0001006655-21-000024 | 10-Q | XBRL Viewer

Depreciation, depletion, and amortization

$ 7,635,748

$ 7,712,619

$ 18,999,276

$ 26,246,449

Operating costs

1,070,967

1,399,481

3,840,023

4,310,284

Impairment of proved property

24,792,079

Impairment of Well Lift Inc. - related assets

146,051

Net loss on derivative contracts

614,645

General and administrative expenses

^[1]

1,831,614

1,465,780

4,956,011

4,240,330

Total operating costs

6,655,143

6,760,805

43,358,657

19,770,852

Income (loss) from operations

980,605

951,814

(24,359,381)

6,475,597

Other

Interest and other income

9,223

41,186

34,866

160,256

Interest expense

(18,686)

(29,067)

(60,340)

(87,757)

Income (loss) before income taxes

971,142

963,933

(24,384,855)

6,548,096

Income tax provision (benefit)

(219,859)

(2,746,226)

(5,730,701)

(1,719,801)

Net income (loss) attributable to common stockholders

$ 1,191,001

$ 3,710,159

$ (18,654,154)

$ 8,267,897

Earnings (loss) per common share

Basic (in dollars per share)

$ 0.04

$ 0.11

$ (0.56)

$ 0.25

Diluted (in dollars per share)

$ 0.04

$ 0.11

$ (0.56)

$ 0.25

Weighted average number of common shares outstanding

Basic (in shares)

33,496,372

33,052,162

33,184,041

33,055,861

Diluted (in shares)

33,496,372

33,052,162

33,184,041

33,058,446

Crude oil

Revenues

$ 7,076,965

$ 7,461,823

$ 17,918,909

$ 25,281,564

Natural gas liquids

Revenues

558,642

250,476

1,079,868

963,054

Natural gas

Revenues

Revenue from Contract with Customer [Abstract]

141

320

499

1,831

Lease operating costs

Operating costs

Lease operating costs

$ 3,606,511

$ 3,895,544

$ 9,009,848

$ 11,220,238

[1]

General and administrative expenses for the three months ended March 31, 2021 and 2020 included non-cash stock-based compensation expenses of $320,236 and $358,591, respectively. For the nine months ended March 31, 2021 and 2020, non-cash stock-based compensation expenses were $938,093 and $926,794, respectively.

Consolidated Condensed Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation expense			$ 938,093	$ 926,794
General and administrative expenses
Stock-based compensation expense	$ 320,236	$ 358,591	$ 938,093	$ 926,794

Consolidated Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss) attributable to common stockholders	$ (18,654,154)	$ 8,267,897
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	3,840,023	4,310,284
Impairment of proved property	24,792,079	0
Impairment of Well Lift Inc. - related assets	146,051	0
Stock-based compensation	938,093	926,794
Settlement of asset retirement obligations	(101,311)	(76,833)
Deferred income taxes	(6,706,888)	268,938
Net loss on derivative contracts	614,645	0
Payments made for derivative settlements	(2,791,176)	0
Other	11,337	35,966
Changes in operating assets and liabilities:
Receivables	(1,450,747)	(2,054,097)
Prepaid expenses and other current assets	2,989	154,903
Accounts payable and accrued expenses	1,347,080	256,112
State and federal income taxes payable	571,361	143,500
Net cash provided by operating activities	2,559,382	12,233,464
Cash flows from investing activities
Acquisition of oil and natural gas properties	0	(9,337,716)
Capital expenditures for oil and natural gas properties	(183,690)	(1,354,849)
Acquisition deposit	(2,325,000)	0
Net cash used in investing activities	(2,508,690)	(10,692,565)
Cash flows from financing activities
Common stock dividends paid	(2,666,334)	(9,916,841)
Common share repurchases, including shares surrendered for tax withholding	(7,348)	(2,483,357)
Net cash used in financing activities	(2,673,682)	(12,400,198)
Net decrease in cash and cash equivalents	(2,622,990)	(10,859,299)
Cash and cash equivalents, beginning of period	19,662,528	31,552,533
Cash and cash equivalents, end of period	17,039,538	20,693,234
Supplemental disclosures of cash flow information:
Income taxes paid	667,618	1,150,000
Income tax refunds received	135,633	0
Non-cash transactions:
(Decrease) increase in accrued purchases of property and equipment	510	(42,371)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	$ 91,430	$ 871,076

