Samson Oil & Gas (SSNYY) 10-Q 24 May 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2019	May 15, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	SSN
Entity Registrant Name	Samson Oil & Gas LTD
Entity Central Index Key	0001404079
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		328,300,044

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Jun. 30, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 1,076,469	$ 1,376,676
Accounts receivable	2,035,593	1,759,461
Prepayments		137,342
Oil inventory	314,811	219,288
Total current assets	3,426,873	3,492,767
PROPERTY, PLANT AND EQUIPMENT, AT COST
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $16,667,527 and $12,606,491 at March 31, 2019 and June 30, 2018, respectively	29,021,070	30,420,841
Other property and equipment, net of accumulated depreciation and amortization of $747,639 and $758,803 at March 31, 2019 and June 30, 2018, respectively	174,945	242,822
Net property, plant and equipment	29,196,015	30,663,663
OTHER NON CURRENT ASSETS
Undeveloped capitalized acreage	0
Restricted cash - bonding	450,000	450,000
Deferred tax asset	732,056	732,056
Other	132,521	134,644
TOTAL ASSETS	33,937,465	35,473,130
CURRENT LIABILITIES
Accounts payable	11,934,996	8,383,570
Accruals	321,421	1,088,338
Provision for annual leave	228,482	250,826
Credit facility	23,834,749	23,867,557
Fair value of derivative instruments	744,309	1,210,795
Total current liabilities	37,063,957	34,801,086
NON CURRENT LIABILITIES
Fair value of derivative instruments	530,562
Asset retirement obligations	3,977,176	3,344,112
TOTAL LIABILITIES	41,571,695	38,145,198
STOCKHOLDERS' EQUITY - nil par value
328,300,044 (equivalent to 16,415,002 ADR's) and 328,300,044 (equivalent to 16,415,002 ADR's) ordinary shares issued and outstanding at March 31, 2019 and June 30, 2018, respectively	106,743,167	106,743,167
Accumulated other comprehensive income	1,035,721	846,556
Accumulated deficit	(115,413,118)	(110,261,791)
Total stockholders' equity	(7,634,230)	(2,672,068)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 33,937,465	$ 35,473,130

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Jun. 30, 2018
Consolidated Balance Sheets [Abstract]
Other property and equipment, net of accumulated depreciation and amortization	$ 747,639	$ 758,803
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment	$ 16,667,527	$ 12,606,491
Common stock, par value	$ 0
Common stock, shares issued	328,300,044	328,300,044
Common stock, shares outstanding	328,300,044	328,300,044
Common stock, shares issued ADR	16,415,002	16,415,002
Common stock, shares outstanding ADR	16,415,002	16,415,002

Consolidated Statements Of Oper

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
REVENUES AND OTHER INCOME:
Interest income	$ 92	$ 89	$ 543	$ 202
Other			1,000,000	178,657
TOTAL REVENUE AND OTHER INCOME	2,478,860	1,880,355	10,085,733	7,354,110
EXPENSES:
Lease operating expense	(2,858,848)	(1,505,990)	(8,339,180)	(4,406,993)
Depletion, depreciation and amortization	(448,627)	(321,561)	(1,510,598)	(1,219,726)
Abandonment expense	(51,402)	(59,536)	(51,402)	(126,212)
Exploration and evaluation expenditure	(11,000)	(14,030)	(50,311)	(296,543)
Accretion of asset retirement obligations	(368,674)	(79,307)	(646,030)	(239,193)
Loss on derivative instruments	(1,298,610)	(461,395)	(863,266)	(2,030,261)
Amortisation of borrowing costs		(132,535)		(190,434)
Interest expense	(395,347)	(337,472)	(1,151,485)	(916,346)
General and administrative	(846,919)	(934,504)	(2,624,788)	(3,133,074)
TOTAL EXPENSES	(6,279,427)	(3,846,330)	(15,237,060)	(12,558,782)
Loss from operations	(3,800,567)	(1,965,975)	(5,151,327)	(5,204,672)
Income tax benefit
Net (loss) from continuing operations	(3,800,567)	(1,965,975)	(5,151,327)	(5,204,672)
Net gain	(3,800,567)	(1,965,975)	(5,151,327)	(5,204,672)
OTHER COMPREHENSIVE GAIN (LOSS) [Abstract]
Foreign Currency Translation gain/( loss)	159,892	(4,929)	189,165	(11,048)
Total comprehensive loss for the period	$ (3,640,675)	$ (1,970,904)	$ (4,962,162)	$ (5,215,720)
Net gain/(loss) per ordinary share from operations:
Basic - cents per share	$ (1.16)	$ (0.60)	$ (1.57)	$ (1.60)
Diluted - cents per share	(1.16)	(0.60)	(1.57)	(1.60)
Net loss per ordinary share:
Basic - cents per share	(1.16)	(0.60)	(1.57)	(1.60)
Diluted - cents per share	$ (1.16)	$ (0.60)	$ (1.57)	$ (1.60)
Weighted average ordinary shares outstanding:
Basic	328,300,044	328,300,044	328,300,044	324,862,438
Diluted	328,300,044	328,300,044	328,300,044	324,862,438
Oil [Member]
REVENUES AND OTHER INCOME:
Sales	$ 2,391,155	$ 1,856,904	$ 8,846,003	$ 7,063,419
Gas [Member]
REVENUES AND OTHER INCOME:
Sales	84,912	20,424	227,653	105,714
Other Liquids [Member]
REVENUES AND OTHER INCOME:
Sales	$ 2,701	$ 2,938	$ 11,534	$ 6,118

