Evolution Petroleum (EPM) 10-Q 8 Feb 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2018	Feb. 04, 2019
Document and Entity Information
Entity Registrant Name	EVOLUTION PETROLEUM CORP
Entity Central Index Key	1,006,655
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		33,186,665

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Current assets
Cash and cash equivalents	$ 30,000,801	$ 24,929,844
Restricted cash	0	2,751,289
Receivables	3,434,227	3,941,916
Prepaid expenses and other current assets	594,555	524,507
Total current assets	34,029,583	32,147,556
Oil and natural gas property and equipment, net (full-cost method of accounting)	62,137,689	61,239,746
Other property and equipment, net	24,187	30,407
Total property and equipment	62,161,876	61,270,153
Other assets	228,405	244,835
Total assets	96,419,864	93,662,544
Current liabilities
Accounts payable	2,705,359	3,432,568
Accrued liabilities and other	363,208	874,886
State and federal income taxes payable	136,124	122,760
Total current liabilities	3,204,691	4,430,214
Long term liabilities
Senior secured credit facility (Note 13)	0	0
Deferred income taxes	11,061,732	10,555,435
Asset retirement obligations	1,467,646	1,387,416
Total liabilities	15,734,069	16,373,065
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,186,665 and 33,080,543 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively	33,186	33,080
Additional paid-in capital	42,088,385	41,757,645
Retained earnings	38,564,224	35,498,754
Total stockholders’ equity	80,685,795	77,289,479
Total liabilities and stockholders’ equity	$ 96,419,864	$ 93,662,544

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Jun. 30, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	33,186,665	33,080,543
Common stock, shares outstanding	33,186,665	33,080,543

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($)		3 Months Ended		6 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues		$ 11,048,118	$ 10,926,220	$ 23,355,197	$ 19,328,187
Operating costs
Depreciation, depletion and amortization		1,603,633	1,656,891	3,152,093	3,197,013
General and administrative expenses	[1]	1,258,570	1,666,256	2,563,832	3,235,960
Total operating costs		6,314,371	6,096,968	12,626,523	11,962,476
Income from operations		4,733,747	4,829,252	10,728,674	7,365,711
Other
Enduro transaction breakup fee		0	0	1,100,000	0
Interest and other income		59,858	15,841	106,429	30,691
Interest expense		(29,345)	(20,456)	(58,690)	(40,911)
Income before income taxes		4,764,260	4,824,637	11,876,413	7,355,491
Income tax provision (benefit)		859,695	(5,052,211)	2,176,047	(4,661,889)
Net income available to common stockholders		$ 3,904,565	$ 9,876,848	$ 9,700,366	$ 12,017,380
Earnings per common share
Basic (in dollars per share)		$ 0.12	$ 0.30	$ 0.29	$ 0.36
Diluted (in dollars per share)		$ 0.12	$ 0.30	$ 0.29	$ 0.36
Weighted average number of common shares
Basic (in shares)		33,167,159	33,109,448	33,134,726	33,099,546
Diluted (in shares)		33,176,503	33,140,278	33,147,775	33,140,257
Crude oil
Revenues
Total revenues		$ 10,515,875	$ 10,185,635	$ 21,913,327	$ 18,014,890
Natural gas liquids
Revenues
Total revenues		532,243	740,585	1,441,870	1,313,297
Production costs
Operating costs
Production costs		$ 3,452,168	$ 2,773,821	$ 6,910,598	$ 5,529,503
[1]	General and administrative expenses for the three months ended December 31, 2018 and 2017 included non-cash stock-based compensation of $254,111 and $484,326, respectively. For the six months ended December 31, 2018 and 2017, non-cash stock-based compensation expenses were $469,484 and $971,810 respectively.

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Stock-based compensation expense			$ 469,484	$ 971,810
General and administrative expenses
Stock-based compensation expense	$ 254,111	$ 0	$ 469,484	$ 971,810

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income attributable to the Company	$ 9,700,366	$ 12,017,380
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	3,159,671	3,225,147
Stock-based compensation	469,484	971,810
Deferred income tax expense (benefit)	506,297	(5,245,910)
Changes in operating assets and liabilities:
Receivables	507,689	(1,351,451)
Prepaid expenses and other current assets	(70,048)	(436,376)
Accounts payable and accrued expenses	(142,568)	(83,013)
Income taxes payable	13,364	0
Net cash provided by operating activities	14,144,255	9,097,587
Cash flows from investing activities
Capital expenditures for oil and natural gas properties	(5,048,987)	(1,017,358)
Capital expenditures for other property and equipment	(2,066)	0
Net cash used in investing activities	(5,051,053)	(1,017,358)
Cash flows from financing activities
Cash dividends to common stockholders	(6,634,896)	(4,969,335)
Common share repurchases, including shares surrendered for tax withholding	(138,638)	(395,550)
Net cash used in financing activities	(6,773,534)	(5,364,885)
Net increase in cash, cash equivalents and restricted cash	2,319,668	2,715,344
Cash, cash equivalents and restricted cash, beginning of period	27,681,133	23,028,153
Cash, cash equivalents and restricted cash, end of period	30,000,801	25,743,497
Supplemental disclosures of cash flow information:
Income taxes paid	1,862,919	1,136,754
Non-cash transactions:
Change in accounts payable used to acquire property and equipment	(1,094,249)	424,365
Oil and natural gas property costs incurred through recognition of asset retirement obligations	$ 31,268	$ (779)

