Evolution Petroleum (EPM) 10-Q 4 Feb 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 31, 2020	Jan. 29, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity Registrant Name	EVOLUTION PETROLEUM CORPORATION
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,490,550
Entity Central Index Key	0001006655
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current assets
Cash and cash equivalents	$ 19,035,092	$ 19,662,528
Receivables from oil and gas sales	2,507,048	1,919,213
Receivables of federal and state income taxes	3,112,772	3,243,271
Prepaid expenses and other current assets	400,438	491,686
Total current assets	25,055,350	25,316,698
Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization	39,270,735	66,512,281
Other property and equipment, net	14,019	17,639
Total property and equipment, net	39,284,754	66,529,920
Other assets, net	361,904	291,618
Total assets	64,702,008	92,138,236
Current liabilities
Accounts payable	2,051,812	1,471,679
Accrued liabilities and other	1,376,121	716,648
Derivative contract liabilities	0	1,911,343
State and federal income taxes payable	53,190	179,189
Total current liabilities	3,481,123	4,278,859
Long term liabilities
Deferred income taxes	5,294,276	11,061,023
Asset retirement obligations	2,646,682	2,588,894
Operating lease liability	51,201	84,978
Total liabilities	11,473,282	18,013,754
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,490,550 and 32,956,469 shares issued and outstanding, respectively	33,490	32,956
Additional paid-in capital	41,901,421	41,291,446
Retained earnings	11,293,815	32,800,080
Total stockholders’ equity	53,228,726	74,124,482
Total liabilities and stockholders’ equity	$ 64,702,008	$ 92,138,236

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	33,490,550	32,956,469
Common stock, shares outstanding (in shares)	33,490,550	32,956,469

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($)		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues		$ 5,768,152	$ 9,381,615	$ 11,363,528	$ 18,533,830
Operating costs
Depreciation, depletion, and amortization		1,358,168	1,461,049	2,769,056	2,910,803
Proved property impairment		15,189,459	0	24,792,079	0
Net loss on derivative contracts		279,679	0	614,645	0
General and administrative expenses	[1]	1,845,699	1,436,197	3,124,397	2,774,550
Total operating costs		21,678,418	7,131,851	36,703,514	13,010,047
Income (loss) from operations		(15,910,266)	2,249,764	(25,339,986)	5,523,783
Other
Interest and other income		11,217	52,941	25,643	119,070
Interest expense		(19,622)	(29,345)	(41,654)	(58,690)
Income (loss) before income taxes		(15,918,671)	2,273,360	(25,355,997)	5,584,163
Income tax provision (benefit)		(3,208,664)	508,442	(5,510,842)	1,026,425
Net income (loss) attributable to common stockholders		$ (12,710,007)	$ 1,764,918	$ (19,845,155)	$ 4,557,738
Earnings (loss) per common share
Basic (in dollars per share)		$ (0.38)	$ 0.05	$ (0.60)	$ 0.14
Diluted (in dollars per share)		$ (0.38)	$ 0.05	$ (0.60)	$ 0.14
Weighted average number of common shares outstanding
Basic (in shares)		33,106,885	32,988,737	33,031,270	33,057,691
Diluted (in shares)		33,106,885	32,988,737	33,031,270	33,061,555
Crude oil
Revenues
Total revenues		$ 5,462,783	$ 8,974,237	$ 10,841,944	$ 17,819,741
Natural gas liquids
Revenues
Total revenues		305,200	406,634	521,226	712,578
Natural gas
Revenues
Total revenues		169	744	358	1,511
Lease operating costs
Operating costs
Lease operating costs		$ 3,005,413	$ 4,234,605	$ 5,403,337	$ 7,324,694
[1]	General and administrative expenses for the three months ended December 31, 2020 and 2019 included non-cash stock-based compensation expenses of $317,506 and $236,190, respectively. For the six months ended December 31, 2020 and 2019, non-cash stock-based compensation expenses were $617,857and $568,203, respectively.

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense			$ 617,857	$ 568,203
General and administrative expenses
Stock-based compensation expense	$ 317,506	$ 236,190	$ 617,857	$ 568,203

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss) attributable to the Company	$ (19,845,155)	$ 4,557,738
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	2,769,056	2,910,803
Proved property impairment	24,792,079	0
Stock-based compensation	617,857	568,203
Settlement of asset retirement obligations	(100,389)	(26,773)
Deferred income taxes	(5,766,747)	40,252
Net loss on derivative contracts	614,645	0
Payments made for derivative settlements	(2,137,225)	0
Other	7,475	32,149
Changes in operating assets and liabilities:
Receivables	(457,336)	(840,298)
Prepaid expenses and other current assets	91,248	(60,118)
Net operating loss carryback	(110,942)	0
Accounts payable and accrued expenses	875,390	875,929
State and federal income taxes payable	(125,999)	116,173
Net cash provided by operating activities	1,223,957	8,174,058
Cash flows from investing activities
Acquisition of oil and natural gas properties	0	9,337,716
Capital expenditures for oil and natural gas properties	(182,935)	(1,080,874)
Net cash used in investing activities	(182,935)	(10,418,590)
Cash flows from financing activities
Common stock dividends paid	(1,661,110)	(6,621,194)
Common share repurchases, including shares surrendered for tax withholding	(7,348)	(1,750,839)
Net cash used in financing activities	(1,668,458)	(8,372,033)
Net decrease in cash and cash equivalents	(627,436)	(10,616,565)
Cash and cash equivalents, beginning of period	19,662,528	31,552,533
Cash and cash equivalents, end of period	19,035,092	20,935,968
Supplemental disclosures of cash flow information:
Income taxes paid	561,852	1,100,000
Income tax refunds received	130,499	0
Non-cash transactions:
(Decrease) increase in accrued purchases of property and equipment	(54,190)	39,361
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	$ 91,430	$ 871,076

