Evolution Petroleum (EPM) 10-Q 8 May 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-32942
Entity Registrant Name	EVOLUTION PETROLEUM CORP
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	41-1781991
Entity Address, Address Line One	1155 Dairy Ashford Road
Entity Address, Address Line Two	Suite 425
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	713
Local Phone Number	935-0122
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	EPM
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,357,632
Entity Central Index Key	0001006655
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 3,067	$ 11,034
Receivables from crude oil, natural gas, and natural gas liquids revenues	13,368	7,884
Derivative contract assets	347
Prepaid expenses and other current assets	6,275	2,277
Total current assets	23,057	21,195
Property and equipment, net of depletion, depreciation, and impairment
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	142,157	105,781
Other assets	1,318	1,341
Total assets	166,532	128,317
Current liabilities
Accounts payable	8,096	5,891
Accrued liabilities and other	5,985	6,027
Derivative contract liabilities	1,410
State and federal taxes payable		365
Total current liabilities	15,491	12,283
Long term liabilities
Senior secured credit facility	42,500
Deferred income taxes	6,927	6,803
Asset retirement obligations	18,079	17,012
Operating lease liability	79	125
Total liabilities	83,076	36,223
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,359,854 and 33,247,523 shares as of March 31, 2024 and June 30, 2023, respectively	33	33
Additional paid-in capital	40,652	40,098
Retained earnings	42,771	51,963
Total stockholders' equity	83,456	92,094
Total liabilities and stockholders' equity	$ 166,532	$ 128,317

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	33,359,854	33,247,523
Common stock, outstanding shares (in shares)	33,359,854	33,247,523

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 23,025	$ 36,867	$ 64,650	$ 110,340
Operating costs
Lease operating costs	12,624	13,570	36,865	47,727
Depletion, depreciation, and accretion	5,900	3,383	14,760	10,439
General and administrative expenses	2,417	2,267	7,522	7,320
Total operating costs	20,941	19,220	59,147	65,486
Income (loss) from operations	2,084	17,647	5,503	44,854
Other income (expense)
Net gain (loss) on derivative contracts	(1,183)	270	(1,183)	513
Interest and other income	63	13	283	26
Interest expense	(518)	(32)	(584)	(404)
Income (loss) before income taxes	446	17,898	4,019	44,989
Income tax (expense) benefit	(157)	(3,941)	(1,174)	(9,938)
Net income (loss)	$ 289	$ 13,957	$ 2,845	$ 35,051
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.01	$ 0.42	$ 0.09	$ 1.04
Diluted (in dollars per share)	$ 0.01	$ 0.41	$ 0.08	$ 1.04
Weighted average number of common shares outstanding:
Basic (in shares)	32,702	33,013	32,692	33,108
Diluted (in shares)	32,854	33,156	32,920	33,291
Crude oil
Revenues
Total revenues	$ 14,538	$ 11,799	$ 38,913	$ 40,062
Natural gas liquids
Revenues
Total revenues	2,627	3,470	7,794	11,462
Natural gas
Revenues
Total revenues	$ 5,860	$ 21,598	$ 17,943	$ 58,816

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		123 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)			$ 2,845	$ 35,051
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion	$ 5,900	$ 3,383	14,760	10,439
Stock-based compensation			1,585	1,155
Settlement of asset retirement obligations			(19)	(119)
Deferred income taxes			124	(100)
Unrealized (gain) loss on derivative contracts			1,063	(1,994)
Accrued settlements on derivative contracts			94	(1,130)
Other				(3)
Changes in operating assets and liabilities:
Receivables from crude oil, natural gas, and natural gas liquids revenues			(4,734)	16,483
Prepaid expenses and other current assets			(1,425)	(980)
Accounts payable and accrued liabilities			814	(8,146)
State and federal income taxes payable			(365)	1,063
Net cash provided by operating activities			14,742	51,719
Cash flows from investing activities:
Acquisition of oil and natural gas properties			(43,788)	(31)
Capital expenditures for oil and natural gas properties			(8,353)	(4,234)
Net cash used in investing activities			(52,141)	(4,265)
Cash flows from financing activities:
Common stock dividends paid			(12,037)	(12,114)	$ (114,400)
Common stock repurchases, including stock surrendered for tax withholding			(1,031)	(3,983)
Borrowings under senior secured credit facility			42,500
Repayments of senior secured credit facility				(21,250)
Net cash (used in) provided by financing activities			29,432	(37,347)
Net increase (decrease) in cash and cash equivalents			(7,967)	10,107
Cash and cash equivalents, beginning of period			11,034	8,280
Cash and cash equivalents, end of period	$ 3,067	$ 18,387	3,067	18,387	$ 3,067
Non-cash investing and financing transactions:
Increase (decrease) in accrued capital expenditures for oil and natural gas properties			2,193	$ (141)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations			$ 90

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Total
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				$ (3,983)	(3,983)
Retirements of treasury stock (in shares)	(650)
Retirements of treasury stock	$ (1)	(3,982)		3,983
Stock-based compensation		1,155			1,155
Net Income (Loss)			35,051		35,051
Common stock dividends paid			(12,114)		(12,114)
Balance (shares) at Mar. 31, 2023	33,271
Balance at Mar. 31, 2023	$ 33	39,801	55,789		95,623
Balance (shares) at Dec. 31, 2022	33,808
Balance at Dec. 31, 2022	$ 34	43,243	45,861		89,138
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	101
Common stock repurchases, including stock surrendered for tax withholding				(3,896)	(3,896)
Retirements of treasury stock (in shares)	(638)
Retirements of treasury stock	$ (1)	(3,895)		3,896
Stock-based compensation		453			453
Net Income (Loss)			13,957		13,957
Common stock dividends paid			(4,029)		(4,029)
Balance (shares) at Mar. 31, 2023	33,271
Balance at Mar. 31, 2023	$ 33	39,801	55,789		95,623
Balance (shares) at Jun. 30, 2023	33,248
Balance at Jun. 30, 2023	$ 33	40,098	51,963		92,094
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	293
Issuance of restricted common stock	$ 1	(1)
Common stock repurchases, including stock surrendered for tax withholding				(1,031)	(1,031)
Retirements of treasury stock (in shares)	(181)
Retirements of treasury stock	$ (1)	(1,030)		1,031
Stock-based compensation		1,585			1,585
Net Income (Loss)			2,845		2,845
Common stock dividends paid			(12,037)		(12,037)
Balance (shares) at Mar. 31, 2024	33,360
Balance at Mar. 31, 2024	$ 33	40,652	42,771		83,456
Balance (shares) at Dec. 31, 2023	33,507
Balance at Dec. 31, 2023	$ 34	40,920	46,485		87,439
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	5
Common stock repurchases, including stock surrendered for tax withholding				(818)	(818)
Retirements of treasury stock (in shares)	(152)
Retirements of treasury stock	$ (1)	(817)		$ 818
Stock-based compensation		549			549
Net Income (Loss)			289		289
Common stock dividends paid			(4,003)		(4,003)
Balance (shares) at Mar. 31, 2024	33,360
Balance at Mar. 31, 2024	$ 33	$ 40,652	$ 42,771		$ 83,456