Consolidated Condensed Statem_4

Consolidated Condensed Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2018 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance at Jun. 30, 2018	$ 77,289,479	$ 33,080	$ 41,757,645	$ 35,498,754	$ 0
Beginning Balance (shares) at Jun. 30, 2018	33,080,543	33,080,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (shares)		121,611
Issuance of restricted common stock	$ 0	$ 122	(122)
Common share repurchases, including shares surrendered for tax withholding (shares)		(15,489)
Common share repurchases, including shares surrendered for tax withholding	(138,638)				(138,638)
Retirements of treasury stock		$ (16)	(138,622)		138,638
Stock-based compensation	469,484		469,484
Net income attributable to the Company	9,700,366			9,700,366
Common stock cash dividends, $0.10 per share	(6,634,896)			(6,634,896)
Ending Balance at Dec. 31, 2018	$ 80,685,795	$ 33,186	$ 42,088,385	$ 38,564,224	$ 0
Ending Balance (shares) at Dec. 31, 2018	33,186,665	33,186,665

Consolidated Condensed Statem_5

Consolidated Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.1	$ 0.1	$ 0.075	$ 0.075	$ 0.10

Organization and Basis of Prepa

Organization and Basis of Preparation	6 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation ("EPM") is an oil and gas company focused on delivering a sustainable dividend yield to its stockholders through the ownership, management and development of producing oil and gas properties. The Company's long-term goal is to build a diversified portfolio of oil and gas assets primarily through acquisition, while seeking opportunities to maintain and increase production through selective development, production enhancement and other exploitation efforts on its properties. Our largest active investment is our interest in a CO 2 enhanced oil recovery project in Louisiana's Delhi field. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K for the fiscal year ended June 30, 2018 , as filed with the SEC. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year may include certain reclassifications to conform to the current presentation. Any such reclassifications have no impact on previously reported net income or stockholders' equity. Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets and (f) commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Revenue Recognition Effective July 1, 2018, the Company adopted ASU No. 2014-09, Revenue From Contracts With Customers (Topic 606) (“ASC 606”) using the full retrospective method and has applied the standard to all existing contracts. ASC 606 supersedes previous revenue recognition requirements in ASC 605 - Revenue Recognition (“ASC 605”) and includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services. As a result of adopting ASC 606, the Company did not have a cumulative-effect adjustment in retained earnings. The comparative information presented therein for the three and six months ended December 31, 2017 reflects the reclassification on our consolidated statement of operations of $140,691 and $276,595 , respectively, from “Production Costs” to “Revenue - Natural Gas Liquids” in conformance with ASC 606. These changes to revenue and production costs resulted from the conclusion that the Company did not control the product throughout processing before transferring to the customer. Therefore, costs incurred after the transfer of control are treated as reductions of revenue. Additionally, adoption of ASC 606 did not impact net income attributable to common stockholders, current assets, total assets, current liabilities, total liabilities or stockholders’ equity and the Company does not expect that it will do so in future periods. Our revenues are comprised solely of revenues from customers from the sale of crude oil and NGLs. The Company believes that the disaggregation of revenue on its consolidated statements of operations into these two major product types appropriately depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors based on our single geographic location. Crude oil and NGL revenues are recognized at a point in time when production is sold to a purchaser at an index-based, determinable price, delivery has occurred, control has transferred and collectibility of the revenue is probable. The transaction price used to recognize revenue is a function of the contract billing terms which reference index price sources used by the industry. Revenue is invoiced by calendar month based on volumes at contractually based rates with payment typically required within 30 days for crude oil and 60 days for NGLs after the end of the production month. At the end of each month when the performance obligations have been satisfied, the consideration can be reasonably estimated and amounts due from customers are accrued in “Receivables” in our consolidated balance sheets. As of December 31, 2018 and June 30, 2018, receivables from contracts with customers were $3.4 million and $3.9 million , respectively. Other Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The pronouncement requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investees) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. Effective July 1, 2018, the Company prospectively adopted ASU 2016-01 without impact to its consolidated financial position or results of operations. Because its investment in Well Lift Inc. does not have a readily determinable fair value, the Company elected to measure this investment at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, if they were to occur. Effective July 1, 2018, the Company retrospectively adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. Adoption had no effect on our current period and comparative consolidated statements of cash flows. Effective July 1, 2018, the Company prospectively adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company will apply the clarified definition of business to future acquistions and divestitures. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements.

Receivables

Receivables	6 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Receivables	Receivables As of December 31, 2018 and June 30, 2018 , our receivables consisted of the following: December 31, June 30, Receivables from oil and NGL sales $ 3,434,227 $ 3,940,998 Other — 918 Total receivables $ 3,434,227 $ 3,941,916

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets As of December 31, 2018 and June 30, 2018 , our prepaid expenses and other current assets consisted of the following: December 31, June 30, Prepaid insurance $ 87,234 $ 198,558 Retainers and deposits 6,089 11,089 Prepaid federal and state income taxes 438,453 231,920 Other prepaid expenses 62,779 82,940 Prepaid expenses and other current assets $ 594,555 $ 524,507

Property and Equipment

Property and Equipment	6 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of December 31, 2018 and June 30, 2018 , our oil and natural gas properties and other property and equipment consisted of the following: December 31, June 30, Oil and natural gas properties Property costs subject to amortization $ 94,378,924 $ 90,392,918 Less: Accumulated depreciation, depletion, and amortization (32,241,235 ) (29,153,172 ) Unproved properties not subject to amortization — — Oil and natural gas properties, net $ 62,137,689 $ 61,239,746 Other property and equipment Furniture, fixtures, office equipment and other, at cost $ 145,289 $ 143,223 Less: Accumulated depreciation (121,102 ) (112,816 ) Other property and equipment, net $ 24,187 $ 30,407 During the six months ended December 31, 2018 and 2017 , the Company incurred capital expenditures of $4.0 million and $1.4 million , respectively, in the Delhi field.

