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Exercise Price

At March 31, 2020

Contingent Restricted Stock grants

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Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 31, 2020	May 02, 2020
Document and Entity Information
Entity Registrant Name	EVOLUTION PETROLEUM CORP
Entity Central Index Key	0001006655
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,956,469

Consolidated Condensed Balance Sheets - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Current assets
Cash and cash equivalents	$ 20,693,234	$ 31,552,533
Receivables	5,222,213	3,168,116
Prepaid expenses	303,375	458,278
Total current assets	26,218,822	35,178,927
Oil and natural gas properties, net (full-cost method of accounting)	67,668,686	60,346,466
Other property and equipment, net	19,449	26,418
Total property and equipment	67,688,135	60,372,884
Other assets, net	311,695	210,033
Total assets	94,218,652	95,761,844
Current liabilities
Accounts payable	2,263,940	2,084,140
Accrued liabilities and other	570,239	537,755
State and federal income taxes payable	274,299	130,799
Total current liabilities	3,108,478	2,752,694
Long term liabilities
Deferred income taxes	11,591,629	11,322,691
Asset retirement obligations	2,499,180	1,560,601
Operating lease liability	99,014
Total liabilities	17,298,301	15,635,986
Commitments and contingencies
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 32,956,469 and 33,183,730 shares issued and outstanding, respectively	32,956	33,183
Additional paid-in capital	40,932,577	42,488,913
Retained earnings	35,954,818	37,603,762
Total stockholders’ equity	76,920,351	80,125,858
Total liabilities and stockholders’ equity	$ 94,218,652	$ 95,761,844

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Jun. 30, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	32,956,469	33,183,730
Common stock, shares outstanding (in shares)	32,956,469	33,183,730

Consolidated Condensed Statements of Operations - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Revenues

Total revenues

$ 7,712,619

$ 9,501,028

$ 26,246,449

$ 32,856,225

Operating costs

Depreciation, depletion and amortization

1,399,481

1,558,130

4,310,284

4,710,223

General and administrative expenses

^[1]

1,465,780

1,196,935

4,240,330

3,760,767

Total operating costs

6,760,805

6,548,073

19,770,852

19,174,596

Income from operations

951,814

2,952,955

6,475,597

13,681,629

Other

Enduro transaction breakup fee

1,100,000

Interest and other income

41,186

65,831

160,256

172,260

Interest expense

(29,067)

(28,789)

(87,757)

(87,479)

Income before income taxes

963,933

2,989,997

6,548,096

14,866,410

Income tax provision (benefit)

(2,746,226)

591,122

(1,719,801)

2,767,169

Net income available to common stockholders

$ 3,710,159

$ 2,398,875

$ 8,267,897

$ 12,099,241

Earnings per common share

Basic (in dollars per share)

$ 0.11

$ 0.07

$ 0.25

$ 0.36

Diluted (in dollars per share)

$ 0.11

$ 0.07

$ 0.25

$ 0.36

Weighted average number of common shares

Basic (in shares)

33,052,162

33,186,665

33,055,861

33,151,786

Diluted (in shares)

33,052,162

33,196,197

33,058,446

33,163,661

Crude oil

Revenues

Total revenues

$ 7,461,823

$ 9,032,032

$ 25,281,564

$ 30,945,359

Natural gas liquids

Revenues

Total revenues

250,476

468,525

963,054

1,910,395

Natural gas

Revenues

Total revenues

320

471

1,831

471

Production costs

Operating costs

Production costs

$ 3,895,544

$ 3,793,008

$ 11,220,238

$ 10,703,606

[1]	For the three months ended March 31, 2020 and 2019, non-cash stock-based compensation expenses were $358,591 and $208,665, respectively. For the nine months ended March 31, 2020 and 2019, non-cash stock-based compensation expenses were $926,794 and $678,149, respectively.

Consolidated Condensed Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Stock-based compensation expense			$ 926,794	$ 678,149
General and administrative expenses
Stock-based compensation expense	$ 358,591	$ 208,665	$ 926,794	$ 678,149

Consolidated Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 8,267,897	$ 12,099,241
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,310,284	4,710,223
Stock-based compensation	926,794	678,149
Settlements of asset retirement obligations	(76,833)	0
Deferred income tax expense	268,938	633,625
Other	35,966	11,367
Changes in operating assets and liabilities:
Receivables	(2,054,097)	254,900
Prepaid expenses	154,903	(155,364)
Accrued liabilities and other	256,112	123,853
Income taxes payable	143,500	(22,842)
Net cash provided by operating activities	12,233,464	18,333,152
Cash flows from investing activities
Capital expenditures for oil and natural gas properties	(9,337,716)	0
Capital expenditures for oil and natural gas properties	(1,354,849)	(6,369,363)
Capital expenditures for other property and equipment	0	(2,337)
Net cash used in investing activities	(10,692,565)	(6,371,700)
Cash flows from financing activities
Cash dividends to common stockholders	(9,916,841)	(9,953,562)
Common share repurchases, including shares surrendered for tax withholding	(2,483,357)	(138,638)
Net cash used in financing activities	(12,400,198)	(10,092,200)
Net change in cash, cash equivalents and restricted cash	(10,859,299)	1,869,252
Cash, cash equivalents and restricted cash, beginning of period	31,552,533	27,681,133
Cash and cash equivalents, end of period	20,693,234	29,550,385
Supplemental disclosures of cash flow information:
Income taxes paid	1,150,000	2,362,919
Non-cash transactions:
Change in accounts payable used to acquire oil and natural gas properties	(42,371)	(1,748,122)
Oil and natural gas property costs incurred through recognition of asset retirement obligations and revision of previous estimates	$ 871,076	$ 84,999

