PHX Minerals (PHX) 10-Q/A 30 Jul 20 2020 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2020	May 07, 2020
Document And Entity Information [Line Items]
Entity Registrant Name	PANHANDLE OIL & GAS INC,
Entity Central Index Key	0000315131
Document Type	10-Q/A
Document Period End Date	Mar. 31, 2020
Amendment Flag	true
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-31759
Entity Tax Identification Number	73-1055775
Entity Address, Address Line One	Valliance Bank Tower
Entity Address, Address Line Two	Suite 1100
Entity Address, Address Line Three	1601 NW Expressway
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	948-1560
Entity Incorporation, State or Country Code	OK
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		16,392,054
Amendment Description	On July 23, 2020, management of Panhandle Oil and Gas Inc. (the “Company”) concluded, and the Audit Committee of the Board of Directors concurred, that the Company's previously-issued unaudited financial statements as of and for the three- and six- month periods ended March 31, 2020, which were included in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, originally filed with the Securities and Exchange Commission (the "SEC") on May 7, 2020 (the “Original Filing”), should no longer be relied upon and should be restated to correct the errors discussed below. The Company is filing this Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”), which sets forth the information in the Original Filing in its entirety, as adjusted for the effects of the restatement described below. During the process of collecting receivables recorded in the oil, NGL and natural gas revenue accrual as of March 31, 2020, the Company identified a misstatement of approximately $705,000 attributable to errors in identifying ownership interests in wells, resulting in an overstatement of the Company’s net revenue interest in three wells. As a result of the overstatement in revenue, refundable income taxes and deferred income taxes were misstated by approximately $176,000 and $47,000, respectively. Oil, NGL and natural gas sales, transportation, gathering and marketing, production taxes and benefit for income taxes were misstated by approximately $765,000, $30,000, $31,000 and $223,000, respectively, for the three and six months ended March 31, 2020. The misstatements were related to the non-recurring revenue accruals discussed in the quarter ended March 31, 2020 and do not affect cash flow from operations, debt and cash balances for the three- and six-month periods ended March 31, 2020. This Amendment is being filed to (i) restate the unaudited financial statements to correct the misstatements described above (and to reflect corresponding changes to the Risk Factors in Part II, Item 1A, and to Management's Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2), and (ii) amend Part 1, Item 4 (Controls and Procedures) to address the material weakness in internal control that caused the misstatements. To reflect the restatement of items described above, this Amendment revises the following sections of the Original Filing: •Part I - Item 1. Condensed Financial Statements; •Part I - Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations; •Part I - Item 4. Controls and Procedures; •Part II - Item 1A. Risk Factors; and •Part II - Item 6. Exhibits The misstatements giving rise to this Amendment resulted from a material weakness in internal control over financial reporting. As such, Item 4 of Part I has been amended to include our assessment of the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. This Amendment includes new certifications from the Company’s Chief Executive Officer and President and Chief Financial Officer dated as of the date of the filing of this Amendment, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. The certifications are filed with this Amendment as Exhibits 31.1, 31.2, 32.1 and 32.2. Except as described above, no other changes have been made to the Original Filing. This Amendment does not reflect events occurring after, nor does it modify or update any disclosures that may have been affected by events occurring subsequent to, the date of the filing of the Original Filing.
Title of each class	Class A Common Stock, $0.01666 par value
Trading Symbol(s)	PHX
Name of each exchange on which registered	NYSE
Former Address [Member]
Document And Entity Information [Line Items]
Entity Address, Address Line One	Grand Centre
Entity Address, Address Line Two	Suite 300
Entity Address, Address Line Three	5400 N Grand Blvd
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73112

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)		Mar. 31, 2020	Sep. 30, 2019
Current assets:
Cash and cash equivalents		$ 498,777	$ 6,160,691
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)		3,208,703	4,377,646
Refundable income taxes		3,577,870	1,505,442
Derivative contracts, net	[1]	4,216,915	2,256,639
Other		601,412	177,037
Total current assets		12,103,677	14,477,455
Properties and equipment at cost, based on successful efforts accounting:
Producing oil and natural gas properties		326,766,558	354,718,398
Non-producing oil and natural gas properties		19,030,785	14,599,023
Other		1,782,063	1,722,080
Gross properties and equipment, at cost, based on successful efforts accounting		347,579,406	371,039,501
Less accumulated depreciation, depletion and amortization		(261,599,529)	(259,314,590)
Net properties and equipment		85,979,877	111,724,911
Investments		151,752	205,076
Derivative contracts, net	[1]		237,505
Total assets		98,235,306	126,644,947
Current liabilities:
Accounts payable		810,095	665,160
Accrued liabilities and other		1,246,544	2,433,466
Total current liabilities		2,056,639	3,098,626
Long-term debt		32,000,000	35,425,000
Deferred income taxes, net		1,265,007	5,976,007
Asset retirement obligations		2,862,523	2,835,781
Stockholders' equity:
Class A voting common stock, $0.01666 par value; 24,000,500 shares authorized; 16,897,306 issued at March 31, 2020, and Class A voting common stock, $0.01666 par value; 24,000,000 shares authorized; 16,897,306 issued at September 30, 2019		281,509	281,509
Capital in excess of par value		3,264,383	2,967,984
Deferred directors' compensation		2,092,426	2,555,781
Retained earnings		61,965,702	81,848,301
Stockholders' Equity		67,604,020	87,653,575
Less treasury stock, at cost; 505,252 shares at March 31, 2020, and 558,051 shares at September 30, 2019		(7,552,883)	(8,344,042)
Total stockholders' equity		60,051,137	79,309,533
Total liabilities and stockholders' equity		$ 98,235,306	$ 126,644,947
[1]	See Note 11: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Sep. 30, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01666	$ 0.01666
Common stock, shares authorized	24,000,500	24,000,000
Common stock, shares issued	16,897,306	16,897,306
Treasury stock, shares	505,252	558,051

Condensed Statements Of Operati

Condensed Statements Of Operations - USD ($)	3 Months Ended			6 Months Ended
	Mar. 31, 2020		Mar. 31, 2019	Mar. 31, 2020		Mar. 31, 2019
Revenues:
Revenues	$ 7,217,618		$ 9,221,319	$ 14,811,456		$ 21,432,038
Gains (losses) on derivative contracts	4,071,577		(1,793,852)	3,253,683		2,712,928
Gain on asset sales				3,272,888		9,096,938
Revenues	11,311,287		7,636,213	21,887,818		33,965,207
Costs and expenses:
Lease operating expenses	1,542,199		1,505,507	2,723,870		3,020,061
Transportation, gathering and marketing	1,356,628		1,482,671	2,739,629		3,072,687
Production taxes	373,754		467,308	701,035		1,076,259
Depreciation, depletion and amortization	3,373,518		3,623,976	6,329,219		7,437,662
Provision for impairment	29,545,702	[1]	0	29,545,702	[1]	0
Interest expense	346,573		485,784	717,238		1,025,154
General and administrative	2,174,661		2,133,153	4,397,689		4,071,993
Loss on asset sales and other expense (income)	40,066		(852)	29,136		15,785
Total costs and expenses	38,753,101		9,697,547	47,183,518		19,719,601
Income (loss) before provision (benefit) for income taxes	(27,441,814)		(2,061,334)	(25,295,700)		14,245,606
Provision (benefit) for income taxes	(6,987,000)		(130,000)	(6,733,000)		3,441,000
Net income (loss)	$ (20,454,814)		$ (1,931,334)	$ (18,562,700)		$ 10,804,606
Basic and diluted earnings (loss) per common share	$ (1.24)		$ (0.11)	$ (1.12)		$ 0.64
Basic and diluted weighted average shares outstanding:
Common shares	16,384,687		16,679,187	16,362,057		16,712,493
Unissued, directors' deferred compensation shares	139,390		183,206	186,443		217,704
Basic and diluted weighted average shares outstanding	16,524,077		16,862,393	16,548,500		16,930,197
Dividends declared per share of common stock and paid in period	$ 0.04		$ 0.04	$ 0.08		$ 0.08
Oil, NGL and Natural Gas [Member]
Revenues:
Revenues	$ 7,217,618		$ 9,221,319	$ 14,811,456		$ 21,432,038
Lease Bonuses and Rental Income [Member]
Revenues:
Revenues	$ 22,092		$ 208,746	$ 549,791		$ 723,303
[1]	At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Statements Of Stockholders' Equ