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, 2019		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	0	$ 272	(272)
Forfeitures of restricted stock (in shares)		(49,118)
Forfeitures of restricted stock	0	$ (49)	49
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	0	$ (450)	(2,482,907)		2,483,357
Stock-based compensation	926,794		926,794
Net income (loss) attributable to common stockholders	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
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	(732,518)				(732,518)
Retirements of treasury stock (in shares)		(150,519)
Retirements of treasury stock	0	$ (151)	(732,367)		732,518
Stock-based compensation	358,591		358,591
Net income (loss) attributable to common stockholders	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
Ending Balance at Mar. 31, 2020	$ 76,920,351	$ 32,956	40,932,577	35,954,818	0
Beginning Balance (in shares) at Jun. 30, 2020	32,956,469	32,956,469
Beginning Balance at Jun. 30, 2020	$ 74,124,482	$ 32,956	41,291,446	32,800,080	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		553,615
Issuance of restricted common stock	0	$ 554	(554)
Common share repurchases, including shares surrendered for tax withholding	(7,348)				(7,348)
Retirements of treasury stock (in shares)		(2,632)
Retirements of treasury stock	0	$ (3)	(7,345)		7,348
Stock-based compensation	938,093		938,093
Net income (loss) attributable to common stockholders	(18,654,154)			(18,654,154)
Common stock cash dividends	$ (2,666,334)			(2,666,334)
Ending Balance (in shares) at Mar. 31, 2021	33,507,452	33,507,452
Ending Balance at Mar. 31, 2021	$ 53,734,739	$ 33,507	42,221,640	11,479,592	0
Beginning Balance (in shares) at Dec. 31, 2020		33,490,550
Beginning Balance at Dec. 31, 2020	53,228,726	$ 33,490	41,901,421	11,293,815	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		16,902
Issuance of restricted common stock	0	$ 17	(17)
Stock-based compensation	320,236		320,236
Net income (loss) attributable to common stockholders	1,191,001			1,191,001
Common stock cash dividends	$ (1,005,224)			(1,005,224)
Ending Balance (in shares) at Mar. 31, 2021	33,507,452	33,507,452
Ending Balance at Mar. 31, 2021	$ 53,734,739	$ 33,507	$ 42,221,640	$ 11,479,592	$ 0

Consolidated Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.03	$ 0.025	$ 0.025	$ 0.10	$ 0.10	$ 0.10	$ 0.0267	$ 0.10

Organization and Basis of Preparation	9 Months Ended
Organization and Basis of Preparation	Mar. 31, 2021
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 through acquisitions while seeking opportunities to maintain and increase production through selective development, production enhancement, and other exploitation efforts on its properties. Our producing assets consist of our interests in the Delhi Holt-Bryant Unit in the Delhi field in Northeast Louisiana, a CO2 enhanced oil recovery project, our interests in the Hamilton Dome field located in Hot Springs County, Wyoming, a secondary recovery field utilizing water injection wells to pressurize the reservoir, and overriding royalty interests in two onshore Texas wells. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K for the fiscal year ended June 30, 2020, 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 unaudited consolidated condensed financial statements include the accounts of EPM and its wholly owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. The unaudited consolidated condensed 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) 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 unaudited consolidated condensed financial statements are appropriate, actual results could differ from those estimates.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 2020 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 2020 Form 10-K. Recently Adopted Accounting Pronouncement - Income Taxes In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 remove certain exceptions related to the incremental approach for intraperiod tax allocation and the general methodology for calculating income taxes in an interim period and reducing diversity in practice for the recognition of enacted changes in tax law. ASU 2019-12 also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020; however, early adoption is permissible for periods for which financial statements have not yet been issued. Effective October 1, 2020, the Company prospectively adopted this new standard. Adoption of this standard had no impact on our unaudited condensed financial statements nor would it have had if we had adopted the standard on July 1, 2020. 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.

Revenue Recognition

9 Months Ended

Mar. 31, 2021

Revenue Recognition

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,
	2021		2020		2021		2020
Revenues
Crude oil	$	7,076,965	$	7,461,823	$	17,918,909	$	25,281,564
Natural gas liquids	558,642		250,476		1,079,868		963,054
Natural gas	141		320		499		1,831
Total revenues	$	7,635,748	$	7,712,619	$	18,999,276	$	26,246,449

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 lease operating 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 the point in time upon control transferring to a customer at a specified delivery point. Consideration is allocated to completed performance obligations at the end of an accounting period.

Revenue is recorded in the month when contractual performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received 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 from oil and gas sales" line item on the accompanying unaudited consolidated condensed balance sheets until payment is received. The accounts receivable balances from contracts with customers are presented on the line "Receivables from oil and gas sales" on the accompanying unaudited consolidated condensed balance sheets. As of March 31, 2021 and June 30, 2020, accounts receivables from oil and gas sales were $3.5 million and $1.9

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, 2021, related to performance obligations satisfied in prior reporting periods, was immaterial.

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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

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

Prepaid Expenses and Other Current Assets

9 Months Ended

Mar. 31, 2021

Prepaid Expenses and Other Current Assets


	March 31, 2021		June 30, 2020
Prepaid insurance	$	52,727	$	289,999
Prepaid subscription and licenses	93,282		67,005
Prepaid federal and state income taxes	281,713		86,208
Prepaid investor relations and other	60,975		48,474
Total prepaid expenses and other current assets	$	488,697	$	491,686

Property and Equipment

9 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment


	March 31, 2021		June 30, 2020
Oil and natural gas properties:
Property costs subject to amortization	$	107,666,009	$	107,390,379
Less: Accumulated depreciation, depletion, amortization and impairment	(69,359,708)		(40,878,098)
Oil and natural gas properties, net	$	38,306,301	$	66,512,281
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	$	154,731	$	154,731
Less: Accumulated depreciation	(142,522)		(137,092)
Other property and equipment, net	$	12,209	$	17,639

During the nine months ended March 31, 2021 and 2020, the Company incurred capital expenditures of $0.3 million and $1.3 million, respectively.

On May 7, 2021, the Company closed on substantially all of the previously announced acquisition of an approximate 17% working interest and a 14% revenue interest in non-operated oil and gas assets in the Barnett Shale from Tokyo Gas Americas for $18.2 million, net of preliminary purchase price adjustments. Refer to Note 17 - Subsequent Events for more details.