Other Assets

Other Assets	6 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of December 31, 2018 and June 30, 2018 , other assets consisted of the following: December 31, June 30, Royalty rights $ 108,512 $ 108,512 Less: Accumulated amortization of royalty rights (40,692 ) (33,910 ) Investment in Well Lift Inc., at cost 108,750 108,750 Deferred loan costs 168,972 168,972 Less: Accumulated amortization of deferred loan costs (134,349 ) (126,771 ) Software license 20,662 20,662 Less: Accumulated amortization of software license (3,450 ) (1,380 ) Other assets, net $ 228,405 $ 244,835 Our royalty rights and investment in Well Lift, Inc. ("WLI") resulted from the separation of our artificial lift technology operations in December 2015. We conveyed our patents and other intellectual property to WLI and retained a 5% royalty on future gross revenues associated the technology. We own 17.5% of the common stock of WLI and account for our investment in this private company at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, if such were to occur. The Company evaluates the investment for impairment when it identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment.

Accrued Liabilities and Other

Accrued Liabilities and Other	6 Months Ended
	Dec. 31, 2018
Other Liabilities, Current [Abstract]
Accrued Liabilities and Other	Accrued Liabilities and Other As of December 31, 2018 and June 30, 2018 , our other current liabilities consisted of the following: December 31, June 30, Accrued incentive and other compensation $ 217,171 $ 415,182 Accrued severance payments — 160,089 Asset retirement obligations due within one year 35,539 35,539 Accrued royalties, including suspended accounts 11,498 11,498 Accrued franchise taxes 99,000 162,805 Accrued ad valorem taxes — 89,773 Accrued liabilities and other $ 363,208 $ 874,886

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Our asset retirement obligations represent the estimated present value of the amount we expect to incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following is a reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2018 and for the year ended June 30, 2018 : December 31, June 30, Asset retirement obligations — beginning of period $ 1,422,955 $ 1,288,743 Liabilities incurred 31,268 44,700 Accretion of discount 48,962 90,290 Revision of previous estimates — (778 ) Asset retirement obligations — end of period $ 1,503,185 $ 1,422,955 Less current portion in accrued liabilities (35,539 ) (35,539 ) Long-term portion of asset retirement obligations $ 1,467,646 $ 1,387,416

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of December 31, 2018 , we had 33,186,665 sh ares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $6,634,896 and $4,969,335 to our common stockholders during the six months ended December 31, 2018 and 2017, respectively. The following table reflects the dividends paid within the respective three month periods: Fiscal Year 2018 2017 First quarter ended September 30, $ 0.10 $ 0.075 Second quarter ended December 31, $ 0.10 $ 0.075 In May 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Between June 2015 and December 2015, the Company spent $1,609,008 to repurchase 265,762 common shares at an average price of $6.05 per share. There have been no shares repurchased in the open market since December 2015. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. Such shares are initially recorded as treasury stock, then subsequently canceled. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and it may be suspended or discontinued at any time. During the six months ended December 31, 2018 and 2017 , the Company acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The treasury shares were subsequently canceled. Such shares were valued at fair market value on the date of vesting, as reflected in the following table: Six Months Ended 2018 2017 Number of treasury shares acquired 15,489 55,018 Average cost per share $ 8.95 $ 7.19 Total cost of treasury shares acquired $ 138,638 $ 395,550 Expected Tax Treatment of Dividends For the fiscal year ended June 30, 2018, all common dividends were treated for tax purposes as qualified dividend income to recipients. Based on our current projections for the fiscal year ending June 30, 2019, we expect all common dividends for such period to be treated as qualified dividend income. Such projections are based on our reasonable expectations as of December 31, 2018 and are subject to change based on our final tax calculations at the end of the fiscal year.