Statements Of Stockholders' Equity - USD ($)	Total	Class A voting Common Stock [Member]	Capital in Excess of Par Value [Member]	Deferred Directors' Compensation [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balances at Sep. 30, 2018	$ 128,765,205	$ 281,502	$ 2,824,691	$ 2,950,405	$ 125,266,945	$ (2,558,338)
Balances, shares at Sep. 30, 2018		16,896,881
Balances, Treasury shares at Sep. 30, 2018						(145,467)
Net income (loss)	12,735,940				12,735,940
Purchase of treasury stock	(1,140,559)					$ (1,140,559)
Purchase of treasury stock, shares						(74,457)
Restricted stock awards	159,469		159,469
Dividends	(1,347,789)				(1,347,789)
Distribution of restricted stock to officers and directors	160	$ 7	(159,869)			$ 160,022
Distribution of restricted stock to officers and directors, shares		425				9,194
Distribution of deferred Directors' compensation			(8)	8
Increase in deferred directors' compensation charged to expense	80,287			80,287
Balances at Dec. 31, 2018	139,252,713	$ 281,509	2,824,283	3,030,700	136,655,096	$ (3,538,875)
Balances, shares at Dec. 31, 2018		16,897,306
Balances, Treasury shares at Dec. 31, 2018						(210,730)
Balances at Sep. 30, 2018	128,765,205	$ 281,502	2,824,691	2,950,405	125,266,945	$ (2,558,338)
Balances, shares at Sep. 30, 2018		16,896,881
Balances, Treasury shares at Sep. 30, 2018						(145,467)
Net income (loss)	10,804,606
Balances at Mar. 31, 2019	134,832,789	$ 281,509	2,830,224	2,415,569	134,723,381	$ (5,417,894)
Balances, shares at Mar. 31, 2019		16,897,306
Balances, Treasury shares at Mar. 31, 2019						(329,065)
Balances at Dec. 31, 2018	139,252,713	$ 281,509	2,824,283	3,030,700	136,655,096	$ (3,538,875)
Balances, shares at Dec. 31, 2018		16,897,306
Balances, Treasury shares at Dec. 31, 2018						(210,730)
Net income (loss)	(1,931,334)				(1,931,334)
Purchase of treasury stock	(2,827,126)					$ (2,827,126)
Purchase of treasury stock, shares						(175,175)
Restricted stock awards	286,852		286,852
Dividends	(381)				(381)
Distribution of restricted stock to officers and directors	75		(73,069)			$ 73,144
Distribution of restricted stock to officers and directors, shares						4,441
Distribution of deferred Directors' compensation	(3)		(207,842)	(667,124)		$ 874,963
Distribution of deferred directors' compensation, shares						52,399
Increase in deferred directors' compensation charged to expense	51,993			51,993
Balances at Mar. 31, 2019	134,832,789	$ 281,509	2,830,224	2,415,569	134,723,381	$ (5,417,894)
Balances, shares at Mar. 31, 2019		16,897,306
Balances, Treasury shares at Mar. 31, 2019						(329,065)
Balances at Sep. 30, 2019	$ 79,309,533	$ 281,509	2,967,984	2,555,781	81,848,301	$ (8,344,042)
Balances, shares at Sep. 30, 2019		16,897,306
Balances, Treasury shares at Sep. 30, 2019	(558,051)					(558,051)
Net income (loss)	$ 1,892,114				1,892,114
Purchase of treasury stock	(7,635)					$ (7,635)
Purchase of treasury stock, shares						(632)
Restricted stock awards	148,515		148,515
Dividends	(1,319,899)				(1,319,899)
Distribution of restricted stock to officers and directors	93		(82,821)			$ 82,914
Distribution of restricted stock to officers and directors, shares						5,546
Increase in deferred directors' compensation charged to expense	86,212			86,212
Balances at Dec. 31, 2019	80,108,933	$ 281,509	3,033,678	2,641,993	82,420,516	$ (8,268,763)
Balances, shares at Dec. 31, 2019		16,897,306
Balances, Treasury shares at Dec. 31, 2019						(553,137)
Balances at Sep. 30, 2019	$ 79,309,533	$ 281,509	2,967,984	2,555,781	81,848,301	$ (8,344,042)
Balances, shares at Sep. 30, 2019		16,897,306
Balances, Treasury shares at Sep. 30, 2019	(558,051)					(558,051)
Net income (loss)	$ (18,562,700)
Balances at Mar. 31, 2020	$ 60,051,137	$ 281,509	3,264,383	2,092,426	61,965,702	$ (7,552,883)
Balances, shares at Mar. 31, 2020		16,897,306
Balances, Treasury shares at Mar. 31, 2020	(505,252)					505,252
Balances at Dec. 31, 2019	$ 80,108,933	$ 281,509	3,033,678	2,641,993	82,420,516	$ (8,268,763)
Balances, shares at Dec. 31, 2019		16,897,306
Balances, Treasury shares at Dec. 31, 2019						(553,137)
Net income (loss)	(20,454,814)				(20,454,814)
Restricted stock awards	343,101		343,101
Distribution of deferred Directors' compensation	(1)		(112,396)	(603,485)		$ 715,880
Distribution of deferred directors' compensation, shares						47,885
Increase in deferred directors' compensation charged to expense	53,918			53,918
Balances at Mar. 31, 2020	$ 60,051,137	$ 281,509	$ 3,264,383	$ 2,092,426	$ 61,965,702	$ (7,552,883)
Balances, shares at Mar. 31, 2020		16,897,306
Balances, Treasury shares at Mar. 31, 2020	(505,252)					505,252

Statements Of Stockholders' E_2

Statements Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends per share	$ 0.08	$ 0.08

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($)	3 Months Ended			6 Months Ended			12 Months Ended
	Mar. 31, 2020		Mar. 31, 2019	Mar. 31, 2020		Mar. 31, 2019	Sep. 30, 2019
Operating Activities
Net income (loss)				$ (18,562,700)		$ 10,804,606
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	$ 3,373,518		$ 3,623,976	6,329,219		7,437,662
Impairment of producing properties	29,545,702	[1]	0	29,545,702	[1]	0
Provision for deferred income taxes				(4,711,000)		3,942,000
Gain from leasing fee mineral acreage				(544,979)		(722,912)
Proceeds from leasing fee mineral acreage				559,462		737,812
Net (gain) loss on sales of assets				(3,265,449)		(9,096,938)
Directors' deferred compensation expense				140,130		132,280
Fair value of derivative contracts				(1,722,771)		(4,231,222)
Restricted stock awards	343,101		286,852	491,616		446,321
Other				7,225		9,326
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables				1,168,943		715,935
Other current assets				(232,349)		(172,645)
Accounts payable				117,561		(77,977)
Income taxes receivable				(2,072,428)		(538,150)
Other non-current assets				50,010		17,317
Accrued liabilities				(1,189,850)		(342,361)
Total adjustments				24,671,042		(1,743,552)
Net cash provided by operating activities				6,108,342		9,061,054
Investing Activities
Capital expenditures				(139,755)		(4,159,683)
Acquisition of minerals and overrides				(10,254,016)		(1,809,775)
Investments in partnerships						(199)
Proceeds from sales of assets				3,376,049		9,096,938
Net cash provided (used) by investing activities				(7,017,722)		3,127,281
Financing Activities
Borrowings under Credit Facility				5,561,725		8,686,270
Payments of loan principal				(8,986,725)		(15,586,270)
Purchases of treasury stock				(7,635)		(3,967,685)
Payments of dividends				(1,319,899)		(1,348,170)
Net cash provided (used) by financing activities				(4,752,534)		(12,215,855)
Increase (decrease) in cash and cash equivalents				(5,661,914)		(27,520)
Cash and cash equivalents at beginning of period				6,160,691		532,502	$ 532,502
Cash and cash equivalents at end of period	$ 498,777		$ 504,982	498,777		504,982	$ 6,160,691
Supplemental Schedule of Noncash Investing and Financing Activities:
Additions to asset retirement obligations				4		27,562
Gross additions to properties and equipment				10,229,121		5,654,060
Net (increase) decrease in accounts payable for properties and equipment additions				164,650		315,398
Capital expenditures and acquisitions				$ 10,393,771		$ 5,969,458
[1]	At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Basis of Presentation, Restatem

Basis of Presentation, Restatement of Financials and Accounting Principles	6 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation, Restatement of Financials and Accounting Principles	NOTE 1: Basis of Presentation, Restatement of Financials and Accounting Principles Basis of Presentation The accompanying unaudited condensed financial statements of Panhandle Oil and Gas Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for the full year. The Company’s fiscal year runs from October 1 through September 30. Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019. Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “Panhandle” or “Company” refer to Panhandle Oil and Gas Inc. Restatement of Previously-Issued Unaudited Financial Statements The Company has restated its unaudited financial statements to correct an error in its oil, NGL and natural gas revenue accrual, which impacted oil, NGL and natural gas receivables and oil, NGL and natural gas sales. This error was identified during the process of collecting receivables recorded in the oil, NGL and natural gas sales receivable balance as of March 31, 2020. The following tables illustrate the effect of the error correction on all affected line items of our previously-issued Balance Sheets as of March 31, 2020; Statements of Operations for the three and six months ended March 31, 2020; Statements of Stockholders' Equity for the three months ended March 31, 2020; and Statements of Cash Flows for the six months ended March 31, 2020. Balance Sheets March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts) 3,913,347 (704,644 ) 3,208,703 Refundable income taxes 3,401,870 176,000 3,577,870 Total current assets 12,632,321 (528,644 ) 12,103,677 Total assets $ 98,763,950 (528,644 ) $ 98,235,306 Deferred income taxes, net 1,312,007 (47,000 ) 1,265,007 Retained earnings 62,447,346 (481,644 ) 61,965,702 68,085,664 (481,644 ) 67,604,020 Total stockholders' equity 60,532,781 (481,644 ) 60,051,137 Total liabilities and stockholders' equity $ 98,763,950 (528,644 ) $ 98,235,306 Statements of Operations Three Months Ended March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales $ 7,982,905 (765,287 ) $ 7,217,618 Total revenues 12,076,574 (765,287 ) 11,311,287 Transportation, gathering and marketing 1,386,297 (29,669 ) 1,356,628 Production taxes 404,728 (30,974 ) 373,754 Total cost and expenses 38,813,744 (60,643 ) 38,753,101 Income (loss) before provision (benefit) for income taxes (26,737,170 ) (704,644 ) (27,441,814 ) Provision (benefit) for income taxes (6,764,000 ) (223,000 ) (6,987,000 ) Net income (loss) $ (19,973,170 ) (481,644 ) $ (20,454,814 ) Basic and diluted earnings (loss) per common share (Note 5) $ (1.21 ) $ (0.03 ) $ (1.24 ) Six Months Ended March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales $ 15,576,743 (765,287 ) $ 14,811,456 Total revenues 22,653,105 (765,287 ) 21,887,818 Transportation, gathering and marketing 2,769,298 (29,669 ) 2,739,629 Production taxes 732,009 (30,974 ) 701,035 Total cost and expenses 47,244,161 (60,643 ) 47,183,518 Income (loss) before provision (benefit) for income taxes (24,591,056 ) (704,644 ) (25,295,700 ) Provision (benefit) for income taxes (6,510,000 ) (223,000 ) (6,733,000 ) Net income (loss) $ (18,081,056 ) (481,644 ) $ (18,562,700 ) Basic and diluted earnings (loss) per common share (Note 5) $ (1.09 ) $ (0.03 ) $ (1.12 ) Statements of Stockholders’ Equity Retained Earnings As Reported Adjustments As Restated Net income (loss) (19,973,170 ) (481,644 ) (20,454,814 ) Balances at March 31, 2020 $ 62,447,346 (481,644 ) $ 61,965,702 Total Stockholders' Equity As Reported Adjustments As Restated Net income (loss) (19,973,170 ) (481,644 ) (20,454,814 ) Balances at March 31, 2020 $ 60,532,781 (481,644 ) $ 60,051,137 Statements of Cash Flows Six Months Ended March 31, 2020 As Reported Adjustments As Restated Operating Activities Net income (loss) $ (18,081,056 ) (481,644 ) $ (18,562,700 ) Provision for deferred income taxes (4,664,000 ) (47,000 ) (4,711,000 ) Cash provided (used) by changes in assets and liabilities: Oil, NGL and natural gas sales receivables 464,299 704,644 1,168,943 Income taxes receivable (1,896,428 ) (176,000 ) (2,072,428 ) Total adjustments 24,189,398 481,644 24,671,042 Adoption of New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements New Accounting Pronouncements yet to be Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Other accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Leases