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Stockholders' Equity - USD ($)	Ordinary Shares [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Other Comprehensive Income (Loss) [Member]	Total
Balance at Jun. 30, 2018	$ 106,743,167	$ (110,261,791)	$ 846,556	$ (2,672,068)
Net loss		1,200,653		1,200,654
Foreign Currency Translation, net tax of $nil			29,861	29,861
Total comprehensive loss for the period		1,200,653	29,861	1,230,514
Balance at Sep. 30, 2018	106,743,167	(109,061,138)	876,417	(1,441,554)
Balance at Jun. 30, 2018	106,743,167	(110,261,791)	846,556	(2,672,068)
Foreign Currency Translation, net tax of $nil				189,165
Issue of share capital				0
Balance at Mar. 31, 2019	106,743,167	(115,413,118)	1,035,721	(7,634,230)
Balance at Sep. 30, 2018	106,743,167	(109,061,138)	876,417	(1,441,554)
Net loss		(2,551,413)		(2,551,413)
Foreign Currency Translation, net tax of $nil			(588)	(588)
Total comprehensive loss for the period		(2,551,413)	(588)	(2,552,001)
Balance at Dec. 31, 2018	106,743,167	(111,612,551)	875,829	(3,993,555)
Net loss		(3,800,567)		(3,800,566)
Foreign Currency Translation, net tax of $nil			159,892	159,892
Total comprehensive loss for the period		(3,800,567)	159,892	(3,640,675)
Balance at Mar. 31, 2019	$ 106,743,167	$ (115,413,118)	$ 1,035,721	$ (7,634,230)

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]
Foreign currency translation, tax	$ 0	$ 0	$ 0

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows (used in)/provided by operating activities
Receipts from customers	$ 8,829,222	$ 8,594,855
Proceeds from/(Payments for) derivative instruments	(149,682)	(1,012,894)
Payments to suppliers & employees	(8,392,078)	(6,082,899)
Interest received	544	199
Interest paid	(1,151,485)	(991,788)
Net cash flows provided by operating activities	(863,479)	507,473
Cash flows from investing activities
Proceeds from sale of oil and gas properties	700,000
Payments for plant & equipment		(27,830)
Payments for exploration and evaluation	(50,311)	(25,451)
Payments for oil and gas properties	(80,490)	(591,650)
Net cash flows used in investing activities	569,199	(644,931)
Cash flows from financing activities
Proceeds from borrowings		450,000
Repayment of borrowings		(35,157)
Borrowing costs	(600,000)
Net cash flows (used in)/ provided by financing activities		414,843
Net increase/(decrease) in cash and cash equivalents	(294,280)	277,385
Cash and cash equivalents at the beginning of the fiscal period	1,376,676	$ 628,778
Effects of exchange rate changes on cash and cash equivalents	(5,927)
Cash and cash equivalents at end of fiscal period	$ 1,076,469

Basis of Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2019
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. All adjustments which are normal and recurring by nature, in the opinion of management, necessary for fair statement of Samson Oil & Gas Limited’s (the “Company”) Consolidated Financial Statements have been included herein. Interim results are not necessarily indicative of expected annual results because of the impact of fluctuations in prices received for oil and natural gas, as well as other factors. In the course of preparing the Consolidated Financial Statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and, accordingly, actual results could differ from amounts previously established. The Company’s Consolidated Financial Statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s audited financial statements as of and for the year ended June 30, 2018. The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report (“Form 10-K”).  Accruals. Accrued liabilities at June 30, 2018 and March 31 , 201 9 consist primarily of estimates for goods and services received but not yet invoiced.  Prepayments. Prepayments at June 30, 2018 and March 31 , 201 9 include tubing and chemicals and other subscription costs paid in advance for the year.  Comparatives. Changes have been made to the classification of certain prior period comparatives in order to remain consistent with the current period presentation. In Form 10-Q for the period ended December 31, 2018 comparatives were changed to show the impact of certain assets being held for sale. During last quarter these assets were no longer deemed to be held for sale and therefore comparatives have not been changed. See the Discontinued Operations note below.  Liquidity and Going Concern These financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business.  As disclosed in the financial statements, we incurred a net loss from continuing operations of $3.8 million for the nine months ended March 31, 2019, and as at that date, we had $36.7 million in current liabilities, including $11. 9 million in accounts payable, and approximately $3.4 million in current assets. Our ability to continue as a going concern is dependent part on refinancing our $24 million bank debt. The refinancing was completed on April 9, 2019 and details are provided in the subsequent section of this report. The compliance with covenants of the new credit facility will depend upon the success and timing of the drilling program and it is possible one quarter waiver delay of the covenant measurement will be requested from the lender. The receipt of such approval is not assured. Due to our historical net losses and accounts payable balances there is a substantial doubt about our ability to continue as a going concern for 12 months after the report date. Discontinued Operations As at June 30, 2018 and September 30, 2018 the majority of our assets in the Foreman Butte project were held for sale and were recognized as discontinued operations during those periods. Following repeated failures by the contracted buyer to close a sale of our Foreman Butte assets, we have pursued discussions with a new lender with a view to refinancing our Mutual of Omaha Bank credit facility and completed the refinancing after March 31, 2019. As such the assets were no longer held for sale in the Balance Sheet as of December 31, 2018 or included as discontinued operations in the Income Statement. Recent Accounting Standards  Revenue Recognition On J uly 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”) using the modified retrospective approach, which only applies to contracts that were not completed as of the date of the application. The adoption did not require an adjustment to the ope ning retained deficit for the cumulative effect adjustment and does not have a material impact on our ongoing consolidated balance sheet, statement of operations, statement of stockholders’ equity or statement of cash flows.  We recognize revenues from the sales of oil, natural gas and natural gas liquids (“NGL”) to our customers in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when our performance obligations under contracts with customers (purchasers) are satisfied, which generally occurs with the transfer of control of the products to the purchasers. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of our sales , revenue is recognized at a point in time based on the amount of consideration we expect to receive in accordance with the price specified in the contracts.  Consideration under the marketing contracts is typically received from the purchaser one to two months after production and, as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. Such differences have historically not been significant as we use knowledge of our properties and their historical performance, spot market prices and other factors as the basis for these estimates. At March 31 , 201 9 , the Company had receivables related to contracts with customers of $0.9 million .  There was no impact on previously recognized revenue and no changes to what we would have recognized under the previous revenue recognition standard, ASC Topic 605 Revenue Recognition  Leasing Accounting Standards Codification 842 (“ASC 842”) Leases is effective for fiscal years beginning after December 15, 2018. Although the impacts of the standard are still being reviewed, due to minimal leasing activity undertaken by the us, we expect this statement to have little impact on the Financial Statements. 

