Evolution Petroleum (EPM) 10-Q 10 Feb 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 31, 2021	Feb. 07, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-32942
Entity Registrant Name	EVOLUTION PETROLEUM CORPORATION
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	41-1781991
Entity Address, Address Line One	1155 Dairy Ashford Road
Entity Address, Address Line Two	Suite 425
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	713
Local Phone Number	935-0122
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	EPM
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,688,679
Entity Central Index Key	0001006655
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 13,597,156	$ 5,276,510
Receivables from oil, natural gas liquids, and natural gas sales	12,594,910	8,686,967
Receivables for federal and state income tax refunds	2,428,887	3,107,638
Receivable for settlement proceeds from prior year Barnett Shale acquisition	1,882,233	0
Prepaid expenses and other current assets	852,636	1,037,259
Total current assets	31,355,822	18,108,374
Oil and natural gas properties—full-cost method of accounting, of which none were excluded from amortization	55,752,039	58,515,860
Other property and equipment, net	6,737	10,639
Total property and equipment, net	55,758,776	58,526,499
Other assets, net	46,510	70,789
Total assets	87,161,108	76,705,662
Current liabilities
Accounts payable	8,188,421	5,609,367
Accrued liabilities and other	572,260	947,045
State and federal income taxes payable	606,445	37,748
Total current liabilities	9,367,126	6,594,160
Long term liabilities
Senior secured credit facility	4,000,000	4,000,000
Deferred income taxes	5,902,924	5,957,202
Asset retirement obligations	5,764,567	5,538,752
Operating lease liability	0	20,745
Total liabilities	25,034,617	22,110,859
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,688,679 and 33,514,952 shares issued and outstanding as of December 31, 2021 and June 30, 2021, respectively	33,689	33,515
Additional paid-in capital	43,066,954	42,541,224
Retained earnings	19,025,848	12,020,064
Total stockholders’ equity	62,126,491	54,594,803
Total liabilities and stockholders’ equity	$ 87,161,108	$ 76,705,662

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2021	Jun. 30, 2021
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)	33,688,679	33,514,952
Common stock, shares outstanding (in shares)	33,688,679	33,514,952

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues		$ 22,338,361	$ 5,768,152	$ 41,217,371	$ 11,363,528
Operating costs
Depreciation, depletion, and amortization		1,223,721	1,358,168	2,751,533	2,769,056
Impairment of proved property		0	15,189,459	0	24,792,079
Net loss on derivative contracts		0	279,679	0	614,645
General and administrative expenses	[1]	1,823,245	1,845,699	3,763,154	3,124,397
Total operating costs		13,717,940	21,678,418	25,810,828	36,703,514
Income (loss) from operations		8,620,421	(15,910,266)	15,406,543	(25,339,986)
Other
Interest and other income		7,293	11,217	9,770	25,643
Interest expense		(50,930)	(19,622)	(101,542)	(41,654)
Income (loss) before income taxes		8,576,784	(15,918,671)	15,314,771	(25,355,997)
Income tax expense (benefit)		1,744,612	(3,208,664)	3,264,198	(5,510,842)
Net income (loss) attributable to common stockholders		$ 6,832,172	$ (12,710,007)	$ 12,050,573	$ (19,845,155)
Earnings (loss) per common share
Basic (in dollars per share)		$ 0.20	$ (0.38)	$ 0.36	$ (0.60)
Diluted (in dollars per share)		$ 0.20	$ (0.38)	$ 0.36	$ (0.60)
Weighted average number of common shares outstanding
Basic (in shares)		33,645,982	33,106,885	33,589,986	33,031,270
Diluted (in shares)		33,645,982	33,106,885	33,589,986	33,031,270
Oil
Revenues
Total revenues		$ 10,582,145	$ 5,462,783	$ 19,440,608	$ 10,841,944
Natural gas liquids
Revenues
Total revenues		2,586,758	305,200	7,148,976	521,226
Natural gas
Revenues
Total revenues		9,169,458	169	14,627,787	358
Lease operating costs
Operating costs
Lease operating costs		$ 10,670,974	$ 3,005,413	$ 19,296,141	$ 5,403,337
[1]	General and administrative expenses for the three months ended December 31, 2021 and 2020 included non-cash stock-based compensation expenses of $329,677 and $317,506, respectively. For the six months ended December 31, 2021 and 2020, non-cash stock-based compensation expenses were $527,503 and $617,857, respectively.

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Stock-based compensation expense	$ 329,677	$ 317,506	$ 527,503	$ 617,857

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		97 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Cash flows from operating activities
Net income (loss) attributable to common stockholders	$ 6,832,172	$ (12,710,007)	$ 12,050,573	$ (19,845,155)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization			2,751,533	2,769,056
Impairment of proved property	0	15,189,459	0	24,792,079
Stock-based compensation	329,677	317,506	527,503	617,857
Settlement of asset retirement obligations			0	(100,389)
Deferred income taxes			(54,278)	(5,766,747)
Net loss on derivative contracts	0	279,679	0	614,645
Payments paid for derivative settlements			0	(2,137,225)
Other			(4,496)	7,475
Changes in operating assets and liabilities:
Receivables			(4,253,003)	(457,336)
Prepaid expenses and other current assets			184,623	91,248
Net operating loss carryback			0	(110,942)
Accounts payable and accrued expenses			2,122,157	875,390
Income taxes payable			568,697	(125,999)
Net cash provided by operating activities			13,893,309	1,223,957
Cash flows from investing activities
Development of oil and natural gas properties			(526,275)	(182,935)
Net cash provided by (used in) investing activities			(526,275)	(182,935)
Cash flows from financing activities
Common stock dividends paid			(5,044,789)	(1,661,110)	$ (79,500,000)
Common share repurchases, including shares surrendered for tax withholding			(1,599)	(7,348)
Net cash used in financing activities			(5,046,388)	(1,668,458)
Net increase (decrease) in cash and cash equivalents			8,320,646	(627,436)
Cash and cash equivalents, beginning of period			5,276,510	19,662,528
Cash and cash equivalents, end of period	$ 13,597,156	$ 19,035,092	$ 13,597,156	$ 19,035,092	$ 13,597,156

