,688		)
Other property and equipment, net	$	34,144		$	40,689

During the nine months ended March 31, 2018 and 2017, the Company incurred capital expenditures of $2.3 million and $6.9 million, respectively, in the Delhi field.

Other Assets

9 Months Ended

Mar. 31, 2018

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

Other Assets

As of March 31, 2018 and June 30, 2017, other assets consisted of the following:



	March 31, 2018			June 30, 2017
Royalty rights	$	108,512		$	108,512
Less: Accumulated amortization of royalty rights	(30,519		)	(20,346		)
Investment in Well Lift Inc., at cost	108,750			108,750
Deferred loan costs	168,972			168,972
Less: Accumulated amortization of deferred loan costs	(112,704		)	(70,504		)
Other assets, net	$	243,011		$	295,384

Our royalty rights and investment in Well Lift, Inc. ("WLI") resulted from the separation of our artificial lift technology operations in December 2015. We conveyed our patents and other intellectual property to WLI and retained a 5% royalty on future gross revenues associated the technology. We own 17.5% of the common stock of WLI and account for our investment under the cost method. Any dividends paid are recorded as income and any return of capital reduces our cost basis in the investment. Our investment in WLI is evaluated for impairment at least quarterly or when management identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment. There is no published market value for this private investment, so it is not practicable to value it at fair market value on a periodic basis.

Accrued Liabilities and Other

9 Months Ended

Mar. 31, 2018

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other

As of March 31, 2018 and June 30, 2017, our other current liabilities consisted of the following:



	March 31, 2018		June 30, 2017
Accrued incentive and other compensation	$	412,439	$	413,113
Asset retirement obligations due within one year	35,539		35,115
Accrued royalties, including suspended accounts	11,499		17,708
Accrued franchise taxes	124,299		150,062
Accrued ad valorem taxes	44,887		108,641
Accrued liabilities and other	$	628,663	$	724,639

Asset Retirement Obligations

9 Months Ended

Mar. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Our asset retirement obligations represent the estimated present value of the amount we expect to incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following is a reconciliation of the beginning and ending asset retirement obligations for the nine months ended March 31, 2018 and for the year ended June 30, 2017:



	March 31, 2018			June 30, 2017
Asset retirement obligations — beginning of period	$	1,288,743		$	962,196
Liabilities incurred	—			52,792
Liabilities settled	—			(157,164		)
Liabilities sold	—			(47,817		)
Accretion of discount	66,865			59,664
Revision of previous estimates	(778		)	419,072
Asset retirement obligations — end of period	$	1,354,830		$	1,288,743
Less current portion in accrued liabilities	(35,539		)	(35,115		)
Long-term portion of asset retirement obligations	$	1,319,291		$	1,253,628

Stockholders' Equity

9 Months Ended

Mar. 31, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As of March 31, 2018, we had 33,171,514 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $8,286,486 and $6,116,323 to our common shareholders during the nine months ended March 31, 2018 and 2017, respectively. The following table reflects the dividends paid in each quarter within the respective nine month periods:



	Fiscal Year
	2018		2017
Third quarter ended March 31,	$	0.100	$	0.070
Second quarter ended December 31,	$	0.075	$	0.065
First quarter ended September 30,	$	0.075	$	0.050

In May 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Between June 2015 and December 2015, the Company spent $1,609,008 to repurchase 265,762 common shares at an average price of $6.05 per share. There have been no shares repurchased in the open market since December 2015. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. Such shares are initially recorded as treasury stock, then subsequently canceled. 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, 2018 and 2017, the Company acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The treasury shares were subsequently canceled. Such shares were valued at fair market value on the date of vesting, as reflected in the following table:



	Nine Months Ended March 31,
	2018		2017
Number of treasury shares acquired	55,018		73,455
Average cost per share	$	7.19	$	6.26
Total cost of treasury shares acquired	$	395,550	$	459,858

Series A Cumulative Preferred Stock Called for Redemption

In September 2016, the Company announced the decision to redeem all 317,319 outstanding shares of its 8.5% Series A Cumulative Preferred Stock. The redemption occurred in November 2016 at the stated value of $25.00 per share plus all accumulated and unpaid distributions, for an aggregate redemption cost of $7,932,975.

