Evolution Petroleum (EPM) 10-Q 10 May 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,268,686
Entity Central Index Key	0001006655
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Current assets
Cash and cash equivalents	$ 18,387	$ 8,280
Receivables from crude oil, natural gas, and natural gas liquids revenues	9,853	24,043
Derivative contract assets		170
Prepaid expenses and other current assets	2,765	3,875
Total current assets	31,005	36,368
Property and equipment, net of depletion, depreciation, accretion, and impairment
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	105,315	110,508
Other assets	1,353	1,171
Total assets	137,673	148,047
Current liabilities
Accounts payable	8,735	15,133
Accrued liabilities and other	9,429	11,893
Derivative contract liabilities		2,164
State and federal taxes payable	2,158	1,095
Total current liabilities	20,322	30,285
Long term liabilities
Senior secured credit facility		21,250
Deferred income taxes	6,999	7,099
Asset retirement obligations	14,592	13,899
Operating lease liability	137
Total liabilities	42,050	72,533
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,270,909 and 33,470,710 shares as of March 31, 2023 and June 30, 2022, respectively	33	33
Additional paid-in capital	39,801	42,629
Retained earnings	55,789	32,852
Total stockholders' equity	95,623	75,514
Total liabilities and stockholders' equity	$ 137,673	$ 148,047

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
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)	33,270,909	33,470,710
Common stock, outstanding shares (in shares)	33,270,909	33,470,710

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 36,867	$ 25,688	$ 110,340	$ 66,906
Operating costs
Lease operating costs	13,570	12,084	47,727	31,380
Depletion, depreciation, and accretion	3,383	1,737	10,439	4,489
General and administrative expenses	2,267	1,515	7,320	5,278
Total operating costs	19,220	15,336	65,486	41,147
Income (loss) from operations	17,647	10,352	44,854	25,759
Other income and expenses
Net gain (loss) on derivative contracts	270	(2,591)	513	(2,591)
Interest and other income	13	2	26	12
Interest expense	(32)	(170)	(404)	(272)
Income (loss) before income taxes	17,898	7,593	44,989	22,908
Income tax (expense) benefit	(3,941)	(1,888)	(9,938)	(5,152)
Net income (loss)	$ 13,957	$ 5,705	$ 35,051	$ 17,756
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.42	$ 0.17	$ 1.04	$ 0.53
Diluted (in dollars per share)	$ 0.41	$ 0.17	$ 1.04	$ 0.52
Weighted average number of common shares outstanding
Basic (in shares)	33,013	33,009	33,108	32,933
Diluted (in shares)	33,156	33,388	33,291	33,258
Crude oil
Revenues
Total revenues	$ 11,799	$ 14,868	$ 40,062	$ 34,309
Natural gas liquids
Revenues
Total revenues	3,470	4,750	11,462	11,899
Natural gas
Revenues
Total revenues	$ 21,598	$ 6,070	$ 58,816	$ 20,698

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		111 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)			$ 35,051	$ 17,756
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion	$ 3,383	$ 1,737	10,439	4,489
Stock-based compensation			1,155	868
Settlement of asset retirement obligations			(119)
Deferred income taxes			(100)	400
Unrealized (gain) loss on derivative contracts			(1,994)	2,398
Accrued settlements on derivative contracts			(1,130)	193
Other			(3)	(7)
Changes in operating assets and liabilities:
Receivables			16,483	(4,999)
Prepaid expenses and other current assets			(980)	(79)
Accounts payable and accrued expenses			(8,146)	7,529
State and federal income taxes payable			1,063	143
Net cash provided by operating activities			51,719	28,691
Cash flows from investing activities:
Acquisition of oil and natural gas properties			(31)	(25,844)
Capital expenditures for oil and natural gas properties			(4,234)	(826)
Acquisition deposit				(1,470)
Net cash used in investing activities			(4,265)	(28,140)
Cash flows from financing activities:
Common stock dividends paid			(12,114)	(8,421)	$ (98,400)
Common stock repurchases, including stock surrendered for tax withholding			(3,983)	(38)
Borrowings under senior secured credit facility				17,000
Repayments of credit facility			(21,250)	(1,000)
Net cash used in financing activities			(37,347)	7,541
Net increase (decrease) in cash and cash equivalents			10,107	8,092
Cash and cash equivalents, beginning of period			8,280	5,277
Cash and cash equivalents, end of period	$ 18,387	$ 13,369	18,387	13,369	$ 18,387
Non-cash investing and financing transactions:
Increase (decrease) in accrued capital expenditures for oil and natural gas properties			$ (141)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations				$ 2,440

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Total
Balance (shares) at Jun. 30, 2021	33,515
Balance at Jun. 30, 2021	$ 34,000	$ 42,541,000	$ 12,020,000		$ 54,595,000
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	314
Forfeitures of restricted stock (shares)	(102)
Common stock repurchases, including stock surrendered for tax withholding				$ (38,000)	(37,596)
Retirements of treasury stock (in shares)	(7)
Retirements of treasury stock		(38,000)		38,000
Stock-based compensation		868,000			868,000
Net income (loss)			17,756,000		17,756,000
Common stock dividends paid			(8,421,000)		(8,421,000)
Balance (shares) at Mar. 31, 2022	33,720
Balance at Mar. 31, 2022	$ 34,000	43,371,000	21,355,000		64,760,000
Balance (shares) at Dec. 31, 2021	33,689
Balance at Dec. 31, 2021	$ 34,000	43,067,000	19,026,000		62,127,000
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	60
Forfeitures of restricted stock (shares)	(22)
Common stock repurchases, including stock surrendered for tax withholding				(36,000)	(36,000)
Retirements of treasury stock (in shares)	(7)
Retirements of treasury stock		(36,000)		36,000
Stock-based compensation		340,000			340,000
Net income (loss)			5,705,000		5,705,000
Common stock dividends paid			(3,376,000)		(3,376,000)
Balance (shares) at Mar. 31, 2022	33,720
Balance at Mar. 31, 2022	$ 34,000	43,371,000	21,355,000		64,760,000
Balance (shares) at Jun. 30, 2022	33,471
Balance at Jun. 30, 2022	$ 33,000	42,629,000	32,852,000		75,514,000
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	476
Issuance of restricted common stock	$ 1,000	(1,000)
Forfeitures of restricted stock (shares)	(26)
Common stock repurchases, including stock surrendered for tax withholding				(3,983,000)	(3,982,849)
Retirements of treasury stock (in shares)	(650)
Retirements of treasury stock	$ (1,000)	(3,982,000)		3,983,000
Stock-based compensation		1,155,000			1,155,000
Net income (loss)			35,051,000		35,051,000
Common stock dividends paid			(12,114,000)		(12,114,000)
Balance (shares) at Mar. 31, 2023	33,271
Balance at Mar. 31, 2023	$ 33,000	39,801,000	55,789,000		95,623,000
Balance (shares) at Dec. 31, 2022	33,808
Balance at Dec. 31, 2022	$ 34,000	43,243,000	45,861,000		89,138,000
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	101
Common stock repurchases, including stock surrendered for tax withholding				(3,896,000)	(3,896,000)
Retirements of treasury stock (in shares)	(638)
Retirements of treasury stock	$ (1,000)	(3,895,000)		$ 3,896,000
Stock-based compensation		453,000			453,000
Net income (loss)			13,957,000		13,957,000
Common stock dividends paid			(4,029,000)		(4,029,000)
Balance (shares) at Mar. 31, 2023	33,271
Balance at Mar. 31, 2023	$ 33,000	$ 39,801,000	$ 55,789,000		$ 95,623,000