Consolidated Condensed Statement of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Jun. 30, 2018		33,080,543
Beginning Balance at Jun. 30, 2018	$ 77,289,479	$ 33,080	$ 41,757,645	$ 35,498,754	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		121,611
Issuance of restricted common stock		$ 122	(122)
Common share repurchases, including shares surrendered for tax withholding (in shares)		0
Common share repurchases, including shares surrendered for tax withholding	(138,638)				(138,638)
Retirements of treasury stock (in shares)		(15,489)
Retirements of treasury stock		$ (16)	(138,622)		138,638
Stock-based compensation	678,149		678,149
Net income	12,099,241			12,099,241
Common stock cash dividends	(9,953,562)			(9,953,562)
Ending Balance (in shares) at Mar. 31, 2019		33,186,665
Ending Balance at Mar. 31, 2019	79,974,669	$ 33,186	42,297,050	37,644,433	0
Beginning Balance (in shares) at Dec. 31, 2018		33,186,665
Beginning Balance at Dec. 31, 2018	80,685,795	$ 33,186	42,088,385	38,564,224	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	208,665		208,665
Net income	2,398,875			2,398,875
Common stock cash dividends	(3,318,666)			(3,318,666)
Ending Balance (in shares) at Mar. 31, 2019		33,186,665
Ending Balance at Mar. 31, 2019	$ 79,974,669	$ 33,186	42,297,050	37,644,433	0
Beginning Balance (in shares) at Jun. 30, 2019	33,183,730	33,183,730
Beginning Balance at Jun. 30, 2019	$ 80,125,858	$ 33,183	42,488,913	37,603,762	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		271,778
Issuance of restricted common stock		$ 272	(272)
Forfeitures of restricted stock (in shares)		(49,118)
Forfeitures of restricted stock		$ (49)	49
Common share repurchases, including shares surrendered for tax withholding (in shares)		0
Common share repurchases, including shares surrendered for tax withholding	(2,483,357)				(2,483,357)
Retirements of treasury stock (in shares)		(449,921)
Retirements of treasury stock		$ (450)	(2,482,907)		2,483,357
Stock-based compensation	926,794		926,794
Net income	8,267,897			8,267,897
Common stock cash dividends	$ (9,916,841)			(9,916,841)
Ending Balance (in shares) at Mar. 31, 2020	32,956,469	32,956,469
Ending Balance at Mar. 31, 2020	$ 76,920,351	$ 32,956	40,932,577	35,954,818	0
Beginning Balance (in shares) at Dec. 31, 2019		33,106,988
Beginning Balance at Dec. 31, 2019	76,879,766	$ 33,107	41,306,353	35,540,306	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common share repurchases, including shares surrendered for tax withholding (in shares)		0
Common share repurchases, including shares surrendered for tax withholding	(732,518)				(732,518)
Retirements of treasury stock (in shares)		(150,519)
Retirements of treasury stock		$ (151)	(732,367)		732,518
Stock-based compensation	358,591		358,591
Net income	3,710,159			3,710,159
Common stock cash dividends	$ (3,295,647)			(3,295,647)
Ending Balance (in shares) at Mar. 31, 2020	32,956,469	32,956,469
Ending Balance at Mar. 31, 2020	$ 76,920,351	$ 32,956	$ 40,932,577	$ 35,954,818	$ 0

Consolidated Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.10	$ 0.1	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10

Organization and Basis of Preparation	9 Months Ended
Organization and Basis of Preparation	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation is an oil and gas company focused on delivering a sustainable dividend yield to its stockholders through the ownership, management, and development of oil and gas properties. The Company's long-term goal is to build a diversified portfolio of oil and gas assets primarily through acquisitions, while seeking opportunities to maintain and increase production through selective development, production enhancements and other exploitation efforts on its properties. 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 2019 Annual Report on Form 10-K for the fiscal year ended June 30, 2019, 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 (the "Company"). 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 may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) income taxes and the valuation of deferred tax assets and (e) 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.

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The significant accounting policies followed by the Company are set forth in Note 2 - Summary of Significant Accounting Policies in the 2019 Form 10-K and are supplemented by the notes to the unaudited consolidated condensed financial statements included in this report. These unaudited consolidated condensed financial statements should be read in conjunction with the 2019 Form 10-K.

Recently Adopted Accounting Pronouncement - Leases

In February 2016, the FASB issued ASU 2016-02, Leases ("ASC 842"), which relates to the accounting for leasing transactions. This standard requires an entity to recognize a right-of-use (“ROU”) asset and lease liability for leases. Classification of leases as either a finance or operating lease determines the recognition, measurement and presentation of expenses. This accounting standards update also requires certain quantitative and qualitative disclosures about leasing arrangements. Leases acquired to explore for or use minerals, oil or natural gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained, are not within the scope of the standards update.

Effective July 1, 2019, the Company adopted the new standard using a modified retrospective approach and elected to use the optional transition methodology whereby reporting periods prior to adoption continue to be presented in accordance with legacy accounting guidance, Accounting Standard Codification 840 - Leases. Upon transition, we recognized a ROU asset (or operating lease right-of-use asset) and an operating lease liability with no retained earnings impact. We applied the following practical expedients as provided in the standards update which provide elections to not reassess:


•	Not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise).


•	Whether an expired or existing pre-adoption date contracts contained leases.


•	Lease classification of any expired or existing leases.


•	Initial direct costs for any expired or existing leases.


•	Not to separate lease components from non-lease components in a contract and accounting for the combination as a lease (reflected by asset class).

Adoption of the new standard did not impact our unaudited consolidated condensed statements of operations, cash flows or stockholders’ equity. At adoption we recorded our operating lease as follows:



Asset (Liability)	Balance June 30, 2019			Adjustment at Adoption July 1, 2019
Operating lease right-of-use asset	$	—		$	161,125
Accrued liabilities and other:
Deferred rent	$	(4,338	)	$	4,338
Operating lease liability	$	—		$	(26,194	)
Operating lease liabilities - long-term	$	—		$	(139,269	)

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 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 Accounting Standards Update 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The adoption of ASU 2016-13 is currently not expected to have a material effect on our consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes ("Topic 740") - Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted. We are currently evaluating the impact of ASU 2019-12 on our consolidated financial statements.

Revenue from Contracts with Customers

9 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Our revenue is primarily generated from our interests in the Delhi field in Northeast Louisiana and, our interests in the Hamilton Dome field in Wyoming. Additionally, an overriding royalty interest retained in a past divestiture of Texas properties provided de minimis revenue:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
Revenues
Crude oil	$	7,461,823	$	9,032,032	$	25,281,564	$	30,945,359
Natural gas liquids	250,476		468,525		963,054		1,910,395
Natural gas	320		471		1,831		471
Total revenues	$	7,712,619	$	9,501,028	$	26,246,449	$	32,856,225

We are a non-operator and presently do not take production in kind and do not negotiate contracts with customers. We recognize crude oil, natural gas liquids, and natural gas 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 accompanying statements of operations. Fees and other deductions incurred prior to control transfer are recorded within the production costs line item on the accompanying 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 of crude oil, natural gas liquids, and natural gas production revenue.

