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Supplemental Disclosures about Oil and Natural Gas Producing Properties (unaudited) (Tables)
 12 Months Ended
Jun. 30, 2019
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 $86,384 and $43,922 during the years ended June 30, 2019 and 2018, respectively.
 
For the Years Ended June 30,
 
2019
 
2018
Oil and Natural Gas Activities
 
 
 
Property acquisition costs:
 
 
 
Proved property
$
—

 
$
—

Unproved property (a)
—

 
—

Exploration costs
—

 
—

Development costs
5,229,235

 
5,429,985

Total costs incurred for oil and natural gas activities
$
5,229,235

 
$
5,429,985
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, 2017
8,372,150

 
1,686,228

 
—

 
10,058,378

Revisions of previous estimates (a)
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

Revisions of previous estimates (b)
152,420

 
199,078

 
—

 
351,498

Improved recovery, extensions and discoveries
—

 
—

 
—

 
—

Sales of minerals in place
—

 
—

 
—

 
—

Production (sales volumes)
(626,879
)
 
(112,089
)
 
—

 
(738,968
)
June 30, 2019
7,615,731

 
1,364,761

 
—

 
8,980,492

Proved developed reserves:
 
 
 
 
 
 
 
June 30, 2017
6,617,389

 
1,332,803

 
—

 
7,950,192

June 30, 2018
6,291,850

 
993,741

 
—

 
7,285,591

June 30, 2019
6,273,907

 
1,124,302

 
—

 
7,398,209

Proved undeveloped reserves:
 
 
 
 
 
 
 
June 30, 2017
1,754,761

 
353,425

 
—

 
2,108,186

June 30, 2018
1,798,340

 
284,031

 
—

 
2,082,371

June 30, 2019
1,341,824

 
240,459

 
—

 
1,582,283




(a) 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.

(b) The positive crude oil and NGL revisions were the result of improvements in well and NGL plant performance respectively.
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, 2019 and 2018 are as follows:
 
As of June 30,
 
2019
 
2018
Future cash inflows
$
524,037,200

 
$
521,533,765

Future production costs and severance taxes
(208,539,679
)
 
(228,478,119
)
Future development costs
(18,395,252
)
 
(22,213,269
)
Future income tax expenses
(55,881,997
)
 
(50,810,883
)
Future net cash flows
241,220,272

 
220,031,494

10% annual discount for estimated timing of cash flows
(114,488,230
)
 
(101,073,080
)
Standardized measure of discounted future net cash flows
$
126,732,042

 
$
118,958,414
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,
 
2019
 
2018
 
Oil
(Bbl)
 
Gas
(MMBtu)
 
Oil
(Bbl)
 
Gas
(MMBtu)
NYMEX prices used in determining future cash flows
$
61.62

 
n/a
 
$
57.50

 
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,
 
2019
 
2018
Balance, beginning of the fiscal year
$
118,958,414

 
$
82,937,553

Net changes in sales prices and production costs related to future production
23,753,518

 
62,011,112

Changes in estimated future development costs
833,494

 
267,547

Sales of oil and gas produced during the period, net of production costs
(28,962,837
)
 
(29,087,710
)
Net change due to extensions, discoveries, and improved recovery
—

 
—

Net change due to revisions in quantity estimates
6,129,847

 
888,896

Net change due to sales of minerals in place
—

 
—

Development costs incurred during the period
2,089,139

 
—

Accretion of discount
14,604,387

 
11,089,455

Net change in discounted income taxes
(2,795,183
)
 
871,540

Net changes in timing of production and other
(7,878,737
)
 
(10,019,979
)
Balance, end of the fiscal year
$
126,732,042

 
$
118,958,414