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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2022
Income Taxes |
Schedule of components of income tax (expense) benefit | Income tax (expense) benefit for the years ended June 30, 2022 and 2021 is comprised of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022 |  | June 30, 2021
Current: | ​ | ​ |  | ​ | ​ |
Federal | ​ | $ | (6,309) | ​ | $ | 334
State | ​ | ​ | (1,062) | ​ | ​ | (454)
Total current income tax (expense) benefit | ​ | ​ | (7,371) | ​ | ​ | (120)
Deferred: | ​ | ​ |  | ​ | ​ | ​
Federal | ​ | ​ | (913) | ​ | ​ | 3,987
State | ​ | ​ | (229) | ​ | ​ | 1,117
Total deferred income tax (expense) benefit | ​ | ​ | (1,142) | ​ | ​ | 5,104
Total income tax (expense) benefit | ​ | $ | (8,513) | ​ | $ | 4,984
Schedule of reconciliation of statutory federal tax rate to income tax (expense) benefit | The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | % of Income | ​ | ​ | ​ | ​ | % of Income | ​
​ | ​ | ​ | ​ | ​ | Before | ​ | ​ | ​ | ​ | Before | ​
​ |  | June 30, 2022 |  | Income Taxes |  | June 30, 2021 |  | Income Taxes | ​
Income tax (expense) benefit computed at the statutory federal rate: | ​ | $ | (8,640) | ​ | ​ | 21.0 | % | $ | 4,499 | ​ | 21.0 | %
Reconciling items: | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Return to provision adjustments | ​ | ​ | (2) | ​ | ​ | — | % | ​ | (20) | ​ | (0.1) | %
Depletion in excess of tax basis | ​ | ​ | 190 | ​ | ​ | (0.5) | % | ​ | 176 | ​ | 0.8 | %
State income taxes, net of federal tax benefit | ​ | ​ | (1,020) | ​ | ​ | 2.5 | % | ​ | 523 | ​ | 2.4 | %
Permanent differences related to stock-based compensation and other | ​ | ​ | 3 | ​ | ​ | — | % | ​ | (55) | ​ | (0.3) | %
Federal valuation allowance | ​ | ​ | 623 | ​ | ​ | (1.5) | % | ​ | (570) | ​ | (2.7) | %
EOR credit benefit | ​ | ​ | 377 | ​ | ​ | (0.9) | % | ​ | 336 | ​ | 1.6 | %
Other | ​ | ​ | (44) | ​ | ​ | 0.1 | % | ​ | 95 | ​ | 0.6 | %
Income tax (expense) benefit | ​ | $ | (8,513) | ​ | ​ | 20.7 | % | $ | 4,984 | ​ | 23.3 | %
Schedule of components of deferred taxes | The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022 |  | June 30, 2021
Deferred tax assets: | ​ | ​ |  | ​ | ​ |
Non-qualified stock-based compensation | ​ | $ | 106 | ​ | $ | 310
Net operating loss carry-forwards and other carry-forwards | ​ | ​ | 8 | ​ | ​ | 365
Derivative losses | ​ | ​ | 427 | ​ | ​ | —
Asset retirement obligations | ​ | ​ | 3,128 | ​ | ​ | 1,285
Other deferred tax assets | ​ | ​ | 238 | ​ | ​ | 161
Gross deferred tax assets | ​ | ​ | 3,907 | ​ | ​ | 2,121
​ | ​ | ​ | ​ | ​ | ​ | ​
Valuation allowance | ​ | ​ | — | ​ | ​ | (862)
Net deferred tax assets | ​ | ​ | 3,907 | ​ | ​ | 1,259
Deferred tax liability: | ​ | ​ |  | ​ | ​ |
Oil and natural gas properties | ​ | ​ | (11,006) | ​ | ​ | (7,216)
Total deferred tax liability | ​ | ​ | (11,006) | ​ | ​ | (7,216)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax liability | ​ | $ | (7,099) | ​ | $ | (5,957)

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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