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Jun. 30, 2020		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)
Forfeitures and expirations of restricted stock	0
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 dividends paid	(1,661,110)			(1,661,110)
Ending Balance (in shares) at Dec. 31, 2020		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)
Forfeitures and expirations of restricted stock	0
Common share repurchases, including shares surrendered for tax withholding	0
Retirements of treasury stock	0
Stock-based compensation	317,506		317,506
Net income (loss) attributable to common stockholders	(12,710,007)			(12,710,007)
Common stock dividends paid	(837,264)			(837,264)
Ending Balance (in shares) at Dec. 31, 2020		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 Jun. 30, 2021		33,514,952
Beginning Balance at Jun. 30, 2021	54,594,803	$ 33,515	42,541,224	12,020,064	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		253,870
Issuance of restricted common stock	0	$ 254	(254)
Forfeitures and expirations of restricted stock (in shares)		(79,790)
Forfeitures and expirations of restricted stock	0	$ (80)	80
Common share repurchases, including shares surrendered for tax withholding	(1,599)				(1,599)
Retirements of treasury stock (in shares)		(353)
Retirements of treasury stock	0		(1,599)		1,599
Stock-based compensation	527,503		527,503
Net income (loss) attributable to common stockholders	12,050,573			12,050,573
Common stock dividends paid	(5,044,789)			(5,044,789)
Ending Balance (in shares) at Dec. 31, 2021		33,688,679
Ending Balance at Dec. 31, 2021	62,126,491	$ 33,689	43,066,954	19,025,848	0
Beginning Balance (in shares) at Sep. 30, 2021		33,631,749
Beginning Balance at Sep. 30, 2021	57,487,023	$ 33,632	42,737,334	14,716,057	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		56,930
Issuance of restricted common stock	0	$ 57	(57)
Forfeitures and expirations of restricted stock	0
Common share repurchases, including shares surrendered for tax withholding	0
Retirements of treasury stock	0
Stock-based compensation	329,677		329,677
Net income (loss) attributable to common stockholders	6,832,172			6,832,172
Common stock dividends paid	(2,522,381)			(2,522,381)
Ending Balance (in shares) at Dec. 31, 2021		33,688,679
Ending Balance at Dec. 31, 2021	$ 62,126,491	$ 33,689	$ 43,066,954	$ 19,025,848	$ 0

Consolidated Condensed Statem_5

Consolidated Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.075	$ 0.075	$ 0.025	$ 0.025

Organization and Basis of Prepa

Organization and Basis of Preparation	6 Months Ended
	Dec. 31, 2021
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 natural gas company focused on delivering a sustainable dividend yield to its stockholders through the ownership, management, and development of producing oil and natural gas properties. The Company's long-term goal is to build a diversified portfolio of oil and natural 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. The Company’s producing assets consist of interests in the Delhi Holt-Bryant Unit in the Delhi field in Northeast Louisiana, a CO 2 enhanced oil recovery (“EOR”) project, interests in the Hamilton Dome field located in Hot Springs County, Wyoming, a secondary recovery field utilizing water injection wells to pressurize the reservoir, interests in the Barnett Shale located in North Texas, a natural gas producing shale reservoir, and minimal overriding royalty interests in four 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 2021 Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as filed with the SEC on September 14, 2021. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. The Company has evaluated events and transactions through the date of issuance of these unaudited consolidated condensed financial statements. Principles of Consolidation and Reporting. The Company’s unaudited consolidated condensed financial statements include the accounts of Evolution Petroleum Corporation and its wholly-owned subsidiaries (the “Company”). All significant intercompany transactions have been eliminated in consolidation. 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 field, Hamilton Dome field, and its Barnett Shale assets in which it holds non-operated interests. All of the Company’s property interests are not operated by the Company and involve other third-party working interest owners. As a result, the Company has 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. In response to the COVID-19 pandemic, the Company has focused on putting long-term measures in place to prevent future disruptions, 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 or in the corporate office. The Company has been able to transition the operation of its business with minimal disruption and has maintained 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, (f) commitments and contingencies, and (g) oil, natural gas, and natural gas liquids (“NGL”) revenues. The Company analyzes estimates based on historical experience and various other assumptions that are believed to be reasonable. While the Company believes that the 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, 2021
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 2021 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 2021 Form 10-K. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“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 the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily generated from our interests in the Delhi field in Northeast Louisiana, the Barnett Shale assets of North Texas, and the Hamilton Dome field in Wyoming. Additionally, overriding royalty interests retained in a past divestiture of Texas properties historically provided de minimis revenue, with the exception of the three months ended December 31, 2021 in which the Company received $1.1 million for past royalties that accumulated over a period of approximately three years. Going forward, the Company expects de minimis revenue from these royalty interests. Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues Oil $ 10,582,145 $ 5,462,783 $ 19,440,608 $ 10,841,944 Natural gas liquids 2,586,758 305,200 7,148,976 521,226 Natural gas 9,169,458 169 14,627,787 358 Total revenues $ 22,338,361 $ 5,768,152 $ 41,217,371 $ 11,363,528 As a non-operator, the Company does not presently take production in-kind and does not negotiate contracts with customers. Evolution recognizes oil, natural gas, and natural gas liquids 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 oil, natural gas, and natural gas liquids production revenue. Transfer of control related to the Barnett Shale production does not occur until after the marketing, transportation, and processing services have been performed, and as such, fees related to these services are recorded within the lease operating costs line item and do not reduce the oil, natural gas, and natural gas liquids production revenue. Transfer of control related to the Hamilton Dome and Delhi production occurs prior to the fees and other deductions, and as such, these fees are recorded as a reduction to the oil and natural gas liquids 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 by field operators before distributing the Company's share 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. To estimate accounts receivable from operators' contracts with customers, the Company uses knowledge of its properties, information from the field operators, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Estimated revenue due to the Company is recorded within the “Receivables from oil and natural gas sales” line item on the accompanying unaudited consolidated condensed balance sheets until payment is received from field operators. The accounts receivable balances from contracts with customers as presented on our respective unaudited consolidated condensed balance sheet as of December 31, 2021 and derived from the audited consolidated balance sheet as of June 30, 2021, were $12.6 million and $8.7 million, respectively. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser as remitted to us by field operators. Revenue recognized during the six months ended December 31, 2021, 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, 2021
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 $ 170,236 $ 365,922 Prepaid subscription and licenses 71,734 108,048 Prepaid federal and state income taxes 177,212 97,470 Carryback of EOR tax credit 416,441 416,441 Prepaid other 17,013 49,378 Total prepaid expenses and other current assets $ 852,636 $ 1,037,259

