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Summary Of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Summary Of Derivative Instruments Contracts

Derivative contracts in place as of September 30, 2015

 

 

 

Production volume

 

 

 

 

Contract period

 

covered per month

 

Index

 

Contract price

Natural gas costless collars

 

 

 

 

 

 

January - December 2015

 

100,000 Mmbtu

 

NYMEX Henry Hub

 

$3.50 floor / $4.10 ceiling

January - December 2015

 

70,000 Mmbtu

 

NYMEX Henry Hub

 

$3.25 floor / $4.00 ceiling

April - October 2015

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$3.50 floor / $4.00 ceiling

May - October 2015

 

70,000 Mmbtu

 

NYMEX Henry Hub

 

$3.50 floor / $3.95 ceiling

Oil costless collars

 

 

 

 

 

 

July - December 2015

 

10,000 Bbls

 

NYMEX WTI

 

$80.00 floor / $86.50 ceiling

Oil fixed price swaps

 

 

 

 

 

 

April - December 2015

 

5,000 Bbls

 

NYMEX WTI

 

$94.56

July - December 2015

 

7,000 Bbls

 

NYMEX WTI

 

$93.91

 

Derivative contracts in place as of September 30, 2016

 

 

 

Production volume

 

 

 

 

Contract period

 

covered per month

 

Index

 

Contract price

Natural gas costless collars

 

 

 

 

 

 

April - October 2016

 

200,000 Mmbtu

 

NYMEX Henry Hub

 

$1.95 floor / $2.40 ceiling

October - December 2016

 

70,000 Mmbtu

 

NYMEX Henry Hub

 

$2.75 floor / $3.05 ceiling

October - December 2016

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.90 floor / $3.40 ceiling

November 2016 - March 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.25 floor / $3.65 ceiling

November 2016 - March 2017

 

80,000 Mmbtu

 

NYMEX Henry Hub

 

$2.25 floor / $3.95 ceiling

November 2016 - March 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.60 floor / $3.25 ceiling

January - June 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.85 floor / $3.35 ceiling

January - December 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.80 floor / $3.47 ceiling

January - December 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$3.00 floor / $3.35 ceiling

April - December 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.80 floor / $3.35 ceiling

April - December 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.75 floor / $3.35 ceiling

Natural gas fixed price swaps

 

 

 

 

 

 

October 2016

 

100,000 Mmbtu

 

NYMEX Henry Hub

 

$2.410

October 2016 - March 2017

 

25,000 Mmbtu

 

NYMEX Henry Hub

 

$3.200

November 2016 - April 2017

 

80,000 Mmbtu

 

NYMEX Henry Hub

 

$2.955

January - December 2017

 

25,000 Mmbtu

 

NYMEX Henry Hub

 

$3.100

April - December 2017

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$3.070

Oil costless collars

 

 

 

 

 

 

July - December 2016

 

3,000 Bbls

 

NYMEX WTI

 

$35.00 floor / $49.00 ceiling

October - December 2016

 

3,000 Bbls

 

NYMEX WTI

 

$40.00 floor / $47.25 ceiling

October 2016 - March 2017

 

3,000 Bbls

 

NYMEX WTI

 

$40.00 floor / $58.50 ceiling

October 2016 - March 2017

 

3,000 Bbls

 

NYMEX WTI

 

$45.00 floor / $54.00 ceiling

October 2016 - March 2017

 

3,000 Bbls

 

NYMEX WTI

 

$45.00 floor / $55.50 ceiling

 

Summary Of Derivative Contracts

 

 

 

9/30/2016

 

 

9/30/2015

 

 

 

Fair Value (a)

 

 

Fair Value (a)

 

 

 

Commodity Contracts

 

 

Commodity Contracts

 

 

 

Current Assets

 

 

Current Liabilities

 

 

Non-Current

Assets

 

 

Non-Current

Liabilities

 

 

Current Assets

 

Gross amounts recognized

 

$

68,235

 

 

$

471,847

 

 

$

4,759

 

 

$

29,418

 

 

$

4,210,764

 

Offsetting adjustments

 

 

(68,235

)

 

 

(68,235

)

 

 

(4,759

)

 

 

(4,759

)

 

 

-

 

Net presentation on Balance Sheets

 

$

-

 

 

 

403,612

 

 

$

-

 

 

 

24,659

 

 

$

4,210,764

 

 

 

(a)

See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

 

 

 

Fair Value Measurement at September 30, 2016

 

 

 

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

 

$

-

 

 

$

(111,613

)

 

$

-

 

 

$

(111,613

)

Derivative Contracts - Collars

 

$

-

 

 

$

-

 

 

$

(316,658

)

 

$

(316,658

)

 

 

 

Fair Value Measurement at September 30, 2015

 

 

 

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

 

$

-

 

 

$

2,319,515

 

 

$

-

 

 

$

2,319,515

 

Derivative Contracts - Collars

 

$

-

 

 

$

-

 

 

$

1,891,249

 

 

$

1,891,249

 

 

Summary Of Unobservable Inputs For Level 3 Fair Value Measurements

 

Instrument Type

 

Unobservable Input

 

Range

 

Weighted Average

 

 

Fair Value

Assets (Liabilities) September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil Collars

 

Oil price volatility curve

 

0% - 25.87%

 

 

15.06

%

 

$

(99,005

)

Natural Gas Collars

 

Natural gas price volatility curve

 

0% - 32.76%

 

 

22.50

%

 

$

(217,653

)

 

Summary Of Reconciliation Of Derivative Contracts Classified As Level 3 Measurements

 

 

 

Derivatives

 

Net Asset (Liability) Balance of Level 3 as of October 1, 2015

 

$

1,891,249

 

Total gains or (losses):

 

 

 

 

Included in earnings

 

 

(4,200,367

)

Included in other comprehensive income (loss)

 

 

-

 

Purchases, issuances and settlements

 

 

1,992,460

 

Transfers in and out of Level 3

 

 

-

 

Net Asset (Liability) Balance of Level 3 as of September 30, 2016

 

$

(316,658

)

 

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

 

 

 

Year Ended September 30,

 

 

 

2016

 

 

2015

 

 

 

Fair Value

 

 

Impairment

 

 

Fair Value

 

 

Impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Producing Properties (a)

 

$

9,877,905

 

 

$

12,001,271

 

 

$

4,897,269

 

 

$

5,009,191

 

 

 

 

(a)

At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas 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.

Summary Of Asset Retirement Obligation

 

 

 

2016

 

 

2015

 

Asset Retirement Obligations as of beginning of the year

 

$

2,824,944

 

 

$

2,638,470

 

Accretion of Discount

 

 

128,722

 

 

 

126,769

 

Wells Acquired or Drilled

 

 

17,338

 

 

 

78,110

 

Wells Sold or Plugged

 

 

(12,956

)

 

 

(18,405

)

Asset Retirement Obligations as of end of the year

 

$

2,958,048

 

 

$

2,824,944