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	2. Income Taxes       The Company has cumulative net operating losses (“NOLs”) that may be carried forward to reduce taxable income in future years. The Tax Reform Act of 1986 contains provisions that limit the utilization of NOLs if there has been a change in ownership as described in Internal Revenue Code Section 382. The Company’s prior year NOLs are limited by IRC Section 382. ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all deferred tax assets will not be realized. The Company’s ability to realize the benefits of its deferred tax assets will depend on the generation of future taxable income through profitable operations. Due to the Company’s history of losses and the uncertainty of future profitable operations, the Company has recorded a full valuation allowance against its deferred tax assets , except for a tax asset for certain refundable amt credit carryforwards.   

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2019
Net loss per ordinary share:
Earnings Per Share	3. Earnings Per Share Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shares by the weighted average number of shares outstanding for the period. Under the treasury stock method, diluted earnings per share is calculated by dividing net earnings (loss) by the weighted average number of shares outstanding including all potentially dilutive ordinary shares (which in Samson’s case consists of unexercised stock options). In the event of a net loss, however no potential ordinary shares are included in the calculation of shares outstanding since the impact would be anti-dilutive.  During the quarter ended December 31, 2018, following receipt of share holder approval, we consolidated our outstanding ordinary shares by a factor of 10 to 1, reducing the number of ordinary shares outstanding. Prior year shares outstanding has been adjusted to reflect this change as if it had happened at the beginning of the period presented.  The following table details the weighted average dilutive and anti-dilutive securities outstanding, which consist of transferable options to purchase ordinary shares which are tradeable on the ASX (“options”), for the periods presented:     Nine months ended  31-Mar-19 31-Mar-18  Dilutive - -  Anti–dilutive 31,450,000 31,450,000  The following tables set forth the calculation of basic and diluted loss per share:       Three months ended Nine months ended  31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18  Net income (loss) $ (3,800,567) $ (1,965,975) $ (5,151,327) $ (5,204,672)   Basic weighted average ordinary shares outstanding 328,300,044 328,300,044 328,300,044 324,862,438  Add: dilutive effect of stock options - - - -  Diluted weighted average ordinary shares outstanding 328,300,044 328,300,044 328,300,044 324,862,438  Basic earnings/(loss) from operations per ordinary share – cents per share $ (1.16) $ (0.60) $ (1.57) $ (1.60)  Diluted earnings/(loss) fom operations per ordinary share – cents per share $ (1.16) $ (0.60) $ (1.57) $ (1.60)  

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Mar. 31, 2019
Asset Retirement Obligations [Abstract]
Asset Retirement Obligations	4. Asset Retirement Obligations The Company’s asset retirement obligations primarily represent the estimated present value of the amounts expected to be incurred to plug, abandon and remediate producing and shut–in properties at the end of their productive lives in accordance with applicable state and federal laws. The Company determines the estimated fair value of its asset retirement obligations by calculating the present value of estimated cash flows related to those obligations. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit adjusted discount rates, inflation rates and estimated dates of abandonment. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted using the units–of–production method.  The value of asset retirement obligation held related to asset held for disposal as at June 30, 2018 relates to the retirement obligation associated with certain properties held for sale relating to our Foreman Butte project in North Dakota and Montana. These wells are no longer held for sale and the liability related to their asset retirement is held as a non-current liability.  In the prior year, the liabilities settled relate to wells plugged and abandoned in our Sabretooth project in Texas. Disposition of properties relate to the sale of certain wells in Wyoming.  The following table summarizes the activities for the Company’s asset retirement obligations for the nine months ended March 31, 2019 and 2018:    Nine months ended  31-Mar-19 31-Mar-18  Asset retirement obligations at beginning of period $ 3,356,536 $ 3,456,236  Liabilities incurred or acquired - -  Liabilities settled (25,390) (27,001)  Disposition of properties - (131,202)  Accretion expense 646,030 239,193  Asset retirement obligations at end of period 3,977,176 3,537,226 