Property and Equipment

Property and Equipment	6 Months Ended
	Dec. 31, 2021
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 $ 128,903,479 $ 129,123,227 Less: Accumulated depreciation, depletion, amortization and impairment (a) (73,151,440) (70,607,367) Oil and natural gas properties, net $ 55,752,039 $ 58,515,860 Other property and equipment: Furniture, fixtures, and office equipment, at cost $ 154,732 $ 154,731 Less: Accumulated depreciation (b) (147,995) (144,092) Other property and equipment, net $ 6,737 $ 10,639 (a) Depletion on oil and natural gas properties was $2,544,072 for the six months ended December 31, 2021, and $2,670,801 for the six months ended December 31, 2020. There was no impairment on oil and natural gas properties for the six months ended December 31, 2021. The Company recorded an impairment of $24.8 million for the six months ended December 31, 2020. (b) Depreciation was $3,902 for the six months ended December 31, 2021, and $3,620 for the six months ended December 31, 2020. As of December 31, 2021, all oil and natural gas property costs were subject to amortization. During the six months ended December 31, 2021 and 2020, the Company incurred development capital expenditures of $0.6 million and $0.2 million, respectively. In addition, during the six months ended December 31, 2021, the Company recorded a downward $0.9 million purchase adjustment related to its acquisition of the Barnett Shale assets. On May 7, 2021, the Company acquired an approximate 17% working interest and a 14% revenue interest in non-operated oil and natural gas assets in the Barnett Shale from Tokyo Gas Americas for $17.4 million, net of purchase price adjustments, and also recognized $2.8 million in non-cash asset retirement obligations (the “Barnett Shale Acquisition”). As of December 31, 2021, there was $1.8 million in receivables representing expected proceeds from Tokyo Gas related to the final settlement The Company accounted for this transaction as an asset acquisition with an effective date of January 1, 2021. In accordance with the FASB’s authoritative guidance on asset acquisitions, the Company allocated the costs of the Barnett Shale Acquisition based on a relative fair value basis of the assets acquired and liabilities assumed, with no recognition of goodwill or bargain purchase gain recorded. Incremental legal and professional fees related directly to the acquisition were capitalized as part of the acquisition cost. The fair value is 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 (exit price). Fair value measurements also utilize market assumptions of market participants. 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, 2021, 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, 2021 of the West Texas Intermediate (WTI) crude oil spot price of $66.55

Other Assets

Other Assets	6 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets December 31, June 30, Right of use asset under operating lease 161,125 161,125 Less: Accumulated amortization of right of use asset (114,615) (90,336) Other assets, net $ 46,510 $ 70,789

Accrued Liabilities and Other

Accrued Liabilities and Other	6 Months Ended
	Dec. 31, 2021
Other Liabilities, Current [Abstract]
Accrued Liabilities and Other	Accrued Liabilities and Other December 31, June 30, Accrued incentive and other compensation $ 398,167 $ 630,744 Accrued retirement costs 7,425 52,786 Accrued franchise taxes 60,208 35,207 Accrued ad valorem taxes — 108,000 Operating lease liability, current 56,204 64,234 Asset retirement obligations due within one year 22,264 44,520 Accrued - other 27,992 11,554 Total accrued liabilities and other $ 572,260 $ 947,045

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The Company’s asset retirement obligations represent the estimated present value of the amount expected to incur to plug, abandon, and remediate its oil and natural gas assets at the end of their productive lives in accordance with applicable laws and regulations. Currently, the Company does not expect any wells to be plugged for the remainder of the fiscal year ended June 30, 2022 at its Delhi or Barnett Shale assets. The Company expects to incur costs for one well to be plugged at Hamilton Dome prior to the fiscal year end. The following is a reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2021 and for the year ended June 30, 2021: December 31, June 30, Asset retirement obligations — beginning of period $ 5,583,272 $ 2,588,894 Liabilities incurred — — Liabilities settled — (99,231) (a) Liabilities acquired — 2,806,331 (b) Accretion of discount 203,559 210,182 Revision of previous estimates — 77,096 (c) Asset retirement obligations — end of period $ 5,786,831 $ 5,583,272 Less: current asset retirement obligations 22,264 44,520 Long-term portion of asset retirement obligations $ 5,764,567 $ 5,538,752 (a ) Abandonment of two non-scheduled Delhi field wells in fiscal 2021. (b) Liabilities acquired in fiscal 2021 were primarily due to the acquisition of the Barnett Shale assets. (c) Primarily related to upward revisions for two difficult-to-plug Delhi field wells in fiscal 2021.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of December 31, 2021, the Company had 33,688,679 sh ares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of December 31, 2021, Evolution has cumulatively paid over $79.5 million in cash dividends. We paid dividends of $5,044,789 and $1,661,110 to our common stockholders during the six months ended December 31, 2021 and 2020, respectively. The following table reflects the dividends paid within each respective three-month period: Common Stock Cash Dividends per Share 2021 2020 First quarter ended September 30, $ 0.075 $ 0.025 Second quarter ended December 31, $ 0.075 $ 0.025 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, 2021, 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 repurchased under this program during the six months ended December 31, 2021. 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, 2021 and 2020, 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. The following table shows all treasury stock purchases in the respective periods: Six Months Ended 2021 2020 Number of treasury shares acquired 353 2,632 Average cost per share $ 4.53 $ 2.79 Total cost of treasury shares acquired $ 1,599 $ 7,348 Expected Tax Treatment of Dividends