Leases	6 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	NOTE 2: Leases Impact of ASC 842 Adoption On October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) using the modified retrospective method. This ASU, as subsequently amended by ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20, requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under the previous guidance. The Company elected the adoption practical expedient under ASU 2018-11, and used October 1, 2019, the beginning of the period of adoption, as its date of initial application. The Company elected the set of practical expedients upon transition which will retain the lease classification for leases and any unamortized initial direct costs that existed prior to the adoption of the standard. The Company’s operating lease right-of-use (“ROU”) assets and operating lease obligations were less than 1% of the Company's total assets as of December 31, 2019, had remaining terms of less than 12 months and were not considered material to the Company; and therefore, the adoption of the standard had no related impact on the Company’s Balance Sheets as of October 1, 2019. Additionally, there was no related impact on the Company’s Statements of Operations, and the standard had no impact on the Company’s debt covenant compliance under existing agreements. Assessment of Leases The Company determines if an arrangement is a lease at inception by considering whether (i) explicitly or implicitly identified assets have been deployed in the agreement and (ii) the Company obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the agreement. As of March 31, 2020, none of the Company’s leases were classified as financing leases. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company signed a new lease for office space during the quarter ended March 31, 2020, with an anticipated commencement date during the fourth quarter of 2020. The associated lease liability will be recognized at that time and is estimated to be approximately $1 million. ROU assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized at commencement date and consist of the present value of remaining lease payments over the lease term, initial direct costs, prepaid lease payments less any lease incentives. Operating lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The Company uses the implicit rate, when readily determinable, or its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The lease terms may include periods covered by options to extend the lease when it is reasonably certain that the Company will exercise that option and periods covered by options to terminate the lease when it is not reasonably certain that the Company will exercise that option. Lease expense for lease payments will be recognized on a straight-line basis over the lease term. The Company made an accounting policy election to not recognize leases with terms, including applicable options, of less than twelve months on the Company’s Balance Sheets and recognize those lease payments in the Company’s Statements of Operations on a straight-line basis over the lease term. In the event that the Company’s assumptions and expectations change, it may have to revise its ROU assets and operating lease liabilities.

Revenues

Revenues	6 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenues	NOTE 3: Revenues Lease bonus income The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies. A lease agreement represents the Company's contract with a third party and generally conveys the rights to any oil, NGL or natural gas discovered, grants the Company a right to a specified royalty interest and requires that drilling and completion operations commence within a specified time period. Control is transferred to the lessee and the Company has satisfied its performance obligation when the lease agreement is executed, such that revenue is recognized when the lease bonus payment is received. The Company accounts for its lease bonuses as conveyances in accordance with the guidance set forth in Accounting Standards Codification (“ASC”) 932, and it recognizes the lease bonus as a cost recovery with any excess above its cost basis in the mineral being treated as a gain. The excess of lease bonus above the mineral basis is shown in the lease bonuses and rental income line item on the Company’s Statements of Operations. Oil and natural gas derivative contracts See Note 10 for discussion of the Company’s accounting for derivative contracts. Revenues from Contracts with Customers Oil, NGL and natural gas sales Sales of oil, NGL and natural gas are recognized when production is sold to a purchaser and control has transferred. Oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. The price the Company receives for natural gas and NGL is tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality and heat content of natural gas, and prevailing supply and demand conditions, so that the price of natural gas fluctuates to remain competitive with other available natural gas supplies. These market indices are determined on a monthly basis. Each unit of commodity is considered a separate performance obligation; however, as consideration is variable, the Company utilizes the variable consideration allocation exception permitted under the standard to allocate the variable consideration to the specific units of commodity to which they relate. Disaggregation of oil, NGL and natural gas revenues The following table presents the disaggregation of the Company's oil, NGL and natural gas revenues for the three and six months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Royalty Interest Working Interest Total Royalty Interest Working Interest Total (As Restated) (As Restated) (As Restated) (As Restated) Oil revenue $ 2,548,648 $ 1,641,643 $ 4,190,291 $ 3,961,859 $ 3,693,944 $ 7,655,803 NGL revenue 196,311 328,430 524,741 419,088 720,536 1,139,624 Natural gas revenue 1,057,610 1,444,976 2,502,586 2,330,724 3,685,305 6,016,029 Oil, NGL and natural gas sales $ 3,802,569 $ 3,415,049 $ 7,217,618 $ 6,711,671 $ 8,099,785 $ 14,811,456 Three Months Ended March 31, 2019 Six Months Ended March 31, 2019 Royalty Interest Working Interest Total Royalty Interest Working Interest Total Oil revenue $ 1,552,380 $ 2,377,225 $ 3,929,605 $ 3,856,185 $ 4,552,400 $ 8,408,585 NGL revenue 186,884 629,478 816,362 628,111 1,643,086 2,271,197 Natural gas revenue 1,411,154 3,064,198 4,475,352 3,442,266 7,309,990 10,752,256 Oil, NGL and natural gas sales $ 3,150,418 $ 6,070,901 $ 9,221,319 $ 7,926,562 $ 13,505,476 $ 21,432,038 Prior-period performance obligations and contract balances The Company records revenue in the month production is delivered to the purchaser. As a non-operator, the Company has limited visibility into the timing of when new wells start producing and production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The expected sales volumes and prices for these properties are estimated and recorded within the Oil, NGL and natural gas sales receivables line item on the Company’s Balance Sheets. The difference between the Company's estimates and the actual amounts received for oil, NGL and natural gas sales is recorded in the quarter that payment is received from the third party. For the three and six months ended March 31, 2019, As noted above, as a non-operator, there are instances when the Company is limited by the information operators provide to us. Through the use of new technological platforms as well as cash received on new wells, in the 2020 second quarter, the Company identified several producing properties on our minerals that had production dates prior to the 2020 second quarter. Estimates of the oil and natural gas sales related to those properties were made and are reflected in the second quarter Oil, NGL and natural gas sales on the Company’s Statements of Operations and on the Company’s Balance Sheets in Oil, NGL and natural gas sales receivables. In connection with obtaining more relevant information identifying additional new wells on Panhandle acreage, we have recorded a change in estimate for new wells to Oil, NGL and natural gas sales totaling $1,140,171 of which $651,681 related to the production periods before October 1, 2019, and $488,490 related to first quarter of 2020. This reduced loss before benefit for income taxes by $1,044,297 in the three and six months ended March 31, 2020. This resulted in decreases in both net loss of $778,407 and $0.05 loss per common share for the three months ended March 31, 2020, and decreases in both net loss of $766,335 and $0.05 loss per common share for the six months ended March 31, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 4: Income Taxes The Company’s provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from excess federal and Oklahoma percentage depletion, which are permanent tax benefits. Excess percentage depletion, both federal and Oklahoma, can only be taken in the amount that it exceeds cost depletion which is calculated on a unit-of-production basis. Excess tax benefits and deficiencies of stock-based compensation are recognized as provision (benefit) for income taxes in the Company’s Statements of Operations. Both excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, and excess Oklahoma percentage depletion, which has no limitation on production volume, reduce estimated taxable income or add to estimated taxable loss projected for any year. The federal and Oklahoma excess percentage depletion estimates will be updated throughout the year until finalized with detailed well-by-well calculations at fiscal year-end. Federal and Oklahoma excess percentage depletion, when a provision for income taxes is expected for the year, decreases the effective tax rate, while the effect is to increase the effective tax rate when a benefit for income taxes is expected for the year. The benefits of federal and Oklahoma excess percentage depletion and excess tax benefits and deficiencies of stock-based compensation are not directly related to the amount of pre-tax income (loss) recorded in a period. Accordingly, in periods where a recorded pre-tax income or loss is relatively small, the proportional effect of these items on the effective tax rate may be significant. The effective tax rate for the six months ended March 31, 2020, was a 27% benefit as compared a 24% provision for the six months ended March 31, 2019. The effective tax rate for the quarter ended March 31, 2020, was a 25% benefit as compared to a 6% benefit for the quarter ended March 31, 2019. The federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. The CARES Act provides relief to corporate taxpayers by permitting a five-year carryback of 2018-2020 Net Operating Losses (“NOLs”), removing the 80% limitation on the carryback of those NOLs, increasing the Section 163(j) 30% limitation on interest expense deductibility to 50% of adjusted taxable income for 2019 and 2020, and accelerates refunds for minimum tax credit carryforwards, along with a few other provisions. During the quarter ended March 31, 2020, the receipt of the refundable tax credit due to AMT credits totaling $1.4 million was accelerated due to the CARES Act. In addition to the acceleration of the AMT refund, an additional $295,544 was recognized as an income tax benefit as a result of the NOL carryback provision allowing the Company to use the previously enacted tax rate of 34% rather than the current tax rate of 21%.

Basic And Diluted Earnings (Los

Basic And Diluted Earnings (Loss) Per Common Share	6 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic And Diluted Earnings (Loss) Per Common Share	NOTE 5: Basic and Diluted Earnings (Loss) per Common Share Basic and diluted earnings (loss) per common share is calculated using net income (loss) divided by the weighted average number of voting common shares outstanding, including unissued, vested directors’ deferred compensation shares during the period.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 6: Long-Term Debt The Company has a $200,000,000 credit facility with a group of banks headed by Bank of Oklahoma (BOK) with a borrowing base of $45,000,000 as of March 31, 2020, and a maturity date of November 30, 2022 (as amended, the “Credit Facility”). The Credit Facility is subject to a semi-annual borrowing base determination, wherein BOK applies its commodity pricing forecast to the Company’s reserve forecast and determines a borrowing base. The Credit Facility is secured by certain of the Company’s properties (wellbore only) with a net book value of $42,020,263 at March 31, 2020. The interest rate is based on BOK prime plus from 0.50% to 1.25%, or 30-day LIBOR plus from 2.00% to 2.75%. The election of BOK prime or LIBOR is at the Company’s discretion. The interest rate spread from BOK prime or LIBOR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from LIBOR or the prime rate increases as the ratio of loan balance to the borrowing base increases. At March 31, 2020, the effective interest rate was 3.89%. The Company’s debt is recorded at the carrying amount on its Balance Sheets. The carrying amount of the Credit Facility approximates fair value because the interest rates are reflective of market rates. Determinations of the borrowing base are made semi-annually (usually June and December) or whenever the banks, in their discretion, believe that there has been a material change in the value of the oil and natural gas properties. The next redetermination is expected to occur in June 2020. The Credit Facility contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain limits on the Company’s incurrence of indebtedness, liens, payment of dividends and acquisitions of stock. In addition, the Company is required to maintain certain financial ratios, a current ratio (as defined in the Credit Facility) of no less than 1.0 to 1.0 and a funded debt to EBITDA (as defined in the Credit Facility) of no more than 4.0 to 1.0 based on the trailing twelve months. At March 31, 2020, the Company was in compliance with the covenants of the Credit Facility, had $32,000,000 outstanding and had $13,000,000 of borrowing base availability under the Credit Facility.