On September 30, 2016, in connection with the planned redemption, the Company recorded a deemed dividend of $1,002,440, representing the difference between the redemption consideration paid and the historical net issuance proceeds of the preferred shares. Accordingly, net income was adjusted for this deemed dividend to determine net income attributable to common shareholders and earnings per common share.

Dividends on the Series A Cumulative Preferred Stock were paid at a fixed rate of 8.5% per annum on the $25.00 per share liquidation preference, payable monthly. During the nine months ended March 31, 2016, we paid cash dividends of $250,990 to holders of our Series A Preferred Stock prior to the November 2016 redemption date.

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2017, all preferred and common dividends were treated for tax purposes as qualified dividend income to recipients. Based on our current projections for the fiscal year ending June 30, 2018, we expect all common dividends for such period to be treated as qualified dividend income. Such projections are based on our reasonable expectations as of March 31, 2018 and are subject to change based on our final tax calculations at the end of the fiscal year.

Stock-Based Incentive Plan

9 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Incentive Plan

At the December 8, 2016 annual meeting, the stockholders approved the adoption of the Evolution Petroleum Corporation 2016 Equity Incentive Plan (the “2016 Plan”), which replaced the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the "2004 Plan"). The 2016 Plan 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. As of March 31, 2018, 987,845 shares remained available for grant under the 2016 Plan.

At December 8, 2016, there were no shares available for future grants under the 2004 Plan. All outstanding awards granted under the 2004 Plan continue to be subject to the terms and conditions as set forth in the agreements evidencing such awards and the terms of the 2004 Plan. Under these agreements, we have outstanding grants of restricted common stock awards ("Restricted Stock") and contingent restricted common stock awards ("Contingent Restricted Stock") to employees and directors of the Company.

Restricted Stock and Contingent Restricted Stock

The Company awards grants of both Restricted Stock and Contingent Restricted Stock as part of its long-term incentive plan. Such grants, which expire after a maximum of four years if unvested, contain service-based, performance-based and market-based vesting provisions. The common shares underlying the Restricted Stock grants are issued on the date of grant. Contingent Restricted Stock grants vest only upon the attainment of higher performance-based or market-based vesting thresholds and are issued only upon vesting. Shares underlying Contingent Restricted Stock awards are reserved from the Plan they were granted under.

Service-based awards vest with continuous employment by the Company, generally in annual installments over a four-year period. Certain awards may contain other vesting periods, including quarterly installments and one-year vesting. Restricted Stock grants which vest based on service are valued at the fair market value on the date of grant and amortized over the service period. During the nine months ended March 31, 2018, we granted 112,155 service-based Restricted Stock awards, including 45,211 awards to employees and 66,944 awards to directors, substantially all of which have a one-year vesting period. We did not grant any performance-based or market based awards, nor any Contingent Restricted Stock awards, during this period.

Performance-based grants vest upon the attainment of earnings, revenue and other operational goals and require that the recipient remain an employee or director of the Company through the vesting date. The Company recognizes compensation expense for performance-based awards ratably over the expected vesting period based on the grant date fair value when it is deemed probable, for accounting purposes, that the performance criteria will be achieved. The expected vesting period may be deemed to be shorter than the four-year term. As of March 31, 2018, certain contingent performance-based awards were not considered probable of vesting for accounting purposes and no compensation expense has been recognized with regard to these awards. If these awards are later determined to be probable of vesting, cumulative compensation expense would be recorded at that time and amortization would continue over the remaining expected vesting period.

Market-based awards vest if the three-year trailing total return on the Company’s common stock exceeds the corresponding total returns of various quartiles of indices consisting of either peer companies or a broad market index of companies in our industry. The fair values and expected vesting periods of these awards 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 companies in the index. Compensation expense for market-based awards is recognized over the expected vesting period using the straight-line method, so long as the holder remains an employee or director of the Company. Total compensation expense is based on the fair value of the awards at the date of grant and is independent of vesting or expiration of the awards, except for termination of service.

