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Supplemental Disclosures about Oil and Natural Gas Producing Properties (unaudited) (Tables) | 12 Months Ended
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Jun. 30, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
Schedule of costs incurred and capitalized in oil and natural gas property acquisition, exploration and development activities | The following table summarizes costs incurred and capitalized in oil and natural gas property acquisition, exploration and development activities. Property acquisition costs are those costs incurred to lease property, including both undeveloped leasehold and the purchase of reserves in place. Exploration costs include costs of identifying areas that may warrant examination and examining specific areas that are considered to have prospects containing oil and natural gas reserves, including costs of drilling exploratory wells, geological and geophysical costs and carrying costs on undeveloped properties. Development costs are incurred to obtain access to proved reserves, including the cost of drilling. Exploration and development costs also include amounts incurred due to the recognition of asset retirement obligations of $43,922, $471,864 and $140,151 during the years ended June 30, 2018, 2017, and 2016, respectively.
| For the Years Ended June 30,
| 2018 |  | 2017 |  | 2016
Oil and Natural Gas Activities |  |  |  |  |
Property acquisition costs: |  |  |  |  |
Proved property | $ | — |  |  | $ | — |  |  | $ | — |
Unproved property (a) | — |  |  | — |  |  | 596,500 |
Exploration costs | — |  |  | — |  |  | — |
Development costs | 5,429,985 |  |  | 7,554,579 |  |  | 19,093,200 |
Total costs incurred for oil and natural gas activities | $ | 5,429,985 |  |  | $ | 7,554,579 |  |  | $ | 19,689,700 |
(a) In connection with the June 2016 Delhi Field Litigation Settlement, we received a 23.9% working interest in the non-producing Mengel Interval with an estimated fair value of $596,500. This cost is included in properties subject to amortization.
Schedule of estimated quantities of proved oil and natural gas reserves and changes in quantities of proved developed and undeveloped reserves | Estimated quantities of proved oil and natural gas reserves and changes in quantities of proved developed and undeveloped reserves for each of the periods indicated were as follows:
| Crude Oil (Bbls) |  | Natural Gas Liquids (Bbls) |  | Natural Gas (Mcf) |  | BOE
Proved developed and undeveloped reserves: |  |  |  |  |  |  |
June 30, 2015 | 10,011,976 |  |  | 2,433,595 |  |  | 4,939 |  |  | 12,446,394 |
Revisions of previous estimates (a) | (765,385 | ) |  | (198,233 | ) |  | (3,319 | ) |  | (964,171 | )
Improved recovery, extensions and discoveries | — |  |  | — |  |  | — |  |  | — |
Sales of minerals in place | — |  |  | — |  |  | — |  |  | — |
Production (sales volumes) | (658,041 | ) |  | (491 | ) |  | (1,620 | ) |  | (658,802 | )
June 30, 2016 | 8,588,550 |  |  | 2,234,871 |  |  | — |  |  | 10,823,421 |
Revisions of previous estimates (b) | 508,123 |  |  | (504,733 | ) |  | 16 |  |  | 3,390 |
Improved recovery, extensions and discoveries | — |  |  | — |  |  | — |  |  | — |
Sales of minerals in place | — |  |  | — |  |  | — |  |  | — |
Production (sales volumes) | (724,523 | ) |  | (43,910 | ) |  | (16 | ) |  | (768,433 | )
June 30, 2017 | 8,372,150 |  |  | 1,686,228 |  |  | — |  |  | 10,058,378 |
Revisions of previous estimates (c) | 369,971 |  |  | (315,090 | ) |  | — |  |  | 54,881 |
Improved recovery, extensions and discoveries | — |  |  | — |  |  | — |  |  | — |
Sales of minerals in place | — |  |  | — |  |  | — |  |  | — |
Production (sales volumes) | (651,931 | ) |  | (93,366 | ) |  | — |  |  | (745,297 | )
June 30, 2018 | 8,090,190 |  |  | 1,277,772 |  |  | — |  |  | 9,367,962 |
Proved developed reserves: |  |  |  |  |  |  |
June 30, 2015 | 7,347,231 |  |  | 1,572 |  |  | 4,939 |  |  | 7,349,626 |
June 30, 2016 | 7,168,249 |  |  | — |  |  | — |  |  | 7,168,249 |
June 30, 2017 | 6,617,389 |  |  | 1,332,803 |  |  | — |  |  | 7,950,192 |
June 30, 2018 | 6,291,850 |  |  | 993,741 |  |  | — |  |  | 7,285,591 |
Proved undeveloped reserves: |  |  |  |  |  |  |
June 30, 2015 | 2,664,745 |  |  | 2,432,023 |  |  | — |  |  | 5,096,768 |
June 30, 2016 | 1,420,301 |  |  | 2,234,871 |  |  | — |  |  | 3,655,172 |
June 30, 2017 | 1,754,761 |  |  | 353,425 |  |  | — |  |  | 2,108,186 |
June 30, 2018 | 1,798,340 |  |  | 284,031 |  |  | — |  |  | 2,082,371 |
(a) The negative revision results primarily from the removal of proved undeveloped reserves in the far eastern part of the Delhi field, referred to as Test Site 6, which were deemed uneconomic under the lower SEC price case utilized at the end of the period. (b) The positive crude oil revision resulted from better production performance during fiscal 2017 and the expectation of greater ultimate recoveries of oil from the Delhi field. The negative NGL revision results primarily from lower expectations for ultimate NGL recoveries from the plant based on production data after the plant commenced production. (c) The positive crude oil revision resulted from better production performance during fiscal 2018. The negative NGL revision results primarily from lower expectations for ultimate NGL recoveries from the plant based on production data subsequent to the commencement of plant production.
