Evolution Petroleum (EPM) 10-K 14 Sep 22 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Sep. 09, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-32942
Entity Registrant Name	EVOLUTION PETROLEUM CORP
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 154.7
Entity Common Stock, Shares Outstanding		33,466,905
Documents Incorporated by Reference	Portions of the proxy statement related to the registrant’s 2022 Annual Meeting of Stockholders to be filed within 120 days of the end of the fiscal year covered by this report are incorporated by reference into Part III of this report.
Entity Central Index Key	0001006655
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Moss Adams LLP
Auditor Firm ID	659
Auditor Location	Houston, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 8,280	$ 5,277
Receivables from crude oil, natural gas, and natural gas liquids sales	24,080	8,687
Receivables for federal and state income tax refunds		3,108
Derivative contract assets	170
Prepaid expenses and other current assets	3,838	1,036
Total current assets	36,368	18,108
Property and equipment, net of depletion, depreciation, amortization, and impairment
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	110,508	58,516
Other property and equipment, net		11
Total property and equipment, net	110,508	58,527
Other assets, net	1,171	71
Total assets	148,047	76,706
Current liabilities
Accounts payable	15,133	1,613
Accrued liabilities and other	11,893	4,943
Derivative contract liabilities	2,164
State and federal taxes payable	1,095	38
Total current liabilities	30,285	6,594
Long term liabilities
Senior secured credit facility	21,250	4,000
Deferred income taxes	7,099	5,957
Asset retirement obligations	13,899	5,539
Operating lease liability		21
Total liabilities	72,533	22,111
Commitments and contingencies (Note 11)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,470,710 and 33,514,952 shares as of June 30, 2022 and 2021, respectively	33	34
Additional paid-in capital	42,629	42,541
Retained earnings	32,852	12,020
Total stockholders' equity	75,514	54,595
Total liabilities and stockholders' equity	$ 148,047	$ 76,706

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED BALANCE SHEETS
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, issued shares (in shares)	33,470,710	33,514,952
Common stock, outstanding shares (in shares)	33,470,710	33,514,952

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 108,926	$ 32,702
Operating costs
Lease operating costs	48,657	16,587
Depletion, depreciation, and amortization	8,053	5,167
Impairment of proved property	0	24,792
Impairment of Well Lift Inc. - related assets		146
General and administrative expenses	6,835	6,754
Total operating costs	63,545	53,446
Income (loss) from operations	45,381	(20,744)
Other income and expenses
Net gain (loss) on derivative contracts	(3,763)	(615)
Interest and other income	95	40
Interest expense	(572)	(103)
Income (loss) before income taxes	41,141	(21,422)
Income tax (expense) benefit	(8,513)	4,984
Net income (loss)	$ 32,628	$ (16,438)
Earnings (loss) per common share
Basic (in dollars per share)	$ 0.97	$ (0.50)
Diluted (in dollars per share)	$ 0.96	$ (0.50)
Weighted average number of common shares outstanding
Basic (in shares)	32,952	32,744
Diluted (in shares)	33,306	32,744
Crude oil
Revenues
Total revenues	$ 52,683	$ 26,411
Natural gas liquids
Revenues
Total revenues	17,069	3,662
Natural gas
Revenues
Total revenues	$ 39,174	$ 2,629

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended		102 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 32,628	$ (16,438)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and amortization	8,053	5,167
Impairment of proved property	0	24,792
Impairment of Well Lift Inc. - related assets		146
Stock-based compensation	125	1,258
Settlement of asset retirement obligations		(101)
Deferred income taxes	1,142	(5,104)
Unrealized loss on derivative contracts	1,994	615
Accrued settlements on derivative contracts	919	(2,791)
Other	(10)	10
Changes in operating assets and liabilities:
Receivables	(11,427)	(6,632)
Prepaid expenses and other current assets	(538)	(546)
Accounts payable and accrued expenses	18,516	4,498
State and federal income taxes payable	1,058	(141)
Net cash provided by operating activities	52,460	4,733
Cash flows from investing activities
Acquisition of oil and natural gas properties	(53,342)	(18,297)
Capital expenditures for oil and natural gas properties	(1,531)	(472)
Net cash used in investing activities	(54,873)	(18,769)
Cash flows from financing activities
Common stock dividends paid	(11,796)	(4,342)	$ (86,300)
Common stock repurchases, including stock surrendered for tax withholding	(38)	(7)
Borrowings under credit facility	34,000	7,000
Repayments of credit facility	(16,750)	(3,000)
Net cash provided by (used in) financing activities	5,416	(349)
Net increase (decrease) in cash and cash equivalents	3,003	(14,385)
Cash and cash equivalents, beginning of year	5,277	19,662
Cash and cash equivalents, end of year	8,280	5,277	$ 8,280
Supplemental disclosures of cash flow information:
Cash paid for interest on Senior secured credit facility	523	86
Cash paid for income taxes	6,294	758
Cash received from income tax refunds	3,223	142
Non-cash investing and financing transactions:
Increase (decrease) in accrued purchases of property and equipment	1,094	(80)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	$ 7,807	$ 2,883

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance (shares) at Jun. 30, 2020	32,957
Balance at Jun. 30, 2020	$ 33	$ 41,291	$ 32,800		$ 74,124
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	561
Issuance of restricted common stock	$ 1	(1)
Common stock repurchases, including stock surrendered for tax withholding				$ (7)	(7)
Retirements of treasury stock (in shares)	(3)
Retirements of treasury stock		(7)		7
Stock-based compensation		1,258			1,258
Net income (loss)			(16,438)		(16,438)
Common stock dividends paid			(4,342)		(4,342)
Balance (shares) at Jun. 30, 2021	33,515
Balance at Jun. 30, 2021	$ 34	42,541	12,020		54,595
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	336
Forfeitures of restricted stock (shares)	(373)
Forfeitures of restricted stock	$ (1)	1
Common stock repurchases, including stock surrendered for tax withholding				(38)	(38)
Retirements of treasury stock (in shares)	(7)
Retirements of treasury stock		(38)		$ 38
Stock-based compensation		125			125
Net income (loss)			32,628		32,628
Common stock dividends paid			(11,796)		(11,796)
Balance (shares) at Jun. 30, 2022	33,471
Balance at Jun. 30, 2022	$ 33	$ 42,629	$ 32,852		$ 75,514

Summary of Significant Events a

Summary of Significant Events and Accounting Policies	12 Months Ended
	Jun. 30, 2022
Summary of Significant Events and Accounting Policies
Summary of Significant Events and Accounting Policies	Note 1. Summary of Significant Events and Accounting Policies Nature of Operations. The Company’s producing properties consist of non-operated interests in the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana, a CO 2 interests in the Jonah Principles of Consolidation and Reporting. Accrued payables Additional Financial Information “Accrued liabilities and other Accounts Payable Net gain (loss) on derivative contracts Other income and expenses Total operating costs Risk and Uncertainties. Use of Estimates. Cash and Cash Equivalents. Accounts Receivable and Allowance for Doubtful Accounts. and an allowance is established or adjusted, as necessary, using the specific identification method. As of June 30, 2022 and 2021, no allowance for doubtful accounts was considered necessary. Oil and Natural Gas Properties. The depreciable base for oil and natural gas properties includes the sum of all capitalized costs net of depletion, estimated future development costs, and asset retirement costs (net of salvage values) not included in oil and natural gas properties, less costs excluded from amortization. The depreciable base of oil and natural gas properties is amortized using the unit-of-production method over total proved reserves. The capitalized costs of the Company’s oil and natural gas properties, net of accumulated amortization and related deferred income taxes are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Any excess over the full cost ceiling limitation is charged to expense as an impairment and is reflected as additional accumulated depletion, depreciation, and amortization or as a credit to oil and natural gas properties. Oil and natural gas properties include costs that are excluded from depletion and amortization, which represent investments in unproved and unevaluated properties and include non-producing leasehold, geologic and geophysical costs associated with leasehold or drilling interests, and exploration drilling costs. These costs are excluded until the project is evaluated and proved reserves are established or impairment is determined. As of June 30, 2022 and 2021, the Company did not have any costs excluded from depletion and amortization. Other Property and Equipment. three seven years Asset Retirement Obligations. Fair Value of Financial Instruments. Senior Secured Credit Facility, as defined in Note 6, “Senior Secured Credit Facility ” Concentrations of Credit Risk. Substantially all of the Company’s accounts receivable as of June 30, 2022 is from crude oil, natural gas, and NGL sales to third-party purchasers in the oil and natural gas industry. The Company holds working interests in crude oil and natural gas properties for which a third-party serves as operator. As a non-operator, the Company primarily markets its production through its field operators, except at the Jonah Field, where the Company takes its natural gas and NGL production in-kind. As a non-operator, the Company is highly dependent on the success of its third-party operators and the decisions made in connection with their operations. The third-party operator sells the crude oil, natural gas, and NGLs to the purchaser, collects the cash, and distributes the cash to the Company. In the years ended June 30, 2022 and 2021, three operators each distributed over 10% of the Company’s crude oil, natural gas and natural gas liquids revenues making up approximately 83% and 100% of total revenues for the years, respectively. The majority of the Company’s crude oil, natural gas, and NGL production is sold to purchasers under short-term (less than 12 months) contracts at market-based prices. ​ Derivative Instruments. Derivatives and Hedging “Net gain (loss) on derivative contracts” Estimates of Proved Reserves . Income Taxes. assets will not be realizable. The Company recognizes a tax benefit from an uncertain position when it is more likely than not that the position will be sustained upon examination which is based on the technical merits of the position. The Company records the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority. The Company classifies any interest and penalties associated with income taxes as income tax expense. Earnings (Loss) Per Share. Earnings Per Share Correction of Immaterial Error The Company has identified an issue related to its historical process of calculating the Company’s EPS. The Company grants restricted stock awards which entitle the recipient to all of the rights of a shareholder of the Company including non-forfeitable rights to receive all dividends or other distributions paid with respect to such shares. Unvested restricted stock is forfeitable until earned and therefore not considered outstanding for basic EPS. Because restricted stock awards have the non-forfeitable right to share in dividends and earnings with common shareholders prior to vesting, the Company must apply the two-class method of allocating distributed and undistributed earnings to unvested restricted stock and outstanding common shares. Historically, it was identified by management that the Company had not been applying the two-class method of calculating basic and diluted EPS in accordance with ASC 260. Rather, the Company was considering all restricted stock grants as outstanding at the time of issuance in the calculation of EPS. At March 31, 2022, the Company determined that its unvested restricted stock awards are participating securities which contain non-forfeitable rights to dividends. As a result, the Company is required to adjust “Net income (loss) attributable to common stockholders” The Company concluded the adjustments were immaterial to its 2021 annual and interim financial statements and its 2022 interim financial statements in accordance with the guidance in Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 99, Materiality Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements. diluted Earnings (Loss) per Common Share The Company noted the following adjustments to its Earnings (loss) per common share presentation for the year ended June 30, 2021 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ Year Ended June 30, ​ 2021 As reported: ​ ​ ​ Net income (loss) for earnings per share calculation ​ $ (16,438) ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 33,264 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,264 ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ (0.49) Net earnings (loss) per common share — Diluted ​ $ (0.49) ​ ​ ​ ​ Revised: ​ ​ ​ Net income (loss) for earnings per share calculation ​ $ (16,503) ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,744 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 32,744 ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ (0.50) Net earnings (loss) per common share — Diluted ​ $ (0.50) ​ Recently Adopted Accounting Pronouncements Income Taxes. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations, cash flows or disclosures.

