Evolution Petroleum (EPM) 10-K 13 Sep 23 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Sep. 08, 2023	Dec. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 233.4
Entity Common Stock, Shares Outstanding		33,235,723
Documents Incorporated by Reference	Portions of the proxy statement related to the registrant’s 2023 Annual Meeting of Stockholders to be filed within 120 days of the end of the fiscal year covered by this report are incorporated by reference into Part III of this report.
Entity Central Index Key	0001006655
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Moss Adams LLP
Auditor Firm ID	659
Auditor Location	Houston, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current assets
Cash and cash equivalents	$ 11,034	$ 8,280
Receivables from crude oil, natural gas, and natural gas liquids revenues	7,884	24,043
Derivative contract assets		170
Prepaid expenses and other current assets	2,277	3,875
Total current assets	21,195	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	105,781	110,508
Other assets	1,341	1,171
Total assets	128,317	148,047
Current liabilities
Accounts payable	5,891	15,133
Accrued liabilities and other	6,027	11,893
Derivative contract liabilities		2,164
State and federal taxes payable	365	1,095
Total current liabilities	12,283	30,285
Long term liabilities
Senior secured credit facility		21,250
Deferred income taxes	6,803	7,099
Asset retirement obligations	17,012	13,899
Operating lease liability	125
Total liabilities	36,223	72,533
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,247,523 and 33,470,710 shares as of June 30, 2023 and 2022, respectively	33	33
Additional paid-in capital	40,098	42,629
Retained earnings	51,963	32,852
Total stockholders' equity	92,094	75,514
Total liabilities and stockholders' equity	$ 128,317	$ 148,047

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	33,247,523	33,470,710
Common stock, outstanding shares (in shares)	33,247,523	33,470,710

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 128,514	$ 108,926
Operating costs
Lease operating costs	59,545	48,657
Depletion, depreciation, and accretion	14,273	8,053
General and administrative expenses	9,583	6,835
Total operating costs	83,401	63,545
Income (loss) from operations	45,113	45,381
Other income and expenses
Net gain (loss) on derivative contracts	513	(3,763)
Interest and other income	121	95
Interest expense	(458)	(572)
Income (loss) before income taxes	45,289	41,141
Income tax (expense) benefit	(10,072)	(8,513)
Net income (loss)	$ 35,217	$ 32,628
Earnings (loss) per common share:
Basic (in dollars per share)	$ 1.05	$ 0.97
Diluted (in dollars per share)	$ 1.04	$ 0.96
Weighted average number of common shares outstanding
Basic (in shares)	32,985	32,952
Diluted (in shares)	33,190	33,306
Crude oil
Revenues
Total revenues	$ 51,044	$ 52,683
Natural gas liquids
Revenues
Total revenues	13,670	17,069
Natural gas
Revenues
Total revenues	$ 63,800	$ 39,174

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended		114 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 35,217	$ 32,628
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion	14,273	8,053
Stock-based compensation	1,639	125
Settlement of asset retirement obligations	(174)
Deferred income taxes	(296)	1,142
Unrealized (gain) loss on derivative contracts	(1,994)	1,994
Accrued settlements on derivative contracts	(919)	919
Other	(4)	(10)
Changes in operating assets and liabilities:
Receivables	18,441	(11,427)
Prepaid expenses and other current assets	(692)	(538)
Accounts payable and accrued expenses	(13,489)	18,516
State and federal income taxes payable	(730)	1,058
Net cash provided by operating activities	51,272	52,460
Cash flows from investing activities:
Acquisition of oil and natural gas properties	(31)	(53,342)
Capital expenditures for oil and natural gas properties	(6,961)	(1,531)
Net cash used in investing activities	(6,992)	(54,873)
Cash flows from financing activities:
Common stock dividends paid	(16,106)	(11,796)	$ (102,400)
Common stock repurchases, including stock surrendered for tax withholding	(4,170)	(38)
Borrowings under senior secured credit facility		34,000
Repayments of credit facility	(21,250)	(16,750)
Net cash used in financing activities	(41,526)	5,416
Net increase (decrease) in cash and cash equivalents	2,754	3,003
Cash and cash equivalents, beginning of period	8,280	5,277
Cash and cash equivalents, end of period	11,034	8,280	$ 11,034
Supplemental disclosures of cash flow information:
Cash paid for interest on Senior secured credit facility	498	523
Cash paid for income taxes	11,876	6,294
Cash received from income tax refunds		3,223
Non-cash investing and financing transactions:
Increase (decrease) in accrued purchases of property and equipment	766	1,094
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	$ 2,015	$ 7,807

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ 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	$ 42,541	$ 12,020		$ 54,595
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	336
Forfeitures of restricted stock (shares)	(373)
Forfeitures of restricted stock	$ (1)	1
Common stock repurchases, including stock surrendered for tax withholding				$ (38)	(38)
Retirements of treasury stock (in shares)	(7)
Retirements of treasury stock		(38)		38
Stock-based compensation		125			125
Net income (loss)			32,628		32,628
Common stock dividends paid			(11,796)		(11,796)
Balance (shares) at Jun. 30, 2022	33,471
Balance at Jun. 30, 2022	$ 33	42,629	32,852		75,514
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	476
Issuance of restricted common stock	$ 1	(1)
Forfeitures of restricted stock (shares)	(26)
Common stock repurchases, including stock surrendered for tax withholding				(4,170)	(4,170)
Retirements of treasury stock (in shares)	(673)
Retirements of treasury stock	$ (1)	(4,169)		$ 4,170
Stock-based compensation		1,639			1,639
Net income (loss)			35,217		35,217
Common stock dividends paid			(16,106)		(16,106)
Balance (shares) at Jun. 30, 2023	33,248
Balance at Jun. 30, 2023	$ 33	$ 40,098	$ 51,963		$ 92,094