Deferred Compensation Plan For

Deferred Compensation Plan For Non-Employee Directors	6 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Deferred Compensation Plan For Non-Employee Directors	NOTE 7: Deferred Compensation Plan for Non-Employee Directors Annually, non-employee directors may elect to be included in the Deferred Compensation Plan for Non-Employee Directors. This plan provides that each outside director may individually elect to be credited with future unissued shares of Company common stock rather than cash for all or a portion of the annual retainers, Board meeting fees and committee meeting fees. These unissued shares are recorded to each director’s deferred compensation account at the closing market price of the shares (i) on the dates of the Board and committee meetings, and (ii) on the payment dates of the annual retainers. Only upon a director’s retirement, termination, death or a change-in-control of the Company will the shares recorded for such director be issued under this plan. Directors may elect to receive shares, when issued, over annual time periods up to ten years. The promise to issue such shares in the future is an unsecured obligation of the Company.

Restricted Stock Plan

Restricted Stock Plan	6 Months Ended
	Mar. 31, 2020
Restricted Stock Plan [Abstract]
Restricted Stock Plan	NOTE 8: Restricted Stock Plan In March 2010, shareholders approved the Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan (the “2010 Stock Plan”), which made available 200,000 shares of common stock to provide a long-term component to the Company’s total compensation package for its officers and to further align the interest of its officers with those of its shareholders. In March 2014, shareholders approved an amendment to increase the number of shares of common stock reserved for issuance under the 2010 Stock Plan from 200,000 shares to 500,000 shares and to allow the grant of shares of restricted stock to our directors. In March 2020, shareholders approved an amendment to increase the number of shares of common stock reserved for issuance under the 2010 Stock Plan to 750,000 shares. The 2010 Stock Plan, as amended (the “Amended 2010 Stock Plan”), is designed to provide as much flexibility as possible for future grants of restricted stock so that the Company can respond as necessary to provide competitive compensation in order to attract, retain and motivate directors and officers of the Company and to align their interests with those of the Company’s shareholders. Effective in May 2014, the Board adopted stock repurchase resolutions to allow management, at its discretion, to purchase the Company’s common stock as treasury shares up to an amount equal to the aggregate number of shares of common stock awarded pursuant to the Amended 2010 Restricted Stock Plan, contributed by the Company to its ESOP and credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors. Effective in May 2018, the Board of directors approved an amendment to the Company’s existing stock repurchase program (the “Repurchase Program”). As amended, the Repurchase Program continues to allow the Company to repurchase up to $1.5 million of the Company’s common stock at management’s discretion. The Board added language to clarify that this is intended to be an evergreen program as the repurchase of an additional $1.5 million of the Company’s common stock is authorized and approved whenever the previous amount is utilized. In addition, the number of shares allowed to be purchased by the Company under the Repurchase Program is no longer capped at an amount equal to the aggregate number of shares of common stock (i) awarded pursuant to the Amended 2010 Stock Plan, (ii) contributed by the Company to its ESOP, and (iii) credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors. On December 11, 2019, the Company awarded 10,038 time-based shares and 15,058 market-based shares of the Company’s common stock as restricted stock to certain officers. The restricted stock vests at the end of a three-year period and contains non-forfeitable rights to receive dividends and voting rights during the vesting period. Upon vesting, the market-based shares that do not meet certain market performance criteria are forfeited. The time-based and market-based shares had fair values on their award date of $122,062 and $160,401, respectively. The fair values for the time-based and the market-based awards will be recognized as compensation expense ratably over the vesting period. The fair value of the market-based shares on their award date is calculated by simulating the Company’s stock prices as compared to the S&P Oil & Gas Exploration & Production ETF (XOP) prices utilizing a Monte Carlo model covering the market performance period (December 11, 2019, through December 11, 2022). On January 2, 2020, the Company awarded 22,300 time-based shares of the Company’s common stock as restricted stock to its non-employee directors. The restricted stock vests on December 31, 2020. The restricted stock contains non-forfeitable rights to receive dividends and to vote the shares during the vesting period. These time-based shares had a fair value on their award date of $246,640. On January 16, 2020, upon naming a new Chief Executive Officer, the Company awarded 53,476 time-based shares and 21,988 market-based shares of the Company’s common stock as restricted stock, with the same vesting criteria as the December 11, 2019 awards discussed above. The time-based and market-based shares had fair values on their award date of $500,000 and $179,334, respectively. An additional 37,045 of performance-based shares were awarded to the Company’s officers at that time with a nominal value at their award date. On March 9, 2020, upon naming a new Chief Financial Officer, the Company awarded 16,340 time-based shares, 2,534 market-based shares and 2,534 performance-based shares of the Company’s common stock as restricted stock, with the same vesting criteria as the December 11, 2019, and January 16, 2020, awards discussed above. The time-based and market-based shares had fair values on their award date of $72,550 and $9,814, respectively. The performance-based shares had a nominal value at their award date. Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur. The dilutive impact of all restricted stock plans is immaterial for all periods presented. The following table summarizes the Company’s pre-tax compensation expense for the three and six months ended March 31, 2020 and 2019, related to the Company’s market-based, time-based and performance-based restricted stock: Three Months Ended Six Months Ended March 31, March 31, 2020 2019 2020 2019 Market-based, restricted stock $ 200,761 $ 182,742 $ 274,903 $ 246,279 Time-based, restricted stock 142,340 104,110 216,713 200,042 Performance-based, restricted stock - - - - Total compensation expense $ 343,101 $ 286,852 $ 491,616 $ 446,321 A summary of the Company’s unrecognized compensation cost for its unvested market-based, time-based and performance-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table: As of March 31, 2020 Unrecognized Compensation Cost Weighted Average Period (in years) Market-based, restricted stock $ 88,147 2.30 Time-based, restricted stock 827,501 2.19 Performance-based, restricted stock - Total $ 915,648

Properties And Equipment

Properties And Equipment	6 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Properties And Equipment	NOTE 9: Properties and Equipment Divestitures During the second quarter of 2020, the Company had no significant divestitures. During the first quarter of 2020, Panhandle closed on the sale of 530 net mineral acres in Eddy County, New Mexico, for $3.4 million. At the time of sale, the assets were mostly amortized and therefore had minimal net book value. Almost all of the value received was a gain on the sale of assets, $3.3 million, in the first quarter of 2020. The Company utilized a like-kind exchange under Internal Revenue Code Section 1031 to defer income tax on all of the gain by offsetting it with the STACK/SCOOP mineral acreage acquisition that was purchased during the quarter using qualified exchange accommodation agreements. During the second quarter of 2019, the Company had no divestitures. During the first quarter of 2019, the Company sold 206 net mineral acres and producing oil and natural gas properties located in Lea and Eddy Counties, New Mexico, to a private buyer for total net consideration of $9.1 million and recorded a gain on the sale of $9.1 million. The cash from the sale was used to reduce the Company’s outstanding debt under the Credit Facility. Acquisitions During the second quarter of 2020, the Company had no significant acquisitions. During the first quarter of 2020, Panhandle closed on the purchase of 700 net mineral acres in Kingfisher, Canadian and Garvin Counties, Oklahoma, for a purchase price of $9.3 million (after customary closing adjustments). During the second quarter of 2019, the Company acquired 329 net mineral acres (which include producing oil and natural gas properties) in the STACK play in Blaine and Caddo Counties, Oklahoma, for $1,386,775. During the first quarter of 2019, the Company acquired 45 net mineral acres (which include producing oil and natural gas properties) in the STACK play in Blaine County, Oklahoma, with undeveloped locations identified in both the Woodford and Meramac Shales for $423,000. Oil, NGL and Natural Gas Reserves Management considers the estimation of the Company’s crude oil, NGL and natural gas reserves to be the most significant of its judgments and estimates. Changes in crude oil, NGL and natural gas reserve estimates affect the Company’s calculation of DD&A, provision for retirement of assets and assessment of the need for asset impairments. On an annual basis, with a semi-annual update, the Company’s Independent Consulting Petroleum Engineer, with assistance from Company staff, prepares estimates of crude oil, NGL and natural gas reserves based on available geologic and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geologic and geophysical information. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing appropriate prices for the current period. The estimated oil, NGL and natural gas reserves were computed using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month oil, NGL and natural gas price for each month within the 12-month period prior to the balance sheet date, held flat over the life of the properties. However, projected future crude oil, NGL and natural gas pricing assumptions are used by management to prepare estimates of crude oil, NGL and natural gas reserves and future net cash flows used in asset impairment assessments and in formulating management’s overall operating decisions. Crude oil, NGL and natural gas prices are volatile and affected by worldwide production and consumption and are outside the control of management (see Item 1A: Risk Factors for a further discussion of price volatility). Impairment All long-lived assets, principally oil and natural gas properties, are monitored for potential impairment when circumstances indicate that the carrying value of the asset may be greater than its estimated future net cash flows. The evaluations involve significant judgment since the results are based on estimated future events, such as: inflation rates; future drilling and completion costs; future sales prices for oil, NGL and natural gas; future production costs; estimates of future oil, NGL and natural gas reserves to be recovered and the timing thereof; the economic and regulatory climates and other factors. The need to test a property for impairment may result from significant declines in sales prices or unfavorable adjustments to oil, NGL and natural gas reserves. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations to reflect any material changes since the prior report was issued and then utilizes updated projected future price decks current with the period. For the three and six months ended March 31, 2020, the assessment resulted in an impairment provision on producing properties of $29,545,702, primarily due to the decline in commodity prices caused by the ongoing COVID-19 pandemic and the early March 2020 failure by a group of oil producing nations known as OPEC+ to reach an agreement over proposed oil production cuts (see Item 1A: Risk Factors). For the three and six months ended March 31, 2019, the assessment resulted in no impairment provisions on producing properties. During the quarter ended March 31, 2020, impairment of $19.3 million and $7.3 million was recorded on our Fayetteville Shale and Eagle Ford fields, respectively. The remaining $2.9 million of impairment was taken on other producing assets. The discounted cash flows of the properties were prepared using NYMEX strip pricing as of March 31, 2020, using a discount rate of 10% for proved developed and assigning no value to undeveloped locations. The Fayetteville Shale assets are dry-gas assets of which the Company acquired a portion in 2011. Low natural gas prices at March 31, 2020, are the primary reason for impairment in this field. The Company recognized an impairment related to the Eagle Ford at September 30, 2019, of $76.6 million primarily due to the removal of working interest PUDs from the Company’s reserve report. The further impairment of the Eagle Ford assets at March 31, 2020, is due to the decline in commodity prices over fiscal 2020. A further reduction in oil, NGL and natural gas prices or a decline in reserve volumes may lead to additional impairment in future periods that may be material to the Company.