Stock-Based Incentive Plan

Stock-Based Incentive Plan	6 Months Ended
	Dec. 31, 2021
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. On December 9, 2020, an amendment to the 2016 Plan was approved by the Company’s stockholders which increased the number of shares available for issuance by 2,500,000 shares. 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, the Company’s common stock, including its appreciation in value. There were 1,952,424 shares available for grant under the 2016 Plan as of December 31, 2021. Time-Vested Restricted Stock These awards contain service-based vesting conditions and expire after a maximum of four years from the date of grant if unvested. The common shares underlying these awards are issued on the date of grant and participate in dividends paid by the Company. These serviced-based awards vest with continuous employment by the Company, generally in annual installments over terms of three one Performance-Based Restricted Stock and Performance-Based Contingent Shares Presently under the Plan, the Company has only granted such awards having market-based vesting conditions based on the price of its common stock, the intrinsic value indexed solely to its common stock and the intrinsic value indexed to its common stock compared to the performance of the common stock of its peers. While the Plan also provides for awards whose vesting is based upon other performance conditions that relate to attaining Company-specific operating goals such as earnings, revenues, and other operational goals, no such awards have been granted under the Plan nor have any such awards previously granted by legacy plans been outstanding during the six-months ended December 31, 2021 and 2020. The common shares underlying our Performance-Based Restricted Stock awards are issued on the date of grant and participate in dividends paid by the Company and expire after a maximum of four years from the date of grant if unvested. Performance-Based Contingent Shares do not participate in dividends and shares are only issued upon the attainment of vesting conditions which generally have a lower probability of achievement and expire after a maximum of four years from the date of grant if unvested. Shares underlying Performance-Based Contingent Shares are reserved from the Plan. Vesting of grants with market-based vesting conditions is dependent on the future price of the Company’s common stock. Such awards vest if the trailing total returns on the Company’s common stock for a specified three-year period exceed the corresponding total returns of various quartiles of indices consisting of peer companies or, in some cases, vest when the average of the Company's closing common stock price over a defined measurement period meets or exceeds a required common stock price. As discussed below, a third party valuation firm estimates the grant date fair value of the the award as well as the expected vesting period. This value is amortized ratably over the expected vesting period, which may be less than the term of the grant. Previously recognized compensation expense is only reversed for the awards with market-based vesting conditions if the requisite service period is not rendered by the holder resulting in forfeiture of the award. During six months ended December 31, 2021, a total of 262,589 equity awards were granted related to Evolution’s fiscal year 2022 long-term incentive pay program that included 65,647 shares of Time-Vested Restricted Stock, which vests in three equal amounts on June 30, 2022, 2023 and 2024, 131,293 shares of Performance-Based Restricted Stock, and the Company granted 65,649 Performance-Based Contingent Share awards. In December 2021, 56,930 Time-Vested Restricted Stock were granted to the Company’s directors. During six months ended December 31, 2020, the Company granted 290,553 shares of Time-Vested Restricted Stock, primarily to employees under its long-term incentive pay program together with annual awards to directors. In addition, under this program, the Company issued 246,160 shares of Performance-Based Restricted Stock and granted 123,080 Performance-Based Contingent Share awards 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 which, for accounting purposes, was treated as a cancellation and replacement of the same number of awards. As mentioned above for awards with market-based vesting conditions, the Company utilizes third-party independent assessments of grant date fair values and expected vesting periods that 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 peer companies in the index. During the six months ended December 31, 2021 and six months ended December 31, 2020, the assumptions used in the Monte Carlo simulation valuations were as follows: December 31, December 31, 2021 2020 Weighted average fair value of market-based awards granted $ 3.10 $ 3.08 Risk-free interest rate 0.53% to 0.60% 0.23 % Expected vesting term in years 2.64 to 2.79 2.56 Expected volatility 64.7% to 64.7% 56.9 % Dividend yield 4.8% to 6.3% 3.2 % Unvested restricted stock awards at December 31, 2021 consisted of the following: Number of Weighted Time-Vested Restricted Stock awards 271,636 $ 4.13 Performance-Based Restricted Stock awards 382,071 3.34 Unvested Shares of Restricted Stock at December 31, 2021 653,707 $ 3.67 The following table sets forth the restricted stock transactions for the six months ended December 31, 2021: Number of Weighted Unamortized Compensation Expense at December 31, 2021 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2021 669,295 $ 3.37 Time-Vested Restricted Stock shares granted 122,577 4.99 Performance-Based Restricted Stock shares granted 131,293 3.31 Vested (170,884) 3.27 Forfeited and expired (98,574) 3.52 Unvested Shares of Restricted Stock at December 31, 2021 653,707 $ 3.67 $ 1,737,057 1.86 The following table sets forth the contingent share transactions for the six months ended December 31, 2021: Number of Weighted Unamortized Compensation Expense at December 31, 2021 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2021 323,080 $ 2.84 Performance-Based Contingent Shares granted 65,649 2.67 Forfeited (26,402) $ 1.89 Unvested Performance-Based Contingent Shares at December 31, 2021 362,327 $ 2.88 $ 259,414 2.1 Stock-based Compensation Expense Expense related to all of the above equity awards for the three months ended December 31, 2021 and 2020 was $329,677 and $317,506 , respectively. Expense for the six months ended December 31, 2021 and 2020 was $527,503 and $617,857, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return in the United States of America in addition to 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, 2018 through June 30, 2021 for federal tax purposes and for the fiscal years ended June 30, 2017 through June 30, 2021 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, 2021, we recognized income tax expense of $3.3 million and had an effective tax rate of 21.3% compared to an income tax benefit of $5.5 million and an effective tax rate of 21.7% for the six months ended December 31, 2020. Our effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the states of Louisiana and Texas, and differences related to percentage depletion in excess of basis, stock-based compensation, and other permanent differences. For both periods, our respective statutory federal tax rate was 21%. At December 31, 2021, the Company has a $2.4 million receivable for the remainder of income tax refunds from its amended federal and state tax returns for fiscal 2017 and 2018 for Enhanced Oil Recovery (“EOR”) credits related to our Delhi field interests as well as a refund for its fiscal 2019 federal tax return. Subsequent to filing these returns, the Company has received $0.8 million of income tax refunds, and the Company currently anticipates receiving the remaining refund within the next twelve months based on inquiries and communication with the Internal Revenue Service, although no assurances can be made as to the actual date of receipt. During the six months ended December 31, 2021, we recognized an income tax benefit of $0.2 million attributable to the EOR credit. We must assess the likelihood that we will be able to realize our deferred tax assets. Realization is dependent on generating sufficient taxable income over the period the deferred tax assets are deductible. Currently, the Company is in a cumulative taxable loss position, but with the increase in commodity prices and absent material unexpected losses, the Company may be in a cumulative taxable income position during the current fiscal year. Management considered the reversal of deferred tax liabilities and tax planning strategies in assessing the realization of deferred tax assets. Based upon the weight of available evidence, the Company believes that some of the deferred tax assets are not likely to be realized at the time of this report. For the six months ended December 31, 2021, there was no material change in the valuation allowance related to the federal and state deferred tax assets.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	6 Months Ended
	Dec. 31, 2021
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 net income (loss) per share: Three Months Ended December 31, Six Months Ended December 31, 2021 2020 2021 2020 Numerator Net income (loss) attributable to common stockholders $ 6,832,172 $ (12,710,007) $ 12,050,573 $ (19,845,155) Denominator Weighted average number of common shares — basic and diluted 33,645,982 33,106,885 33,589,986 33,031,270 Net earnings (loss) per common share — Basic $ 0.20 $ (0.38) $ 0.36 $ (0.60) Net earnings (loss) per common share — Diluted $ 0.20 $ (0.38) $ 0.36 $ (0.60) Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2021 Contingent Share grants $ — 362,327 Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2020 Contingent Share grants $ — 323,080