Summary of Significant Events a

Summary of Significant Events and Accounting Policies	12 Months Ended
	Jun. 30, 2023
Summary of Significant Events and Accounting Policies
Summary of Significant Events and Accounting Policies	Note 1. Summary of Significant Events and Accounting Policies Nature of Operations. The Company’s producing properties consist of non-operated interests in the following areas: the Jonah 2 enhanced oil recovery project; as well as small overriding royalty interests in Principles of Consolidation and Reporting. Other receivables Additional Financial Information “Prepaid expenses and other current assets Receivables from crude oil, natural gas, and natural gas liquids revenues Risk and Uncertainties. Use of Estimates. Cash and Cash Equivalents. Accounts Receivable and Allowance for Doubtful Accounts. miscellaneous receivables. No interest is charged on past-due balances. Payments made on accounts receivable are applied to the earliest unpaid items. The Company establishes provisions for losses on accounts receivable if it is determined that collection of all or a part of an outstanding balance is not probable. Collectability is reviewed regularly and an allowance is established or adjusted, as necessary, using the specific identification method. As of June 30, 2023 and 2022, no allowance for doubtful accounts was considered necessary. Oil and Natural Gas Properties. The depreciable base for oil and natural gas properties includes the sum of all capitalized costs net of depletion, estimated future development costs, and asset retirement costs (net of salvage values) not included in oil and natural gas properties, less costs excluded from amortization. The depreciable base of oil and natural gas properties is amortized using the unit-of-production method over total proved reserves. The capitalized costs of the Company’s oil and natural gas properties, net of accumulated amortization and related deferred income taxes are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Any excess over the full cost ceiling limitation is charged to expense as an impairment and is reflected as additional accumulated depletion, depreciation, and impairment or as a credit to oil and natural gas properties. Oil and natural gas properties include costs that are excluded from depletion and amortization, which represent investments in unproved and unevaluated properties and include non-producing leasehold, geologic and geophysical costs associated with leasehold or drilling interests, and exploration drilling costs. These costs are excluded until the project is evaluated and proved reserves are established or impairment is determined. As of June 30, 2023 and 2022, the Company did not have any costs excluded from depletion and amortization. Other Property and Equipment. three seven years Asset Retirement Obligations. to estimated asset retirement obligations can result from changes in retirement cost estimates, revisions to estimated inflation rates, and changes in the estimated timing of abandonment. Fair Value of Financial Instruments. “Senior Secured Credit Facility ” Concentrations of Credit Risk. Substantially all of the Company’s accounts receivable as of June 30, 2023 and 2022 are from crude oil, natural gas, and NGL sales to third-party purchasers in the oil and natural gas industry. The Company holds working interests in crude oil and natural gas properties for which a third-party serves as operator. As a non-operator, the Company primarily markets its production through its field operators, except at the Jonah Field, where the Company takes its natural gas and NGL production in-kind. As a non-operator, the Company is highly dependent on the success of its third-party operators and the decisions made in connection with their operations. With the exception of the Jonah Field, the third-party operator sells the crude oil, natural gas, and NGLs to the purchaser, collects the cash, and distributes the cash to the Company. In the year ended June 30, 2023, approximately 83% of the Company’s total revenues were realized from the Jonah Field, Barnett Shale and Delhi Field combined. Diversified, the Company’s largest operator at Barnett, remitted approximately 26% of total revenue proceeds to the Company and at Delhi Field, Denbury, the operator of the Field, remitted approximately 22% of total revenue proceeds to the Company. At Jonah Field, where the Company takes its natural gas and NGL production in-kind, during the current year, the Company sold approximately 17% of its total revenues to Conoco Phillips. In the year ended June 30, 2022, three operators each distributed over 10% of the Company’s crude oil, natural gas and NGL revenues making up approximately 83% of total revenues for the year, respectively. The majority of the Company’s crude oil, natural gas, and NGL production is sold to purchasers under short-term (less than 12 months) contracts at market-based prices. ​ Derivative Instruments. Derivatives and Hedging “Net gain (loss) on derivative contracts” Estimates of Proved Reserves . complex and requires significant decisions in the evaluation of all available geologic, geophysical, engineering, and economic data. Estimated reserves are often subject to future revisions, which could be substantial, based on the availability of additional information; this includes reservoir performance, additional development activity, new geologic and geophysical data, additional drilling, technological advancements, price changes, and other economic factors. As a result, material revisions to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure that the reported reserve estimates prepared by the Company’s third-party independent engineers represent the most accurate assessments possible, the subjective decisions and variances in available data for the properties make these estimates generally less precise than other estimates included in the Company’s financial statements. Material revisions to reserve estimates and/or significant changes in commodity prices could substantially affect the Company’s estimated future net cash flows of its proved reserves. These changes could affect the Company’s quarterly ceiling test calculation and could significantly affect its depletion rate. Income Taxes. Earnings (Loss) Per Share. Earnings Per Share 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) not expect that it will have a material effect on the Company’s financial position, results of operations, cash flows or disclosures. 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	12 Months Ended
	Jun. 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2023 2022 Revenues ​ ​ ​ ​ ​ ​ Crude oil ​ $ 51,044 ​ $ 52,683 Natural gas ​ ​ 63,800 ​ ​ 39,174 Natural gas liquids ​ ​ 13,670 ​ ​ 17,069 Total revenues ​ $ 128,514 ​ $ 108,926 ​ 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. 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 the contractual performance obligations have been satisfied and an unconditional right to consideration exists as of the balance sheet date, the Company recognized amounts due from contracts with field operators as “Receivables from crude oil, natural gas, and natural gas liquids revenues”

Acquisitions

Acquisitions	12 Months Ended
	Jun. 30, 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. 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

Property and Equipment

Property and Equipment	12 Months Ended
	Jun. 30, 2023
Property and Equipment
Property and Equipment	Note 4. Property and Equipment Property and equipment as of June 30, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 197,049 ​ $ 188,634 Less: Accumulated depletion, depreciation, and impairment ​ ​ (91,268) ​ ​ (78,126) Oil and natural gas properties, net ​ $ 105,781 ​ $ 110,508 ​ As of June 30, 2023 and 2022, all oil and natural gas property costs were subject to amortization. Depletion on oil and natural gas properties was $13.1 million and $7.5 million for the years ended June 30, 2023 and 2022, respectively. Depreciation on other properties and equipment was less than $0.1 million for the year ended June 30, 2022. The Company’s other properties and equipment were fully depreciated as of June 30, 2022. During the years ended June 30, 2023 and 2022, the Company incurred development capital expenditures of $6.2 million and $2.6 million, respectively. In addition, during the year ended June 30, 2022, the Company recorded a downward $0.9 million purchase adjustment related to its acquisition of the Barnett Shale properties. The Company received $0.9 million during the year ended June 30, 2022 primarily related to effective date net revenues received from the previous owner of the properties. The Company uses the full cost method of accounting for its investments in oil and natural gas properties. All costs of acquisition, exploration, and development of oil and natural gas reserves are capitalized as the cost of oil and natural gas and properties when incurred. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs would be charged to expense as a write-down of oil and natural gas properties. At June 30, 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 June 30, 2023 of the West Texas Intermediate (“WTI”) crude oil spot price of $83.23 per barrel and Henry Hub natural gas spot price of $4.78 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $33.71, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices at June 30, 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 June 30, 2022, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended June 30, 2022 of the WTI crude oil spot price of $85.82 per barrel and Henry Hub natural gas spot price of $5.19 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $44.24, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices at June 30, 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	12 Months Ended
	Jun. 30, 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 replaced 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 June 30, 2023, the Company did not have any borrowings outstanding under its Senior Secured Credit Facility, resulting in $50.0 million of available borrowing capacity. As of June 30, 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 period ending February 2023, covering 25% of expected crude oil and natural gas production over that period. On November 9, 2021, the Company entered into the Eighth Amendment to the Senior Secured Credit Facility. This amendment, among other things, increased the borrowing base to $50.0 million and added a hedging covenant whereby the Company must hedge a minimum of 25% to 75% of future production on a rolling 12-month basis when 25% or more of the borrowing base is utilized. The hedging covenant was amended in the Ninth Amendment, as discussed above. On August 5, 2021 the Company entered into the Seventh Amendment to the Senior Secured Credit Facility which, among other things, added definitions for the terms “Acquired Entity or Mineral Interests” and “Acquired Entity or Mineral Interests EBITDA Adjustment.” Additionally, the consolidated tangible net worth covenant level was reduced to $40.0 million from $50.0 million.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 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 years ended June 30, 2023 and 2022. 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, 2020 through June 30, 2022 for federal tax purposes and for the fiscal years ended June 30, 2018 through June 30, 2022 for state tax purposes. To the extent the Company utilizes net operating losses (“NOLs”) generated in earlier years, such earlier years may also be subject to audit. Income tax (expense) benefit for the years ended June 30, 2023 and 2022 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Current: ​ ​ ​ ​ Federal ​ $ (9,600) ​ $ (6,309) State ​ ​ (768) ​ ​ (1,062) Total current income tax (expense) benefit ​ ​ (10,368) ​ ​ (7,371) Deferred: ​ ​ ​ ​ Federal ​ ​ 457 ​ ​ (913) State ​ ​ (161) ​ ​ (229) Total deferred income tax (expense) benefit ​ ​ 296 ​ ​ (1,142) Total income tax (expense) benefit ​ $ (10,072) ​ $ (8,513) ​ For the year ended June 30, 2023 the Company recognized income tax expense of $10.1 million and had an effective tax rate of 22.2% compared to income tax expense of $8.5 million and an effective tax rates of 20.7% for the year ended June 30, 2022. During the years ended June 30, 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, enhanced oil recovery credit, and other permanent differences. The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Income ​ ​ ​ ​ % of Income ​ ​ ​ ​ ​ ​ Before ​ ​ ​ ​ Before ​ ​ June 30, 2023 Income Taxes June 30, 2022 Income Taxes ​ Income tax (expense) benefit computed at the statutory federal rate: ​ $ (9,511) ​ ​ 21.0 % $ (8,640) ​ 21.0 % Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion in excess of tax basis ​ ​ 78 ​ ​ (0.2) % ​ 190 ​ (0.5) % State income taxes, net of federal tax benefit ​ ​ (734) ​ ​ 1.6 % ​ (1,020) ​ 2.5 % Permanent differences related to stock-based compensation and other ​ ​ 96 ​ ​ (0.2) % ​ 3 ​ — % Federal valuation allowance ​ ​ — ​ ​ — % ​ 623 ​ (1.5) % EOR credit benefit ​ ​ — ​ ​ — % ​ 377 ​ (0.9) % Other ​ ​ (1) ​ ​ — % ​ (46) ​ 0.1 % Income tax (expense) benefit ​ $ (10,072) ​ ​ 22.2 % $ (8,513) ​ 20.7 % ​ In certain prior years, the Company undertook a project to seek potential cash tax savings opportunities identifying available Enhanced Oil Recovery credits (“EOR credits”) related to its interests in the Delhi Field. During the year ended June 30, 2022, the Company recognized an income tax benefit of $0.4 million attributable to the EOR credit. The EOR credit was not available for fiscal year 2023. ​ In the prior year, the Company released its valuation allowance of $0.6 million. The Company considered all positive and negative evidence to assess the likelihood that it will be able to realize its deferred tax assets. Realization is dependent on generating sufficient taxable income over the period the deferred tax assets are deductible. For the three-year period ending June 30, 2022, the Company was in a cumulative income position. Based on the weight of available evidence, the Company believed that is more likely than not that the deferred tax assets will be realized. ​ Deferred income taxes primarily represent the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Deferred tax assets: ​ ​ ​ ​ Non-qualified stock-based compensation ​ $ 250 ​ $ 106 Net operating loss carry-forwards and other carry-forwards ​ ​ — ​ ​ 8 Derivative losses ​ ​ — ​ ​ 427 Asset retirement obligations ​ ​ 3,883 ​ ​ 3,128 Other deferred tax assets ​ ​ 201 ​ ​ 238 Net deferred tax assets ​ ​ 4,334 ​ ​ 3,907 Deferred tax liability: ​ ​ ​ ​ Oil and natural gas properties ​ ​ (11,137) ​ ​ (11,006) Total deferred tax liability ​ ​ (11,137) ​ ​ (11,006) ​ ​ ​ ​ ​ ​ ​ Net deferred tax liability ​ $ (6,803) ​ $ (7,099) ​