Consolidated Condensed Statem_4

Consolidated Condensed Statement of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Jun. 30, 2019		33,183,730
Beginning Balance at Jun. 30, 2019	$ 80,125,858	$ 33,183	$ 42,488,913	$ 37,603,762	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		271,778
Issuance of restricted common stock	0	$ 272	(272)
Forfeitures of restricted stock (in shares)		(49,118)
Forfeitures of restricted stock	0	$ (49)	49
Common share repurchases, including shares surrendered for tax withholding	(1,750,839)				(1,750,839)
Retirements of treasury stock (in shares)		(299,402)
Retirements of treasury stock	0	$ (299)	(1,750,540)		1,750,839
Stock-based compensation	568,203		568,203
Net income (loss) attributable to common stockholders	4,557,738			4,557,738
Common stock cash dividends	(6,621,194)			(6,621,194)
Ending Balance (in shares) at Dec. 31, 2019		33,106,988
Ending Balance at Dec. 31, 2019	76,879,766	$ 33,107	41,306,353	35,540,306	0
Beginning Balance (in shares) at Sep. 30, 2019		33,003,134
Beginning Balance at Sep. 30, 2019	78,581,859	$ 33,003	41,458,682	37,090,174	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		212,750
Issuance of restricted common stock	0	$ 213	(213)
Forfeitures of restricted stock (in shares)		(40,870)
Forfeitures of restricted stock		$ (41)	41
Common share repurchases, including shares surrendered for tax withholding	(388,415)				(388,415)
Retirements of treasury stock (in shares)		(68,026)
Retirements of treasury stock		$ (68)	(388,347)		388,415
Stock-based compensation	236,190		236,190
Net income (loss) attributable to common stockholders	1,764,918			1,764,918
Common stock cash dividends	(3,314,786)			(3,314,786)
Ending Balance (in shares) at Dec. 31, 2019		33,106,988
Ending Balance at Dec. 31, 2019	$ 76,879,766	$ 33,107	41,306,353	35,540,306	0
Beginning Balance (in shares) at Jun. 30, 2020	32,956,469	32,956,469
Beginning Balance at Jun. 30, 2020	$ 74,124,482	$ 32,956	41,291,446	32,800,080	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		536,713
Issuance of restricted common stock	0	$ 537	(537)
Common share repurchases, including shares surrendered for tax withholding	(7,348)				(7,348)
Retirements of treasury stock (in shares)		(2,632)
Retirements of treasury stock	0	$ (3)	(7,345)		7,348
Stock-based compensation	617,857		617,857
Net income (loss) attributable to common stockholders	(19,845,155)			(19,845,155)
Common stock cash dividends	$ (1,661,110)			(1,661,110)
Ending Balance (in shares) at Dec. 31, 2020	33,490,550	33,490,550
Ending Balance at Dec. 31, 2020	$ 53,228,726	$ 33,490	41,901,421	11,293,815	0
Beginning Balance (in shares) at Sep. 30, 2020		32,953,837
Beginning Balance at Sep. 30, 2020	66,458,491	$ 32,953	41,584,452	24,841,086	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		536,713
Issuance of restricted common stock	0	$ 537	(537)
Stock-based compensation	317,506		317,506
Net income (loss) attributable to common stockholders	(12,710,007)			(12,710,007)
Common stock cash dividends	$ (837,264)			(837,264)
Ending Balance (in shares) at Dec. 31, 2020	33,490,550	33,490,550
Ending Balance at Dec. 31, 2020	$ 53,228,726	$ 33,490	$ 41,901,421	$ 11,293,815	$ 0

Consolidated Condensed Statem_5

Consolidated Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.025	$ 0.025	$ 0.10	$ 0.10	$ 0.025	$ 0.10