Stock-Based Incentive Plan

Stock-Based Incentive Plan	6 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Incentive Plan	Stock-Based Incentive Plan At the December 8, 2016 annual meeting, the stockholders approved the adoption of the Evolution Petroleum Corporation 2016 Equity Incentive Plan (the “2016 Plan”), which replaced the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the "2004 Plan") for which there were no shares available for future grants. The 2016 Plan authorizes the issuance of 1,100,000 shares of common stock prior to its expiration on December 8, 2026. Incentives under the 2016 Plan may be granted to employees, directors and consultants of the Company in any one or a combination of the following forms: incentive stock options and non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards, performance share awards, performance cash awards, and other forms of incentives valued in whole or in part by reference to, or otherwise based on, our common stock, including its appreciation in value. As of December 31, 2018 , 852,111 shares remained available for grant under the 2016 Plan. All outstanding awards granted under the 2004 Plan continue to be subject to the terms and conditions as set forth in the agreements evidencing such awards and the terms of the 2004 Plan. Under these agreements, we have outstanding grants of restricted common stock awards ("Restricted Stock") and contingent restricted common stock awards ("Contingent Restricted Stock") to employees and directors of the Company. Restricted Stock and Contingent Restricted Stock The Company has awarded grants of both Restricted Stock and Contingent Restricted Stock as part of its long-term incentive plan. Such grants, which expire after a maximum of four years if unvested, contain service-based, performance-based and market-based vesting provisions. The common shares underlying the Restricted Stock grants are issued on the date of grant. Contingent Restricted Stock grants vest only upon the attainment of higher performance-based or market-based vesting thresholds and are issued only upon vesting. Shares underlying Contingent Restricted Stock awards are reserved from the Plan they were granted under. Service-based awards vest with continuous employment by the Company, generally in annual installments over their terms of three to four years. Certain awards may contain other vesting periods, including quarterly installments and one -year vesting. Restricted Stock grants which vest based on service are valued at the fair market value on the date of grant and amortized over the service period. During the six months ended December 31, 2018 , we granted 31,777 service-based and 43,990 market-based Restricted Stock awards to our employees as well as 35,215 service-based awards to the Company's directors. We did not grant any performance-based awards, nor any Contingent Restricted Stock awards, during this period. The employees' service-based awards vest annually over a three -year period and the directors' service-based awards have a one -year cliff vesting period. Performance-based grants vest upon the attainment of earnings, revenue and other operational goals and require that the recipient remain an employee or director of the Company through the vesting date. The Company recognizes compensation expense for performance-based awards ratably over the expected vesting period based on the grant date fair value when it is deemed probable, for accounting purposes, that the performance criteria will be achieved. The expected vesting period may be deemed to be shorter than the term of the award. As of December 31, 2018 , there were no performance-based awards outstanding. Market-based awards vest if their respective two - or three -year trailing total returns on the Company’s common stock exceed the corresponding total returns of various quartiles of indices consisting of either peer companies or a broad market index of companies in our industry. More recent market-based awards vest if the average of the Company's closing stock prices over defined quarterly measurement periods together with accumulated paid dividends exceeds a defined value. The fair values and expected vesting periods of these awards are determined using a Monte Carlo simulation based on the historical volatility of the Company's total return compared to the historical volatilities of the other companies in the index. Compensation expense for market-based awards is recognized over the expected vesting period using the straight-line method, so long as the holder remains an employee or director of the Company. Total compensation expense is based on the fair value of the awards at the date of grant and is independent of vesting or expiration of the awards, except for termination of service. For market-based awards granted during the six months ended December 31, 2018 , the range of assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows: Six Months Ended 2018 Risk-free interest rate 2.69 % Expected life in years 2.82 Expected volatility 41.8 % Dividend yield 4.0 % Unvested Restricted Stock awards at December 31, 2018 consisted of the following: Number of Weighted Service-based awards 121,265 $ 8.62 Market-based awards 64,302 7.35 Unvested Restricted Stock at December 31, 2018 185,567 $ 8.18 The following table sets forth the Restricted Stock transactions for the six months ended December 31, 2018 : Number of Weighted Unamortized Compensation Expense at December 31, 2018 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2018 199,477 $ 6.83 Service-based shares granted 66,992 9.17 Market-based shares granted 43,990 8.24 Vested (124,892 ) 6.57 Unvested Restricted Stock at December 31, 2018 185,567 $ 8.18 $ 1,260,881 2.02 Unvested Contingent Restricted Stock awards at December 31, 2018 consisted of the following: Number of Weighted Market-based awards 10,156 $ 3.42 The following table sets forth Contingent Restricted Stock transactions for the six months ended December 31, 2018 : Number of Weighted Unamortized Compensation Expense at December 31, 2018 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2018 28,562 $ 6.06 Vested (10,629 ) 5.67 Expired (7,777 ) 10.05 Unvested contingent shares at December 31, 2018 10,156 $ 3.42 $ 6,058 .49 Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended December 31, 2018 and 2017 was $254,111 and $484,326 , respectively. For the corresponding six month periods, stock-based compensation expense was $469,484 and $971,810 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were neither unrecognized tax benefits nor any accrued interest or penalties associated with unrecognized tax benefits during any periods presented in the financial statements. We believe we have appropriate support for the income tax positions taken and to be taken on our tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of various factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the years ended June 30, 2015 through June 30, 2018 for federal tax purposes and for the years ended June 30, 2014 through June 30, 2018 for state tax purposes. To the extent we utilize net operating losses generated in earlier years, such earlier years may also be subject to audit. For the six months ended December 31, 2018 and 2017 , respectively, we recognized income tax expense of $2.2 million and an income tax benefit of $(4.7) million . This benefit included a one-time $6.0 million tax credit, resulting from adjustment of our deferred income tax liabilities at December 31, 2017 in connection with enactment of the Tax Cut and Jobs Act (the "Tax Act"). For the six months ended December 31, 2018 and 2017 , the corresponding effective tax rates were 18% and (63)% . Excluding the effect of the $6.0 million tax credit, income tax as a percentage of income before income taxes would have been approximately 19% for the six months ended December 31, 2017 . Our effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the State of Louisiana, and differences related to percentage depletion in excess of basis, stock-based compensation and other permanent differences. For the six months ended December 31, 2018 and 2017 , our respective statutory federal tax rates were 21% and 27.55% , as we used a blended rate during our fiscal year in which the Tax Act was enacted. The benefit of this statutory rate reduction was partially offset by a decreased benefit from depletion in excess of basis as much of our depletion carryover had been utilized in fiscal 2018.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table sets forth the computation of basic and diluted income per share: Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Numerator Net income available to common shareholders $ 3,904,565 $ 9,876,848 $ 9,700,366 $ 12,017,380 Denominator Weighted average number of common shares — Basic 33,167,159 33,109,448 33,134,726 33,099,546 Effect of dilutive securities: Contingent restricted stock grants 9,344 30,830 13,049 40,711 Weighted average number of common shares and potentially dilutive common shares used in diluted EPS 33,176,503 33,140,278 33,147,775 33,140,257 Net income per common share — Basic $ 0.12 $ 0.30 $ 0.29 $ 0.36 Net income per common share — Diluted $ 0.12 $ 0.30 $ 0.29 $ 0.36 Outstanding potentially dilutive securities as of December 31, 2018 were as follows: Outstanding Potentially Dilutive Securities Weighted At December 31, 2018 Contingent Restricted Stock grants $ — 10,156 Outstanding potentially dilutive securities as of December 31, 2017 were as follows: Outstanding Potentially Dilutive Securities Weighted At December 31, 2017 Contingent Restricted Stock grants $ — 61,868