Leases

Leases	12 Months Ended
	Jun. 30, 2022
Leases
Leases	Note 2. Leases Operating leases are reflected as an operating lease right of use (“ROU”) asset included in “Other assets, net” “Accrued liabilities and other” “Operating lease liability” General and administrative expenses As a non-operator and having adequate liquidity, the Company has generally not entered into lease transactions. The Company’s only operating lease is for corporate office space in Houston, Texas, effective May 1, 2019 and which expires November 30, 2022. The Company has no leases that meet the criteria for classification as a finance lease or a short-term lease. The Company makes certain assumptions and judgments when evaluating a contract that meets the definition of a lease under ACS 842, Leases The table below summarized the Company’s leases for the years ended June 30, 2022 and 2021 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2022 2021 ​ Statements of Operations: ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 52 ​ $ 52 ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 62 ​ $ 60 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 21 ​ $ 71 ​ Accrued liabilities and other - current ​ ​ 26 ​ ​ 64 ​ Operating lease liability - long-term ​ ​ — ​ ​ 21 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years ​ ​ 0.42 ​ ​ 1.34 ​ Weighted average discount rate ​ ​ 5.15 % ​ 5.15 % ​ As of June 30, 2022, the future minimum lease payments associated with the Company’s non-cancellable operating lease for office space are as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year June 30, 2022 2023 ​ $ 26 Total operating lease payments ​ ​ 26 Less: discount to present value ​ ​ — Total operating lease liabilities ​ ​ 26 Less: current operating lease liabilities ​ ​ 26 Non current operating lease liabilities ​ $ — ​ The Company applied the following practical expedients as provided in the standards update which provide elections to not reassess: ● Not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise). ● Whether an expired or existing pre-adoption date contracts contained leases. ● Lease classification of any expired or existing leases. ● Initial direct costs for any expired or existing leases. ● Not to separate lease components from non-lease components in a contract and accounting for the combination as a lease (reflected by asset class).

Revenue Recognition

Revenue Recognition	12 Months Ended
	Jun. 30, 2022
Revenue Recognition
Revenue Recognition	Note 3. Revenue Recognition The Company’s revenues are primarily generated from its crude oil, natural gas and NGL production from the Delhi Field in Northeast Louisiana, the Hamilton Dome Field in Wyoming, the Barnett Shale properties located in North Texas, the Williston Basin properties in North Dakota, and the Jonah ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2022 2021 Revenues ​ ​ ​ ​ ​ ​ Crude oil ​ $ 52,683 ​ $ 26,411 Natural gas ​ ​ 39,174 ​ ​ 2,629 Natural gas liquids ​ ​ 17,069 ​ ​ 3,662 Total revenues ​ $ 108,926 ​ $ 32,702 ​ As of June 30, 2022, as a non-operator, the Company did not take production in-kind and did not negotiate contracts with customers for its production from the Delhi Field, the Hamilton Dome Field, the Barnett Shale properties or the Willison Basin properties. The Company recognizes crude oil, natural gas, and NGL production revenue at the point in time when custody and title (“control”) of the product transfers to the customer. The sales of oil and natural gas are made under contracts which the Company’s third-party operators of its wells have negotiated with customers, which typically include variable consideration that is based on pricing tied to local indices and volumes delivered in the current month. The Company receives payment from the sale of oil and natural gas production one In the Jonah Field, the Company has elected to take its natural gas and NGL working interest production in-kind and markets separately to different purchasers for natural gas and to Enterprise Products Partners L.P. (“Enterprise”) for its NGLs. Judgments made in applying the guidance in ASC 606, Revenue from Contracts with Customers 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 “Receivables from crude oil, natural gas, and natural gas liquids sales”

Acquisitions

Acquisitions	12 Months Ended
	Jun. 30, 2022
Acquisitions
Acquisitions	Note 4. Acquisitions On April 1, 2022, the Company closed the acquisition of non-operated interests in the Jonah Field in Sublette County, Wyoming from Exaro Energy III, LLC (the “Jonah Field Acquisition”). After taking into account customary closing adjustments and an effective date of February 1, 2022, total cash consideration for the Jonah Field Acquisition was $26.4 million (“Jonah Purchase Agreement”). The Company accounted for this transaction as an asset acquisition and allocated $24.8 million of the purchase price (including $0.2 million of transaction costs) to proved oil and natural gas properties. Approximately, $1.6 million of the consideration transferred related to deposits transferred to the Company at closing, the largest related to a $1.2 million deposit with Enterprise for a gas gathering contract which was recorded to “ Other assets, net On January 14, 2022, the Company completed the acquisition of non-operated working interests in the Williston Basin in North Dakota from Foundation Energy Fund VII-A, LP and Foundation Energy Management, LLC (the “Williston Basin Acquisition”). After taking into account customary closing adjustments and an effective date of June 1, 2021, cash consideration was $25.2 million which included $0.3 million of capitalized transaction costs related to the acquisition. The Company accounted for the transaction as an asset acquisition and allocated all of the purchase price (including capitalized transaction costs) to proved oil and natural gas properties. The Company also recognized $2.4 million in non-cash asset retirement obligations. The transaction was funded with cash on hand and $16.0 million in borrowings under the Company’s Senior Secured Credit Facility. On May 7, 2021, the Company acquired an approximate 17% average net working interest and a 14% average net revenue interest in non-operated oil and natural gas properties in the Barnett Shale from Tokyo Gas Americas for net cash consideration of $17.4 million, after taking into account customary closing adjustments, and also recognized $2.8 million in non-cash asset retirement obligations (the “Barnett Shale Acquisition”). The Company determined that the properties acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. During the nine months ended March 31, 2022, the Company recorded a downward purchase price adjustment of $0.9 million related to its acquisition of the Barnett Shale properties as a result of the completion of the final settlement statement. In accordance with the FASB’s authoritative guidance on asset acquisitions, the Company allocated the cost of the acquisition to the assets acquired and liabilities assumed 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 acquisitions 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.

Property and Equipment

Property and Equipment	12 Months Ended
	Jun. 30, 2022
Property and Equipment
Property and Equipment	Note 5. Property and Equipment Property and equipment as of June 30, 2022 and 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 188,634 ​ $ 129,123 Less: Accumulated depletion, depreciation, and amortization ​ ​ (78,126) ​ ​ (70,607) Oil and natural gas properties, net ​ $ 110,508 ​ $ 58,516 Other property and equipment ​ ​ ​ ​ Furniture, fixtures and office equipment, at cost ​ $ 148 ​ $ 155 Less: Accumulated depreciation ​ ​ (148) ​ ​ (144) Other property and equipment, net ​ $ — ​ $ 11 ​ As of June 30, 2022 and 2021, all oil and natural gas property costs were subject to amortization. Depletion on oil and natural gas properties was $7.5 million and $4.9 million for the years ended June 30, 2022 and 2021, respectively. Depreciation on other properties and equipment was less than $0.1 million for both the years ended June 30, 2022 and 2021. During the years ended June 30, 2022 and 2021, the Company incurred development capital expenditures of $2.6 million and $0.6 million, respectively. In addition, during the year ended June 30, 2022, the Company recorded a downward $0.9 million purchase adjustment related to its acquisition of the Barnett Shale properties. The Company received $0.9 million during the year ended June 30, 2022 primarily related to effective date net revenues received from the previous owner of the properties. The Company uses the full cost method of accounting for its investments 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 June 30, 2022, 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 June 30, 2022 of the West Texas Intermediate (“WTI”) crude oil spot price of $85.82 per barrel and Henry Hub natural gas spot price of $5.19 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $44.24, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, the Company’s net book value of oil and natural gas properties as of June 30, 2022 did not exceed the current ceiling. There was no impairment on oil and natural gas properties for the year ended June 30, 2022. At June 30, 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 June 30, 2021 of the WTI crude oil spot price of $49.72 per barrel and Henry Hub natural gas spot price of $2.46 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $19.81, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, the Company’s net book value of oil and natural gas properties at June 30, 2021 did not exceed the current ceiling. At December 31, 2020 and September 30, 2020, the Company recorded ceiling test impairment charges of $15.2 million and $9.6 million, respectively. The ceiling test impairments were driven by decreases in the first-day-of-the-month average 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 to $39.54 per barrel at December 31, 2020. For the year ended June 30, 2021, the Company recorded total impairment on oil and natural gas properties of $24.8 million recorded as “Impairment of proved property”