On November 1, 2019, the Company acquired its 23.5% non-operating working interest and a 19.7% revenue interest in the Hamilton Dome unitized field located in Hot Springs County, Wyoming, from the Merit Energy Company. As a result of this cash purchase combined with its subsequent purchase adjustments, the Company recorded a purchase cost of $9.3 million and also recognized $0.9 million in non-cash asset retirement obligations.

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

At March 31, 2021, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended March 31, 2021 of the West Texas Intermediate (WTI) crude oil spot price of $39.95 per barrel, adjusted by market differentials by field. The net price per barrel of NGLs was $8.39, which does not have any single comparable reference index price. The NGL price was based on historical prices received. Using these prices, the Company’s net book value of oil and natural gas properties at March 31, 2021 did not exceed the current ceiling.

At December 31, 2020, the Company recorded a $15.2 million ceiling test impairment charge. The ceiling test impairment was driven by a decrease in the first-day-of-the-month average for crude oil used in the ceiling test calculation, from $43.63 per

barrel at September 30, 2020 to $39.54 per barrel at December 31, 2020. The first-day-of-the-month average oil price as of December 31, 2020 continued to be heavily influenced by the extremely low oil prices realized in March through May of 2020 combined with the roll off of high oil prices during the quarter ended December 31, 2019.

At September 30, 2020, the Company recorded a $9.6 million ceiling test impairment charge. The ceiling test impairment was driven by a decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation, from $47.37 per barrel at June 30, 2020 to $43.63 per barrel at September 30, 2020 together with adverse changes in differentials received in the Delhi field. The first-day-of-the-month average oil price as of September 30, 2020 was heavily influenced by the extremely low oil prices realized in March through May of 2020 combined with the roll off of high oil prices during the quarter ended September 30, 2019.

Other Assets

9 Months Ended

Mar. 31, 2021

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

Other Assets


	March 31, 2021		June 30, 2020
Acquisition deposit	$	2,325,000	$	—
Royalty rights	—		108,512
Less: Accumulated amortization of royalty rights	—		(61,037)
Investment in Well Lift Inc., at cost	—		108,750
Deferred loan costs	168,972		168,972
Less: Accumulated amortization of deferred loan costs	(168,972)		(157,084)
Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(78,470)		(43,932)
Software license	20,662		20,662
Less: Accumulated amortization of software license	(19,516)		(14,350)
Other assets, net	$	2,408,801	$	291,618

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 and 100% of the preferred 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. At March 31, 2021, we reviewed our investment and technology rights in WLI for potential impairment and, as a result, recorded an impairment expense of $0.1 million. This impairment charge was recorded based on a variety of factors including the lack of current revenue generated and the outlook for future activity associated with this technology primarily due to a reduction in drilling activities across the industry.On May 7, 2021, the Company closed on substantially all of the previously announced acquisition of an approximate 17% working interest and a 14% revenue interest in non-operated oil and gas assets in the Barnett Shale from Tokyo Gas Americas for $18.2 million, net of preliminary purchase price adjustments. Refer to Note 17 - Subsequent Events for more details. In conjunction with the signing of the agreement, the Company made a $2.3 million deposit which was credited against the purchase price at closing.

Accrued Liabilities and Other

9 Months Ended

Mar. 31, 2021

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other


	March 31, 2021		June 30, 2020
Accrued incentive and other compensation	$	369,448	$	176,636
Accrued retirement costs	131,965		—
Accrued franchise taxes	92,383		100,978
Accrued ad valorem taxes	54,000		108,000
Payable for settled derivatives	—		265,188
Operating lease liability, current	62,942		54,290
Asset retirement obligations due within one year	44,520		—
Accrued - other	11,556		11,556
Accrued liabilities and other	$	766,814	$	716,648

Asset Retirement Obligations

9 Months Ended

Mar. 31, 2021

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. During the nine months ended March 31, 2021, the Delhi field operator abandoned two wells. Presently, we expect the Hamilton Dome operator to plug three wells during the next twelve months. The following is a reconciliation of the beginning and ending asset retirement obligations for the nine months ended March 31, 2021 and for the year ended June 30, 2020:


	March 31, 2021			June 30, 2020
Asset retirement obligations — beginning of period	$	2,588,894		$	1,610,845
Liabilities incurred	—			944,278		(c)
Liabilities settled	(99,231)		(a)	(86,592)		(d)

Accretion of discount	132,809			146,504
Revision of previous estimates	91,430		(b)	(26,141)
Asset retirement obligations — end of period	$	2,713,902		$	2,588,894
Less: current asset retirement obligations	44,520			—
Long-term portion of asset retirement obligations	$	2,669,382		$	2,588,894

(a) Abandonment of two non-scheduled Delhi field wells.

(b) Upward revisions for two difficult-to-plug Delhi field wells.

(d) The respective operators abandoned one well in the Delhi field and four wells in the Hamilton Dome field.

