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Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of oil and natural gas properties and other property and equipment

			September 30, 2021						June 30, 2021
Oil and natural gas properties:
Property costs subject to amortization			$	129,402,638					$	129,123,227
Less: Accumulated depreciation, depletion, amortization and impairment (a)			(72,033,235)						(70,607,367)
Oil and natural gas properties, net			$	57,369,403					$	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost			$	154,731					$	154,731
Less: Accumulated depreciation (b)			(145,176)						(144,092)
Other property and equipment, net			$	9,555					$	10,639

 (a) Depletion on oil and natural gas properties was $1,425,868 for the quarter ended September 30, 2021, and $1,247,659 for the quarter ended June 30, 2021. There was no impairment on oil and natural gas properties for the quarter ended September 30, 2021 or the quarter ended June 30, 2021.

(b) Depreciation was $1,084 for the quarter ended September 30, 2021, and $1,570 for the quarter ended June 30, 2021.

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- References

No definition available.

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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