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2019
Fair Value Measurements [Abstract]
Fair Value Measurements	5. Fair Value Measurements Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The FASB has established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows:   Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.    Level 2—Pricing inputs are other than quoted prices in active markets included in level 1, but are either directly or indirectly observable as of the reported date and for substantially the full term of the instrument. Inputs may include quoted prices for similar assets and liabilities. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.    Level 3—Pricing inputs include significant inputs that are generally unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2018 and June 30, 2018.     Carrying value at March 31, 2019 Level 1 Level 2 Level 3 Netting (1) Fair Value at March 31, 2019  Current Assets:  Cash and cash equivalents $ 1,076,469 $ 1,076,469 $ - $ - $ - $ 1,076,469  Derivative Instruments - - - - -   Current Liabilities:  Derivative instruments 744,309 744,309 744,309   Non Current Liabilities:  Derivative Instruments 530,562 530,562 530,562  Carrying value at June 30, 2018 Level 1 Level 2 Level 3 Netting (1) Fair Value at June 30, 2018  Current Assets:  Cash and cash equivalents $ 1,376,676 $ 1,376,676 $ - $ - $ - $ 1,376,676  Derivative Instruments - - 4,218 - (4,218) -   Non Current Assets:  Derivative Instruments - - - - - -   Current Liabilities:  Derivative instruments 1,210,795 - 1,215,013 - (4,218) 1,210,795   Non Current Liabilities:  Derivative Instruments - - - - - -  (1) Netting In accordance with the Company’s standard practice, its commodity derivatives are subject to counterparty netting under agreements governing such derivatives and therefore the risk of loss is somewhat mitigated.  The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above:  Level 1 Fair value Measurements Fair Value of Financial Instruments. The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable and payable and derivatives (discussed below). The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short–term maturities.  Level 2 Fair Measurements Derivative Contracts. The Company’s derivative contracts consist of oil collars and oil call options. The fair value of these contracts are based on inputs that are either readily available in the public market, such as oil future prices or inputs that can be corroborated from active markets. Fair value is determined through the use of a discounted cash model using applicable inputs discussed above.  Other fair value measurements Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The Company also applies fair value accounting guidance to measure non–financial assets and liabilities such as business acquisitions, proved oil and gas properties, and the initial recognition of asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. These items are primarily valued using the present value of estimated future cash inflows and/or outflows. Given the unobservable nature of these inputs, they are deemed to be Level 3.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Mar. 31, 2019
Commitments And Contingencies [Abstract]
Commitments And Contingencies	6. Commitments and Contingencies  The Company has no accrued environmental liabilities for its sites, including sites in which governmental agencies have designated the Company as a potentially responsible party, because it is not probable that a loss will be incurred and the minimum cost and/or amount of loss cannot be reasonably estimated. However, due to uncertainties associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites identified in the future, if any, could be incurred. Management believes, based upon current site assessments, that the ultimate resolution of any such matters will not materially affect our results of operations or cash flows.  From time to time, we are involved in various legal proceedings through the ordinary course of business. While the ultimate outcome is not known, management believes that any resolution will not materially impact the financial statements. 

Capitalized Exploration Expense

Capitalized Exploration Expense	9 Months Ended
	Mar. 31, 2019
Capitalized Exploration Expense [Abstract]
Capitalized Exploration Expense	7. Capitalized Exploration Expense We use the successful efforts method of accounting for exploration and evaluation expenditure in respect of each area of interest. The application of this policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular the assessment of whether economic quantities of reserves have been found. Any such estimates and assumptions may change as new information becomes available. Exploration and evaluation assets are assessed for impairment when facts and circumstances indicate that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. When assessing for impairment consideration is given to but not limited to the following:  § the period for which Samson has the right to explore;  § planned and budgeted future exploration expenditure;  § activities incurred during the year; and  § activities planned for future periods. If, after having capitalized expenditures under our policy, we conclude that we are unlikely to recover the expenditures through future exploitation, then the relevant capitalized amount will be written off to expense. As of March 31, 2019 we had capitalized exploration expenditures of $0 , having written off the expense previously capitalized associated relating to the Cane Creek project in Utah. Our option to acquire leasehold lands in this project, expired unexercised. Exploration or divestment activities are continuing in all exploration areas. The outcome of these activities remains uncertain and may result in write offs in future periods if the related efforts prove unsuccessful.

Issue of Share Capital

Issue of Share Capital	9 Months Ended
	Mar. 31, 2019
Issue of Share Capital [Abstract]
Issue of Share Capital	8. Share Capital  Issue of Share Capital No shares were issued during the nine months ended March 31, 2019. During the quarter ended December 31, 2018, following receipt of shareholder approval, we consolidated our outstanding ordinary shares by a factor of 10 to 1, reducing the number of ordinary shares outstanding. Prior year shares outstanding has been adjusted to reflect this change as if it had happened at the beginning of the period presented. 

Cash Flow Statement

Cash Flow Statement	9 Months Ended
	Mar. 31, 2019
Cash Flow Statement [Abstract]
Cash Flow Statement	9. Cash Flow Statement Reconciliation of loss after tax to the net cash flows from operations:      Nine months ended  31-Mar-19 31-Mar-18   Net loss (5,151,327) $ (5,204,672)  Depletion, depreciation and amortization 1,510,598 1,219,726  Accretion of asset retirement obligation 646,030 239,193  Exploration and evaluation expenditure 50,311 296,543  Amortization borrowing costs - 190,434  Abandonment expense 51,402 126,212  Non cash (gain)/loss on derivative instruments 863,266 2,030,261  Net gain from sale of assets (1,000,000) (178,657)   Changes in assets and liabilities:   Increase in receivables (276,132) (263,595)  Increase (decrease) in provision for annual leave (22,344) 35,317  Increase in payables 3,551,426 2,060,994  NET CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES 223,230 $ 551,756 

