Samson Oil & Gas (SSNYY) 10-Q 19 Feb 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2019	Feb. 19, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Entity File Number	001-33578
Entity Registrant Name	Samson Oil & Gas LTD
Entity Address, Address Line One	Level 8
Entity Address, Address Line Two	99 St Georges Terrace
Entity Address, City or Town	Perth
Entity Address, Country	Western Australia
Entity Address, Postal Zip Code	6000
City Area Code	61
Local Phone Number	8 9486 4036
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		328,300,044
Amendment Flag	false
Entity Central Index Key	0001404079
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Jun. 30, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 616,350	$ 685,737
Restricted cash - required reserve amounts related to Credit Agreement	2,088,750	2,088,750
Accounts receivable, net of allowance for doubtful accounts of $250,000	1,789,541	1,982,123
Prepaid expenses	60,719
Total current assets	4,555,360	4,756,610
PROPERTY, PLANT AND EQUIPMENT, AT COST
Oil and gas properties, net, successful efforts method of accounting, less accumulated depreciation, depletion and amortization of $11,468,184 and $9,491,784 at December 31, 2019, and June 30, 2019, respectively	29,058,418	30,214,829
Other property and equipment, net of accumulated depreciation and amortization of $777,915 and $734,539 at December 31, 2019 and June 30, 2019, respectively	130,131	174,931
Net property, plant and equipment	29,188,549	30,389,760
OTHER NON CURRENT ASSETS
Fair value of derivative instruments	455,639	365,542
Deposits	559,199	559,722
Right-of-use asset	138,961
Deferred tax asset	780,000	780,000
Total other non current assets	1,933,799	1,705,264
TOTAL ASSETS	35,677,708	36,851,634
CURRENT LIABILITIES
Accounts payable	10,675,164	8,121,217
Accrued liabilities	3,661,003	1,300,185
Fair value of derivative instruments	507,969	150,703
Current portion of asset retirement obligation	1,477,530	274,404
Current portion of lease liability	62,686
Current portion of long-term debt	33,532,143	33,500,000
Total current liabilities	49,916,495	43,346,509
NON CURRENT LIABILITIES
Lease liability	96,914
Long-term debt	125,891
Asset retirement obligations	2,757,872	3,336,376
TOTAL LIABILITIES	52,897,172	46,682,885
STOCKHOLDERS’ DEFICIT
Common stock 328,300,044 (equivalent to 16,415,002 ADR’s) ordinary shares issued and outstanding at December 31, 2019 and June 30, 2019, respectively	106,743,167	106,743,167
Accumulated other comprehensive income	823,687	835,404
Accumulated deficit	(124,786,318)	(117,409,822)
Total stockholders’ deficit	(17,219,464)	(9,831,251)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 35,677,708	$ 36,851,634

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Accounts receivable, allowance for doubtful accounts	$ 250,000	$ 250,000
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion Amortization and Impairment	11,468,184	9,491,784
Other property and equipment, accumulated depreciation and amortization	$ 777,915	$ 734,539
Common stock, shares issued	328,300,044	328,300,044
Common stock, shares outstanding	328,300,044	328,300,044
ADR [Member]
Common stock, shares issued	16,415,002	16,415,002
Common stock, shares outstanding	16,415,002	16,415,002

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
OPERATING REVENUES:
Total oil and gas income	$ 3,288,950	$ 3,030,035	$ 7,137,526	$ 6,606,422
OPERATING EXPENSES:
Lease operating expense	3,157,500	3,307,215	6,482,720	5,480,332
Exploration and evaluation expenditure	11,632	10,532	14,093	39,310
Abandonment expense	25,416		25,416
Depletion, depreciation, amortization and accretion of asset retirement obligations	1,110,793	1,302,763	2,262,225	1,339,327
General and administrative	2,563,207	941,567	3,575,969	1,777,870
Total operating expenses	6,868,548	5,562,077	12,360,423	8,636,839
LOSS FROM OPERATIONS	(3,579,598)	(2,532,042)	(5,222,897)	(2,030,417)
Interest expense, net	(1,147,717)	(481,697)	(2,389,950)	(755,688)
Realized gain (loss) on derivative instruments	101,118	(748,470)	134,508	(775,450)
Unrealized (loss) gain on derivative instruments	(2,659,912)	1,210,795	(267,169)	1,210,795
Income from forfeiture of non-refundable deposit				1,000,000
Gain from insurance proceeds	380,004		380,004
Other income	7,999		14,788
LOSS BEFORE INCOME TAXES	(6,898,106)	(2,551,414)	(7,350,716)	(1,350,760)
Income tax benefit
NET LOSS	(6,898,106)	(2,551,414)	(7,350,716)	(1,350,760)
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation gain (loss)	1,240	(588)	(11,717)	29,273
Total comprehensive loss for the period	$ (6,896,866)	$ (2,552,002)	$ (7,362,433)	$ (1,321,487)
NET (LOSS) INCOME PER COMMON SHARE:
Basic and diluted – per share	$ (0.02)	$ (0.01)	$ (0.02)	$ (0.01)
Weighted average common shares outstanding:
Basic and diluted shares outstanding	328,300,044	328,300,044	328,300,044	328,300,044
Oil sales
OPERATING REVENUES:
Total oil and gas income	$ 3,266,152	$ 2,919,607	$ 7,083,055	$ 6,454,848
Gas sales
OPERATING REVENUES:
Total oil and gas income	21,772	105,464	52,029	142,741
Other liquids
OPERATING REVENUES:
Total oil and gas income	$ 1,026	$ 4,964	$ 2,442	$ 8,833

