Asset Retirement Obligations (Tables)

6 Months Ended

Dec. 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 six months ended December 31, 2021 and for the year ended June 30, 2021:

	December 31, 2021		June 30, 2021
Asset retirement obligations — beginning of period	$	5,583,272	$	2,588,894
Liabilities incurred	—		—
Liabilities settled	—		(99,231)		(a)
Liabilities acquired	—		2,806,331		(b)
Accretion of discount	203,559		210,182
Revision of previous estimates	—		77,096		(c)
Asset retirement obligations — end of period	$	5,786,831	$	5,583,272
Less: current asset retirement obligations	22,264		44,520
Long-term portion of asset retirement obligations	$	5,764,567	$	5,538,752

 

(a) Abandonment of two non-scheduled Delhi field wells in fiscal 2021.

(b) Liabilities acquired in fiscal 2021 were primarily due to the acquisition of the Barnett Shale assets.

(c) Primarily related to upward revisions for two difficult-to-plug Delhi field wells in fiscal 2021.