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Mar. 31, 2024
Financial Statement Presentation
Financial Statement Presentation	Note 1. Financial Statement Presentation Nature of Operations. The Company’s oil and natural gas properties consist of non-operated interests in the following areas: the SCOOP and STACK plays of the Anadarko Basin located in central Oklahoma; Jonah 2 Interim Financial Statements. Principles of Consolidation and Reporting. “Accrued taxes other than federal and state income tax” “ Accrued payables ” “Additional Financial Statement Information.” Risk and Uncertainties. Oil and Natural Gas Properties. 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. ​ Use of Estimates. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures 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) 13 effective July 1, 2023. The adoption did not 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	9 Months Ended
	Mar. 31, 2024
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 SCOOP and STACK plays in central Oklahoma, t Jonah disaggregates the Company’s revenues by major product for the three and nine months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2024 ​ 2023 ​ 2024 2023 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil ​ $ 14,538 ​ $ 11,799 ​ $ 38,913 ​ $ 40,062 Natural gas ​ ​ 5,860 ​ ​ 21,598 ​ ​ 17,943 ​ ​ 58,816 Natural gas liquids ​ ​ 2,627 ​ ​ 3,470 ​ ​ 7,794 ​ ​ 11,462 Total revenues ​ $ 23,025 ​ $ 36,867 ​ $ 64,650 ​ $ 110,340 ​ 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 typically receives payment from the sale of oil and natural gas production one Judgments made in applying the guidance in ASC 606, Revenue from Contracts with Customers The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied upon control of produced hydrocarbons transferring to a customer at a specified delivery point. Consideration is allocated to completed performance obligations at the end of an accounting period. Revenue is recorded in the month when contractual performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received by field operators one “Receivables from crude oil, natural gas, and natural gas liquids revenues”

Acquisitions

Acquisitions	9 Months Ended
	Mar. 31, 2024
Acquisitions
Acquisitions	Note 3. Acquisitions SCOOP/STACK Acquisitions On February 12, 2024, the Company closed the acquisitions of certain non-operated oil and natural gas assets in the SCOOP and STACK plays in central Oklahoma (the "SCOOP/STACK Acquisitions") from Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC. After taking into account preliminary customary closing adjustments and an effective date of November 1, 2023, total combined cash consideration for the SCOOP/STACK Acquisitions was approximately $40.5 million, which includes $43.8 million paid at closing less interim purchase price adjustments totaling approximately $3.3 million related to net cash flows received on the properties subsequent to closing. The Company expects to receive the remaining net cash flows from the properties between the effective date of November 1, 2023 and the closing date, at the final post-closing settlement expected to occur during the fourth quarter of fiscal 2024. The Company accounted for these transactions as asset acquisitions and allocated all of the combined purchase price (including $0.2 million of transaction costs) to proved oil and natural gas properties. In addition, the Company recognized $0.1 million in non-cash asset retirement obligations, the estimated net present value of future net retirement costs. The transactions were funded with cash on hand and $42.5 million in borrowings under the Company’s Senior Secured Credit Facility. ​ The acquired assets consist of an average net working interest of approximately 3%, in 247 producing wells in the SCOOP and STACK plays of the Anadarko Basin in Oklahoma. The acquisitions also include approximately 3,700 net acres with more than 275 associated potential drilling opportunities. ​ Chaveroo Oilfield Participation Agreement ​ On September 12, 2023, the Company entered into a Participation Agreement with PEDEVCO for the joint development of a portion of PEDEVCO’s Permian Basin property in the Chaveroo oilfield, located in Chaves and Roosevelt Counties, New Mexico. The Participation Agreement does not include any of PEDEVCO’s existing vertical or horizontal wells. Upon signing the Participation Agreement, the Company paid total cash consideration of $0.4 million, which includes less than $0.1 million of capitalized transactions costs, in exchange for a 50% working interest share in the existing leases associated with two initial development blocks. As of March 31, 2024, the Company has participated in the drilling and completion of the first development block, consisting of three gross wells (1.5 net wells). Following the completion of the second development block, the Company will have the right, but not the obligation, to elect to participate and acquire a 50% working interest share in additional development blocks at a fixed price of $450 per net acre for up to a total of approximately 16,000 gross acres. ​

Property and Equipment

Property and Equipment	9 Months Ended
	Mar. 31, 2024
Property and Equipment
Property and Equipment	Note 4. Property and Equipment Property and equipment as of March 31, 2024 and June 30, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 June 30, 2023 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 247,106 ​ $ 197,049 Less: Accumulated depletion, depreciation, and impairment ​ ​ (104,949) ​ ​ (91,268) Oil and natural gas properties, net ​ $ 142,157 ​ $ 105,781 ​ 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 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. Additionally, the Company assesses all properties classified as unevaluated property on a quarterly basis for possible impairment. The Company assesses properties on an individual basis or as a group, if properties are individually insignificant. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and the full cost ceiling test limitation. Depletion of oil and natural gas properties was $13.7 million and $9.6 million for the nine months ended March 31, 2024 and 2023, respectively. During the nine months ended March 31, 2024 and 2023, the Company incurred development capital expenditures of $9.4 million and $4.4 million, respectively. At March 31, 2024, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended March 31, 2024 of the West Texas Intermediate (“WTI”) crude oil spot price of $77.64 per barrel and Henry Hub natural gas spot price of $2.44 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $29.88, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, at March 31, 2024 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties and, as a result, no write-down was applicable. At March 31, 2023, the ceiling test value of the Company’s reserves was calculated based on the first-day-of the month average for the 12-months ended March 31, 2023 of the WTI crude oil spot price of $91.38 per barrel and Henry Hub natural gas spot price of $5.97 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $47.07, which was based on historical prices received as NGLs do not have any single comparable reference index price. Using these prices, at March 31, 2023 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties and, as a result, no write-down was applicable.

Senior Secured Credit Facility

Senior Secured Credit Facility	9 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company had $42.5 million borrowings outstanding under its Senior Secured Credit Facility, resulting in $7.5 million of available borrowing capacity. For the nine months ended March 31, 2024 and 2023, the weighted average interest on borrowings under the Senior Secured Credit Facility was 8.13% and 5.25% , respectively. On February 12, 2024, the Company entered into an amendment to the Senior Secured Credit Facility. This amendment required that the Company enter into hedges for the next 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 subsequent amendments, as discussed above .

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	Note 6. Income Taxes The Company files a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during the periods presented in the unaudited condensed consolidated financial statements. The Company believes that it has appropriate support for the income tax positions taken and to be taken on the Company’s tax returns and that the accruals for tax liabilities are adequate for all open years based on its assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2020 through June 30, 2023 for federal tax purposes and for the fiscal years ended June 30, 2019 through June 30, 2023 for state tax purposes. To the extent the Company utilizes net operating losses (“NOLs”) generated in earlier years, such earlier years may also be subject to audit. For nine months ended March 31, 2024, the Company recognized income tax expense of $1.2 million and had an effective tax rate of 29.2% compared to income tax expense of $9.9 million and an effective tax rate of 22.1% for the nine months ended March 31, 2023. 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, Oklahoma and North Dakota, percentage depletion in excess of basis, and other permanent differences. For both periods, the respective statutory federal tax rate was 21%. ​ Deferred income taxes primarily represent the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Derivatives