Credit Facility

Credit Facility	9 Months Ended
	Mar. 31, 2019
Credit Facility [Abstract]
Credit Facility Disclosure	10. Credit Facility        Nine months ended  31-Mar-19 31-Mar-18  Credit facility at beginning of period $ 23,834,749 $ 23,419,719  Cash advanced under facility - 450,000  Cash committed to be advanced under facility - -  Repayments - -  Credit facility at end of period (1) $ 23,834,749 $ 23,869,719    Funds available for drawdown under the facility - $ 97,443   (1) The credit facility is recognized as a current liability due the Company’s continued breach of the covenants in the facility. The loan is due and payable.  In January 2014, we entered into a $25.0 million credit facility with our primary lender, Mutual of Omaha Bank, with an initial borrowing base of $8.0 million, which was increased to $15.5 million in June 2014. In November 2014, the borrowing base was increased to $19.0 million, which was fully drawn prior to the closing of the Foreman Butte Acquisition (as defined below). In March 2016, our credit facility was amended to increase the borrowing base to $30.5 million to partially fund the Foreman Butte Acquisition. An additional $4 million in financing was also provided by the seller. This promissory note was paid off in May 2017. We were required under the amended credit agreement to repay Mutual of Omaha $10 million by June 30, 2016. This was ultimately increased to $11.5 million and extended to October 31, 2016. The pay down was achieved through the sale of our North Stockyard property for $14.95 million on October 28, 2016 and was made on October 31, 2016.  In March 2016, the facility was extended to $30.5 million to partly fund the Foreman Butte Acquisition. In connection with this amendment to the facility agreement, the following covenants, tested on a quarterly basis, were included:  · Current ratio greater than 1 · Debt to EBITDAX (annualized) ratio no greater than 4.00 for the quarter ended September 30, 2017 and thereafter · Senior leverage ratio of no greater than 3.75 for the quarter ending December 31, 2016 and thereafter · Interest coverage ratio minimum of between 2.5 and 1.0  Following multiple covenant breaches, on June 14, 2018 we entered into a forbearance agreement with Mutual of Omaha Bank pursuant to which Mutual of Omaha Bank agreed to forbear on exercising its remedies under the credit facility contingent upon the success of our effort to sell the Foreman Butte asset. This agreement, as amended, terminated in accordance with its terms on October 15, 2018. The $23.9 million outstanding under our credit facility was due for repayment October 31, 2018 but we did not repay it by that deadline. Mutual of Omaha Bank may issue a notice of default and seek repayment of the facility or pursue alternative repayment methods, including the sale of the outstanding loan to a third party, at any time. This loan was refinanced after March 31, 2019. See note 12.  We incurred $0.6 million in borrowing costs (including legal fees and bank fees) in connection with the establishment of this facility. These costs were written off in total during the year ended June 30, 2018.

Derivatives

Derivatives	9 Months Ended
	Mar. 31, 2019
Derivatives [Abstract]
Derivatives	11. Derivatives The Company has not designated any of its derivative contracts as hedges for accounting purposes. The Company records all derivative contracts at fair value. Changes in derivative contracts are recognized in earnings. Changes in settlements and valuation gains and losses are included in loss/(gain) on derivative instruments in the Statement of Operations. These contracts are settled on a monthly basis. Derivative assets and liabilities arising from the Company’s derivative contracts with the same counterparty that provide for net settlement are reported on a net basis in the Balance Sheet.  The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil. The Company seeks to manage this risk through the use of commodity derivative contracts These derivative contracts allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil sales.  During the quarter ended March 31, 2019 , The company entered into a series of economic hedges for 771,000 bbl of crude oil production for the next four years at an average price of $55.54/bbl and for 466,200 MMcf of natural gas costless collars with a weighted average put at $2.60 per MMBTU and a weighted average of call of $2.82 per MMBTU.  All of the Company’s previous derivative contracts were with the same counterparty (a large multinational oil company) and were shown on a net basis on the Balance Sheet. The Company’s counterparty has entered into an inter-creditor agreement with the Company’s primary lender, and as such, no additional collateral is required by the counterparty.  During the nine months ended March 31, 2019 we recognized $ 0.9 million loss in on derivative instruments in the Statement of Operations.  

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On April 9, 2019 Samson Oil and Gas, USA, Inc., a wholly owned subsidiary of Samson Oil and Gas Limited closed a $33.5 million refinancing with AEP I FINCO LLC. The new facility has a 5 year term and an interest rate of LIBOR + 10.5% . The proceeds of the new debt facility were used to retire the existing line of credit, repay outstanding creditor and to provide working capital to pursue an infill drilling program. The terms of the new facility include financial covenants measured quarterly as follows:  1. Leverage ratio – not to exceed 4.75 for quarter ending 6/30/2019, 4.0 until 3/31/2020, 3.5 until 9/30/2020 and 3.0 thereafter 2. Current ratio – to be no less than 1.0 for any fiscal quarter 3. Asset Coverage ratio – to be no less than 2.0 until 3/31/2021 and 2.5 thereafter 4. Asset Coverage ratio (PDP) – to be no less than 1.1 for quarter ending 6/30/2019, 1.15 for quarters ending 9/30/2019 and 12/31/2019, 1.25 for the quarter ending 3/31/2020, 1.5 for the quarters ending 6/30/2020 to 3/31/2021 and 1.75 thereafter 5. Fixed charged ratio – to be no less than 1.35 for quarter ending 6/30/2019 and 1.4 thereafter  Credit agreement also limits amount of total capital expenditures and sets up debt service capital reserve account. Beginning September 30, 2020, the repayment on the loan is scheduled to be made on a basis of the monthly straight line amortization until maturity on April 9, 2024.  As a consequence of this refinancing the Company has embarked on an infill development program. The drilling program is designed to drill horizontal laterals from the existing well bores. The ability to drill out of an existing wellbore has made the economics of these development wells attractive, given the ability to use surface facilities associated with the existing well. The next 12 months will see a total of 8 similar lateral wells drilled within the Home Run Field, which is the largest (by area) of the oil fields in Samson’s portfolio. The Company has in its portfolio a total of 26 PUD locations that management expects will provide an excellent growth platform. The debt funding that has been achieved in this transaction will provide sufficient working capital to initiate and maintain the planned development drilling program. 

