Long-Term Debt	9 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 6: Long-Term Debt The Company has a $200,000,000 credit facility with a group of banks headed by Bank of Oklahoma (BOK) with a borrowing base of $32,000,000 as of June 30, 2020, and a maturity date of November 30, 2022 (as amended, the “Credit Facility”). The Credit Facility is subject to at least semi-annual borrowing base determination, wherein BOK applies its commodity pricing forecast to the Company’s reserve forecast and determines a borrowing base. The Credit Facility is secured by all of the Company’s producing oil and gas properties. The interest rate is based on BOK prime plus from 1.00% to 1.75%, or 30-day LIBOR plus from 2.50% to 3.25%. The election of BOK prime or LIBOR is at the Company’s discretion. The interest rate spread from BOK prime or LIBOR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from LIBOR or the prime rate increases as the ratio of loan balance to the borrowing base increases. At June 30, 2020, the effective interest rate was 4.25%. The Company’s debt is recorded at the carrying amount on its Balance Sheets. The carrying amount of the Credit Facility approximates fair value because the interest rates are reflective of market rates. Debt issuance costs associated with the Credit Facility are presented in Other, net on the Company’s Balance Sheets. Total debt issuance cost net of amortization as of June 30, 2020 was $231,387. The debt issuance cost is amortized over the life of the credit facility. Determinations of the borrowing base are made semi-annually (usually June and December) or whenever the banks, in their discretion, believe that there has been a material change in the value of the oil and natural gas properties. On June 24, 2020, the Company entered into the seventh amendment to its amended and restated credit agreement. The amendment reduced the borrowing base from $45,000,000 to $32,000,000 and includes a Quarterly Commitment Reduction, whereby the borrowing base is reduced by $1,000,000 each April 15, July 15, October 15 and January 15, commencing on July 15, 2020. The next redetermination is expected to occur in December 2020. The Credit Facility contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain limits on the Company’s incurrence of indebtedness, liens, payment of dividends and acquisitions of stock. In addition, the Company is required to maintain certain financial ratios, a current ratio (as defined in the Credit Facility) of no less than 1.0 to 1.0 and a funded debt to EBITDA (as defined in the Credit Facility) of no more than 4.0 to 1.0 based on the trailing twelve months. At June 30, 2020, the Company was in compliance with the covenants of the Credit Facility, had $30,000,000 outstanding, of which $2,000,000 is classified as short-term debt due to the Quarterly Commitment Reduction, and had $2,000,000 of borrowing base availability under the Credit Facility.

Long-Term Debt

9 Months Ended

Jun. 30, 2020

NOTE 6: Long-Term Debt

The Company has a $200,000,000 credit facility with a group of banks headed by Bank of Oklahoma (BOK) with a borrowing base of $32,000,000 as of June 30, 2020, and a maturity date of November 30, 2022 (as amended, the “Credit Facility”). The Credit Facility is subject to at least semi-annual borrowing base determination, wherein BOK applies its commodity pricing forecast to the Company’s reserve forecast and determines a borrowing base. The Credit Facility is secured by all of the Company’s producing oil and gas properties. The interest rate is based on BOK prime plus from 1.00% to 1.75%, or 30-day LIBOR plus from 2.50% to 3.25%. The election of BOK prime or LIBOR is at the Company’s discretion. The interest rate spread from BOK prime or LIBOR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from LIBOR or the prime rate increases as the ratio of loan balance to the borrowing base increases. At June 30, 2020, the effective interest rate was 4.25%.

The Company’s debt is recorded at the carrying amount on its Balance Sheets. The carrying amount of the Credit Facility approximates fair value because the interest rates are reflective of market rates. Debt issuance costs associated with the Credit Facility are presented in Other, net on the Company’s Balance Sheets. Total debt issuance cost net of amortization as of June 30, 2020 was $231,387. The debt issuance cost is amortized over the life of the credit facility.

Determinations of the borrowing base are made semi-annually (usually June and December) or whenever the banks, in their discretion, believe that there has been a material change in the value of the oil and natural gas properties. On June 24, 2020, the Company entered into the seventh amendment to its amended and restated credit agreement. The amendment reduced the borrowing base from $45,000,000 to $32,000,000 and includes a Quarterly Commitment Reduction, whereby the borrowing base is reduced by $1,000,000 each April 15, July 15, October 15 and January 15, commencing on July 15, 2020. The next redetermination is expected to occur in December 2020. The Credit Facility contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain limits on the Company’s incurrence of indebtedness, liens, payment of dividends and acquisitions of stock. In addition, the Company is required to maintain certain financial ratios, a current ratio (as defined in the Credit Facility) of no less than 1.0 to 1.0 and a funded debt to EBITDA (as defined in the Credit Facility) of no more than 4.0 to 1.0 based on the trailing twelve months. At June 30, 2020, the Company was in compliance with the covenants of the Credit Facility, had $30,000,000 outstanding, of which $2,000,000 is classified as short-term debt due to the Quarterly Commitment Reduction, and had $2,000,000 of borrowing base availability under the Credit Facility.