Condensed Consolidated Statem_2

Condensed Consolidated Statement Of Changes In Stockholders' Deficit - USD ($)	Issued Capital	Accumulated Deficit	Accumulated Other Total Equity (Deficit)	Total
Beginning Balance, value at Jun. 30, 2018	$ 106,743,167	$ (110,261,791)	$ 846,556	$ (2,672,068)
Net loss		1,200,654		1,200,654
Foreign currency translation gain (loss)			29,861	29,861
Total comprehensive loss for the period		1,200,654	29,861	1,230,515
Ending Balance, value at Sep. 30, 2018	106,743,167	(109,061,137)	876,417	(1,441,553)
Beginning Balance, value at Jun. 30, 2018	106,743,167	(110,261,791)	846,556	(2,672,068)
Foreign currency translation gain (loss)				29,273
Ending Balance, value at Dec. 31, 2018	106,743,167	(111,612,551)	875,829	(3,993,555)
Beginning Balance, value at Sep. 30, 2018	106,743,167	(109,061,137)	876,417	(1,441,553)
Net loss		(2,551,414)		(2,551,414)
Foreign currency translation gain (loss)			(588)	(588)
Total comprehensive loss for the period		(2,551,414)	(588)	(2,552,002)
Ending Balance, value at Dec. 31, 2018	106,743,167	(111,612,551)	875,829	(3,993,555)
Beginning Balance, value at Jun. 30, 2019	106,743,167	(117,409,822)	835,404	(9,831,251)
Net loss		(452,610)		(452,610)
Foreign currency translation gain (loss)			(12,957)	(12,957)
Total comprehensive loss for the period		(478,390)	(12,957)	(491,347)
Ending Balance, value at Sep. 30, 2019	106,743,167	(117,888,212)	822,447	(10,322,598)
Beginning Balance, value at Jun. 30, 2019	106,743,167	(117,409,822)	835,404	(9,831,251)
Foreign currency translation gain (loss)				(11,717)
Ending Balance, value at Dec. 31, 2019	106,743,167	(124,786,318)	823,687	(17,219,464)
Adoption of ASC 842, lease accounting		(25,780)		(25,780)
Beginning Balance, value at Sep. 30, 2019	106,743,167	(117,888,212)	822,447	(10,322,598)
Net loss		(6,898,106)		(6,898,106)
Foreign currency translation gain (loss)			1,240	1,240
Total comprehensive loss for the period		(6,898,106)	1,240	(6,896,866)
Ending Balance, value at Dec. 31, 2019	$ 106,743,167	$ (124,786,318)	$ 823,687	$ (17,219,464)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Cash Flows from Operating Activities:
Net loss	$ (6,898,106)	$ (2,551,414)	$ (7,350,716)	$ (1,350,760)	$ (7,200,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization			2,021,165	1,061,971
Accretion of discount on asset retirement obligations			241,060	277,356	561,950
Exploration and evaluation assets written off				39,310
Unrealized gain on derivative instruments	2,659,912	(1,210,795)	267,169	(1,210,795)
Income from forfeiture of non-refundable deposit				(1,000,000)
Settlement of provisions for restoration			(416,156)
Changes in operating assets and liabilities:
Accounts receivables			192,582	3,668
Prepayments			(60,719)
Trade and other payables			5,075,478	2,142,538
Other			(5,141)
Net cash used in operating activities			(35,278)	(36,712)	5,400,000
Cash Flows from Investing Activities:
Proceeds from sale of oil and gas properties				700,000
Payments for oil and gas properties			(20,271)	(296,235)
Net cash flows (used in) provided by investing activities			(20,271)	403,765
Cash Flows from Financing Activities:
Repayments of borrowings			(2,679)
Net cash used in financing activities			(2,679)
Net (decrease) increase in cash and equivalents			(58,228)	367,053
Cash, restricted cash and equivalents, beginning of period			2,774,487	1,376,676	1,376,676
Effect of exchange rate changes on cash, restricted cash and equivalents			(11,159)	(5,927)
Cash, restricted cash and equivalents, end of period	$ 2,705,100	$ 1,737,802	2,705,100	1,737,802	2,774,487
Supplemental cash flow information:
Cash paid for interest			2,389,950	755,688
Royalties payable transferred to long-term debt			160,713
Increase in oil and gas properties from change in estimate of asset retirement obligations			$ 799,718

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	1. Summary of Significant Accounting Policies  Description of Operations Samson Oil & Gas Limited along with its consolidated subsidiaries (“Samson” or the “Company”), is engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties with a focus on properties in North Dakota and Montana.  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. The Company incurred net losses of $7.4 million and $7.2 million, for the six month period ended December 31, 2019, and fiscal year ended June 30, 2019, respectively, and had net cash outflows from operating activities of $35,278 and $5.4 million for the six month period ended December 31, 2019, and fiscal year ended June 30, 2019, respectively. At December 31, 2019, the Company’s total current liabilities of $49.9 million exceed its total current assets of $4.6 million. Its ability to continue as a going concern is dependent on the re-negotiation of debt, the sale of assets and/or raising further capital. These factors raise substantial doubt over the Company’s ability to continue as a going concern and therefore whether it will realize its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.  At December 31, 2019, the Company was in breach of several of its covenants related to the Credit Agreement (defined in Note 9 – Credit Facility), resulting in borrowings payable of $33.5 million being classified as current liabilities. The Company is currently negotiating with the Lender in an effort to obtain a waiver for the breach. As of the date of this report, no waiver has been received.  The Company is currently negotiating with a prospective party to divest its oil and gas assets, as well as, continuing to execute on its drilling and development plan, which it believes will result in proceeds that will sufficiently cover the Company’s obligations to the Lender and its other creditors. Although the Company is confident it will be able to successfully recognize amounts in excess of the carrying value of its oil and gas assets as a result of its ultimate divestment or, alternatively, through the successful development of its Foreman Butte project, there can be no assurances made that the Company will be able to successfully execute these plans. Given the current financial situation it is possible that the Company may be forced to accept terms on these transactions that are less favorable than would be otherwise available.  Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of December 31, 2019 and June 30, 2019, have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Item 210 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet as of June 30, 2019 is derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. The Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation for the periods presented have been included as required by Regulation S-X, Rule 10-01. Operating results for the six months ended December 31, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ended June 30, 2020. It is suggested that these condensed consolidated financial statements be read in conjunction with the Company’s consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. Significant intercompany balances and transactions have been eliminated in consolidation.  Certain amounts in prior year financial statements have been reclassified to current year presentation, and the reclassification had no impact on net loss.  Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Items subject to such estimates and assumptions include (1) oil and gas reserves; (2) cash flow estimates used in impairment tests of long–lived assets; (3) depreciation, depletion and amortization (“DD&A”); (4) asset retirement obligations (“ARO”); (5) assigning fair value and allocating purchase price in connection with business combinations; (6) accrued revenue and related receivables; (7) valuation of commodity and interest derivative instruments; (8) certain accrued liabilities; (9) valuation of share-based payments, (10) income taxes and (11) carrying value of exploration and evaluation expenditures. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions through the date of this report for matters that may require recognition or disclosure in these financial statements.  Revenue from Contract with Customers The Company recognizes its share of revenue from the sale of produced oil, gas, and NGLs in its Rocky Mountain regions. Oil, gas, and NGL production revenue presented within the accompanying statements of operations is reflective of the revenue generated from contracts with customers.  The tables below present the disaggregation of oil, gas, and NGL production revenue by product type:  r m m M   Three Months Ended Six Months Ended  December 31, December 31,  2019 2018 2019 2018  OPERATING REVENUES:  Oil sales $ 3,266,152 $ 2,919,607 $ 7,083,055 $ 6,454,848  Gas sales 21,772 105,464 52,029 142,741  Other liquids 1,026 4,964 2,442 8,833  Total oil and gas income 3,288,950 3,030,035 7,137,526 6,606,422  The Company recognizes oil, gas, and NGL production revenues at the point in time when control of the product transfers to the customer, which differs depending on the contractual terms of each of the Company’s arrangements. Transfer of control drives the presentation of transportation, gathering, processing, and other post-production expenses (“fees and other deductions”) within the accompanying statements of operations. Fees and other deductions incurred prior to control transfer are recorded within the oil, gas, and NGL production expense line item on the accompanying statements of operations, while fees and other deductions incurred subsequent to control transfer are recorded as a reduction of oil, gas, and NGL production revenue. The Company has two categories under which oil, gas, and NGL production revenue is generated, as summarized below:  1. The Company sells oil production at or near the wellhead and receives an agreed-upon index price from the purchaser, net of basis, quality, and transportation differentials. Under this arrangement, control transfers at or near the wellhead, and  2. The Company sells unprocessed gas to a midstream processor at the wellhead or inlet of the midstream processing facility. The midstream processor gathers and processes the raw gas stream and remits proceeds to the Company from the ultimate sale of the processed NGLs and residue gas to third parties. In such arrangements, the midstream processor obtains control of the product at the wellhead or inlet of the facility and is considered the customer. Proceeds received for unprocessed gas under these arrangements are reflected as gas production revenue and are recorded net of transportation and processing fees incurred by the midstream processor after control has transferred.  Significant judgments made in applying the guidance in Accounting Standard Codification (“ASC”) Topic 606 - Revenue from Contracts with Customers (“ASC 606”) relate to the point in time when control transfers to customers in gas processing arrangements with midstream processors. The Company does not believe that significant judgments are required with respect to the determination of the transaction price, including amounts that represent variable consideration, as volume and price carry a low level of estimation uncertainty given the precision of volumetric measurements and the use of index pricing with predictable differentials. Accordingly, the Company does not consider estimates of variable consideration to be constrained.  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 transferring to a customer at the wellhead or inlet of the midstream processor’s processing facility, or other contractually specified delivery point. The time period between production and satisfaction of performance obligations is generally less than one day; thus, there are no material unsatisfied or partially unsatisfied performance obligations at the end of the reporting 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 30 to 90 days after production has occurred. As a result, the Company must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for sale of the product. Estimated revenue due to the Company is recorded within accounts receivable on the accompanying balance sheets until payment is received. The accounts receivable balances from contracts with customers within the accompanying balance sheets as of December 31, 2019, and June 30, 2019, were $1.0 million and $1.5 million, respectively. To estimate accounts receivable from contracts with customers, the Company uses knowledge of its properties, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser.  Leases In January 2016, Accounting Standard Codification 842 - Leases was issued, which provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both lessees and lessors. ASC 842 changes the current accounting for leases to eliminate the operating/finance lease designation and require entities to recognize most leases on the statement of financial position, initially recorded at the fair value of unavoidable lease payments, as a right of use asset and respective liability. The entity will then recognize lease expense on a straight-line basis for operating leases and interest and depreciation on lease assets for finance leases on the statement of profit or loss.  The Company implemented ASU 2016-02 Leases (Topic 842) (“ASC 842”) as of July 1, 2019, using the “Modified Retrospective Approach” and elected the package of practical expedients within ASU 2016-02 Leases (Topic 842) that allows an entity to not reassess, prior to the effective date, (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification of any expired or existing leases, or (iii) initial direct costs for any existing leases. Additionally, the Company elected the practical expedient to not evaluate existing or expired land easements not previously accounted for as leases prior to the effective date.  The Company has identified each of its leases and determined the impact of this new guidance on each of the identified lease. As a result, the Company recorded a right-of-use asset and liability associated with operating leases of $$179,791 and $205,571 , respectively. The difference between the right-of-use-asset and lease liability of $25,780 , was recorded to accumulated losses at July 1, 2019.  Recent Accounting Standards  There were no recent accounting pronouncements that impact the Company at December 31, 2019.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2019
Income Taxes [Abstract]
Income Taxes	2. Income Taxes  Income taxes are reported in accordance with U.S. GAAP, which requires the establishment of deferred tax accounts for all temporary differences between the financial reporting and tax bases of assets and liabilities, using currently enacted federal and state income tax rates. In addition, deferred tax accounts must be adjusted to reflect new rates if enacted into law.  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, however, current year losses are not subject to these limitations.  A valuation allowance is provided if it is more likely than not that some portion or all of the 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 alternative minimum tax (“AMT”) credit carryforwards.