Senior Secured Credit Facility

Senior Secured Credit Facility	12 Months Ended
	Jun. 30, 2022
Senior Secured Credit Facility
Senior Secured Credit Facility	Note 6. Senior Secured Credit Facility On April 11, 2016, the Company entered into a three-year, senior secured reserve-based credit facility, as amended, (the “Senior Secured Credit Facility”) with MidFirst Bank in an amount up to $50.0 million with a current borrowing base of $50.0 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. The borrowing base will be redetermined semiannually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. The borrowing base takes into account the estimated value of the Company’s oil and natural gas properties, proved reserves, total indebtedness, and other relevant factors consistent with customary oil and natural gas lending criteria. The Senior Secured Credit Facility included a placement fee of 0.50% on the initial borrowing base amounting to $50.0 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 Company may elect, at its option, to prepay any borrowings outstanding under the Senior Secured Credit Facility without premium or penalty. Amounts outstanding under the Senior Secured Credit Facility are guaranteed by the Company’s direct and indirect subsidiaries and secured by a security interest in substantially all of the properties of the Company and its subsidiaries. Borrowings under the Senior Secured Credit Facility may be used for the acquisition and development of oil and natural gas properties, investments in cash flow generating properties complimentary to the production of oil and natural gas, and for letters of credit or other general corporate purposes. The Senior Secured Credit Facility contains certain events of default, including non-payment; breaches or representation and warranties; non-compliance with covenants; cross-defaults to material indebtedness; voluntary or involuntary bankruptcy; judgments and change in control. The Senior Secured Credit Facility also contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (i) a maximum total leverage ratio of not more than 3.00 to 1.00, (ii) a current ratio of not less than 1.00 to 1.00, and (iii) a consolidated tangible net worth of not less than $40.0 million, each as defined in the Senior Secured Credit Facility. As of June 30, 2022, the Company had $21.3 million borrowings outstanding under its Senior Secured Credit Facility, resulting in $28.7 million of available borrowing capacity. As of June 30, 2022, the Company was in compliance with the financial covenants under the Senior Secured Credit Facility. The Company is currently working on its annual redetermination with MidFirst Bank. It expects that the borrowing base will remain at On February 7, 2022, the Company entered into the Ninth Amendment to the Senior Secured Credit Facility. This amendment, among other things, 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 Margined Collateral Value, as defined in the agreement, to the extent it exceeds the borrowing base then in effect. This amendment also required the Company to enter into hedges for the next 12-month period ending February 2023, covering 25% of expected crude oil and natural gas production over that period. On November 9, 2021, the Company entered into the Eighth Amendment to the Senior Secured Credit Facility. This amendment, among other things, increased the borrowing base to $50.0 million and added a hedging covenant whereby the Company must hedge a minimum of 25% to 75% of future production on a rolling 12-month basis when 25% or more of the borrowing base is utilized. The hedging covenant was amended in the Ninth Amendment, as discussed above. On August 5, 2021 the Company entered into the Seventh Amendment to the Senior Secured Credit Facility which, among other things, 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 $40.0 million from $50.0 million. On January 5, 2021, and effective as of December 28, 2020, the Company entered into the Sixth Amendment to the Senior Secured Credit Facility which replaced the debt service coverage ratio (as defined therein) maintenance covenant with a new covenant requiring current ratio (as defined therein) of not less than 1.00 to 1.00.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	Note 7. Income Taxes The Company files 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 the years ended June 30, 2022 and 2021. The Company believes that it has 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 its 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 the Company utilizes net operating losses (“NOLs”) generated in earlier years, such earlier years may also be subject to audit. Income tax (expense) benefit for the years ended June 30, 2022 and 2021 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 Current: ​ ​ ​ ​ Federal ​ $ (6,309) ​ $ 334 State ​ ​ (1,062) ​ ​ (454) Total current income tax (expense) benefit ​ ​ (7,371) ​ ​ (120) Deferred: ​ ​ ​ ​ ​ Federal ​ ​ (913) ​ ​ 3,987 State ​ ​ (229) ​ ​ 1,117 Total deferred income tax (expense) benefit ​ ​ (1,142) ​ ​ 5,104 Total income tax (expense) benefit ​ $ (8,513) ​ $ 4,984 ​ For the year ended June 30, 2022 the Company recognized income tax expense of $8.5 million and had an effective tax rate of 20.7% compared to an income tax benefit of $5.0 million and an effective tax rates of 23.3% for the year ended June 30, 2021. In certain prior years, the Company undertook a project to seek potential cash tax savings opportunities identifying available Enhanced Oil Recovery credits (“EOR credits”) related to its interests in the Delhi Field. To take advantage of the EOR credits, the Company amended federal and state tax returns for the years ended June 30, 2017 and 2018 and incorporated the associated impacts into its 2019 tax returns. Principally as a result of the EOR credits, the Company recorded a net tax benefit of $2.8 million during fiscal 2020, all of which was received during the year ended June 30, 2022. During year ended June 30, 2022, the Company recognized an income tax benefit of $0.4 million attributable to the EOR credit. The Company’s 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, due to percentage depletion in excess of basis, valuation allowance, enhanced oil recovery credit, and other permanent differences. The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Income ​ ​ ​ ​ % of Income ​ ​ ​ ​ ​ ​ Before ​ ​ ​ ​ Before ​ ​ June 30, 2022 Income Taxes June 30, 2021 Income Taxes ​ Income tax (expense) benefit computed at the statutory federal rate: ​ $ (8,640) ​ ​ 21.0 % $ 4,499 ​ 21.0 % Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Return to provision adjustments ​ ​ (2) ​ ​ — % ​ (20) ​ (0.1) % Depletion in excess of tax basis ​ ​ 190 ​ ​ (0.5) % ​ 176 ​ 0.8 % State income taxes, net of federal tax benefit ​ ​ (1,020) ​ ​ 2.5 % ​ 523 ​ 2.4 % Permanent differences related to stock-based compensation and other ​ ​ 3 ​ ​ — % ​ (55) ​ (0.3) % Federal valuation allowance ​ ​ 623 ​ ​ (1.5) % ​ (570) ​ (2.7) % EOR credit benefit ​ ​ 377 ​ ​ (0.9) % ​ 336 ​ 1.6 % Other ​ ​ (44) ​ ​ 0.1 % ​ 95 ​ 0.6 % Income tax (expense) benefit ​ $ (8,513) ​ ​ 20.7 % $ 4,984 ​ 23.3 % ​ Deferred income taxes primarily represent the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 Deferred tax assets: ​ ​ ​ ​ Non-qualified stock-based compensation ​ $ 106 ​ $ 310 Net operating loss carry-forwards and other carry-forwards ​ ​ 8 ​ ​ 365 Derivative losses ​ ​ 427 ​ ​ — Asset retirement obligations ​ ​ 3,128 ​ ​ 1,285 Other deferred tax assets ​ ​ 238 ​ ​ 161 Gross deferred tax assets ​ ​ 3,907 ​ ​ 2,121 ​ ​ ​ ​ ​ ​ ​ Valuation allowance ​ ​ — ​ ​ (862) Net deferred tax assets ​ ​ 3,907 ​ ​ 1,259 Deferred tax liability: ​ ​ ​ ​ Oil and natural gas properties ​ ​ (11,006) ​ ​ (7,216) Total deferred tax liability ​ ​ (11,006) ​ ​ (7,216) ​ ​ ​ ​ ​ ​ ​ Net deferred tax liability ​ $ (7,099) ​ $ (5,957) ​ As of June 30, 2022, the Company had a federal tax loss carryforward of approximately $0.6 million that it acquired through a reverse merger in May 2004. The majority of the tax loss carryforwards from the reverse merger expired without being utilized. The remaining deferred tax asset and valuation allowance of $0.1 million related to the portion of the NOLs that were limited by IRC Section 382 was written off during the year ended June 30, 2022. The Company has considered all positive and negative evidence to assess the likelihood that it will be able to realize its deferred tax assets. Realization is dependent on generating sufficient taxable income over the period the deferred tax assets are deductible. For the three-year period ending June 30, 2022, the Company is in a cumulative income position. Based on the weight of available evidence, the Company believes that it is more likely than not that the deferred tax assets will be realized. As result, the Company has released the valuation allowance of $0.6 million.

Derivatives

Derivatives	12 Months Ended
	Jun. 30, 2022
Derivatives
Derivatives	Note 8. Derivatives The Company is exposed to certain risks relating to its ongoing business operations, including commodity price risk and interest rate risk. In accordance with the Company’s policy and the requirements under the Senior Secured Credit Facility (as discussed in Note 6, “Senior Secured Credit Facility” 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 June 30, 2022, the Company did not post collateral under any of its derivative contracts as they are secured under the Company’s Senior Secured Credit Facility. The Company has in the past and may utilize in the future costless put/call collars and fixed-price swaps to hedge a portion of its anticipated future production. 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. 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. 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 gain (loss) on derivative contracts All derivative contracts are recorded at fair market value in accordance with ASC 815 and ASC 820, Fair Value Measurement “Derivative contract assets” “Derivative contract liabilities” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Asset ​ Balance sheet ​ Derivative Contract Liability under ASC 815 location June 30, 2022 June 30, 2021 location June 30, 2022 June 30, 2021 Commodity contracts ​ Current assets - derivative contract assets ​ $ 170 ​ $ — ​ Current liabilities - derivative contract liabilities ​ $ 2,164 ​ $ — Commodity contracts ​ Other assets - derivative contract assets ​ ​ — ​ ​ — ​ Long term liabilities - derivative contract liabilities ​ ​ — ​ ​ — Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 170 ​ $ — ​ ​ ​ $ 2,164 ​ $ — ​ The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s consolidated statements of operations (in thousands). "Realized gain (loss) on derivative contracts" "Unrealized gain (loss) on derivative contracts" ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ ​ ​ ​ ​ ​ as hedging contracts ​ recognized in income on ​ Years Ended June 30, under ASC 815 derivative contracts 2022 2021 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ (1,769) ​ $ (2,526) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ (1,994) ​ ​ 1,911 Total net gain (loss) on derivative contracts ​ ​ ​ $ (3,763) ​ $ (615) ​ As of June 30, 2022, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ ​ ​ Volumes in ​ Floor Price per ​ Ceiling Price per Period Instrument Commodity MMBTU/Bbl ​ MMBTU/Bbl MMBTU/Bbl July 2022 - October 2022 ​ Collar ​ Natural Gas ​ 471,640 ​ $ 3.75 ​ $ 5.05 November 2022 - February 2023 ​ Collar ​ Natural Gas ​ 443,750 ​ ​ 3.75 ​ ​ 7.30 July 2022 - October 2022 ​ Collar ​ Natural Gas ​ 317,579 ​ ​ 5.25 ​ ​ 6.67 November 2022 - March 2023 ​ Collar ​ Natural Gas ​ 374,072 ​ ​ 5.25 ​ ​ 7.50 July 2022 - February 2023 ​ Collar ​ Crude Oil ​ 122,389 ​ ​ 70.00 ​ ​ 87.50 ​ The Company presents the fair value of its derivative contracts at the gross amounts in the consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contract Asset ​ Derivative Contract Liability Offsetting of Derivative Assets and Liabilities June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Gross amounts presented in the Consolidated Balance Sheet ​ $ 170 ​ $ — ​ $ 2,164 ​ $ — Amounts not offset in the Consolidated Balance Sheet ​ ​ (170) ​ ​ — ​ ​ (170) ​ ​ — Net amount ​ $ — ​ $ — ​ $ 1,994 ​ $ — ​ The Company enters into an 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	12 Months Ended
	Jun. 30, 2022
Fair Value Measurement
Fair Value Measurement	Note 9. 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. 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, and 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. The following table, set forth by level within the fair value hierarchy, shows the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2022 (in thousands). The Company did not have any open positions as of June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 2,164 ​ $ — ​ $ 2,164 ​ Derivative contracts listed above as Level 2 include costless put/call collars that are carried at fair value. The Company records the net change in fair value of these positions in “Net gain (loss) on derivative contracts” “Derivatives The Company’s derivative contracts are with large utilities with investment grade credit ratings which are believed to have minimal credit risk. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts; however, the Company does not anticipate such nonperformance. ​ Other Fair Value Measurements. Financial Instruments ​ The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. These provisions apply to the Company’s initial measurement and any subsequent revision of ARO for which fair value is calculated using discounted future cash flows derived from historical costs and management’s expectations of future cost environments. Significant Level 3 inputs used in the calculation of ARO 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 10, “Asset Retirement Obligations