Derivatives	9 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company did not post collateral under any of its derivative contracts during the periods in which contracts were open as they were secured under the Company’s Senior Secured Credit Facility. When the Company utilizes commodity derivative contracts, it expects to enter into deferred premium puts, costless put/call collars and/or fixed-price swaps to hedge a portion of its anticipated future production. A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract, and a purchased put that establishes a minimum price. Fixed-price swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for the volumes under contract. The Company has elected not to designate its open derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of the derivative contracts and all payments and receipts on settled derivative contracts in “ Net gain (loss) on derivative contracts All derivative contracts are recorded at fair market value in accordance with ASC 815, Derivatives and Hedging Fair Value Measurement and included in the unaudited condensed consolidated balance sheets as assets or liabilities. The “Derivative contract assets” and “Derivative contract liabilities” represent the difference between the market commodity prices and the hedged prices for the remaining volumes of production hedges as of March 31, 2024 (the “mark-to-market valuation”). The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of March 31, 2024 and June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Assets ​ Balance sheet ​ Derivative Contract Liabilities under ASC 815 location March 31, 2024 June 30, 2023 location March 31, 2024 June 30, 2023 Commodity contracts ​ Current assets - derivative contract assets ​ $ 347 ​ $ — ​ Current liabilities - derivative contract liabilities ​ $ 1,410 ​ $ — Commodity contracts ​ Other assets - derivative contract assets ​ ​ — ​ ​ — ​ Long term liabilities - derivative contract liabilities ​ ​ — ​ ​ — Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 347 ​ $ — ​ ​ ​ $ 1,410 ​ $ — ​ The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended March 31, 2024 and 2023 (in thousands). “Realized gain (loss) on derivative contracts” “Unrealized gain (loss) on derivative contracts” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain (loss) ​ Three Months Ended ​ Nine Months Ended as hedging contracts ​ recognized in income on ​ March 31, ​ March 31, under ASC 815 derivative contracts 2024 ​ 2023 ​ 2024 2023 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ $ (120) ​ $ 465 ​ $ (120) ​ $ (1,481) Unrealized gain (loss) on derivative contracts ​ Other income and expenses - net gain (loss) on derivative contracts ​ ​ (1,063) ​ ​ (195) ​ ​ (1,063) ​ ​ 1,994 Total net gain (loss) on derivative contracts ​ ​ ​ $ (1,183) ​ $ 270 ​ $ (1,183) ​ $ 513 ​ As of March 31, 2024, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ ​ ​ Volumes in ​ Swap Price per ​ Floor Price per ​ Ceiling Price per Period Instrument Commodity MMBTU/BBL ​ MMBTU/BBL MMBTU/BBL MMBTU/BBL April 2024 - June 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 24,250 ​ $ 73.41 ​ ​ ​ ​ ​ ​ April 2024 - June 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 14,467 ​ ​ 73.30 ​ ​ ​ ​ ​ ​ April 2024 - June 2024 ​ Put ​ Crude Oil ​ 38,717 ​ ​ ​ ​ $ 75.00 ​ ​ ​ July 2024 - December 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 73,558 ​ ​ 74.20 ​ ​ ​ ​ ​ ​ July 2024 - December 2024 ​ Collar ​ Crude Oil ​ 73,558 ​ ​ ​ ​ ​ 70.00 ​ $ 77.40 January 2025 - March 2025 ​ Collar ​ Crude Oil ​ 42,566 ​ ​ ​ ​ ​ 68.00 ​ ​ 73.77 January 2025 - February 2025 ​ Fixed-Price Swap ​ Natural Gas ​ 312,286 ​ ​ 3.56 ​ ​ ​ ​ ​ ​ ​ Subsequent to March 31, 2024, the Company entered into the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ ​ ​ Volumes in ​ Swap Price per ​ Floor Price per ​ Ceiling Price per Period Instrument Commodity MMBTU/BBL ​ MMBTU/BBL MMBTU/BBL MMBTU/BBL April 2025 - June 2025 ​ Collar ​ Crude Oil ​ 41,601 ​ ​ ​ ​ $ 65.00 ​ $ 84.00 March 2025 - December 2026 ​ Fixed-Price Swap ​ Natural Gas ​ 3,170,705 ​ $ 3.60 ​ ​ ​ ​ ​ ​ ​ The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited condensed consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of March 31, 2024 and June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Assets ​ Derivative Contracts Liabilities Offsetting of Derivative Assets and Liabilities March 31, 2024 June 30, 2023 March 31, 2024 June 30, 2023 Gross amounts presented in the Consolidated Balance Sheet ​ $ 347 ​ $ — ​ $ 1,410 ​ $ — Amounts not offset in the Consolidated Balance Sheet ​ ​ (347) ​ ​ — ​ ​ (347) ​ ​ — Net amount ​ $ — ​ $ — ​ $ 1,063 ​ $ — ​ The Company enters into an International Swap Dealers Association Master Agreements (“ISDA”) with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Mar. 31, 2024
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. corroborated (Level 2), or generally unobservable (Level 3). The Company classifies fair value balances based on observability of those inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 347 ​ $ — ​ $ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 1,410 ​ $ — ​ $ 1,410 ​ ​ Derivative contracts listed above as Level 2 include fixed-price swaps and costless put/call collars that are carried at fair value. The Company records the net change in fair value of these positions in “Net gain (loss) on derivative contracts” “Derivatives The Company’s derivative contracts are with large utilities with investment grade credit ratings which are believed to have minimal credit risk. As such, the Company was exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts; however, the Company does not expect such nonperformance. 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 judgement, 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 in this report. ​ Other Fair Value Measurements. Financial Instruments The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. These provisions apply to the Company’s initial measurement and any subsequent revision of asset retirement obligations (“ARO”) for which fair value is calculated using discounted future cash flows derived from historical costs and management’s expectations of future cost environments. Significant Level 3 inputs used in the calculation of ARO include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values. See Note 9, “Asset Retirement Obligations ”