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Mar. 31, 2023
Financial Statement Presentation
Financial Statement Presentation	Note 1. Financial Statement Presentation Nature of Operations. The Company’s producing properties consist of non-operated interests in the following areas: the Jonah 2 Interim Financial Statements. Principles of Consolidation and Reporting. “Other receivables” “Additional Financial Statement Information” “Prepaids expenses and other current assets” “Receivables from crude oil, natural gas, and natural gas liquids revenues” Risk and Uncertainties. Use of Estimates. gas, and natural gas liquids (“NGL”) revenues and expenses. The Company analyzes estimates and judgements based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company’s environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements. 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Mar. 31, 2023
Revenue Recognition
Revenue Recognition	Note 2. Revenue Recognition The Company’s revenues are primarily generated from its crude oil, natural gas and NGL production from the Jonah ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2023 ​ 2022 ​ 2023 2022 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil ​ $ 11,799 ​ $ 14,868 ​ $ 40,062 ​ $ 34,309 Natural gas ​ ​ 21,598 ​ ​ 6,070 ​ ​ 58,816 ​ ​ 20,698 Natural gas liquids ​ ​ 3,470 ​ ​ 4,750 ​ ​ 11,462 ​ ​ 11,899 Total revenues ​ $ 36,867 ​ $ 25,688 ​ $ 110,340 ​ $ 66,906 ​ In the Jonah Field, the Company has elected to take its natural gas and NGL working interest production in-kind and markets its NGL production to Enterprise Products Partners L.P. (“Enterprise”) and its natural gas production to different purchasers. The Company does not take production in-kind at any of its other properties and does not negotiate contracts with customers for such production. 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 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 upon control of produced hydrocarbons 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 one “Receivables from crude oil, natural gas, and natural gas liquids revenues”

Acquisitions

Acquisitions	9 Months Ended
	Mar. 31, 2023
Acquisitions
Acquisitions	Note 3. 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. The Company accounted for this transaction as an asset acquisition and allocated all 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” 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 completed the acquisition of 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 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. 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 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 above acquisitions 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	9 Months Ended
	Mar. 31, 2023
Property and Equipment
Property and Equipment	Note 4. Property and Equipment Property and equipment as of March 31, 2023 and June 30, 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 June 30, 2022 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 193,039 ​ $ 188,634 Less: Accumulated depletion, depreciation, and impairment ​ ​ (87,724) ​ ​ (78,126) Oil and natural gas properties, net ​ $ 105,315 ​ $ 110,508 ​ As of March 31, 2023 and June 30, 2022, all oil and natural gas property costs were subject to amortization. Depletion of oil and natural gas properties was $9.6 million and $4.1 million for the nine months ended March 31, 2023 and 2022, respectively. During the nine months ended March 31, 2023 and 2022, the Company incurred development capital expenditures of $4.4 million and $0.8 million, respectively. 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 would be charged to expense as a write-down of oil and natural gas properties. At March 31, 2023, 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 March 31, 2023 of the West Texas Intermediate (“WTI”) crude oil spot price of $91.38 per barrel and Henry Hub natural gas spot price of $5.97 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $47.07, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, at March 31, 2023 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and as a result, no write-down was necessary. At March 31, 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 March 31, 2022 of the WTI crude oil spot price of $75.28 per barrel and Henry Hub natural gas spot price of $4.15 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $40.07, which was based on historical prices received as NGLs do not have any single comparable reference index price. Using these prices, at March 31, 2022 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and as a result, no write-down was necessary.

Senior Secured Credit Facility

Senior Secured Credit Facility	9 Months Ended
	Mar. 31, 2023
Senior Secured Credit Facility
Senior Secured Credit Facility	Note 5. 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 May 5, 2023, the Company entered into the Tenth Amendment to the Senior Secured Credit Facility extending the maturity to April 9, 2026. The Tenth Amendment also replaces the London Interbank Offered Rate ("LIBOR") with the Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.05% to effectively convert SOFR to a LIBOR equivalent and modifies the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, to $95.0 million. . ​ 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 March 31, 2023, the Company did not have any borrowings outstanding under its Senior Secured Credit Facility, resulting in $50.0 million of available borrowing capacity. For the nine months ended March 31, 2023 and 2022, the weighted average interest on borrowings under the Senior Secured Credit Facility was 5.25% and 3.04%, respectively. As of March 31, 2023, the Company was in compliance with the financial covenants under the Senior Secured Credit Facility. 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 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.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	Note 6. 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 periods presented in the unaudited condensed consolidated financial statements. 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, 2019 through June 30, 2021 for federal tax purposes and for the fiscal years ended June 30, 2018 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. For the nine months ended March 31, 2023 the Company recognized income tax expense of $9.9 million and had an effective tax rate of 22.1% compared to an income tax expense of $5.2 million and an effective tax rate of 22.5% for the nine months ended March 31, 2022. During the nine months ended March 31, 2023 and 2022, the Company recognized an income tax benefit of $0.1 million for both periods related to the vesting of restricted stock awards. 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, North Dakota, and Texas, due to percentage depletion in excess of basis, and other permanent differences. For both periods, the respective statutory federal tax rate was 21%. ​ 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.