Loss Per Share

Loss Per Share	6 Months Ended
	Dec. 31, 2019
NET (LOSS) INCOME PER COMMON SHARE:
Loss Per Share	3. Loss 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 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.  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:   The following tables set forth the calculation of basic and diluted loss per share:      Three Months Ended  December 31,  2019 2018  Net loss $ (6,898,106) $ (2,551,414)  Basic weighted average ordinary shares outstanding 328,300,044 328,300,044  Add: dilutive effect of stock options — —  Diluted weighted average ordinary shares outstanding 328,300,044 328,300,044   Basic and diluted loss from operations per ordinary share $ (0.02) $ (0.01)    Six Months Ended  December 31,  2019 2018  Net loss $ (7,350,716) $ (1,350,760)  Basic weighted average ordinary shares outstanding 328,300,044 324,862,438  Add: dilutive effect of stock options — —  Diluted weighted average ordinary shares outstanding 328,300,044 324,862,438   Basic and diluted loss from operations per ordinary share $ (0.02) $ (0.01)

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 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 plugging and abandonment liabilities. 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 following table summarizes the activities for the Company’s asset retirement obligations:    December 31, June 30,  2019 2019  Asset retirement obligations at beginning of period $ 3,610,780 $ 3,344,112  Liabilities incurred or acquired — —  Liabilities settled (416,156) (295,282)  Change in estimate (1) 799,718 —  Disposition of properties — —  Accretion expense 241,060 561,950  Asset retirement obligations at end of period $ 4,235,402 $ 3,610,780  Less: Current portion of asset retirement obligation $ 1,477,530 $ 274,404  Non-current portion of asset retirement obligation $ 2,757,872 $ 3,336,376 (1) The Company changed the estimated date of abandonment and the estimated costs for certain wells based on the anticipated activity for fiscal year 2020.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 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 Financial Accounting Standards Board (“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.      Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Netting (1) Value  Current Assets:  Cash, restricted cash and cash equivalents $ 2,705,100 $ — $ — $ — $ 2,705,100  Derivative Instruments — 21,760 — (21,760) —   Non-current assets:  Derivative Instruments — 473,814 — (18,175) 455,639   Current Liabilities  Derivative instruments — (529,729) — 21,760 (507,969)   Non Current Liabilities  Derivative Instruments — (18,175) — 18,175 —  Current Liabilities:   Non Current Liabilities:   Fair Value at June 30, 2019 Level 1 Level 2 Level 3 Netting (1) Value  Current Assets:  Cash and cash equivalents $ 2,774,487 $ — $ — $ — $ 2,774,487  Derivative Instruments — 16,889 — (16,889) —   Non Current Assets:  Derivative Instruments — 377,845 — (12,303) 365,542   Current Liabilities:  Derivative instruments — (167,592) — 16,889 (150,703)   Non Current Liabilities:  Derivative Instruments $ — $ (12,303) $ — $ 12,303 $ —  (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: 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. The carrying values of cash, restricted cash and equivalents and accounts receivables and payables are representative of their fair values due to their short–term maturities.  Commodity Derivative Contracts. The Company’s commodity derivative instruments consisted of collars and swap contracts for oil and natural gas. The Company values the derivative contracts using industry standard models, based on an income approach, which considers various assumptions including quoted forward prices and contractual prices for the underlying commodities, time value and volatility factors, as well as other relevant economic measures. Substantially all of the assumptions can be observed throughout the full term of the contracts, can be derived from observable data or are supportable by observable levels at which transactions are executed in the marketplace and are therefore designated as level 2 within the fair value hierarchy. The discount rates used in the assumptions include consideration of non-performance risk. The Company accounts for its commodity derivatives at fair value on a recurring basis.  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 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.  Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two. The Company utilizes the discounted cash flow method; estimated future cash flows are based on management’s expectations for the future and include estimates of future oil and gas production, commodity prices based on published forward commodity price curves as of the date of the estimate, operational costs, and a risk–adjusted discount rate. The fair value measurement was based on Level 3 inputs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies  Samson may be subject to various lawsuits and disputes incidental to its business operations, including commercial disputes, personal injury claims, and claims for underpayment of royalties, property damage claims and contract actions.  The Company records an associated liability when a loss is probable and the amount is reasonably estimable. Although the outcome of litigation cannot be predicted with certainty, management is of the opinion that no pending or threatened lawsuit or dispute incidental to its business operations is likely to have a material adverse effect on the company’s consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.  On September 4, 2019, the Company received an administrative action brought by the Commission under North Dakota Century Code Chapters 38-08 and 28-32 (“NDIC). The notice makes claim to the status of certain shut-in wells and other location items operated by Samson. Samson submitted its formal response in September 2019, and has met with the NDIC concerning this matter and has presented the Company’s plan to address the administrative action. No final resolution or settlement has been entered into as of the filing of this report, however, the Company can reasonably estimate the amount of penalties and fees that may be assessed against it at December 31, 2019, therefore, an accrual for $2.1 million for potential contingent liabilities has been included in these financial statements as an item within general and administrative expenses.