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Mar. 31, 2019
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. All adjustments which are normal and recurring by nature, in the opinion of management, necessary for fair statement of Samson Oil & Gas Limited’s (the “Company”) Consolidated Financial Statements have been included herein. Interim results are not necessarily indicative of expected annual results because of the impact of fluctuations in prices received for oil and natural gas, as well as other factors. In the course of preparing the Consolidated Financial Statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and, accordingly, actual results could differ from amounts previously established. The Company’s Consolidated Financial Statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s audited financial statements as of and for the year ended June 30, 2018. The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report (“Form 10-K”).
Accruals	Accruals. Accrued liabilities at June 30, 2018 and March 31 , 201 9 consist primarily of estimates for goods and services received but not yet invoiced.
Prepayments	Prepayments. Prepayments at June 30, 2018 and March 31 , 201 9 include tubing and chemicals and other subscription costs paid in advance for the year.
Comparatives	Comparatives. Changes have been made to the classification of certain prior period comparatives in order to remain consistent with the current period presentation. In Form 10-Q for the period ended December 31, 2018 comparatives were changed to show the impact of certain assets being held for sale. During last quarter these assets were no longer deemed to be held for sale and therefore comparatives have not been changed. See the Discontinued Operations note below.
Liquidity and Going Concern	Liquidity and Going Concern These financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business.  As disclosed in the financial statements, we incurred a net loss from continuing operations of $3.8 million for the nine months ended March 31, 2019, and as at that date, we had $36.7 million in current liabilities, including $11. 9 million in accounts payable, and approximately $3.4 million in current assets. Our ability to continue as a going concern is dependent part on refinancing our $24 million bank debt. The refinancing was completed on April 9, 2019 and details are provided in the subsequent section of this report. The compliance with covenants of the new credit facility will depend upon the success and timing of the drilling program and it is possible one quarter waiver delay of the covenant measurement will be requested from the lender. The receipt of such approval is not assured. Due to our historical net losses and accounts payable balances there is a substantial doubt about our ability to continue as a going concern for 12 months after the report date.
Discontinued Operations	Discontinued Operations As at June 30, 2018 and September 30, 2018 the majority of our assets in the Foreman Butte project were held for sale and were recognized as discontinued operations during those periods. Following repeated failures by the contracted buyer to close a sale of our Foreman Butte assets, we have pursued discussions with a new lender with a view to refinancing our Mutual of Omaha Bank credit facility and completed the refinancing after March 31, 2019. As such the assets were no longer held for sale in the Balance Sheet as of December 31, 2018 or included as discontinued operations in the Income Statement.
Recent Accounting Standards	Recent Accounting Standards  Revenue Recognition On J uly 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”) using the modified retrospective approach, which only applies to contracts that were not completed as of the date of the application. The adoption did not require an adjustment to the ope ning retained deficit for the cumulative effect adjustment and does not have a material impact on our ongoing consolidated balance sheet, statement of operations, statement of stockholders’ equity or statement of cash flows.  We recognize revenues from the sales of oil, natural gas and natural gas liquids (“NGL”) to our customers in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when our performance obligations under contracts with customers (purchasers) are satisfied, which generally occurs with the transfer of control of the products to the purchasers. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of our sales , revenue is recognized at a point in time based on the amount of consideration we expect to receive in accordance with the price specified in the contracts.  Consideration under the marketing contracts is typically received from the purchaser one to two months after production and, as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. Such differences have historically not been significant as we use knowledge of our properties and their historical performance, spot market prices and other factors as the basis for these estimates. At March 31 , 201 9 , the Company had receivables related to contracts with customers of $0.9 million .  There was no impact on previously recognized revenue and no changes to what we would have recognized under the previous revenue recognition standard, ASC Topic 605 Revenue Recognition  Leasing Accounting Standards Codification 842 (“ASC 842”) Leases is effective for fiscal years beginning after December 15, 2018. Although the impacts of the standard are still being reviewed, due to minimal leasing activity undertaken by the us, we expect this statement to have little impact on the Financial Statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2019
Net loss per ordinary share:
Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities	   Nine months ended  31-Mar-19 31-Mar-18  Dilutive - -  Anti–dilutive 31,450,000 31,450,000  
Schedule Of Calculation Of Basic And Diluted Earnings Per Share	   Three months ended Nine months ended  31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18  Net income (loss) $ (3,800,567) $ (1,965,975) $ (5,151,327) $ (5,204,672)   Basic weighted average ordinary shares outstanding 328,300,044 328,300,044 328,300,044 324,862,438  Add: dilutive effect of stock options - - - -  Diluted weighted average ordinary shares outstanding 328,300,044 328,300,044 328,300,044 324,862,438  Basic earnings/(loss) from operations per ordinary share – cents per share $ (1.16) $ (0.60) $ (1.57) $ (1.60)  Diluted earnings/(loss) fom operations per ordinary share – cents per share $ (1.16) $ (0.60) $ (1.57) $ (1.60)  