Unvested Restricted Stock awards at March 31, 2018 consisted of the following:



	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	218,615	$	6.64
Performance-based awards	50,360	5.67
Market-based awards	50,359	5.44
Unvested Restricted Stock at March 31, 2018	319,334	$	6.30

The following table sets forth the Restricted Stock transactions for the nine months ended March 31, 2018:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2018		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2017	391,624		$	6.22
Service-based shares granted	112,155		6.96
Vested	(164,884	)	6.57
Forfeited	(19,561	)	6.16
Unvested Restricted Stock at March 31, 2018	319,334		$	6.30	$	1,184,557	1.25

Unvested Contingent Restricted Stock awards at March 31, 2018 consisted of the following:



	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value
Performance-based awards	36,688	$	7.04
Market-based awards	25,180	3.42
Unvested contingent shares at March 31, 2018	61,868	$	5.57

The following table sets forth Contingent Restricted Stock transactions for the nine months ended March 31, 2018:



	Number of Contingent Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2018 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2017	113,270		$	4.64
Vested	(46,630	)	3.34
Forfeited	(4,772	)	5.30
Unvested contingent shares at March 31, 2018	61,868		$	5.57	$	57,231	.91

(1) Excludes $115,665 of potential future compensation expense for contingent performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended March 31, 2018 and 2017 was $352,420 and $291,151, respectively. For the corresponding nine month periods, non-cash stock compensation expense was $1,324,230 and $878,023, respectively.

Derivatives	9 Months Ended
Derivatives	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As of June 30, 2017 and March 31, 2018, the Company had no derivative asset or liability positions. From time to time, the Company has used and may in the future use derivative instruments to reduce its exposure to crude oil or other commodity price volatility of its near-term forecasted production. The Company's objectives are to achieve a more predictable level of cash flows to support the Company’s capital expenditure programs and to provide better financial visibility for its other financial commitments. The Company may use both fixed price swap agreements and costless collars to manage its exposure to crude oil and other commodity price risk. While these derivative instruments are intended to limit the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. The Company does not intend to enter into derivative instruments for speculative or trading purposes. The Company accounts for derivatives under the provisions of ASC 815 Derivatives and Hedging ("ASC 815") under which the Company records the fair value of the instruments on the balance sheet at each reporting date, with changes in fair value recognized in other non-operating income and expense. Given the cost and complexity, the Company has elected not to use cash flow hedge accounting provided under ASC 815. Under cash flow hedge accounting, a portion of the change in fair value of the derivative instruments, if effective in hedging the underlying commodity risk, would be deferred in other comprehensive income and recognized in earnings only when the underlying hedged item impacts earnings. These derivative instruments can result in both fair value asset and liability positions held with each counterparty. These positions are offset to a single net fair value asset or liability at the end of each reporting period. The Company nets its fair value amounts of derivative instruments executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The Company monitors the credit rating of its counterparties and believes it does not have significant credit risk. Accordingly, we do not currently require our counterparties to post collateral to support the net asset positions of our derivative instruments. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties to its derivative instruments. For the nine months ended March 31, 2018, the Company had no gains or losses from derivatives. For the nine months ended March 31, 2017, the Company recorded a gain on derivative instruments of $37,273 consisting of a realized gain of $3,440 on settled positions and an unrealized gain of $33,833.