Capitalized Exploration Expense

Capitalized Exploration Expense	6 Months Ended
	Dec. 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 December 31, 2019, we had no capitalized exploration expenditures.

Share Capital

Share Capital	6 Months Ended
	Dec. 31, 2019
Share Capital [Abstract]
Share Capital	8. Share Capital  Issue of Share Capital No shares were issued during the six month period ended December 31, 2019. During the six month period 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.

Debt

Debt	6 Months Ended
	Dec. 31, 2019
Debt [Abstract]
Debt	9. Debt       December 31, June 30,  2019 2019  Debt at beginning of period $ 33,500,000 $ 23,867,557  Cash advances — 33,561,707  Royalties payable transferred to long-term debt 160,713 —  Repayments (2,679) (23,929,264)  Debt at end of period $ 33,658,034 $ 33,500,000   Less amount of debt currently due for repayment within a year $ (33,532,143) (33,500,000)  Total non current credit facility at end of period 125,891 —   Funds available for drawdown under the facility $ — $ —  On April 9, 2019, the Company closed a $33.5 million refinancing with AEP I FINCO LLC (“Lender”), as administrative agent, and certain other financial institutions (the “Credit Agreement”). The proceeds of the Credit Agreement were used to retire the Company’s previous credit facility of $23.9 million, repay outstanding creditors, royalty and working interest owners and provide working capital to pursue its infill development drilling program. In conjunction with the closing of the Credit Agreement, the Company paid $1.4 million in deferred borrowing costs.  The Credit Agreement is secured by certain of the Company’s oil and gas properties and has a 5 -year term with a maturity date on April 9, 2024. Interest on the Credit Facility accrues at a rate equal to LIBOR plus a margin of 10.5% and is payable on the last day of each interest period. The effective interest rate at for the six month period ended December 31, 2019, was approximately 12.5% .  At December 31, 2019, the Company was not in compliance with certain financial covenants under the Credit Agreement. The total outstanding amount of the Credit Agreement was, therefore, categorized as a current liability. At June 30, 2019, the Company was not in compliance with certain financial covenants of the Credit Agreement. The total outstanding amount of the Credit Agreement was, therefore, categorized as a current liability and the deferred financing fees in the amount of $1.4 million, previously recorded as a debt discount, were written-off to interest expense. Due to the Company’s recent breaches of the Credit Agreement, the Lender may declare an event of default and foreclose on some or all of the Company’s assets and/or accelerate the full amount of the $33.5 million loan plus all accrued and unpaid interest, prepayment penalties, fees and other lender costs and expenses.  On November 8, 2019, the Company entered into an Installment Agreement with the Office of Natural Resources Revenue in the amount of $160,713 , payable over 60 equal monthly installments of $2,678 , for payment of Federal royalties.

Derivatives

Derivatives	6 Months Ended
	Dec. 31, 2019
Derivatives [Abstract]
Derivatives	10. Derivatives  The Company utilizes swap and collar option contracts to hedge the effect of price changes on a portion of its future oil and natural gas production. The objective of the Company’s hedging activities and the use of derivative financial instruments is to achieve more predictable cash flows. While the use of these derivative instruments limits the downside risk of adverse price movements, they also may limit future revenues from favorable price movements. The Company may, from time to time, opportunistically restructure existing derivative contracts or enter into new transactions to effectively modify the terms of current contracts in order to improve the pricing parameters in existing contracts or realize the current value of the Company’s existing positions. The Company may use the proceeds from such transactions to secure additional contracts for periods in which the Company believes it has additional unmitigated commodity price risk. The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts. The Company’s derivative contracts are with a single major oil company with no history of default with the Company. The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement. The Company has elected not to apply hedge accounting to any of its derivative transactions and, consequently, the Company recognizes mark-to-market gains and losses in earnings currently, rather than deferring such amounts in accumulated other comprehensive income for those commodity derivatives that would qualify as cash flow hedges. All derivative instruments are recorded on the balance sheet at fair value.  At December 31, 2019, the Company’s commodity derivative contracts consisted of collars and fixed price swaps, which are described below:   Collar Collars contain a fixed floor price (put) and fixed ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, the Company receives the fixed price rather than the market price. If the market price is between the call and the put strike price, no payments are due from either party. Fixed price swap The Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume.  All of the Company’s derivative contracts are with the same counterparty and are shown on a net basis on the Balance Sheet. The Company’s counterparty has entered into an inter-creditor agreement with AEP I FINCO LLC, the Company’s lender. As such no collateral is required by the counterparty.  As of December 31, 2019, the Company had commodity derivative instruments outstanding through the first quarter of 2023, as summarized in the tables below.  T    Asset (liability) Price per Bbl – WTI Estimated  Floor Ceiling Swap Units Fair Value  Year $ $ $ (Bbl) $  Crude Oil Derivatives  2020 N/A N/A 55.39 – 57.05 200,000 (529,729)  2021 N/A N/A 54.03 – 55.70 182,000 46,686  2022 N/A N/A 53.15 – 55.70 163,000 300,163  2023 N/A N/A 53.46 – 55.70 39,000 83,108  N/A N/A 584,000 (99,772)   Price per Mcf – Henry Hub Estimated  Floor Ceiling Swap Units Fair Value  Year $ $ $ (Mcf) $  Natural Gas Derivatives  2020 2.60 2.80 – 63,900 21,760  2021 2.60 2.80 – 57,600 13,049  2022 2.60 2.80 – 51,300 11,648  2023 2.60 2.80 – 11,700 985  184,500 47,442  The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The Company does not designate its derivative commodity contracts as hedging instruments. The fair value of the derivative commodity contracts was a net liability of $52,330 at December 31, 2019, and a net asset of $214,839 at June 30, 2019.  The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:      As of December 31, 2019,  Derivative Assets Derivative Liabilities  Balance Sheet Balance Sheet  Classification Fair Value Classification Fair Value  Commodity contracts Current assets — Current liabilities (507,969)  Commodity contracts Noncurrent assets 455,639 Noncurrent liabilities —  Total commodity contracts 455,639 (507,969)   As of June 30, 2019,  Derivative Assets Derivative Liabilities  Balance Sheet Balance Sheet  Classification Fair Value Classification Fair Value  Commodity contracts Current assets — Current liabilities (150,703)  Commodity contracts Noncurrent assets 365,542 Noncurrent liabilities —  Total commodity contracts 365,542 (150,703)  As of December 31, 2019, and June 30, 2019, all derivative instruments held by the Company were subject to a master netting arrangement with one financial institution. In general, the terms of the Company’s agreement provide for offsetting of amounts payable or receivable between it and the counterparty, at the election of both parties, for transactions that settle on the same date and in the same currency. The Company’s agreement also provides that in the event of an early termination, the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. The Company’s accounting policy is to offset these positions in its accompanying balance sheets.  The Company recognizes all gains and losses from changes in commodity derivative fair values immediately in earnings rather than deferring any such amounts in accumulated other comprehensive income (loss). The Company had no derivatives designated as hedging instruments for the three-month periods ended December 31, 2019, and 2018. The following table summarizes the components of the net derivative gain (loss) line item presented in the accompanying statements of operations:  T    Three Months Ended Six Months Ended  December 31, December 31,  2019 2018 2019 2018  Realized gain (loss) on derivatives $ 101,118 $ (748,470) $ 134,508 $ (775,450)  Unrealized gain on derivatives (2,659,912) 1,210,795 (267,169) 1,210,795  Total gain (loss) on derivatives $ (2,558,794) $ 462,325 $ (132,661) $ 435,345  As of December 31, 2019, and through the filing of this report, all of the Company’s derivative counterparties were members of the Company’s Credit Agreement lender group.

