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Property and Equipment | 12 Months Ended
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Jun. 30, 2020
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment
| June 30, 2020 |  | June 30, 2019
Oil and natural gas properties: |  |  |
Property costs subject to amortization | $ | 107,390,379 |  |  | $ | 95,622,153 |
Less: Accumulated depreciation, depletion, and amortization | (40,878,098 | ) |  | (35,275,687 | )
Unproved properties not subject to amortization | — |  |  | — |
Oil and natural gas properties, net | 66,512,281 |  |  | 60,346,466 |
Other property and equipment: |  |  |
Furniture, fixtures and office equipment, at cost | 154,731 |  |  | 154,731 |
Less: Accumulated depreciation | (137,092 | ) |  | (128,313 | )
Other property and equipment, net | $ | 17,639 |  |  | $ | 26,418 |
As of June 30, 2020 and 2019, all oil and gas property costs were being amortized. During the years ended June 30, 2020 and 2019, the Company incurred capital expenditures of $1.5 million and $5.2 million, respectively. Hamilton Dome Acquisition On November 1, 2019, and effective as of October 1, 2019, our wholly-owned subsidiary, Evolution Petroleum West, Inc., a Delaware corporation, purchased a 23.5% non-operated working interest and a 19.7% revenue interest in the Hamilton Dome unitized field located in Hot Springs County, Wyoming, from entities owned or controlled by Merit Energy Company ("Merit") of Dallas, Texas. At closing on November 1, 2019, we paid a cash purchase price of $9.5 million subject to customary purchase price adjustments, which were settled in December 2019 upon our receipt of a $0.2 million cash payment made by Merit. Given the effective date of the transaction, the purchase price adjustment consisted of our interest's share of sales proceeds from October sales net of our share of operating expenses. Commencing November 1, 2019, we began recording our share of Hamilton Dome revenues, related expenses, and capital costs. In connection with this acquisition, the Company recorded a $0.9 million non-cash addition of asset retirement obligations of wells and related assets. The unit includes producing and water injection wells and associated facilities producing crude oil from proved developed reserves. There were no proved undeveloped reserves. We accounted for this acquisition transaction as an asset purchase.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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