Stockholders' Equity

9 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As of March 31, 2021, we had 33,507,452 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $2,666,334 and $9,916,841 to our common stockholders during the nine months ended March 31, 2021 and 2020, respectively. The following table reflects the dividends paid within the respective three-month periods:


Common Stock Cash Dividends per Share	2021		2020
First quarter ended September 30,	$	0.025	$	0.10
Second quarter ended December 31,	$	0.025	$	0.10
Third quarter ended March 31,	$	0.03	$	0.10

In May 2015, the Board of Directors approved a share repurchase program covering up to $5.0 million of the Company's common stock. Since inception of the program through March 31, 2021, the Company spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. There were no shares purchased under this program during the nine months ended March 31, 2021. 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, 2021 and 2020, 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,
	2021		2020
Number of treasury shares acquired	2,632		449,921
Average cost per share	$	2.79	$	5.52
Total cost of treasury shares acquired	$	7,348	$	2,483,357

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2020, 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, 2021, we expect all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on our reasonable expectations as of March 31, 2021 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, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Incentive Plan

The Evolution Petroleum Corporation 2016 Equity Incentive Plan ("2016 Plan"), approved in the December 2016 annual meeting, authorized the issuance of 1,100,000 shares of common stock prior to its expiration on December 8, 2026. Incentives under the 2016 Plan may be granted to employees, directors, and consultants of the Company in any one or a combination of the following forms: incentive stock options and non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards, performance share awards, performance cash awards, and other forms of incentives valued in whole or in part by reference to, or otherwise based on, our common stock, including its appreciation in value. On December 9, 2020, an amendment to the 2016 Plan was approved by our stockholders which increased the number of shares available for issuance by 2,500,000 shares. As of March 31, 2021, 2,213,794 shares remained available for grant under the 2016 Plan.

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.

During the nine months ended March 31, 2021, the Company granted 307,455 service-based restricted stock awards primarily to employees under its long term incentive program together with annual awards to its directors. In addition, under this program, the Company granted 246,160 market-based restricted stock awards and 123,080 market-based restricted share units to its employees. In addition to the foregoing, in connection with the retirement of the Company's former Chief Financial Officer, vesting was accelerated as to 50,524 aggregate shares of service- and market-based equity awards (with a weighted average fair value of $5.15 per share) which, for accounting purposes, was treated as a cancellation and replacement of the same number of awards which had a fair value of $2.79 per share.

During the nine months ended March 31, 2020, the Chief Executive Officer upon his employment received 48,872 shares of serviced-based restricted common stock, which vests in three equal amounts on June 30, 2020, 2021 and 2022; he was also awarded a total of 200,000 market-based Contingent 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. The Company also 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 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, 2021, 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, 2021 and 2020, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows:


	March 31,	March 31,
	2021	2020
Weighted average fair value of market-based awards granted	$3.08	$3.79
Risk-free interest rate	0.23%	1.65% to 1.87%
Expected vesting term in years	2.56	1.35 to 2.56
Expected volatility	56.9%	38.6% to 43.7%
Dividend yield	3.2%	6% to 7.2%

Unvested Restricted Stock awards at March 31, 2021 consisted of the following:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	365,552	$	3.50

Market-based awards	320,533	3.38
Unvested Restricted Stock at March 31, 2021	686,085	$	3.44

The following table sets forth the Restricted Stock transactions for the nine months ended March 31, 2021:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2020	285,028	$	5.53
Service-based shares granted	357,979	2.96

Market-based shares granted	246,160	3.07
Vested	(152,558)	5.04
Forfeited	(50,524)	5.15
Unvested Restricted Stock at March 31, 2021	686,085	$	3.44	$	1,801,863	2.02

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, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2020	200,000	$	3.50
Market-based awards granted	123,080	1.76





Unvested contingent shares at March 31, 2021	323,080	$	2.85	$	190,385	2.25

Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended March 31, 2021 and 2020 was $320,236 and $358,591, respectively. For the nine months ended March 31, 2021 and 2020, non-cash stock-based compensation expenses were $938,093 and $926,794, respectively.

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2021
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 no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during any periods presented in these unaudited consolidated condensed financial statements. We believe that we have appropriate support for the income tax positions taken and to be taken on the Company's tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2016 through June 30, 2019 for federal tax purposes and for the fiscal years ended June 30, 2015 through June 30, 2019 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. At March 31, 2021, the Company had a $3.1 million receivable for remaining income tax refunds related to amended federal and state tax returns for the years ended June 30, 2017 and 2018 filed in late fiscal 2020 for Enhanced Oil Recovery credits related to our Delhi field interests. For the nine months ended March 31, 2021, we recognized income tax benefit of $5.7 million, which is net of $0.8 million of valuation allowances recorded on deferred tax assets related to federal and state net operating losses, and had an effective tax rate of 23.5% compared to income tax benefit of $1.7 million and an effective tax rate of 26.3% for the nine months ended 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 (Loss) per Common Share

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

+ References + Details

Earnings (Loss) per Common Share

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Numerator
Net income (loss) attributable to common stockholders	$	1,191,001	$	3,710,159	$	(18,654,154)	$	8,267,897
Denominator
Weighted average number of common shares — Basic	33,496,372		33,052,162		33,184,041		33,055,861
Effect of dilutive securities:
Contingent restricted stock grants	—		—		—		2,585
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	33,496,372		33,052,162		33,184,041		33,058,446

Net earnings (loss) per common share — Basic	$	0.04	$	0.11	$	(0.56)	$	0.25
Net earnings (loss) per common share — Diluted	$	0.04	$	0.11	$	(0.56)	$	0.25


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at March 31, 2021
Contingent Restricted Stock grants	$	—	323,080


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at March 31, 2020
Contingent Restricted Stock grants	$	—	200,000