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Jun. 30, 2022
Asset Retirement Obligations
Asset Retirement Obligations	Note 10. Asset Retirement Obligations The Company’s ARO represents the estimated present value of the amount expected to be incurred to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, net” “Depletion, depreciation and amortization” ​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the years ended June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2022 June 30, 2021 Asset retirement obligations — beginning of period ​ $ 5,583 ​ $ 2,589 Liabilities incurred ​ ​ 219 ​ ​ — Liabilities settled (1) ​ ​ (17) ​ ​ (99) Liabilities acquired (2) ​ ​ 5,400 ​ ​ 2,806 Accretion of discount ​ ​ 531 ​ ​ 210 Revisions of previous estimates (3) ​ ​ 2,205 ​ ​ 77 Asset retirement obligations — end of period ​ ​ 13,921 ​ ​ 5,583 Less: current asset retirement obligations ​ ​ (22) ​ ​ (44) Long-term portion of asset retirement obligations ​ $ 13,899 ​ $ 5,539 (1) Primarily related to abandonment of one Delhi Field and one Hamilton Dome Field well for the year ended June 30, 2022 and abandonment of two non-scheduled Delhi Field wells for the year ended June 30, 2021. (2) Liabilities acquired during the years ended June 30, 2022 and 2021 were primarily due to the Jonah Field Acquisition and the Williston Basin Acquisition in 2022, and the Barnett Shale Acquisition in 2021. See Note 4, “Acquisitions , ” for additional information on the Company’s acquisition activities. (3) Primarily related to upward revisions for increased estimates for the year ended June 30, 2022 and two difficult-to-plug Delhi Field wells for the year ended June 30, 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2022
Commitments and Contingencies.
Commitments and Contingencies	Note 11. Commitments and Contingencies The Company is subject to various claims and contingencies in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company discloses such matters if it believes there is a reasonable possibility that a future event or events will confirm a material loss through impairment of an asset or the incurrence of a material liability. The Company accrues a material loss if it believes it probable that a future event or events will confirm a loss and the loss is reasonably estimable. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2022
Stockholders' Equity
Stockholders' Equity	Note 12. Stockholders’ Equity Common Stock As of June 30, 2022, the Company had 33,470,710 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of June 30, 2022, the Company has cumulatively paid over $86.3 million in cash dividends. The Company paid dividends of $11.8 million and $4.3 million to its common stockholders during the years ended June 30, 2022 and 2021, respectively. The following table reflects the dividends paid within the respective quarterly periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2022 2021 Fourth quarter ended June 30, ​ $ 0.100 ​ $ 0.050 Third quarter ended March 31, ​ ​ 0.100 ​ ​ 0.030 Second quarter ended December 31, ​ ​ 0.075 ​ ​ 0.025 First quarter ended September 30, ​ ​ 0.075 ​ ​ 0.025 ​ On September 12, 2022, Evolution’s Board of Directors approved and declared a quarterly dividend of $0.12 per common share payable September 30, 2022. This represents a 20% increase over the $0.10 per common share dividend paid in the fourth quarter of fiscal year 2022. Also, on September 8, 2022, the Board of Directors authorized a share repurchase program, under which the Company is approved to repurchase up to “Subsequent Events,” ​ 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 June 30, 2020, the Company spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. This program has since concluded and there were no shares purchased under this program during the years ended June 30, 2022 and 2021. Under the program’s terms, shares were repurchased only on the open market and in accordance with the requirements of the SEC. Such shares were initially recorded as treasury stock, then subsequently cancelled. ​ During the years ended June 30, 2022 and 2021, 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 cancelled. Such shares were valued at fair market value on the date of vesting. The following table shows all treasury stock purchases in the last two fiscal years (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ June 30, 2022 June 30, 2021 Number of treasury shares acquired ​ ​ 7 ​ ​ 3 Average cost per share ​ $ 5.09 ​ $ 2.79 Total cost of treasury shares acquired ​ $ 38 ​ $ 7 ​ Expected Tax Treatment of Dividends For the fiscal year ended June 30, 2021, all common stock dividends for that fiscal year were treated for tax purposes as qualified dividend income to the recipients. Based on its current projections for the fiscal year ended June 30, 2022, the Company expects all common stock dividends for such period to be treated as qualified dividend income to the recipients. Stock-Based Incentive Plan The Evolution Petroleum Corporation 2016 Equity Incentive Plan (“2016 Plan”), approved at the December 2016 annual meeting of stockholders, authorizes the issuance of 1.1 million 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, the Company’s common stock, including its appreciation in value. On December 9, 2020, an amendment to the 2016 Plan was approved by its stockholders which increased the number of shares available for issuance by 2.5 million shares to a maximum of 3.6 million shares. As of June 30, 2022 and 2021, approximately 1.8 million shares and 2.2 million shares, respectively, remained available for grant under the 2016 Plan. The Company estimates the fair value of stock-based compensation awards on the grant date to provide the basis for future compensation expense. For the years ended June 30, 2022, and 2021, the Company recognized $0.1 million and $1.3 million, respectively, related to stock-based compensation expense recorded as a component of “ General and administrative expenses million to stock-based compensation expense for the forfeiture of unvested shares in connection with severance. Time-Vested Restricted Stock Awards Time-vested restricted stock awards contain service-based vesting conditions and expire after a maximum of four years three four years Performance-Based Restricted Stock Awards and Performance-Based Contingent Stock Units Performance-based restricted stock awards and performance-based contingent stock units contain market-based vesting conditions based on the price of the Company’s 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. The common shares underlying the Company’s 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 four years Vesting of grants with performance-based vesting conditions is dependent on the future price of the Company’s common stock. Such awards vest in part or in full 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. During the year ended June 30, 2022, the Company granted a total of 0.4 million equity awards that included 0.2 million shares of time-vested restricted stock primarily to employees under its long-term incentive pay program together with annual awards to its directors, 0.1 million shares of performance-based restricted stock and 0.1 million performance-based contingent shares unit awards. During the year ended June 30, 2021, the Company granted a total of 0.7 million equity awards that included 0.3 million time-vested restricted stock primarily to employees under its long term incentive program together with annual awards to its directors, 0.3 million performance-based restricted stock awards, and 0.1 million performance-based contingent share unit awards. In addition to the foregoing, in connection with the retirement of the Company’s former Chief Financial Officer, vesting was accelerated as to approximately 0.1 million aggregate shares of service- and performance-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. For performance-based awards granted during the years ended June 30, 2022 and 2021, the assumptions used in the Monte Carlo simulation valuations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2022 2021 Weighted average fair value of performance-based awards granted ​ $ 3.10 ​ $ 3.08 Risk-free interest rate ​ ​ 0.53% to 0.60% ​ ​ 0.23 % Expected term in years ​ ​ 2.64 to 2.79 ​ ​ 2.56 Expected volatility ​ ​ 64.7 % ​ ​ 56.9 % Dividend yield ​ ​ 4.8% to 6.3% ​ ​ 3.2 % ​ Unvested restricted stock awards as of June 30, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 241,089 ​ $ 5.10 Performance-based awards ​ 100,122 ​ ​ 3.19 Unvested at June 30, 2022 ​ 341,211 ​ $ 4.54 ​ The following table sets forth the restricted stock transactions for the years ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) ​ Shares Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2020 ​ 285,028 ​ $ 5.53 ​ ​ ​ ​ ​ ​ ​ ​ Time-vested shares granted ​ 365,479 ​ ​ 2.97 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 246,160 ​ ​ 3.07 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (176,848) ​ ​ 5.09 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (50,524) ​ ​ 5.15 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2021 ​ 669,295 ​ ​ 3.37 ​ $ 1,531 ​ 1.9 ​ $ 3,320 Service-based shares granted ​ 205,077 ​ ​ 5.88 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 131,293 ​ ​ 3.31 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (291,227) ​ ​ 3.77 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (373,227) ​ ​ 3.35 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 341,211 ​ $ 4.54 ​ $ 1,092 ​ 2.1 ​ $ 1,863 (1) The intrinsic value of restricted stock was calculated as the closing market price on June 30, 2022 and 2021 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.5 million and $0.6 million for the years ended June 30, 2022 and 2021, respectively. Unvested contingent restricted stock units table below consists solely of performance-based awards for the year ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) Stock Units Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2020 ​ 200,000 ​ $ 3.50 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based awards granted ​ 123,080 ​ ​ 1.76 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2021 ​ 323,080 ​ ​ 2.84 ​ $ 169 ​ 2.0 ​ $ 1,602 Performance-based awards granted ​ 65,649 ​ ​ 2.67 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (338,667) ​ ​ 2.90 ​ ​ ​ ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 50,062 ​ $ 2.21 ​ $ 68 ​ 1.7 ​ $ 273 (1) The intrinsic value of contingent restricted stock units was calculated as the closing market price on June 30, 2022 and 2021 of the underlying stock multiplied by the number of restricted shares that would be issuable.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	12 Months Ended
	Jun. 30, 2022
Earnings (Loss) per Common Share
Earnings (Loss) per Common Share	Note 13. Earnings (Loss) per Common Share The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2022 June 30, 2021 Numerator ​ ​ ​ ​ Net income (loss) ​ $ 32,628 ​ $ (16,438) Undistributed earnings allocated to unvested restricted stock ​ ​ (673) ​ ​ (65) Net income (loss) for earnings per share calculation ​ $ 31,955 ​ $ (16,503) ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,952 ​ ​ 32,744 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Unvested restricted stock ​ ​ 354 ​ ​ — Contingent restricted stock grants ​ ​ — ​ ​ — Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,306 ​ ​ 32,744 ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ 0.97 ​ $ (0.50) Net earnings (loss) per common share — Diluted ​ $ 0.96 ​ $ (0.50) ​ Unvested Restricted Stock (both service-based and performance-based), totaling approximately 20,000 for the year ended June 30, 2022 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. Unvested Restricted Stock (both service-based and performance-based), totaling 0.3 million for the year ended June 30, 2021, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive due to the net loss. In addition, unvested performance-based restricted stock and unvested contingent restricted share units that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.

Additional Financial Statement

Additional Financial Statement Information	12 Months Ended
	Jun. 30, 2022
Additional Financial Statement Information
Additional Financial Statement Information	Note 14. Additional Financial Statement Information Certain amounts on the consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Receivable for settlement proceeds from acquisitions (1) ​ $ 2,263 ​ $ — Prepaid insurance ​ ​ 743 ​ ​ 366 Prepaid federal and state income taxes ​ ​ 8 ​ ​ 97 Prepaid subscription and licenses ​ ​ 38 ​ ​ 108 Carryback of EOR tax credit ​ ​ 347 ​ ​ 416 Prepaid other ​ ​ 439 ​ ​ 49 Total prepaid expenses and other current assets ​ $ 3,838 ​ $ 1,036 ​ ​ ​ ​ ​ ​ ​ Other assets, net: ​ ​ ​ ​ ​ ​ Deposit (2) ​ $ 1,150 ​ $ — Right of use asset under operating lease (3) ​ ​ 161 ​ ​ 161 Less: Accumulated amortization of right of use asset ​ ​ (140) ​ ​ (90) Other assets, net ​ $ 1,171 ​ $ 71 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 8,070 ​ $ 3,996 Accrued incentive and other compensation ​ ​ 626 ​ ​ 631 Accrued royalties payable (4) ​ ​ 1,517 ​ ​ — Accrued severance ​ ​ 332 ​ ​ 53 Accrued franchise taxes ​ ​ 58 ​ ​ 35 Accrued ad valorem taxes ​ ​ 120 ​ ​ 108 Accrued settlements on derivative contracts ​ ​ 919 ​ ​ — Operating lease liability (3) ​ ​ 26 ​ ​ 64 Asset retirement obligations due within one year ​ ​ 22 ​ ​ 44 Accrued - other ​ ​ 203 ​ ​ 12 Total Accrued liabilities and other ​ $ 11,893 ​ $ 4,943 (1) Receivables related to customary purchase adjustments of $1.6 million and $0.7 million related to the Jonah Field Acquisition and Williston Basin Acquisition, respectively. See Note 4, “Acquisitions” for a further discussion. (2) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Jonah Field Acquisition. See Note 4, “Acquisitions” for additional information. (3) Operating leases are reflected as an operating lease ROU asset included in “Other assets, net” and as an operating lease liability, current in “Accrued liabilities and other” and “Operating lease liability” on the Company’s consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized at commencement date of an arrangement based on the present value of lease payments over the lease term and amortized on a straight-line basis over the lease term. The ROU asset reflected in “Other assets, net” above is related to the Company’s corporate office lease. See Note 2, “Leases” for additional information. (4) Accrued royalties payable for the year ended June 30, 2022 related to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 3, “Revenue Recognition” for a further discussion.