Organization and Basis of Prepa

Organization and Basis of Preparation	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation is an oil and gas company focused on delivering a sustainable dividend yield to its stockholders through the ownership, management, and development of oil and gas properties. The Company's long-term goal is to build a diversified portfolio of oil and gas assets primarily through acquisitions while seeking opportunities to maintain and increase production through selective development, production enhancement, and other exploitation efforts on its properties. Our producing assets consist of our interests in the Delhi Holt-Bryant Unit in the Delhi field in Northeast Louisiana, a CO 2 enhanced oil recovery project, our interests in the Hamilton Dome field located in Hot Springs County, Wyoming, a secondary recovery field utilizing water injection wells to pressurize the reservoir, and overriding royalty interests in two onshore Texas wells. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles 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 GAAP 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 2020 Annual Report on Form 10-K for the fiscal year ended June 30, 2020, 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 unaudited consolidated condensed financial statements include the accounts of EPM and its wholly owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. The unaudited consolidated condensed 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. Risk and Uncertainties . The Company is continuously monitoring the current and potential impacts of the COVID-19 pandemic on its business, including how it has and may continue to impact its financial results, liquidity, employees, and the operations of the Delhi and Hamilton Dome fields in which we hold non-operated interests. In 2020, primarily driven by the COVID-19 pandemic and actions taken by OPEC+, the benchmark price of WTI declined to levels that adversely impacted our earnings. The Company expects the price of crude oil to remain volatile as evidenced by the continued volatility in the futures market. We cannot predict the duration of such volatility nor the current supply-demand imbalance, but must be prepared for crude oil prices to remain depressed for an extended period and for its potential effects on our business, financial condition, results of operations, and cash flows. The nature of the COVID-19 pandemic makes it extremely difficult to predict the impact on the Company’s business and operations. However, the likely overall economic impact of the pandemic is viewed as highly negative to the general economy, especially the oil and natural gas industry. In 2020, primarily driven by the COVID-19 pandemic and actions taken by OPEC+, the benchmark price of WTI dropped significantly. The Company expects the price of crude oil to remain volatile as evidenced by the continued volatility in the futures market. Uncertainty regarding the future actions of foreign oil producers, such as Saudi Arabia and Russia, and the risk that they take actions that will prolong or exacerbate the current over-supply of crude oil is also contributing to the recent decline in oil prices. In addition, future legislative or regulatory changes as a result of the United States election in 2020 may result in increased costs and decreased revenues, cash flows and liquidity. New or changed laws and regulations could have a material adverse effect on our business. In response to the pandemic and the associated negative price impact, both of our operators have taken actions such as reducing operating and capital expenditures. At Hamilton Dome the operator had also temporarily shut-in some producing wells, some of which have subsequently been returned to production. The Company’s property interests are not operated by the Company and involve other third-party working interest owners. As a result, we have limited ability to influence or control the operation or future development of such properties. However, the Company has been proactive with its third-party operators to review spending and alter plans as appropriate. The Company is focused on maintaining its operations and system of controls remotely and has implemented its business continuity plans in order to allow its employees to securely work from home. The Company was able to transition the operation of its business with minimal disruption and to maintain its system of internal controls and procedures. 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 may 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 unaudited consolidated condensed 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, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 2 - Summary of Significant Accounting Policies in the 2020 Form 10-K and are supplemented by the notes to the unaudited consolidated condensed financial statements included in this report. These unaudited consolidated condensed financial statements should be read in conjunction with the 2020 Form 10-K. Recently Adopted Accounting Pronouncement - Income Taxes In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 remove certain exceptions related to the incremental approach for intraperiod tax allocation and the general methodology for calculating income taxes in an interim period and reducing diversity in practice for the recognition of enacted changes in tax law. ASU 2019-12 also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020; however, early adoption is permissible for periods for which financial statements have not yet been issued. Effective October 1, 2020, the Company prospectively adopted this new standard. Adoption of this standard had no impact on our unaudited condensed financial statements nor would it have had if we had adopted the standard on July 1, 2020. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. Early adoption is permitted and entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. For smaller reporting companies, as provided by Accounting Standards Update 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The adoption of ASU 2016-13 is currently not expected to have a material effect on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionOur revenue is primarily generated from our interests in the Delhi field in Northeast Louisiana and our interests in the Hamilton Dome field in Wyoming. Additionally, an overriding royalty interest retained in a past divestiture of Texas properties provided de minimis revenue: Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenues Crude oil $ 5,462,783 $ 8,974,237 $ 10,841,944 $ 17,819,741 Natural gas liquids 305,200 406,634 521,226 712,578 Natural gas 169 744 358 1,511 Total revenues $ 5,768,152 $ 9,381,615 $ 11,363,528 $ 18,533,830 We are a non-operator and presently do not take production in kind and do not negotiate contracts with customers. We recognize crude oil, natural gas liquids, and natural gas production revenue at the point in time when custody and title (“control”) of the product transfers to the customer. Transfer of control drives the presentation of post-production expenses such as transportation, gathering, and processing deductions within the accompanying statements of operations. Fees and other deductions incurred prior to control transfer are recorded within the lease operating costs line item on the accompanying unaudited consolidated condensed statements of operations, while fees and other deductions incurred subsequent to control transfer are embedded in the price and effectively recorded as a reduction of crude oil, natural gas liquids, and natural gas production revenue. Judgments made in applying the guidance in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, relate primarily to determining the point in time when control of product transfers to the customer. The Company does not believe that significant judgments are required with respect to the determination of the transaction price, including amounts that represent variable consideration, as volume and price carry a low level of estimation uncertainty given the precision of volumetric measurements and the use of index pricing with predictable differentials. Accordingly, the Company does not consider estimates of variable consideration to be constrained. The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied at a point in time upon control transferring to a customer at a specified delivery point. Consideration is allocated to completed performance obligations at the end of an accounting period. Revenue is recorded in the month when contractual performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received one to two months after production has occurred, which is typical in the industry. As a result, the Company must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for the sale of the product. Estimated revenue due to the Company is recorded within the "Receivables from oil and gas sales" line item on the accompanying unaudited consolidated condensed balance sheets until payment is received. The accounts receivable balances from contracts with customers are presented on the line "Receivables from oil and gas sales" on the accompanying unaudited consolidated condensed balance sheets. As of December 31, 2020 and June 30, 2020, accounts receivables from oil and gas sales were $2.5 million and $1.9 million, respectively. To estimate accounts receivable from operator contracts with customers, the Company uses knowledge of its properties, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser. Revenue recognized during the six months ended December 31, 2020, related to performance obligations satisfied in prior reporting periods, was immaterial.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets December 31, June 30, Prepaid insurance $ 131,818 $ 289,999 Prepaid subscription and licenses 89,934 67,005 Prepaid federal and state income taxes 155,212 86,208 Prepaid investor relations and other 23,474 48,474 Total prepaid expenses and other current assets $ 400,438 $ 491,686

Property and Equipment

Property and Equipment	6 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment December 31, June 30, Oil and natural gas properties: Property costs subject to amortization $ 107,610,555 $ 107,390,379 Less: Accumulated depreciation, depletion, amortization and impairment (68,339,820) (40,878,098) Oil and natural gas properties, net $ 39,270,735 $ 66,512,281 Other property and equipment: Furniture, fixtures, and office equipment, at cost $ 154,731 $ 154,731 Less: Accumulated depreciation (140,712) (137,092) Other property and equipment, net $ 14,019 $ 17,639 During the six months ended December 31, 2020 and 2019, the Company incurred capital expenditures of $0.2 million and $1.1 million, respectively. On November 1, 2019, the Company acquired its 23.51% non-operating working interest and a 19.70% revenue interest in the Hamilton Dome unitized field located in Hot Springs County, Wyoming, from the Merit Energy Company. As a result of this cash purchase combined with its subsequent purchase adjustments, the Company recorded a purchase cost of $9.3 million and also recognized $0.9 million in non-cash asset retirement obligations. The Company uses the full cost method of accounting for its investment in oil and natural gas properties. All costs of acquisition, exploration, and development of oil and natural gas reserves are capitalized as the cost of oil and natural gas and properties when incurred. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs result in an impairment charge. At December 31, 2020, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended December 31, 2020 of the West Texas Intermediate (WTI) crude oil spot price of $39.54 per barrel, adjusted by market differentials by field. The net price per barrel of NGLs was $8.30, which does not have any single comparable reference index price. The NGL price was based on historical prices received. Using these prices, the Company’s net book value of oil and natural gas properties at December 31, 2020 exceeded the current ceiling. During the three months ended December 31, 2020, the Company recorded $15.2 million of ceiling test impairment charges. The ceiling test impairment was driven by a decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation, from $43.63 per barrel at September 30, 2020 to $39.54 per barrel at December 31, 2020 together with adverse changes in differentials received in the Delhi field. The first-day-of-the-month average oil price as of December 31, 2020 was heavily influenced by the extremely low oil prices realized in March through May of 2020 combined with the roll off of high oil prices during the quarter ended December 31, 2019. At September 30, 2020, the Company recorded a $9.6 million ceiling test impairment charge. The ceiling test impairment was driven by a decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation, from $47.37 per barrel at June 30, 2020 to $43.63 per barrel at September 30, 2020 together with adverse changes in differentials received in the Delhi field. The first-day-of-the-month average oil price as of September 30, 2020 was heavily influenced by the extremely low oil prices realized in March through May of 2020 combined with the roll off of high oil prices during the quarter ended September 30, 2019.