Senior Secured Credit Agreement	9 Months Ended
Senior Secured Credit Agreement	Mar. 31, 2021
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 (the "Facility") in an amount up to $50 million. On May 25, 2018, we entered into the third amendment to our credit agreement governing the 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 Facility to broaden the definition for the Use of Proceeds. Under the Facility the borrowing base is redetermined semiannually. On November 2, 2020, the Company completed its Fall redetermination of the Facility, resulting in a borrowing base of $23 million, and entered into the fifth amendment to the Facility extending the maturity to April 9, 2024. On January 5, 2021 and effective as of December 28, 2020, we entered into the sixth amendment of our Facility which replaced the Debt Service Coverage Ratio (as defined therein) maintenance covenant with a new covenant requiring Current Ratio (as defined therein) of not less than 1.00 to 1.00. On March 30, 2021, the Company completed its spring redetermination of the Facility, resulting in a borrowing base increase to $30 million. We were in compliance with all financial covenants and there were no amounts outstanding under the Facility at March 31, 2021, which is secured by substantially all of the Company's Delhi and Hamilton Dome field assets. 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%, subject to a minimum LIBOR of 0.25%, 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 current ratio of not less than 1.00 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 the Facility, the Company incurred $168,972 of past debt issuance costs. Such costs were capitalized in "Other assets, net" and have been completely amortized to expense as of March 31, 2021.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2021
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 material loss through impairment of an asset or the incurrence of a liability. We accrue a material loss if we believe it is probable that a future event or events will confirm a loss, 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 and material in amount. We expense legal defense costs as they are incurred.

Derivatives

9 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

It is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial or commodity hedging institutions deemed by management as competent and competitive market makers. As of March 31, 2021, the Company did not have any remaining open derivative contracts.

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


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Realized loss	$	—	$	—	$	2,525,988	$	—
Unrealized gain	—		—		(1,911,343)		—
Net loss on derivative contracts	$	—	$	—	$	614,645	$	—

The Company’s derivative contract is recorded at fair market value and is included in the unaudited consolidated condensed balance sheets as an asset or a liability. The Company did not have any open positions as of March 31, 2021 or 2020.

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

Fair Value Measurement	9 Months Ended
Fair Value Measurement	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2—Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Derivative Instruments. The Company’s determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company’s consolidated balance sheets, but also the impact of the Company’s nonperformance risk on its own liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 – Fair Value Measurement ("ASC 820") establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable (Level 1), market corroborated (Level 2), or generally unobservable (Level 3). The Company classifies fair value balances based on the observability of those inputs. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment; this may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for any period presented in this report. The Company did not have any open positions at March 31, 2021 or 2020. Other Fair Value Measurements. The initial measurement and any subsequent revision of asset retirement obligations at fair value are calculated using discounted future cash flows of internally estimated costs. Significant Level 3 inputs used in the calculation of asset retirement obligations include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values.

Revenue from Contract with Customer [Abstract]

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

+ References + Details

Subsequent Events	9 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 7, 2021, the Company closed on substantially all of the acquisition of an approximate 17% working interest and a 14% revenue interest in non-operated oil and gas assets in the Barnett Shale from Tokyo Gas Americas for $18.2 million, net of preliminary purchase price adjustments. A portion of the assets were excluded from the transaction due to potential title defects associated with such assets that may be cured at a future date. The Company is not under obligation to purchase these excluded assets, but upon resolution of the potential title defects may decide to purchase those interests at a mutually agreed upon price. The closing of the acquisition was funded with cash on hand and borrowings under the credit facility that are expected to be repaid quickly with excess cash flow.On May 6, 2021, the Company declared a quarterly cash dividend of $0.05 per share of common stock to shareholders of record on June 16, 2021 and payable on June 30, 2021.

Organization and Basis of Preparation (Policies)	9 Months Ended
Organization and Basis of Preparation (Policies)	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Our unaudited consolidated condensed financial statements include the accounts of EPM and its wholly owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. The unaudited consolidated condensed 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) 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 unaudited consolidated condensed financial statements are appropriate, actual results could differ from those estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncement - Income Taxes In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 remove certain exceptions related to the incremental approach for intraperiod tax allocation and the general methodology for calculating income taxes in an interim period and reducing diversity in practice for the recognition of enacted changes in tax law. ASU 2019-12 also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020; however, early adoption is permissible for periods for which financial statements have not yet been issued. Effective October 1, 2020, the Company prospectively adopted this new standard. Adoption of this standard had no impact on our unaudited condensed financial statements nor would it have had if we had adopted the standard on July 1, 2020. 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.

Revenue Recognition (Tables)

9 Months Ended

Mar. 31, 2021

Disaggregation of Revenue


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Revenues
Crude oil	$	7,076,965	$	7,461,823	$	17,918,909	$	25,281,564
Natural gas liquids	558,642		250,476		1,079,868		963,054
Natural gas	141		320		499		1,831
Total revenues	$	7,635,748	$	7,712,619	$	18,999,276	$	26,246,449

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Mar. 31, 2021

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

Schedule of prepaid expenses


	March 31, 2021		June 30, 2020
Prepaid insurance	$	52,727	$	289,999
Prepaid subscription and licenses	93,282		67,005
Prepaid federal and state income taxes	281,713		86,208
Prepaid investor relations and other	60,975		48,474
Total prepaid expenses and other current assets	$	488,697	$	491,686

Property and Equipment (Tables)