Judgments made in applying the guidance in Accounting Standards Codification 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 a point in time upon control transferring to a customer at a specified delivery point. Consideration is allocated to satisfied 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 one to two months after production has occurred, which is typical in the 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. Estimated revenue due to the Company is recorded within the receivables line item on the accompanying unaudited consolidated condensed balance sheets until payment is received. The accounts receivable balances from contracts with customers presented on “Note 5 — Receivables” to the accompanying balance sheets as of March 31, 2020 and June 30, 2019 were $2.0 million and $3.2 million, respectively. To estimate accounts receivable from operator contracts with customers, the Company uses knowledge of its properties, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser. Revenue recognized during the nine months ended March 31, 2020, related to performance obligations satisfied in prior reporting periods, was immaterial.

Enduro Purchase and Sale Agreement and "Stalking Horse" Bid	9 Months Ended
	Mar. 31, 2020
Asset Acquisition [Abstract]
Enduro Purchase and Sale Agreement and Stalking Horse Bid	Enduro Purchase and Sale Agreement and "Stalking Horse" Bid During the first quarter of fiscal 2019, the Company recorded a $1.1 million break-up fee upon the closing of a higher bidder's purchase transaction. During May 2018, the Company had entered into a Purchase and Sale Agreement ("PSA"), to acquire, as the "stalking horse" bidder, certain oil and gas assets from an affiliate of Enduro Resource Partners LLC ("Enduro") for a purchase price of $27.5 million, subject to the outcome of Enduro's Chapter 11 process. Contemporaneous with executing the PSA, the Company made a $2.75 million deposit to an acquisition escrow account which, together with interest earned, comprised the restricted cash balance on the Company's June 30, 2018 consolidated statement of financial position. Earlier in the first quarter of 2019, the Company was repaid its deposit together with related earned interest when a higher bidder first emerged in the bidding process. The Company's initial and subsequent bids represented offers under Section 363 of the U.S. Bankruptcy Code in Enduro's Chapter 11 proceeding. Such offers are commonly referred to as “stalking horse” bids and are subject to higher bids, in accordance with the bidding procedures approved by the Bankruptcy Court. In connection with the PSA, the Company had incurred third party due diligence expenses, which have been reflected in the Company's consolidated statement of operations for the year ended June 30, 2018.

Receivables

9 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Receivables



	March 31, 2020		June 30, 2019
Receivables from oil and gas sales	$	1,978,942	$	3,168,116
Receivables for federal and state income tax refunds	3,243,271		—
Total receivables	$	5,222,213	$	3,168,116

Prepaid Expenses

9 Months Ended

Mar. 31, 2020

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

Prepaid Expenses



	March 31, 2020		June 30, 2019
Prepaid insurance	$	32,657	$	206,198
Prepaid subscription and licenses	35,552		55,435
Prepaid federal and state income taxes	159,191		121,679
Prepaid investor relations and other	75,975		74,966
Total prepaid expenses	$	303,375	$	458,278

Property and Equipment

9 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment



	March 31, 2020			June 30, 2019
Oil and natural gas properties
Property costs subject to amortization	$	107,143,423		$	95,622,153
Less: Accumulated depreciation, depletion, and amortization	(39,474,737		)	(35,275,687		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	67,668,686		$	60,346,466
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	$	154,732		$	154,731
Less: Accumulated depreciation	(135,283		)	(128,313		)
Other property and equipment, net	$	19,449		$	26,418

During the nine months ended March 31, 2020 and 2019, the Company incurred capital expenditures of $1.3 million and $4.7 million, respectively.

Hamilton Dome Acquisition

On November 1, 2019, and effective as of October 1, 2019, our wholly-owned subsidiary, Evolution Petroleum West, Inc., a Delaware corporation, purchased a 23.51% non-operating working interest and a 19.70% revenue interest in the Hamilton Dome unitized field located in Hot Springs County, Wyoming, from entities owned or controlled by Merit Energy Company ("Merit") of Dallas, Texas. At closing on November 1, 2019, we paid a cash purchase price of $9.5 million subject to customary purchase price adjustments, which were settled in December 2019 upon our receipt of a $0.2 million cash payment made by Merit. Given the effective date of the transaction, the purchase price adjustment consisted of our interest's share of sales proceeds from October sales net of our share of operating expenses. Commencing November 1, 2019, we began recording our share of Hamilton Dome revenues, related expenses and capital costs. In connection with this acquisition, the Company recorded a $0.9 million non-cash addition of asset retirement obligations of wells and related assets.

The unit included 265 producing and water injection wells and associated facilities producing crude oil from proved developed reserves. There were no proved undeveloped reserves, probable nor possible reserves. We accounted for this acquisition transaction as an asset purchase.

Leases

9 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Operating leases are reflected as an operating lease ROU asset included in “Other assets, net”, and as a ROU liability in “Accrued liabilities and other” and “Operating lease liability” on our unaudited consolidated condensed balance sheet. Operating lease ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease ROU asset would also include any lease payments made to the lessor prior to lease commencement less any lease incentives and initial direct costs incurred, if any. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component.

As a non-operator in recent years and having adequate liquidity, the Company has generally not entered into lease transactions. Presently, our only operating lease is for corporate office space in Houston, Texas, effective May 1, 2019 and which expires November 30, 2022. Presently we have one operating lease for office space, no finance leases and no short-term leases.

Certain assumptions and judgments made by the Company when evaluating a contract that meets the definition of a lease under Topic 842 include:

•

Discount Rate - Our lease does not provide an implicit rate. Accordingly, we are required to use our incremental borrowing rate in determining the present value of lease payments based on the information available at commencement date. Our incremental borrowing rate reflects the estimated rate of interest that we would pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At adoption, July 1, 2019,we used our prime-rate-based borrowing rate under our senior secured credit facility as our incremental borrowing as the term facility was based on a similar term and is appropriately risk-adjusted.

•

Lease Term - At inception the Company evaluates the contract containing a lease arrangement to determine the length of the lease term when recognizing a ROU asset and corresponding lease liability. When determining the lease term, an option available to extend or to early terminate the arrangement is evaluated and included when it is reasonably certain an option will be exercised. Because of the Company’s intent to maintain operational flexibility, there is no available option to extend that the Company is reasonably certain it will exercise. We have no expectation to use the early termination option that we are reasonably certain to exercise.