Other Assets

Other Assets	6 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets December 31, June 30, Royalty rights $ 108,512 $ 108,512 Less: Accumulated amortization of royalty rights (67,820) (61,037) 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 (164,661) (157,084) Right of use asset under operating lease 161,125 161,125 Less: Accumulated amortization of right of use asset (66,784) (43,932) Net operating loss carryback (Note 11 – Income Taxes) 110,942 — Software license 20,662 20,662 Less: Accumulated amortization of software license (17,794) (14,350) Other assets, net $ 361,904 $ 291,618

Accrued Liabilities and Other

Accrued Liabilities and Other	6 Months Ended
	Dec. 31, 2020
Other Liabilities, Current [Abstract]
Accrued Liabilities and Other	Accrued Liabilities and Other December 31, June 30, Accrued incentive and other compensation $ 265,760 $ 176,636 Accrued retirement costs 211,145 — Accrued franchise taxes 149,778 100,978 Accrued ad valorem taxes — 108,000 Payable for settled derivatives 653,951 265,188 Operating lease liability, current 61,667 54,290 Asset retirement obligations due within one year 22,264 — Accrued - other 11,556 11,556 Accrued liabilities and other $ 1,376,121 $ 716,648

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 31, 2020
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. During the six months ended December 31, 2020, the Delhi field operator abandoned two wells. Presently, we expect the Hamilton Dome operator to plug two wells during the next twelve months. The following is a reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2020 and for the year ended June 30, 2020: December 31, June 30, Asset retirement obligations — beginning of period $ 2,588,894 $ 1,610,845 Liabilities incurred — 944,278 (c) Liabilities settled (99,231) (a) (86,592) (d) Accretion of discount 87,853 146,504 Revision of previous estimates 91,430 (b) (26,141) Asset retirement obligations — end of period $ 2,668,946 $ 2,588,894 Less: current asset retirement obligations 22,264 — Long-term portion of asset retirement obligations $ 2,646,682 $ 2,588,894 (a) Abandonment of two non-scheduled Delhi field wells. (b) Upward revisions for two difficult-to-plug Delhi field wells. (c) Liabilities incurred in fiscal 2020 were primarily due to our acquisition of our Hamilton Dome interest. (d) The respective operators abandoned one well in the Delhi field and four wells in the Hamilton Dome field.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of December 31, 2020, w e had 33,490,550 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. We paid dividends of $1,661,110 and $6,621,194 to our common stockholders during the six months ended December 31, 2020 and 2019, respectively. The following table reflects the dividends paid within the respective three-month periods: Common Stock Cash Dividends per Share 2020 2019 First quarter ended September 30, $ 0.025 $ 0.10 Second quarter ended December 31, $ 0.025 $ 0.10 In May 2015, the Board of Directors approved a share repurchase program covering up to $5.0 million of the Company's common stock. Since inception of the program through December 31, 2020, the Company spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. There were no shares purchased under this program during the six months ended December 31, 2020. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the SEC. 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, 2020 and 2019, the Company also 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. The following table shows all treasury stock purchases in the respective periods: Six Months Ended 2020 2019 Number of treasury shares acquired 2,632 299,402 Average cost per share $ 2.79 $ 5.85 Total cost of treasury shares acquired $ 7,348 $ 1,750,839 Expected Tax Treatment of Dividends

Stock-Based Incentive Plan

Stock-Based Incentive Plan	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Incentive Plan	Stock-Based Incentive Plan The Evolution Petroleum Corporation 2016 Equity Incentive Plan ("2016 Plan"), approved in the December 2016 annual meeting, authorized 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. On December 9, 2020, an amendment to the 2016 Plan was approved by our stockholders which increased the number of shares available for issuance by 2,500,000 shares. As of December 31, 2020, 2,230,696 shares remained available for grant under the 2016 Plan. 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. During six months ended December 31, 2020, the Company granted 290,553 service-based restricted stock awards primarily to employees under its long term incentive program together with annual awards to its directors. In addition, under this program, the Company granted 246,160 market-based restricted stock awards and 123,080 market-based restricted share units to its employees. In addition to the foregoing, in connection with the retirement of the Company's former Chief Financial Officer, vesting was accelerated as to 50,524 aggregate shares of service- and market-based equity awards (with a weighted average fair value of $5.15 per share) which, for accounting purposes, was treated as a cancellation and replacement of the same number of awards which had a fair value of $2.79 per share. During the six months ended December 31, 2019, the chief executive officer upon his employment received 48,872 shares of serviced-based restricted common stock, which vests in three equal amounts on June 30, 2020, 2021 and 2022; he was also awarded a total of 200,000 market-based restricted stock units consisting of four equal tranches, each of which may vest only if its respective stock price requirement is met before the award term expires. Each tranche has a separate stated price requirement and respective vesting will occur only if, before July 1, 2023, the ninety-day trailing average Company stock share price equals or exceeds its tranche price requirement. Service-based awards vest with continuous employment by the Company, generally in annual installments over terms of three 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 third-party independent assessment of the grant date fair value and 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, 2020, there were no performance-based awards outstanding. Many of our past market-based awards could vest if their respective two For market-based awards granted during the six months ended December 31, 2020 and 2019, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows: December 31, December 31, 2020 2019 Weighted average fair value of market-based awards granted $3.08 $3.79 Risk-free interest rate 0.23% 1.65% to 1.87% Expected vesting term in years 2.56 1.35 to 2.56 Expected volatility 56.9% 38.6% to 43.7% Dividend yield 3.2% 6% to 7.2% Unvested Restricted Stock awards at December 31, 2020 consisted of the following: Number of Weighted Service-based awards 399,174 $ 3.40 Market-based awards 320,533 3.38 Unvested Restricted Stock at December 31, 2020 719,707 $ 3.39 The following table sets forth the Restricted Stock transactions for the six months ended December 31, 2020: Number of Weighted Unamortized Compensation Expense at December 31, 2020 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2020 285,028 $ 5.53 Service-based shares granted 341,077 2.93 Market-based shares granted 246,160 3.08 Vested (102,034) 6.15 Forfeited (50,524) 5.15 Unvested Restricted Stock at December 31, 2020 719,707 $ 3.39 $ 2,023,800 2.3 Unvested Contingent Restricted Stock awards table below consists solely of market-based awards: Number of Weighted Unamortized Compensation Expense at December 31, 2020 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2020 200,000 $ 3.50 Market-based awards granted 123,080 1.76 Unvested contingent shares at December 31, 2020 323,080 $ 2.85 $ 228,734 2.32 Stock-based compensation expense related to Restricted Stock and Contingent Restricted Stock grants for the three months ended December 31, 2020 and 2019 was $317,506 and $236,190 , respectively. For the six months ended December 31, 2020 and 2019, non-cash stock-based compensation expenses were $617,857 and $568,203, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2020
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 no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during any periods presented in these unaudited consolidated condensed financial statements. We believe that we have appropriate support for the income tax positions taken and to be taken on the Company's tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of many 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 fiscal years ended June 30, 2016 through June 30, 2019 for federal tax purposes and for the fiscal years ended June 30, 2015 through June 30, 2019 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. At December 31, 2020, the Company had a $3.1 million receivable for remaining income tax refunds related to amended federal and state tax returns for the years ended June 30, 2017 and 2018 filed in late fiscal 2020 for Enhanced Oil Recovery credits related to our Delhi field interests.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share The following table sets forth the computation of basic and diluted earnings (loss) per common share: Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Numerator Net income (loss) attributable to common stockholders $ (12,710,007) $ 1,764,918 $ (19,845,155) $ 4,557,738 Denominator Weighted average number of common shares — Basic 33,106,885 32,988,737 33,031,270 33,057,691 Effect of dilutive securities: Contingent restricted stock grants — — — 3,864 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 33,106,885 32,988,737 33,031,270 33,061,555 Net earnings (loss) per common share — Basic $ (0.38) $ 0.05 $ (0.60) $ 0.14 Net earnings (loss) per common share — Diluted $ (0.38) $ 0.05 $ (0.60) $ 0.14 Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2020 Contingent Restricted Stock grants $ — 323,080 Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2019 Contingent Restricted Stock grants $ — 200,000