Leases

Leases	6 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	11. Leases  Effective July 1, 2019, the Company adopted ASC 842, which requires lessees to recognize operating and finance leases with terms greater than 12 months on the balance sheet. The Company adopted this standard using the modified retrospective method and elected to use the optional transition methodology whereby reporting periods prior to adoption continue to be presented in accordance with legacy accounting guidance. As of December 31, 2019, the Company did not have any agreements in place that were classified as finance leases under ASC 842. Arrangements classified as operating leases are included on the accompanying balance sheets as right-of-use-assets (“ROU”) and lease liabilities.  As outlined in ASC 842, a ROU asset represents a lessee’s right to use an underlying asset for the lease term, while the associated lease liability represents the lessee’s obligations to make lease payments. At the commencement date, which is the date on which a lessor makes an underlying asset available for use by a lessee, a lease ROU asset and corresponding lease liability is recognized based on the present value of the future lease payments. The initial measurement of lease payments may also be adjusted for certain items, including options that are reasonably certain to be exercised, such as options to purchase the asset at the end of the lease term, or options to extend or early terminate the lease. Excluded from the initial measurement of a ROU asset and corresponding lease liability are certain variable lease payments, such as payments made that vary depending on actual usage or performance.  The Company evaluates a contractual arrangement at its inception to determine if it is a lease or contains an identifiable lease component as defined by ASC 842. When evaluating a contract to determine appropriate classification and recognition under ASC 842, significant judgment may be necessary to determine, among other criteria, if an embedded leasing arrangement exists, the length of the term, classification as either an operating or financing lease, which options are reasonably likely to be exercised, fair value of the underlying ROU asset or assets, upfront costs, and future lease payments that are included or excluded in the initial measurement of the ROU asset. Certain assumptions and judgments made by the Company when evaluating a contract that meets the definition of a lease under ASC 842 include: · Discount Rate - Unless implicitly defined, the Company will determine the present value of future lease payments using an estimated incremental borrowing rate based on an analysis that factors in certain assumptions, including the term of the lease and credit rating of the Company at lease inception. · Lease Term - The Company evaluates each contract containing a lease arrangement at inception to determine the length of the lease term when recognizing a ROU asset and corresponding lease liability. When determining the lease term, options available to extend or early terminate the arrangement are evaluated and included when it is reasonably certain an option will be exercised. Because of the Company’s intent to maintain financial and operational flexibility, there are no available options to extend that the Company is reasonably certain it will exercise. Additionally, based on expectations for those agreements with early termination options, there are no leases in which early termination options are reasonably certain to be exercised.  Currently, the Company has one lease for asset classes that is for office space to support its corporate operations. The office agreement is with a third party and was structured with a sixty-month term.  Components of lease costs within general and administrative costs are as follows:  T T    Three Months Six Months  December 31, December 31,  2019 2019  Operating lease cost:  General and administrative costs $ 23,262 $ 46,524  Supplemental lease related cash flow information are as follows:  T    Three Months Six Months  December 31, December 31,  2019 2019  Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases $ 25,976 $ 51,664  Supplemental lease related balance sheet information are as follows:  T    Balance Sheet as of  December 31, June 30,  2019 2019  Operating leases:  Right-of-use-asset $ 138,961 $ —   Lease liability - current $ 62,686 $ —  Lease liability - Noncurrent 96,914 —  Total lease liabilities $ 159,600 $ —  Weighted average remaining lease term and discount rate as of December 31, 2019:  T    Operating  Leases  Weighted average remaining lease term 1.58 years  Weighted average discount rate 6.25%  Maturity of lease liabilities as of December 31, 2019:  T    Operating  Leases  2020 $ 105,348  2021 (January - July 2021) 62,632  Total lease payments $ 167,980  Less: Imputed interest (8,380)  Total lease liability $ 159,600