At March 31, 2020, maturities of our operating lease liability are as follows:



Fiscal Year	Operating Lease Liability
Remainder of 2020	$	14,709
2021	59,945
2022	61,843
2023	26,098
Total lease payments	162,595
Less imputed interest	(10,456		)
Total lease liability	$	152,139

Supplemental cash flow, balance sheet and other disclosures information related to our operating leases are as follows:



	As of and For the Nine Months Ended March 31, 2020
Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities	$	4,903
ROU asset added in exchange for lease obligation at adoption	161,125

Balance Sheet:
Operating lease ROU asset (included in other assets)	128,368
Accrued liabilities - current	53,125
Operating lease liability - long-term	99,014

Other:
Weighted average remaining lease term in years	2.91
Weighted average discount rate	5.15		%

Other Assets

9 Months Ended

Mar. 31, 2020

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

Other Assets



	March 31, 2020			June 30, 2019
Royalty rights	$	108,512		$	108,512
Less: Accumulated amortization of royalty rights	(57,647		)	(47,474		)
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	(153,295		)	(141,927		)
Right of use asset under operating lease	161,125			—
Less: Accumulated amortization of right of use asset	(32,757		)	—
Software license	20,662			20,662
Less: Accumulated amortization of software license	(12,627		)	(7,462		)
Other assets, net	$	311,695		$	210,033

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 with the technology. We own 17.5% of the common stock of WLI and account for our investment in this private company at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, if such were to occur. The Company evaluates the investment for impairment when it identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment.

Accrued Liabilities and Other

9 Months Ended

Mar. 31, 2020

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other



	March 31, 2020		June 30, 2019
Accrued incentive and other compensation	$	367,619	$	369,719
Asset retirement obligations due within one year	—		50,244
Operating lease liability, current	53,125		—
Accrued franchise taxes	83,940		5,738
Accrued ad valorem taxes	54,000		100,500
Other accrued liabilities	11,555		11,554
Accrued liabilities and other	$	570,239	$	537,755

Asset Retirement Obligations

9 Months Ended

Mar. 31, 2020

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, 2020 and for the year ended June 30, 2019:



	March 31, 2020				June 30, 2019
Asset retirement obligations — beginning of period	$	1,610,845			$	1,422,955
Liabilities incurred	903,580			(a)	31,268
Liabilities settled	(86,593		)	(b)	—
Liabilities sold	—				—
Accretion of discount	103,852				101,506
Revision of previous estimates	(32,504		)		55,116
Asset retirement obligations — end of period	$	2,499,180			$	1,610,845
Less current portion in accrued liabilities	—				(50,244		)
Long-term portion of asset retirement obligations	$	2,499,180			$	1,560,601

(a) Liabilities incurred in fiscal 2020 were due to our acquisition of our Hamilton Dome interest.

(b) We abandoned one well in the Delhi field and four wells in the Hamilton Dome field.

Stockholders' Equity

9 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As of March 31, 2020, we had 32,956,469 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $9,916,841 and $9,953,562 to our common stockholders during the nine months ended March 31, 2020 and 2019, respectively. The following table reflects the dividends paid within the respective three-month periods:



Common Stock Cash Dividends per Share	2020		2019
First quarter ended September 30,	$	0.10	$	0.10
Second quarter ended December 31,	$	0.10	$	0.10
Third quarter ended March 31,	$	0.10	$	0.10

In May 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Since inception of the program through March 31, 2020, the Company spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share, including 440,666 shares at an average cost of $5.51 during the nine months ended March 31, 2020. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the SEC. 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, 2020 and 2019, 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 canceled. 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,
	2020		2019
Number of treasury shares acquired (1)	449,921		15,489
Average cost per share	$	5.52	$	8.95
Total cost of treasury shares acquired	$	2,483,357	$	138,638

(1) The fiscal 2020 number of shares is net of 49,118 shares forfeited in the period.

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2019, all common stock dividends were treated for tax purposes as qualified dividend income to recipients. Based on our current projections for the fiscal year ending June 30, 2020, 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, 2020 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, 2020

Share-based Payment Arrangement [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") for which there were no shares available for future grants. 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, 2020, 390,489 shares remained available for grant under the 2016 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 has awarded 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.

In July 2019, the new chief executive officer upon his employment, received 48,872 shares of serviced-based restricted common stock which vest in three equal amounts on June 30, 2020, 2021 and 2022, and was also awarded a total of 200,000 market-based restricted stock units consisting of four equal tranches, each of which may vest only if its respective stock price requirement is met before the award term expires. Each tranche has a separate stated price requirement and respective vesting will occur only if, before July 1, 2023, the ninety-day trailing average Company stock share price equals or exceeds its tranche price requirement.

Later during the nine months ended March 31, 2020, we granted 52,119 service-based and 104,236 market-based Restricted Stock awards to our employees as well as 56,395 service-based awards to the Company's directors.

Service-based awards vest with continuous employment by the Company, generally in annual installments over their terms of three to four years. Awards to the Company's directors have one-year cliff 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.

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 third-party independent assessment of the grant date fair value and 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 term of the award. As of March 31, 2020, there were no performance-based awards outstanding.

Many of our past market-based awards could vest if their respective two- or three-year trailing total returns on the Company’s common stock exceed the corresponding total returns of various quartiles of indices consisting of peer companies. Additionally, more recent market-based awards vest when the average of the Company's closing stock price over a defined measurement period meets or exceeds a required stock price. The third-party independent assessment of 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.

For market-based awards granted during the nine months ended March 31, 2020 and 2019, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows:



	Nine Months Ended March 31,
	2020		2019
Weighted average fair value of market-based awards granted	$	3.79	$	8.24
Risk-free interest rate	1.65% to 1.87%		2.69		%
Expected vesting term in years	1.35 to 2.56		2.82
Expected volatility	38.6% to 43.7%		41.8		%
Dividend yield	6% to 7.2%		4.0		%

Unvested Restricted Stock awards at March 31, 2020 consisted of the following:



	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	171,609	$	5.95
Market-based awards	129,710	5.10
Unvested Restricted Stock at March 31, 2020	301,319	$	5.59

The following table sets forth the Restricted Stock transactions for the nine months ended March 31, 2020:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2020		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2019	176,683		$	8.09
Service-based shares granted	157,386		5.73
Market-based shares granted	104,236		4.34
Vested	(87,868	)	7.29
Forfeited	(49,118	)	9.35
Unvested Restricted Stock at March 31, 2020	301,319		$	5.59	$	1,221,702	1.89

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, 2020		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2019	10,156		$	3.42
Market-based awards granted	200,000		3.50
Vested	(10,156	)	3.42
Unvested contingent shares at March 31, 2020	200,000		$	3.50	$	295,235	0.66

Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended March 31, 2020 and 2019 was $358,591 and $208,665, respectively. For the corresponding nine-month periods, stock-based compensation expense was $926,794 and $678,149, respectively.