Derivatives

Derivatives	9 Months Ended
	Mar. 31, 2023
Derivatives
Derivatives	Note 7. 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 5, “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 March 31, 2023, all of the Company’s derivative contracts had expired. The Company has no open derivative contracts as of March 31, 2023, and the Company did not post collateral under any of its derivative contracts during the year as they were 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, Derivatives and Hedging Fair Value Measurement “Derivative contract assets” “Derivative contract liabilities” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Assets ​ Balance sheet ​ Derivative Contract Liabilities under ASC 815 location March 31, 2023 June 30, 2022 location March 31, 2023 June 30, 2022 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 unaudited condensed consolidated statements of operations for the three and nine months ended March 31, 2023 and 2022 (in thousands). “Realized gain (loss) on derivative contracts” “Unrealized gain (loss) on derivative contracts” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ Three Months Ended ​ Nine Months Ended as hedging contracts ​ recognized in income on ​ March 31, ​ March 31, under ASC 815 derivative contracts 2023 ​ 2022 ​ 2023 2022 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ 465 ​ $ (193) ​ $ (1,481) ​ $ (193) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ (195) ​ ​ (2,398) ​ ​ 1,994 ​ ​ (2,398) Total net gain (loss) on derivative contracts ​ ​ ​ $ 270 ​ $ (2,591) ​ $ 513 ​ $ (2,591) ​ The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited condensed 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Assets ​ Derivative Contracts Liabilities Offsetting of Derivative Assets and Liabilities June 30, 2022 June 30, 2022 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 International Swap Dealers Association Master Agreements (“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	9 Months Ended
	Mar. 31, 2023
Fair Value Measurement
Fair Value Measurement	Note 8. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Historically, the Company’s derivative contracts were with large utilities with investment grade credit ratings which are believed to have minimal credit risk. As such, the Company was exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts. To date, the Company has not experienced 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 asset retirement obligations (“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 9, “Asset Retirement Obligations ”

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Mar. 31, 2023
Asset Retirement Obligations
Asset Retirement Obligations	Note 9. 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 unaudited condensed consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, net” “Depletion, depreciation and accretion” ​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) (in thousands): ​ ​ ​ ​ March 31, 2023 Asset retirement obligations — beginning of period ​ $ 13,921 Liabilities settled ​ ​ (119) Accretion of discount ​ ​ 841 Asset retirement obligations — end of period ​ ​ 14,643 Less: current asset retirement obligations ​ ​ (51) Long-term portion of asset retirement obligations ​ $ 14,592 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 10. 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 estimatable. 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	9 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	Note 11. Stockholders’ Equity Common Stock As of March 31, 2023, the Company had 33,270,909 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of March 31, 2023, the Company has cumulatively paid over $98.4 million in cash dividends. The Company paid dividends of $12.1 million and $8.4 million to its common stockholders during the nine months ended March 31, 2023 and 2022, respectively. The following table reflects the dividends paid per share within the respective three-month periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2023 2022 Third quarter ended March 31, ​ $ 0.120 ​ $ 0.100 Second quarter ended December 31, ​ ​ 0.120 ​ ​ 0.075 First quarter ended September 30, ​ ​ 0.120 ​ ​ 0.075 ​ On September 8, 2022, the Board of Directors approved a share repurchase program, under which the Company is authorized to repurchase up to $25.0 million of its common stock through December 31, 2024. The Company intends to fund repurchases from working capital and cash provided by operating activities. 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, the Company’s capital needs and resources, 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. ​ Once the Company completed repayment of borrowings on its Senior Secured Credit Facility and emerged from its blackout period in December 2022, the Company entered into a Rule 10b5-1 plan that authorizes a broker to repurchase shares in the open market subject to pre-defined limitations on trading volume and price. The plan included a 30-day cooling off period that did not allow repurchases to commence until January 2023. The plan is effective until June 30, 2023, unless extended, renewed or terminated by the Company, and has a maximum authorized amount of $5.0 million over that period. The Company may alter the terms of the plan from time to time to the extent it determines changes are necessary to achieve the intended objectives of the repurchase program. During the three and nine months ended March 31, 2023, 0.6 million shares of the Company’s common stock were repurchased under the plan at a total cost of approximately $3.9 million, including incremental direct transaction costs. These treasury shares were subsequently cancelled. ​ During the nine months ended March 31, 2023 and 2022, the Company also acquired treasury stock upon the vesting of employee stock-based awards to fund payroll tax withholding obligations. These treasury shares were subsequently cancelled. Such shares were valued at fair market value on the date of vesting. ​ The following table summarizes all treasury stock purchases during the nine months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2023 ​ 2022 Number of treasury shares acquired (1) ​ ​ 650,435 ​ ​ 7,385 Average cost per share (1) ​ $ 6.12 ​ $ 5.09 Total cost of treasury shares acquired ​ $ 3,982,849 ​ $ 37,596 (1) For the nine months ended March 31, 2023, includes 633,789 shares repurchased under the Company’s share repurchase program for a weighted average price of $6.07 per share. ​ Expected Tax Treatment of Dividends For the fiscal year ended June 30, 2022, 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, 2023, the Company expects all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on the Company’s reasonable expectations as of March 31, 2023 and are subject to change based on the Company’s final tax calculations at the end of the fiscal year. Stock-Based Incentive Plan The Evolution Petroleum Corporation 2016 Equity Incentive Plan (as amended, the “2016 Plan”) authorizes the issuance of 3.6 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. As of March 31, 2023 and June 30, 2022, approximately 1.3 million shares and 1.8 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 three and nine months ended March 31, 2023, the Company recognized $0.5 million and $1.2 million, respectively, of stock-based compensation expense. During the three and nine months ended March 31, 2022, the Company recognized $0.3 million and $0.9 million, respectively, of stock-based compensation expense. Stock-based compensation expense is recorded as a component of “ General and administrative expenses Time-Vested Restricted Stock Awards Time-vested restricted stock awards contain service-based vesting conditions and expire after a maximum of four years participate in dividends paid by the Company. These service-based awards vest with continuous employment by the Company, generally in annual installments over terms of three 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 or 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 nine months ended March 31, 2023, the Company granted a total of 0.5 million equity awards that included 0.4 million time-vested restricted stock awards, 0.1 million performance-based restricted stock awards, and approximately 0.05 million performance-based contingent stock units. During the nine months ended March 31, 2022, the Company granted a total of 0.4 million equity awards that included 0.2 million time-vested restricted stock awards, 0.1 million performance-based restricted stock awards, and 0.1 million of performance-based contingent stock units. For performance-based awards granted during the nine months ended March 31, 2023 and 2022, the assumptions used in the Monte Carlo simulation valuations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2023 2022 Weighted average fair value of performance-based awards granted ​ $ 6.52 ​ $ 3.10 Risk-free interest rate ​ ​ 3.91% to 4.51% ​ ​ 0.53% to 0.60% Expected term in years ​ ​ 2.36 to 2.78 ​ ​ 2.64 to 2.79 Expected volatility ​ ​ 56.5% to 70.9% ​ ​ 64.7% Dividend yield ​ ​ 6.1% to 7.8% ​ ​ 4.8% to 6.3% ​ Unvested restricted stock awards as of March 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 465,541 ​ $ 6.63 Performance-based awards ​ 192,789 ​ ​ 5.30 Unvested at March 31, 2023 ​ 658,330 ​ $ 6.24 ​ The following table sets forth the restricted stock transactions for the nine months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Shares Fair Value (In thousands) Period (Years) Unvested at June 30, 2022 ​ 341,211 ​ ​ 4.54 ​ $ 1,092 ​ 2.1 Time-vested shares granted ​ 376,015 ​ ​ 7.18 ​ ​ ​ ​ ​ Performance-based shares granted ​ 100,239 ​ ​ 7.39 ​ ​ ​ ​ ​ Vested ​ (133,515) ​ ​ 5.37 ​ ​ ​ ​ ​ Forfeited ​ (25,620) ​ ​ 6.51 ​ ​ ​ ​ ​ Unvested at March 31, 2023 ​ 658,330 ​ $ 6.24 ​ $ 3,279 ​ 2.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization Stock Units Fair Value (In thousands) Period (Years) Unvested at June 30, 2022 ​ 50,062 ​ ​ 2.21 ​ $ 68 ​ 1.7 Performance-based awards granted ​ 50,123 ​ ​ 4.79 ​ ​ ​ ​ ​ Vested ​ — ​ ​ — ​ ​ ​ ​ ​ Forfeited ​ (3,787) ​ ​ 3.69 ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ Unvested at March 31, 2023 ​ 96,398 ​ $ 3.49 ​ $ 227 ​ 2.1 ​

