Income Taxes (Tables)

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Summary Of Provision (Benefit) For Income Taxes

	2020			2019			2018
Current:
Federal	$	(3,642,000	)	$	(1,388,000	)	$	204,000
State		-			19,000			20,000
		(3,642,000	)		(1,369,000	)		224,000
Deferred:
Federal		(3,611,000	)		(9,763,000	)		(13,240,000	)
State		(1,036,000	)		(2,349,000	)		277,000
		(4,647,000	)		(12,112,000	)		(12,963,000	)
	$	(8,289,000	)	$	(13,481,000	)	$	(12,739,000	)

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

	2020			2019			2018
Provision (benefit) for income taxes at statutory rate	$	(6,765,705	)	$	(11,387,447	)	$	465,253
Percentage depletion		(258,300	)		(431,340	)		(577,780	)
State income taxes, net of federal provision (benefit)		(939,310	)		(1,986,850	)		36,980
Effect of NOL Carryback Rate		(610,803	)		-			-
State NOL Valuation Allowance		96,000			-			-
Restricted stock tax benefit		58,000			185,000			(69,000	)
Deferred directors’ compensation benefit		79,000			(38,000	)		(134,000	)
Law change (a)		-			-			(12,464,000	)
Other		52,118			177,637			3,547
	$	(8,289,000	)	$	(13,481,000	)	$	(12,739,000	)

(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

	2020		2019
Deferred tax liabilities:
Financial basis in excess of tax basis, principally intangible    drilling costs capitalized for financial purposes and    expensed for tax purposes	$	3,880,307	$	8,885,776
Derivative contracts		-		619,392
		3,880,307		9,505,168
Deferred tax assets:
State net operating loss carry forwards, net of valuation allowance		391,193		431,977
Federal net operating loss carry forwards		369,523		-
Statutory depletion carryover		346,414		85,680
AMT credit carry forwards		-		1,387,042
Asset retirement obligations		499,708		459,810
Deferred directors' compensation		436,225		602,394
Restricted stock expense		220,301		119,697
Derivative contracts		176,963		-
Business interest limitation		-		358,110
Other		110,973		84,451
		2,551,300		3,529,161
Net deferred tax liabilities	$	1,329,007	$	5,976,007