Derivatives

Derivatives	12 Months Ended
	Jun. 30, 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 strategy 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 June 30, 2023, all of the Company’s derivative contracts had expired. The Company has no open derivative contracts as of June 30, 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 and ASC 820, Fair Value Measurement “Derivative contract assets” “Derivative contract liabilities” The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of June 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Assets ​ Balance sheet ​ Derivative Contract Liabilities under ASC 815 location June 30, 2023 June 30, 2022 location June 30, 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 consolidated statements of operations for the years ended June 30, 2023 and 2022 (in thousands). “ Realized gain (loss) on derivative contracts” Unrealized gain (loss) on derivative contracts” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ ​ ​ ​ ​ ​ as hedging contracts ​ recognized in income on ​ Years Ended June 30, under ASC 815 derivative contracts ​ 2023 2022 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ (1,481) ​ $ (1,769) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ 1,994 ​ ​ (1,994) Total net gain (loss) on derivative contracts ​ ​ ​ $ 513 ​ $ (3,763) ​ The Company presents the fair value of its derivative contracts at the gross amounts in the consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of June 30, 2022 (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 ISDA with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Jun. 30, 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. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for any period presented. The following table, set forth by level within the fair value hierarchy, shows the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2022 (in thousands). The Company did not have any open positions as of June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash and cash equivalents, accounts receivable, and accounts payable approximates their carrying value due to their short-term nature. The estimated fair value of the Company’s Senior Secured Credit Facility approximates carrying value because the interest rates approximate current market rates. ​ The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. These provisions apply to the Company’s initial measurement and any subsequent revision of ARO for which fair value is calculated using discounted future cash flows derived from historical costs and management’s expectations of future cost environments. Significant Level 3 inputs used in the calculation of ARO include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values. See Note 9, “Asset Retirement Obligations

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Jun. 30, 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 consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, net” “Depletion, depreciation and amortization” ​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the years ended June 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Asset retirement obligations — beginning of period ​ $ 13,921 ​ $ 5,583 Liabilities incurred ​ ​ 57 ​ ​ 219 Liabilities settled ​ ​ (136) ​ ​ (17) Liabilities acquired (1) ​ ​ — ​ ​ 5,400 Accretion of discount ​ ​ 1,131 ​ ​ 531 Revisions of previous estimates (2) ​ ​ 2,094 ​ ​ 2,205 Asset retirement obligations — end of period ​ ​ 17,067 ​ ​ 13,921 Less: current asset retirement obligations ​ ​ (55) ​ ​ (22) Long-term portion of asset retirement obligations ​ $ 17,012 ​ $ 13,899 (1) See Note 3, “Acquisitions , ” for additional information on the Company’s acquisition activities. (2) Primarily related to upward revisions for increased estimates for the years ended June 30, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 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 estimable. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Stockholders' Equity	Note 11. Stockholders’ Equity Common Stock As of June 30, 2023, the Company had 33,247,523 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of June 30, 2023, the Company has cumulatively paid over $102.4 million in cash dividends. The Company paid dividends of $16.1 million and $11.8 million to its common stockholders during the years ended June 30, 2023 and 2022, respectively. The following table reflects the dividends paid per share within the respective quarterly periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2023 2022 Fourth quarter ended June 30, ​ $ 0.120 ​ $ 0.100 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 11, 2023, Evolution’s Board of Directors approved and declared a quarterly dividend of $0.12 per common share payable September 29, 2023 . Refer to Note 15, “Subsequent Events,” ​ 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 in the open market 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 authorized 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 was effective until June 30, 2023 and had a maximum authorized amount of $5.0 million over that period. During the year ended June 30, 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 years ended June 30, 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 in the years ended June 30, 2023 and 2022 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2023 ​ 2022 Number of treasury shares acquired (1) ​ ​ 673 ​ ​ 7 Average cost per share (1) ​ $ 6.20 ​ $ 5.09 Total cost of treasury shares acquired ​ $ 4,170 ​ $ 38 (1) For the year ended June 30, 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. 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 June 30, 2023 and 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 years ended June 30, 2023, and 2022, the Company recognized $1.6 million and $0.1 million, respectively, related to stock-based compensation expense recorded as a component of “ General and administrative expenses million to stock-based compensation expense for the forfeiture of unvested shares in connection with severance. Time-Vested Restricted Stock Awards Time-vested restricted stock awards contain service-based vesting conditions and expire after a maximum of four years three four years Performance-Based Restricted Stock Awards and Performance-Based Contingent Stock Units Performance-based restricted stock awards and performance-based contingent stock units contain market-based vesting conditions based on the price of the Company’s common stock, the intrinsic value indexed solely to its common stock 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. For performance-based awards granted during the years ended June 30, 2023 and 2022, the assumptions used in the Monte Carlo simulation valuations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 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 June 30, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 453,041 ​ $ 6.61 Performance-based awards ​ 142,373 ​ ​ 6.08 Unvested at June 30, 2023 ​ 595,414 ​ $ 6.48 ​ The following table sets forth the restricted stock award transactions for the years ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) ​ Shares Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2021 ​ 669,295 ​ $ 3.37 ​ ​ ​ ​ ​ ​ ​ ​ Time-vested shares granted ​ 205,077 ​ ​ 5.88 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 131,293 ​ ​ 3.31 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (291,227) ​ ​ 3.77 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (373,227) ​ ​ 3.35 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 341,211 ​ $ 4.54 ​ $ 1,092 ​ 2.1 ​ $ 1,863 Time-vested shares granted ​ 376,015 ​ ​ 7.18 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 100,239 ​ ​ 7.39 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (196,431) ​ ​ 4.91 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (25,620) ​ ​ 6.51 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2023 ​ 595,414 ​ $ 6.48 ​ $ 2,827 ​ 2.4 ​ $ 4,805 (1) The intrinsic value of restricted stock was calculated as the closing market price on June 30, 2023 and 2022 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.4 million and $1.5 million for the years ended June 30, 2023 and 2022, respectively. The following table sets forth contingent restricted stock units transactions for the years ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) Stock Units Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2021 ​ 323,080 ​ $ 2.84 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based awards granted ​ 65,649 ​ ​ 2.67 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (338,667) ​ ​ 2.90 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 50,062 ​ $ 2.21 ​ $ 68 ​ 1.7 ​ $ 273 Performance-based awards granted ​ 50,123 ​ ​ 4.79 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (3,787) ​ ​ 3.69 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2023 ​ 96,398 ​ $ 3.49 ​ $ 195 ​ 1.9 ​ $ 778 (1) The intrinsic value of contingent restricted stock units was calculated as the closing market price on June 30, 2023 and 2022 of the underlying stock multiplied by the number of restricted shares that would be issuable .