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2021
Subsequent Events
Subsequent Events	Note 15. Subsequent Events On September 12, 2022, the Company declared a quarterly cash dividend of $0.12 per share of common stock to shareholders of record on September 21, 2022 and payable on September 30, 2022. ​ On September 8, 2022, the Company’s Board of Directors authorized a share repurchase program, under which the Company is approved to repurchase up to $25 million of its common stock through December 31, 2024. The Company intends to fund repurchases from working capital and cash provided by operating activities. As the Company continues to focus on its goal of maximizing total shareholder return, the Board of Directors along with the management team believe that a share repurchase program is complimentary to the existing dividend policy and is a tax efficient means to further improve shareholder return. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s shares, the market price of the Company's common stock, general market and economic conditions, and applicable legal requirements. The value of shares authorized for repurchase by the Company's Board of Directors does not require the Company to repurchase such shares or guarantee that such shares will be repurchased, and the program may be suspended, modified, or discontinued at any time without prior notice. ​

Summary of Significant Events_2

Summary of Significant Events and Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2022
Summary of Significant Events and Accounting Policies
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Accrued payables Additional Financial Information “Accrued liabilities and other Accounts Payable Net gain (loss) on derivative contracts Other income and expenses Total operating costs
Risk and Uncertainties	Risk and Uncertainties.
Use of Estimates	Use of Estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts. and an allowance is established or adjusted, as necessary, using the specific identification method. As of June 30, 2022 and 2021, no allowance for doubtful accounts was considered necessary.
Oil and Natural Gas Properties	Oil and Natural Gas Properties. The depreciable base for oil and natural gas properties includes the sum of all capitalized costs net of depletion, estimated future development costs, and asset retirement costs (net of salvage values) not included in oil and natural gas properties, less costs excluded from amortization. The depreciable base of oil and natural gas properties is amortized using the unit-of-production method over total proved reserves. The capitalized costs of the Company’s oil and natural gas properties, net of accumulated amortization and related deferred income taxes are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Any excess over the full cost ceiling limitation is charged to expense as an impairment and is reflected as additional accumulated depletion, depreciation, and amortization or as a credit to oil and natural gas properties. Oil and natural gas properties include costs that are excluded from depletion and amortization, which represent investments in unproved and unevaluated properties and include non-producing leasehold, geologic and geophysical costs associated with leasehold or drilling interests, and exploration drilling costs. These costs are excluded until the project is evaluated and proved reserves are established or impairment is determined. As of June 30, 2022 and 2021, the Company did not have any costs excluded from depletion and amortization.
Other Property and Equipment	Other Property and Equipment. three seven years
Asset Retirement Obligations	Asset Retirement Obligations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. Senior Secured Credit Facility, as defined in Note 6, “Senior Secured Credit Facility ”
Concentrations of Credit Risk	Concentrations of Credit Risk. Substantially all of the Company’s accounts receivable as of June 30, 2022 is from crude oil, natural gas, and NGL sales to third-party purchasers in the oil and natural gas industry. The Company holds working interests in crude oil and natural gas properties for which a third-party serves as operator. As a non-operator, the Company primarily markets its production through its field operators, except at the Jonah Field, where the Company takes its natural gas and NGL production in-kind. As a non-operator, the Company is highly dependent on the success of its third-party operators and the decisions made in connection with their operations. The third-party operator sells the crude oil, natural gas, and NGLs to the purchaser, collects the cash, and distributes the cash to the Company. In the years ended June 30, 2022 and 2021, three operators each distributed over 10% of the Company’s crude oil, natural gas and natural gas liquids revenues making up approximately 83% and 100% of total revenues for the years, respectively. The majority of the Company’s crude oil, natural gas, and NGL production is sold to purchasers under short-term (less than 12 months) contracts at market-based prices.
Derivative Instruments	Derivative Instruments. Derivatives and Hedging “Net gain (loss) on derivative contracts”
Estimates of Proved Reserves	Estimates of Proved Reserves .
Income Taxes	Income Taxes. assets will not be realizable. The Company recognizes a tax benefit from an uncertain position when it is more likely than not that the position will be sustained upon examination which is based on the technical merits of the position. The Company records the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority. The Company classifies any interest and penalties associated with income taxes as income tax expense.
Earnings (Loss) Per Share	Earnings (Loss) Per Share. Earnings Per Share
Correction of Immaterial Error	Correction of Immaterial Error The Company has identified an issue related to its historical process of calculating the Company’s EPS. The Company grants restricted stock awards which entitle the recipient to all of the rights of a shareholder of the Company including non-forfeitable rights to receive all dividends or other distributions paid with respect to such shares. Unvested restricted stock is forfeitable until earned and therefore not considered outstanding for basic EPS. Because restricted stock awards have the non-forfeitable right to share in dividends and earnings with common shareholders prior to vesting, the Company must apply the two-class method of allocating distributed and undistributed earnings to unvested restricted stock and outstanding common shares. Historically, it was identified by management that the Company had not been applying the two-class method of calculating basic and diluted EPS in accordance with ASC 260. Rather, the Company was considering all restricted stock grants as outstanding at the time of issuance in the calculation of EPS. At March 31, 2022, the Company determined that its unvested restricted stock awards are participating securities which contain non-forfeitable rights to dividends. As a result, the Company is required to adjust “Net income (loss) attributable to common stockholders” The Company concluded the adjustments were immaterial to its 2021 annual and interim financial statements and its 2022 interim financial statements in accordance with the guidance in Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 99, Materiality Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements. diluted Earnings (Loss) per Common Share The Company noted the following adjustments to its Earnings (loss) per common share presentation for the year ended June 30, 2021 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ Year Ended June 30, ​ 2021 As reported: ​ ​ ​ Net income (loss) for earnings per share calculation ​ $ (16,438) ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 33,264 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,264 ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ (0.49) Net earnings (loss) per common share — Diluted ​ $ (0.49) ​ ​ ​ ​ Revised: ​ ​ ​ Net income (loss) for earnings per share calculation ​ $ (16,503) ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,744 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 32,744 ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ (0.50) Net earnings (loss) per common share — Diluted ​ $ (0.50)
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations, cash flows or disclosures.

Summary of Significant Events_3

Summary of Significant Events and Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2022
Summary of Significant Events and Accounting Policies
Schedule of earnings (loss) per common share	The Company noted the following adjustments to its Earnings (loss) per common share presentation for the year ended June 30, 2021 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ Year Ended June 30, ​ 2021 As reported: ​ ​ ​ Net income (loss) for earnings per share calculation ​ $ (16,438) ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 33,264 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,264 ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ (0.49) Net earnings (loss) per common share — Diluted ​ $ (0.49) ​ ​ ​ ​ Revised: ​ ​ ​ Net income (loss) for earnings per share calculation ​ $ (16,503) ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,744 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 32,744 ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ (0.50) Net earnings (loss) per common share — Diluted ​ $ (0.50)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jun. 30, 2022
Leases
Schedule of leases	The table below summarized the Company’s leases for the years ended June 30, 2022 and 2021 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2022 2021 ​ Statements of Operations: ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 52 ​ $ 52 ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 62 ​ $ 60 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 21 ​ $ 71 ​ Accrued liabilities and other - current ​ ​ 26 ​ ​ 64 ​ Operating lease liability - long-term ​ ​ — ​ ​ 21 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years ​ ​ 0.42 ​ ​ 1.34 ​ Weighted average discount rate ​ ​ 5.15 % ​ 5.15 %
Schedule of future minimum lease payments associated with the Company's non-cancellable operating lease for office space	As of June 30, 2022, the future minimum lease payments associated with the Company’s non-cancellable operating lease for office space are as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year June 30, 2022 2023 ​ $ 26 Total operating lease payments ​ ​ 26 Less: discount to present value ​ ​ — Total operating lease liabilities ​ ​ 26 Less: current operating lease liabilities ​ ​ 26 Non current operating lease liabilities ​ $ —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Jun. 30, 2022
Revenue Recognition
Schedule of disaggregates the Company's revenues by major product	The following table disaggregates the Company’s revenues by major product for the years ended June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2022 2021 Revenues ​ ​ ​ ​ ​ ​ Crude oil ​ $ 52,683 ​ $ 26,411 Natural gas ​ ​ 39,174 ​ ​ 2,629 Natural gas liquids ​ ​ 17,069 ​ ​ 3,662 Total revenues ​ $ 108,926 ​ $ 32,702

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2022
Property and Equipment
Schedule of property and equipment	Property and equipment as of June 30, 2022 and 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 188,634 ​ $ 129,123 Less: Accumulated depletion, depreciation, and amortization ​ ​ (78,126) ​ ​ (70,607) Oil and natural gas properties, net ​ $ 110,508 ​ $ 58,516 Other property and equipment ​ ​ ​ ​ Furniture, fixtures and office equipment, at cost ​ $ 148 ​ $ 155 Less: Accumulated depreciation ​ ​ (148) ​ ​ (144) Other property and equipment, net ​ $ — ​ $ 11