9 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

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


	March 31, 2021		June 30, 2020
Oil and natural gas properties:
Property costs subject to amortization	$	107,666,009	$	107,390,379
Less: Accumulated depreciation, depletion, amortization and impairment	(69,359,708)		(40,878,098)
Oil and natural gas properties, net	$	38,306,301	$	66,512,281
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	$	154,731	$	154,731
Less: Accumulated depreciation	(142,522)		(137,092)
Other property and equipment, net	$	12,209	$	17,639

Other Assets (Tables)

9 Months Ended

Mar. 31, 2021

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

Schedule of other assets


	March 31, 2021		June 30, 2020
Acquisition deposit	$	2,325,000	$	—
Royalty rights	—		108,512
Less: Accumulated amortization of royalty rights	—		(61,037)
Investment in Well Lift Inc., at cost	—		108,750
Deferred loan costs	168,972		168,972
Less: Accumulated amortization of deferred loan costs	(168,972)		(157,084)
Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(78,470)		(43,932)
Software license	20,662		20,662
Less: Accumulated amortization of software license	(19,516)		(14,350)
Other assets, net	$	2,408,801	$	291,618

Accrued Liabilities and Other (Tables)

9 Months Ended

Mar. 31, 2021

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities


	March 31, 2021		June 30, 2020
Accrued incentive and other compensation	$	369,448	$	176,636
Accrued retirement costs	131,965		—
Accrued franchise taxes	92,383		100,978
Accrued ad valorem taxes	54,000		108,000
Payable for settled derivatives	—		265,188
Operating lease liability, current	62,942		54,290
Asset retirement obligations due within one year	44,520		—
Accrued - other	11,556		11,556
Accrued liabilities and other	$	766,814	$	716,648

Asset Retirement Obligations (Tables)

9 Months Ended

Mar. 31, 2021

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, 2021 and for the year ended June 30, 2020:


	March 31, 2021			June 30, 2020
Asset retirement obligations — beginning of period	$	2,588,894		$	1,610,845
Liabilities incurred	—			944,278		(c)
Liabilities settled	(99,231)		(a)	(86,592)		(d)

Accretion of discount	132,809			146,504
Revision of previous estimates	91,430		(b)	(26,141)
Asset retirement obligations — end of period	$	2,713,902		$	2,588,894
Less: current asset retirement obligations	44,520			—
Long-term portion of asset retirement obligations	$	2,669,382		$	2,588,894

(a) Abandonment of two non-scheduled Delhi field wells.

(b) Upward revisions for two difficult-to-plug Delhi field wells.

(d) The respective operators abandoned one well in the Delhi field and four wells in the Hamilton Dome field.

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2021

Equity [Abstract]

Dividends paid

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


Common Stock Cash Dividends per Share	2021		2020
First quarter ended September 30,	$	0.025	$	0.10
Second quarter ended December 31,	$	0.025	$	0.10
Third quarter ended March 31,	$	0.03	$	0.10

Schedule of share repurchases

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


	Nine Months Ended March 31,
	2021		2020
Number of treasury shares acquired	2,632		449,921
Average cost per share	$	2.79	$	5.52
Total cost of treasury shares acquired	$	7,348	$	2,483,357

Stock-Based Incentive Plan (Tables)

9 Months Ended

Mar. 31, 2021

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, 2021 and 2020, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows:


	March 31,	March 31,
	2021	2020
Weighted average fair value of market-based awards granted	$3.08	$3.79
Risk-free interest rate	0.23%	1.65% to 1.87%
Expected vesting term in years	2.56	1.35 to 2.56
Expected volatility	56.9%	38.6% to 43.7%
Dividend yield	3.2%	6% to 7.2%

Schedule of Restricted Stock transactions

Unvested Restricted Stock awards at March 31, 2021 consisted of the following:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	365,552	$	3.50

Market-based awards	320,533	3.38
Unvested Restricted Stock at March 31, 2021	686,085	$	3.44

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, 2021:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at March 31, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2020	285,028	$	5.53
Service-based shares granted	357,979	2.96

Market-based shares granted	246,160	3.07
Vested	(152,558)	5.04
Forfeited	(50,524)	5.15
Unvested Restricted Stock at March 31, 2021	686,085	$	3.44	$	1,801,863	2.02

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, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2020	200,000	$	3.50
Market-based awards granted	123,080	1.76





Unvested contingent shares at March 31, 2021	323,080	$	2.85	$	190,385	2.25

Earnings (Loss) per Common Share (Tables)

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted income per share

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Numerator
Net income (loss) attributable to common stockholders	$	1,191,001	$	3,710,159	$	(18,654,154)	$	8,267,897
Denominator
Weighted average number of common shares — Basic	33,496,372		33,052,162		33,184,041		33,055,861
Effect of dilutive securities:
Contingent restricted stock grants	—		—		—		2,585
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	33,496,372		33,052,162		33,184,041		33,058,446

Net earnings (loss) per common share — Basic	$	0.04	$	0.11	$	(0.56)	$	0.25
Net earnings (loss) per common share — Diluted	$	0.04	$	0.11	$	(0.56)	$	0.25

Schedule of outstanding potentially dilutive securities


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at March 31, 2021
Contingent Restricted Stock grants	$	—	323,080


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at March 31, 2020
Contingent Restricted Stock grants	$	—	200,000

Derivatives (Tables)

9 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Realized loss	$	—	$	—	$	2,525,988	$	—
Unrealized gain	—		—		(1,911,343)		—
Net loss on derivative contracts	$	—	$	—	$	614,645	$	—