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	12 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2023 2022 Numerator ​ ​ ​ ​ Net income (loss) ​ $ 35,217 ​ $ 32,628 Undistributed earnings allocated to unvested restricted stock ​ ​ (560) ​ ​ (673) Net income (loss) for earnings per share calculation ​ $ 34,657 ​ $ 31,955 ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,985 ​ ​ 32,952 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Unvested restricted stock awards ​ ​ 193 ​ ​ 354 Unvested contingent restricted stock units ​ ​ 12 ​ ​ — Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,190 ​ ​ 33,306 ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share — Basic ​ $ 1.05 ​ $ 0.97 Net income (loss) per common share — Diluted ​ $ 1.04 ​ $ 0.96 ​ Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 90,000 for the year ended June 30, 2023 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 20,000 for the year ended June 30, 2022, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. 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	12 Months Ended
	Jun. 30, 2023
Additional Financial Statement Information
Additional Financial Statement Information	Note 14. Additional Financial Statement Information Certain amounts on the consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Receivable for settlement proceeds from acquisitions (1) ​ $ — ​ $ 2,263 Other receivables ​ ​ 18 ​ ​ 37 Prepaid insurance ​ ​ 727 ​ ​ 743 Prepaid federal and state income taxes ​ ​ 805 ​ ​ 8 Prepaid subscription and licenses ​ ​ 68 ​ ​ 38 Carryback of EOR tax credit ​ ​ 347 ​ ​ 347 Prepaid other ​ ​ 312 ​ ​ 439 Total prepaid expenses and other current assets ​ $ 2,277 ​ $ 3,875 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Deposit (2) ​ $ 1,158 ​ $ 1,150 Right of use asset under operating lease ​ ​ 183 ​ ​ 21 Total other assets ​ $ 1,341 ​ $ 1,171 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 3,566 ​ $ 8,070 Accrued capital expenditures ​ ​ 167 ​ ​ — Accrued incentive and other compensation ​ ​ 941 ​ ​ 626 Accrued royalties payable (3) ​ ​ 977 ​ ​ 1,517 Accrued taxes other than income ​ ​ 178 ​ ​ 178 Accrued severance ​ ​ 81 ​ ​ 332 Accrued settlements on derivative contracts ​ ​ — ​ ​ 919 Operating lease liability ​ ​ 59 ​ ​ 26 Asset retirement obligations due within one year ​ ​ 55 ​ ​ 22 Accrued - other ​ ​ 3 ​ ​ 203 Total accrued liabilities and other ​ $ 6,027 ​ $ 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. (2) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Jonah Field Acquisition. See Note 3, “Acquisitions” for additional information. (3) Accrued royalties payable relate to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 2, “Revenue Recognition” for a further discussion .

Leases

Leases	12 Months Ended
	Jun. 30, 2023
Leases
Leases	Note 13. 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 ACS 842, Leases The table below summarized the Company’s leases for the years ended June 30, 2023 and 2022 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2023 2022 Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 58 ​ ​ $ 52 ​ Variable lease costs ​ ​ 33 ​ ​ ​ 38 ​ Total lease costs ​ $ 91 ​ ​ $ 90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 62 ​ ​ $ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 212 ​ ​ $ — ​ Weighted average remaining lease term in years ​ ​ 3.18 ​ ​ ​ 0.42 ​ Weighted average discount rate ​ ​ 6.44 % ​ ​ 5.15 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ June 30, 2022 Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 183 ​ ​ $ 21 Accrued liabilities and other - current ​ ​ 59 ​ ​ ​ 26 Operating lease liability - long-term ​ ​ 125 ​ ​ ​ — ​ As of June 30, 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 June 30, 2023 2024 ​ $ 61 2025 ​ ​ 62 2026 ​ ​ 64 2027 ​ ​ 16 2028 ​ ​ — Thereafter ​ ​ — Total operating lease payments ​ ​ 203 Less: discount to present value ​ ​ (19) Total operating lease liabilities ​ ​ 184 Less: current operating lease liabilities ​ ​ 59 Non current operating lease liabilities ​ $ 125 ​ The Company applied the following practical expedients as provided in the standards update which provide elections to not reassess: ● Not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise). ● Whether an expired or existing pre-adoption date contracts contained leases. ● Lease classification of any expired or existing leases. ● Initial direct costs for any expired or existing leases. ● Not to separate lease components from non-lease components in a contract and accounting for the combination as a lease (reflected by asset class).

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	Note 15. Subsequent Events On September 11, 2023, the Company declared a quarterly cash dividend of $0.12 per share of common stock to shareholders of record on September 22, 2023 and payable on September 29, 2023.