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. On December 22, 2017, the U.S. government enacted comprehensive tax legislation under the title of the Tax Cuts and Jobs Act ("Tax Act"). The Tax Act includes a permanent reduction in our federal corporate income tax rate from 34% to 21%. It also provides more favorable timing of tax deductions associated with capital investments and other significant changes to tax law. The Tax Act became effective upon passage, so our statutory rate for the current fiscal year ending June 30, 2018 is a blended rate of 27.55%. The permanent reduction in the federal corporate income tax rate resulted in a one-time non-cash income tax benefit of approximately $6.0 million related to the adjustment of our liability for deferred income taxes to the lower rate in the Tax Act. The accounting for the effects of the rate change on the Company’s deferred tax balances is complete and no provisional amounts were recorded. Income taxes are recorded in our financial statements based on our estimated annual effective income tax rate. The effective rates used in the calculation of our income tax expense were approximately 18% and 37% for the nine months ended March 31, 2018 and 2017, respectively. After adjustment for the $6.0 million discrete benefit resulting from the revaluation of our deferred income tax liabilities at December 31, 2017, the effective rate for the nine months ended March 31, 2018 was a negative tax rate (benefit) of (37)% of income before income taxes. Our effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the State of Louisiana, and differences related to percentage depletion in excess of basis, stock-based compensation and other permanent differences. The effective tax rate for the nine months ended March 31, 2017 was significantly lower than the statutory federal rate as a result of percentage depletion in excess of basis and the tax effects of stock-based compensation, partially offset by state income taxes net of the federal benefit. Our quarterly income tax provisions are based on our reasonable estimates of income taxes payable at the end of the year. These estimates and our estimated interim effective tax rates may change significantly as additional financial results and amounts of capital spending become available during the year. In particular, our estimates of the utilization of excess percentage depletion, which is limited to 65% of actual taxable income, are subject to greater fluctuations between interim periods than other components of our tax provision. There were neither unrecognized tax benefits nor any accrued interest or penalties associated with unrecognized tax benefits during any periods presented in the financial statements. We believe we have appropriate support for the income tax positions taken and to be taken on our tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of various 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 years ended June 30, 2014 through June 30, 2017 for federal tax purposes and for the years ended June 30, 2013 through June 30, 2017 for state tax purposes. To the extent we utilize net operating losses generated in earlier years, such earlier years may also be subject to audit.

Net Income Per Share

9 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Income Per Share

The following table sets forth the computation of basic and diluted income per share:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2018		2017		2018		2017
Numerator
Net income available to common shareholders	$	3,068,354	$	2,419,143	$	15,085,734	$	5,290,122
Denominator
Weighted average number of common shares — Basic	33,171,514		33,062,297		33,123,185		33,021,865
Effect of dilutive securities:
Contingent restricted stock grants	19,798		27,216		32,685		17,860
Stock options	—		26,186		—		24,983
Weighted average number of common shares and potentially dilutive common shares used in diluted EPS	33,191,312		33,115,699		33,155,870		33,064,708

Net income per common share — Basic	$	0.09	$	0.07	$	0.46	$	0.16
Net income per common share — Diluted	$	0.09	$	0.07	$	0.45	$	0.16

Outstanding potentially dilutive securities as of March 31, 2018 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price	At March 31, 2018
Contingent Restricted Stock grants	—	61,868

Outstanding potentially dilutive securities as of March 31, 2017 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		At March 31, 2017
Contingent Restricted Stock grants	$	—	113,270
Stock Options	2.19		35,231
Total outstanding potentially dilutive securities	$	0.52	148,501

Senior Secured Credit Agreement	9 Months Ended
Senior Secured Credit Agreement	Mar. 31, 2018
Debt Disclosure [Abstract]
Senior Secured Credit Agreement	Senior Secured Credit Agreement On April 11, 2016, the Company entered into a three-year, senior secured reserve-based credit facility ("Facility") in an amount up to $50 million. The Facility replaces the Company's previous unsecured credit facility which expired in April 2016. The borrowing base under the Facility was originally set at $10 million and was subsequently increased to $40 million effective February 1, 2018. As of March 31, 2018, the Company was in compliance with all covenants contained in the Facility, and no amounts were outstanding under the Facility. Borrowings from the Facility may be used for the acquisition and development of oil and gas properties and for letters of credit and other general corporate purposes. Availability of borrowings under the Facility is subject to semi-annual borrowing base redeterminations. The Facility included a placement fee of 0.50% on the initial borrowing base, amounting to $50,000, and carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Facility will bear interest, at the Company’s option, at either LIBOR plus 2.75% or the Prime Rate, as defined under the Facility, plus 1.00%. The Facility contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (a) a maximum total leverage ratio of not more than 3.00 to 1.00, (b) a debt service coverage ratio of not less than 1.10 to 1.00, and (c) a consolidated tangible net worth of not less than $40 million, all as defined under the Facility. In connection with this agreement, the Company incurred $168,972 of debt issuance costs. Such costs were capitalized in Other Assets and are being amortized to expense. The unamortized balance in debt issuance costs related to the Facility was $56,268 as of March 31, 2018.