Revenue Recognition - Schedule of Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,635,748	$ 7,712,619	$ 18,999,276	$ 26,246,449
Crude oil
Disaggregation of Revenue [Line Items]
Total revenues	7,076,965	7,461,823	17,918,909	25,281,564
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total revenues	558,642	250,476	1,079,868	963,054
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues	$ 141	$ 320	$ 499	$ 1,831

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

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Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 3.5	$ 1.9

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 52,727	$ 289,999
Prepaid subscription and licenses	93,282	67,005
Prepaid federal and state income taxes	281,713	86,208
Prepaid investor relations and other	60,975	48,474
Total prepaid expenses and other current assets	$ 488,697	$ 491,686

Property and Equipment - Schedule of oil and natural gas properties and other property and equipment (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Oil and natural gas properties:
Property costs subject to amortization	$ 107,666,009	$ 107,390,379
Less: Accumulated depreciation, depletion, amortization and impairment	(69,359,708)	(40,878,098)
Oil and natural gas properties, net	38,306,301	66,512,281
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	154,731	154,731
Less: Accumulated depreciation	(142,522)	(137,092)
Other property and equipment, net	$ 12,209	$ 17,639

Property and Equipment - Narrative (Details)					3 Months Ended		9 Months Ended		12 Months Ended
Property and Equipment - Narrative (Details)	May 07, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Nov. 01, 2019 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) $ / bbl	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Capital expenditures							$ 300,000	$ 1,300,000
Liabilities incurred							0		$ 944,278
Impairment of proved property		$ 15,200,000	$ 9,600,000		$ 0	$ 0	$ 24,792,079	$ 0
Subsequent Event \| Barnett Shale
Property, Plant and Equipment [Line Items]
Non-operating working interest, percent	17.00%
Revenue interest, percent	14.00%
Consideration for working and revenue interest	$ 18,200,000
Natural Gas and Natural Gas Liquids
Property, Plant and Equipment [Line Items]
Net price per barrel (in dollars per barrel) \| $ / bbl							8.39
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Non-operating working interest, percent				23.50%
Revenue interest, percent				19.70%
Consideration for working and revenue interest				$ 9,300,000
Liabilities incurred				$ 900,000

Other Assets - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquisition deposit	$ 2,325,000	$ 0
Royalty rights	0	108,512
Less: Accumulated amortization of royalty rights	0	(61,037)
Investment in Well Lift Inc., at cost	0	108,750
Deferred loan costs	168,972	168,972
Less: Accumulated amortization of deferred loan costs	(168,972)	(157,084)
Right of use asset under operating lease	161,125	161,125
Less: Accumulated amortization of right of use asset	(78,470)	(43,932)
Software license	20,662	20,662
Less: Accumulated amortization of software license	(19,516)	(14,350)
Other assets, net	$ 2,408,801	$ 291,618

Other Assets - Narrative (Details) - USD ($)			9 Months Ended
Other Assets - Narrative (Details) - USD ($)	May 07, 2021	Mar. 31, 2021	Mar. 31, 2021	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Acquisition deposit		$ 2,325,000	$ 2,325,000	$ 0
Subsequent Event \| Barnett Shale
Noncontrolling Interest [Line Items]
Non-operating working interest, percent	17.00%
Revenue interest, percent	14.00%
Purchase price of oil and gas assets	$ 18,200,000
Acquisition deposit	$ 2,300,000
Well Lift Inc.
Noncontrolling Interest [Line Items]
Royalty percentage			5.00%
Ownership percentage		17.50%	17.50%
Impairment expense		$ 100,000

Accrued Liabilities and Other (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 369,448	$ 176,636
Accrued retirement costs	131,965	0
Accrued franchise taxes	92,383	100,978
Accrued ad valorem taxes	54,000	108,000
Payable for settled derivatives	0	265,188
Operating lease liability, current	62,942	54,290
Asset retirement obligations due within one year	44,520	0
Accrued - other	11,556	11,556
Accrued liabilities and other	$ 766,814	$ 716,648

Asset Retirement Obligations (Details)		9 Months Ended	12 Months Ended
Asset Retirement Obligations (Details)	Nov. 01, 2019 USD ($)	Mar. 31, 2021 USD ($) well	Jun. 30, 2020 USD ($) well
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period		$ 2,588,894	$ 1,610,845
Liabilities incurred		0	944,278
Liabilities settled		(99,231)	(86,592)
Accretion of discount		132,809	146,504
Revision of previous estimates		91,430	(26,141)
Asset retirement obligations — end of period		2,713,902	2,588,894
Less: current asset retirement obligations		44,520	0
Long-term portion of asset retirement obligations		$ 2,669,382	$ 2,588,894
Delhi field
Property, Plant and Equipment [Line Items]
Abandoned wells \| well		2	1
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Abandoned wells \| well			4
Abandoned wells in next twelve months \| well		3
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liabilities incurred	$ 900,000

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details) - USD ($)	9 Months Ended		71 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)	33,507,452		33,507,452
Cash dividends to common stockholders	$ 2,666,334	$ 9,916,841
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares repurchased	$ 7,348	$ 2,483,357
Number of treasury shares acquired (in shares)	2,632	449,921
Average cost per share (in dollars per share)	$ 2.79	$ 5.52
Common Stock \| 2015 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount to be repurchased				$ 5,000,000.0
Value of shares repurchased			$ 4,000,000.0
Treasury stock acquired (in shares)	0		706,858
Average cost per share (in dollars per share)			$ 5.72