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Description Of Operations	Description of Operations Samson Oil & Gas Limited along with its consolidated subsidiaries (“Samson” or the “Company”), is engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties with a focus on properties in North Dakota and Montana.
Going Concern	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. The Company incurred net losses of $7.4 million and $7.2 million, for the six month period ended December 31, 2019, and fiscal year ended June 30, 2019, respectively, and had net cash outflows from operating activities of $35,278 and $5.4 million for the six month period ended December 31, 2019, and fiscal year ended June 30, 2019, respectively. At December 31, 2019, the Company’s total current liabilities of $49.9 million exceed its total current assets of $4.6 million. Its ability to continue as a going concern is dependent on the re-negotiation of debt, the sale of assets and/or raising further capital. These factors raise substantial doubt over the Company’s ability to continue as a going concern and therefore whether it will realize its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.  At December 31, 2019, the Company was in breach of several of its covenants related to the Credit Agreement (defined in Note 9 – Credit Facility), resulting in borrowings payable of $33.5 million being classified as current liabilities. The Company is currently negotiating with the Lender in an effort to obtain a waiver for the breach. As of the date of this report, no waiver has been received.  The Company is currently negotiating with a prospective party to divest its oil and gas assets, as well as, continuing to execute on its drilling and development plan, which it believes will result in proceeds that will sufficiently cover the Company’s obligations to the Lender and its other creditors. Although the Company is confident it will be able to successfully recognize amounts in excess of the carrying value of its oil and gas assets as a result of its ultimate divestment or, alternatively, through the successful development of its Foreman Butte project, there can be no assurances made that the Company will be able to successfully execute these plans. Given the current financial situation it is possible that the Company may be forced to accept terms on these transactions that are less favorable than would be otherwise available.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of December 31, 2019 and June 30, 2019, have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Item 210 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet as of June 30, 2019 is derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. The Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation for the periods presented have been included as required by Regulation S-X, Rule 10-01. Operating results for the six months ended December 31, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ended June 30, 2020. It is suggested that these condensed consolidated financial statements be read in conjunction with the Company’s consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019.
Principles Of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. Significant intercompany balances and transactions have been eliminated in consolidation.  Certain amounts in prior year financial statements have been reclassified to current year presentation, and the reclassification had no impact on net loss.
Use Of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Items subject to such estimates and assumptions include (1) oil and gas reserves; (2) cash flow estimates used in impairment tests of long–lived assets; (3) depreciation, depletion and amortization (“DD&A”); (4) asset retirement obligations (“ARO”); (5) assigning fair value and allocating purchase price in connection with business combinations; (6) accrued revenue and related receivables; (7) valuation of commodity and interest derivative instruments; (8) certain accrued liabilities; (9) valuation of share-based payments, (10) income taxes and (11) carrying value of exploration and evaluation expenditures. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions through the date of this report for matters that may require recognition or disclosure in these financial statements.
Revenue from Contract with Customers	Revenue from Contract with Customers The Company recognizes its share of revenue from the sale of produced oil, gas, and NGLs in its Rocky Mountain regions. Oil, gas, and NGL production revenue presented within the accompanying statements of operations is reflective of the revenue generated from contracts with customers.  The tables below present the disaggregation of oil, gas, and NGL production revenue by product type:  r m m M   Three Months Ended Six Months Ended  December 31, December 31,  2019 2018 2019 2018  OPERATING REVENUES:  Oil sales $ 3,266,152 $ 2,919,607 $ 7,083,055 $ 6,454,848  Gas sales 21,772 105,464 52,029 142,741  Other liquids 1,026 4,964 2,442 8,833  Total oil and gas income 3,288,950 3,030,035 7,137,526 6,606,422  The Company recognizes oil, gas, and NGL production revenues at the point in time when control of the product transfers to the customer, which differs depending on the contractual terms of each of the Company’s arrangements. Transfer of control drives the presentation of transportation, gathering, processing, and other post-production expenses (“fees and other deductions”) within the accompanying statements of operations. Fees and other deductions incurred prior to control transfer are recorded within the oil, gas, and NGL production expense line item on the accompanying statements of operations, while fees and other deductions incurred subsequent to control transfer are recorded as a reduction of oil, gas, and NGL production revenue. The Company has two categories under which oil, gas, and NGL production revenue is generated, as summarized below:  1. The Company sells oil production at or near the wellhead and receives an agreed-upon index price from the purchaser, net of basis, quality, and transportation differentials. Under this arrangement, control transfers at or near the wellhead, and  2. The Company sells unprocessed gas to a midstream processor at the wellhead or inlet of the midstream processing facility. The midstream processor gathers and processes the raw gas stream and remits proceeds to the Company from the ultimate sale of the processed NGLs and residue gas to third parties. In such arrangements, the midstream processor obtains control of the product at the wellhead or inlet of the facility and is considered the customer. Proceeds received for unprocessed gas under these arrangements are reflected as gas production revenue and are recorded net of transportation and processing fees incurred by the midstream processor after control has transferred.  Significant judgments made in applying the guidance in Accounting Standard Codification (“ASC”) Topic 606 - Revenue from Contracts with Customers (“ASC 606”) relate to the point in time when control transfers to customers in gas processing arrangements with midstream processors. The Company does not believe that significant judgments are required with respect to the determination of the transaction price, including amounts that represent variable consideration, as volume and price carry a low level of estimation uncertainty given the precision of volumetric measurements and the use of index pricing with predictable differentials. Accordingly, the Company does not consider estimates of variable consideration to be constrained.  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 transferring to a customer at the wellhead or inlet of the midstream processor’s processing facility, or other contractually specified delivery point. The time period between production and satisfaction of performance obligations is generally less than one day; thus, there are no material unsatisfied or partially unsatisfied performance obligations at the end of the reporting 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 30 to 90 days after production has occurred. As a result, the Company must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for sale of the product. Estimated revenue due to the Company is recorded within accounts receivable on the accompanying balance sheets until payment is received. The accounts receivable balances from contracts with customers within the accompanying balance sheets as of December 31, 2019, and June 30, 2019, were $1.0 million and $1.5 million, respectively. To estimate accounts receivable from contracts with customers, the Company uses knowledge of its properties, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser.
Leases	Leases In January 2016, Accounting Standard Codification 842 - Leases was issued, which provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both lessees and lessors. ASC 842 changes the current accounting for leases to eliminate the operating/finance lease designation and require entities to recognize most leases on the statement of financial position, initially recorded at the fair value of unavoidable lease payments, as a right of use asset and respective liability. The entity will then recognize lease expense on a straight-line basis for operating leases and interest and depreciation on lease assets for finance leases on the statement of profit or loss.  The Company implemented ASU 2016-02 Leases (Topic 842) (“ASC 842”) as of July 1, 2019, using the “Modified Retrospective Approach” and elected the package of practical expedients within ASU 2016-02 Leases (Topic 842) that allows an entity to not reassess, prior to the effective date, (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification of any expired or existing leases, or (iii) initial direct costs for any existing leases. Additionally, the Company elected the practical expedient to not evaluate existing or expired land easements not previously accounted for as leases prior to the effective date.  The Company has identified each of its leases and determined the impact of this new guidance on each of the identified lease. As a result, the Company recorded a right-of-use asset and liability associated with operating leases of $$179,791 and $205,571 , respectively. The difference between the right-of-use-asset and lease liability of $25,780 , was recorded to accumulated losses at July 1, 2019.
Recent Accounting Standards	Recent Accounting Standards  There were no recent accounting pronouncements that impact the Company at December 31, 2019.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Disaggregation of Revenue	  Three Months Ended Six Months Ended  December 31, December 31,  2019 2018 2019 2018  OPERATING REVENUES:  Oil sales $ 3,266,152 $ 2,919,607 $ 7,083,055 $ 6,454,848  Gas sales 21,772 105,464 52,029 142,741  Other liquids 1,026 4,964 2,442 8,833  Total oil and gas income 3,288,950 3,030,035 7,137,526 6,606,422 

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Dec. 31, 2019
NET (LOSS) INCOME PER COMMON SHARE:
Schedule Of Earnings Per Share, Basic And Diluted	   Three Months Ended  December 31,  2019 2018  Net loss $ (6,898,106) $ (2,551,414)  Basic weighted average ordinary shares outstanding 328,300,044 328,300,044  Add: dilutive effect of stock options — —  Diluted weighted average ordinary shares outstanding 328,300,044 328,300,044   Basic and diluted loss from operations per ordinary share $ (0.02) $ (0.01)    Six Months Ended  December 31,  2019 2018  Net loss $ (7,350,716) $ (1,350,760)  Basic weighted average ordinary shares outstanding 328,300,044 324,862,438  Add: dilutive effect of stock options — —  Diluted weighted average ordinary shares outstanding 328,300,044 324,862,438   Basic and diluted loss from operations per ordinary share $ (0.02) $ (0.01) 