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Mar. 31, 2024
Asset Retirement Obligations
Asset Retirement Obligations	Note 9. Asset Retirement Obligations The Company’s ARO represents the estimated present value of the amount expected to be incurred to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the unaudited condensed consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, subject to amortization, net” “Depletion, depreciation and accretion” ​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the period ended March 31, 2024 (in thousands): ​ ​ ​ ​ March 31, 2024 Asset retirement obligations — beginning of period ​ $ 17,067 Liabilities acquired (1) ​ ​ 90 Accretion of discount ​ ​ 1,080 Asset retirement obligations — end of period ​ ​ 18,237 Less: current asset retirement obligations ​ ​ (158) Long-term portion of asset retirement obligations ​ $ 18,079 ​ (1) See Note 3, “Acquisitions,” for additional information on the Company’s acquisition activities.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2024
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 subject to estimation. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2024
Stockholders' Equity
Stockholders' Equity	Note 11. Stockholders’ Equity Common Stock As of March 31, 2024, the Company had 33,359,854 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of March 31, 2024, the Company has cumulatively paid over $114.4 million in cash dividends. The Company paid dividends of $12.0 million and $12.1 million to its common stockholders during the nine months ended March 31, 2024 and 2023, respectively. The following table reflects the dividends paid per share within the respective three-month periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2024 2023 Third quarter ended March 31, ​ $ 0.120 ​ $ 0.120 Second quarter ended December 31, ​ ​ 0.120 ​ ​ 0.120 First quarter ended September 30, ​ ​ 0.120 ​ ​ 0.120 ​ 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. As of March 31, 2024, a total of 0.8 million shares of the Company’s common stock have been repurchased under the plan at a total cost of approximately $4.6 million, including incremental direct transaction costs. ​ 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 three and nine months ended March 31, 2023, 0.6 million shares of the Company’s common stock were repurchased under the plan at a total cost of approximately $3.9 million, including incremental direct transaction costs. These treasury shares were subsequently cancelled. ​ In November 2023, the Company entered into a Rule 10b5-1 plan that authorizes a broker to repurchase shares in the open market subject to pre-defined limitations on trading volume and price. The plan is effective until June 30, 2024, unless extended, renewed or terminated by the Company, and has a maximum authorized amount of $0.8 million over that period. The Company may alter the terms of the plan from time to time to the extent it determines changes are necessary to achieve the intended objectives of the repurchase program. During the three and nine months ended March 31, 2024, 0.1 million shares of the Company’s common stock were repurchased under the plan at a total cost of approximately $0.8 million, including incremental direct transaction costs. These treasury shares were subsequently cancelled. ​ During the nine months ended March 31, 2024 and 2023, the Company acquired treasury stock upon the ordinary course of scheduled vestings of employee stock-based awards to fund payroll tax withholding obligations. These treasury shares were subsequently cancelled. Such shares were valued at fair market value on the date of vesting. ​ The following table summarizes all treasury stock purchases during the nine months ended March 31, 2024 and 2023 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2024 ​ 2023 Number of treasury shares acquired (1) ​ ​ 181 ​ ​ 650 Average cost per share (1) ​ $ 5.70 ​ $ 6.13 Total cost of treasury shares acquired ​ $ 1,031 ​ $ 3,983 (1) For the nine months ended March 31, 2024, includes 140,672 shares repurchased under the Company’s share repurchase program for a weighted average price of $5.33 per share. For the nine months ended March 31, 2023, includes 633,789 shares repurchased under the Company’s share repurchase program for a weighted average price of $6.07 per share. ​ Expected Tax Treatment of Dividends For the fiscal year ended June 30, 2023, 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, 2024, the Company expects all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on the Company’s reasonable expectations as of March 31, 2024 and are subject to change based on the Company’s final tax calculations at the end of the fiscal year. Stock-Based Incentive Plan The Evolution Petroleum Corporation 2016 Equity Incentive Plan (as amended, the “2016 Plan”) authorizes the issuance of 3.6 million shares of common stock prior to its expiration on December 8, 2026. Incentives under the 2016 Plan may be granted to employees, directors, and consultants of the Company in any one or a combination of the following forms: incentive stock options and non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards, performance share awards, performance cash awards, and other forms of incentives valued in whole or in part by reference to, or otherwise based on, the Company’s common stock, including its appreciation in value. As of March 31, 2024 and June 30, 2023, approximately 0.9 million shares and 1.3 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. During the three and nine months ended March 31, 2024, the Company recognized $0.5 million and $1.6 million, respectively, related to stock-based compensation. During the three and nine months ended March 31, 2023, the Company recognized $0.5 million and $1.2 million, respectively, related to stock-based compensation expense. Stock-based compensation expense is recorded as a component of “ General and administrative expenses Time-Vested Restricted Stock Awards Time-vested restricted stock awards contain service-based vesting conditions and expire after a maximum of four years three Performance-Based Restricted Stock Awards and Performance-Based Contingent Stock Units Performance-based restricted stock awards and performance-based contingent stock units contain market-based vesting conditions based on the price of the Company’s common stock, the intrinsic value indexed solely to its common stock or the intrinsic value indexed to its common stock compared to the performance of the common stock of its peers. The common shares underlying the Company’s performance-based restricted stock awards are issued on the date of grant and participate in dividends paid by the Company and expire after a maximum of four years four years Vesting of grants with performance-based vesting conditions is dependent on the future price of the Company’s common stock. Such awards vest in part or in full if the trailing total returns on the Company’s common stock for a specified three-year period exceed the corresponding total returns of various quartiles of indices consisting of peer companies or, in some cases, vest when the average of the Company’s closing common stock price over a defined measurement period meets or exceeds a required common stock price. During the nine months ended March 31, 2024, the Company granted a total of 0.4 million equity awards that included 0.2 million time-vested restricted stock awards, 0.1 million performance-based restricted stock awards, and 0.1 million performance-based contingent stock units. During the nine months ended March 31, 2023, the Company granted a total of 0.5 million equity awards that included 0.4 million time-vested restricted stock awards, 0.1 million performance-based restricted stock awards, and less than 0.05 million of performance-based contingent stock units. For performance-based awards granted during the nine months ended March 31, 2024 and 2023, the assumptions used in the Monte Carlo simulation valuations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2024 2023 Weighted average fair value of performance-based awards granted ​ $ 3.58 ​ $ 6.52 Risk-free interest rate ​ ​ 4.87% ​ ​ 3.91% to 4.51% Expected term in years ​ ​ 2.77 ​ ​ 2.36 to 2.78 Expected volatility ​ ​ 55.0% ​ ​ 56.5% to 70.9% Dividend yield ​ ​ 7.4% ​ ​ 6.1% to 7.8% ​ Unvested restricted stock awards as of March 31, 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 407,103 ​ $ 6.59 Performance-based awards ​ 278,688 ​ ​ 5.46 Unvested at March 31, 2024 ​ 685,791 ​ $ 6.13 ​ ​ The following table sets forth the restricted stock award transactions for the nine months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Shares Fair Value (In thousands) Period (Years) Unvested at June 30, 2023 ​ 595,414 ​ ​ 6.48 ​ $ 2,827 ​ 2.4 Time-vested shares granted ​ 157,192 ​ ​ 6.22 ​ ​ ​ ​ ​ Performance-based shares granted ​ 136,315 ​ ​ 4.80 ​ ​ ​ ​ ​ Vested ​ (203,130) ​ ​ 6.33 ​ ​ ​ ​ ​ Unvested at March 31, 2024 ​ 685,791 ​ $ 6.13 ​ $ 2,995 ​ 1.9 ​ ​ The following table sets forth ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization Stock Units Fair Value (In thousands) Period (Years) Unvested at June 30, 2023 ​ 96,398 ​ $ 3.49 ​ $ 195 ​ 1.9 Performance-based awards granted ​ 102,239 ​ ​ 1.95 ​ ​ ​ ​ ​ Unvested at March 31, 2024 ​ 198,637 ​ $ 2.70 ​ $ 275 ​ 1.8 ​

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	9 Months Ended
	Mar. 31, 2024
Earnings (Loss) per Common Share
Earnings (Loss) per Common Share	Note 12. Earnings (Loss) per Common Share The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2024 ​ 2023 ​ 2024 2023 Numerator ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 289 ​ $ 13,957 ​ $ 2,845 ​ $ 35,051 Undistributed earnings allocated to unvested restricted stock ​ ​ (6) ​ ​ (253) ​ ​ (58) ​ ​ (515) Net income (loss) for earnings per share calculation ​ $ 283 ​ $ 13,704 ​ $ 2,787 ​ $ 34,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,702 ​ ​ 33,013 ​ ​ 32,692 ​ ​ 33,108 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock awards ​ ​ 124 ​ ​ 143 ​ ​ 192 ​ ​ 178 Unvested contingent restricted stock units ​ ​ 28 ​ ​ — ​ ​ 36 ​ ​ 5 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 32,854 ​ ​ 33,156 ​ ​ 32,920 ​ ​ 33,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share — Basic ​ $ 0.01 ​ $ 0.42 ​ $ 0.09 ​ $ 1.04 Net income (loss) per common share — Diluted ​ $ 0.01 ​ $ 0.41 ​ $ 0.08 ​ $ 1.04 ​ Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.1 million for each of the three and nine months ended March 31, 2024 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 0.3 million and 0.1 million for the three and nine months ended March 31, 2023, respectively, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. In addition, unvested performance-based restricted stock awards and unvested contingent restricted stock units that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.

