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Asset Retirement Obligations | 12 Months Ended
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Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Asset Retirement Obligations Our asset retirement obligations represent the estimated present value of the amount we expect to incur to plug, abandon, and remediate our producing properties at the end of their productive lives in accordance with applicable laws and regulations. During the year ended June 30, 2021, the Delhi field operator abandoned two wells. Presently, we expect the Hamilton Dome operator to plug four wells during the next twelve months. 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 The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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