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	9 Months Ended
	Mar. 31, 2023
Earnings (Loss) per Common Share
Earnings (Loss) per Common Share	Note 12. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2023 ​ 2022 ​ 2023 2022 Numerator ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 13,957 ​ $ 5,705 ​ $ 35,051 ​ $ 17,756 Undistributed earnings allocated to unvested restricted stock ​ ​ (253) ​ ​ (113) ​ ​ (515) ​ ​ (359) Net income (loss) for earnings per share calculation ​ $ 13,704 ​ $ 5,592 ​ $ 34,536 ​ $ 17,397 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 33,013 ​ ​ 33,009 ​ ​ 33,108 ​ ​ 32,933 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock awards ​ ​ 143 ​ ​ 379 ​ ​ 178 ​ ​ 325 Unvested contingent restricted stock units ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,156 ​ ​ 33,388 ​ ​ 33,291 ​ ​ 33,258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share — Basic ​ $ 0.42 ​ $ 0.17 ​ $ 1.04 ​ $ 0.53 Net income (loss) per common share — Diluted ​ $ 0.41 ​ $ 0.17 ​ $ 1.04 ​ $ 0.52 ​ Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 262,000 and 120,000 for the three and nine months ended March 31, 2023, respectively, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. Unvested restricted stock awards (time-vested), totaling approximately 24,000 and 17,000 for the nine months ended March 31, 2022 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. In addition, unvested performance-based restricted stock awards and unvested contingent restricted stock 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	9 Months Ended
	Mar. 31, 2023
Additional Financial Statement Information
Additional Financial Statement Information	Note 13. Additional Financial Statement Information ​ Certain amounts on the unaudited condensed consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2023 June 30, 2022 Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Receivable for settlement proceeds from acquisitions (1) ​ $ — ​ $ 2,263 Receivable for settlements on derivative contracts ​ ​ 211 ​ ​ — Other receivables ​ ​ 7 ​ ​ 37 Prepaid insurance ​ ​ 341 ​ ​ 743 Prepaid federal and state income taxes ​ ​ 956 ​ ​ 8 Prepaid subscription and licenses ​ ​ 59 ​ ​ 38 Carryback of EOR tax credit ​ ​ 347 ​ ​ 347 Prepaid other ​ ​ 844 ​ ​ 439 Total prepaid expenses and other current assets ​ $ 2,765 ​ $ 3,875 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Deposit ​ $ 1,158 ​ $ 1,150 Right of use asset under operating lease ​ ​ 195 ​ ​ 21 Total other assets ​ $ 1,353 ​ $ 1,171 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 6,013 ​ $ 8,070 Accrued capital expenditures ​ ​ 454 ​ ​ — Accrued incentive and other compensation ​ ​ 694 ​ ​ 626 Accrued royalties payable ​ ​ 1,877 ​ ​ 1,517 Accrued taxes other than income ​ ​ 118 ​ ​ 178 Accrued severance ​ ​ 163 ​ ​ 332 Accrued settlements on derivative contracts ​ ​ — ​ ​ 919 Operating lease liability ​ ​ 59 ​ ​ 26 Asset retirement obligations due within one year ​ ​ 51 ​ ​ 22 Accrued - other ​ ​ — ​ ​ 203 Total accrued liabilities and other ​ $ 9,429 ​ $ 11,893 (1) Receivables as of June 30, 2022 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 3, “Acquisitions” for a further discussion.

Leases

Leases	9 Months Ended
	Mar. 31, 2023
Leases
Leases	Note 14. Leases Operating leases are reflected as an operating lease right of use (“ROU”) asset included in “Other assets” “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 amended November 30, 2022 and set to expire September 30, 2026. 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 ASC 842, Leases The table below summarized the Company’s leases for the nine months ended March 31, 2023 and 2022 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended March 31, 2023 2022 Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 42 ​ ​ $ 39 ​ Variable lease costs ​ ​ 27 ​ ​ ​ 28 ​ Total lease costs ​ $ 69 ​ ​ $ 67 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 46 ​ ​ $ 46 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 212 ​ ​ $ — ​ Weighted average remaining lease term in years ​ ​ 3.42 ​ ​ ​ 0.67 ​ Weighted average discount rate ​ ​ 6.44 % ​ ​ 5.15 % ​ The following table presents the Company’s ROU assets and lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ June 30, 2022 Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 195 ​ ​ $ 21 Accrued liabilities and other - current ​ ​ 59 ​ ​ ​ 26 Operating lease liability - long-term ​ ​ 137 ​ ​ ​ — ​ As of March 31, 2023, the future minimum lease payments associated with the Company’s non-cancellable operating lease for office space are as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year March 31, 2023 Remaining in 2023 ​ $ 15 2024 ​ ​ 61 2025 ​ ​ 62 2026 ​ ​ 64 2027 ​ ​ 16 Thereafter ​ ​ — Total operating lease payments ​ ​ 218 Less: discount to present value ​ ​ (22) Total operating lease liabilities ​ ​ 196 Less: current operating lease liabilities ​ ​ 59 Non current operating lease liabilities ​ $ 137 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	Note 15. Subsequent Events Dividend Declaration ​ On May 8, 2023, the Company declared a quarterly cash dividend of $0.120 per share of common stock to shareholders of record on June 15, 2023 and payable on June 30, 2023. ​ Senior Secured Credit Facility ​ On May 5, 2023, the Company entered into the Tenth Amendment to the Senior Secured Credit Facility. This amendment, among other things, extends the maturity of the Senior Secured Credit Facility to April 9, 2026 , converts the benchmark interest rate from LIBOR to SOFR plus a credit spread adjustment of 0.05% , and modifies the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, to $95.0 million. ​ ​

