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Fair Value Measurements (Tables)
12 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis.

 

 

 

Fair Value Measurement at September 30, 2022

 

 

 

Quoted
Prices in
Active
Markets

 

 

Significant
Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

Total Fair

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Value

 

Financial Assets (Liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts - Swaps

 

$

-

 

 

$

(7,622,390

)

 

$

-

 

 

$

(7,622,390

)

Derivative Contracts - Collars

 

$

-

 

 

$

(938,801

)

 

$

-

 

 

$

(938,801

)

 

 

 

Fair Value Measurement at September 30, 2021

 

 

 

Quoted
Prices in
Active
Markets

 

 

Significant
Other
Observable Inputs

 

 

Significant Unobservable Inputs

 

 

Total Fair

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Value

 

Financial Assets (Liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts - Swaps

 

$

-

 

 

$

(13,784,467

)

 

$

-

 

 

$

(13,784,467

)

Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3

The following table presents impairments associated with certain assets that have been measured at fair value on a nonrecurring basis within Level 3 of the fair value hierarchy.

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

Fair Value

 

 

Impairment

 

 

Fair Value

 

 

Impairment

 

 

Fair Value

 

 

Impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Producing Properties (a)

 

$

-

 

 

$

-

 

 

$

587

 

 

$

37,879

 

 

$

5,288,710

 

 

$

29,315,807

 

 

 

(a)
At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment if indicators of impairment existed at such time. This assessment utilized estimates of future cash flows or fair value (selling price) less cost to sell if the property is held for sale. Significant judgments and assumptions in these assessments include estimates of future natural gas, oil and NGL prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate
commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values. This table excludes impairments on properties that were written off in the amount of $14,565, $12,596 and $588,721 for the years ended September 30, 2022, 2021 and 2020, respectively.