Additional Financial Statement

Additional Financial Statement Information	9 Months Ended
	Mar. 31, 2024
Additional Financial Statement Information
Additional Financial Statement Information	Note 13. Additional Financial Statement Information ​ Certain amounts on the unaudited condensed consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2024 June 30, 2023 Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Other receivables (1) ​ $ 2,576 ​ $ 18 Prepaid insurance ​ ​ 311 ​ ​ 727 Prepaid federal and state income taxes ​ ​ 1,980 ​ ​ 805 Carryback of EOR tax credit ​ ​ 347 ​ ​ 347 Advances to operators ​ ​ 594 ​ ​ — Prepaid other ​ ​ 467 ​ ​ 380 Total prepaid expenses and other current assets ​ $ 6,275 ​ $ 2,277 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Deposit ​ $ 1,158 ​ $ 1,158 Right of use asset under operating lease ​ ​ 160 ​ ​ 183 Total other assets ​ $ 1,318 ​ $ 1,341 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 2,789 ​ $ 3,005 Accrued capital expenditures ​ ​ — ​ ​ 167 Accrued incentive and other compensation ​ ​ 902 ​ ​ 941 Accrued royalties payable ​ ​ 625 ​ ​ 977 Accrued taxes other than federal and state income tax ​ ​ 1,166 ​ ​ 739 Accrued severance ​ ​ — ​ ​ 81 Accrued settlements on derivative contracts ​ ​ 94 ​ ​ — Operating lease liability ​ ​ 97 ​ ​ 59 Asset retirement obligations due within one year ​ ​ 158 ​ ​ 55 Accrued - other ​ ​ 154 ​ ​ 3 Total accrued liabilities and other ​ $ 5,985 ​ $ 6,027 ​ (1) At March 31, 2024, includes $2.6 million receivable related to customary purchase price adjustments related to the SCOOP/STACK Acquisitions. See Note 3, “Acquisitions” for a further discussion.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	Note 14. Subsequent Events Dividend Declaration ​ On May 6, 2024, the Company declared a quarterly cash dividend of $0.120 per share of common stock to shareholders of record on June 14, 2024 and payable on June 28, 2024. ​ ​ ​ ​

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Mar. 31, 2024
Financial Statement Presentation
Nature of Operations	Nature of Operations. The Company’s oil and natural gas properties consist of non-operated interests in the following areas: the SCOOP and STACK plays of the Anadarko Basin located in central Oklahoma; Jonah 2
Interim Financial Statements	Interim Financial Statements.
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. “Accrued taxes other than federal and state income tax” “ Accrued payables ” “Additional Financial Statement Information.”
Risk and Uncertainties	Risk and Uncertainties.
Use of Estimates	Use of Estimates.
Oil and Natural Gas Properties	Oil and Natural Gas Properties. 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures 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) 13 effective July 1, 2023. The adoption did not 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)	9 Months Ended
	Mar. 31, 2024
Revenue Recognition
Schedule of disaggregates the Company's revenues by major product	disaggregates the Company’s revenues by major product for the three and nine months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2024 ​ 2023 ​ 2024 2023 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil ​ $ 14,538 ​ $ 11,799 ​ $ 38,913 ​ $ 40,062 Natural gas ​ ​ 5,860 ​ ​ 21,598 ​ ​ 17,943 ​ ​ 58,816 Natural gas liquids ​ ​ 2,627 ​ ​ 3,470 ​ ​ 7,794 ​ ​ 11,462 Total revenues ​ $ 23,025 ​ $ 36,867 ​ $ 64,650 ​ $ 110,340

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Mar. 31, 2024
Property and Equipment
Schedule of property and equipment	Property and equipment as of March 31, 2024 and June 30, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 June 30, 2023 Oil and natural gas properties ​ ​ ​ ​ Property costs subject to amortization ​ $ 247,106 ​ $ 197,049 Less: Accumulated depletion, depreciation, and impairment ​ ​ (104,949) ​ ​ (91,268) Oil and natural gas properties, net ​ $ 142,157 ​ $ 105,781

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Mar. 31, 2024
Derivatives
Schedule of the Location and Fair Value Amounts of All Derivative Contracts in the Unaudited Condensed Consolidated Balance Sheets	The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of March 31, 2024 and June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Assets ​ Balance sheet ​ Derivative Contract Liabilities under ASC 815 location March 31, 2024 June 30, 2023 location March 31, 2024 June 30, 2023 Commodity contracts ​ Current assets - derivative contract assets ​ $ 347 ​ $ — ​ Current liabilities - derivative contract liabilities ​ $ 1,410 ​ $ — Commodity contracts ​ Other assets - derivative contract assets ​ ​ — ​ ​ — ​ Long term liabilities - derivative contract liabilities ​ ​ — ​ ​ — Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 347 ​ $ — ​ ​ ​ $ 1,410 ​ $ —
Schedule of Derivative Instruments	As of March 31, 2024, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ ​ ​ Volumes in ​ Swap Price per ​ Floor Price per ​ Ceiling Price per Period Instrument Commodity MMBTU/BBL ​ MMBTU/BBL MMBTU/BBL MMBTU/BBL April 2024 - June 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 24,250 ​ $ 73.41 ​ ​ ​ ​ ​ ​ April 2024 - June 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 14,467 ​ ​ 73.30 ​ ​ ​ ​ ​ ​ April 2024 - June 2024 ​ Put ​ Crude Oil ​ 38,717 ​ ​ ​ ​ $ 75.00 ​ ​ ​ July 2024 - December 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 73,558 ​ ​ 74.20 ​ ​ ​ ​ ​ ​ July 2024 - December 2024 ​ Collar ​ Crude Oil ​ 73,558 ​ ​ ​ ​ ​ 70.00 ​ $ 77.40 January 2025 - March 2025 ​ Collar ​ Crude Oil ​ 42,566 ​ ​ ​ ​ ​ 68.00 ​ ​ 73.77 January 2025 - February 2025 ​ Fixed-Price Swap ​ Natural Gas ​ 312,286 ​ ​ 3.56 ​ ​ ​ ​ ​ ​ ​ Subsequent to March 31, 2024, the Company entered into the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ ​ ​ Volumes in ​ Swap Price per ​ Floor Price per ​ Ceiling Price per Period Instrument Commodity MMBTU/BBL ​ MMBTU/BBL MMBTU/BBL MMBTU/BBL April 2025 - June 2025 ​ Collar ​ Crude Oil ​ 41,601 ​ ​ ​ ​ $ 65.00 ​ $ 84.00 March 2025 - December 2026 ​ Fixed-Price Swap ​ Natural Gas ​ 3,170,705 ​ $ 3.60 ​ ​ ​ ​ ​ ​
Derivative Instruments, Gain (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts ​ Balance sheet ​ Derivative Contract Assets ​ Balance sheet ​ Derivative Contract Liabilities under ASC 815 location March 31, 2024 June 30, 2023 location March 31, 2024 June 30, 2023 Commodity contracts ​ Current assets - derivative contract assets ​ $ 347 ​ $ — ​ Current liabilities - derivative contract liabilities ​ $ 1,410 ​ $ — Commodity contracts ​ Other assets - derivative contract assets ​ ​ — ​ ​ — ​ Long term liabilities - derivative contract liabilities ​ ​ — ​ ​ — Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 347 ​ $ — ​ ​ ​ $ 1,410 ​ $ —
Offsetting Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Assets ​ Derivative Contracts Liabilities Offsetting of Derivative Assets and Liabilities March 31, 2024 June 30, 2023 March 31, 2024 June 30, 2023 Gross amounts presented in the Consolidated Balance Sheet ​ $ 347 ​ $ — ​ $ 1,410 ​ $ — Amounts not offset in the Consolidated Balance Sheet ​ ​ (347) ​ ​ — ​ ​ (347) ​ ​ — Net amount ​ $ — ​ $ — ​ $ 1,063 ​ $ —
Offsetting Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Assets ​ Derivative Contracts Liabilities Offsetting of Derivative Assets and Liabilities March 31, 2024 June 30, 2023 March 31, 2024 June 30, 2023 Gross amounts presented in the Consolidated Balance Sheet ​ $ 347 ​ $ — ​ $ 1,410 ​ $ — Amounts not offset in the Consolidated Balance Sheet ​ ​ (347) ​ ​ — ​ ​ (347) ​ ​ — Net amount ​ $ — ​ $ — ​ $ 1,063 ​ $ —