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Mar. 31, 2023
Financial Statement Presentation
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. “Other receivables” “Additional Financial Statement Information” “Prepaids expenses and other current assets” “Receivables from crude oil, natural gas, and natural gas liquids revenues”
Risk and Uncertainties	Risk and Uncertainties.
Use of Estimates	Use of Estimates. gas, and natural gas liquids (“NGL”) revenues and expenses. The Company analyzes estimates and judgements based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company’s environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements.
Recently Adopted and Issued Accounting Pronouncements	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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Mar. 31, 2023
Revenue Recognition
Schedule of disaggregates the Company's revenues by major product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2023 ​ 2022 ​ 2023 2022 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil ​ $ 11,799 ​ $ 14,868 ​ $ 40,062 ​ $ 34,309 Natural gas ​ ​ 21,598 ​ ​ 6,070 ​ ​ 58,816 ​ ​ 20,698 Natural gas liquids ​ ​ 3,470 ​ ​ 4,750 ​ ​ 11,462 ​ ​ 11,899 Total revenues ​ $ 36,867 ​ $ 25,688 ​ $ 110,340 ​ $ 66,906

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Mar. 31, 2023
Property and Equipment
Schedule of property and equipment	Property and equipment as of March 31, 2023 and June 30, 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 June 30, 2022 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 193,039 ​ $ 188,634 Less: Accumulated depletion, depreciation, and impairment ​ ​ (87,724) ​ ​ (78,126) Oil and natural gas properties, net ​ $ 105,315 ​ $ 110,508 ​

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Mar. 31, 2023
Derivatives
Schedule of Derivative Instruments	The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of March 31, 2023 and June 30, 2022 (in thousands):
Derivative Instruments, Gain (Loss)	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 unaudited condensed consolidated statements of operations for the three and nine months ended March 31, 2023 and 2022 (in thousands). “Realized gain (loss) on derivative contracts” “Unrealized gain (loss) on derivative contracts” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ Three Months Ended ​ Nine Months Ended as hedging contracts ​ recognized in income on ​ March 31, ​ March 31, under ASC 815 derivative contracts 2023 ​ 2022 ​ 2023 2022 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ 465 ​ $ (193) ​ $ (1,481) ​ $ (193) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ (195) ​ ​ (2,398) ​ ​ 1,994 ​ ​ (2,398) Total net gain (loss) on derivative contracts ​ ​ ​ $ 270 ​ $ (2,591) ​ $ 513 ​ $ (2,591) ​
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 (in thousands):

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Mar. 31, 2023
Fair Value Measurement
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)	9 Months Ended
	Mar. 31, 2023
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) (in thousands): ​ ​ ​ ​ March 31, 2023 Asset retirement obligations — beginning of period ​ $ 13,921 Liabilities settled ​ ​ (119) Accretion of discount ​ ​ 841 Asset retirement obligations — end of period ​ ​ 14,643 Less: current asset retirement obligations ​ ​ (51) Long-term portion of asset retirement obligations ​ $ 14,592

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2023 2022 Third quarter ended March 31, ​ $ 0.120 ​ $ 0.100 Second quarter ended December 31, ​ ​ 0.120 ​ ​ 0.075 First quarter ended September 30, ​ ​ 0.120 ​ ​ 0.075
Schedule of share repurchases	​ The following table summarizes all treasury stock purchases during the nine months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2023 ​ 2022 Number of treasury shares acquired (1) ​ ​ 650,435 ​ ​ 7,385 Average cost per share (1) ​ $ 6.12 ​ $ 5.09 Total cost of treasury shares acquired ​ $ 3,982,849 ​ $ 37,596 (1) For the nine months ended March 31, 2023, includes 633,789 shares repurchased under the Company’s share repurchase program for a weighted average price of $6.07 per share. ​
Schedule of Market-based Award Valuation Assumptions	For performance-based awards granted during the nine months ended March 31, 2023 and 2022, the assumptions used in the Monte Carlo simulation valuations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2023 2022 Weighted average fair value of performance-based awards granted ​ $ 6.52 ​ $ 3.10 Risk-free interest rate ​ ​ 3.91% to 4.51% ​ ​ 0.53% to 0.60% Expected term in years ​ ​ 2.36 to 2.78 ​ ​ 2.64 to 2.79 Expected volatility ​ ​ 56.5% to 70.9% ​ ​ 64.7% Dividend yield ​ ​ 6.1% to 7.8% ​ ​ 4.8% to 6.3%
Schedule of restricted stock unit transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2023 2022 Weighted average fair value of performance-based awards granted ​ $ 6.52 ​ $ 3.10 Risk-free interest rate ​ ​ 3.91% to 4.51% ​ ​ 0.53% to 0.60% Expected term in years ​ ​ 2.36 to 2.78 ​ ​ 2.64 to 2.79 Expected volatility ​ ​ 56.5% to 70.9% ​ ​ 64.7% Dividend yield ​ ​ 6.1% to 7.8% ​ ​ 4.8% to 6.3%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit transactions	The following table sets forth the restricted stock transactions for the nine months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Shares Fair Value (In thousands) Period (Years) Unvested at June 30, 2022 ​ 341,211 ​ ​ 4.54 ​ $ 1,092 ​ 2.1 Time-vested shares granted ​ 376,015 ​ ​ 7.18 ​ ​ ​ ​ ​ Performance-based shares granted ​ 100,239 ​ ​ 7.39 ​ ​ ​ ​ ​ Vested ​ (133,515) ​ ​ 5.37 ​ ​ ​ ​ ​ Forfeited ​ (25,620) ​ ​ 6.51 ​ ​ ​ ​ ​ Unvested at March 31, 2023 ​ 658,330 ​ $ 6.24 ​ $ 3,279 ​ 2.5 ​
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization Stock Units Fair Value (In thousands) Period (Years) Unvested at June 30, 2022 ​ 50,062 ​ ​ 2.21 ​ $ 68 ​ 1.7 Performance-based awards granted ​ 50,123 ​ ​ 4.79 ​ ​ ​ ​ ​ Vested ​ — ​ ​ — ​ ​ ​ ​ ​ Forfeited ​ (3,787) ​ ​ 3.69 ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ Unvested at March 31, 2023 ​ 96,398 ​ $ 3.49 ​ $ 227 ​ 2.1

