Asset Retirement Obligations

12 Months Ended

Jun. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

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.