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.