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended						9 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.03	$ 0.025	$ 0.025	$ 0.10	$ 0.10	$ 0.10	$ 0.0267	$ 0.10

Stock-Based Incentive Plan - Narrative (Details)		3 Months Ended		9 Months Ended
Stock-Based Incentive Plan - Narrative (Details)	Dec. 09, 2020 shares	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) tranche	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) tranche	Jun. 30, 2020 $ / shares	Dec. 31, 2016 shares
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense \| $		$ 320,236	$ 358,591	$ 938,093	$ 926,794
Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				357,979
Weighted average fair value (in dollars per share) \| $ / shares		$ 3.50		$ 3.50
Restricted Stock, Service-Based \| Employee
Stock-Based Incentive Plan
Granted (in shares)				52,119
Restricted Stock, Service-Based \| Director
Stock-Based Incentive Plan
Granted (in shares)				56,395
Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				246,160
Weighted average fair value (in dollars per share) \| $ / shares		3.38		$ 3.38
Restricted Stock, Market-Based \| Employee
Stock-Based Incentive Plan
Granted (in shares)				104,236
Contingent Restricted Stock grants
Stock-Based Incentive Plan
Granted (in shares)				123,080
Weighted average fair value (in dollars per share) \| $ / shares		$ 2.85		$ 2.85		$ 3.50
Restricted Stock and Contingent Restricted Stock, Other
Stock-Based Incentive Plan
Vesting period				1 year
Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Share awards, outstanding (in shares)		0		0
2016 Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan (in shares)							1,100,000
Number of additional shares authorized (in shares)	2,500,000
Number of shares remaining available for grant under plan (in shares)		2,213,794		2,213,794
Minimum \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period				3 years
Minimum \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period				2 years
Maximum \| Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period				4 years
Maximum \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period				4 years
Maximum \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period				3 years
Employee \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				307,455
Employee \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				246,160
Employee \| Contingent Restricted Stock grants
Stock-Based Incentive Plan
Granted (in shares)				123,080
Chief Executive Officer \| Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				48,872
Weighted average fair value (in dollars per share) \| $ / shares		$ 2.79		$ 2.79
Number of vesting tranches \| tranche			3		3
Chief Executive Officer \| Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				200,000
Number of vesting tranches \| tranche			4		4
Chief Executive Officer \| Restricted Stock, Service And Market Based
Stock-Based Incentive Plan
Share awards, outstanding (in shares)		50,524		50,524
Weighted average fair value (in dollars per share) \| $ / shares		$ 5.15		$ 5.15

Stock-Based Incentive Plan - Valuation Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in dollars per share)	$ 3.08	$ 3.79
Risk-free interest rate	0.23%
Risk-free interest rate, minimum		1.65%
Risk-free interest rate, maximum		1.87%
Expected vesting term in years	2 years 6 months 21 days
Expected volatility	56.90%
Expected volatility, minimum		38.60%
Expected volatility, maximum		43.70%
Dividend yield	3.20%
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 21 days
Dividend yield		7.20%

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)	9 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) \| shares	285,028
Vested (in shares) \| shares	(152,558)
Forfeited (in shares) \| shares	(50,524)
Unvested at the end of the period (in shares) \| shares	686,085
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 5.53
Vested (in dollars per share) \| $ / shares	5.04
Forfeited (in dollars per share) \| $ / shares	5.15
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 3.44
Additional disclosures of restricted stock
Unamortized compensation expense \| $	$ 1,801,863
Weighted average remaining amortization period	2 years 7 days
Restricted Stock, Service-Based
Number of Restricted Shares
Granted (in shares) \| shares	357,979
Unvested at the end of the period (in shares) \| shares	365,552
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 2.96
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 3.50
Restricted Stock, Market-Based
Number of Restricted Shares
Granted (in shares) \| shares	246,160
Unvested at the end of the period (in shares) \| shares	320,533
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 3.07
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 3.38
Contingent Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) \| shares	200,000
Granted (in shares) \| shares	123,080
Unvested at the end of the period (in shares) \| shares	323,080
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 3.50
Granted (in dollars per share) \| $ / shares	1.76
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 2.85
Additional disclosures of restricted stock
Unamortized compensation expense \| $	$ 190,385
Weighted average remaining amortization period	2 years 3 months

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Receivables of federal and state income taxes	$ 3,107,638		$ 3,107,638		$ 3,243,271
Income tax provision (benefit)	(219,859)	$ (2,746,226)	(5,730,701)	$ (1,719,801)
Deferred tax assets, valuation allowance	$ 800,000		$ 800,000
Income tax expense, effective rates (as a percent)			23.50%	(26.30%)
Statutory federal tax rate			21.00%	21.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings (Loss) per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
Earnings (Loss) per Common Share (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net income (loss) attributable to common stockholders	$ 1,191,001	$ 3,710,159	$ (18,654,154)	$ 8,267,897
Denominator
Weighted average number of common shares — Basic (in shares)	33,496,372	33,052,162	33,184,041	33,055,861
Effect of dilutive securities:
Contingent restricted stock grants (in shares)	0	0	0	2,585
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,496,372	33,052,162	33,184,041	33,058,446
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.04	$ 0.11	$ (0.56)	$ 0.25
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.04	$ 0.11	$ (0.56)	$ 0.25

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

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