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	9 Months Ended
	Mar. 31, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2023 ​ 2022 ​ 2023 2022 Numerator ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 13,957 ​ $ 5,705 ​ $ 35,051 ​ $ 17,756 Undistributed earnings allocated to unvested restricted stock ​ ​ (253) ​ ​ (113) ​ ​ (515) ​ ​ (359) Net income (loss) for earnings per share calculation ​ $ 13,704 ​ $ 5,592 ​ $ 34,536 ​ $ 17,397 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 33,013 ​ ​ 33,009 ​ ​ 33,108 ​ ​ 32,933 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock awards ​ ​ 143 ​ ​ 379 ​ ​ 178 ​ ​ 325 Unvested contingent restricted stock units ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,156 ​ ​ 33,388 ​ ​ 33,291 ​ ​ 33,258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share — Basic ​ $ 0.42 ​ $ 0.17 ​ $ 1.04 ​ $ 0.53 Net income (loss) per common share — Diluted ​ $ 0.41 ​ $ 0.17 ​ $ 1.04 ​ $ 0.52 ​

Additional Financial Statemen_2

Additional Financial Statement Information (Tables)	9 Months Ended
	Mar. 31, 2023
Additional Financial Statement Information
Additional Financial Statement Information	Certain amounts on the unaudited condensed consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2023 June 30, 2022 Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Receivable for settlement proceeds from acquisitions (1) ​ $ — ​ $ 2,263 Receivable for settlements on derivative contracts ​ ​ 211 ​ ​ — Other receivables ​ ​ 7 ​ ​ 37 Prepaid insurance ​ ​ 341 ​ ​ 743 Prepaid federal and state income taxes ​ ​ 956 ​ ​ 8 Prepaid subscription and licenses ​ ​ 59 ​ ​ 38 Carryback of EOR tax credit ​ ​ 347 ​ ​ 347 Prepaid other ​ ​ 844 ​ ​ 439 Total prepaid expenses and other current assets ​ $ 2,765 ​ $ 3,875 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Deposit ​ $ 1,158 ​ $ 1,150 Right of use asset under operating lease ​ ​ 195 ​ ​ 21 Total other assets ​ $ 1,353 ​ $ 1,171 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 6,013 ​ $ 8,070 Accrued capital expenditures ​ ​ 454 ​ ​ — Accrued incentive and other compensation ​ ​ 694 ​ ​ 626 Accrued royalties payable ​ ​ 1,877 ​ ​ 1,517 Accrued taxes other than income ​ ​ 118 ​ ​ 178 Accrued severance ​ ​ 163 ​ ​ 332 Accrued settlements on derivative contracts ​ ​ — ​ ​ 919 Operating lease liability ​ ​ 59 ​ ​ 26 Asset retirement obligations due within one year ​ ​ 51 ​ ​ 22 Accrued - other ​ ​ — ​ ​ 203 Total accrued liabilities and other ​ $ 9,429 ​ $ 11,893 (1) Receivables as of June 30, 2022 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 3, “Acquisitions” for a further discussion.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2023
Leases
Schedule of leases	The table below summarized the Company’s leases for the nine months ended March 31, 2023 and 2022 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended March 31, 2023 2022 Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 42 ​ ​ $ 39 ​ Variable lease costs ​ ​ 27 ​ ​ ​ 28 ​ Total lease costs ​ $ 69 ​ ​ $ 67 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 46 ​ ​ $ 46 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 212 ​ ​ $ — ​ Weighted average remaining lease term in years ​ ​ 3.42 ​ ​ ​ 0.67 ​ Weighted average discount rate ​ ​ 6.44 % ​ ​ 5.15 % ​ The following table presents the Company’s ROU assets and lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ June 30, 2022 Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 195 ​ ​ $ 21 Accrued liabilities and other - current ​ ​ 59 ​ ​ ​ 26 Operating lease liability - long-term ​ ​ 137 ​ ​ ​ —
Schedule of future minimum lease payments associated with the Company's non-cancellable operating lease for office space	Note 14. Leases Operating leases are reflected as an operating lease right of use (“ROU”) asset included in “Other assets” “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 amended November 30, 2022 and set to expire September 30, 2026. 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 ASC 842, Leases The table below summarized the Company’s leases for the nine months ended March 31, 2023 and 2022 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended March 31, 2023 2022 Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 42 ​ ​ $ 39 ​ Variable lease costs ​ ​ 27 ​ ​ ​ 28 ​ Total lease costs ​ $ 69 ​ ​ $ 67 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 46 ​ ​ $ 46 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 212 ​ ​ $ — ​ Weighted average remaining lease term in years ​ ​ 3.42 ​ ​ ​ 0.67 ​ Weighted average discount rate ​ ​ 6.44 % ​ ​ 5.15 % ​ The following table presents the Company’s ROU assets and lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ June 30, 2022 Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 195 ​ ​ $ 21 Accrued liabilities and other - current ​ ​ 59 ​ ​ ​ 26 Operating lease liability - long-term ​ ​ 137 ​ ​ ​ — ​ As of March 31, 2023, the future minimum lease payments associated with the Company’s non-cancellable operating lease for office space are as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year March 31, 2023 Remaining in 2023 ​ $ 15 2024 ​ ​ 61 2025 ​ ​ 62 2026 ​ ​ 64 2027 ​ ​ 16 Thereafter ​ ​ — Total operating lease payments ​ ​ 218 Less: discount to present value ​ ​ (22) Total operating lease liabilities ​ ​ 196 Less: current operating lease liabilities ​ ​ 59 Non current operating lease liabilities ​ $ 137 ​

Financial Statement Presentat_3

Financial Statement Presentation - Nature of Operations (Details)	Mar. 31, 2023 item
Financial Statement Presentation
Number of wells with overriding royalty interest	4

Financial Statement Presentat_4

Financial Statement Presentation - Correction of Immaterial Error (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Financial Statement Presentation
Net income (loss) for earnings per share calculation	$ 13,704	$ 5,592	$ 34,536	$ 17,397
Weighted average number of common shares outstanding - Basic (in shares)	33,013	33,009	33,108	32,933
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,156	33,388	33,291	33,258
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.42	$ 0.17	$ 1.04	$ 0.53
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.41	$ 0.17	$ 1.04	$ 0.52