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2022
Income Taxes
Schedule of components of income tax (expense) benefit	Income tax (expense) benefit for the years ended June 30, 2022 and 2021 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 Current: ​ ​ ​ ​ Federal ​ $ (6,309) ​ $ 334 State ​ ​ (1,062) ​ ​ (454) Total current income tax (expense) benefit ​ ​ (7,371) ​ ​ (120) Deferred: ​ ​ ​ ​ ​ Federal ​ ​ (913) ​ ​ 3,987 State ​ ​ (229) ​ ​ 1,117 Total deferred income tax (expense) benefit ​ ​ (1,142) ​ ​ 5,104 Total income tax (expense) benefit ​ $ (8,513) ​ $ 4,984
Schedule of reconciliation of statutory federal tax rate to income tax (expense) benefit	The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Income ​ ​ ​ ​ % of Income ​ ​ ​ ​ ​ ​ Before ​ ​ ​ ​ Before ​ ​ June 30, 2022 Income Taxes June 30, 2021 Income Taxes ​ Income tax (expense) benefit computed at the statutory federal rate: ​ $ (8,640) ​ ​ 21.0 % $ 4,499 ​ 21.0 % Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Return to provision adjustments ​ ​ (2) ​ ​ — % ​ (20) ​ (0.1) % Depletion in excess of tax basis ​ ​ 190 ​ ​ (0.5) % ​ 176 ​ 0.8 % State income taxes, net of federal tax benefit ​ ​ (1,020) ​ ​ 2.5 % ​ 523 ​ 2.4 % Permanent differences related to stock-based compensation and other ​ ​ 3 ​ ​ — % ​ (55) ​ (0.3) % Federal valuation allowance ​ ​ 623 ​ ​ (1.5) % ​ (570) ​ (2.7) % EOR credit benefit ​ ​ 377 ​ ​ (0.9) % ​ 336 ​ 1.6 % Other ​ ​ (44) ​ ​ 0.1 % ​ 95 ​ 0.6 % Income tax (expense) benefit ​ $ (8,513) ​ ​ 20.7 % $ 4,984 ​ 23.3 %
Schedule of components of deferred taxes	The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 Deferred tax assets: ​ ​ ​ ​ Non-qualified stock-based compensation ​ $ 106 ​ $ 310 Net operating loss carry-forwards and other carry-forwards ​ ​ 8 ​ ​ 365 Derivative losses ​ ​ 427 ​ ​ — Asset retirement obligations ​ ​ 3,128 ​ ​ 1,285 Other deferred tax assets ​ ​ 238 ​ ​ 161 Gross deferred tax assets ​ ​ 3,907 ​ ​ 2,121 ​ ​ ​ ​ ​ ​ ​ Valuation allowance ​ ​ — ​ ​ (862) Net deferred tax assets ​ ​ 3,907 ​ ​ 1,259 Deferred tax liability: ​ ​ ​ ​ Oil and natural gas properties ​ ​ (11,006) ​ ​ (7,216) Total deferred tax liability ​ ​ (11,006) ​ ​ (7,216) ​ ​ ​ ​ ​ ​ ​ Net deferred tax liability ​ $ (7,099) ​ $ (5,957)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Jun. 30, 2022
Derivatives
Schedule of Derivative Instruments	The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Asset ​ Balance sheet ​ Derivative Contract Liability under ASC 815 location June 30, 2022 June 30, 2021 location June 30, 2022 June 30, 2021 Commodity contracts ​ Current assets - derivative contract assets ​ $ 170 ​ $ — ​ Current liabilities - derivative contract liabilities ​ $ 2,164 ​ $ — Commodity contracts ​ Other assets - derivative contract assets ​ ​ — ​ ​ — ​ Long term liabilities - derivative contract liabilities ​ ​ — ​ ​ — Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 170 ​ $ — ​ ​ ​ $ 2,164 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ ​ ​ Volumes in ​ Floor Price per ​ Ceiling Price per Period Instrument Commodity MMBTU/Bbl ​ MMBTU/Bbl MMBTU/Bbl July 2022 - October 2022 ​ Collar ​ Natural Gas ​ 471,640 ​ $ 3.75 ​ $ 5.05 November 2022 - February 2023 ​ Collar ​ Natural Gas ​ 443,750 ​ ​ 3.75 ​ ​ 7.30 July 2022 - October 2022 ​ Collar ​ Natural Gas ​ 317,579 ​ ​ 5.25 ​ ​ 6.67 November 2022 - March 2023 ​ Collar ​ Natural Gas ​ 374,072 ​ ​ 5.25 ​ ​ 7.50 July 2022 - February 2023 ​ Collar ​ Crude Oil ​ 122,389 ​ ​ 70.00 ​ ​ 87.50
Derivative Instruments, Gain (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ ​ ​ ​ ​ ​ as hedging contracts ​ recognized in income on ​ Years Ended June 30, under ASC 815 derivative contracts 2022 2021 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ (1,769) ​ $ (2,526) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ (1,994) ​ ​ 1,911 Total net gain (loss) on derivative contracts ​ ​ ​ $ (3,763) ​ $ (615)
Offsetting Assets	The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contract Asset ​ Derivative Contract Liability Offsetting of Derivative Assets and Liabilities June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Gross amounts presented in the Consolidated Balance Sheet ​ $ 170 ​ $ — ​ $ 2,164 ​ $ — Amounts not offset in the Consolidated Balance Sheet ​ ​ (170) ​ ​ — ​ ​ (170) ​ ​ — Net amount ​ $ — ​ $ — ​ $ 1,994 ​ $ —
Offsetting Liabilities	The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contract Asset ​ Derivative Contract Liability Offsetting of Derivative Assets and Liabilities June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Gross amounts presented in the Consolidated Balance Sheet ​ $ 170 ​ $ — ​ $ 2,164 ​ $ — Amounts not offset in the Consolidated Balance Sheet ​ ​ (170) ​ ​ — ​ ​ (170) ​ ​ — Net amount ​ $ — ​ $ — ​ $ 1,994 ​ $ — ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Jun. 30, 2022
Fair Value Measurement
Schedule of Derivative Assets at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 2,164 ​ $ — ​ $ 2,164
Schedule of Derivative Liabilities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 2,164 ​ $ — ​ $ 2,164

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Jun. 30, 2022
Asset Retirement Obligations
Schedule of Reconciliations of the Beginning and Ending Asset Retirement Obligation Balances	​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the years ended June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2022 June 30, 2021 Asset retirement obligations — beginning of period ​ $ 5,583 ​ $ 2,589 Liabilities incurred ​ ​ 219 ​ ​ — Liabilities settled (1) ​ ​ (17) ​ ​ (99) Liabilities acquired (2) ​ ​ 5,400 ​ ​ 2,806 Accretion of discount ​ ​ 531 ​ ​ 210 Revisions of previous estimates (3) ​ ​ 2,205 ​ ​ 77 Asset retirement obligations — end of period ​ ​ 13,921 ​ ​ 5,583 Less: current asset retirement obligations ​ ​ (22) ​ ​ (44) Long-term portion of asset retirement obligations ​ $ 13,899 ​ $ 5,539 (1) Primarily related to abandonment of one Delhi Field and one Hamilton Dome Field well for the year ended June 30, 2022 and abandonment of two non-scheduled Delhi Field wells for the year ended June 30, 2021. (2) Liabilities acquired during the years ended June 30, 2022 and 2021 were primarily due to the Jonah Field Acquisition and the Williston Basin Acquisition in 2022, and the Barnett Shale Acquisition in 2021. See Note 4, “Acquisitions , ” for additional information on the Company’s acquisition activities. (3) Primarily related to upward revisions for increased estimates for the year ended June 30, 2022 and two difficult-to-plug Delhi Field wells for the year ended June 30, 2021.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2022 2021 Fourth quarter ended June 30, ​ $ 0.100 ​ $ 0.050 Third quarter ended March 31, ​ ​ 0.100 ​ ​ 0.030 Second quarter ended December 31, ​ ​ 0.075 ​ ​ 0.025 First quarter ended September 30, ​ ​ 0.075 ​ ​ 0.025
Schedule of share repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ June 30, 2022 June 30, 2021 Number of treasury shares acquired ​ ​ 7 ​ ​ 3 Average cost per share ​ $ 5.09 ​ $ 2.79 Total cost of treasury shares acquired ​ $ 38 ​ $ 7
Schedule of Market-based Award Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2022 2021 Weighted average fair value of performance-based awards granted ​ $ 3.10 ​ $ 3.08 Risk-free interest rate ​ ​ 0.53% to 0.60% ​ ​ 0.23 % Expected term in years ​ ​ 2.64 to 2.79 ​ ​ 2.56 Expected volatility ​ ​ 64.7 % ​ ​ 56.9 % Dividend yield ​ ​ 4.8% to 6.3% ​ ​ 3.2 %
Schedule of Restricted Stock transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 241,089 ​ $ 5.10 Performance-based awards ​ 100,122 ​ ​ 3.19 Unvested at June 30, 2022 ​ 341,211 ​ $ 4.54
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Restricted Stock transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) ​ Shares Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2020 ​ 285,028 ​ $ 5.53 ​ ​ ​ ​ ​ ​ ​ ​ Time-vested shares granted ​ 365,479 ​ ​ 2.97 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 246,160 ​ ​ 3.07 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (176,848) ​ ​ 5.09 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (50,524) ​ ​ 5.15 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2021 ​ 669,295 ​ ​ 3.37 ​ $ 1,531 ​ 1.9 ​ $ 3,320 Service-based shares granted ​ 205,077 ​ ​ 5.88 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 131,293 ​ ​ 3.31 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (291,227) ​ ​ 3.77 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (373,227) ​ ​ 3.35 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 341,211 ​ $ 4.54 ​ $ 1,092 ​ 2.1 ​ $ 1,863
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Restricted Stock transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) Stock Units Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2020 ​ 200,000 ​ $ 3.50 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based awards granted ​ 123,080 ​ ​ 1.76 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2021 ​ 323,080 ​ ​ 2.84 ​ $ 169 ​ 2.0 ​ $ 1,602 Performance-based awards granted ​ 65,649 ​ ​ 2.67 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (338,667) ​ ​ 2.90 ​ ​ ​ ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 50,062 ​ $ 2.21 ​ $ 68 ​ 1.7 ​ $ 273

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	12 Months Ended
	Jun. 30, 2022
Earnings (Loss) per Common Share
Schedule of computation of basic and diluted income (loss) per share	The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2022 June 30, 2021 Numerator ​ ​ ​ ​ Net income (loss) ​ $ 32,628 ​ $ (16,438) Undistributed earnings allocated to unvested restricted stock ​ ​ (673) ​ ​ (65) Net income (loss) for earnings per share calculation ​ $ 31,955 ​ $ (16,503) ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,952 ​ ​ 32,744 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Unvested restricted stock ​ ​ 354 ​ ​ — Contingent restricted stock grants ​ ​ — ​ ​ — Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,306 ​ ​ 32,744 ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) per common share — Basic ​ $ 0.97 ​ $ (0.50) Net earnings (loss) per common share — Diluted ​ $ 0.96 ​ $ (0.50)

Additional Financial Statemen_2

Additional Financial Statement Information (Tables)	12 Months Ended
	Jun. 30, 2022
Additional Financial Statement Information
Additional Financial Statement Information	Certain amounts on the consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2022 June 30, 2021 ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Receivable for settlement proceeds from acquisitions (1) ​ $ 2,263 ​ $ — Prepaid insurance ​ ​ 743 ​ ​ 366 Prepaid federal and state income taxes ​ ​ 8 ​ ​ 97 Prepaid subscription and licenses ​ ​ 38 ​ ​ 108 Carryback of EOR tax credit ​ ​ 347 ​ ​ 416 Prepaid other ​ ​ 439 ​ ​ 49 Total prepaid expenses and other current assets ​ $ 3,838 ​ $ 1,036 ​ ​ ​ ​ ​ ​ ​ Other assets, net: ​ ​ ​ ​ ​ ​ Deposit (2) ​ $ 1,150 ​ $ — Right of use asset under operating lease (3) ​ ​ 161 ​ ​ 161 Less: Accumulated amortization of right of use asset ​ ​ (140) ​ ​ (90) Other assets, net ​ $ 1,171 ​ $ 71 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 8,070 ​ $ 3,996 Accrued incentive and other compensation ​ ​ 626 ​ ​ 631 Accrued royalties payable (4) ​ ​ 1,517 ​ ​ — Accrued severance ​ ​ 332 ​ ​ 53 Accrued franchise taxes ​ ​ 58 ​ ​ 35 Accrued ad valorem taxes ​ ​ 120 ​ ​ 108 Accrued settlements on derivative contracts ​ ​ 919 ​ ​ — Operating lease liability (3) ​ ​ 26 ​ ​ 64 Asset retirement obligations due within one year ​ ​ 22 ​ ​ 44 Accrued - other ​ ​ 203 ​ ​ 12 Total Accrued liabilities and other ​ $ 11,893 ​ $ 4,943 (1) Receivables related to customary purchase adjustments of $1.6 million and $0.7 million related to the Jonah Field Acquisition and Williston Basin Acquisition, respectively. See Note 4, “Acquisitions” for a further discussion. (2) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Jonah Field Acquisition. See Note 4, “Acquisitions” for additional information. (3) Operating leases are reflected as an operating lease ROU asset included in “Other assets, net” and as an operating lease liability, current in “Accrued liabilities and other” and “Operating lease liability” on the Company’s consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized at commencement date of an arrangement based on the present value of lease payments over the lease term and amortized on a straight-line basis over the lease term. The ROU asset reflected in “Other assets, net” above is related to the Company’s corporate office lease. See Note 2, “Leases” for additional information. (4) Accrued royalties payable for the year ended June 30, 2022 related to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 3, “Revenue Recognition” for a further discussion.

