Supplemental Disclosures about Oil and Natural Gas Producing Properties (unaudited) (Tables)

12 Months Ended

Jun. 30, 2020

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of costs incurred and capitalized in oil and natural gas property acquisition, exploration and development activities

The following table summarizes costs incurred and capitalized in oil and natural gas property acquisition, exploration and development activities. Property acquisition costs are those costs incurred to lease property, including both undeveloped leasehold, and the purchase of reserves in place. Exploration costs include costs of identifying areas that may warrant examination, examining specific areas that are considered to have prospects containing oil and natural gas reserves, costs of drilling exploratory wells, geological and geophysical assessment costs, and carrying costs on undeveloped properties. Development costs are incurred to obtain access to proved reserves, including the cost of drilling. Exploration and development costs also include amounts incurred due to the recognition of asset retirement obligations of $918,137 and $86,384 during the years ended June 30, 2020 and 2019, respectively.

	For the Years Ended June 30,
	2020		2019
Oil and Natural Gas Activities
Property acquisition costs:
Proved property	$	9,337,716	$	—
Unproved property	—		—
Exploration costs	—		—
Development costs	2,430,510		5,229,235
Total costs incurred for oil and natural gas activities	$	11,768,226	$	5,229,235

Schedule of estimated quantities of proved oil and natural gas reserves and changes in quantities of proved developed and undeveloped reserves

Estimated quantities of proved crude oil, natural gas liquids , and natural gas reserves and changes in quantities of proved developed and undeveloped reserves for each of the periods indicated are as follows:

	Crude Oil (Bbls)		Natural Gas Liquids (Bbls)		Natural Gas (Mcf)	BOE
Proved developed and undeveloped reserves:
June 30, 2018	8,090,190		1,277,772		—	9,367,962
Revisions of previous estimates (a)	152,420		199,078		—	351,498
Improved recovery, extensions and discoveries	—		—		—	—
Sales of minerals in place	—		—		—	—
Production (sales volumes)	(626,879	)	(112,089	)	—	(738,968	)
June 30, 2019	7,615,731		1,364,761		—	8,980,492
Revisions of previous estimates (b)	(2,177,787	)	734,169		—	(1,443,618	)
Improved recovery, extensions and discoveries	—		—		—	—
Purchase of reserves in place (c)	3,426,756		—		—	3,426,756
Sales of minerals in place	—		—		—	—
Production (sales volumes)	(638,464	)	(106,340	)	—	(744,804	)
June 30, 2020	8,226,236		1,992,590		—	10,218,826
Proved developed reserves:
June 30, 2018	6,291,850		993,741		—	7,285,591
June 30, 2019	6,273,907		1,124,302		—	7,398,209
June 30, 2020	6,577,731		1,777,236		—	8,354,967
Proved undeveloped reserves:
June 30, 2018	1,798,340		284,031		—	2,082,371
June 30, 2019	1,341,824		240,459		—	1,582,283
June 30, 2020	1,648,505		215,354		—	1,863,859

(a) The positive crude oil revision resulted from better production performance during fiscal 2018. The negative NGL revision results primarily from lower expectations for ultimate NGL recoveries from the plant based on production data subsequent to the commencement of plant production.

(b) Primarily due to negative revisions at Hamilton Dome field reflecting the impact of pricing on future economic production. In March 2020 when the oil price decreased, the operator began to shut-in wells that were not economic at those lower prices to try and keep the field cash flow positive. The use of an SEC price deck for our reserves at June 30, 2020, precludes volumes that are uneconomic at such prices. Positive NGL revisions at Delhi field reflect adjusted methodology of forecasting NGLs independently from the oil production as forecasted by our independent reservoir engineering firm.

(c) On November 1, 2019, the Company acquired certain mineral interests in the Hamilton Dome field from Merit, who owns the vast majority of the remaining working interest in the field.

Schedule of standardized measure of discounted future net cash flows related to proved oil and natural gas reserves

The standardized measure of discounted future net cash flows related to proved oil and natural gas reserves as of June 30, 2020 and 2019 are as follows:

	As of June 30,
	2020			2019
Future cash inflows	$	399,358,481		$	524,037,200
Future production costs and severance taxes	(240,399,715		)	(208,539,679		)
Future development costs	(24,623,426		)	(18,395,252		)
Future income tax expenses	(21,982,469		)	(55,881,997		)
Future net cash flows	112,352,871			241,220,272
10% annual discount for estimated timing of cash flows	(49,862,035		)	(114,488,230		)
Standardized measure of discounted future net cash flows	$	62,490,836		$	126,732,042

Schedule of NYMEX prices used in determining future cash flows

Future cash inflows represent expected revenues from production of period-end quantities of proved reserves based on the previous 12 months unweighted arithmetic average first-day-of-the-month commodity prices for each year and reflect adjustments for lease quality, transportation fees, energy content and regional price differentials.

	For the Years Ended June 30,
	2020			2019
	Oil (Bbl)		Gas (MMBtu)	Oil (Bbl)		Gas (MMBtu)
NYMEX prices used in determining future cash flows	$	47.37	n/a	$	61.62	n/a

Schedule of changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves

A summary of the changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves is as follows:

	For the Years Ended June 30,
	2020			2019
Balance, beginning of the fiscal year	$	126,732,042		$	118,958,414
Net changes in sales prices and production costs related to future production	(83,857,342		)	23,753,518
Changes in estimated future development costs	(4,099,792		)	833,494
Sales of oil and gas produced during the period, net of production costs	(16,093,794		)	(28,962,837		)
Net change due to extensions, discoveries, and improved recovery	—			—
Net change due to revisions in quantity estimates	(6,746,316		)	6,129,847
Net change due to purchase of minerals in place	10,364,875			—
Development costs incurred during the period	1,431,444			2,089,139
Accretion of discount	16,266,663			14,604,387
Net change in discounted income taxes	17,078,591			(2,795,183		)
Net changes in timing of production and other	1,414,465			(7,878,737		)
Balance, end of the fiscal year	$	62,490,836		$	126,732,042