Revenue Recognition - Revenues

Revenue Recognition - Revenues By Major Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
Total revenues	$ 36,867	$ 25,688	$ 110,340	$ 66,906
Crude oil
Revenue Recognition
Total revenues	11,799	14,868	40,062	34,309
Natural gas
Revenue Recognition
Total revenues	21,598	6,070	58,816	20,698
Natural gas liquids
Revenue Recognition
Total revenues	$ 3,470	$ 4,750	$ 11,462	$ 11,899

Revenue Recognition (Details)

Revenue Recognition (Details)	9 Months Ended
	Mar. 31, 2023
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
	Apr. 01, 2022	Jan. 14, 2022	May 07, 2021	Mar. 31, 2022
Acquisitions
Borrowings under senior secured credit facility				$ 17,000
Barnett Shale
Acquisitions
Asset acquisition, consideration transferred			$ 17,400
Liabilities acquired			$ 2,800
Downward purchase adjustment				$ 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
Jonah Field In Wyoming From Exaro Energy III, LLC | Oil and natural gas properties
Acquisitions
Asset acquisition, consideration transferred	26,400
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, consideration transferred		$ 25,200
Asset acquisition of transaction cost		300
Liabilities acquired		2,400
Senior Secured Reserve-Based Credit Facility | Jonah Field In Wyoming From Exaro Energy III, LLC
Acquisitions
Borrowings under senior secured credit facility	$ 17,000
Senior Secured Reserve-Based Credit Facility | Williston Basin Acquisition
Acquisitions
Borrowings under senior secured credit facility		$ 16,000

Property and Equipment - Other

Property and Equipment - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Oil and natural gas properties
Property costs subject to amortization	$ 193,039	$ 188,634
Less: Accumulated depletion, depreciation, and accretion	(87,724)	(78,126)
Oil and natural gas properties, net	$ 105,315	$ 110,508

Property and Equipment (Details

Property and Equipment (Details) $ in Millions	9 Months Ended
	Mar. 31, 2023 USD ($) $ / bbl $ / MMBTU	Mar. 31, 2022 USD ($) $ / bbl $ / MMBTU
Property and Equipment
Depletion	$ 9.6	$ 4.1
Capital expenditures	4.4	0.8
Impairment of proved property	$ 0	$ 0
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	5.97	4.15
Net price per barrel (in dollars per barrel) | $ / bbl	47.07	40.07
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	91.38	75.28

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) $ in Millions			9 Months Ended
	May 05, 2023 USD ($)	Apr. 11, 2016 USD ($)	Mar. 31, 2023 USD ($) agreement	Mar. 31, 2022	Feb. 07, 2022	Nov. 09, 2021 USD ($)	Aug. 05, 2021 USD ($)	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Minimum current ratio		1
Percentage of production hedged					25%
Hedge period			12 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event | Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	0.50%
Senior Secured Reserve-Based Credit Facility | Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility maturity date	Apr. 09, 2026
Margined collateral value	$ 95
Senior Secured Reserve-Based Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Credit spread adjustment	0.05%
Line of Credit | Senior Secured Reserve-Based Credit Facility
Debt Instrument [Line Items]
Debt instrument, variable interest rate			5.25%	3.04%
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			$ 50
Initial borrowing base						$ 50
Credit facility, number of rights to interim unscheduled redeterminations | agreement			1
Minimum consolidated tangible net worth							$ 40	$ 50
Commitment fee percentage		0.25%
Maximum total leverage ratio (not more than)		3
Current borrowing base			$ 50
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 | Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility maturity date	Apr. 09, 2026
Line of Credit | Senior Secured Reserve-Based Credit Facility | Prime Rate | Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	2.80%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Accrued interest and penalties	0	0	0	0
Income tax expense (benefit)	$ 3,941,000	$ 1,888,000	$ 9,938,000	$ 5,152,000
Income tax rate percentage			22.10%	22.50%
Statutory federal tax rate			21%	21%
Restricted Stock
Operating Loss Carryforwards [Line Items]
Tax benefit from vesting of restricted stock awards			$ 100,000	$ 100,000

Derivatives - Consolidated Bala

Derivatives - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Derivative [Line Items]
Derivative Contract Asset		$ 170
Derivative Contract Liability		2,164
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	$ 0	170
Derivative Contract Liability	0	2,164
Current Assets | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	$ 0	$ 170
Derivative Asset, Statement of Financial Position Location	Derivative contract assets	Derivative contract assets
Other Assets | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	$ 0	$ 0
Derivative Asset, Statement of Financial Position Location	Other assets	Other assets
Current Liabilities | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liability	$ 0	$ 2,164
Derivative Liability, Statement of Financial Position Location	Derivative contract liabilities	Derivative contract liabilities
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	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Derivatives
Realized gain (loss) on derivative contracts	$ 465	$ (193)	$ (1,481)	$ (193)
Unrealized gain (loss) on derivative contracts	(195)	(2,398)	1,994	(2,398)
Total net gain (loss) on derivative contracts	$ 270	$ (2,591)	$ 513	$ (2,591)

Derivatives - Derivative Contra

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

Fair Value Measurement - Financ

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

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Reconciliation of the beginning and ending asset retirement obligation
Asset retirement obligations - beginning of period	$ 13,921
Liabilities settled	(119)
Accretion of discount	841
Asset retirement obligations - end of period	14,643	$ 13,921
Less: current asset retirement obligations	(51)	(22)
Long-term portion of asset retirement obligations	$ 14,592	$ 13,899

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	4 Months Ended	9 Months Ended		111 Months Ended
	Sep. 08, 2022	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Common stock, outstanding shares (in shares)		33,270,909	33,270,909	33,270,909		33,270,909	33,470,710
Common stock dividends paid				$ 12,114	$ 8,421	$ 98,400
Cash dividends to common stockholders				$ 12,100	$ 8,400
Number of treasury shares acquired (in shares)				650,435	7,385
2022 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized to be repurchased	$ 25,000
Stock repurchase program expiration date	Dec. 31, 2024
Repurchase amount		$ 3,900	$ 3,900	$ 3,900		3,900
Number of treasury shares acquired (in shares)		600,000		633,789
Rule 10b5 1 plan
Class of Stock [Line Items]
Amount authorized to be repurchased		$ 5,000	$ 5,000	$ 5,000		$ 5,000
Stock repurchase program expiration date			Jun. 30, 2023

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Stockholders' Equity
Cash dividends paid (in USD per share)	$ 0.120	$ 0.120	$ 0.120	$ 0.100	$ 0.075	$ 0.075

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Shares (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)			650,435	7,385
Average cost per share (in USD per share)			$ 6.12	$ 5.09
Total cost of treasury shares acquired	$ 3,896,000	$ 36,000	$ 3,982,849	$ 37,596
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	600,000		633,789
Average cost per share (in USD per share)			$ 6.07