Summary of Significant Events_2

Summary of Significant Events and Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2023
Summary of Significant Events and Accounting Policies
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Other receivables Additional Financial Information “Prepaid 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.
Cash and Cash Equivalents	Cash and Cash Equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts. miscellaneous receivables. No interest is charged on past-due balances. Payments made on accounts receivable are applied to the earliest unpaid items. The Company establishes provisions for losses on accounts receivable if it is determined that collection of all or a part of an outstanding balance is not probable. Collectability is reviewed regularly and an allowance is established or adjusted, as necessary, using the specific identification method. As of June 30, 2023 and 2022, no allowance for doubtful accounts was considered necessary.
Oil and Natural Gas Properties	Oil and Natural Gas Properties. The depreciable base for oil and natural gas properties includes the sum of all capitalized costs net of depletion, estimated future development costs, and asset retirement costs (net of salvage values) not included in oil and natural gas properties, less costs excluded from amortization. The depreciable base of oil and natural gas properties is amortized using the unit-of-production method over total proved reserves. The capitalized costs of the Company’s oil and natural gas properties, net of accumulated amortization and related deferred income taxes are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Any excess over the full cost ceiling limitation is charged to expense as an impairment and is reflected as additional accumulated depletion, depreciation, and impairment or as a credit to oil and natural gas properties. Oil and natural gas properties include costs that are excluded from depletion and amortization, which represent investments in unproved and unevaluated properties and include non-producing leasehold, geologic and geophysical costs associated with leasehold or drilling interests, and exploration drilling costs. These costs are excluded until the project is evaluated and proved reserves are established or impairment is determined. As of June 30, 2023 and 2022, the Company did not have any costs excluded from depletion and amortization.
Other Property and Equipment	Other Property and Equipment. three seven years
Asset Retirement Obligations	Asset Retirement Obligations. to estimated asset retirement obligations can result from changes in retirement cost estimates, revisions to estimated inflation rates, and changes in the estimated timing of abandonment.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. “Senior Secured Credit Facility ”
Concentrations of Credit Risk	Concentrations of Credit Risk. Substantially all of the Company’s accounts receivable as of June 30, 2023 and 2022 are from crude oil, natural gas, and NGL sales to third-party purchasers in the oil and natural gas industry. The Company holds working interests in crude oil and natural gas properties for which a third-party serves as operator. As a non-operator, the Company primarily markets its production through its field operators, except at the Jonah Field, where the Company takes its natural gas and NGL production in-kind. As a non-operator, the Company is highly dependent on the success of its third-party operators and the decisions made in connection with their operations. With the exception of the Jonah Field, the third-party operator sells the crude oil, natural gas, and NGLs to the purchaser, collects the cash, and distributes the cash to the Company. In the year ended June 30, 2023, approximately 83% of the Company’s total revenues were realized from the Jonah Field, Barnett Shale and Delhi Field combined. Diversified, the Company’s largest operator at Barnett, remitted approximately 26% of total revenue proceeds to the Company and at Delhi Field, Denbury, the operator of the Field, remitted approximately 22% of total revenue proceeds to the Company. At Jonah Field, where the Company takes its natural gas and NGL production in-kind, during the current year, the Company sold approximately 17% of its total revenues to Conoco Phillips. In the year ended June 30, 2022, three operators each distributed over 10% of the Company’s crude oil, natural gas and NGL revenues making up approximately 83% of total revenues for the year, respectively. The majority of the Company’s crude oil, natural gas, and NGL production is sold to purchasers under short-term (less than 12 months) contracts at market-based prices.
Derivative Instruments	Derivative Instruments. Derivatives and Hedging “Net gain (loss) on derivative contracts”
Estimates of Proved Reserves	Estimates of Proved Reserves . complex and requires significant decisions in the evaluation of all available geologic, geophysical, engineering, and economic data. Estimated reserves are often subject to future revisions, which could be substantial, based on the availability of additional information; this includes reservoir performance, additional development activity, new geologic and geophysical data, additional drilling, technological advancements, price changes, and other economic factors. As a result, material revisions to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure that the reported reserve estimates prepared by the Company’s third-party independent engineers represent the most accurate assessments possible, the subjective decisions and variances in available data for the properties make these estimates generally less precise than other estimates included in the Company’s financial statements. Material revisions to reserve estimates and/or significant changes in commodity prices could substantially affect the Company’s estimated future net cash flows of its proved reserves. These changes could affect the Company’s quarterly ceiling test calculation and could significantly affect its depletion rate.
Income Taxes	Income Taxes.
Earnings (Loss) Per Share	Earnings (Loss) Per Share. Earnings Per Share
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) not expect that it will have a material effect on the Company’s financial position, results of operations, cash flows or disclosures. 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)	12 Months Ended
	Jun. 30, 2023
Revenue Recognition
Schedule of disaggregates the Company's revenues by major product	The following table disaggregates the Company’s revenues by major product for the years ended June 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2023 2022 Revenues ​ ​ ​ ​ ​ ​ Crude oil ​ $ 51,044 ​ $ 52,683 Natural gas ​ ​ 63,800 ​ ​ 39,174 Natural gas liquids ​ ​ 13,670 ​ ​ 17,069 Total revenues ​ $ 128,514 ​ $ 108,926

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2023
Property and Equipment
Schedule of property and equipment	Property and equipment as of June 30, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 197,049 ​ $ 188,634 Less: Accumulated depletion, depreciation, and impairment ​ ​ (91,268) ​ ​ (78,126) Oil and natural gas properties, net ​ $ 105,781 ​ $ 110,508

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2023
Income Taxes
Schedule of components of income tax (expense) benefit	Income tax (expense) benefit for the years ended June 30, 2023 and 2022 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Current: ​ ​ ​ ​ Federal ​ $ (9,600) ​ $ (6,309) State ​ ​ (768) ​ ​ (1,062) Total current income tax (expense) benefit ​ ​ (10,368) ​ ​ (7,371) Deferred: ​ ​ ​ ​ Federal ​ ​ 457 ​ ​ (913) State ​ ​ (161) ​ ​ (229) Total deferred income tax (expense) benefit ​ ​ 296 ​ ​ (1,142) Total income tax (expense) benefit ​ $ (10,072) ​ $ (8,513)
Schedule of reconciliation of statutory federal tax rate to income tax (expense) benefit	The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Income ​ ​ ​ ​ % of Income ​ ​ ​ ​ ​ ​ Before ​ ​ ​ ​ Before ​ ​ June 30, 2023 Income Taxes June 30, 2022 Income Taxes ​ Income tax (expense) benefit computed at the statutory federal rate: ​ $ (9,511) ​ ​ 21.0 % $ (8,640) ​ 21.0 % Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion in excess of tax basis ​ ​ 78 ​ ​ (0.2) % ​ 190 ​ (0.5) % State income taxes, net of federal tax benefit ​ ​ (734) ​ ​ 1.6 % ​ (1,020) ​ 2.5 % Permanent differences related to stock-based compensation and other ​ ​ 96 ​ ​ (0.2) % ​ 3 ​ — % Federal valuation allowance ​ ​ — ​ ​ — % ​ 623 ​ (1.5) % EOR credit benefit ​ ​ — ​ ​ — % ​ 377 ​ (0.9) % Other ​ ​ (1) ​ ​ — % ​ (46) ​ 0.1 % Income tax (expense) benefit ​ $ (10,072) ​ ​ 22.2 % $ (8,513) ​ 20.7 %
Schedule of components of deferred taxes	The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Deferred tax assets: ​ ​ ​ ​ Non-qualified stock-based compensation ​ $ 250 ​ $ 106 Net operating loss carry-forwards and other carry-forwards ​ ​ — ​ ​ 8 Derivative losses ​ ​ — ​ ​ 427 Asset retirement obligations ​ ​ 3,883 ​ ​ 3,128 Other deferred tax assets ​ ​ 201 ​ ​ 238 Net deferred tax assets ​ ​ 4,334 ​ ​ 3,907 Deferred tax liability: ​ ​ ​ ​ Oil and natural gas properties ​ ​ (11,137) ​ ​ (11,006) Total deferred tax liability ​ ​ (11,137) ​ ​ (11,006) ​ ​ ​ ​ ​ ​ ​ Net deferred tax liability ​ $ (6,803) ​ $ (7,099)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Jun. 30, 2023
Derivatives
Schedule of Derivative Instruments	The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of June 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Assets ​ Balance sheet ​ Derivative Contract Liabilities under ASC 815 location June 30, 2023 June 30, 2022 location June 30, 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
Derivative Instruments, Gain (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ ​ ​ ​ ​ ​ as hedging contracts ​ recognized in income on ​ Years Ended June 30, under ASC 815 derivative contracts ​ 2023 2022 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ (1,481) ​ $ (1,769) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ 1,994 ​ ​ (1,994) Total net gain (loss) on derivative contracts ​ ​ ​ $ 513 ​ $ (3,763)
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Offsetting Liabilities	The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of June 30, 2022 (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 ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Jun. 30, 2023
Fair Value Measurement
Schedule of Derivative Assets at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 2,164 ​ $ — ​ $ 2,164
Schedule of Derivative Liabilities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 2,164 ​ $ — ​ $ 2,164