Summary of Significant Events_4

Summary of Significant Events and Accounting Policies - Nature of Operations (Details)	Jun. 30, 2022 item
Summary of Significant Events and Accounting Policies
Number of wells with overriding royalty interest	4

Summary of Significant Events_5

Summary of Significant Events and Accounting Policies (Details)	12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Limitation on Capitalized Costs
Allowance for doubtful accounts	$ 0	$ 0
Minimum
Other Property and Equipment
Expected lives of the individual assets or group of assets	3 years
Maximum
Other Property and Equipment
Expected lives of the individual assets or group of assets	7 years
Discount rate | Oil and natural gas properties
Limitation on Capitalized Costs
Discount rate for present value (as a percent)	10

Summary of Significant Events_6

Summary of Significant Events and Accounting Policies - Concentrations of Credit Risk (Details) - Net revenue - Crude oil, natural gas and natural gas liquids - Major Customers - item	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Concentrations of Credit Risk
Number of operators	3	3
Percent of total revenue	83%	100%

Summary of Significant Events_7

Summary of Significant Events and Accounting Policies - Correction of Immaterial Error (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Changes in earning per share basic		$ 0.01
Changes in earning per share diluted		$ 0.01
Net income (loss) for earnings per share calculation	$ 31,955	$ (16,503)
Weighted average number of common shares outstanding - Basic (in shares)	32,952	32,744
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,306	32,744
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.97	$ (0.50)
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.96	$ (0.50)
Previously Reported [Member]
Net income (loss) for earnings per share calculation		$ (16,438)
Weighted average number of common shares outstanding - Basic (in shares)		33,264
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)		33,264
Net earnings (loss) per common share - Basic (in dollars per share)		$ (0.49)
Net earnings (loss) per common share - Diluted (in dollars per share)		$ (0.49)

Leases (Details)

Leases (Details)	12 Months Ended
	Jun. 30, 2022 item
Leases
Lessee, finance lease or short term lease, number of contracts	0

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases
Operating lease costs	$ 52	$ 52
Operating cash flows from operating leases	62	60
Operating lease ROU asset (included in other assets)	21	71
Accrued liabilities and other - current	$ 26	64
Operating lease liability - long-term		$ 21
Weighted average remaining lease term in years	5 months 1 day	1 year 4 months 2 days
Weighted average discount rate	5.15%	5.15%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities and other	Accrued liabilities and other

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Fiscal Year
2023	$ 26
Total operating lease payments	26
Total operating lease liabilities	26
Less: current operating lease liabilities	$ 26	$ 64
Operating lease liability - long-term		$ 21

Revenue Recognition - Revenues

Revenue Recognition - Revenues By Major Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue Recognition
Total revenues	$ 108,926	$ 32,702
Crude oil
Revenue Recognition
Total revenues	52,683	26,411
Natural gas
Revenue Recognition
Total revenues	39,174	2,629
Natural gas liquids
Revenue Recognition
Total revenues	$ 17,069	$ 3,662

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022
Revenue Recognition
Proceeds from royalties	$ 1.1
Royalty accumulation period	3 years
Minimum
Revenue Recognition
Period of receives payment from the sale of oil and natural gas production		1 month
Number of production received by field operators		1 month
Maximum
Revenue Recognition
Period of receives payment from the sale of oil and natural gas production		2 months
Number of production received by field operators		2 months

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands				9 Months Ended	12 Months Ended
	Apr. 01, 2022	Jan. 14, 2022	May 07, 2021	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Acquisitions
Liabilities acquired					$ 5,400	$ 2,806
Asset retirement obligation liabilities incurred					219
Borrowings under credit facility					34,000	$ 7,000
Barnett Shale
Acquisitions
Liabilities acquired			$ 2,800
Non-operating working interest, percent			17%
Revenue interest, percent			14%
Purchase price of oil and gas assets			$ 17,400
Downward purchase adjustment				$ 900	$ 900
Jonah Field In Wyoming From Exaro Energy III, LLC
Acquisitions
Asset acquisition of transaction cost	$ 200
Asset acquisition, consideration transferred related to deposits transferred	1,600
Liabilities acquired	3,000
Purchase price of oil and gas assets	26,400
Jonah Field In Wyoming From Exaro Energy III, LLC | Oil and natural gas properties
Acquisitions
Asset acquisition, consideration transferred	24,800
Jonah Field In Wyoming From Exaro Energy III, LLC | Other assets, net
Acquisitions
Asset acquisition for deposits	1,200
Williston Basin Acquisition
Acquisitions
Asset acquisition of transaction cost		$ 300
Liabilities acquired		2,400
Purchase price of oil and gas assets		25,200
Senior Secured Reserve-Based Credit Facility | Jonah Field In Wyoming From Exaro Energy III, LLC
Acquisitions
Borrowings under credit facility	$ 17,000
Senior Secured Reserve-Based Credit Facility | Williston Basin Acquisition
Acquisitions
Borrowings under credit facility		$ 16,000

Property and Equipment - Other

Property and Equipment - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Oil and natural gas properties
Property costs subject to amortization	$ 188,634	$ 129,123
Less: Accumulated depletion, depreciation, and amortization	(78,126)	(70,607)
Oil and natural gas properties, net	110,508	58,516
Other property and equipment
Furniture, fixtures, and office equipment, at cost	148	155
Less: Accumulated depreciation	$ (148)	(144)
Other property and equipment, net		$ 11

Property and Equipment (Details

Property and Equipment (Details) $ in Thousands			9 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) $ / bbl	Sep. 30, 2020 USD ($) $ / bbl	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) $ / MMBTU $ / bbl	Jun. 30, 2021 USD ($) $ / bbl $ / MMBTU	Jun. 30, 2020 $ / bbl
Property and Equipment
Depletion				$ 7,500	$ 4,900
Capital expenditures				2,600	600
Proceeds for net revenues received				900
Impairment of proved property	$ 15,200	$ 9,600		$ 0	$ 24,792
Natural Gas and Natural Gas Liquids
Property and Equipment
Oil and gas prices first day average of twelve months of Henry Hub price for ceiling test | $ / MMBTU				5.19	2.46
Net price per barrel (in dollars per barrel) | $ / bbl				44.24	19.81
Crude oil
Property and Equipment
Oil and gas prices first day average of twelve months of West Texas Intermediate spot market price for ceiling test | $ / bbl	39.54	43.63		85.82	49.72	47.37
Maximum
Property and Equipment
Depreciation				$ 100	$ 100
Barnett Shale
Property and Equipment
Downward purchase adjustment			$ 900	$ 900

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) $ in Millions	Apr. 11, 2016 USD ($)	Jun. 30, 2022 USD ($)	May 09, 2022	Apr. 06, 2022	Apr. 05, 2022 USD ($)	Feb. 07, 2022	Nov. 09, 2021 USD ($)	Aug. 05, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jan. 05, 2021
Debt Instrument [Line Items]
Minimum current ratio	1
Percentage of production hedged						25%
LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	0.25%
Senior Secured Reserve-Based Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50
Line of Credit | Senior Secured Reserve-Based Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Term of debt instrument	3 years
Maximum borrowing capacity	$ 50
Available borrowing capacity		28.7
Initial borrowing base							$ 50
Minimum current ratio										1
Minimum consolidated tangible net worth	$ 40							$ 40	$ 50
Long-term line of credit		21.3
Placement fee percentage	0.50%
Commitment fee percentage	0.25%
Maximum total leverage ratio (not more than)	3
Current borrowing base		$ 50
Margined collateral value					$ 125
Percentage of borrowing base to Margined Collateral Value			25%	25%
Debt instrument, covenant, percent of borrowings base utilized							25%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Percent of instrument hedged							25%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Percent of instrument hedged							75%
Line of Credit | Senior Secured Reserve-Based Credit Facility | LIBOR | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Prime Rate | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Accrued interest and penalties	0	0
Income tax expense (benefit)	$ 8,513,000	$ (4,984,000)
Income tax rate percentage	20.70%	23.30%
EOR credit benefit	$ 400,000		$ 2,800,000
Receivable for income tax refunds		$ 3,108,000
Valuation allowance, deferred tax asset, increase	(600,000)
Deferred tax assets and valuation allowances	100,000
Valuation allowance		$ 862,000
Federal
Operating Loss Carryforwards [Line Items]
Tax loss carryforward from reverse merger	$ 600,000

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Current:
Federal	$ (6,309)	$ 334
State	(1,062)	(454)
Total current income tax (expense) benefit	(7,371)	(120)
Deferred:
Federal	(913)	3,987
State	(229)	1,117
Total deferred income tax (expense) benefit	(1,142)	5,104
Income tax (expense) benefit	$ (8,513)	$ 4,984

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax (expense) benefit computed at the statutory federal rate:	$ (8,640)	$ 4,499
Return to provision adjustments	(2)	(20)
Depletion in excess of tax basis	190	176
State income taxes, net of federal tax benefit	(1,020)	523
Permanent differences related to stock-based compensation and other	3	(55)
Federal valuation allowance	623	(570)
EOR credit benefit	377	336
Other	(44)	95
Income tax (expense) benefit	$ (8,513)	$ 4,984
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax (expense) benefit computed at the statutory federal rate:	21%	21%
Return to provision adjustments		(0.10%)
Depletion in excess of tax basis	(0.50%)	0.80%
State income taxes, net of federal tax benefit	2.50%	2.40%
Permanent differences related to stock-based compensation and other		(0.30%)
Federal valuation allowance	(1.50%)	(2.70%)
EOR credit benefit	(0.90%)	1.60%
Other	0.10%	0.60%
Income tax (expense) benefit	20.70%	23.30%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Deferred tax assets:
Non-qualified stock-based compensation	$ 106	$ 310
Net operating loss carry-forwards and other carry-forwards	8	365
Derivative losses	427
Asset retirement obligations	3,128	1,285
Other deferred tax assets	238	161
Gross deferred tax assets	3,907	2,121
Valuation allowance		(862)
Net deferred tax assets	3,907	1,259
Deferred tax liability:
Oil and natural gas properties	(11,006)	(7,216)
Total deferred tax liability	(11,006)	(7,216)
Net deferred tax liability	$ (7,099)	$ (5,957)

Derivatives - Consolidated Bala

Derivatives - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Derivative Contract Asset	$ 170	$ 0
Derivative Contract Liability	2,164	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	170	0
Derivative Contract Liability	2,164	0
Current Assets | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	170	0
Other Assets | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	0	0
Current Liabilities | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liability	2,164	0
Long term liabilities | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liability	$ 0	$ 0

Derivatives - Gain and Loss on

Derivatives - Gain and Loss on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivatives
Realized gain (loss) on derivative contracts	$ (1,769)	$ (2,526)
Unrealized gain (loss) on derivative contracts	(1,994)	1,911
Total net gain (loss) on derivative contracts	$ (3,763)	$ (615)