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			500,000	400,000
Stock-based compensation expense	$ 0.5	$ 0.3	$ 1.2	$ 0.9
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)			50,000	100,000
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)			100,239	100,000
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			50,123
Forfeited (in shares)			3,787
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)			25,620
Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			376,015	200,000
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for granting (in shares)	3,600,000		3,600,000
Shares available for grant (shares)	1,300,000		1,300,000		1,800,000
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
Employee | Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			100,000
Employee | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			400,000

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions (Details) - $ / shares	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in USD per share)	$ 6.52	$ 3.10
Risk-free interest rate, minimum	3.91%	0.53%
Risk-free interest rate, maximum	4.51%	0.60%
Expected volatility		64.70%
Expected volatility, minimum	56.50%
Expected volatility, maximum	70.90%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	2 years 4 months 9 days	2 years 7 months 20 days
Dividend yield	6.10%	4.80%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	2 years 9 months 10 days	2 years 9 months 14 days
Dividend yield	7.80%	6.30%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock and Contingent Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Number of Restricted Shares
Granted (in shares)	500,000	400,000
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 6.52	$ 3.10
Restricted Stock
Number of Restricted Shares
Unvested, beginning of period (in shares)	341,211
Vested (in shares)	(133,515)
Forfeited (in shares)	(25,620)
Unvested, end of period (in shares)	658,330		341,211
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 4.54
Vested (in USD per share)	5.37
Forfeited (in USD per share)	6.51
Unvested, end of period (in USD per share)	$ 6.24		$ 4.54
Unamortized compensation expense	$ 3,279		$ 1,092
Weighted Average Remaining Amortization Period (Years)	2 years 6 months		2 years 1 month 6 days
Restricted Stock, Performance Based
Number of Restricted Shares
Granted (in shares)	100,239	100,000
Unvested, end of period (in shares)	192,789
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 7.39
Unvested, end of period (in USD per share)	$ 5.30
Restricted Stock Time Vested
Number of Restricted Shares
Granted (in shares)	376,015	200,000
Unvested, end of period (in shares)	465,541
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 7.18
Unvested, end of period (in USD per share)	$ 6.63
Contingent Restricted Stock Grants
Number of Restricted Shares
Unvested, beginning of period (in shares)	50,062
Granted (in shares)	50,123
Forfeited (in shares)	(3,787)
Unvested, end of period (in shares)	96,398		50,062
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 2.21
Granted (in USD per share)	4.79
Forfeited (in USD per share)	3.69
Unvested, end of period (in USD per share)	$ 3.49		$ 2.21
Unamortized compensation expense	$ 227		$ 68
Weighted Average Remaining Amortization Period (Years)	2 years 1 month 6 days		1 year 8 months 12 days

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	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income (loss)	$ 13,957	$ 5,705	$ 35,051	$ 17,756
Undistributed earnings allocated to unvested restricted stock	(253)	(113)	(515)	(359)
Net income (loss) for earnings per share calculation	$ 13,704	$ 5,592	$ 34,536	$ 17,397
Denominator
Weighted average number of common shares outstanding - Basic (in shares)	33,013	33,009	33,108	32,933
Effect of dilutive securities:
Unvested restricted stock (in shares)	143	379	178	325
Contingent restricted stock grants (in shares)			5
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,156	33,388	33,291	33,258
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.42	$ 0.17	$ 1.04	$ 0.53
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.41	$ 0.17	$ 1.04	$ 0.52

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	262,000,000	24,000	120,000,000	17,000,000

Additional Financial Statemen_3

Additional Financial Statement Information - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Prepaid expenses and other current assets:
Receivable for settlement proceeds from acquisitions		$ 2,263
Receivable for settlements on derivative contracts	$ 211
Other receivables	7	37
Prepaid insurance	341	743
Prepaid federal and state income taxes	956	8
Prepaid subscription and licenses	59	38
Carryback of EOR tax credit	347	347
Prepaid other	844	439
Total prepaid expenses and other current assets	2,765	3,875
Other assets:
Deposit	1,158	1,150
Right of use asset under operating lease	195	21
Other assets	1,353	1,171
Accrued liabilities and other:
Accrued payables	6,013	8,070
Accrued capital expenditures	454
Accrued incentive and other compensation	694	626
Accrued royalties payable	1,877	1,517
Accrued taxes other than income	118	178
Accrued severance	163	332
Accrued settlements on derivative contracts		919
Operating lease liability	59	26
Asset retirement obligations due within one year	51	22
Accrued - other		203
Total Accrued liabilities and other	$ 9,429	$ 11,893

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
Jonah Field Acquisition
Schedule of Equity Method Investments [Line Items]
Receivables related to customary purchase adjustments	1,600
Williston Basin Acquisition
Schedule of Equity Method Investments [Line Items]
Receivables related to customary purchase adjustments	$ 700

Leases (Details)

Leases (Details)	9 Months Ended
	Mar. 31, 2023 item
Leases
Lease expiration date	Sep. 30, 2026
Lessee, finance lease or short term lease, number of contracts	0

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Leases
Operating lease costs	$ 42	$ 39
Variable lease costs	27	28
Total lease costs	69	67
Operating cash flows from operating leases	46	$ 46
ROU assets obtained in exchange for new operating lease liabilities	212
Operating lease ROU asset (included in other assets)	195		$ 21
Accrued liabilities and other - current	59		$ 26
Operating lease liability - long-term	$ 137
Weighted average remaining lease term in years	3 years 5 months 1 day	8 months 1 day
Weighted average discount rate	6.44%	5.15%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets		Other assets

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Fiscal Year
Remaining in 2023	$ 15
2024	61
2025	62
2026	64
2027	16
Thereafter
Total operating lease payments	218
Less: discount to present value	(22)
Total operating lease liabilities	196
Less: current operating lease liabilities	59	$ 26
Operating lease liability - long-term	$ 137

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	May 08, 2023	May 05, 2023
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.120
Dividend declared, date declared	May 08, 2023
Dividend declared, date of record	Jun. 15, 2023
Dividend declared, date to be paid	Jun. 30, 2023
Revolving credit facility | Senior Secured Reserve-Based Credit Facility
Subsequent Event [Line Items]
Credit facility maturity date		Apr. 09, 2026
Margined collateral value		$ 95
Revolving credit facility | Senior Secured Reserve-Based Credit Facility | Line of Credit
Subsequent Event [Line Items]
Credit facility maturity date		Apr. 09, 2026
Revolving credit facility | Senior Secured Reserve-Based Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Credit spread adjustment		0.05%