Senior Secured Credit Agreement

Senior Secured Credit Agreement	6 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Senior Secured Credit Agreement	Senior Secured Credit Agreement On April 11, 2016, the Company entered into a three -year, senior secured reserve-based credit facility ("Facility") in an amount up to $50 million . On May 25, 2018, we entered into the third amendment to our credit agreement governing the revolving credit facility to, among other things, extend the maturity date to April 11, 2021. On December 31, 2018, we entered into the fourth amendment to our credit agreement governing the revolving credit facility to broaden the definition for the Use of Proceeds. As of December 31, 2018 , the Company's elected commitment and borrowing base were $40 million and we were in compliance with all financial covenants contained in the Facility. No amounts were outstanding under the Facility. Borrowings from the Facility may be used for the acquisition and development of oil and gas properties, investments in cash flow generating assets complimentary to the production of oil and gas, and for letters of credit and other general corporate purposes. Availability of borrowings under the Facility is subject to semi-annual borrowing base redeterminations. The Facility included a placement fee of 0.50% on the initial borrowing base, amounting to $50,000 , and carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Facility will bear interest, at the Company’s option, at either LIBOR plus 2.75% or the Prime Rate, as defined under the Facility, plus 1.00% . The Facility contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (a) a maximum total leverage ratio of not more than 3.00 to 1.00, (b) a debt service coverage ratio of not less than 1.10 to 1.00, and (c) a consolidated tangible net worth of not less than $50 million , all as defined under the Facility. In connection with this agreement, the Company incurred $168,972 of debt issuance costs. Such costs were capitalized in Other Assets and are being amortized to expense. The unamortized balance in debt issuance costs related to the Facility was $34,623 as of December 31, 2018 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to various claims and contingencies in the normal course of business. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. At a minimum, we disclose such matters if we believe it is reasonably possible that a future event or events will confirm a loss through impairment of an asset or the incurrence of a liability. We accrue a loss if we believe it is probable that a future event or events will confirm a loss and we can reasonably estimate such loss and we do not accrue future legal costs related to that loss. Furthermore, we will disclose any matter that is unasserted if we consider it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable. We expense legal defense costs as they are incurred. Lease Commitments. We have a non-cancelable operating lease for office space that expires on May 31, 2019. Future minimum lease commitments as of December 31, 2018 under this operating lease are as follows: Twelve month periods ended December 31, 2019 $ 30,447 Rent expense for the three months ended December 31, 2018 and 2017 was $18,726 and $19,198 , respectively. For the six months ended December 31, 2018 and 2017 , rent expense was $38,104 and $39,049 , respectively.

Enduro Purchase and Sale Agreem

Enduro Purchase and Sale Agreement	6 Months Ended
	Dec. 31, 2018
Asset Acquisition [Abstract]
Enduro Purchase and Sale Agreement	Enduro Purchase and Sale Agreement As previously disclosed, the Company entered into a Purchase and Sale Agreement ("PSA") on May 15, 2018, to acquire, as the "stalking horse" bidder, certain oil and gas assets from an affiliate of Enduro Resource Partners LLC ("Enduro") for a purchase price of $27.5 million , subject to the outcome of Enduro's Chapter 11 process. Contemporaneous with executing the PSA, the Company made a $2.75 million deposit to an acquisition escrow account which was reflected in restricted cash together with earned interest on the Company's June 30, 2018 statement of financial position. On July 20, 2018, the Company was repaid its deposit together with related earned interest as a higher bidder emerged in the Chapter 11 bidding process. In August 2018, upon the closing of a higher bidder's purchase transaction, the Company received payment of a $1.1 million breakup fee under the terms of the PSA. This breakup fee was effectively intended to cover the Company’s Enduro transaction costs, time and effort, substantially all of which occurred before June 30, 2018.

Organization and Basis of Pre_2

Organization and Basis of Preparation (Policies)	6 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year may include certain reclassifications to conform to the current presentation. Any such reclassifications have no impact on previously reported net income or stockholders' equity.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets and (f) commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition Effective July 1, 2018, the Company adopted ASU No. 2014-09, Revenue From Contracts With Customers (Topic 606) (“ASC 606”) using the full retrospective method and has applied the standard to all existing contracts. ASC 606 supersedes previous revenue recognition requirements in ASC 605 - Revenue Recognition (“ASC 605”) and includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services. As a result of adopting ASC 606, the Company did not have a cumulative-effect adjustment in retained earnings. The comparative information presented therein for the three and six months ended December 31, 2017 reflects the reclassification on our consolidated statement of operations of $140,691 and $276,595 , respectively, from “Production Costs” to “Revenue - Natural Gas Liquids” in conformance with ASC 606. These changes to revenue and production costs resulted from the conclusion that the Company did not control the product throughout processing before transferring to the customer. Therefore, costs incurred after the transfer of control are treated as reductions of revenue. Additionally, adoption of ASC 606 did not impact net income attributable to common stockholders, current assets, total assets, current liabilities, total liabilities or stockholders’ equity and the Company does not expect that it will do so in future periods. Our revenues are comprised solely of revenues from customers from the sale of crude oil and NGLs. The Company believes that the disaggregation of revenue on its consolidated statements of operations into these two major product types appropriately depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors based on our single geographic location. Crude oil and NGL revenues are recognized at a point in time when production is sold to a purchaser at an index-based, determinable price, delivery has occurred, control has transferred and collectibility of the revenue is probable. The transaction price used to recognize revenue is a function of the contract billing terms which reference index price sources used by the industry. Revenue is invoiced by calendar month based on volumes at contractually based rates with payment typically required within 30 days for crude oil and 60 days for NGLs after the end of the production month. At the end of each month when the performance obligations have been satisfied, the consideration can be reasonably estimated and amounts due from customers are accrued in “Receivables” in our consolidated balance sheets.
Recently Issued Accounting Pronouncements	Other Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The pronouncement requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investees) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. Effective July 1, 2018, the Company prospectively adopted ASU 2016-01 without impact to its consolidated financial position or results of operations. Because its investment in Well Lift Inc. does not have a readily determinable fair value, the Company elected to measure this investment at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, if they were to occur. Effective July 1, 2018, the Company retrospectively adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. Adoption had no effect on our current period and comparative consolidated statements of cash flows. Effective July 1, 2018, the Company prospectively adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company will apply the clarified definition of business to future acquistions and divestitures. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements.