Senior Secured Credit Agreement

Senior Secured Credit Agreement	6 Months Ended
	Dec. 31, 2020
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 (the "Facility") in an amount up to $50 million. On May 25, 2018, we entered into the third amendment to our credit agreement governing the 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 Facility to broaden the definition for the Use of Proceeds. Under the Facility the borrowing base is redetermined semiannually. On November 2, 2020, the Company completed its fall redetermination of the Facility, resulting in a borrowing base of $23 million, and entered into the fifth amendment to the Facility extending the maturity to April 9, 2024. As discussed in Note 17 - Subsequent Event, on January 5, 2021 and effective as of December 28, 2020, we entered into the sixth amendment of our Facility which replaced the Debt Service Coverage Ratio (as defined therein) maintenance covenant with a new covenant requiring a defined Current Ratio of not less than 1.00 to 1.00. We were in compliance with all financial covenants and there were no amounts outstanding under the Facility at December 31, 2020, which is secured by substantially all of the Company's Delhi and Hamilton Dome field assets. 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. 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%, subject to a minimum LIBOR of 0.25%, 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 current ratio of not less than 1.00 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 the Facility, the Company incurred $168,972 of past debt issuance costs. Such costs were capitalized in "Other assets, net" and are being amortized to expense. The unamortized balance in debt issuance costs related to the Facility was $4,311 as of December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2020
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 material loss through impairment of an asset or the incurrence of a liability. We accrue a material loss if we believe it is probable that a future event or events will confirm a loss, 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.

Derivatives

Derivatives	6 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives It is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial or commodity hedging institutions deemed by management as competent and competitive market makers. As of December 31, 2020, the Company did not have any remaining open derivative contracts. The Company may utilize fixed-price swaps or costless put/call collars to hedge a portion of its anticipated future production. Fixed-price swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for the volumes under contract. A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract, and a purchased put that establishes a minimum price. The Company has elected not to designate its open derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of the derivative contracts and all payments and receipts on settled derivative contracts in “Net loss on derivative contracts” on the unaudited consolidated condensed statements of operations. Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 Realized loss $ 1,374,412 $ — $ 2,525,988 $ — Unrealized gain (1,094,733) — (1,911,343) — Net loss on derivative contracts $ 279,679 $ — $ 614,645 $ — The Company’s derivative contract is recorded at fair market value and is included in the unaudited consolidated condensed balance sheets as an asset or a liability. The Company did not have any open positions as of December 31, 2020 or 2019. The Company presents the fair value of its derivative contracts at the gross amounts in the consolidated balance sheets. The Company enters into an International Swap Dealers Association Master Agreement ("ISDA") with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2—Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Derivative Instruments. The Company’s determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company’s consolidated balance sheets, but also the impact of the Company’s nonperformance risk on its own liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 – Fair Value Measurement ("ASC 820") establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable (Level 1), market corroborated (Level 2), or generally unobservable (Level 3). The Company classifies fair value balances based on the observability of those inputs. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment; this may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for any period presented in this report. The Company did not have any open positions at December 31, 2020 or 2019. Other Fair Value Measurements. The initial measurement and any subsequent revision of asset retirement obligations at fair value are calculated using discounted future cash flows of internally estimated costs. Significant Level 3 inputs used in the calculation of asset retirement obligations include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values.

Subsequent Event

Subsequent Event	6 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn January 5, 2021, effective as of December 28, 2020, the Company, Midfirst Bank, and each of the subsidiaries of the Company party thereto entered into the sixth amendment of the Company's senior secured credit facility originally entered into on April 11, 2016 (the "Sixth Amendment"). The Sixth Amendment replaces the Debt Service Coverage Ratio (as defined therein) maintenance covenant with a new covenant requiring a defined Current Ratio of not less than 1.00 to 1.00.