Derivatives - Crude Oil Derivat

Derivatives - Crude Oil Derivative Positions (Details)	12 Months Ended
	Jun. 30, 2022 $ / bbl bbl
July 2022 - October 2022
Derivative [Line Items]
Volumes in Barrels | bbl	471,640
Weighted Average Floor Price per Bbl. (in USD per barrel)	3.75
Weighted Average Ceiling Price per Bbl. (in USD per barrel)	5.05
November 2022 - February 2023
Derivative [Line Items]
Volumes in Barrels | bbl	443,750
Weighted Average Floor Price per Bbl. (in USD per barrel)	3.75
Weighted Average Ceiling Price per Bbl. (in USD per barrel)	7.30
Second July 2022 - October 2022 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl	317,579
Weighted Average Floor Price per Bbl. (in USD per barrel)	5.25
Weighted Average Ceiling Price per Bbl. (in USD per barrel)	6.67
November 2022 - March 2023
Derivative [Line Items]
Volumes in Barrels | bbl	374,072
Weighted Average Floor Price per Bbl. (in USD per barrel)	5.25
Weighted Average Ceiling Price per Bbl. (in USD per barrel)	7.50
July 2022 - February 2023
Derivative [Line Items]
Volumes in Barrels | bbl	122,389
Weighted Average Floor Price per Bbl. (in USD per barrel)	70
Weighted Average Ceiling Price per Bbl. (in USD per barrel)	87.50

Derivatives - Derivative Contra

Derivatives - Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Derivatives
Derivative assets, Gross amounts presented in the Consolidated Balance Sheet	$ 170	$ 0
Derivative asset, Amounts not offset in the Consolidated Balance Sheet	(170)	0
Derivative asset, net amount	0	0
Derivative liability, Gross amounts presented in the Consolidated Balance Sheet	2,164	0
Derivative liability, Amounts not offset in the Consolidated Balance Sheet	(170)	0
Derivative liability, Net amount	$ 1,994	$ 0

Fair Value Measurement - Financ

Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	$ 170	$ 0
Derivative Contract Liability	2,164	$ 0
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	0
Derivative Contract Liability	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	170
Derivative Contract Liability	2,164
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	0
Derivative Contract Liability	$ 0

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Asset Retirement Obligations (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($) item
Reconciliation of the beginning and ending asset retirement obligation
Asset retirement obligations - beginning of period	$ 5,583	$ 2,589
Liabilities incurred	219
Liabilities settled	(17)	(99)
Liabilities acquired	5,400	2,806
Accretion of discount	531	210
Revisions of previous estimates	2,205	77
Asset retirement obligations - end of period	13,921	5,583
Less: current asset retirement obligations	(22)	(44)
Long-term portion of asset retirement obligations	$ 13,899	$ 5,539
Hamilton Dome Field
Property and Equipment
Number of abandoned wells | item	1
Delhi Field Property
Property and Equipment
Number of abandoned wells | item	1	2

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended		85 Months Ended	102 Months Ended
	Sep. 12, 2022	Sep. 08, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2022	May 31, 2015
Class of Stock [Line Items]
Common stock, outstanding shares (in shares)			33,470,710	33,470,710	33,514,952	33,470,710	33,470,710
Common stock dividends paid				$ 11,796	$ 4,342		$ 86,300
Dividend declared (in dollars per share)			$ 0.10
Purchases of treasury stock (in shares)				7,000	3,000
Treasury stock acquired, average cost (in USD per share)				$ 5.09	$ 2.79
Payments of Ordinary Dividends, Common Stock				$ 11,796	$ 4,342		$ 86,300
Treasury Stock, Shares, Acquired				7,000	3,000
Cash dividends to common stockholders				$ 11,800	$ 4,300
Total cost of treasury shares acquired				$ 38	$ 7
Subsequent Event
Class of Stock [Line Items]
Dividend declared, date declared	Sep. 12, 2022
Dividend declared (in dollars per share)	$ 0.12
Dividend declared, date to be paid	Sep. 30, 2022
Percentage increase (decrease) in dividend from prior period	20%
2015 Share Repurchase Program | Common Stock
Class of Stock [Line Items]
Amount authorized to be repurchased								$ 5,000
Purchases of treasury stock (in shares)				0	0	706,858
Treasury stock acquired, average cost (in USD per share)						$ 5.72
Treasury Stock, Shares, Acquired				0	0	706,858
Total cost of treasury shares acquired						$ 4,000
2022 Share Repurchase Program | Subsequent Event
Class of Stock [Line Items]
Amount authorized to be repurchased		$ 25,000
Stock repurchase program expiration date		Dec. 31, 2024

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Stockholders' Equity
Cash dividends paid (in USD per share)	$ 0.100	$ 0.100	$ 0.075	$ 0.075	$ 0.050	$ 0.030	$ 0.025	$ 0.025

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	7	3
Average Price per Share (in USD per share)	$ 5.09	$ 2.79
Treasury Stock Purchases	$ 38	$ 7

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Incentive Plan Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 09, 2020	Jun. 30, 2022	Jun. 30, 2021	Dec. 08, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		400,000	700,000
Reduction of stock-based compensation expense		$ 1.2
Grant-date fair value of vested Restricted Stock		1.5	$ 0.6
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0.1	$ 1.3
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
Restricted Stock and Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		100,000
Restricted Stock, Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		205,077
Modified units weighted average fair value per share			$ 2.79
Restricted Stock, Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		131,293	246,160
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)		338,667
Forfeited (in USD per share)		$ 2.90
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modified units weighted average fair value per share			$ 5.15
Forfeited (in shares)		373,227	50,524
Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		200,000	365,479
Performance Based Contingent Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		65,649	123,080
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for granting (in shares)				1,100,000
Number of additional shares authorized (in shares)	2,500,000
Shares available for grant (shares)		1,800,000	2,200,000
Minimum | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Maximum | Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)		4 years
Maximum | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Maximum | 2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	3,600,000
Employee | Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			300,000
Employee | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			300,000
Employee | Performance Based Contingent Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			100,000

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in USD per share)	$ 3.10	$ 3.08
Risk-free interest rate		0.23%
Risk-free interest rate, minimum	0.53%
Risk-free interest rate, maximum	0.60%
Expected life in years		2 years 6 months 21 days
Expected volatility		56.90%
Expected volatility, minimum	64.70%
Dividend yield		3.20%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life 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 life in years	2 years 9 months 14 days
Dividend yield	6.30%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock and Contingent restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Restricted Shares
Granted (in shares)	400,000	700,000
Unvested, end of period (in shares)	341,211
Weighted Average Grant-Date Fair Value
Unvested, end of period (in USD per share)	$ 4.54
Restricted Stock
Number of Restricted Shares
Unvested, beginning of period (in shares)	669,295	285,028
Vested (in shares)	(291,227)	(176,848)
Forfeited (in shares)	(373,227)	(50,524)
Unvested, end of period (in shares)	341,211	669,295
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 3.37	$ 5.53
Vested (in USD per share)	3.77	5.09
Forfeited (in USD per share)	3.35	5.15
Unvested, end of period (in USD per share)	$ 4.54	$ 3.37
Unamortized compensation expense	$ 1,092	$ 1,531
Weighted Average Remaining Amortization Period (Years)	2 years 1 month 6 days	1 year 10 months 24 days
Aggregate Intrinsic Value	$ 1,863	$ 3,320
Restricted Stock, Service Based
Number of Restricted Shares
Granted (in shares)	205,077
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 5.88
Restricted Stock, Performance Based
Number of Restricted Shares
Granted (in shares)	131,293	246,160
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 3.31	$ 3.07
Restricted Stock Time Vested
Number of Restricted Shares
Granted (in shares)	200,000	365,479
Unvested, end of period (in shares)	241,089
Weighted Average Grant-Date Fair Value
Granted (in USD per share)		$ 2.97
Unvested, end of period (in USD per share)	$ 5.10
Contingent Restricted Stock Grants
Number of Restricted Shares
Unvested, beginning of period (in shares)	323,080	200,000
Forfeited (in shares)	(338,667)
Unvested, end of period (in shares)	50,062	323,080
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 2.84	$ 3.50
Forfeited (in USD per share)	2.90
Unvested, end of period (in USD per share)	$ 2.21	$ 2.84
Unamortized compensation expense	$ 68	$ 169
Weighted Average Remaining Amortization Period (Years)	1 year 8 months 12 days	2 years
Aggregate Intrinsic Value	$ 273	$ 1,602
Performance Based Contingent Shares
Number of Restricted Shares
Granted (in shares)	65,649	123,080
Unvested, end of period (in shares)	100,122
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 2.67	$ 1.76
Unvested, end of period (in USD per share)	$ 3.19

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Date Restricted Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Grant-date fair value of vested Restricted Stock	$ 1.5	$ 0.6

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Numerator
Net income (loss)	$ 32,628	$ (16,438)
Undistributed earnings allocated to unvested restricted stock	(673)	(65)
Net income (loss) for earnings per share calculation	$ 31,955	$ (16,503)
Denominator
Weighted average number of common shares outstanding - Basic (in shares)	32,952	32,744
Effect of dilutive securities:
Unvested restricted stock (in shares)	354
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,306	32,744
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.97	$ (0.50)
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.96	$ (0.50)

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	20,000	300

Additional Financial Statemen_3

Additional Financial Statement Information - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Prepaid expenses and other current assets:
Receivable for settlement proceeds from acquisitions	$ 2,263
Prepaid Insurance	743	$ 366
Prepaid federal and state income taxes	8	97
Prepaid subscription and licenses	38	108
Carryback of EOR tax credit	347	416
Prepaid other	439	49
Total prepaid expenses and other current assets	3,838	1,036
Other assets, net:
Deposit	1,150
Right of use asset under operating lease	161	161
Less: Accumulated amortization of right of use asset	(140)	(90)
Other assets, net	1,171	71
Accrued liabilities and other:
Accrued payables	8,070	3,996
Accrued incentive and other compensation	626	631
Accrued royalties payable	1,517
Accrued severance	332	53
Accrued franchise taxes	58	35
Accrued ad valorem taxes	120	108
Accrued settlements on derivative contracts	919
Accrued liabilities and other - current	26	64
Operating lease liability	26	64
Asset retirement obligations due within one year	22	44
Accrued - other	203	12
Total Accrued liabilities and other	$ 11,893	$ 4,943

Additional Financial Statemen_4

Additional Financial Statement Information (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Receivables related to customary purchase adjustments	$ 2,263
Acquisition deposit	1,150
Jonah Field Acquisition
Schedule of Equity Method Investments [Line Items]
Receivables related to customary purchase adjustments	1,600
Acquisition deposit	1,200
Williston Basin Acquisition
Schedule of Equity Method Investments [Line Items]
Receivables related to customary purchase adjustments	$ 700

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Sep. 12, 2022	Sep. 08, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Dividend declared (in dollars per share)			$ 0.10
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.12
Dividend declared, date declared	Sep. 12, 2022
Dividend declared, date of record	Sep. 21, 2022
Dividend declared, date to be paid	Sep. 30, 2022
2022 Share Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Amount authorized to be repurchased		$ 25
Stock repurchase program expiration date		Dec. 31, 2024