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Asset Retirement Obligations (Tables) | 12 Months Ended
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Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract] |
Schedule of reconciliation of the beginning and ending asset retirement obligation | The following is a reconciliation of the beginning and ending asset retirement obligations for the years ended June 30, 2021 and 2020:
| Years Ended
| 2021 |  | 2020
Asset retirement obligations — beginning of period | $ | 2,588,894 |  |  | $ | 1,610,845 |
Liabilities incurred | — |  |  | 40,698 |
Liabilities settled | (99,231) |  | (a) | (86,592) |
Liabilities acquired | 2,806,331 |  | (b) | 903,580 |
Accretion of discount | 210,182 |  |  | 146,504 |
Revisions of previous estimates | 77,096 |  | (c) | (26,141) |
Asset retirement obligations — end of period | 5,583,272 |  |  | 2,588,894 |
Less: current asset retirement obligations | 44,520 |  |  | — |
Long-term portion of asset retirement obligations | $ | 5,538,752 |  |  | $ | 2,588,894 |
(a) Abandonment of two non-scheduled Delhi field wells in fiscal 2021, and abandonment of one Delhi field well and four Hamilton Dome field wells in fiscal 2020. (b) Liabilities acquired in fiscal 2021 and 2020 were primarily due to our acquisition of the Barnett Shale interest and the Hamilton Dome interest, respectively. (c) Primarily related to upward revisions for two difficult-to-plug Delhi field wells in fiscal 2021.

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- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859 + Details
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