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2019
Asset Retirement Obligations [Abstract]
Summary Of Activities For Asset Retirement Obligations	   December 31, June 30,  2019 2019  Asset retirement obligations at beginning of period $ 3,610,780 $ 3,344,112  Liabilities incurred or acquired — —  Liabilities settled (416,156) (295,282)  Change in estimate (1) 799,718 —  Disposition of properties — —  Accretion expense 241,060 561,950  Asset retirement obligations at end of period $ 4,235,402 $ 3,610,780  Less: Current portion of asset retirement obligation $ 1,477,530 $ 274,404  Non-current portion of asset retirement obligation $ 2,757,872 $ 3,336,376 (1) The Company changed the estimated date of abandonment and the estimated costs for certain wells based on the anticipated activity for fiscal year 2020.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2019
Fair Value Measurements [Abstract]
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis	     Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Netting (1) Value  Current Assets:  Cash, restricted cash and cash equivalents $ 2,705,100 $ — $ — $ — $ 2,705,100  Derivative Instruments — 21,760 — (21,760) —   Non-current assets:  Derivative Instruments — 473,814 — (18,175) 455,639   Current Liabilities  Derivative instruments — (529,729) — 21,760 (507,969)   Non Current Liabilities  Derivative Instruments — (18,175) — 18,175 —  Current Liabilities:   Non Current Liabilities:   Fair Value at June 30, 2019 Level 1 Level 2 Level 3 Netting (1) Value  Current Assets:  Cash and cash equivalents $ 2,774,487 $ — $ — $ — $ 2,774,487  Derivative Instruments — 16,889 — (16,889) —   Non Current Assets:  Derivative Instruments — 377,845 — (12,303) 365,542   Current Liabilities:  Derivative instruments — (167,592) — 16,889 (150,703)   Non Current Liabilities:  Derivative Instruments $ — $ (12,303) $ — $ 12,303 $ —  (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.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2019
Debt [Abstract]
Schedule of Credit Facilities	   December 31, June 30,  2019 2019  Debt at beginning of period $ 33,500,000 $ 23,867,557  Cash advances — 33,561,707  Royalties payable transferred to long-term debt 160,713 —  Repayments (2,679) (23,929,264)  Debt at end of period $ 33,658,034 $ 33,500,000   Less amount of debt currently due for repayment within a year $ (33,532,143) (33,500,000)  Total non current credit facility at end of period 125,891 —   Funds available for drawdown under the facility $ — $ — 

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Dec. 31, 2019
Derivatives [Abstract]
Schedule Of Open Derivative Contracts	   Asset (liability) Price per Bbl – WTI Estimated  Floor Ceiling Swap Units Fair Value  Year $ $ $ (Bbl) $  Crude Oil Derivatives  2020 N/A N/A 55.39 – 57.05 200,000 (529,729)  2021 N/A N/A 54.03 – 55.70 182,000 46,686  2022 N/A N/A 53.15 – 55.70 163,000 300,163  2023 N/A N/A 53.46 – 55.70 39,000 83,108  N/A N/A 584,000 (99,772)   Price per Mcf – Henry Hub Estimated  Floor Ceiling Swap Units Fair Value  Year $ $ $ (Mcf) $  Natural Gas Derivatives  2020 2.60 2.80 – 63,900 21,760  2021 2.60 2.80 – 57,600 13,049  2022 2.60 2.80 – 51,300 11,648  2023 2.60 2.80 – 11,700 985  184,500 47,442 
Fair Value Of Derivatives	   As of December 31, 2019,  Derivative Assets Derivative Liabilities  Balance Sheet Balance Sheet  Classification Fair Value Classification Fair Value  Commodity contracts Current assets — Current liabilities (507,969)  Commodity contracts Noncurrent assets 455,639 Noncurrent liabilities —  Total commodity contracts 455,639 (507,969)   As of June 30, 2019,  Derivative Assets Derivative Liabilities  Balance Sheet Balance Sheet  Classification Fair Value Classification Fair Value  Commodity contracts Current assets — Current liabilities (150,703)  Commodity contracts Noncurrent assets 365,542 Noncurrent liabilities —  Total commodity contracts 365,542 (150,703) 
Componenets Of Derivative (Gain) Loss	   Three Months Ended Six Months Ended  December 31, December 31,  2019 2018 2019 2018  Realized gain (loss) on derivatives $ 101,118 $ (748,470) $ 134,508 $ (775,450)  Unrealized gain on derivatives (2,659,912) 1,210,795 (267,169) 1,210,795  Total gain (loss) on derivatives $ (2,558,794) $ 462,325 $ (132,661) $ 435,345 

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Components of Lease Costs	   Three Months Six Months  December 31, December 31,  2019 2019  Operating lease cost:  General and administrative costs $ 23,262 $ 46,524 
Supplemental Lease Related Cash Flow Information	   Three Months Six Months  December 31, December 31,  2019 2019  Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases $ 25,976 $ 51,664 
Supplemental Lease Related Balance Sheet Information	   Balance Sheet as of  December 31, June 30,  2019 2019  Operating leases:  Right-of-use-asset $ 138,961 $ —   Lease liability - current $ 62,686 $ —  Lease liability - Noncurrent 96,914 —  Total lease liabilities $ 159,600 $ — 
Weighted Average Remaining Lease Term and Discount Rate	   Operating  Leases  Weighted average remaining lease term 1.58 years  Weighted average discount rate 6.25% 
Maturity of Lease Liabilities	   Operating  Leases  2020 $ 105,348  2021 (January - July 2021) 62,632  Total lease payments $ 167,980  Less: Imputed interest (8,380)  Total lease liability $ 159,600 

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019	Sep. 30, 2019	Jul. 01, 2019
Summary Of Significant Accounting Policies [Abstract]
Net loss	$ (6,898,106)	$ (2,551,414)	$ (7,350,716)	$ (1,350,760)	$ (7,200,000)
Cash outflows from operating activities			(35,278)	$ (36,712)	5,400,000
Current liabilities	49,916,495		49,916,495		43,346,509
Current assets	4,555,360		4,555,360		4,756,610
Current portion of long-term debt	33,532,143		33,532,143		33,500,000
Accounts receivable	1,000,000		1,000,000		1,500,000
Operating Lease, Right-of-Use Asset	138,961		138,961				$ 179,791
Operating Lease, Liability	$ 159,600		$ 159,600				205,571
Adoption of ASC 842, lease accounting						$ (25,780)	$ 25,780

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Disaggregation of Revenue) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Oil and gas income	$ 3,288,950	$ 3,030,035	$ 7,137,526	$ 6,606,422
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas income	3,266,152	2,919,607	7,083,055	6,454,848
Gas sales
Disaggregation of Revenue [Line Items]
Oil and gas income	21,772	105,464	52,029	142,741
Other liquids
Disaggregation of Revenue [Line Items]
Oil and gas income	$ 1,026	$ 4,964	$ 2,442	$ 8,833

Loss Per Share (Narrative) (Det

Loss Per Share (Narrative) (Details)	3 Months Ended
	Dec. 31, 2018
NET (LOSS) INCOME PER COMMON SHARE:
Conversion ratio	10

Loss Per Share (Schedule Of Ear

Loss Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Summary Of Significant Accounting Policies [Abstract]
Net loss	$ (6,898,106)	$ (2,551,414)	$ (7,350,716)	$ (1,350,760)	$ (7,200,000)
Basic weighted average common shares outstanding	328,300,044	328,300,044	328,300,044	324,862,438
Add: dilutive effect of stock options
Diluted weighted average common shares outstanding	328,300,044	328,300,044	328,300,044	324,862,438
Basic and diluted loss from operations per ordinary share	$ (0.02)	$ (0.01)	$ (0.02)	$ (0.01)

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Asset Retirement Obligations [Abstract]
Asset retirement obligations at beginning of period	$ 3,610,780	$ 3,344,112	$ 3,344,112
Liabilities settled	(416,156)		(295,282)
Change in estimate	799,718
Accretion expense	241,060	$ 277,356	561,950
Asset retirement obligations at end of period	4,235,402		3,610,780
Less: Current portion of asset retirement obligation	1,477,530		274,404
Non-current portion of asset retirement obligation	$ 2,757,872		$ 3,336,376