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Mar. 31, 2024
Fair Value Measurement
Schedule of Derivative Assets at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract assets ​ $ — ​ $ 347 ​ $ — ​ $ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contract liabilities ​ $ — ​ $ 1,410 ​ $ — ​ $ 1,410

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Mar. 31, 2024
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 period ended March 31, 2024 (in thousands): ​ ​ ​ ​ March 31, 2024 Asset retirement obligations — beginning of period ​ $ 17,067 Liabilities acquired (1) ​ ​ 90 Accretion of discount ​ ​ 1,080 Asset retirement obligations — end of period ​ ​ 18,237 Less: current asset retirement obligations ​ ​ (158) Long-term portion of asset retirement obligations ​ $ 18,079 ​ (1) See Note 3, “Acquisitions,” for additional information on the Company’s acquisition activities.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared and paid	The following table reflects the dividends paid per share within the respective three-month periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ 2024 2023 Third quarter ended March 31, ​ $ 0.120 ​ $ 0.120 Second quarter ended December 31, ​ ​ 0.120 ​ ​ 0.120 First quarter ended September 30, ​ ​ 0.120 ​ ​ 0.120
Schedule of share repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2024 ​ 2023 Number of treasury shares acquired (1) ​ ​ 181 ​ ​ 650 Average cost per share (1) ​ $ 5.70 ​ $ 6.13 Total cost of treasury shares acquired ​ $ 1,031 ​ $ 3,983
Schedule of Market-based Award Valuation Assumptions	For performance-based awards granted during the nine months ended March 31, 2024 and 2023, the assumptions used in the Monte Carlo simulation valuations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ March 31, ​ 2024 2023 Weighted average fair value of performance-based awards granted ​ $ 3.58 ​ $ 6.52 Risk-free interest rate ​ ​ 4.87% ​ ​ 3.91% to 4.51% Expected term in years ​ ​ 2.77 ​ ​ 2.36 to 2.78 Expected volatility ​ ​ 55.0% ​ ​ 56.5% to 70.9% Dividend yield ​ ​ 7.4% ​ ​ 6.1% to 7.8%
Schedule of restricted stock unit transactions	Unvested restricted stock awards as of March 31, 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant-Date Award Type Shares Fair Value Time-vested awards ​ 407,103 ​ $ 6.59 Performance-based awards ​ 278,688 ​ ​ 5.46 Unvested at March 31, 2024 ​ 685,791 ​ $ 6.13
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit transactions	The following table sets forth the restricted stock award transactions for the nine months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Unamortized ​ Average ​ ​ Number of ​ Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization ​ Shares Fair Value (In thousands) Period (Years) Unvested at June 30, 2023 ​ 595,414 ​ ​ 6.48 ​ $ 2,827 ​ 2.4 Time-vested shares granted ​ 157,192 ​ ​ 6.22 ​ ​ ​ ​ ​ Performance-based shares granted ​ 136,315 ​ ​ 4.80 ​ ​ ​ ​ ​ Vested ​ (203,130) ​ ​ 6.33 ​ ​ ​ ​ ​ Unvested at March 31, 2024 ​ 685,791 ​ $ 6.13 ​ $ 2,995 ​ 1.9
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit transactions	The following table sets forth ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Unamortized ​ Average ​ ​ Number of ​ Weighted Average ​ Compensation ​ Remaining ​ ​ Restricted ​ Grant-Date ​ Expense ​ Amortization Stock Units Fair Value (In thousands) Period (Years) Unvested at June 30, 2023 ​ 96,398 ​ $ 3.49 ​ $ 195 ​ 1.9 Performance-based awards granted ​ 102,239 ​ ​ 1.95 ​ ​ ​ ​ ​ Unvested at March 31, 2024 ​ 198,637 ​ $ 2.70 ​ $ 275 ​ 1.8 ​

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	9 Months Ended
	Mar. 31, 2024
Earnings (Loss) per Common Share
Schedule of computation of basic and diluted income (loss) per share	The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, 2024 ​ 2023 ​ 2024 2023 Numerator ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 289 ​ $ 13,957 ​ $ 2,845 ​ $ 35,051 Undistributed earnings allocated to unvested restricted stock ​ ​ (6) ​ ​ (253) ​ ​ (58) ​ ​ (515) Net income (loss) for earnings per share calculation ​ $ 283 ​ $ 13,704 ​ $ 2,787 ​ $ 34,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — Basic ​ ​ 32,702 ​ ​ 33,013 ​ ​ 32,692 ​ ​ 33,108 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock awards ​ ​ 124 ​ ​ 143 ​ ​ 192 ​ ​ 178 Unvested contingent restricted stock units ​ ​ 28 ​ ​ — ​ ​ 36 ​ ​ 5 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share ​ ​ 32,854 ​ ​ 33,156 ​ ​ 32,920 ​ ​ 33,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share — Basic ​ $ 0.01 ​ $ 0.42 ​ $ 0.09 ​ $ 1.04 Net income (loss) per common share — Diluted ​ $ 0.01 ​ $ 0.41 ​ $ 0.08 ​ $ 1.04

Additional Financial Statemen_2

Additional Financial Statement Information (Tables)	9 Months Ended
	Mar. 31, 2024
Additional Financial Statement Information
Additional Financial Statement Information	Certain amounts on the unaudited condensed consolidated balance sheets are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2024 June 30, 2023 Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ Other receivables (1) ​ $ 2,576 ​ $ 18 Prepaid insurance ​ ​ 311 ​ ​ 727 Prepaid federal and state income taxes ​ ​ 1,980 ​ ​ 805 Carryback of EOR tax credit ​ ​ 347 ​ ​ 347 Advances to operators ​ ​ 594 ​ ​ — Prepaid other ​ ​ 467 ​ ​ 380 Total prepaid expenses and other current assets ​ $ 6,275 ​ $ 2,277 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Deposit ​ $ 1,158 ​ $ 1,158 Right of use asset under operating lease ​ ​ 160 ​ ​ 183 Total other assets ​ $ 1,318 ​ $ 1,341 ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and other: ​ ​ ​ ​ ​ ​ Accrued payables ​ $ 2,789 ​ $ 3,005 Accrued capital expenditures ​ ​ — ​ ​ 167 Accrued incentive and other compensation ​ ​ 902 ​ ​ 941 Accrued royalties payable ​ ​ 625 ​ ​ 977 Accrued taxes other than federal and state income tax ​ ​ 1,166 ​ ​ 739 Accrued severance ​ ​ — ​ ​ 81 Accrued settlements on derivative contracts ​ ​ 94 ​ ​ — Operating lease liability ​ ​ 97 ​ ​ 59 Asset retirement obligations due within one year ​ ​ 158 ​ ​ 55 Accrued - other ​ ​ 154 ​ ​ 3 Total accrued liabilities and other ​ $ 5,985 ​ $ 6,027 ​ (1) At March 31, 2024, includes $2.6 million receivable related to customary purchase price adjustments related to the SCOOP/STACK Acquisitions. See Note 3, “Acquisitions” for a further discussion.