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Schedule of Receivables	As of December 31, 2018 and June 30, 2018 , our receivables consisted of the following: December 31, June 30, Receivables from oil and NGL sales $ 3,434,227 $ 3,940,998 Other — 918 Total receivables $ 3,434,227 $ 3,941,916

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses and other current assets	As of December 31, 2018 and June 30, 2018 , our prepaid expenses and other current assets consisted of the following: December 31, June 30, Prepaid insurance $ 87,234 $ 198,558 Retainers and deposits 6,089 11,089 Prepaid federal and state income taxes 438,453 231,920 Other prepaid expenses 62,779 82,940 Prepaid expenses and other current assets $ 594,555 $ 524,507

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of oil and natural gas properties and other property and equipment	As of December 31, 2018 and June 30, 2018 , our oil and natural gas properties and other property and equipment consisted of the following: December 31, June 30, Oil and natural gas properties Property costs subject to amortization $ 94,378,924 $ 90,392,918 Less: Accumulated depreciation, depletion, and amortization (32,241,235 ) (29,153,172 ) Unproved properties not subject to amortization — — Oil and natural gas properties, net $ 62,137,689 $ 61,239,746 Other property and equipment Furniture, fixtures, office equipment and other, at cost $ 145,289 $ 143,223 Less: Accumulated depreciation (121,102 ) (112,816 ) Other property and equipment, net $ 24,187 $ 30,407

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	As of December 31, 2018 and June 30, 2018 , other assets consisted of the following: December 31, June 30, Royalty rights $ 108,512 $ 108,512 Less: Accumulated amortization of royalty rights (40,692 ) (33,910 ) Investment in Well Lift Inc., at cost 108,750 108,750 Deferred loan costs 168,972 168,972 Less: Accumulated amortization of deferred loan costs (134,349 ) (126,771 ) Software license 20,662 20,662 Less: Accumulated amortization of software license (3,450 ) (1,380 ) Other assets, net $ 228,405 $ 244,835

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	6 Months Ended
	Dec. 31, 2018
Other Liabilities, Current [Abstract]
Schedule of accrued liabilities	As of December 31, 2018 and June 30, 2018 , our other current liabilities consisted of the following: December 31, June 30, Accrued incentive and other compensation $ 217,171 $ 415,182 Accrued severance payments — 160,089 Asset retirement obligations due within one year 35,539 35,539 Accrued royalties, including suspended accounts 11,498 11,498 Accrued franchise taxes 99,000 162,805 Accrued ad valorem taxes — 89,773 Accrued liabilities and other $ 363,208 $ 874,886

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Schedule of reconciliations of the beginning and ending asset retirement obligation balances	The following is a reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2018 and for the year ended June 30, 2018 : December 31, June 30, Asset retirement obligations — beginning of period $ 1,422,955 $ 1,288,743 Liabilities incurred 31,268 44,700 Accretion of discount 48,962 90,290 Revision of previous estimates — (778 ) Asset retirement obligations — end of period $ 1,503,185 $ 1,422,955 Less current portion in accrued liabilities (35,539 ) (35,539 ) Long-term portion of asset retirement obligations $ 1,467,646 $ 1,387,416

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Dividends paid	The following table reflects the dividends paid within the respective three month periods: Fiscal Year 2018 2017 First quarter ended September 30, $ 0.10 $ 0.075 Second quarter ended December 31, $ 0.10 $ 0.075
Schedule of share repurchases	During the six months ended December 31, 2018 and 2017 , the Company acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The treasury shares were subsequently canceled. Such shares were valued at fair market value on the date of vesting, as reflected in the following table: Six Months Ended 2018 2017 Number of treasury shares acquired 15,489 55,018 Average cost per share $ 8.95 $ 7.19 Total cost of treasury shares acquired $ 138,638 $ 395,550