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Mar. 31, 2019
Asset Retirement Obligations [Abstract]
Summary Of Activities Of Asset Retirement Obligations	   Nine months ended  31-Mar-19 31-Mar-18  Asset retirement obligations at beginning of period $ 3,356,536 $ 3,456,236  Liabilities incurred or acquired - -  Liabilities settled (25,390) (27,001)  Disposition of properties - (131,202)  Accretion expense 646,030 239,193  Asset retirement obligations at end of period 3,977,176 3,537,226 

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Mar. 31, 2019
Fair Value Measurements [Abstract]
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis	   Carrying value at March 31, 2019 Level 1 Level 2 Level 3 Netting (1) Fair Value at March 31, 2019  Current Assets:  Cash and cash equivalents $ 1,076,469 $ 1,076,469 $ - $ - $ - $ 1,076,469  Derivative Instruments - - - - -   Current Liabilities:  Derivative instruments 744,309 744,309 744,309   Non Current Liabilities:  Derivative Instruments 530,562 530,562 530,562  Carrying value at June 30, 2018 Level 1 Level 2 Level 3 Netting (1) Fair Value at June 30, 2018  Current Assets:  Cash and cash equivalents $ 1,376,676 $ 1,376,676 $ - $ - $ - $ 1,376,676  Derivative Instruments - - 4,218 - (4,218) -   Non Current Assets:  Derivative Instruments - - - - - -   Current Liabilities:  Derivative instruments 1,210,795 - 1,215,013 - (4,218) 1,210,795   Non Current Liabilities:  Derivative Instruments - - - - - - 

Cash Flow Statement Reconcilati

Cash Flow Statement Reconcilation (Tables)	9 Months Ended
	Mar. 31, 2019
Cash Flow Statement [Abstract]
Schedule Of Cash Flow Statement Reconciliation	   Nine months ended  31-Mar-19 31-Mar-18   Net loss (5,151,327) $ (5,204,672)  Depletion, depreciation and amortization 1,510,598 1,219,726  Accretion of asset retirement obligation 646,030 239,193  Exploration and evaluation expenditure 50,311 296,543  Amortization borrowing costs - 190,434  Abandonment expense 51,402 126,212  Non cash (gain)/loss on derivative instruments 863,266 2,030,261  Net gain from sale of assets (1,000,000) (178,657)   Changes in assets and liabilities:   Increase in receivables (276,132) (263,595)  Increase (decrease) in provision for annual leave (22,344) 35,317  Increase in payables 3,551,426 2,060,994  NET CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES 223,230 $ 551,756 

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Mar. 31, 2019
Credit Facility [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	   Nine months ended  31-Mar-19 31-Mar-18  Credit facility at beginning of period $ 23,834,749 $ 23,419,719  Cash advanced under facility - 450,000  Cash committed to be advanced under facility - -  Repayments - -  Credit facility at end of period (1) $ 23,834,749 $ 23,869,719    Funds available for drawdown under the facility - $ 97,443  

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2018
Basis of Presentation [Abstract]
Net loss	$ (3,800,567)	$ (1,965,975)	$ (5,151,327)	$ (5,204,672)
Accounts payable	11,934,996		11,934,996		$ 8,383,570
Current liabilities	36,700,000		36,700,000
Credit facility	23,834,749		23,834,749		23,867,557
Current assets	3,426,873		3,426,873		$ 3,492,767
Receivables	$ 900,000		$ 900,000

Earnings Per Share (Details)

Earnings Per Share (Details)	3 Months Ended			9 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares
Net loss per ordinary share:
Consolidation of shares		10
Anti-dilutive				31,450,000	31,450,000
Net income | $	$ (3,800,567)		$ (1,965,975)	$ (5,151,327)	$ (5,204,672)
Basic weighted average ordinary shares outstanding	328,300,044		328,300,044	328,300,044	324,862,438
Diluted weighted average ordinary shares outstanding	328,300,044		328,300,044	328,300,044	324,862,438
Basic earnings per ordinary share - cents per share | $ / shares	$ (1.16)		$ (0.60)	$ (1.57)	$ (1.60)
Diluted earnings per ordinary share - cents per share | $ / shares	$ (1.16)		$ (0.60)	$ (1.57)	$ (1.60)

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2018
Asset Retirement Obligations [Abstract]
Asset retirement obligations at beginning of period			$ 3,356,536	$ 3,456,236
Liabilities incurred or acquired
Liabilities settled			(25,390)	(27,001)
Disposition of properties				(131,202)
Accretion expense	$ 368,674	$ 79,307	646,030	239,193
Asset retirement obligations at end of period	3,977,176	$ 3,537,226	3,977,176	$ 3,537,226
Long-term asset retirement obligations	$ 3,977,176		$ 3,977,176		$ 3,344,112

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)		Mar. 31, 2019	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		$ 1,076,469	$ 1,376,676
Derivative Liability, Current		744,309	1,210,795
Derivative instrument, Non Current Liabilities		530,562
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		1,076,469	1,376,676
Derivative Liability, Current		744,309	1,210,795
Derivative instrument, Non Current Liabilities		530,562
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		1,076,469	1,376,676
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, Current Assets			4,218
Derivative Liability, Current		744,309	1,215,013
Derivative instrument, Non Current Liabilities		$ 530,562
Netting [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, Current Assets	[1]		(4,218)
Derivative Liability, Current	[1]		$ (4,218)
[1]	Netting In accordance with the Company's standard practice, its commodity derivatives are subject to counterparty netting under agreements governing such derivatives and therefore the risk of loss is somewhat mitigated.