Commitments and Contingencies

9 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We are subject to various claims and contingencies in the normal course of business. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. At a minimum, we disclose such matters if we believe it is reasonably possible that a future event or events will confirm a loss through impairment of an asset or the incurrence of a liability. We accrue a loss if we believe it is probable that a future event or events will confirm a loss and we can reasonably estimate such loss and we do not accrue future legal costs related to that loss. Furthermore, we will disclose any matter that is unasserted if we consider it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable. We expense legal defense costs as they are incurred.

On December 3, 2013, our wholly owned subsidiary, NGS Sub Corp., was served with a lawsuit filed in the 8th Judicial District Court of Winn Parish, Louisiana by Cecil M. Brooks and Brandon Hawkins, residents of Louisiana, alleging that in 2006 a former subsidiary of NGS Sub Corp. improperly disposed of water from an off-lease well into a well located on the plaintiffs’ lands in Winn Parish. The plaintiffs requested monetary damages and other relief. We vigorously defended the claims. Based on our assessment of the continuing costs of defending the Company in this litigation, we entered into a confidential settlement agreement and obtained a full release and dismissal of all claims asserted in this matter. Although the agreement is confidential, the amount of the settlement payment, which was recorded in general and administrative expense as of March 31, 2018 and paid by the Company in April, is not material to the financial position of the Company.

Lease Commitments. We have a non-cancelable operating lease for office space that expires on May 31, 2019. Future minimum lease commitments as of March 31, 2018 under this operating lease are as follows:



Twelve month periods ended March 31,
2019	$	73,073
2020 (through May)	$	12,179

Rent expense for the three months ended March 31, 2018 and 2017 was $18,568 and $14,656, respectively. Rent expense for the nine months ended March 31, 2018 and 2017 was $57,617 and $68,081, respectively.

Organization and Basis of Preparation (Policies)	9 Months Ended
Organization and Basis of Preparation (Policies)	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year may include certain reclassifications to conform to the current presentation. Any such reclassifications have no impact on previously reported net income or stockholders' equity.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depreciation, depletion and amortization 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 and (f) commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements. In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2015-14, which defers the effective date of ASU 2014-09 Revenue from Contracts with Customers (Topic 606) (" ASU 2014-09") by one year and allows entities the option to early adopt the new revenue standard as of the original effective date, which for public business entities was for fiscal years beginning after December 31, 2016. Issued in May 2014, ASU 2014-09 provided guidance on revenue recognition for contracts with customers to transfer goods or services or for contracts for the transfer of nonfinancial assets. ASU 2014-09 requires that revenue recognition for contracts with customers depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public business entities, ASU 2014-09 is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standard provides for either the full retrospective or modified retrospective transition methods. We expect to adopt this standard using the modified retrospective method. The Company expects that additional disclosures will be required as a result of adopting ASU 2014-09 and is currently assessing the impact of the guidance on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The pronouncement requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for fiscal years beginning after December 15, 2017. The expected adoption method of ASU 2016-01 is being evaluated by the Company and the adoption is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with early adoption permitted, provided that it is adopted in its entirety in the same period. Currently, the Company does not expect the impact of adopting ASU 2016-15 to have a material effect on its consolidated statements of cash flows.

Receivables (Tables)

9 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Schedule of Receivables

As of March 31, 2018 and June 30, 2017, our receivables consisted of the following:



	March 31, 2018		June 30, 2017
Receivables from oil and NGL sales	$	3,949,863	$	2,722,880
Other	110		3,822
Total receivables	$	3,949,973	$	2,726,702

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Mar. 31, 2018

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

Schedule of prepaid expenses and other current assets

As of March 31, 2018 and June 30, 2017, our prepaid expenses and other current assets consisted of the following:



	March 31, 2018		June 30, 2017
Prepaid insurance	$	31,269	$	169,416
Retainers and deposits	6,089		7,553
Prepaid federal and state income taxes	581,991		121,232
Other prepaid expenses	63,296		89,471
Prepaid expenses and other current assets	$	682,645	$	387,672

Property and Equipment (Tables)

9 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

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

As of March 31, 2018 and June 30, 2017, our oil and natural gas properties and other property and equipment consisted of the following:



	March 31, 2018			June 30, 2017
Oil and natural gas properties
Property costs subject to amortization	$	87,253,160		$	84,962,933
Less: Accumulated depreciation, depletion, and amortization	(27,663,410		)	(23,172,865		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	59,589,750		$	61,790,068
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	$	141,410		$	135,377
Less: Accumulated depreciation	(107,266		)	(94,688		)
Other property and equipment, net	$	34,144		$	40,689

Other Assets (Tables)

9 Months Ended

Mar. 31, 2018

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

Schedule of other assets

As of March 31, 2018 and June 30, 2017, other assets consisted of the following:



	March 31, 2018			June 30, 2017
Royalty rights	$	108,512		$	108,512
Less: Accumulated amortization of royalty rights	(30,519		)	(20,346		)
Investment in Well Lift Inc., at cost	108,750			108,750
Deferred loan costs	168,972			168,972
Less: Accumulated amortization of deferred loan costs	(112,704		)	(70,504		)
Other assets, net	$	243,011		$	295,384

Accrued Liabilities and Other (Tables)

9 Months Ended

Mar. 31, 2018

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities

As of March 31, 2018 and June 30, 2017, our other current liabilities consisted of the following:



	March 31, 2018		June 30, 2017
Accrued incentive and other compensation	$	412,439	$	413,113
Asset retirement obligations due within one year	35,539		35,115
Accrued royalties, including suspended accounts	11,499		17,708
Accrued franchise taxes	124,299		150,062
Accrued ad valorem taxes	44,887		108,641
Accrued liabilities and other	$	628,663	$	724,639

Asset Retirement Obligations (Tables)

9 Months Ended

Mar. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliations of the beginning and ending asset retirement obligation balances

The following is a reconciliation of the beginning and ending asset retirement obligations for the nine months ended March 31, 2018 and for the year ended June 30, 2017:



	March 31, 2018			June 30, 2017
Asset retirement obligations — beginning of period	$	1,288,743		$	962,196
Liabilities incurred	—			52,792
Liabilities settled	—			(157,164		)
Liabilities sold	—			(47,817		)
Accretion of discount	66,865			59,664
Revision of previous estimates	(778		)	419,072
Asset retirement obligations — end of period	$	1,354,830		$	1,288,743
Less current portion in accrued liabilities	(35,539		)	(35,115		)
Long-term portion of asset retirement obligations	$	1,319,291		$	1,253,628

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2018

Equity [Abstract]

Dividends paid

The following table reflects the dividends paid in each quarter within the respective nine month periods:



	Fiscal Year
	2018		2017
Third quarter ended March 31,	$	0.100	$	0.070
Second quarter ended December 31,	$	0.075	$	0.065
First quarter ended September 30,	$	0.075	$	0.050

Schedule of share repurchases



	Nine Months Ended March 31,
	2018		2017
Number of treasury shares acquired	55,018		73,455
Average cost per share	$	7.19	$	6.26
Total cost of treasury shares acquired	$	395,550	$	459,858

Stock-Based Incentive Plan (Tables)

9 Months Ended

Mar. 31, 2018

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

Schedule of Restricted Stock transactions

Unvested Contingent Restricted Stock awards at March 31, 2018 consisted of the following:



	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value
Performance-based awards	36,688	$	7.04
Market-based awards	25,180	3.42
Unvested contingent shares at March 31, 2018	61,868	$	5.57

Unvested Restricted Stock awards at March 31, 2018 consisted of the following:



	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	218,615	$	6.64
Performance-based awards	50,360	5.67
Market-based awards	50,359	5.44
Unvested Restricted Stock at March 31, 2018	319,334	$	6.30

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, 2018:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2018		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2017	391,624		$	6.22
Service-based shares granted	112,155		6.96
Vested	(164,884	)	6.57
Forfeited	(19,561	)	6.16
Unvested Restricted Stock at March 31, 2018	319,334		$	6.30	$	1,184,557	1.25

Contingent Restricted Stock

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

Schedule of Restricted Stock transactions

The following table sets forth Contingent Restricted Stock transactions for the nine months ended March 31, 2018:



	Number of Contingent Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2018 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2017	113,270		$	4.64
Vested	(46,630	)	3.34
Forfeited	(4,772	)	5.30
Unvested contingent shares at March 31, 2018	61,868		$	5.57	$	57,231	.91

(1) Excludes $115,665 of potential future compensation expense for contingent performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Net Income Per Share (Tables)

9 Months Ended

Mar. 31, 2018

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 income per share:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2018		2017		2018		2017
Numerator
Net income available to common shareholders	$	3,068,354	$	2,419,143	$	15,085,734	$	5,290,122
Denominator
Weighted average number of common shares — Basic	33,171,514		33,062,297		33,123,185		33,021,865
Effect of dilutive securities:
Contingent restricted stock grants	19,798		27,216		32,685		17,860
Stock options	—		26,186		—		24,983
Weighted average number of common shares and potentially dilutive common shares used in diluted EPS	33,191,312		33,115,699		33,155,870		33,064,708

Net income per common share — Basic	$	0.09	$	0.07	$	0.46	$	0.16
Net income per common share — Diluted	$	0.09	$	0.07	$	0.45	$	0.16

Schedule of outstanding potentially dilutive securities

Outstanding potentially dilutive securities as of March 31, 2018 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price	At March 31, 2018
Contingent Restricted Stock grants	—	61,868

Outstanding potentially dilutive securities as of March 31, 2017 were as follows:



Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		At March 31, 2017
Contingent Restricted Stock grants	$	—	113,270
Stock Options	2.19		35,231
Total outstanding potentially dilutive securities	$	0.52	148,501

Commitments and Contingencies (Tables)

9 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease commitments under the operating lease

Future minimum lease commitments as of March 31, 2018 under this operating lease are as follows:



Twelve month periods ended March 31,
2019	$	73,073
2020 (through May)	$	12,179

Receivables (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Receivables [Abstract]
Receivables from oil and NGL sales	$ 3,949,863	$ 2,722,880
Other	110	3,822
Total receivables	$ 3,949,973	$ 2,726,702

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 31,269	$ 169,416
Retainers and deposits	6,089	7,553
Prepaid federal and state income taxes	581,991	121,232
Other prepaid expenses	63,296	89,471
Prepaid expenses and other current assets	$ 682,645	$ 387,672

Property and Equipment (Details) - USD ($)	9 Months Ended
Property and Equipment (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Oil and natural gas properties
Property costs subject to amortization	$ 87,253,160		$ 84,962,933
Less: Accumulated depreciation, depletion, and amortization	(27,663,410)		(23,172,865)
Unproved properties not subject to amortization	0		0
Oil and natural gas properties, net	59,589,750		61,790,068
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	141,410		135,377
Less: Accumulated depreciation	(107,266)		(94,688)
Other property and equipment, net	34,144		$ 40,689
Delhi field
Other property and equipment
Capital expenditures	$ 2,300,000	$ 6,900,000

Other Assets (Details) - USD ($)	9 Months Ended
Other Assets (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty rights	$ 108,512	$ 108,512
Less: Accumulated amortization of royalty rights	(30,519)	(20,346)
Investment in Well Lift Inc., at cost	108,750	108,750
Deferred loan costs	168,972	168,972
Less: Accumulated amortization of deferred loan costs	(112,704)	(70,504)
Other assets, net	$ 243,011	$ 295,384
Well Lift Inc.
Noncontrolling Interest [Line Items]
Royalty percentage	5.00%
Ownership percentage	17.50%

Accrued Liabilities and Other (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 412,439	$ 413,113
Asset retirement obligations due within one year	35,539	35,115
Accrued royalties, including suspended accounts	11,499	17,708
Accrued franchise taxes	124,299	150,062
Accrued ad valorem taxes	44,887	108,641
Accrued liabilities and other	$ 628,663	$ 724,639

Asset Retirement Obligations (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Asset Retirement Obligations (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period			$ 1,288,743	$ 962,196	$ 962,196
Liabilities incurred			0		52,792
Liabilities settled			0		(157,164)
Liabilities sold			0		(47,817)
Accretion of discount	$ 22,263	$ 13,562	66,865	$ 39,892	59,664
Revision of previous estimates			(778)		419,072
Asset retirement obligations — end of period	1,354,830		1,354,830		1,288,743
Less current portion in accrued liabilities	(35,539)		(35,539)		(35,115)
Long-term portion of asset retirement obligations	$ 1,319,291		$ 1,319,291		$ 1,253,628

