Asset Retirement Obligations

3 Months Ended

Sep. 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. Presently, we expect the Hamilton Dome operator to plug two wells during the next twelve months. The following is a reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2021 and for the year ended June 30, 2021:


	September 30, 2021		June 30, 2021
Asset retirement obligations — beginning of period	$	5,583,272	$	2,588,894
Liabilities incurred	—		—
Liabilities settled	—		(99,231)		(a)
Liabilities acquired	—		2,806,331		(b)
Accretion of discount	100,860		210,182
Revision of previous estimates	—		77,096		(c)
Asset retirement obligations — end of period	$	5,684,132	$	5,583,272
Less: current asset retirement obligations	22,264		44,520
Long-term portion of asset retirement obligations	$	5,661,868	$	5,538,752

(a) Abandonment of two non-scheduled Delhi field wells in fiscal 2021.

(b) Liabilities incurred in fiscal 2021 were primarily due to our acquisition of our Barnett Shale interest.