Derivatives

Derivatives	6 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 10: Derivatives The Company has entered into commodity price derivative agreements, including fixed swap contracts and costless collar contracts. These instruments are intended to reduce the Company’s exposure to short-term fluctuations in the price of oil and natural gas. Fixed swap contracts set a fixed price and provide payments to the Company if the index price is below the fixed price, or require payments by the Company if the index price is above the fixed price. Collar contracts set a fixed floor price and a fixed ceiling price and provide payments to the Company if the index price falls below the floor or require payments by the Company if the index price rises above the ceiling. These contracts cover only a portion of the Company’s natural gas and oil production and provide only partial price protection against declines in natural gas and oil prices. These derivative instruments may expose the Company to risk of financial loss and limit the benefit of future increases in prices. The Company’s derivative contracts are currently with Bank of Oklahoma and Koch Supply and Trading LP. The derivative contracts with Bank of Oklahoma are secured under the Credit Facility with Bank of Oklahoma (see Note 6: Long-Term Debt). The derivative contracts with Koch Supply and Trading LP are unsecured. The derivative instruments have settled or will settle based on the prices below: Derivative contracts in place as of March 31, 2020 Production volume Contract period covered per month Index Contract price Natural gas costless collars April - October 2020 10,000 Mmbtu NYMEX Henry Hub $2.20 floor / $2.59 ceiling Natural gas fixed price swaps January - December 2020 80,000 Mmbtu NYMEX Henry Hub $2.750 April - October 2020 10,000 Mmbtu NYMEX Henry Hub $2.405 November 2020 - March 2021 10,000 Mmbtu NYMEX Henry Hub $2.661 Oil costless collars July 2019 - June 2020 2,000 Bbls NYMEX WTI $65.00 floor / $76.15 ceiling January - June 2020 2,000 Bbls NYMEX WTI $60.00 floor / $67.00 ceiling January - December 2020 2,000 Bbls NYMEX WTI $55.00 floor / $62.00 ceiling Oil fixed price swaps January - December 2020 2,000 Bbls NYMEX WTI $55.28 January - December 2020 2,000 Bbls NYMEX WTI $58.65 January - December 2020 2,000 Bbls NYMEX WTI $60.00 January - December 2020 2,000 Bbls NYMEX WTI $58.05 July - December 2020 2,000 Bbls NYMEX WTI $58.10 The Company has elected not to complete all of the documentation requirements necessary to permit these derivative contracts to be accounted for as cash flow hedges. The Company’s fair value of derivative contracts was a net asset of $4,216,915 as of March 31, 2020, and a net asset of $2,494,144 as of September 30, 2019. Net cash received related to derivative contracts settled during the six-month period ended March 31, 2020, was $1,530,912 compared to net cash paid of $1,518,294 in the same period in the prior year. Net cash received The fair value amounts recognized for the Company’s derivative contracts executed with the same counterparty under a master netting arrangement may be offset. The Company has the choice of whether or not to offset, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Company’s Balance Sheets. The following table summarizes and reconciles the Company's derivative contracts’ fair values at a gross level back to net fair value presentation on the Company's Balance Sheets at March 31, 2020, and September 30, 2019. The Company has offset all amounts subject to master netting agreements in the Company's Balance Sheets at March 31, 2020, and September 30, 2019. March 31, 2020 September 30, 2019 Fair Value (a) Fair Value (a) Commodity Contracts Commodity Contracts Current Assets Non-Current Assets Current Assets Non-Current Assets Gross amounts recognized $ 4,216,915 $ - $ 2,256,639 $ 237,505 Offsetting adjustments - - - - Net presentation on Condensed Balance Sheets $ 4,216,915 $ - $ 2,256,639 $ 237,505 (a) See Note 11: Fair Value Measurements for further disclosures regarding fair value of financial instruments. The fair value of derivative assets and derivative liabilities is adjusted for credit risk. The impact of credit risk was immaterial for all periods presented.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 11: Fair Value Measurements Fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the financial asset or liability. The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020: Fair Value Measurement at March 31, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair (Level 1) (Level 2) (Level 3) Value Financial Assets (Liabilities): Derivative Contracts - Swaps $ - $ 3,114,037 $ - $ 3,114,037 Derivative Contracts - Collars $ - $ 1,102,878 $ - $ 1,102,878 Level 2 – Market Approach - The fair values of the Company’s swaps and collars are based on a third-party pricing model, which utilizes inputs that are either readily available in the public market, such as natural gas curves and volatility curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness. The following table presents impairments associated with certain assets that have been measured at fair value on a nonrecurring basis within Level 3 of the fair value hierarchy: Quarter Ended March 31, 2020 2019 Fair Value Impairment Fair Value Impairment Producing Properties (a) $ 5,288,710 $ 29,545,702 $ - $ - Six Months Ended March 31, 2020 2019 Fair Value Impairment Fair Value Impairment Producing Properties (a) $ 5,288,710 $ 29,545,702 $ - $ - (a) At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values At March 31, 2020, and September 30, 2019, the carrying values of cash and cash equivalents, receivables, and payables are considered to be representative of their respective fair values due to the short-term maturities of those instruments.

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 12: Subsequent Events Derivative Contracts Subsequent to March 31, 2020, the Company entered into new derivative contracts as summarized in the table below: Production volume Contract period covered per month Index Contract price Natural gas costless collars November 2020 - December 2021 50,000 Mmbtu NYMEX Henry Hub $2.30 floor / $2.90 ceiling November 2020 - December 2021 40,000 Mmbtu NYMEX Henry Hub $2.30 floor / $3.10 ceiling Natural gas fixed price swaps January 2021 - February 2022 50,000 Mmbtu NYMEX Henry Hub $2.729 Oil fixed price swaps January - December 2021 8,000 Bbls NYMEX WTI $37.00

Basis of Presentation, Restat_2

Basis of Presentation, Restatement of Financials and Accounting Principles (Policies)	6 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements of Panhandle Oil and Gas Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for the full year. The Company’s fiscal year runs from October 1 through September 30. Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019. Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “Panhandle” or “Company” refer to Panhandle Oil and Gas Inc.
Restatement of Previously Issued Unaudited Financial Statements	Restatement of Previously-Issued Unaudited Financial Statements The Company has restated its unaudited financial statements to correct an error in its oil, NGL and natural gas revenue accrual, which impacted oil, NGL and natural gas receivables and oil, NGL and natural gas sales. This error was identified during the process of collecting receivables recorded in the oil, NGL and natural gas sales receivable balance as of March 31, 2020. The following tables illustrate the effect of the error correction on all affected line items of our previously-issued Balance Sheets as of March 31, 2020; Statements of Operations for the three and six months ended March 31, 2020; Statements of Stockholders' Equity for the three months ended March 31, 2020; and Statements of Cash Flows for the six months ended March 31, 2020. Balance Sheets March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts) 3,913,347 (704,644 ) 3,208,703 Refundable income taxes 3,401,870 176,000 3,577,870 Total current assets 12,632,321 (528,644 ) 12,103,677 Total assets $ 98,763,950 (528,644 ) $ 98,235,306 Deferred income taxes, net 1,312,007 (47,000 ) 1,265,007 Retained earnings 62,447,346 (481,644 ) 61,965,702 68,085,664 (481,644 ) 67,604,020 Total stockholders' equity 60,532,781 (481,644 ) 60,051,137 Total liabilities and stockholders' equity $ 98,763,950 (528,644 ) $ 98,235,306 Statements of Operations Three Months Ended March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales $ 7,982,905 (765,287 ) $ 7,217,618 Total revenues 12,076,574 (765,287 ) 11,311,287 Transportation, gathering and marketing 1,386,297 (29,669 ) 1,356,628 Production taxes 404,728 (30,974 ) 373,754 Total cost and expenses 38,813,744 (60,643 ) 38,753,101 Income (loss) before provision (benefit) for income taxes (26,737,170 ) (704,644 ) (27,441,814 ) Provision (benefit) for income taxes (6,764,000 ) (223,000 ) (6,987,000 ) Net income (loss) $ (19,973,170 ) (481,644 ) $ (20,454,814 ) Basic and diluted earnings (loss) per common share (Note 5) $ (1.21 ) $ (0.03 ) $ (1.24 ) Six Months Ended March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales $ 15,576,743 (765,287 ) $ 14,811,456 Total revenues 22,653,105 (765,287 ) 21,887,818 Transportation, gathering and marketing 2,769,298 (29,669 ) 2,739,629 Production taxes 732,009 (30,974 ) 701,035 Total cost and expenses 47,244,161 (60,643 ) 47,183,518 Income (loss) before provision (benefit) for income taxes (24,591,056 ) (704,644 ) (25,295,700 ) Provision (benefit) for income taxes (6,510,000 ) (223,000 ) (6,733,000 ) Net income (loss) $ (18,081,056 ) (481,644 ) $ (18,562,700 ) Basic and diluted earnings (loss) per common share (Note 5) $ (1.09 ) $ (0.03 ) $ (1.12 ) Statements of Stockholders’ Equity Retained Earnings As Reported Adjustments As Restated Net income (loss) (19,973,170 ) (481,644 ) (20,454,814 ) Balances at March 31, 2020 $ 62,447,346 (481,644 ) $ 61,965,702 Total Stockholders' Equity As Reported Adjustments As Restated Net income (loss) (19,973,170 ) (481,644 ) (20,454,814 ) Balances at March 31, 2020 $ 60,532,781 (481,644 ) $ 60,051,137 Statements of Cash Flows Six Months Ended March 31, 2020 As Reported Adjustments As Restated Operating Activities Net income (loss) $ (18,081,056 ) (481,644 ) $ (18,562,700 ) Provision for deferred income taxes (4,664,000 ) (47,000 ) (4,711,000 ) Cash provided (used) by changes in assets and liabilities: Oil, NGL and natural gas sales receivables 464,299 704,644 1,168,943 Income taxes receivable (1,896,428 ) (176,000 ) (2,072,428 ) Total adjustments 24,189,398 481,644 24,671,042
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements
New Accounting Pronouncements yet to be Adopted	New Accounting Pronouncements yet to be Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Other accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Basis of Presentation, Restat_3