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details) - USD ($)	7 Months Ended	9 Months Ended		28 Months Ended
	Dec. 31, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding		33,171,514		33,171,514
Cash dividends to common stockholders		$ 8,286,486	$ 6,116,323
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
Value of shares repurchased	$ 1,609,008	$ 395,550	$ 459,858
Number of treasury shares acquired	265,762	55,018	73,455	0
Average cost per share (in dollars per share)	$ 6.05	$ 7.19	$ 6.26

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Dividends Paid 1 [Member]
Dividends Payable [Line Items]
Cash dividend (in dollars per share)	$ 0.10			$ 0.07
Dividends Paid 2 [Member]
Dividends Payable [Line Items]
Cash dividend (in dollars per share)		$ 0.075			$ 0.065
Dividends Paid 3 [Member]
Dividends Payable [Line Items]
Cash dividend (in dollars per share)			$ 0.075			$ 0.05

Stockholders' Equity - Series A Cumulative Perpetual Preferred Stock (Details) - USD ($)	1 Months Ended		9 Months Ended
	Nov. 30, 2016	Sep. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Series A Cumulative Perpetual Preferred Stock
Cash dividends to preferred stockholders			$ 0	$ 250,990
Series A cumulative perpetual preferred stock \| Preferred
Series A Cumulative Perpetual Preferred Stock
Number of shares sold of series A cumulative perpetual preferred stock		317,319
Preferred stock dividend rate (as a percent)		8.50%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Consideration paid to preferred shareholders at redemption at liquidation preference	$ 7,932,975
Deemed dividend		$ 1,002,440
Cash dividends to preferred stockholders					$ 250,990

Stock-Based Incentive Plan - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 08, 2016
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense	$ 352,420	$ 291,151		$ 1,324,230	$ 878,023
Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)			112,155
Vesting period			1 year
2016 Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan						1,100,000
Number of shares remaining available for grant under plan	987,845			987,845
2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period				4 years
2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock, Service-Based [Member]
Stock-Based Incentive Plan
Expiration period				4 years
2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock, Other Awards [Member]
Stock-Based Incentive Plan
Expiration period				1 year
2004 Stock Plan \| Performance-based Awards
Stock-Based Incentive Plan
Vesting period				4 years
Employees \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)			45,211
Directors \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)			66,944

Stock-Based Incentive Plan - Unvested Restricted Stock (Details) - USD ($)

6 Months Ended

9 Months Ended

Dec. 31, 2017

Mar. 31, 2018

Restricted Stock, Service-Based

Granted (in shares)

112,155

218,615

Unvested at the end of the period (in dollars per share)

$ 6.64

Restricted Stock, Performance-Based

50,360

Unvested at the end of the period (in dollars per share)

$ 5.67

Restricted Stock, Market-Based

50,359

Unvested at the end of the period (in dollars per share)

$ 5.44

Restricted Stock

Unvested at the beginning of the period (in shares)

391,624

Granted (in shares)

112,155

Vested (in shares)

(164,884)

Forfeited (in shares)

(19,561)

319,334

Unvested at the beginning of the period (in dollars per share)

$ 6.22

Granted (in dollars per share)

6.96

Vested (in dollars per share)

6.57

Forfeited (in dollars per share)

6.16

Unvested at the end of the period (in dollars per share)

$ 6.30

Additional disclosures of restricted stock

Unrecognized stock compensation expense related to Restricted Stock

$ 1,184,557

Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized

1 year 3 months

Contingent Restricted Stock, Performance-Based

36,688

Unvested at the end of the period (in dollars per share)

$ 7.04

Additional disclosures of restricted stock

Potential future compensation expense

$ 115,665

Contingent Restricted Stock, Market-Based

25,180

Unvested at the end of the period (in dollars per share)

$ 3.42

Contingent Restricted Stock

Unvested at the beginning of the period (in shares)

113,270

Vested (in shares)

(46,630)

Forfeited (in shares)

(4,772)

61,868