Senior Secured Credit Agreement

Senior Secured Credit Agreement	6 Months Ended
	Dec. 31, 2021
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 “Senior Secured Credit Facility”) in an amount up to $50 million. On November 2, 2020, the Company entered into the Fifth Amendment to the Senior Secured Credit Facility extending the maturity to April 9, 2024. On August 5, 2021, and effective as of June 30, 2021, the Company entered into the Seventh Amendment of the Senior Secured Credit Facility which added definitions for the terms “Acquired Entity or Mineral Interests” and “Acquired Entity or Mineral Interests EBITDA Adjustment.” Additionally, the Consolidated Tangible Net Worth covenant level was reduced to $40 million from $50 million. On November 9, 2021, the Company entered into the Eighth Amendment to the Senior Secured Credit Facility. This amendment increased the borrowing base to $50 million and added a hedging covenant whereby the Company must hedge from 25 to 75 percent of future production on a rolling twelve-month basis when 25 percent or more of the borrowing base is utilized. The Company has elected a $40 million commitment amount for the Senior Secured Credit Facility. On February 7, 2022, the Company entered into the Ninth Amendment to the Senior Secured Credit Facility. This amendment modified the definition of utilization percentage related to the required hedging covenant such that for the purposes of determining the amount of future production to hedge, the utilization of the Senior Secured Credit Facility will be based on the calculated collateral value to the extent it exceeds the borrowing base then in effect. See Note 18- Subsequent Events, for further information. At December 31, 2021 the Company was in compliance with the financial covenants under the Senior Secured Credit Facility, which is secured by substantially all of the Company's assets. At December 31, 2021, the Company had $4.0 million outstanding under its Senior Secured Credit Facility, resulting in $36.0 million of available borrowing capacity. Borrowings from the Senior Secured Credit Facility may be used for the acquisition and development of oil and natural gas properties, investments in cash flow generating assets complimentary to the production of oil and natural gas, and for letters of credit or other general corporate purposes. The Senior Secured Credit Facility included a placement fee of 0.50% on the initial borrowing base amounting to $50 million and carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Senior Secured Credit Facility will bear interest, at the Company’s option, at either London Interbank Offered Rate (“LIBOR”) plus 2.75%, subject to a minimum LIBOR of 0.25%, or the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.00%. The Senior Secured Credit 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 $40 million, all as defined under the

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
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 the impairment of an asset or the incurrence of a material 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 and material in amount. We expense legal defense costs as they are incurred.

Derivatives

Derivatives	6 Months Ended
	Dec. 31, 2021
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, 2021 and 2020, the Company did not have any open derivative contracts. The Company has in the past and may utilize in the future 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 any of its 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 2021 2020 2021 2020 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 All derivative contracts are recorded at fair market value and is included in the unaudited consolidated condensed balance sheets as an asset or a liability. 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. The Company presents the fair value amounts of its derivative instruments net for those under contract with the same counterparty.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Dec. 31, 2021
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 are generally market corroborated (Level 2), and the Company classifies fair value balances as such. The Company did not have any open derivative trades as of December 31, 2021, and 2020. 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. 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. See Note 8 - Asset Retirement Obligations, for a reconciliation of the beginning and ending balances of the liability for the the Company’s asset retirement obligations.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Supplemental disclosures of cash flow information: Six Months Ended 2021 2020 Income taxes paid $ 2,868,408 $ 561,852 Income tax refunds received 678,751 130,499 Non-cash transactions: Settlement proceeds receivable attributable to acquired Barnett Shale oil and gas property costs 858,422 — (Decrease) increase in accrued purchases of property and equipment 112,398 (54,190) Oil and natural gas property costs attributable to the recognition of asset retirement obligations — 91,430

Subsequent Event

Subsequent Event	6 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On January 14, 2022, the Company completed the acquisition of non-operated oil and natural gas assets in the Williston Basin in North Dakota from Foundation Energy Fund VII-A, LP and Foundation Energy Management, LLC, for $25.9 million, net of preliminary purchase price adjustments which included operating cash flows received from the effective date of June 1, 2021 though the closing date. The transaction was funded with cash on hand and $16.0 million in borrowings under the Company’s existing senior credit facility. On February 3, 2022, the Company declared a quarterly cash dividend of $0.10 per share of common stock to shareholders of record on March 15, 2022 and payable on March 31, 2022. On February 7, 2022, the Company entered into the Ninth Amendment to the Senior Secured Credit Facility. This amendment modified the definition of utilization percentage related to the required hedging covenant such that for the purposes of determining the amount of future production to hedge, the utilization of the Senior Secured Credit Facility will be based on the calculated collateral value to the extent it exceeds the borrowing base then in effect. The amendment also requires the Company to enter into hedges for the next twelve months covering 25% of expected oil and gas production over that period. On February 8, 2022, the Company entered into a definitive purchase agreement to acquire non-operated interests in the Jonah Field in Wyoming from Exaro Energy III, LLC for $29.4 million. The transaction has an effective date of February 1, 2022 and is expected to close on or about April 1, 2022.

Organization and Basis of Pre_2

Organization and Basis of Preparation (Policies)	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting.  The Company’s unaudited consolidated condensed financial statements include the accounts of Evolution Petroleum Corporation and its wholly-owned subsidiaries (the “Company”). All significant intercompany transactions have been eliminated in consolidation.
Risks and Uncertainties	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 field, Hamilton Dome field, and its Barnett Shale assets in which it holds non-operated interests. All of the Company’s property interests are not operated by the Company and involve other third-party working interest owners. As a result, the Company has 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.
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, (f) commitments and contingencies, and (g) oil, natural gas, and natural gas liquids (“NGL”) revenues. The Company analyzes estimates based on historical experience and various other assumptions that are believed to be reasonable. While the Company believes that the estimates and assumptions used in preparation of the unaudited consolidated condensed financial statements are appropriate, actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“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 the Company’s consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company’s revenue is primarily generated from our interests in the Delhi field in Northeast Louisiana, the Barnett Shale assets of North Texas, and the Hamilton Dome field in Wyoming. Additionally, overriding royalty interests retained in a past divestiture of Texas properties historically provided de minimis revenue, with the exception of the three months ended December 31, 2021 in which the Company received $1.1 million for past royalties that accumulated over a period of approximately three years. Going forward, the Company expects de minimis revenue from these royalty interests. Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues Oil $ 10,582,145 $ 5,462,783 $ 19,440,608 $ 10,841,944 Natural gas liquids 2,586,758 305,200 7,148,976 521,226 Natural gas 9,169,458 169 14,627,787 358 Total revenues $ 22,338,361 $ 5,768,152 $ 41,217,371 $ 11,363,528