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 2,705,100	$ 2,774,487
Non Current Assets, Derivative Instruments	455,639	365,542
Current liabilities	(507,969)	(150,703)
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,705,100	2,774,487
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current Assets, Derivative Instruments	21,760	16,889
Non Current Assets, Derivative Instruments	473,814	377,845
Current liabilities	(529,729)	(167,592)
Noncurrent liabilities	(18,175)	(12,303)
Netting [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current Assets, Derivative Instruments	(21,760)	(16,889)
Non Current Assets, Derivative Instruments	(18,175)	(12,303)
Current liabilities	21,760	16,889
Noncurrent liabilities	$ 18,175	$ 12,303

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2019USD ($)
Commitments and Contingencies [Abstract]
Accrual	$ 2.1

Capitalized Exploration Expen_2

Capitalized Exploration Expense (Details)	6 Months Ended
	Dec. 31, 2019USD ($)
Capitalized Exploration Expense [Abstract]
Exploration costs	$ 0

Share Capital (Details)

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

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Nov. 08, 2019USD ($)item	Apr. 09, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Interest Expense			$ 1,147,717	$ 481,697	$ 2,389,950	$ 755,688
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 33,500,000
Payment of deferred borrowing costs		1,400,000
Term					5 years
Debt instrument, interest rate at period end			12.50%		12.50%
Interest Expense					$ 1,400,000
Previous Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 23,900,000
Installment Agreement [Member]
Line of Credit Facility [Line Items]
Face amount	$ 160,713
Number of monthly installments | item	60
Monthly installment	$ 2,678
London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate					10.50%

Debt (Schedule of Credit Facili

Debt (Schedule of Credit Facilities) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Debt [Abstract]
Debt at beginning of period	$ 33,500,000	$ 23,867,557
Cash advances		33,561,707
Royalties payable transferred to long-term debt	160,713
Repayments	(2,679)	(23,929,264)
Debt at end of period	33,658,034	33,500,000
Less amount of debt currently due for repayment within a year	(33,532,143)	(33,500,000)
Total non current credit facility at end of period	125,891
Funds available for drawdown under the facility

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Derivative [Line Items]
Assets	$ 455,639	$ 365,542
Liabilities	507,969	150,703
Commodity Contract [Member]
Derivative [Line Items]
Assets		$ 214,839
Liabilities	$ 52,330

Derivatives (Schedule Of Open D

Derivatives (Schedule Of Open Derivative Contracts) (Details)	6 Months Ended
	Dec. 31, 2019USD ($)$ / bbl$ / McfbblMcf
W&T Offshore, Inc. [Member]
Derivative [Line Items]
Volumes | bbl	584,000
Estimated Fair Value	$ (99,772)
W&T Offshore, Inc. [Member] | Derivative Contract Two [Member]
Derivative [Line Items]
Volumes | bbl	200,000
Estimated Fair Value	$ (529,729)
W&T Offshore, Inc. [Member] | Derivative Contract Three [Member]
Derivative [Line Items]
Volumes | bbl	182,000
Estimated Fair Value	$ 46,686
W&T Offshore, Inc. [Member] | Derivative Contract Five [Member]
Derivative [Line Items]
Volumes | bbl	163,000
Estimated Fair Value	$ 300,163
W&T Offshore, Inc. [Member] | Derivative Contract Six [Member]
Derivative [Line Items]
Volumes | bbl	39,000
Estimated Fair Value	$ 83,108
Henry Hub [Member]
Derivative [Line Items]
Volumes | Mcf	184,500
Estimated Fair Value	$ 47,442
Henry Hub [Member] | Derivative Contract Eight [Member]
Derivative [Line Items]
Volumes | Mcf	63,900
Floor price | $ / Mcf	2.60
Ceiling price | $ / Mcf	2.80
Estimated Fair Value	$ 21,760
Henry Hub [Member] | Derivative Contract Nine [Member]
Derivative [Line Items]
Volumes | Mcf	57,600
Floor price | $ / Mcf	2.60
Ceiling price | $ / Mcf	2.80
Estimated Fair Value	$ 13,049
Henry Hub [Member] | Derivative Contract Ten [Member]
Derivative [Line Items]
Volumes | Mcf	51,300
Floor price | $ / Mcf	2.60
Ceiling price | $ / Mcf	2.80
Estimated Fair Value	$ 11,648
Henry Hub [Member] | Derivative Contract Eleven [Member]
Derivative [Line Items]
Volumes | Mcf	11,700
Floor price | $ / Mcf	2.60
Ceiling price | $ / Mcf	2.80
Estimated Fair Value	$ 985
Minimum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Two [Member]
Derivative [Line Items]
Swap | $ / bbl	55.39
Minimum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Three [Member]
Derivative [Line Items]
Swap | $ / bbl	54.03
Minimum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Five [Member]
Derivative [Line Items]
Swap | $ / bbl	53.15
Minimum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Six [Member]
Derivative [Line Items]
Swap | $ / bbl	53.46
Maximum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Two [Member]
Derivative [Line Items]
Swap | $ / bbl	57.05
Maximum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Three [Member]
Derivative [Line Items]
Swap | $ / bbl	55.70
Maximum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Five [Member]
Derivative [Line Items]
Swap | $ / bbl	55.70
Maximum [Member] | W&T Offshore, Inc. [Member] | Derivative Contract Six [Member]
Derivative [Line Items]
Swap | $ / bbl	55.70

Derivatives (Fair Value Of Deri

Derivatives (Fair Value Of Derivatives) (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Derivatives [Abstract]
Noncurrent assets	$ 455,639	$ 365,542
Assets	455,639	365,542
Current liabilities	(507,969)	(150,703)
Liabilities	$ (507,969)	$ (150,703)

Derivatives (Componenets Of Der

Derivatives (Componenets Of Derivative (Gain) Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Derivatives [Abstract]
Realized gain (loss) on derivatives	$ 101,118	$ (748,470)	$ 134,508	$ (775,450)
Unrealized gain on derivatives	(2,659,912)	1,210,795	(267,169)	1,210,795
Total gain (loss) on derivatives	$ (2,558,794)	$ 462,325	$ (132,661)	$ 435,345

Leases (Components of Lease Cos

Leases (Components of Lease Costs) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Leases [Abstract]
General and administrative costs	$ 23,262	$ 46,524

Leases (Supplemental Lease Rela

Leases (Supplemental Lease Related Cash Flow Information) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 25,976	$ 51,664

Leases (Supplemental Lease Re_2

Leases (Supplemental Lease Related Balance Sheet Information) (Details) - USD ($)	Dec. 31, 2019	Jul. 01, 2019	Jun. 30, 2019
Leases [Abstract]
Right-of-use-asset	$ 138,961	$ 179,791
Lease liability - current	62,686
Lease liability - Noncurrent	96,914
Total lease liabilities	$ 159,600	$ 205,571

Leases (Weighted Average Remain

Leases (Weighted Average Remaining Lease Term and Discount Rate) (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term	1 year 6 months 29 days
Weighted average discount rate	6.25%

Leases (Maturity of Lease Liabi

Leases (Maturity of Lease Liabilities) (Details) - USD ($)	Dec. 31, 2019	Jul. 01, 2019	Jun. 30, 2019
Leases [Abstract]
2020	$ 105,348
2021 (January - July 2021)	62,632
Total lease payments	167,980
Less: Imputed interest	(8,380)
Total lease liability	$ 159,600	$ 205,571