Stock-Based Incentive Plan (Tab

Stock-Based Incentive Plan (Tables)	6 Months Ended
	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	For market-based awards granted during the six months ended December 31, 2018 , the range of assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows: Six Months Ended 2018 Risk-free interest rate 2.69 % Expected life in years 2.82 Expected volatility 41.8 % Dividend yield 4.0 %
Schedule of Restricted Stock transactions	Unvested Restricted Stock awards at December 31, 2018 consisted of the following: Number of Weighted Service-based awards 121,265 $ 8.62 Market-based awards 64,302 7.35 Unvested Restricted Stock at December 31, 2018 185,567 $ 8.18 Unvested Contingent Restricted Stock awards at December 31, 2018 consisted of the following: Number of Weighted Market-based awards 10,156 $ 3.42
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Restricted Stock transactions	The following table sets forth the Restricted Stock transactions for the six months ended December 31, 2018 : Number of Weighted Unamortized Compensation Expense at December 31, 2018 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2018 199,477 $ 6.83 Service-based shares granted 66,992 9.17 Market-based shares granted 43,990 8.24 Vested (124,892 ) 6.57 Unvested Restricted Stock at December 31, 2018 185,567 $ 8.18 $ 1,260,881 2.02
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Restricted Stock transactions	The following table sets forth Contingent Restricted Stock transactions for the six months ended December 31, 2018 : Number of Weighted Unamortized Compensation Expense at December 31, 2018 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2018 28,562 $ 6.06 Vested (10,629 ) 5.67 Expired (7,777 ) 10.05 Unvested contingent shares at December 31, 2018 10,156 $ 3.42 $ 6,058 .49

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted income per share	The following table sets forth the computation of basic and diluted income per share: Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Numerator Net income available to common shareholders $ 3,904,565 $ 9,876,848 $ 9,700,366 $ 12,017,380 Denominator Weighted average number of common shares — Basic 33,167,159 33,109,448 33,134,726 33,099,546 Effect of dilutive securities: Contingent restricted stock grants 9,344 30,830 13,049 40,711 Weighted average number of common shares and potentially dilutive common shares used in diluted EPS 33,176,503 33,140,278 33,147,775 33,140,257 Net income per common share — Basic $ 0.12 $ 0.30 $ 0.29 $ 0.36 Net income per common share — Diluted $ 0.12 $ 0.30 $ 0.29 $ 0.36
Schedule of outstanding potentially dilutive securities	Outstanding potentially dilutive securities as of December 31, 2018 were as follows: Outstanding Potentially Dilutive Securities Weighted At December 31, 2018 Contingent Restricted Stock grants $ — 10,156 Outstanding potentially dilutive securities as of December 31, 2017 were as follows: Outstanding Potentially Dilutive Securities Weighted At December 31, 2017 Contingent Restricted Stock grants $ — 61,868

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease commitments under the operating lease	Future minimum lease commitments as of December 31, 2018 under this operating lease are as follows: Twelve month periods ended December 31, 2019 $ 30,447

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables from contracts with customers	$ 3,434,227	$ 3,434,227	$ 3,940,998
ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, quantification	$ 140,691	$ 276,595

Receivables (Details)

Receivables (Details) - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Receivables [Abstract]
Receivables from oil and NGL sales	$ 3,434,227	$ 3,940,998
Other	0	918
Total receivables	$ 3,434,227	$ 3,941,916

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 87,234	$ 198,558
Retainers and deposits	6,089	11,089
Prepaid federal and state income taxes	438,453	231,920
Other prepaid expenses	62,779	82,940
Prepaid expenses and other current assets	$ 594,555	$ 524,507

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Oil and natural gas properties
Property costs subject to amortization	$ 94,378,924		$ 90,392,918
Less: Accumulated depreciation, depletion, and amortization	(32,241,235)		(29,153,172)
Unproved properties not subject to amortization	0		0
Oil and natural gas properties, net	62,137,689		61,239,746
Other property and equipment
Furniture, fixtures, office equipment and other, at cost	145,289		143,223
Less: Accumulated depreciation	(121,102)		(112,816)
Other property and equipment, net	24,187		$ 30,407
Delhi field
Other property and equipment
Capital expenditures	$ 4,000,000	$ 1,400,000

Other Assets (Details)

Other Assets (Details) - USD ($)	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty rights	$ 108,512	$ 108,512
Less: Accumulated amortization of royalty rights	(40,692)	(33,910)
Investment in Well Lift Inc., at cost	108,750	108,750
Deferred loan costs	168,972	168,972
Less: Accumulated amortization of deferred loan costs	(134,349)	(126,771)
Software license	20,662	20,662
Less: Accumulated amortization of software license	(3,450)	(1,380)
Other assets, net	$ 228,405	$ 244,835
Well Lift Inc.
Noncontrolling Interest [Line Items]
Royalty percentage	5.00%
Ownership percentage	17.50%

Accrued Liabilities and Other_2

Accrued Liabilities and Other (Details) - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 217,171	$ 415,182
Accrued severance payments	0	160,089
Asset retirement obligations due within one year	35,539	35,539
Accrued royalties, including suspended accounts	11,498	11,498
Accrued franchise taxes	99,000	162,805
Accrued ad valorem taxes	0	89,773
Accrued liabilities and other	$ 363,208	$ 874,886

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2017	Jun. 30, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period	$ 1,422,955
Liabilities incurred	31,268	$ 44,700
Accretion of discount	48,962	90,290
Revision of previous estimates	0	(778)
Asset retirement obligations — end of period	1,503,185	$ 1,288,743
Less current portion in accrued liabilities	(35,539)		$ (35,539)
Long-term portion of asset retirement obligations	$ 1,467,646		$ 1,387,416

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details) - USD ($)	6 Months Ended		7 Months Ended	37 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2018	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding	33,186,665			33,186,665
Cash dividends to common stockholders	$ 6,634,896	$ 4,969,335
Common Stock | 2015 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount to be repurchased					$ 5,000,000
Value of shares repurchased	$ 138,638	$ 395,550	$ 1,609,008
Number of treasury shares acquired	15,489	55,018	265,762	0
Average cost per share (in dollars per share)	$ 8.95	$ 7.19	$ 6.05

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended				6 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.1	$ 0.1	$ 0.075	$ 0.075	$ 0.10