Commitments And Contingencies (

Commitments And Contingencies (Details)	Mar. 31, 2019USD ($)
Commitments And Contingencies [Abstract]
Accrued environmental liabilities	$ 0

Capitalized Exploration Expen_2

Capitalized Exploration Expense (Details)	Mar. 31, 2019USD ($)
Capitalized Exploration Expense [Abstract]
Undeveloped capitalized acreage	$ 0

Issue of Share Capital (Details

Issue of Share Capital (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2018	Mar. 31, 2019USD ($)
Issue of Share Capital [Abstract]
Consolidation of shares	10
Issue of share capital		$ 0

Cash Flow Statement (Details)

Cash Flow Statement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Cash Flow Statement [Abstract]
Net loss	$ (3,800,567)	$ (1,965,975)	$ (5,151,327)	$ (5,204,672)
Depletion, depreciation and amortization			1,510,598	1,219,726
Accretion of asset retirment obligation	368,674	79,307	646,030	239,193
Exploration and evaluation expenditure			50,311	296,543
Amortisation of borrowing costs		132,535		190,434
Abandonment expense	$ 51,402	$ 59,536	51,402	126,212
Unrealized Gain (Loss) on Derivatives			863,266	2,030,261
Gain on sale of oil and gas properties			(1,000,000)	(178,657)
Increase in receivables			(276,132)	(263,595)
Increase/(decrease) in provision for annual leave			(22,344)	35,317
Increase in payables			3,551,426	2,060,994
Net cash flows used in operating activities			$ 223,230	$ 551,756

Credit Facility (Details)

Credit Facility (Details)	Oct. 28, 2016USD ($)	Oct. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Nov. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Jan. 31, 2014USD ($)
Line of Credit Facility, Current Borrowing Capacity				$ 30,500,000					$ 19,000,000	$ 15,500,000	$ 8,000,000
Credit Facility at end of period					$ 23,834,749		$ 23,867,557
Line of Credit Facility, Maximum Borrowing Capacity				30,500,000							$ 25,000,000
Line of Credit Facility, Increase (Decrease), Net				$ 4,000,000
Less amount of credit facility currently due for repayment within a year, recorded as a current liability					23,834,749		23,867,557
Repayments of Debt		$ 11,500,000	$ 10,000,000
Payments of Debt Issuance Costs					600,000
Cash advanced under facility						$ 450,000
Gain Loss On Sale Of Property	$ 14,950,000
Debt to EBITDAX covenant					4
Senior Leverage Ratio					3.75
Long-term Line of Credit					$ 23,834,749	$ 23,869,719	$ 23,834,749	$ 23,419,719
Minimum [Member]
Interest coverage ratio					1
Maximum [Member]
Interest coverage ratio					2.50

Credit Facility (Summary Of Cre

Credit Facility (Summary Of Credit) (Details) - USD ($)	9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Credit Facility [Abstract]
Beginning balance	$ 23,834,749	$ 23,419,719
Cash advanced under facility		450,000
Ending balance	$ 23,834,749	23,869,719
Line of Credit Facility, Remaining Borrowing Capacity		$ 97,443

Derivatives (Details)

Derivatives (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2019USD ($)$ / bbl	Mar. 31, 2018USD ($)	Mar. 31, 2019USD ($)$ / bblMMcfbbl	Mar. 31, 2018USD ($)
Derivative [Line Items]
Loss on derivative instruments | $	$ 1,298,610	$ 461,395	$ 863,266	$ 2,030,261
Derivative Contract One [Member]
Derivative [Line Items]
Volumes (bbls) | bbl			771,000
Term			4 years
Price US$	55.54		55.54
Derivative Contract Two [Member]
Derivative [Line Items]
Volumes (bbls) | MMcf			466,200
Floor US$	2.60		2.60
Ceiling US$	2.82		2.82

Subsequent Event (Details)

Subsequent Event (Details)

Apr. 09, 2019USD ($)

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Sep. 30, 2020USD ($)

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Mar. 31, 2021USD ($)

Jun. 30, 2020item

Mar. 31, 2016USD ($)

Jan. 31, 2014USD ($)

Debt Facility Line items

Line of Credit Facility, Maximum Borrowing Capacity

$ 30,500,000

$ 25,000,000

Subsequent Event [Member]

Debt Facility Line items

Line of Credit Facility, Maximum Borrowing Capacity

$ 33,500,000

Line of Credit Facility, Expiration Period

5 years

Debt Instrument, Basis Spread on Variable Rate

10.50%

Scenario, Forecast [Member]

Debt Facility Line items

Number Of Lateral Wells Drilled | item

8

Number Of PUD Locations | item

26

Minimum [Member]

Debt Facility Line items

Asset Coverage Ratio

2.5

2

Minimum [Member] | Subsequent Event [Member]

Debt Facility Line items

Current Ratio

1

Minimum [Member] | Scenario, Forecast [Member]

Debt Facility Line items

Asset Coverage Ratio (PDP)

1.5

1.25

1.1

1.15

1.75

Fixed Charge Ratio

1.4

1.35

Maximum [Member] | Scenario, Forecast [Member]

Debt Facility Line items

Leverage Ratio

3

3.5

4

4.75

Uncategorized Items - ssn-20190

Label	Element	Value
Effect Of Exchange Rate On Cash And Cash Equivalents	us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents	$ (13,790)