Derivatives (Tables)

3 Months Ended

Sep. 30, 2022

Derivatives

Schedule of Derivative Instruments

The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of September 30, 2022 and June 30, 2022 (in thousands):

Derivatives not designated
as hedging contracts	Balance sheet	Derivative Contract Assets				Balance sheet	Derivative Contract Liabilities
under ASC 815	location	September 30, 2022		June 30, 2022		location	September 30, 2022		June 30, 2022
Commodity contracts	Current assets - derivative contract assets	$	49	$	170	Current liabilities - derivative contract liabilities	$	924	$	2,164
Commodity contracts	Other assets - derivative contract assets		—		—	Long term liabilities - derivative contract liabilities		—		—
Total derivatives not designated as hedging contracts under ASC 815		$	49	$	170		$	924	$	2,164

Derivatives not designated	Location of gain (loss)	Three Months Ended
as hedging contracts	recognized in income on	September 30,
under ASC 815	derivative contracts	2022		2021
Commodity contracts:
Realized gain (loss) on derivative contracts	Other income and expenses - net gain (loss) on derivative contracts	$	(1,722)	$	—
Unrealized gain (loss) on derivative contracts	Other income and expenses - net gain (loss) on derivative contracts		1,119		—
Total net gain (loss) on derivative contracts		$	(603)	$	—

Derivative Instruments, Gain (Loss)

As of September 30, 2022, the Company had the following open crude oil and natural gas derivative contracts:

				Weighted Average		Weighted Average
			Volumes in	Floor Price per		Ceiling Price per
Period	Instrument	Commodity	MMBTU/BBL	MMBTU/BBL		MMBTU/BBL
October 2022	Collar	Natural Gas	117,523	$	3.75	$	5.05
October 2022	Collar	Natural Gas	78,928		5.25		6.67
November 2022 - February 2023	Collar	Natural Gas	443,750		3.75		7.30
November 2022 - March 2023	Collar	Natural Gas	374,072		5.25		7.50
October 2022 - February 2023	Collar	Crude Oil	76,425		70.00		87.50

Offsetting Assets

The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of September 30, 2022 and June 30, 2022 (in thousands):

	Derivative Contracts Assets				Derivative Contracts Liabilities
Offsetting of Derivative Assets and Liabilities	September 30, 2022		June 30, 2022		September 30, 2022		June 30, 2022
Gross amounts presented in the Consolidated Balance Sheet	$	49	$	170	$	924	$	2,164
Amounts not offset in the Consolidated Balance Sheet		(7)		(170)		(7)		(170)
Net amount	$	42	$	—	$	917	$	1,994

Offsetting Liabilities

	Derivative Contracts Assets				Derivative Contracts Liabilities
Offsetting of Derivative Assets and Liabilities	September 30, 2022		June 30, 2022		September 30, 2022		June 30, 2022
Gross amounts presented in the Consolidated Balance Sheet	$	49	$	170	$	924	$	2,164
Amounts not offset in the Consolidated Balance Sheet		(7)		(170)		(7)		(170)
Net amount	$	42	$	—	$	917	$	1,994