Organization and Basis of Pre_2

Organization and Basis of Preparation (Policies)	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting.  Our unaudited consolidated condensed financial statements include the accounts of EPM and its wholly owned subsidiaries (the "Company"). All significant intercompany transactions have been eliminated in consolidation. The unaudited consolidated condensed 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 may 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 unaudited consolidated condensed financial statements are appropriate, actual results could differ from those estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncement - Income Taxes In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 remove certain exceptions related to the incremental approach for intraperiod tax allocation and the general methodology for calculating income taxes in an interim period and reducing diversity in practice for the recognition of enacted changes in tax law. ASU 2019-12 also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020; however, early adoption is permissible for periods for which financial statements have not yet been issued. Effective October 1, 2020, the Company prospectively adopted this new standard. Adoption of this standard had no impact on our unaudited condensed financial statements nor would it have had if we had adopted the standard on July 1, 2020. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. Early adoption is permitted and entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. For smaller reporting companies, as provided by Accounting Standards Update 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The adoption of ASU 2016-13 is currently not expected to have a material effect on our consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenue is primarily generated from our interests in the Delhi field in Northeast Louisiana and our interests in the Hamilton Dome field in Wyoming. Additionally, an overriding royalty interest retained in a past divestiture of Texas properties provided de minimis revenue: Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenues Crude oil $ 5,462,783 $ 8,974,237 $ 10,841,944 $ 17,819,741 Natural gas liquids 305,200 406,634 521,226 712,578 Natural gas 169 744 358 1,511 Total revenues $ 5,768,152 $ 9,381,615 $ 11,363,528 $ 18,533,830

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses	December 31, June 30, Prepaid insurance $ 131,818 $ 289,999 Prepaid subscription and licenses 89,934 67,005 Prepaid federal and state income taxes 155,212 86,208 Prepaid investor relations and other 23,474 48,474 Total prepaid expenses and other current assets $ 400,438 $ 491,686

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of oil and natural gas properties and other property and equipment	December 31, June 30, Oil and natural gas properties: Property costs subject to amortization $ 107,610,555 $ 107,390,379 Less: Accumulated depreciation, depletion, amortization and impairment (68,339,820) (40,878,098) Oil and natural gas properties, net $ 39,270,735 $ 66,512,281 Other property and equipment: Furniture, fixtures, and office equipment, at cost $ 154,731 $ 154,731 Less: Accumulated depreciation (140,712) (137,092) Other property and equipment, net $ 14,019 $ 17,639

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	December 31, June 30, Royalty rights $ 108,512 $ 108,512 Less: Accumulated amortization of royalty rights (67,820) (61,037) 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 (164,661) (157,084) Right of use asset under operating lease 161,125 161,125 Less: Accumulated amortization of right of use asset (66,784) (43,932) Net operating loss carryback (Note 11 – Income Taxes) 110,942 — Software license 20,662 20,662 Less: Accumulated amortization of software license (17,794) (14,350) Other assets, net $ 361,904 $ 291,618

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	6 Months Ended
	Dec. 31, 2020
Other Liabilities, Current [Abstract]
Schedule of accrued liabilities	December 31, June 30, Accrued incentive and other compensation $ 265,760 $ 176,636 Accrued retirement costs 211,145 — Accrued franchise taxes 149,778 100,978 Accrued ad valorem taxes — 108,000 Payable for settled derivatives 653,951 265,188 Operating lease liability, current 61,667 54,290 Asset retirement obligations due within one year 22,264 — Accrued - other 11,556 11,556 Accrued liabilities and other $ 1,376,121 $ 716,648

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2020
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, 2020 and for the year ended June 30, 2020: December 31, June 30, Asset retirement obligations — beginning of period $ 2,588,894 $ 1,610,845 Liabilities incurred — 944,278 (c) Liabilities settled (99,231) (a) (86,592) (d) Accretion of discount 87,853 146,504 Revision of previous estimates 91,430 (b) (26,141) Asset retirement obligations — end of period $ 2,668,946 $ 2,588,894 Less: current asset retirement obligations 22,264 — Long-term portion of asset retirement obligations $ 2,646,682 $ 2,588,894 (a) Abandonment of two non-scheduled Delhi field wells. (b) Upward revisions for two difficult-to-plug Delhi field wells. (c) Liabilities incurred in fiscal 2020 were primarily due to our acquisition of our Hamilton Dome interest. (d) The respective operators abandoned one well in the Delhi field and four wells in the Hamilton Dome field.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Dividends paid	The following table reflects the dividends paid within the respective three-month periods: Common Stock Cash Dividends per Share 2020 2019 First quarter ended September 30, $ 0.025 $ 0.10 Second quarter ended December 31, $ 0.025 $ 0.10
Schedule of share repurchases	The following table shows all treasury stock purchases in the respective periods: Six Months Ended 2020 2019 Number of treasury shares acquired 2,632 299,402 Average cost per share $ 2.79 $ 5.85 Total cost of treasury shares acquired $ 7,348 $ 1,750,839

Stock-Based Incentive Plan (Tab

Stock-Based Incentive Plan (Tables)	6 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Market-based Award Valuation Assumptions	For market-based awards granted during the six months ended December 31, 2020 and 2019, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows: December 31, December 31, 2020 2019 Weighted average fair value of market-based awards granted $3.08 $3.79 Risk-free interest rate 0.23% 1.65% to 1.87% Expected vesting term in years 2.56 1.35 to 2.56 Expected volatility 56.9% 38.6% to 43.7% Dividend yield 3.2% 6% to 7.2%
Schedule of Restricted Stock transactions	Unvested Restricted Stock awards at December 31, 2020 consisted of the following: Number of Weighted Service-based awards 399,174 $ 3.40 Market-based awards 320,533 3.38 Unvested Restricted Stock at December 31, 2020 719,707 $ 3.39
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, 2020: Number of Weighted Unamortized Compensation Expense at December 31, 2020 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2020 285,028 $ 5.53 Service-based shares granted 341,077 2.93 Market-based shares granted 246,160 3.08 Vested (102,034) 6.15 Forfeited (50,524) 5.15 Unvested Restricted Stock at December 31, 2020 719,707 $ 3.39 $ 2,023,800 2.3
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Restricted Stock transactions	Unvested Contingent Restricted Stock awards table below consists solely of market-based awards: Number of Weighted Unamortized Compensation Expense at December 31, 2020 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2020 200,000 $ 3.50 Market-based awards granted 123,080 1.76 Unvested contingent shares at December 31, 2020 323,080 $ 2.85 $ 228,734 2.32