Basis of Presentation, Restatement of Financials and Accounting Principles (Tables)	6 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Effect of Error Correction on All Affected Line Items of Previously Issued Statements	The following tables illustrate the effect of the error correction on all affected line items of our previously-issued Balance Sheets as of March 31, 2020; Statements of Operations for the three and six months ended March 31, 2020; Statements of Stockholders' Equity for the three months ended March 31, 2020; and Statements of Cash Flows for the six months ended March 31, 2020. Balance Sheets March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts) 3,913,347 (704,644 ) 3,208,703 Refundable income taxes 3,401,870 176,000 3,577,870 Total current assets 12,632,321 (528,644 ) 12,103,677 Total assets $ 98,763,950 (528,644 ) $ 98,235,306 Deferred income taxes, net 1,312,007 (47,000 ) 1,265,007 Retained earnings 62,447,346 (481,644 ) 61,965,702 68,085,664 (481,644 ) 67,604,020 Total stockholders' equity 60,532,781 (481,644 ) 60,051,137 Total liabilities and stockholders' equity $ 98,763,950 (528,644 ) $ 98,235,306 Statements of Operations Three Months Ended March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales $ 7,982,905 (765,287 ) $ 7,217,618 Total revenues 12,076,574 (765,287 ) 11,311,287 Transportation, gathering and marketing 1,386,297 (29,669 ) 1,356,628 Production taxes 404,728 (30,974 ) 373,754 Total cost and expenses 38,813,744 (60,643 ) 38,753,101 Income (loss) before provision (benefit) for income taxes (26,737,170 ) (704,644 ) (27,441,814 ) Provision (benefit) for income taxes (6,764,000 ) (223,000 ) (6,987,000 ) Net income (loss) $ (19,973,170 ) (481,644 ) $ (20,454,814 ) Basic and diluted earnings (loss) per common share (Note 5) $ (1.21 ) $ (0.03 ) $ (1.24 ) Six Months Ended March 31, 2020 As Reported Adjustments As Restated Oil, NGL and natural gas sales $ 15,576,743 (765,287 ) $ 14,811,456 Total revenues 22,653,105 (765,287 ) 21,887,818 Transportation, gathering and marketing 2,769,298 (29,669 ) 2,739,629 Production taxes 732,009 (30,974 ) 701,035 Total cost and expenses 47,244,161 (60,643 ) 47,183,518 Income (loss) before provision (benefit) for income taxes (24,591,056 ) (704,644 ) (25,295,700 ) Provision (benefit) for income taxes (6,510,000 ) (223,000 ) (6,733,000 ) Net income (loss) $ (18,081,056 ) (481,644 ) $ (18,562,700 ) Basic and diluted earnings (loss) per common share (Note 5) $ (1.09 ) $ (0.03 ) $ (1.12 ) Statements of Stockholders’ Equity Retained Earnings As Reported Adjustments As Restated Net income (loss) (19,973,170 ) (481,644 ) (20,454,814 ) Balances at March 31, 2020 $ 62,447,346 (481,644 ) $ 61,965,702 Total Stockholders' Equity As Reported Adjustments As Restated Net income (loss) (19,973,170 ) (481,644 ) (20,454,814 ) Balances at March 31, 2020 $ 60,532,781 (481,644 ) $ 60,051,137 Statements of Cash Flows Six Months Ended March 31, 2020 As Reported Adjustments As Restated Operating Activities Net income (loss) $ (18,081,056 ) (481,644 ) $ (18,562,700 ) Provision for deferred income taxes (4,664,000 ) (47,000 ) (4,711,000 ) Cash provided (used) by changes in assets and liabilities: Oil, NGL and natural gas sales receivables 464,299 704,644 1,168,943 Income taxes receivable (1,896,428 ) (176,000 ) (2,072,428 ) Total adjustments 24,189,398 481,644 24,671,042

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Oil, NGL and Natural Gas Revenues	Disaggregation of oil, NGL and natural gas revenues The following table presents the disaggregation of the Company's oil, NGL and natural gas revenues for the three and six months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Royalty Interest Working Interest Total Royalty Interest Working Interest Total (As Restated) (As Restated) (As Restated) (As Restated) Oil revenue $ 2,548,648 $ 1,641,643 $ 4,190,291 $ 3,961,859 $ 3,693,944 $ 7,655,803 NGL revenue 196,311 328,430 524,741 419,088 720,536 1,139,624 Natural gas revenue 1,057,610 1,444,976 2,502,586 2,330,724 3,685,305 6,016,029 Oil, NGL and natural gas sales $ 3,802,569 $ 3,415,049 $ 7,217,618 $ 6,711,671 $ 8,099,785 $ 14,811,456 Three Months Ended March 31, 2019 Six Months Ended March 31, 2019 Royalty Interest Working Interest Total Royalty Interest Working Interest Total Oil revenue $ 1,552,380 $ 2,377,225 $ 3,929,605 $ 3,856,185 $ 4,552,400 $ 8,408,585 NGL revenue 186,884 629,478 816,362 628,111 1,643,086 2,271,197 Natural gas revenue 1,411,154 3,064,198 4,475,352 3,442,266 7,309,990 10,752,256 Oil, NGL and natural gas sales $ 3,150,418 $ 6,070,901 $ 9,221,319 $ 7,926,562 $ 13,505,476 $ 21,432,038

Restricted Stock Plan (Tables)

Restricted Stock Plan (Tables)	6 Months Ended
	Mar. 31, 2020
Restricted Stock Plan [Abstract]
Summary Of Pre-Tax Compensation Expense	The following table summarizes the Company’s pre-tax compensation expense for the three and six months ended March 31, 2020 and 2019, related to the Company’s market-based, time-based and performance-based restricted stock: Three Months Ended Six Months Ended March 31, March 31, 2020 2019 2020 2019 Market-based, restricted stock $ 200,761 $ 182,742 $ 274,903 $ 246,279 Time-based, restricted stock 142,340 104,110 216,713 200,042 Performance-based, restricted stock - - - - Total compensation expense $ 343,101 $ 286,852 $ 491,616 $ 446,321
Summary Of Unrecognized Compensation Cost	A summary of the Company’s unrecognized compensation cost for its unvested market-based, time-based and performance-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table: As of March 31, 2020 Unrecognized Compensation Cost Weighted Average Period (in years) Market-based, restricted stock $ 88,147 2.30 Time-based, restricted stock 827,501 2.19 Performance-based, restricted stock - Total $ 915,648

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary Of Derivative Instruments Contracts	Derivative contracts in place as of March 31, 2020 Production volume Contract period covered per month Index Contract price Natural gas costless collars April - October 2020 10,000 Mmbtu NYMEX Henry Hub $2.20 floor / $2.59 ceiling Natural gas fixed price swaps January - December 2020 80,000 Mmbtu NYMEX Henry Hub $2.750 April - October 2020 10,000 Mmbtu NYMEX Henry Hub $2.405 November 2020 - March 2021 10,000 Mmbtu NYMEX Henry Hub $2.661 Oil costless collars July 2019 - June 2020 2,000 Bbls NYMEX WTI $65.00 floor / $76.15 ceiling January - June 2020 2,000 Bbls NYMEX WTI $60.00 floor / $67.00 ceiling January - December 2020 2,000 Bbls NYMEX WTI $55.00 floor / $62.00 ceiling Oil fixed price swaps January - December 2020 2,000 Bbls NYMEX WTI $55.28 January - December 2020 2,000 Bbls NYMEX WTI $58.65 January - December 2020 2,000 Bbls NYMEX WTI $60.00 January - December 2020 2,000 Bbls NYMEX WTI $58.05 July - December 2020 2,000 Bbls NYMEX WTI $58.10 Production volume Contract period covered per month Index Contract price Natural gas costless collars November 2020 - December 2021 50,000 Mmbtu NYMEX Henry Hub $2.30 floor / $2.90 ceiling November 2020 - December 2021 40,000 Mmbtu NYMEX Henry Hub $2.30 floor / $3.10 ceiling Natural gas fixed price swaps January 2021 - February 2022 50,000 Mmbtu NYMEX Henry Hub $2.729 Oil fixed price swaps January - December 2021 8,000 Bbls NYMEX WTI $37.00
Summary Of Derivative Contracts	March 31, 2020 September 30, 2019 Fair Value (a) Fair Value (a) Commodity Contracts Commodity Contracts Current Assets Non-Current Assets Current Assets Non-Current Assets Gross amounts recognized $ 4,216,915 $ - $ 2,256,639 $ 237,505 Offsetting adjustments - - - - Net presentation on Condensed Balance Sheets $ 4,216,915 $ - $ 2,256,639 $ 237,505 (a) See Note 11: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020: Fair Value Measurement at March 31, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair (Level 1) (Level 2) (Level 3) Value Financial Assets (Liabilities): Derivative Contracts - Swaps $ - $ 3,114,037 $ - $ 3,114,037 Derivative Contracts - Collars $ - $ 1,102,878 $ - $ 1,102,878 Level 2 – Market Approach - The fair values of the Company’s swaps and collars are based on a third-party pricing model, which utilizes inputs that are either readily available in the public market, such as natural gas curves and volatility curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness.
Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3	The following table presents impairments associated with certain assets that have been measured at fair value on a nonrecurring basis within Level 3 of the fair value hierarchy: Quarter Ended March 31, 2020 2019 Fair Value Impairment Fair Value Impairment Producing Properties (a) $ 5,288,710 $ 29,545,702 $ - $ - Six Months Ended March 31, 2020 2019 Fair Value Impairment Fair Value Impairment Producing Properties (a) $ 5,288,710 $ 29,545,702 $ - $ - (a) At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Summary Of Derivative Instruments Contracts	Derivative contracts in place as of March 31, 2020 Production volume Contract period covered per month Index Contract price Natural gas costless collars April - October 2020 10,000 Mmbtu NYMEX Henry Hub $2.20 floor / $2.59 ceiling Natural gas fixed price swaps January - December 2020 80,000 Mmbtu NYMEX Henry Hub $2.750 April - October 2020 10,000 Mmbtu NYMEX Henry Hub $2.405 November 2020 - March 2021 10,000 Mmbtu NYMEX Henry Hub $2.661 Oil costless collars July 2019 - June 2020 2,000 Bbls NYMEX WTI $65.00 floor / $76.15 ceiling January - June 2020 2,000 Bbls NYMEX WTI $60.00 floor / $67.00 ceiling January - December 2020 2,000 Bbls NYMEX WTI $55.00 floor / $62.00 ceiling Oil fixed price swaps January - December 2020 2,000 Bbls NYMEX WTI $55.28 January - December 2020 2,000 Bbls NYMEX WTI $58.65 January - December 2020 2,000 Bbls NYMEX WTI $60.00 January - December 2020 2,000 Bbls NYMEX WTI $58.05 July - December 2020 2,000 Bbls NYMEX WTI $58.10 Production volume Contract period covered per month Index Contract price Natural gas costless collars November 2020 - December 2021 50,000 Mmbtu NYMEX Henry Hub $2.30 floor / $2.90 ceiling November 2020 - December 2021 40,000 Mmbtu NYMEX Henry Hub $2.30 floor / $3.10 ceiling Natural gas fixed price swaps January 2021 - February 2022 50,000 Mmbtu NYMEX Henry Hub $2.729 Oil fixed price swaps January - December 2021 8,000 Bbls NYMEX WTI $37.00