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses	December 31, June 30, Prepaid insurance $ 170,236 $ 365,922 Prepaid subscription and licenses 71,734 108,048 Prepaid federal and state income taxes 177,212 97,470 Carryback of EOR tax credit 416,441 416,441 Prepaid other 17,013 49,378 Total prepaid expenses and other current assets $ 852,636 $ 1,037,259

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Dec. 31, 2021
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 $ 128,903,479 $ 129,123,227 Less: Accumulated depreciation, depletion, amortization and impairment (a) (73,151,440) (70,607,367) Oil and natural gas properties, net $ 55,752,039 $ 58,515,860 Other property and equipment: Furniture, fixtures, and office equipment, at cost $ 154,732 $ 154,731 Less: Accumulated depreciation (b) (147,995) (144,092) Other property and equipment, net $ 6,737 $ 10,639 (a) Depletion on oil and natural gas properties was $2,544,072 for the six months ended December 31, 2021, and $2,670,801 for the six months ended December 31, 2020. There was no impairment on oil and natural gas properties for the six months ended December 31, 2021. The Company recorded an impairment of $24.8 million for the six months ended December 31, 2020. (b) Depreciation was $3,902 for the six months ended December 31, 2021, and $3,620 for the six months ended December 31, 2020.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	December 31, June 30, Right of use asset under operating lease 161,125 161,125 Less: Accumulated amortization of right of use asset (114,615) (90,336) Other assets, net $ 46,510 $ 70,789

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	6 Months Ended
	Dec. 31, 2021
Other Liabilities, Current [Abstract]
Schedule of accrued liabilities	December 31, June 30, Accrued incentive and other compensation $ 398,167 $ 630,744 Accrued retirement costs 7,425 52,786 Accrued franchise taxes 60,208 35,207 Accrued ad valorem taxes — 108,000 Operating lease liability, current 56,204 64,234 Asset retirement obligations due within one year 22,264 44,520 Accrued - other 27,992 11,554 Total accrued liabilities and other $ 572,260 $ 947,045

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2021
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, 2021 and for the year ended June 30, 2021: December 31, June 30, Asset retirement obligations — beginning of period $ 5,583,272 $ 2,588,894 Liabilities incurred — — Liabilities settled — (99,231) (a) Liabilities acquired — 2,806,331 (b) Accretion of discount 203,559 210,182 Revision of previous estimates — 77,096 (c) Asset retirement obligations — end of period $ 5,786,831 $ 5,583,272 Less: current asset retirement obligations 22,264 44,520 Long-term portion of asset retirement obligations $ 5,764,567 $ 5,538,752 (a ) Abandonment of two non-scheduled Delhi field wells in fiscal 2021. (b) Liabilities acquired in fiscal 2021 were primarily due to the acquisition of the Barnett Shale assets. (c) Primarily related to upward revisions for two difficult-to-plug Delhi field wells in fiscal 2021.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Dividends paid	The following table reflects the dividends paid within each respective three-month period: Common Stock Cash Dividends per Share 2021 2020 First quarter ended September 30, $ 0.075 $ 0.025 Second quarter ended December 31, $ 0.075 $ 0.025
Schedule of share repurchases	The following table shows all treasury stock purchases in the respective periods: Six Months Ended 2021 2020 Number of treasury shares acquired 353 2,632 Average cost per share $ 4.53 $ 2.79 Total cost of treasury shares acquired $ 1,599 $ 7,348

Stock-Based Incentive Plan (Tab

Stock-Based Incentive Plan (Tables)	6 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Market-based Award Valuation Assumptions	During the six months ended December 31, 2021 and six months ended December 31, 2020, the assumptions used in the Monte Carlo simulation valuations were as follows: December 31, December 31, 2021 2020 Weighted average fair value of market-based awards granted $ 3.10 $ 3.08 Risk-free interest rate 0.53% to 0.60% 0.23 % Expected vesting term in years 2.64 to 2.79 2.56 Expected volatility 64.7% to 64.7% 56.9 % Dividend yield 4.8% to 6.3% 3.2 %
Schedule of Restricted Stock transactions	Unvested restricted stock awards at December 31, 2021 consisted of the following: Number of Weighted Time-Vested Restricted Stock awards 271,636 $ 4.13 Performance-Based Restricted Stock awards 382,071 3.34 Unvested Shares of Restricted Stock at December 31, 2021 653,707 $ 3.67
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, 2021: Number of Weighted Unamortized Compensation Expense at December 31, 2021 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2021 669,295 $ 3.37 Time-Vested Restricted Stock shares granted 122,577 4.99 Performance-Based Restricted Stock shares granted 131,293 3.31 Vested (170,884) 3.27 Forfeited and expired (98,574) 3.52 Unvested Shares of Restricted Stock at December 31, 2021 653,707 $ 3.67 $ 1,737,057 1.86
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Restricted Stock transactions	The following table sets forth the contingent share transactions for the six months ended December 31, 2021: Number of Weighted Unamortized Compensation Expense at December 31, 2021 Weighted Average Remaining Amortization Period (Years) Unvested at July 1, 2021 323,080 $ 2.84 Performance-Based Contingent Shares granted 65,649 2.67 Forfeited (26,402) $ 1.89 Unvested Performance-Based Contingent Shares at December 31, 2021 362,327 $ 2.88 $ 259,414 2.1

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	6 Months Ended
	Dec. 31, 2021
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 net income (loss) per share: Three Months Ended December 31, Six Months Ended December 31, 2021 2020 2021 2020 Numerator Net income (loss) attributable to common stockholders $ 6,832,172 $ (12,710,007) $ 12,050,573 $ (19,845,155) Denominator Weighted average number of common shares — basic and diluted 33,645,982 33,106,885 33,589,986 33,031,270 Net earnings (loss) per common share — Basic $ 0.20 $ (0.38) $ 0.36 $ (0.60) Net earnings (loss) per common share — Diluted $ 0.20 $ (0.38) $ 0.36 $ (0.60)
Schedule of outstanding potentially dilutive securities	Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2021 Contingent Share grants $ — 362,327 Outstanding Potentially Dilutive Securities Weighted Outstanding at December 31, 2020 Contingent Share grants $ — 323,080

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	Three Months Ended Six Months Ended 2021 2020 2021 2020 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