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	6 Months Ended
	Dec. 31, 2020
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 earnings (loss) per common share: Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Numerator Net income (loss) attributable to common stockholders $ (12,710,007) $ 1,764,918 $ (19,845,155) $ 4,557,738 Denominator Weighted average number of common shares — Basic 33,106,885 32,988,737 33,031,270 33,057,691 Effect of dilutive securities: Contingent restricted stock grants — — — 3,864 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 33,106,885 32,988,737 33,031,270 33,061,555 Net earnings (loss) per common share — Basic $ (0.38) $ 0.05 $ (0.60) $ 0.14 Net earnings (loss) per common share — Diluted $ (0.38) $ 0.05 $ (0.60) $ 0.14
Schedule of outstanding potentially dilutive securities	Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2020 Contingent Restricted Stock grants $ — 323,080 Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2019 Contingent Restricted Stock grants $ — 200,000

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 Realized loss $ 1,374,412 $ — $ 2,525,988 $ — Unrealized gain (1,094,733) — (1,911,343) — Net loss on derivative contracts $ 279,679 $ — $ 614,645 $ —

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,768,152	$ 9,381,615	$ 11,363,528	$ 18,533,830
Crude oil
Disaggregation of Revenue [Line Items]
Total revenues	5,462,783	8,974,237	10,841,944	17,819,741
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total revenues	305,200	406,634	521,226	712,578
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues	$ 169	$ 744	$ 358	$ 1,511

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 2.5	$ 1.9

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 131,818	$ 289,999
Prepaid subscription and licenses	89,934	67,005
Prepaid federal and state income taxes	155,212	86,208
Prepaid investor relations and other	23,474	48,474
Total prepaid expenses and other current assets	$ 400,438	$ 491,686

Property and Equipment - Schedu

Property and Equipment - Schedule of oil and natural gas properties and other property and equipment (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Oil and natural gas properties:
Property costs subject to amortization	$ 107,610,555	$ 107,390,379
Less: Accumulated depreciation, depletion, amortization and impairment	(68,339,820)	(40,878,098)
Oil and natural gas properties, net	39,270,735	66,512,281
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	154,731	154,731
Less: Accumulated depreciation	(140,712)	(137,092)
Other property and equipment, net	$ 14,019	$ 17,639

Property and Equipment - Narrat

Property and Equipment - Narrative (Details)	Nov. 01, 2019USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)$ / bbl	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Property, Plant and Equipment [Line Items]
Capital expenditures					$ 200,000	$ 1,100,000
Liabilities incurred					0		$ 944,278
Proved property impairment		$ 15,189,459	$ 9,600,000	$ 0	$ 24,792,079	$ 0
Natural Gas and Natural Gas Liquids
Property, Plant and Equipment [Line Items]
Net price per barrel (in dollars per barrel) | $ / bbl					8.30
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Non-operating working interest, percent	23.51%
Revenue interest, percent	19.70%
Consideration for working and revenue interest	$ 9,300,000
Liabilities incurred	$ 900,000

Other Assets (Details)

Other Assets (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty rights	$ 108,512	$ 108,512
Less: Accumulated amortization of royalty rights	(67,820)	(61,037)
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	(164,661)	(157,084)
Right of use asset under operating lease	161,125	161,125
Less: Accumulated amortization of right of use asset	(66,784)	(43,932)
Net operating loss carryback	110,942	0
Software license	20,662	20,662
Less: Accumulated amortization of software license	(17,794)	(14,350)
Other assets, net	$ 361,904	$ 291,618
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, 2020	Jun. 30, 2020
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 265,760	$ 176,636
Accrued retirement costs	211,145	0
Accrued franchise taxes	149,778	100,978
Accrued ad valorem taxes	0	108,000
Payable for settled derivatives	653,951	265,188
Operating lease liability, current	61,667	54,290
Asset retirement obligations due within one year	22,264	0
Accrued - other	11,556	11,556
Accrued liabilities and other	$ 1,376,121	$ 716,648

Asset Retirement Obligations (D

Asset Retirement Obligations (Details)	Nov. 01, 2019USD ($)	Dec. 31, 2020USD ($)well	Jun. 30, 2020USD ($)well
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period		$ 2,588,894	$ 1,610,845
Liabilities incurred		0	944,278
Liabilities settled		(99,231)	(86,592)
Accretion of discount		87,853	146,504
Revision of previous estimates		91,430	(26,141)
Asset retirement obligations — end of period		2,668,946	2,588,894
Less: current asset retirement obligations		22,264	0
Long-term portion of asset retirement obligations		$ 2,646,682	$ 2,588,894
Delhi field
Property, Plant and Equipment [Line Items]
Abandoned wells | well		2	1
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Abandoned wells | well			4
Abandoned wells in next twelve months | well		2
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liabilities incurred	$ 900,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details) - USD ($)	6 Months Ended		68 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)	33,490,550		33,490,550
Cash dividends to common stockholders	$ 1,661,110	$ 6,621,194
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares repurchased	$ 7,348	$ 1,750,839
Number of treasury shares acquired (in shares)	2,632	299,402
Average cost per share (in dollars per share)	$ 2.79	$ 5.85
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			$ 4,000,000
Treasury stock acquired (in shares)	0		706,858
Average cost per share (in dollars per share)			$ 5.72

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.025	$ 0.025	$ 0.10	$ 0.10	$ 0.025	$ 0.10