Basis of Presentation, Restat_4

Basis of Presentation, Restatement of Financials and Accounting Principles (Summary of Effect of Error Correction on All Affected Line Items of Previously Issued Balance Sheets) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)	$ 3,208,703		$ 4,377,646
Refundable income taxes	3,577,870		1,505,442
Total current assets	12,103,677		14,477,455
Total assets	98,235,306		126,644,947
Deferred income taxes, net	1,265,007		5,976,007
Retained earnings	61,965,702		81,848,301
Stockholders' Equity	67,604,020		87,653,575
Total stockholders' equity	60,051,137	$ 80,108,933	79,309,533	$ 134,832,789	$ 139,252,713	$ 128,765,205
Total liabilities and stockholders' equity	98,235,306		$ 126,644,947
As Reported [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)	3,913,347
Refundable income taxes	3,401,870
Total current assets	12,632,321
Total assets	98,763,950
Deferred income taxes, net	1,312,007
Retained earnings	62,447,346
Stockholders' Equity	68,085,664
Total stockholders' equity	60,532,781
Total liabilities and stockholders' equity	98,763,950
Adjustments [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)	(704,644)
Refundable income taxes	176,000
Total current assets	(528,644)
Total assets	(528,644)
Deferred income taxes, net	(47,000)
Retained earnings	(481,644)
Stockholders' Equity	(481,644)
Total stockholders' equity	(481,644)
Total liabilities and stockholders' equity	$ (528,644)

Basis of Presentation, Restat_5

Basis of Presentation, Restatement of Financials and Accounting Principles (Summary of Effect of Error Correction on All Affected Line Items of Previously Issued Statements of Operations) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Revenues	$ 7,217,618		$ 9,221,319		$ 14,811,456	$ 21,432,038
Revenues	11,311,287		7,636,213		21,887,818	33,965,207
Transportation, gathering and marketing	1,356,628		1,482,671		2,739,629	3,072,687
Production taxes	373,754		467,308		701,035	1,076,259
Total cost and expenses	38,753,101		9,697,547		47,183,518	19,719,601
Income (loss) before provision (benefit) for income taxes	(27,441,814)		(2,061,334)		(25,295,700)	14,245,606
Provision (benefit) for income taxes	(6,987,000)		(130,000)		(6,733,000)	3,441,000
Net income (loss)	$ (20,454,814)	$ 1,892,114	$ (1,931,334)	$ 12,735,940	$ (18,562,700)	$ 10,804,606
Basic and diluted earnings (loss) per common share	$ (1.24)		$ (0.11)		$ (1.12)	$ 0.64
Oil, NGL and Natural Gas [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Revenues	$ 7,217,618		$ 9,221,319		$ 14,811,456	$ 21,432,038
As Reported [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Revenues	12,076,574				22,653,105
Transportation, gathering and marketing	1,386,297				2,769,298
Production taxes	404,728				732,009
Total cost and expenses	38,813,744				47,244,161
Income (loss) before provision (benefit) for income taxes	(26,737,170)				(24,591,056)
Provision (benefit) for income taxes	(6,764,000)				(6,510,000)
Net income (loss)	$ (19,973,170)				$ (18,081,056)
Basic and diluted earnings (loss) per common share	$ (1.21)				$ (1.09)
As Reported [Member] | Oil, NGL and Natural Gas [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Revenues	$ 7,982,905				$ 15,576,743
Adjustments [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Revenues	(765,287)				(765,287)
Transportation, gathering and marketing	(29,669)				(29,669)
Production taxes	(30,974)				(30,974)
Total cost and expenses	(60,643)				(60,643)
Income (loss) before provision (benefit) for income taxes	(704,644)				(704,644)
Provision (benefit) for income taxes	(223,000)				(223,000)
Net income (loss)	$ (481,644)				$ (481,644)
Basic and diluted earnings (loss) per common share	$ (0.03)				$ (0.03)
Adjustments [Member] | Oil, NGL and Natural Gas [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Revenues	$ (765,287)				$ (765,287)

Basis of Presentation, Restat_6

Basis of Presentation, Restatement of Financials and Accounting Principles (Summary of Effect of Error Correction on All Affected Line Items of Previously Issued Statements of Stockholders' Equity) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (20,454,814)	$ 1,892,114	$ (1,931,334)	$ 12,735,940	$ (18,562,700)	$ 10,804,606
Balances at March 31, 2020	60,051,137	80,108,933	134,832,789	139,252,713	60,051,137	134,832,789	$ 79,309,533	$ 128,765,205
Retained Earnings [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(20,454,814)	1,892,114	(1,931,334)	12,735,940
Balances at March 31, 2020	61,965,702	$ 82,420,516	$ 134,723,381	$ 136,655,096	61,965,702	$ 134,723,381	$ 81,848,301	$ 125,266,945
As Reported [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(19,973,170)				(18,081,056)
Balances at March 31, 2020	60,532,781				60,532,781
As Reported [Member] | Retained Earnings [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(19,973,170)
Balances at March 31, 2020	62,447,346				62,447,346
Adjustments [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(481,644)				(481,644)
Balances at March 31, 2020	(481,644)				(481,644)
Adjustments [Member] | Retained Earnings [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(481,644)
Balances at March 31, 2020	$ (481,644)				$ (481,644)

Basis of Presentation, Restat_7

Basis of Presentation, Restatement of Financials and Accounting Principles (Summary of Effect of Error Correction on All Affected Line Items of Previously Issued Statements of Cash Flows) (Details) - USD ($)	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income (loss)	$ (18,562,700)	$ 10,804,606
Provision for deferred income taxes	(4,711,000)	3,942,000
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables	1,168,943	715,935
Income taxes receivable	(2,072,428)	(538,150)
Total adjustments	24,671,042	$ (1,743,552)
As Reported [Member]
Operating Activities
Net income (loss)	(18,081,056)
Provision for deferred income taxes	(4,664,000)
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables	464,299
Income taxes receivable	(1,896,428)
Total adjustments	24,189,398
Adjustments [Member]
Operating Activities
Net income (loss)	(481,644)
Provision for deferred income taxes	(47,000)
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables	704,644
Income taxes receivable	(176,000)
Total adjustments	$ 481,644

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Maximum percentage of operating lease right use assets to assets		1.00%
Maximum percentage of Operating lease obligations to assets		1.00%
Lease liability	$ 1

Revenues (Summary Of Disaggrega

Revenues (Summary Of Disaggregation Of Company's Oil, NGL And Natural Gas Revenues) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	$ 7,217,618	$ 9,221,319	$ 14,811,456	$ 21,432,038
Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	3,802,569	3,150,418	6,711,671	7,926,562
Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	3,415,049	6,070,901	8,099,785	13,505,476
Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	4,190,291	3,929,605	7,655,803	8,408,585
Oil [Member] | Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	2,548,648	1,552,380	3,961,859	3,856,185
Oil [Member] | Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	1,641,643	2,377,225	3,693,944	4,552,400
NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	524,741	816,362	1,139,624	2,271,197
NGL [Member] | Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	196,311	186,884	419,088	628,111
NGL [Member] | Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	328,430	629,478	720,536	1,643,086
Natural Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	2,502,586	4,475,352	6,016,029	10,752,256
Natural Gas [Member] | Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	1,057,610	1,411,154	2,330,724	3,442,266
Natural Gas [Member] | Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	$ 1,444,976	$ 3,064,198	$ 3,685,305	$ 7,309,990

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenue, practical expedient, financing component				true
Decrease in loss before benefit for income taxes	$ 1,044,297			$ 1,044,297
Decrease in net loss	$ 778,407			$ 766,335
Decrease in loss per common share	$ 0.05			$ 0.05
Change in estimate for new wells on Panhandle acreage	$ 7,217,618		$ 9,221,319	$ 14,811,456	$ 21,432,038
Oil, NGL and Natural Gas [Member]
Disaggregation Of Revenue [Line Items]
Change in estimate for new wells on Panhandle acreage	$ 7,217,618		$ 9,221,319	14,811,456	$ 21,432,038
Oil, NGL and Natural Gas [Member] | New Wells on Panhandle Acreage [Member]
Disaggregation Of Revenue [Line Items]
Change in estimate for new wells on Panhandle acreage		$ 488,490		$ 1,140,171		$ 651,681
Minimum [Member]
Disaggregation Of Revenue [Line Items]
New wells production statements period				30 days
Maximum [Member]
Disaggregation Of Revenue [Line Items]
New wells production statements period				90 days