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information: Six Months Ended 2021 2020 Income taxes paid $ 2,868,408 $ 561,852 Income tax refunds received 678,751 130,499 Non-cash transactions: Settlement proceeds receivable attributable to acquired Barnett Shale oil and gas property costs 858,422 — (Decrease) increase in accrued purchases of property and equipment 112,398 (54,190) Oil and natural gas property costs attributable to the recognition of asset retirement obligations — 91,430

Organization and Basis of Pre_3

Organization and Basis of Preparation (Details)	Dec. 31, 2021well
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wells	4

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Proceeds from royalties	$ 1,100,000
Accounts receivable	$ 12,594,910	$ 8,686,967

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 22,338,361	$ 5,768,152	$ 41,217,371	$ 11,363,528
Oil
Disaggregation of Revenue [Line Items]
Total revenues	10,582,145	5,462,783	19,440,608	10,841,944
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total revenues	2,586,758	305,200	7,148,976	521,226
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues	$ 9,169,458	$ 169	$ 14,627,787	$ 358

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 170,236	$ 365,922
Prepaid subscription and licenses	71,734	108,048
Prepaid federal and state income taxes	177,212	97,470
Carryback of EOR tax credit	416,441	416,441
Prepaid other	17,013	49,378
Total prepaid expenses and other current assets	$ 852,636	$ 1,037,259

Property and Equipment - Schedu

Property and Equipment - Schedule of oil and natural gas properties and other property and equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Oil and natural gas properties:
Property costs subject to amortization	$ 128,903,479		$ 128,903,479		$ 129,123,227
Less: Accumulated depreciation, depletion, amortization and impairment	(73,151,440)		(73,151,440)		(70,607,367)
Oil and natural gas properties, net	55,752,039		55,752,039		58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	154,732		154,732		154,731
Less: Accumulated depreciation, depletion, amortization and impairment	(147,995)		(147,995)		(144,092)
Other property and equipment, net	6,737		6,737		$ 10,639
Depletion			2,544,072	$ 2,670,801
Impairment of proved property	$ 0	$ 15,189,459	0	24,792,079
Depreciation			$ 3,902	$ 3,620

Property, Plant, and Equipment

Property, Plant, and Equipment - Narrative (Details)	May 07, 2021USD ($)	Dec. 31, 2021USD ($)$ / bbl	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)
Property, Plant and Equipment [Line Items]
Capital expenditures incurred but not yet paid		$ 600,000	$ 200,000
Asset retirement obligation liabilities incurred		$ 0		$ 0
Natural Gas and Natural Gas Liquids
Property, Plant and Equipment [Line Items]
Net price per barrel (in dollars per barrel) | $ / bbl		26.54
Barnett Shale
Property, Plant and Equipment [Line Items]
Purchase adjustment for oil and natural gas properties acquisition		$ 900,000
Non-operating working interest, percent	17.00%
Revenue interest, percent	14.00%
Purchase price of oil and gas assets	$ 17,400,000
Asset retirement obligation liabilities incurred	2,800,000
Proceeds from previous acquisition	$ 1,800,000

Other Assets (Details)

Other Assets (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Right of use asset under operating lease	$ 161,125	$ 161,125
Less: Accumulated amortization of right of use asset	(114,615)	(90,336)
Other assets, net	$ 46,510	$ 70,789

Accrued Liabilities and Other_2

Accrued Liabilities and Other (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 398,167	$ 630,744
Accrued retirement costs	7,425	52,786
Accrued franchise taxes	60,208	35,207
Accrued ad valorem taxes	0	108,000
Operating lease liability, current	56,204	64,234
Asset retirement obligations due within one year	22,264	44,520
Accrued - other	27,992	11,554
Total accrued liabilities and other	$ 572,260	$ 947,045
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued liabilities and other	Total accrued liabilities and other

Asset Retirement Obligations (D

Asset Retirement Obligations (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)well	Jun. 30, 2021USD ($)well
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period	$ 5,583,272	$ 2,588,894
Liabilities incurred	0	0
Liabilities settled	0	(99,231)
Liabilities acquired	0	2,806,331
Accretion of discount	203,559	210,182
Revision of previous estimates	0	77,096
Asset retirement obligations — end of period	5,786,831	5,583,272
Less: current asset retirement obligations	22,264	44,520
Long-term portion of asset retirement obligations	$ 5,764,567	$ 5,538,752
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Abandoned wells in next twelve months | well	1
Delhi field
Property, Plant and Equipment [Line Items]
Abandoned wells | well		2

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	6 Months Ended		80 Months Ended	97 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2021	Jun. 30, 2021	May 31, 2015
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	33,688,679		33,688,679	33,688,679	33,514,952
Common stock dividends paid	$ 5,044,789	$ 1,661,110		$ 79,500,000
Common Stock
Class of Stock [Line Items]
Treasury stock acquired average price per share (in USD per share)	$ 4.53	$ 2.79
2015 Share Repurchase Program
Class of Stock [Line Items]
Repurchase amount	$ 4,000,000		$ 4,000,000	$ 4,000,000
2015 Share Repurchase Program | Common Stock
Class of Stock [Line Items]
Authorized amount to be repurchased						$ 5,000,000
Treasury stock acquired (in shares)	0		706,858
Treasury stock acquired average price per share (in USD per share)			$ 5.72

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.075	$ 0.075	$ 0.025	$ 0.025

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Shares (Details) - Common Stock - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	353	2,632
Average price per share (in USD per share)	$ 4.53	$ 2.79
Total cost of treasury shares acquired	$ 1,599	$ 7,348

Stock-Based Incentive Plan - Na

Stock-Based Incentive Plan - Narrative (Details)	Dec. 09, 2020shares	Dec. 31, 2021USD ($)trancheshares	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)trancheshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2021trancheshares	Dec. 08, 2016shares
Stock-Based Incentive Plan
Granted (in shares)				262,589
Stock-based compensation | $		$ 329,677	$ 317,506	$ 527,503	$ 617,857
Restricted Stock, Time Vested
Stock-Based Incentive Plan
Granted (in shares)				122,577	290,553
Number of vesting tranches | tranche		3		3		3
Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Granted (in shares)				131,293	246,160
Performance Based Contingent Shares
Stock-Based Incentive Plan
Granted (in shares)				65,649	123,080
Forfeited (in shares)				26,402
Restricted Stock
Stock-Based Incentive Plan
Forfeited (in shares)				98,574	50,524
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)		1,952,424		1,952,424		1,952,424
Minimum | Restricted Stock, Time Vested
Stock-Based Incentive Plan
Vesting period				3 years
Maximum | Restricted Stock, Time Vested
Stock-Based Incentive Plan
Vesting period				4 years
Maximum | Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Expiration period				4 years
Director
Stock-Based Incentive Plan
Vesting period				1 year
Director | Restricted Stock, Time Vested
Stock-Based Incentive Plan
Granted (in shares)						56,930
Employee | Restricted Stock, Time Vested
Stock-Based Incentive Plan
Granted (in shares)				65,647