Stock-Based Incentive Plan - Na

Stock-Based Incentive Plan - Narrative (Details)	Dec. 09, 2020shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)tranche	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)trancheshares	Jun. 30, 2020$ / shares	Dec. 08, 2016shares
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense | $		$ 317,506	$ 236,190	$ 617,857	$ 568,203
Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				341,077
Weighted average fair value (in dollars per share) | $ / shares		$ 3.40		$ 3.40
Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				246,160
Weighted average fair value (in dollars per share) | $ / shares		3.38		$ 3.38
Contingent Restricted Stock grants
Stock-Based Incentive Plan
Granted (in shares)				123,080
Weighted average fair value (in dollars per share) | $ / shares		$ 2.85		$ 2.85		$ 3.50
Restricted Stock and Contingent Restricted Stock, Other
Stock-Based Incentive Plan
Vesting period				1 year
Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Share awards, outstanding (in shares)		0		0
2016 Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan (in shares)							1,100,000
Number of additional shares authorized (in shares)	2,500,000
Number of shares remaining available for grant under plan (in shares)		2,230,696		2,230,696
Minimum | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period				3 years
Minimum | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period				2 years
Maximum | Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period				4 years
Maximum | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Vesting period				4 years
Maximum | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Vesting period				3 years
Employee | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)				290,553
Employee | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)				246,160
Employee | Contingent Restricted Stock grants
Stock-Based Incentive Plan
Granted (in shares)				123,080
Chief Executive Officer | Restricted Stock, Service-Based
Stock-Based Incentive Plan
Granted (in shares)					48,872
Weighted average fair value (in dollars per share) | $ / shares		$ 2.79		$ 2.79
Number of vesting tranches | tranche			3		3
Chief Executive Officer | Restricted Stock, Market-Based
Stock-Based Incentive Plan
Granted (in shares)					200,000
Number of vesting tranches | tranche			4		4
Chief Executive Officer | Restricted Stock, Service And Market Based
Stock-Based Incentive Plan
Share awards, outstanding (in shares)		50,524		50,524
Weighted average fair value (in dollars per share) | $ / shares		$ 5.15		$ 5.15

Stock-Based Incentive Plan - Va

Stock-Based Incentive Plan - Valuation Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in dollars per share)	$ 3.08	$ 3.79
Risk-free interest rate	0.23%
Risk-free interest rate, minimum		1.65%
Risk-free interest rate, maximum		1.87%
Expected vesting term in years	2 years 6 months 21 days
Expected volatility	56.90%
Expected volatility, minimum		38.60%
Expected volatility, maximum		43.70%
Dividend yield	3.20%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years		1 year 4 months 6 days
Dividend yield		6.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years		2 years 6 months 21 days
Dividend yield		7.20%

Stock-Based Incentive Plan - Un

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) | shares	285,028
Vested (in shares) | shares	(102,034)
Forfeited (in shares) | shares	(50,524)
Unvested at the end of the period (in shares) | shares	719,707
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 5.53
Vested (in dollars per share) | $ / shares	6.15
Forfeited (in dollars per share) | $ / shares	5.15
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.39
Additional disclosures of restricted stock
Unamortized compensation expense | $	$ 2,023,800
Weighted average remaining amortization period	2 years 3 months 18 days
Restricted Stock, Service-Based
Number of Restricted Shares
Granted (in shares) | shares	341,077
Unvested at the end of the period (in shares) | shares	399,174
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares	$ 2.93
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.40
Restricted Stock, Market-Based
Number of Restricted Shares
Granted (in shares) | shares	246,160
Unvested at the end of the period (in shares) | shares	320,533
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares	$ 3.08
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.38
Contingent Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares) | shares	200,000
Granted (in shares) | shares	123,080
Unvested at the end of the period (in shares) | shares	323,080
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 3.50
Granted (in dollars per share) | $ / shares	1.76
Unvested at the end of the period (in dollars per share) | $ / shares	$ 2.85
Additional disclosures of restricted stock
Unamortized compensation expense | $	$ 228,734
Weighted average remaining amortization period	2 years 3 months 25 days

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Receivables of federal and state income taxes	$ 3,112,772		$ 3,112,772		$ 3,243,271
Income tax expense (benefit)	(3,208,664)	$ 508,442	(5,510,842)	$ 1,026,425
Deferred tax assets, valuation allowance	700,000		$ 700,000
Income tax expense, effective rates (as a percent)			21.70%	18.40%
Net operating loss carryback	$ 110,942		$ 110,942		$ 0
Statutory federal tax rate			21.00%	21.00%

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net income (loss) attributable to common stockholders	$ (12,710,007)	$ 1,764,918	$ (19,845,155)	$ 4,557,738
Denominator
Weighted average number of common shares — Basic (in shares)	33,106,885	32,988,737	33,031,270	33,057,691
Effect of dilutive securities:
Contingent restricted stock grants (in shares)	0	0	0	3,864
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,106,885	32,988,737	33,031,270	33,061,555
Net earnings (loss) per common share - Basic (in dollars per share)	$ (0.38)	$ 0.05	$ (0.60)	$ 0.14
Net earnings (loss) per common share - Diluted (in dollars per share)	$ (0.38)	$ 0.05	$ (0.60)	$ 0.14

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Dilutive Securities (Details) - Contingent Restricted Stock grants - $ / shares	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Outstanding Potential Dilutive Securities
Weighted Average Exercise Price (in dollars per share)	$ 0	$ 0
Balance at the end of the period (in shares)	323,080	200,000

Senior Secured Credit Agreeme_2

Senior Secured Credit Agreement (Details)	Apr. 11, 2016USD ($)	Jan. 05, 2021	Dec. 31, 2020USD ($)	Nov. 02, 2020USD ($)
Line of Credit Facility [Line Items]
Minimum current ratio	1
Senior Secured Reserve-Based Credit Facility | Line of Credit | Revolving credit facility
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				$ 23,000,000
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
Minimum consolidated tangible net worth	$ 50,000,000
Debt issuance costs	$ 168,972
Unamortized debt issuance costs			$ 4,311
Senior Secured Reserve-Based Credit Facility | Line of Credit | Revolving credit facility | Subsequent Event
Line of Credit Facility [Line Items]
Minimum current ratio		1
LIBOR | Minimum
Line of Credit Facility [Line Items]
Variable interest rate	0.25%
LIBOR | Senior Secured Reserve-Based Credit Facility | Line of Credit | Revolving credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Prime rate | Senior Secured Reserve-Based Credit Facility | Line of Credit | Revolving credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%

Derivatives - Gain and Loss on

Derivatives - Gain and Loss on Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized loss	$ 1,374,412	$ 0	$ 2,525,988	$ 0
Unrealized gain	(1,094,733)	0	(1,911,343)	0
Net loss on derivative contracts	$ 279,679	$ 0	$ 614,645	$ 0

Subsequent Event (Details)

Subsequent Event (Details)	Jan. 05, 2021
Revolving credit facility | Senior Secured Reserve-Based Credit Facility | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Minimum current ratio	1