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2020
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. 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, 2015 through June 30, 2018 for federal tax purposes and for the years ended June 30, 2016 through June 30, 2018 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. For the nine months ended March 31, 2020, we recognized income tax benefit of $1.7 million and had an effective tax rate of (26.3)% compared to income tax expense of $2.8 million and an effective tax rate of 18.6% for the nine months ended March 31, 2019. During the current year we undertook a project to seek potential cash tax savings opportunities identifying available Enhanced Oil Recovery credits (“EOR credits”) related to our interests in the Delhi field. To take advantage of the EOR credits, we amended federal and state tax returns for the years ended June 30, 2017, and 2018, and incorporated the associated impacts into our 2019 tax returns. Principally as a result of EOR credits, the Company recorded a net tax benefit of $2.8 million during the nine months ended March 31, 2020, together with a $3.2 million receivable for income tax refunds at March 31, 2020. 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. For both periods, our respective statutory federal tax rate was 21%.

Earnings per Common Share

9 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

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



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
Numerator
Net earnings per common share	$	3,710,159	$	2,398,875	$	8,267,897	$	12,099,241
Denominator
Weighted average number of common shares — Basic	33,052,162		33,186,665		33,055,861		33,151,786
Effect of dilutive securities:
Contingent restricted stock grants	—		9,532		2,585		11,875
Weighted average number of common shares and potentially dilutive common shares used in diluted earnings per share	33,052,162		33,196,197		33,058,446		33,163,661

Net earnings per common share — Basic	$	0.11	$	0.07	$	0.25	$	0.36
Net earnings per common share — Diluted	$	0.11	$	0.07	$	0.25	$	0.36

Senior Secured Credit Agreement	9 Months Ended
Senior Secured Credit Agreement	Mar. 31, 2020
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. On May 25, 2018, we entered into the third amendment to our credit agreement governing the revolving credit facility to, among other things, extend the maturity date to April 11, 2021. On December 31, 2018, we entered into the fourth amendment to our credit agreement governing the revolving credit facility to broaden the definition for the Use of Proceeds. As of March 31, 2020, the Company's elected commitment and borrowing base were $40 million, we were in compliance with all financial covenants and there were no amounts outstanding under the Facility, which is secured by substantially all of the Delhi field assets. Under the Facility the borrowing base shall be determined semiannually during the term of the Facility. On April 27, 2020, the Company completed its spring redetermination of the Facility resulting in a decrease of the borrowing base to $27 million, which remains undrawn. Borrowings from the Facility may be used for the acquisition and development of oil and gas properties, investments in cash flow generating assets complimentary to the production of oil and gas, and for letters of credit and other general corporate purposes. 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 $50 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, net" and are being amortized to expense. The unamortized balance in debt issuance costs related to the Facility was $15,677 as of March 31, 2020.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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.

Subsequent Events	9 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has continued to monitor the impact of the global outbreak of a novel strain of the coronavirus identified in late 2019 (“COVID-19”) and the partially related downward pressure on oil prices primarily driven by projected limitations on storage availability, forecasted reductions in global demand from various containment efforts and other geopolitical factors. Historically, the Company has funded its operations through cash from operations and working capital with its primary source of cash being the sale of oil and natural gas liquids production. On April 6, 2020, we entered into NYMEX WTI oil swaps covering 1,400 barrels per day (or approximately 42,000 barrels per month) for the period of April 2020 through December 2020, at a fixed swap price of $32.00 per barrel. In the future, the Company may add additional swaps or other derivative positions covering a variable portion of its anticipated future production during subsequent periods. The Company will continue to monitor oil prices in the near term and may look to add to its hedge portfolio should the opportunity present itself. Consistent with prior years, the Company does not plan to designate its new position as a hedge for accounting purposes and will record the contract on its balance sheet at fair value. On May 5, 2020, considering the substantial decline in oil prices, combined with the uncertainty of timing of any price recovery as a result of the global pandemic, the Company adjusted the dividend rate to $0.025 per share quarterly, effective in the quarter ending June 30, 2020. The reduction in the dividend rate will allow the Company to conserve cash for additional financial flexibility while continuing to reward shareholders with a yield.

Organization and Basis of Preparation (Policies)

9 Months Ended

Mar. 31, 2020

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 (the "Company"). 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 may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) income taxes and the valuation of deferred tax assets and (e) 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.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncement - Leases


•	Not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise).


•	Whether an expired or existing pre-adoption date contracts contained leases.


•	Lease classification of any expired or existing leases.


•	Initial direct costs for any expired or existing leases.


•	Not to separate lease components from non-lease components in a contract and accounting for the combination as a lease (reflected by asset class).



Asset (Liability)	Balance June 30, 2019			Adjustment at Adoption July 1, 2019
Operating lease right-of-use asset	$	—		$	161,125
Accrued liabilities and other:
Deferred rent	$	(4,338	)	$	4,338
Operating lease liability	$	—		$	(26,194	)
Operating lease liabilities - long-term	$	—		$	(139,269	)

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of Adoption of New Standard



Asset (Liability)	Balance June 30, 2019			Adjustment at Adoption July 1, 2019
Operating lease right-of-use asset	$	—		$	161,125
Accrued liabilities and other:
Deferred rent	$	(4,338	)	$	4,338
Operating lease liability	$	—		$	(26,194	)
Operating lease liabilities - long-term	$	—		$	(139,269	)

Revenue from Contracts with Customers (Tables)

9 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
Revenues
Crude oil	$	7,461,823	$	9,032,032	$	25,281,564	$	30,945,359
Natural gas liquids	250,476		468,525		963,054		1,910,395
Natural gas	320		471		1,831		471
Total revenues	$	7,712,619	$	9,501,028	$	26,246,449	$	32,856,225

Receivables (Tables)

9 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Schedule of Receivables



	March 31, 2020		June 30, 2019
Receivables from oil and gas sales	$	1,978,942	$	3,168,116
Receivables for federal and state income tax refunds	3,243,271		—
Total receivables	$	5,222,213	$	3,168,116

Prepaid Expenses (Tables)

