Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Summary Of Provision (Benefit) For Income Taxes

	2019			2018			2017
Current:
Federal	$	(1,388,000	)	$	204,000		$	314,000
State		19,000			20,000			-
		(1,369,000	)		224,000			314,000
Deferred:
Federal		(9,763,000	)		(13,240,000	)		390,000
State		(2,349,000	)		277,000			(15,000	)
		(12,112,000	)		(12,963,000	)		375,000
	$	(13,481,000	)	$	(12,739,000	)	$	689,000

Summary Of Difference Between Provision (Benefit) For Income Taxes And Amount Which Would Result From Application Of Federal Statutory Rate

	2019			2018			2017
Provision (benefit) for income taxes at statutory rate	$	(11,387,447	)	$	465,253		$	1,477,327
Percentage depletion		(431,340	)		(577,780	)		(570,801	)
State income taxes, net of federal provision (benefit)		(1,986,850	)		36,980			3,900
Effect of graduated rates		-			-			85,644
Restricted stock tax benefit		185,000			(69,000	)		(238,000	)
Deferred directors compensation benefit		(38,000	)		(134,000	)		(79,000	)
Law change (a)		-			(12,464,000	)		-
Other		177,637			3,547			9,930
	$	(13,481,000	)	$	(12,739,000	)	$	689,000

(a) This is the tax effect of the Tax Cuts and Jobs Act (enacted in December 2017) on our deferred tax liabilities. This Act reduced the U.S. federal corporate tax rate from 35% to 21%.

Summary Of Deferred Tax Assets And Liabilities

	2019		2018
Deferred tax liabilities:
Financial basis in excess of tax basis, principally intangible    drilling costs capitalized for financial purposes and    expensed for tax purposes	$	8,885,776	$	23,885,522
Derivative contracts		619,392		-
		9,505,168		23,885,522
Deferred tax assets:
State net operating loss carry forwards		431,977		551,435
AMT credit carry forwards		1,387,042		2,936,457
Asset retirement obligations		459,810		420,761
Deferred directors' compensation		602,394		693,592
Restricted stock expense		119,697		238,477
Derivative contracts		-		839,573
Business interest limitation		358,110		-
Other		170,131		117,220
		3,529,161		5,797,515
Net deferred tax liabilities	$	5,976,007	$	18,088,007