Financial Statement Presentat_3

Financial Statement Presentation - Nature of Operations (Details) $ in Thousands	Mar. 31, 2024 USD ($) item	Jun. 30, 2023 USD ($)
Reclassification [Line Items]
Number of wells with overriding royalty interest | item	4
Accrued taxes other than federal and state income tax	$ 1,166	$ 739
Accrued payables	$ 2,789	3,005
Revision of Prior Period, Reclassification, Adjustment [Member]
Reclassification [Line Items]
Accrued taxes other than federal and state income tax		600
Accrued payables		$ (600)

Revenue Recognition - Revenues

Revenue Recognition - Revenues By Major Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition
Total revenues	$ 23,025	$ 36,867	$ 64,650	$ 110,340
Crude oil
Revenue Recognition
Total revenues	14,538	11,799	38,913	40,062
Natural gas
Revenue Recognition
Total revenues	5,860	21,598	17,943	58,816
Natural gas liquids
Revenue Recognition
Total revenues	$ 2,627	$ 3,470	$ 7,794	$ 11,462

Revenue Recognition (Details)

Revenue Recognition (Details)	9 Months Ended
	Mar. 31, 2024
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) $ in Millions	Feb. 12, 2024 USD ($) a item	Sep. 12, 2023 USD ($) a item $ / a
SCOOP/STACK Acquisitions
Acquisitions
Payments for productive assets	$ 40.5
Total purchase consideration for asset acquisition	43.8
Interim purchase price adjustments	(3.3)
Transaction cost of asset acquisition	0.2
Asset retirement obligations of asset acquisition	0.1
Consideration funded with senior secured credit facility	$ 42.5
Average working interest	3%
Number of producing wells | item	247
Number of acres included in acquisitions | a	3,700
Minimum number of drilling opportunities | item	275
PEDEVCO's Permian Basin Property in Chaveroo Oilfield
Acquisitions
Total purchase consideration for asset acquisition		$ 0.4
Transaction cost of asset acquisition		$ 0.1
Working interest share (in percent)		50%
Number of initial development blocks | item		2
Percentage of working interest to be acquired		50%
Cost per acre of optional development block | $ / a		450
Total number of acres | a		16,000

Property and Equipment - Other

Property and Equipment - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Oil and natural gas properties
Property costs subject to amortization	$ 247,106	$ 197,049
Less: Accumulated depletion, depreciation, and accretion	(104,949)	(91,268)
Total property and equipment, net	$ 142,157	$ 105,781

Property and Equipment (Details

Property and Equipment (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($) $ / bbl $ / MMBTU	Mar. 31, 2023 USD ($) $ / bbl $ / MMBTU	Jun. 30, 2023 USD ($)
Property and Equipment
Property costs subject to amortization	$ 247,106		$ 197,049
Depletion	13,700	$ 9,600
Capital expenditures	9,400	4,400
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	2.44	5.97
Net price per barrel (in dollars per barrel) | $ / bbl	29.88	47.07
Crude oil
Property and Equipment
Oil and gas prices first day average of twelve months of West Texas Intermediate spot market price for ceiling test | $ / bbl	77.64	91.38

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) $ in Millions					3 Months Ended	9 Months Ended
	Feb. 12, 2024	May 05, 2023 USD ($) agreement	Feb. 07, 2022	Apr. 11, 2016 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023	Nov. 09, 2021 USD ($)
Debt Instrument [Line Items]
Minimum current ratio				1
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				$ 50
Available borrowing capacity					$ 7.5	$ 7.5
Credit facility maturity date		Apr. 09, 2026
Credit facility, number of rights to interim unscheduled redeterminations | agreement		1
Minimum consolidated tangible net worth				$ 40
Long-term line of credit					$ 42.5	$ 42.5
Weighted average interest rate					8.13%	8.13%	5.25%
Commitment fee percentage				0.25%
Maximum total leverage ratio (not more than)				3
Current borrowing base					$ 50	$ 50
Margined collateral value		$ 95
Covenant compliance						As of March 31, 2024, the Company is in compliance with the financial covenants under the Senior Secured Credit Facility.
Debt instrument, covenant, percent of borrowings base utilized								25%
Hedge period	12 months		12 months		12 months
Line of Credit | Senior Secured Reserve-Based Credit Facility | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Percentage of production hedged								25%
Percent of instrument hedged			25%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Percentage of production 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%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Crude oil | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Percentage of production hedged	40%				40%	40%
Line of Credit | Senior Secured Reserve-Based Credit Facility | Crude Oil and Natural Gas Liquids (NGL) [Member] | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Percentage of production hedged	25%				25%	25%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Accrued interest and penalties	0	0	0	0
Income tax expense (benefit)	$ 157,000	$ 3,941,000	$ 1,174,000	$ 9,938,000
Income tax rate percentage			29.20%	22.10%
Statutory federal tax rate			21%	21%

Derivatives - Consolidated Bala

Derivatives - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Derivative [Line Items]
Derivative Contract Asset	$ 347	$ 0
Derivative Contract Liability	1,410	$ 0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	347
Derivative Contract Liability	1,410
Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	347
Derivative Contract Liability	$ 1,410

Derivatives - Gain and Loss on

Derivatives - Gain and Loss on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Derivatives
Realized gain (loss) on derivative contracts	$ (120)	$ 465	$ (120)	$ (1,481)
Unrealized gain (loss) on derivative contracts	(1,063)	(195)	(1,063)	1,994
Total net gain (loss) on derivative contracts	(1,183)	$ 270	(1,183)	$ 513
Collateral	$ 0		$ 0

Derivatives - Crude Oil Derivat

Derivatives - Crude Oil Derivative Positions (Details)	1 Months Ended	9 Months Ended
	May 08, 2024 MMBTU $ / bbl $ / MMBTU bbl	Mar. 31, 2024 MMBTU $ / MMBTU $ / bbl bbl
First Crude Oil Fixed Price Swap April 2024 To June 2024 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl		24,250
Fixed-price / Price (in USD per barrel)		73.41
Second Crude Oil Fixed Price Swap April 2024 To June 2024 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl		14,467
Fixed-price / Price (in USD per barrel)		73.30
Crude Oil Put Contract April 2024 To June 2024 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl		38,717
Weighted Average Floor Price		75
Crude Oil Fixed Price Swap July 2024 To December 2024 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl		73,558
Fixed-price / Price (in USD per barrel)		74.20
Crude Oil Collar July 2024 To December 2024 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl		73,558
Weighted Average Floor Price		70
Weighted Average Ceiling Price		77.40
Crude Oil Collar January 2025 To March 2025 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl		42,566
Weighted Average Floor Price		68
Weighted Average Ceiling Price		73.77
Natural Gas Fixed Price Swap January 2025 To February 2025 [Member]
Derivative [Line Items]
Volume in MMBTU | MMBTU		312,286
Fixed-price / Price (in USD per barrel) | $ / MMBTU		3.56
Natural Gas and Natural Gas Liquids | Subsequent Event | Natural Gas Fixed Price Swap March 2025 To December 2026 [Member]
Derivative [Line Items]
Volume in MMBTU | MMBTU	3,170,705
Fixed-price / Price (in USD per barrel) | $ / MMBTU	3.60
Crude oil | Subsequent Event | Crude Oil Collar April 2025 To June 2025 [Member]
Derivative [Line Items]
Volumes in Barrels | bbl	41,601
Weighted Average Floor Price	65
Weighted Average Ceiling Price	84