9 Months Ended

Mar. 31, 2020

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

Schedule of prepaid expenses



	March 31, 2020		June 30, 2019
Prepaid insurance	$	32,657	$	206,198
Prepaid subscription and licenses	35,552		55,435
Prepaid federal and state income taxes	159,191		121,679
Prepaid investor relations and other	75,975		74,966
Total prepaid expenses	$	303,375	$	458,278

Property and Equipment (Tables)

9 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

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



	March 31, 2020			June 30, 2019
Oil and natural gas properties
Property costs subject to amortization	$	107,143,423		$	95,622,153
Less: Accumulated depreciation, depletion, and amortization	(39,474,737		)	(35,275,687		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	67,668,686		$	60,346,466
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	$	154,732		$	154,731
Less: Accumulated depreciation	(135,283		)	(128,313		)
Other property and equipment, net	$	19,449		$	26,418

Leases (Tables)

9 Months Ended

Mar. 31, 2020

Leases [Abstract]

Supplemental cash flow, balance sheet and other information

Supplemental cash flow, balance sheet and other disclosures information related to our operating leases are as follows:



	As of and For the Nine Months Ended March 31, 2020
Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities	$	4,903
ROU asset added in exchange for lease obligation at adoption	161,125

Balance Sheet:
Operating lease ROU asset (included in other assets)	128,368
Accrued liabilities - current	53,125
Operating lease liability - long-term	99,014

Other:
Weighted average remaining lease term in years	2.91
Weighted average discount rate	5.15		%

Schedule of future minimum lease commitments under the operating lease

At March 31, 2020, maturities of our operating lease liability are as follows:



Fiscal Year	Operating Lease Liability
Remainder of 2020	$	14,709
2021	59,945
2022	61,843
2023	26,098
Total lease payments	162,595
Less imputed interest	(10,456		)
Total lease liability	$	152,139

Other Assets (Tables)

9 Months Ended

Mar. 31, 2020

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

Schedule of other assets



	March 31, 2020			June 30, 2019
Royalty rights	$	108,512		$	108,512
Less: Accumulated amortization of royalty rights	(57,647		)	(47,474		)
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	(153,295		)	(141,927		)
Right of use asset under operating lease	161,125			—
Less: Accumulated amortization of right of use asset	(32,757		)	—
Software license	20,662			20,662
Less: Accumulated amortization of software license	(12,627		)	(7,462		)
Other assets, net	$	311,695		$	210,033

Accrued Liabilities and Other (Tables)

9 Months Ended

Mar. 31, 2020

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities



	March 31, 2020		June 30, 2019
Accrued incentive and other compensation	$	367,619	$	369,719
Asset retirement obligations due within one year	—		50,244
Operating lease liability, current	53,125		—
Accrued franchise taxes	83,940		5,738
Accrued ad valorem taxes	54,000		100,500
Other accrued liabilities	11,555		11,554
Accrued liabilities and other	$	570,239	$	537,755

Asset Retirement Obligations (Tables)

9 Months Ended

Mar. 31, 2020

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, 2020 and for the year ended June 30, 2019:



	March 31, 2020				June 30, 2019
Asset retirement obligations — beginning of period	$	1,610,845			$	1,422,955
Liabilities incurred	903,580			(a)	31,268
Liabilities settled	(86,593		)	(b)	—
Liabilities sold	—				—
Accretion of discount	103,852				101,506
Revision of previous estimates	(32,504		)		55,116
Asset retirement obligations — end of period	$	2,499,180			$	1,610,845
Less current portion in accrued liabilities	—				(50,244		)
Long-term portion of asset retirement obligations	$	2,499,180			$	1,560,601

(a) Liabilities incurred in fiscal 2020 were due to our acquisition of our Hamilton Dome interest.

(b) We abandoned one well in the Delhi field and four wells in the Hamilton Dome field.

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2020

Equity [Abstract]

Dividends paid

The following table reflects the dividends paid within the respective three-month periods:



Common Stock Cash Dividends per Share	2020		2019
First quarter ended September 30,	$	0.10	$	0.10
Second quarter ended December 31,	$	0.10	$	0.10
Third quarter ended March 31,	$	0.10	$	0.10

Schedule of share repurchases

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



	Nine Months Ended March 31,
	2020		2019
Number of treasury shares acquired (1)	449,921		15,489
Average cost per share	$	5.52	$	8.95
Total cost of treasury shares acquired	$	2,483,357	$	138,638

(1) The fiscal 2020 number of shares is net of 49,118 shares forfeited in the period.

Stock-Based Incentive Plan (Tables)

9 Months Ended

Mar. 31, 2020

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

Schedule of Market-based Award Valuation Assumptions

For market-based awards granted during the nine months ended March 31, 2020 and 2019, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows:



	Nine Months Ended March 31,
	2020		2019
Weighted average fair value of market-based awards granted	$	3.79	$	8.24
Risk-free interest rate	1.65% to 1.87%		2.69		%
Expected vesting term in years	1.35 to 2.56		2.82
Expected volatility	38.6% to 43.7%		41.8		%
Dividend yield	6% to 7.2%		4.0		%

Schedule of Restricted Stock transactions

Unvested Restricted Stock awards at March 31, 2020 consisted of the following:



	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	171,609	$	5.95
Market-based awards	129,710	5.10
Unvested Restricted Stock at March 31, 2020	301,319	$	5.59

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, 2020:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2020		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2019	176,683		$	8.09
Service-based shares granted	157,386		5.73
Market-based shares granted	104,236		4.34
Vested	(87,868	)	7.29
Forfeited	(49,118	)	9.35
Unvested Restricted Stock at March 31, 2020	301,319		$	5.59	$	1,221,702	1.89

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, 2020		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2019	10,156		$	3.42
Market-based awards granted	200,000		3.50
Vested	(10,156	)	3.42
Unvested contingent shares at March 31, 2020	200,000		$	3.50	$	295,235	0.66

Earnings per Common Share (Tables)

9 Months Ended

Mar. 31, 2020

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 per common share:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
Numerator
Net earnings per common share	$	3,710,159	$	2,398,875	$	8,267,897	$	12,099,241
Denominator
Weighted average number of common shares — Basic	33,052,162		33,186,665		33,055,861		33,151,786
Effect of dilutive securities:
Contingent restricted stock grants	—		9,532		2,585		11,875
Weighted average number of common shares and potentially dilutive common shares used in diluted earnings per share	33,052,162		33,196,197		33,058,446		33,163,661