Stock-Based Incentive Plan - Na

Stock-Based Incentive Plan - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 08, 2016
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense	$ 254,111	$ 484,326	$ 469,484	$ 971,810
Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)			43,990
2016 Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan					1,100,000
Number of shares remaining available for grant under plan	852,111		852,111
2004 Stock Plan | Restricted Stock and Contingent Restricted Stock, Other Awards [Member]
Stock-Based Incentive Plan
Vesting period			1 year
Minimum | 2004 Stock Plan | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period			2 years
Maximum | 2004 Stock Plan | Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period			4 years
Maximum | 2004 Stock Plan | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period			4 years
Maximum | 2004 Stock Plan | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period			3 years
Employees [Member] | 2004 Stock Plan | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)			31,777
Employees [Member] | 2004 Stock Plan | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)			43,990
Employees [Member] | Minimum | 2004 Stock Plan | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period			3 years
Director [Member] | 2004 Stock Plan | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)			35,215
Director [Member] | Minimum | 2004 Stock Plan | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period			1 year

Stock-Based Incentive Plan - Va

Stock-Based Incentive Plan - Valuation Assumptions (Details)	6 Months Ended
	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.69%
Expected life in years	2 years 9 months 26 days
Expected volatility	41.80%
Dividend yield	4.00%

Stock-Based Incentive Plan - Un

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)	6 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Restricted Stock, Service-Based
Number of Restricted Shares
Unvested at the end of the period (in shares) | shares	121,265
Weighted Average Grant-Date Fair Value
Unvested at the end of the period (in dollars per share) | $ / shares	$ 8.62
Restricted Stock, Market-Based
Number of Restricted Shares
Granted (in shares) | shares	43,990
Unvested at the end of the period (in shares) | shares	64,302
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares	$ 8.24
Unvested at the end of the period (in dollars per share) | $ / shares	$ 7.35
Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) | shares	199,477
Granted (in shares) | shares	66,992
Vested (in shares) | shares	(124,892)
Unvested at the end of the period (in shares) | shares	185,567
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 6.83
Granted (in dollars per share) | $ / shares	9.17
Vested (in dollars per share) | $ / shares	6.57
Unvested at the end of the period (in dollars per share) | $ / shares	$ 8.18
Additional disclosures of restricted stock
Unrecognized stock compensation expense related to Restricted Stock | $	$ 1,260,881
Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized	2 years 7 days
Contingent Restricted Stock, Market-Based
Number of Restricted Shares
Unvested at the end of the period (in shares) | shares	10,156
Weighted Average Grant-Date Fair Value
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.42
Contingent Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) | shares	28,562
Vested (in shares) | shares	(10,629)
Forfeited (in shares) | shares	(7,777)
Unvested at the end of the period (in shares) | shares	10,156
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 6.06
Vested (in dollars per share) | $ / shares	5.67
Forfeited (in dollars per share) | $ / shares	10.05
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.42
Additional disclosures of restricted stock
Unrecognized stock compensation expense related to Restricted Stock | $	$ 6,058
Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized	5 months 27 days

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense	$ 859,695	$ (5,052,211)	$ 2,176,047	$ (4,661,889)
Deferred tax asset remeasurement				$ 6,000,000
Income tax rate excluding one time adjustment				19.00%
Income tax expense, effective rates (as a percent)			18.00%	(63.00%)
Statutory federal tax rate			21.00%	27.55%

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Numerator
Net income available to common shareholders	$ 3,904,565	$ 9,876,848	$ 9,700,366	$ 12,017,380
Denominator
Weighted average number of common shares — Basic (in shares)	33,167,159	33,109,448	33,134,726	33,099,546
Effect of dilutive securities:
Contingent restricted stock grants (in shares)	9,344	30,830	13,049	40,711
Weighted average number of common shares and potentially dilutive common shares used in diluted EPS (in shares)	33,176,503	33,140,278	33,147,775	33,140,257
Net income per common share - Basic (in dollars per share)	$ 0.12	$ 0.30	$ 0.29	$ 0.36
Net income per common share - Diluted (in dollars per share)	$ 0.12	$ 0.30	$ 0.29	$ 0.36

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Dilutive Securities (Details) - Contingent restricted stock grants - $ / shares	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Outstanding Potential Dilutive Securities
Weighted Average Exercise Price (in dollars per share)	$ 0	$ 0
Balance at the end of the period (in shares)	10,156	61,868

Senior Secured Credit Agreeme_2

Senior Secured Credit Agreement (Details) - Senior Secured Reserve-Based Credit Facility - Line of Credit - Revolving credit facility	Apr. 11, 2016USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Term of revolving credit facility	3 years
Maximum amount available under revolving credit facility	$ 50,000,000
Initial borrowing base		$ 40,000,000
Amount outstanding		0
Placement fee percentage	0.50%
Placement fee percentage	$ 50,000
Commitment fee percentage	0.25%
Maximum total leverage ratio (not more than)	3
Debt service coverage ratio (not less than)	1.10
Minimum consolidated tangible net worth	$ 50,000,000
Debt issuance costs	$ 168,972
Unamortized debt issuance costs		$ 34,623
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Prime rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details)	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 30,447

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 18,726	$ 19,198	$ 38,104	$ 39,049

Enduro Purchase and Sale Agre_2

Enduro Purchase and Sale Agreement - Additional Information (Details) - USD ($)	May 15, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Asset Acquisition [Line Items]
Enduro transaction breakup fee		$ 0	$ 0	$ 1,100,000	$ 0
Affiliate of Enduro Resource Partners LLC
Asset Acquisition [Line Items]
Purchase price of oil and gas assets	$ 27,500,000
Escrow deposit	2,750,000
Enduro transaction breakup fee	$ 1,100,000