Schedule of standardized measure of discounted future net cash flows related to proved oil and natural gas reserves | The standardized measure of discounted future net cash flows related to proved oil and natural gas reserves as of June 30, 2018, 2017, and 2016 are as follows:
| For the Years Ended June 30,
| 2018 |  | 2017 |  | 2016
Future cash inflows | $ | 521,533,765 |  |  | $ | 425,094,736 |  |  | $ | 383,491,193 |
Future production costs and severance taxes | (228,478,119 | ) |  | (213,115,443 | ) |  | (179,182,565 | )
Future development costs | (22,213,269 | ) |  | (22,631,856 | ) |  | (16,595,047 | )
Future income tax expenses | (50,810,883 | ) |  | (47,055,551 | ) |  | (45,713,438 | )
Future net cash flows | 220,031,494 |  |  | 142,291,886 |  |  | 142,000,143 |
10% annual discount for estimated timing of cash flows | (101,073,080 | ) |  | (59,354,333 | ) |  | (64,042,824 | )
Standardized measure of discounted future net cash flows | $ | 118,958,414 |  |  | $ | 82,937,553 |  |  | $ | 77,957,319 |
Schedule of NYMEX prices used in determining future cash flows | Future cash inflows represent expected revenues from production of period-end quantities of proved reserves based on the previous 12 months unweighted arithmetic average first-day-of-the-month commodity prices for each year and reflect adjustments for lease quality, transportation fees, energy content and regional price differentials.
| For the Years Ended June 30,
| 2018 |  | 2017 |  | 2016
| Oil (Bbl) |  | Gas (MMBtu) |  | Oil (Bbl) |  | Gas (MMBtu) |  | Oil (Bbl) |  | Gas (MMBtu)
NYMEX prices used in determining future cash flows | $ | 57.50 |  |  | n/a |  | $ | 48.85 |  |  | n/a |  | $ | 42.91 |  |  | n/a
Schedule of changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves | A summary of the changes in the standardized measure of discounted future net cash flows applicable to proved crude oil, natural gas liquids, and natural gas reserves is as follows:
| For the Years Ended June 30,
| 2018 |  | 2017 |  | 2016
Balance, beginning of year | $ | 82,937,553 |  |  | $ | 77,957,319 |  |  | $ | 159,196,539 |
Net changes in sales prices and production costs related to future production | 62,011,112 |  |  | 19,821,288 |  |  | (120,832,747 | )
Changes in estimated future development costs | 267,547 |  |  | (1,626,833 | ) |  | 74,991 |
Sales of oil and gas produced during the period, net of production costs | (29,087,710 | ) |  | (23,649,087 | ) |  | (17,079,363 | )
Net change due to extensions, discoveries, and improved recovery | — |  |  | — |  |  | — |
Net change due to revisions in quantity estimates | 888,896 |  |  | (2,206,287 | ) |  | (18,821,014 | )
Net change due to sales of minerals in place | — |  |  | — |  |  | — |
Development costs incurred during the period | — |  |  | 2,632,547 |  |  | 16,327,883 |
Accretion of discount | 11,089,455 |  |  | 10,086,904 |  |  | 21,870,650 |
Net change in discounted income taxes | 871,540 |  |  | (5,045,279 | ) |  | 36,598,239 |
Net changes in timing of production and other | (10,019,979 | ) |  | 4,966,981 |  |  | 622,141 |
Balance, end of year | $ | 118,958,414 |  |  | $ | 82,937,553 |  |  | $ | 77,957,319 |

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- Definition Tabular disclosure of the aggregate change in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchases under long-term agreements in which the enterprise participates in the operation of the properties on which oil and gas is located or otherwise serves as the producer. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62500-109447 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62536-109447 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62496-109447 + Details
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- Definition Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61884-109447 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61858-109447 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61872-109447 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61831-109447 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61797-109447 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61869-109447 + Details
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- Definition Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62476-109447 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62536-109447 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63094-109448 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62424-109447 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62479-109447 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62455-109447 + Details
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- Definition Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62059-109447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63042-109448 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62014-109447 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62038-109447 + Details
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