Net earnings per common share — Basic	$	0.11	$	0.07	$	0.25	$	0.36
Net earnings per common share — Diluted	$	0.11	$	0.07	$	0.25	$	0.36

Schedule of outstanding potentially dilutive securities

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2020 USD ($) contract	Jul. 01, 2019 USD ($)	Jun. 30, 2019 USD ($)
Accounting Policies [Abstract]
Number of finance lease contracts \| contract	0
Number of short-term lease contracts \| contract	0
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 128,368
Accrued liabilities and other:
Deferred rent			$ (4,338)
Operating lease liability	(53,125)
Operating lease liabilities - long-term	$ (99,014)
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		$ 161,125
Accrued liabilities and other:
Deferred rent		4,338
Operating lease liability		(26,194)
Operating lease liabilities - long-term		$ (139,269)

Revenue from Contracts with Customers - Schedule of Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,712,619	$ 9,501,028	$ 26,246,449	$ 32,856,225
Crude oil
Disaggregation of Revenue [Line Items]
Total revenues	7,461,823	9,032,032	25,281,564	30,945,359
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total revenues	250,476	468,525	963,054	1,910,395
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues	$ 320	$ 471	$ 1,831	$ 471

Revenue from Contracts with Customers - Additional Information (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 1,978,942	$ 3,168,116

Enduro Purchase and Sale Agreement and "Stalking Horse" Bid - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	May 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Asset Acquisition [Line Items]
Enduro transaction breakup fee		$ 0	$ 0		$ 0	$ 1,100,000
Affiliate of Enduro Resource Partners LLC
Asset Acquisition [Line Items]
Enduro transaction breakup fee				$ 1,100,000
Purchase price of oil and gas assets	$ 27,500,000
Escrow deposit	$ 2,750,000

Receivables (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Receivables [Abstract]
Receivables from oil and gas sales	$ 1,978,942	$ 3,168,116
Receivables for federal and state income tax refunds	3,243,271	0
Total receivables	$ 5,222,213	$ 3,168,116

Prepaid Expenses (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 32,657	$ 206,198
Prepaid subscription and licenses	35,552	55,435
Prepaid federal and state income taxes	159,191	121,679
Prepaid investor relations and other	75,975	74,966
Total prepaid expenses	$ 303,375	$ 458,278

Property and Equipment - Schedule of oil and natural gas properties and other property and equipment (Details) - USD ($)	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2019
Oil and natural gas properties
Property costs subject to amortization	$ 107,143,423		$ 95,622,153
Less: Accumulated depreciation, depletion, and amortization	(39,474,737)		(35,275,687)
Unproved properties not subject to amortization	0		0
Oil and natural gas properties, net	67,668,686		60,346,466
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	154,732		154,731
Less: Accumulated depreciation	(135,283)		(128,313)
Other property and equipment, net	19,449		$ 26,418
Delhi field
Other property and equipment
Capital expenditures	$ 1,300,000	$ 4,700,000

Property and Equipment - Hamilton Dome Acquisition (Details)		1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 01, 2019 USD ($) well	Dec. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Liabilities incurred			$ 903,580	$ 31,268
Assets			$ 94,218,652	$ 95,761,844
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Non-operating working interest, percent	23.51%
Revenue interest, percent	19.70%
Consideration for working and revenue interest	$ 9,500,000
Purchase price adjustments		$ 200,000
Liabilities incurred	900,000
Assets	$ 900,000
Number of wells \| well	265

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2020 contract
Leases [Abstract]
Number of operating lease contracts	1
Number of finance lease contracts	0
Number of short-term lease contracts	0

Leases - Future Minimum Lease Maturities (Details)	Mar. 31, 2020 USD ($)
Operating Lease Liability Maturity
Remainder of 2020	$ 14,709
2021	59,945
2022	61,843
2023	26,098
Total lease payments	162,595
Less imputed interest	(10,456)
Total lease liability	$ 152,139

Leases - Supplemental Information (Details)	9 Months Ended
Leases - Supplemental Information (Details)	Mar. 31, 2020 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 4,903
ROU asset added in exchange for lease obligation at adoption	161,125
Operating lease ROU asset (included in other assets)	128,368
Accrued liabilities - current	53,125
Operating lease liability	$ 99,014
Weighted average remaining lease term in years	2 years 10 months 28 days
Weighted average discount rate	5.15%

Other Assets (Details) - USD ($)	9 Months Ended
Other Assets (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty rights	$ 108,512	$ 108,512
Less: Accumulated amortization of royalty rights	(57,647)	(47,474)
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	(153,295)	(141,927)
Right of use asset under operating lease	161,125
Less: Accumulated amortization of right of use asset	(32,757)
Software license	20,662	20,662
Less: Accumulated amortization of software license	(12,627)	(7,462)
Other assets, net	$ 311,695	$ 210,033
Well Lift Inc.
Noncontrolling Interest [Line Items]
Royalty percentage	5.00%
Ownership percentage	17.50%

Accrued Liabilities and Other (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 367,619	$ 369,719
Asset retirement obligations due within one year	0	50,244
Operating lease liability, current	53,125
Accrued franchise taxes	83,940	5,738
Accrued ad valorem taxes	54,000	100,500
Other accrued liabilities	11,555	11,554
Accrued liabilities and other	$ 570,239	$ 537,755

Asset Retirement Obligations (Details)		9 Months Ended	12 Months Ended
Asset Retirement Obligations (Details)	Nov. 01, 2019 USD ($)	Mar. 31, 2020 USD ($) well	Jun. 30, 2019 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period		$ 1,610,845	$ 1,422,955
Liabilities incurred		903,580	31,268
Liabilities settled		(86,593)	0
Liabilities sold		0	0
Accretion of discount		103,852	101,506
Revision of previous estimates		(32,504)	55,116
Asset retirement obligations — end of period		2,499,180	1,610,845
Less current portion in accrued liabilities		0	(50,244)
Long-term portion of asset retirement obligations		$ 2,499,180	$ 1,560,601
Delhi field
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Abandoned wells \| well		1
Hamilton Dome Field
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liabilities incurred	$ 900,000
Abandoned wells \| well		4