Derivatives - Derivative Contra

Derivatives - Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Derivatives
Derivative assets, Gross amounts presented in the Consolidated Balance Sheet	$ 347	$ 0
Derivative asset, Amounts not offset in the Consolidated Balance Sheet	(347)	0
Derivative asset, net amount	0	0
Derivative liability, Gross amounts presented in the Consolidated Balance Sheet	1,410	0
Derivative liability, Amounts not offset in the Consolidated Balance Sheet	(347)	0
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0
Derivative liability, Net amount	$ 1,063	$ 0

Fair Value Measurement - Financ

Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	$ 347	$ 0
Derivative Contract Liability	1,410	$ 0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	347
Derivative Contract Liability	$ 1,410

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Reconciliation of the beginning and ending asset retirement obligation
Asset retirement obligations - beginning of period	$ 17,067
Liabilities acquired	90
Accretion of discount	1,080
Asset retirement obligations - end of period	18,237	$ 17,067
Less: current asset retirement obligations	(158)	(55)
Long-term portion of asset retirement obligations	$ 18,079	$ 17,012

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		5 Months Ended	9 Months Ended		19 Months Ended	123 Months Ended
	Sep. 08, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Common stock, outstanding shares (in shares)		33,359,854		33,359,854	33,359,854		33,359,854	33,359,854	33,247,523
Common stock dividends paid					$ 12,037	$ 12,114		$ 114,400
Cash dividends to common stockholders					$ 12,000	$ 12,100
Number of treasury shares acquired (in shares)					181,000	650,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized to be repurchased	$ 25,000
Stock repurchase program expiration date	Dec. 31, 2024
Repurchase amount		$ 4,600		$ 4,600	$ 4,600		$ 4,600	4,600
Number of treasury shares acquired (in shares)					140,672	633,789	800,000
Rule 10b5 1 plan
Class of Stock [Line Items]
Amount authorized to be repurchased		800		$ 800	$ 800		$ 800	800	$ 5,000
Stock repurchase program expiration date				Jun. 30, 2024
Repurchase amount		$ 800	$ 3,900	$ 800	$ 800	$ 3,900	$ 800	$ 800
Number of treasury shares acquired (in shares)		100,000	600,000		100,000	600,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Stockholders' Equity
Cash dividends paid (in USD per share)	$ 0.120	$ 0.120	$ 0.120	$ 0.120	$ 0.120	$ 0.120

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		19 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)			181,000	650,000
Average cost per share (in USD per share)			$ 5.70	$ 6.13
Total cost of treasury shares acquired	$ 818	$ 3,896	$ 1,031	$ 3,983
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)			140,672	633,789	800,000
Average cost per share (in USD per share)			$ 5.33	$ 6.07

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			400,000	500,000
Stock-based compensation expense	$ 0.5	$ 0.5	$ 1.6	$ 1.2
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			1 year
Restricted Stock and Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			100,000	50,000
Restricted Stock, Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			136,315	100,000
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			102,239
Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			157,192	400,000
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for granting (in shares)	3,600,000		3,600,000
Shares available for grant (shares)	900,000		900,000		1,300,000
Minimum | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Maximum | Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)			4 years
Maximum | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Employee | Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			100,000
Employee | Restricted Stock Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			200,000

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions (Details) - $ / shares	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in USD per share)	$ 3.58	$ 6.52
Risk-free interest rate	4.87%
Risk-free interest rate, minimum		3.91%
Risk-free interest rate, maximum		4.51%
Expected life in years	2 years 9 months 7 days
Expected volatility	55%
Expected volatility, minimum		56.50%
Expected volatility, maximum		70.90%
Dividend yield	7.40%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years		2 years 4 months 9 days
Dividend yield		6.10%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years		2 years 9 months 10 days
Dividend yield		7.80%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock and Contingent Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Number of Restricted Shares
Granted (in shares)	400,000	500,000
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 3.58	$ 6.52
Restricted Stock
Number of Restricted Shares
Unvested, beginning of period (in shares)	595,414
Vested (in shares)	(203,130)
Unvested, end of period (in shares)	685,791		595,414
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 6.48
Vested (in USD per share)	6.33
Unvested, end of period (in USD per share)	$ 6.13		$ 6.48
Unamortized compensation expense	$ 2,995		$ 2,827
Weighted Average Remaining Amortization Period (Years)	1 year 10 months 24 days		2 years 4 months 24 days
Restricted Stock, Performance Based
Number of Restricted Shares
Granted (in shares)	136,315	100,000
Unvested, end of period (in shares)	278,688
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 4.80
Unvested, end of period (in USD per share)	$ 5.46
Restricted Stock Time Vested
Number of Restricted Shares
Granted (in shares)	157,192	400,000
Unvested, end of period (in shares)	407,103
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 6.22
Unvested, end of period (in USD per share)	$ 6.59
Contingent Restricted Stock Grants
Number of Restricted Shares
Unvested, beginning of period (in shares)	96,398
Granted (in shares)	102,239
Unvested, end of period (in shares)	198,637		96,398
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 3.49
Granted (in USD per share)	1.95
Unvested, end of period (in USD per share)	$ 2.70		$ 3.49
Unamortized compensation expense	$ 275		$ 195
Weighted Average Remaining Amortization Period (Years)	1 year 9 months 18 days		1 year 10 months 24 days

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income (loss)	$ 289	$ 13,957	$ 2,845	$ 35,051
Undistributed earnings allocated to unvested restricted stock	(6)	(253)	(58)	(515)
Net income (loss) for earnings per share calculation	$ 283	$ 13,704	$ 2,787	$ 34,536
Denominator
Weighted average number of common shares outstanding - Basic (in shares)	32,702	33,013	32,692	33,108
Effect of dilutive securities:
Unvested restricted stock (in shares)	124	143	192	178
Unvested contingent restricted stock units (in shares)	28		36	5
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	32,854	33,156	32,920	33,291
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.01	$ 0.42	$ 0.09	$ 1.04
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.01	$ 0.41	$ 0.08	$ 1.04

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0.1	0.3	0.1	0.1

Additional Financial Statemen_3

Additional Financial Statement Information - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Prepaid expenses and other current assets:
Other receivables	$ 2,576	$ 18
Prepaid insurance	311	727
Prepaid federal and state income taxes	1,980	805
Carryback of EOR tax credit	347	347
Advances to operators	594
Prepaid other	467	380
Total prepaid expenses and other current assets	6,275	2,277
Other assets:
Deposit	1,158	1,158
Right of use asset under operating lease	160	183
Total other assets	1,318	1,341
Accrued liabilities and other:
Accrued payables	2,789	3,005
Accrued capital expenditures		167
Accrued incentive and other compensation	902	941
Accrued royalties payable	625	977
Accrued taxes other than federal and state income tax	1,166	739
Accrued severance		81
Accrued settlements on derivative contracts	94
Operating lease liability	97	59
Asset retirement obligations due within one year	158	55
Accrued - other	154	3
Total Accrued liabilities and other	5,985	$ 6,027
SCOOP/STACK Acquisitions
Prepaid expenses and other current assets:
Other receivables	$ 2,600

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	May 06, 2024	Feb. 12, 2024	May 05, 2023
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.120
Dividend declared, date declared	May 06, 2024
Dividend declared, date of record	Jun. 14, 2024
Dividend declared, date to be paid	Jun. 28, 2024
Oil and Natural Gas Assets in the SCOOP and STACK Plays [Member]
Subsequent Event [Line Items]
Payments for productive assets		$ 40.5
Average working interest		3%
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%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 289	$ 13,957	$ 2,845	$ 35,051

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false