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	Mar. 27, 2020	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Tax Contingency [Line Items]
Effective tax rate		(25.00%)	(6.00%)	(27.00%)	24.00%
Income tax (benefit) provision		$ (6,987,000)	$ (130,000)	$ (6,733,000)	$ 3,441,000
Current tax rate				21.00%
CARES Act [Member]
Income Tax Contingency [Line Items]
Net operating losses carryback term	5 years
Net operating losses carryback term start year	2018
Net operating losses carryback term end year	2020
Net operating losses carryback percentage.	80.00%
Net operating losses percentage of increase limitation on interest expense deductibility	30.00%
Net operating losses carryback percentage of adjusted taxable income	50.00%
Refundable tax credit due to AMT credits		1,400,000
Income tax (benefit) provision		$ (295,544)
Previously enacted tax rate	34.00%

Long-Term Debt (Details)

Long-Term Debt (Details) - Revolving Credit Facility [Member]	6 Months Ended
	Mar. 31, 2020USD ($)
Line Of Credit Facility [Line Items]
Revolving loan credit facility	$ 200,000,000
Borrowing base of credit facility	$ 45,000,000
Credit facility maturity	Nov. 30, 2022
Mortgaged properties net book value	$ 42,020,263
Effective Interest rate	3.89%
Funded debt to EBITDA ratio	400.00%
Credit facility outstanding amount	$ 32,000,000
Availability under outstanding credit facility	$ 13,000,000
Minimum [Member]
Line Of Credit Facility [Line Items]
Current ratio	100.00%
Minimum [Member] | Prime Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	0.50%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	2.00%
Maximum [Member] | Prime Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	1.25%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	2.75%

Deferred Compensation Plan Fo_2

Deferred Compensation Plan For Non-Employee Directors (Details)	6 Months Ended
	Mar. 31, 2020
Maximum [Member]
Deferred Compensation Plan For Directors [Line Items]
Period outside directors may elect to receive shares	10 years

Restricted Stock Plan (Narrativ

Restricted Stock Plan (Narrative) (Details) - USD ($)	Mar. 09, 2020	Jan. 16, 2020	Jan. 02, 2020	Dec. 11, 2019	Mar. 31, 2020	May 31, 2018	Mar. 31, 2014	Mar. 31, 2010
Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock vesting period				3 years
Time-Based Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	16,340	53,476		10,038
Fair value of shares awarded	$ 72,550	$ 500,000		$ 122,062
Time-Based Restricted Stock [Member] | Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded			22,300
Fair value of shares awarded			$ 246,640
Share based payment award vesting date			Dec. 31, 2020
Market-Based Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	2,534	21,988		15,058
Fair value of shares awarded	$ 9,814	$ 179,334		$ 160,401
Performance Based Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	2,534	37,045
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock authorized						$ 1,500,000
2010 Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized					750,000		500,000	200,000

Restricted Stock Plan (Summary

Restricted Stock Plan (Summary Of Pre-Tax Compensation Expense) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 343,101	$ 286,852	$ 491,616	$ 446,321
Market-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	200,761	182,742	274,903	246,279
Time-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 142,340	$ 104,110	$ 216,713	$ 200,042

Restricted Stock Plan (Summar_2

Restricted Stock Plan (Summary Of Unrecognized Compensation Cost) (Details)	6 Months Ended
	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 915,648
Market-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 88,147
Weighted Average Period (in years)	2 years 3 months 18 days
Time-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 827,501
Weighted Average Period (in years)	2 years 2 months 8 days

Properties And Equipment (Detai

Properties And Equipment (Details)	3 Months Ended					6 Months Ended			12 Months Ended
	Mar. 31, 2020USD ($)		Dec. 31, 2019USD ($)a	Mar. 31, 2019USD ($)aAsset	Dec. 31, 2018USD ($)a	Mar. 31, 2020USD ($)		Mar. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Property Plant And Equipment [Line Items]
Proceeds from sales of assets						$ 3,376,049		$ 9,096,938
Gain on sale of oil and gas properties						$ 3,272,888		9,096,938
Number of assets sold | Asset				0
Computation of Oil, Natural Gas and NGL Reserves						12 months
Impairment	$ 29,545,702	[1]		$ 0		$ 29,545,702	[1]	$ 0
Percentage of discount rate for developed location						10.00%
Undeveloped location assigned value						$ 0
Fayetteville Shale
Property Plant And Equipment [Line Items]
Impairment	19,300,000
Eagle Ford [Member]
Property Plant And Equipment [Line Items]
Impairment	7,300,000								$ 76,600,000
Other Producing Assets [Member]
Property Plant And Equipment [Line Items]
Impairment	$ 2,900,000
Lea and Eddy Counties, New Mexico [Member]
Property Plant And Equipment [Line Items]
Mineral acreage sold | a			530		206
Proceeds from sales of assets			$ 3,400,000
Gain on sale of oil and gas properties			$ 3,300,000		$ 9,100,000
Proceeds from sales of assets					$ 9,100,000
Kingfisher, Canadian [Member]
Property Plant And Equipment [Line Items]
Mineral acreage acquired | a			700
Purchase price of mineral acreage acquired			$ 9,300,000
Blaine County, Oklahoma [Member]
Property Plant And Equipment [Line Items]
Mineral acreage acquired | a			700	329	45
Purchase price of mineral acreage acquired			$ 9,300,000	$ 1,386,775	$ 423,000
[1]	At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Derivatives (Summary Of Derivat

Derivatives (Summary Of Derivative Instruments Contracts) (Details)	Mar. 31, 2020MMBTU$ / MMBTU$ / bblbbl
Natural Gas Costless Collars [Member] | Derivative Contract Period One [Member]
Derivative [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	10,000
Natural Gas Costless Collars [Member] | Derivative Contract Period One [Member] | Minimum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	2.20
Natural Gas Costless Collars [Member] | Derivative Contract Period One [Member] | Maximum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	2.59
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Two [Member]
Derivative [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	80,000
Contract price | $ / MMBTU	2.750
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Three [Member]
Derivative [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	10,000
Contract price | $ / MMBTU	2.405
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Four [Member]
Derivative [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	10,000
Contract price | $ / MMBTU	2.661
Oil Costless Collars [Member] | Derivative Contract Period Five [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Five [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	65
Oil Costless Collars [Member] | Derivative Contract Period Five [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	76.15
Oil Costless Collars [Member] | Derivative Contract Period Six [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Six [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	60
Oil Costless Collars [Member] | Derivative Contract Period Six [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	67
Oil Costless Collars [Member] | Derivative Contract Period Seven [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Seven [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	55
Oil Costless Collars [Member] | Derivative Contract Period Seven [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	62
Oil Fixed Price Swaps [Member] | Derivative Contract Period Eight [Member]
Derivative [Line Items]
Contract price	55.28
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Nine [Member]
Derivative [Line Items]
Contract price	58.65
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Ten [Member]
Derivative [Line Items]
Contract price	60
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Eleven [Member]
Derivative [Line Items]
Contract price	58.05
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twelve [Member]
Derivative [Line Items]
Contract price	58.10
Production volume covered per month - Oil | bbl	2,000

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative contracts, asset	$ 4,216,915		$ 4,216,915		$ 2,494,144
Net cash received related to derivative contracts settled	$ 629,139	$ 181,107	$ 1,530,912
Net cash paid related to derivative contracts settled				$ 1,518,294

Derivatives (Summary Of Deriv_2

Derivatives (Summary Of Derivative Contracts) (Details) - USD ($)		Mar. 31, 2020	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross amounts recognized - Current Assets	[1]	$ 4,216,915	$ 2,256,639
Net presentation on Condensed Balance Sheets - Current Assets	[1]	$ 4,216,915	2,256,639
Gross amounts recognized - Non-Current Assets	[1]		237,505
Net presentation on Condensed Balance Sheets - Non-Current Assets	[1]		$ 237,505
[1]	See Note 11: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)	Mar. 31, 2020USD ($)
Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ 3,114,037
Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	3,114,037
Collars [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	1,102,878
Collars [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ 1,102,878

Fair Value Measurements (Summ_2

Fair Value Measurements (Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3) (Details) - USD ($)		3 Months Ended			6 Months Ended
		Mar. 31, 2020		Mar. 31, 2019	Mar. 31, 2020		Mar. 31, 2019
Fair Value Disclosures [Abstract]
Producing Properties, Fair Value	[1]	$ 5,288,710			$ 5,288,710
Provision for impairment		$ 29,545,702	[1]	$ 0	$ 29,545,702	[1]	$ 0
[1]	At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

Subsequent Events - Summary of

Subsequent Events - Summary of New Derivative Instruments Contracts (Details) - Subsequent Event [Member]	May 07, 2020MMBTU$ / MMBTU$ / bblbbl
Natural Gas Costless Collars [Member] | Derivative Contract Period Thirteen [Member]
Subsequent Event [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	50,000
Natural Gas Costless Collars [Member] | Derivative Contract Period Thirteen [Member] | Minimum [Member]
Subsequent Event [Line Items]
Contract price	2.30
Natural Gas Costless Collars [Member] | Derivative Contract Period Thirteen [Member] | Maximum [Member]
Subsequent Event [Line Items]
Contract price	2.90
Natural Gas Costless Collars [Member] | Derivative Contract Period Fourteen [Member]
Subsequent Event [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	40,000
Natural Gas Costless Collars [Member] | Derivative Contract Period Fourteen [Member] | Minimum [Member]
Subsequent Event [Line Items]
Contract price	2.30
Natural Gas Costless Collars [Member] | Derivative Contract Period Fourteen [Member] | Maximum [Member]
Subsequent Event [Line Items]
Contract price	3.10
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Fifteen [Member]
Subsequent Event [Line Items]
Production volume covered per month - Gas/Natural gas | MMBTU	50,000
Contract price	2.729
Oil Fixed Price Swaps [Member] | Derivative Contract Period Sixteen [Member]
Subsequent Event [Line Items]
Contract price | $ / bbl	37
Production volume covered per month - Oil | bbl	8,000