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details) - USD ($)	9 Months Ended		59 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)	32,956,469		32,956,469
Cash dividends to common stockholders	$ 9,916,841	$ 9,953,562
Shares forfeited (in shares)	49,118
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares repurchased	$ 2,483,357	$ 138,638
Number of treasury shares acquired (in shares)	449,921	15,489
Average cost per share (in dollars per share)	$ 5.52	$ 8.95
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			$ 4,000,000
Treasury stock acquired (in shares)	440,666		706,858
Average cost per share (in dollars per share)	$ 5.51		$ 5.72

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended						9 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.10	$ 0.1	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10

Stock-Based Incentive Plan - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
Stock-Based Incentive Plan - Narrative (Details)	Jul. 31, 2019 tranche shares	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 USD ($)	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 USD ($)	Dec. 08, 2016 shares
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense \| $		$ 358,591	$ 208,665	$ 926,794	$ 678,149
Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				157,386
Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				104,236
2016 Plan
Stock-Based Incentive Plan
Number of shares remaining available for grant under plan (in shares)		390,489		390,489		0
Number of shares of common stock authorized for issuance under plan (in shares)						1,100,000
2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock, Other
Stock-Based Incentive Plan
Vesting period				1 year
2004 Stock Plan \| Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Performance based awards, outstanding (in shares)		0		0
Maximum \| 2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period				4 years
Maximum \| 2004 Stock Plan \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period				4 years
Maximum \| 2004 Stock Plan \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period				3 years
Minimum \| 2004 Stock Plan \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period				3 years
Minimum \| 2004 Stock Plan \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period				2 years
Chief Executive Officer \| 2004 Stock Plan \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)	48,872
Number of vesting tranches \| tranche	3
Chief Executive Officer \| 2004 Stock Plan \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)	200,000
Number of vesting tranches \| tranche	4
Employee \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				52,119
Employee \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				104,236
Director \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				56,395

Stock-Based Incentive Plan - Valuation Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in dollars per share)	$ 3.79	$ 8.24
Risk-free interest rate, minimum	1.65%
Risk-free interest rate, maximum	1.87%
Risk-free interest rate		2.69%
Expected vesting term in years		2 years 9 months 26 days
Expected volatility, minimum	38.60%
Expected volatility, maximum	43.70%
Expected volatility		41.80%
Dividend yield		4.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years	1 year 4 months 6 days
Dividend yield	6.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years	2 years 6 months 22 days
Dividend yield	7.20%

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)	9 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) \| shares	176,683
Vested (in shares) \| shares	(87,868)
Forfeited (in shares) \| shares	(49,118)
Unvested at the end of the period (in shares) \| shares	301,319
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 8.09
Vested (in dollars per share) \| $ / shares	7.29
Forfeited (in dollars per share) \| $ / shares	9.35
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 5.59
Additional disclosures of restricted stock
Unamortized compensation expense \| $	$ 1,221,702
Weighted average remaining amortization period	1 year 10 months 21 days
Restricted Stock, Service-Based
Number of Restricted Shares
Granted (in shares) \| shares	157,386
Unvested at the end of the period (in shares) \| shares	171,609
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 5.73
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 5.95
Restricted Stock, Market-Based
Number of Restricted Shares
Granted (in shares) \| shares	104,236
Unvested at the end of the period (in shares) \| shares	129,710
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 4.34
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 5.10
Contingent Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) \| shares	10,156
Granted (in shares) \| shares	200,000
Vested (in shares) \| shares	(10,156)
Unvested at the end of the period (in shares) \| shares	200,000
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 3.42
Granted (in dollars per share) \| $ / shares	3.50
Vested (in dollars per share) \| $ / shares	3.42
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 3.50
Additional disclosures of restricted stock
Unamortized compensation expense \| $	$ 295,235
Weighted average remaining amortization period	7 months 28 days

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (2,746,226)	$ 591,122	$ (1,719,801)	$ 2,767,169
Income tax expense, effective rates (as a percent)			(26.30%)	18.60%
Net tax benefit			$ 2,800,000
Receivables for federal and state income tax refunds	$ 3,243,271		$ 3,243,271		$ 0
Statutory federal tax rate			21.00%	21.00%

Earnings per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net earnings per common share	$ 3,710,159	$ 2,398,875	$ 8,267,897	$ 12,099,241
Denominator
Weighted average number of common shares — Basic (in shares)	33,052,162	33,186,665	33,055,861	33,151,786
Effect of dilutive securities:
Contingent restricted stock grants (in shares)	0	9,532	2,585	11,875
Weighted average number of common shares and potentially dilutive common shares used in diluted EPS (in shares)	33,052,162	33,196,197	33,058,446	33,163,661
Net earnings per common share - Basic (in dollars per share)	$ 0.11	$ 0.07	$ 0.25	$ 0.36
Net earnings per common share - Diluted (in dollars per share)	$ 0.11	$ 0.07	$ 0.25	$ 0.36

- Definition

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

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+ Details

- Definition

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.

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-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

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=117326831&loc=SL5780133-109256

Reference 9: 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(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

Earnings per Common Share - Schedule of Dilutive Securities (Details) - Contingent Restricted Stock grants - $ / shares	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Outstanding Potential Dilutive Securities
Weighted Average Exercise Price (in dollars per share)	$ 0	$ 0.00
Balance at the end of the period (in shares)	200,000	10,156

Senior Secured Credit Agreement (Details) - Senior Secured Reserve-Based Credit Facility - Line of Credit - Revolving credit facility	Apr. 11, 2016 USD ($)	Apr. 27, 2020 USD ($)	Mar. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Term of revolving credit facility	3 years
Maximum amount available under revolving credit facility	$ 50,000,000
Initial borrowing base			$ 40,000,000
Amount outstanding			0
Placement fee percentage	0.50%
Placement fee percentage	$ 50,000
Commitment fee percentage	0.25%
Maximum total leverage ratio (not more than)	3.00
Debt service coverage ratio (not less than)	1.10
Minimum consolidated tangible net worth	$ 50,000,000
Debt issuance costs	$ 168,972
Unamortized debt issuance costs			$ 15,677
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Prime rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Subsequent Event
Line of Credit Facility [Line Items]
Initial borrowing base		$ 27,000,000

Subsequent Events (Details) - Subsequent Event	May 05, 2020 $ / shares	Apr. 06, 2020 $ / bbl bbl
Subsequent Event [Line Items]
Dividend rate (in dollars per share) \| $ / shares	$ 0.025
Oil Swap
Subsequent Event [Line Items]
Notional amount, barrels per day (in barrels)		1,400
Notional amount, barrels per month (in barrels)		42,000
Swap fixed price (in dollars per barrel) \| $ / bbl		32