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Jun. 30, 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) for the years ended June 30, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Asset retirement obligations — beginning of period ​ $ 13,921 ​ $ 5,583 Liabilities incurred ​ ​ 57 ​ ​ 219 Liabilities settled ​ ​ (136) ​ ​ (17) Liabilities acquired (1) ​ ​ — ​ ​ 5,400 Accretion of discount ​ ​ 1,131 ​ ​ 531 Revisions of previous estimates (2) ​ ​ 2,094 ​ ​ 2,205 Asset retirement obligations — end of period ​ ​ 17,067 ​ ​ 13,921 Less: current asset retirement obligations ​ ​ (55) ​ ​ (22) Long-term portion of asset retirement obligations ​ $ 17,012 ​ $ 13,899 (1) See Note 3, “Acquisitions , ” for additional information on the Company’s acquisition activities. (2) Primarily related to upward revisions for increased estimates for the years ended June 30, 2023 and 2022.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2023 2022 Fourth quarter ended June 30, ​ $ 0.120 ​ $ 0.100 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2023 ​ 2022 Number of treasury shares acquired (1) ​ ​ 673 ​ ​ 7 Average cost per share (1) ​ $ 6.20 ​ $ 5.09 Total cost of treasury shares acquired ​ $ 4,170 ​ $ 38 (1) For the year ended June 30, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 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 transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 453,041 ​ $ 6.61 Performance-based awards ​ 142,373 ​ ​ 6.08 Unvested at June 30, 2023 ​ 595,414 ​ $ 6.48
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock transactions	The following table sets forth the restricted stock award transactions for the years ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) ​ Shares Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2021 ​ 669,295 ​ $ 3.37 ​ ​ ​ ​ ​ ​ ​ ​ Time-vested shares granted ​ 205,077 ​ ​ 5.88 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 131,293 ​ ​ 3.31 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (291,227) ​ ​ 3.77 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (373,227) ​ ​ 3.35 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 341,211 ​ $ 4.54 ​ $ 1,092 ​ 2.1 ​ $ 1,863 Time-vested shares granted ​ 376,015 ​ ​ 7.18 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based shares granted ​ 100,239 ​ ​ 7.39 ​ ​ ​ ​ ​ ​ ​ ​ Vested ​ (196,431) ​ ​ 4.91 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (25,620) ​ ​ 6.51 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2023 ​ 595,414 ​ $ 6.48 ​ $ 2,827 ​ 2.4 ​ $ 4,805 (1) The intrinsic value of restricted stock was calculated as the closing market price on June 30, 2023 and 2022 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.4 million and $1.5 million for the years ended June 30, 2023 and 2022, respectively.
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock transactions	The following table sets forth contingent restricted stock units transactions for the years ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ Aggregate Intrinsic ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Value (1) Stock Units Fair Value (In thousands) Period (Years) (In thousands) Unvested at June 30, 2021 ​ 323,080 ​ $ 2.84 ​ ​ ​ ​ ​ ​ ​ ​ Performance-based awards granted ​ 65,649 ​ ​ 2.67 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (338,667) ​ ​ 2.90 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2022 ​ 50,062 ​ $ 2.21 ​ $ 68 ​ 1.7 ​ $ 273 Performance-based awards granted ​ 50,123 ​ ​ 4.79 ​ ​ ​ ​ ​ ​ ​ ​ Forfeited ​ (3,787) ​ ​ 3.69 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at June 30, 2023 ​ 96,398 ​ $ 3.49 ​ $ 195 ​ 1.9 ​ $ 778 (1) The intrinsic value of contingent restricted stock units was calculated as the closing market price on June 30, 2023 and 2022 of the underlying stock multiplied by the number of restricted shares that would be issuable .

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	12 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, ​ 2023 2022 Numerator ​ ​ ​ ​ Net income (loss) ​ $ 35,217 ​ $ 32,628 Undistributed earnings allocated to unvested restricted stock ​ ​ (560) ​ ​ (673) Net income (loss) for earnings per share calculation ​ $ 34,657 ​ $ 31,955 ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,985 ​ ​ 32,952 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Unvested restricted stock awards ​ ​ 193 ​ ​ 354 Unvested contingent restricted stock units ​ ​ 12 ​ ​ — Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 33,190 ​ ​ 33,306 ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share — Basic ​ $ 1.05 ​ $ 0.97 Net income (loss) per common share — Diluted ​ $ 1.04 ​ $ 0.96

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jun. 30, 2023
Leases
Schedule of leases	The table below summarized the Company’s leases for the years ended June 30, 2023 and 2022 (in thousands, except years and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended June 30, 2023 2022 Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 58 ​ ​ $ 52 ​ Variable lease costs ​ ​ 33 ​ ​ ​ 38 ​ Total lease costs ​ $ 91 ​ ​ $ 90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 62 ​ ​ $ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 212 ​ ​ $ — ​ Weighted average remaining lease term in years ​ ​ 3.18 ​ ​ ​ 0.42 ​ Weighted average discount rate ​ ​ 6.44 % ​ ​ 5.15 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ June 30, 2022 Balance Sheets: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset (included in other assets) ​ $ 183 ​ ​ $ 21 Accrued liabilities and other - current ​ ​ 59 ​ ​ ​ 26 Operating lease liability - long-term ​ ​ 125 ​ ​ ​ —
Schedule of future minimum lease payments associated with the Company's non-cancellable operating lease for office space	As of June 30, 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 June 30, 2023 2024 ​ $ 61 2025 ​ ​ 62 2026 ​ ​ 64 2027 ​ ​ 16 2028 ​ ​ — Thereafter ​ ​ — Total operating lease payments ​ ​ 203 Less: discount to present value ​ ​ (19) Total operating lease liabilities ​ ​ 184 Less: current operating lease liabilities ​ ​ 59 Non current operating lease liabilities ​ $ 125

Additional Financial Statemen_2

Additional Financial Statement Information (Tables)	12 Months Ended
	Jun. 30, 2023
Additional Financial Statement Information
Additional Financial Statement Information	Certain amounts on the consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Receivable for settlement proceeds from acquisitions (1) ​ $ — ​ $ 2,263 Other receivables ​ ​ 18 ​ ​ 37 Prepaid insurance ​ ​ 727 ​ ​ 743 Prepaid federal and state income taxes ​ ​ 805 ​ ​ 8 Prepaid subscription and licenses ​ ​ 68 ​ ​ 38 Carryback of EOR tax credit ​ ​ 347 ​ ​ 347 Prepaid other ​ ​ 312 ​ ​ 439 Total prepaid expenses and other current assets ​ $ 2,277 ​ $ 3,875 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Deposit (2) ​ $ 1,158 ​ $ 1,150 Right of use asset under operating lease ​ ​ 183 ​ ​ 21 Total other assets ​ $ 1,341 ​ $ 1,171 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 3,566 ​ $ 8,070 Accrued capital expenditures ​ ​ 167 ​ ​ — Accrued incentive and other compensation ​ ​ 941 ​ ​ 626 Accrued royalties payable (3) ​ ​ 977 ​ ​ 1,517 Accrued taxes other than income ​ ​ 178 ​ ​ 178 Accrued severance ​ ​ 81 ​ ​ 332 Accrued settlements on derivative contracts ​ ​ — ​ ​ 919 Operating lease liability ​ ​ 59 ​ ​ 26 Asset retirement obligations due within one year ​ ​ 55 ​ ​ 22 Accrued - other ​ ​ 3 ​ ​ 203 Total accrued liabilities and other ​ $ 6,027 ​ $ 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. (2) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Jonah Field Acquisition. See Note 3, “Acquisitions” for additional information. (3) Accrued royalties payable relate to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 2, “Revenue Recognition” for a further discussion .