Stock-Based Incentive Plan - Fa

Stock-Based Incentive Plan - Fair Value Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in dollars per share)	$ 3.10	$ 3.08
Risk-free interest rate, minimum	0.53%
Risk-free interest rate, maximum	0.60%
Risk-free interest rate		0.23%
Expected vesting term in years		2 years 6 months 21 days
Expected volatility, minimum	64.70%
Expected volatility, maximum	64.70%
Expected volatility		56.90%
Dividend yield		3.20%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years	2 years 7 months 20 days
Dividend yield	4.80%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected vesting term in years	2 years 9 months 14 days
Dividend yield	6.30%

Stock-Based Incentive Plan - Un

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)	6 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020shares
Number of Shares of Restricted Stock
Granted (in shares)	262,589
Restricted Stock
Number of Shares of Restricted Stock
Unvested at the beginning of the period (in shares)	669,295
Vested (in shares)	(170,884)
Forfeited (in shares)	(98,574)	(50,524)
Unvested at the end of the period (in shares)	653,707
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 3.37
Vested (in dollars per share) | $ / shares	3.27
Forfeited (in dollars per share) | $ / shares	3.52
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.67
Additional disclosures of restricted stock
Unamortized compensation expense | $	$ 1,737,057
Weighted average remaining amortization period	1 year 10 months 9 days
Restricted Stock, Time Vested
Number of Shares of Restricted Stock
Granted (in shares)	122,577	290,553
Unvested at the end of the period (in shares)	271,636
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares	$ 4.99
Unvested at the end of the period (in dollars per share) | $ / shares	$ 4.13
Restricted Stock, Performance-Based
Number of Shares of Restricted Stock
Granted (in shares)	131,293	246,160
Unvested at the end of the period (in shares)	382,071
Weighted Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares	$ 3.31
Unvested at the end of the period (in dollars per share) | $ / shares	$ 3.34
Performance Based Contingent Shares
Number of Shares of Restricted Stock
Unvested at the beginning of the period (in shares)	323,080
Granted (in shares)	65,649	123,080
Forfeited (in shares)	(26,402)
Unvested at the end of the period (in shares)	362,327
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 2.84
Granted (in dollars per share) | $ / shares	2.67
Forfeited (in dollars per share) | $ / shares	1.89
Unvested at the end of the period (in dollars per share) | $ / shares	$ 2.88
Additional disclosures of restricted stock
Unamortized compensation expense | $	$ 259,414
Weighted average remaining amortization period	2 years 1 month 6 days

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Feb. 03, 2022
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits	$ 0		$ 0
Accrued interest and penalties	0		0
Income tax expense (benefit)	1,744,612	$ (3,208,664)	$ 3,264,198	$ (5,510,842)
Income tax rate percentage			21.30%	21.70%
Statutory federal tax rate			21.00%	21.00%
Receivable for income tax refunds	$ 2,400,000		$ 2,400,000
EOR credit benefit			$ 200,000
Subsequent Event
Operating Loss Carryforwards [Line Items]
Receivable for income tax refunds					$ 800,000

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net income (loss) attributable to common stockholders, basic	$ 6,832,172	$ (12,710,007)	$ 12,050,573	$ (19,845,155)
Net income (loss) attributable to common stockholders, diluted	$ 6,832,172	$ (12,710,007)	$ 12,050,573	$ (19,845,155)
Denominator
Weighted average number of common shares — Basic (in shares)	33,645,982	33,106,885	33,589,986	33,031,270
Weighted average number of common shares — Diluted (in shares)	33,645,982	33,106,885	33,589,986	33,031,270
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.20	$ (0.38)	$ 0.36	$ (0.60)
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.20	$ (0.38)	$ 0.36	$ (0.60)

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Dilutive Securities (Details) - Contingent Share grants - $ / shares	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Outstanding Potential Dilutive Securities
Weighted Average Exercise Price (in dollars per share)	$ 0	$ 0
Balance at the end of the period (in shares)	362,327	323,080

Senior Secured Credit Agreeme_2

Senior Secured Credit Agreement (Details) - USD ($)	Apr. 11, 2016	Dec. 31, 2021	Nov. 09, 2021	Aug. 05, 2021	Jun. 30, 2021
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
Minimum consolidated tangible net worth	40,000,000			$ 40,000,000	$ 50,000,000
Initial borrowing base	$ 50,000,000		$ 50,000,000
Percent of borrowings base utilized			25.00%
Company elected commitment amount			$ 40,000,000
Amount outstanding		$ 4,000,000
Borrowing base amount available		$ 36,000,000
Placement fee percentage	0.50%
Commitment fee percentage	0.25%
Maximum total leverage ratio (not more than)	3
Senior Secured Reserve-Based Credit Facility | Line of Credit | Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Percent of instrument hedged			25.00%
Senior Secured Reserve-Based Credit Facility | Line of Credit | Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Percent of instrument hedged			75.00%
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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized loss	$ 0	$ 1,374,412	$ 0	$ 2,525,988
Unrealized gain	0	(1,094,733)	0	(1,911,343)
Net loss on derivative contracts	$ 0	$ 279,679	$ 0	$ 614,645

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Income taxes paid	$ 2,868,408	$ 561,852
Income tax refunds received	678,751	130,499
Settlement proceeds receivable attributable to acquired Barnett Shale oil and gas property costs	858,422	0
(Decrease) increase in accrued purchases of property and equipment	112,398	(54,190)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	$ 0	$ 91,430

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 08, 2022	Feb. 03, 2022	Jan. 14, 2022	Feb. 07, 2022
Subsequent Event [Line Items]
Dividend rate (in dollars per share)		$ 0.10
Percentage of production hedged				25.00%
Senior Secured Reserve-Based Credit Facility
Subsequent Event [Line Items]
Initial borrowing base			$ 16
Foundation Energy Fund VII-A, LP and Foundation Energy Management, LLC
Subsequent Event [Line Items]
Purchase price			$ 25.9
Jonah Field In Wyoming From Exaro Energy III, LLC
Subsequent Event [Line Items]
Purchase price	$ 29.4