Summary of Significant Events_3

Summary of Significant Events and Accounting Policies - Nature of Operations (Details)	Jun. 30, 2023 item
Summary of Significant Events and Accounting Policies
Number of wells with overriding royalty interest	4

Summary of Significant Events_4

Summary of Significant Events and Accounting Policies (Details)	12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Limitation on Capitalized Costs
Allowance for doubtful accounts	$ 0	$ 0
Minimum
Other Property and Equipment
Expected lives of the individual assets or group of assets	3 years
Maximum
Other Property and Equipment
Expected lives of the individual assets or group of assets	7 years
Discount rate | Oil and natural gas properties
Limitation on Capitalized Costs
Discount rate for present value (as a percent)	10

Summary of Significant Events_5

Summary of Significant Events and Accounting Policies - Concentrations of Credit Risk (Details) - Net revenue - Major Customers - item	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Crude oil, natural gas and natural gas liquids
Concentrations of Credit Risk
Number of operators		3
Percent of total revenue	83%	83%
Crude oil, natural gas and natural gas liquids | Barnett [Member]
Concentrations of Credit Risk
Percent of total revenue	26%
Crude oil, natural gas and natural gas liquids | Denbury [Member]
Concentrations of Credit Risk
Percent of total revenue	22%
Natural gas liquids | Conoco Phillips [Member]
Concentrations of Credit Risk
Percent of total revenue	17%

Summary of Significant Events_6

Summary of Significant Events and Accounting Policies - Correction of Immaterial Error (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Summary of Significant Events and Accounting Policies
Net income (loss) for earnings per share calculation	$ 34,657	$ 31,955
Weighted average number of common shares outstanding - Basic (in shares)	32,985	32,952
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,190	33,306
Net earnings (loss) per common share - Basic (in dollars per share)	$ 1.05	$ 0.97
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 1.04	$ 0.96

Revenue Recognition - Revenues

Revenue Recognition - Revenues By Major Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition
Total revenues	$ 128,514	$ 108,926
Crude oil
Revenue Recognition
Total revenues	51,044	52,683
Natural gas
Revenue Recognition
Total revenues	63,800	39,174
Natural gas liquids
Revenue Recognition
Total revenues	$ 13,670	$ 17,069

Revenue Recognition (Details)

Revenue Recognition (Details)	12 Months Ended
	Jun. 30, 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			12 Months Ended
	Apr. 01, 2022	Jan. 14, 2022	Jun. 30, 2023	Jun. 30, 2022
Acquisitions
Liabilities acquired				$ 5,400
Asset retirement obligation liabilities incurred			$ 57	219
Borrowings under senior secured credit facility				$ 34,000
Goodwill acquired			0
Bargain purchase gain			0
Barnett Shale
Acquisitions
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
Purchase price of oil and gas assets	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 of transaction cost		$ 300
Liabilities acquired		2,400
Purchase price of oil and gas assets		25,200
Senior Secured Reserve-Based Credit Facility | Jonah Field In Wyoming From Exaro Energy III, LLC
Acquisitions
Borrowings under 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	Jun. 30, 2023	Jun. 30, 2022
Oil and natural gas properties
Property costs subject to amortization	$ 197,049	$ 188,634
Less: Accumulated depletion, depreciation, and accretion	(91,268)	(78,126)
Oil and natural gas properties, net	$ 105,781	$ 110,508

Property and Equipment (Details

Property and Equipment (Details) $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($) $ / MMBTU $ / bbl	Jun. 30, 2022 USD ($) $ / bbl $ / MMBTU
Property and Equipment
Depletion	$ 13.1	$ 7.5
Capital expenditures	6.2	2.6
Proceeds for net revenues received	0.9
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	4.78	5.19
Net price per barrel (in dollars per barrel) | $ / bbl	33.71	44.24
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	83.23	85.82
Maximum
Property and Equipment
Depreciation		$ 0.1

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) $ in Millions			12 Months Ended
	May 05, 2023 USD ($) agreement	Apr. 11, 2016 USD ($)	Jun. 30, 2023 USD ($)	Feb. 07, 2022	Nov. 09, 2021 USD ($)	Aug. 05, 2021 USD ($)	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Minimum current ratio		1
Percentage of production hedged				25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate		0.50%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Term of debt instrument		3 years
Maximum borrowing capacity		$ 50
Available borrowing capacity			$ 50
Initial borrowing base					$ 50
Credit facility maturity date			Apr. 09, 2026
Credit facility, number of rights to interim unscheduled redeterminations | agreement	1
Minimum consolidated tangible net worth		$ 40				$ 40	$ 50
Long-term line of credit			$ 0
Commitment fee percentage		0.25%
Maximum total leverage ratio (not more than)		3
Current borrowing base			$ 50
Margined collateral value	$ 95
Covenant compliance			As of June 30, 2023, the Company was in compliance with the financial covenants under the Senior Secured Credit Facility
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 | Prime Rate | Revolving credit facility
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
Debt Instrument [Line Items]
Basis spread on variable rate	2.80%
Credit spread adjustment	0.05%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Accrued interest and penalties	0	0
Income tax expense (benefit)	$ 10,072,000	$ 8,513,000
Income tax rate percentage	22.20%	20.70%
EOR credit benefit	$ 0	$ 400,000
Valuation allowance, deferred tax asset, increase		$ (600,000)
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

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Current:
Federal	$ (9,600)	$ (6,309)
State	(768)	(1,062)
Total current income tax (expense) benefit	(10,368)	(7,371)
Deferred:
Federal	457	(913)
State	(161)	(229)
Total deferred income tax (expense) benefit	296	(1,142)
Income tax (expense) benefit	$ (10,072)	$ (8,513)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax (expense) benefit computed at the statutory federal rate:	$ (9,511)	$ (8,640)
Depletion in excess of tax basis	78	190
State income taxes, net of federal tax benefit	(734)	(1,020)
Permanent differences related to stock-based compensation and other	96	3
Federal valuation allowance		623
EOR credit benefit		377
Other	(1)	(46)
Income tax (expense) benefit	$ (10,072)	$ (8,513)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax (expense) benefit computed at the statutory federal rate:	21%	21%
Depletion in excess of tax basis	(0.20%)	(0.50%)
State income taxes, net of federal tax benefit	1.60%	2.50%
Permanent differences related to stock-based compensation and other	(0.20%)
Federal valuation allowance		(1.50%)
EOR credit benefit		(0.90%)
Other		0.10%
Income tax (expense) benefit	22.20%	20.70%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Deferred tax assets:
Non-qualified stock-based compensation	$ 250	$ 106
Net operating loss carry-forwards and other carry-forwards		8
Derivative losses		427
Asset retirement obligations	3,883	3,128
Other deferred tax assets	201	238
Net deferred tax assets	4,334	3,907
Deferred tax liability:
Oil and natural gas properties	(11,137)	(11,006)
Total deferred tax liability	(11,137)	(11,006)
Net deferred tax liability	$ (6,803)	$ (7,099)

Derivatives - Consolidated Bala

Derivatives - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Derivative Contract Asset	$ 0	$ 170
Derivative Asset, Statement of Financial Position Location	Derivative contract assets	Derivative contract assets
Derivative Contract Liability		$ 2,164
Derivative Liability, Statement of Financial Position Location	Derivative contract liabilities	Derivative contract liabilities
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
Other Assets | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	0	0
Current Liabilities | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liability	0	2,164
Long term liabilities | Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liability	$ 0	$ 0

Derivatives - Gain and Loss on

Derivatives - Gain and Loss on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivatives
Realized gain (loss) on derivative contracts	$ (1,481)	$ (1,769)
Unrealized gain (loss) on derivative contracts	1,994	(1,994)
Total net gain (loss) on derivative contracts	$ 513	$ (3,763)

Derivatives - Derivative Contra

Derivatives - Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Derivatives
Derivative assets, Gross amounts presented in the Consolidated Balance Sheet	$ 0	$ 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) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	$ 0	$ 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	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of the beginning and ending asset retirement obligation
Asset retirement obligations - beginning of period	$ 13,921	$ 5,583
Liabilities incurred	57	219
Liabilities settled	(136)	(17)
Liabilities acquired		5,400
Accretion of discount	1,131	531
Revisions of previous estimates	2,094	2,205
Asset retirement obligations - end of period	17,067	13,921
Less: current asset retirement obligations	(55)	(22)
Long-term portion of asset retirement obligations	$ 17,012	$ 13,899

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended		114 Months Ended
	Sep. 08, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Class of Stock [Line Items]
Common stock, outstanding shares (in shares)		33,247,523	33,470,710	33,247,523
Common stock dividends paid		$ 16,106	$ 11,796	$ 102,400
Cash dividends to common stockholders		$ 16,100	$ 11,800
Number of treasury shares acquired (in shares)		673,000	7,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized to be repurchased	$ 25,000
Stock repurchase program expiration date	Dec. 31, 2024
Number of treasury shares acquired (in shares)		633,789
Rule 10b5 1 plan
Class of Stock [Line Items]
Amount authorized to be repurchased		$ 5,000		5,000
Stock repurchase program expiration date		Jun. 30, 2023
Repurchase amount		$ 3,900		$ 3,900
Number of treasury shares acquired (in shares)		600,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 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	$ 0.120	$ 0.100	$ 0.100	$ 0.075	$ 0.075

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	673,000	7,000
Average cost per share (in USD per share)	$ 6.20	$ 5.09
Total cost of treasury shares acquired	$ 4,170	$ 38
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	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 ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of stock-based compensation expense	$ 1.2
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.6	$ 0.1
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Restricted Stock, Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	376,015	205,077
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	131,293
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)	3,787	338,667
Forfeited (in USD per share)	$ 3.69
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)	25,620	373,227
Performance Based Contingent Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	50,123	65,649
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for granting (in shares)	3,600,000
Shares available for grant (shares)	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

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		64.70%
Restricted Stock And Contingent Restricted Stock, Market-Based
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, minimum	56.50%
Expected volatility, maximum	70.90%
Minimum | Restricted Stock And Contingent Restricted Stock, Market-Based
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 | Restricted Stock And Contingent Restricted Stock, Market-Based
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	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Restricted Shares
Unvested, end of period (in shares)	595,414
Weighted Average Grant-Date Fair Value
Unvested, end of period (in USD per share)	$ 6.48
Aggregate Intrinsic Value	$ 1,400	$ 1,500
Restricted Stock
Number of Restricted Shares
Unvested, beginning of period (in shares)	341,211	669,295
Vested (in shares)	(196,431)	(291,227)
Forfeited (in shares)	(25,620)	(373,227)
Unvested, end of period (in shares)	595,414	341,211
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 4.54	$ 3.37
Vested (in USD per share)	4.91	3.77
Forfeited (in USD per share)	6.51	3.35
Unvested, end of period (in USD per share)	$ 6.48	$ 4.54
Unamortized compensation expense	$ 2,827	$ 1,092
Weighted Average Remaining Amortization Period (Years)	2 years 4 months 24 days	2 years 1 month 6 days
Aggregate Intrinsic Value	$ 4,805	$ 1,863
Restricted Stock, Service Based
Number of Restricted Shares
Granted (in shares)	376,015	205,077
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 7.18	$ 5.88
Restricted Stock, Performance Based
Number of Restricted Shares
Granted (in shares)	100,239	131,293
Unvested, end of period (in shares)	142,373
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 7.39	$ 3.31
Unvested, end of period (in USD per share)	$ 6.08
Restricted Stock Time Vested
Number of Restricted Shares
Unvested, end of period (in shares)	453,041
Weighted Average Grant-Date Fair Value
Unvested, end of period (in USD per share)	$ 6.61
Contingent Restricted Stock Grants
Number of Restricted Shares
Unvested, beginning of period (in shares)	50,062	323,080
Forfeited (in shares)	(3,787)	(338,667)
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	$ 2.84
Forfeited (in USD per share)		2.90
Forfeited (in USD per share)	3.69
Unvested, end of period (in USD per share)	$ 3.49	$ 2.21
Unamortized compensation expense	$ 195	$ 68
Weighted Average Remaining Amortization Period (Years)	1 year 10 months 24 days	1 year 8 months 12 days
Aggregate Intrinsic Value	$ 778	$ 273
Performance Based Contingent Shares
Number of Restricted Shares
Granted (in shares)	50,123	65,649
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 4.79	$ 2.67

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income (loss)	$ 35,217	$ 32,628
Undistributed earnings allocated to unvested restricted stock	(560)	(673)
Net income (loss) for earnings per share calculation	$ 34,657	$ 31,955
Denominator
Weighted average number of common shares outstanding - Basic (in shares)	32,985	32,952
Effect of dilutive securities:
Unvested restricted stock (in shares)	193	354
Contingent restricted stock grants (in shares)	12
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	33,190	33,306
Net earnings (loss) per common share - Basic (in dollars per share)	$ 1.05	$ 0.97
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 1.04	$ 0.96

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	90,000	20,000

Leases (Details)

Leases (Details)	12 Months Ended
	Jun. 30, 2023 item
Leases
Lessee, finance lease or short term lease, number of contracts	0

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases
Operating lease costs	$ 58	$ 52
Variable lease costs	33	38
Total lease costs	91	90
Operating cash flows from operating leases	62	62
ROU assets obtained in exchange for new operating lease liabilities	212
Operating lease ROU asset (included in other assets)	183	21
Accrued liabilities and other - current	59	$ 26
Operating lease liability - long-term	$ 125
Weighted average remaining lease term in years	3 years 2 months 4 days	5 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
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities and other	Accrued liabilities and other

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Fiscal Year
2024	$ 61
2025	62
2026	64
2027	16
Total operating lease payments	203
Less: discount to present value	(19)
Total operating lease liabilities	184
Less: current operating lease liabilities	59	$ 26
Operating lease liability - long-term	$ 125
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Operating lease liability - long-term	Accrued Liabilities, Current, Operating lease liability - long-term

Additional Financial Statemen_3

Additional Financial Statement Information - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Prepaid expenses and other current assets:
Receivable for settlement proceeds from acquisitions		$ 2,263
Other receivables	$ 18	37
Prepaid insurance	727	743
Prepaid federal and state income taxes	805	8
Prepaid subscription and licenses	68	38
Carryback of EOR tax credit	347	347
Prepaid other	312	439
Total prepaid expenses and other current assets	2,277	3,875
Other assets:
Deposit	1,158	1,150
Right of use asset under operating lease	183	21
Other assets	1,341	1,171
Accrued liabilities and other:
Accrued payables	3,566	8,070
Accrued capital expenditures	167
Accrued incentive and other compensation	941	626
Accrued royalties payable	977	1,517
Accrued taxes other than income	178	178
Accrued severance	81	332
Accrued settlements on derivative contracts		919
Operating lease liability	59	26
Asset retirement obligations due within one year	55	22
Accrued - other	3	203
Total Accrued liabilities and other	$ 6,027	$ 11,893

Additional Financial Statemen_4

Additional Financial Statement Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Deposit	$ 1,158	$ 1,150
Receivables related to customary purchase adjustments		2,263
Jonah Field Acquisition
Schedule of Equity Method Investments [Line Items]
Deposit	$ 1,200
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

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Sep. 11, 2023	May 05, 2023	Jun. 30, 2023
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.12
Dividend declared, date declared	Sep. 11, 2023
Dividend declared, date of record	Sep. 22, 2023
Dividend declared, date to be paid	Sep. 29, 2023
Revolving credit facility | Senior Secured Reserve-Based Credit Facility | Line of Credit
Subsequent Event [Line Items]
Credit facility maturity date			Apr. 09, 2026
Margined collateral value		$ 95
Revolving credit facility | Senior Secured Reserve-Based Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit
Subsequent Event [Line Items]
Credit spread adjustment		0.05%