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Subsequent Event
6 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
On January 14, 2022, the Company completed the acquisition of non-operated oil and natural gas assets in the Williston Basin in North Dakota from Foundation Energy Fund VII-A, LP and Foundation Energy Management, LLC, for $25.9 million, net of preliminary purchase price adjustments which included operating cash flows received from the effective date of June 1, 2021 though the closing date. The transaction was funded with cash on hand and $16.0 million in borrowings under the Company’s existing senior credit facility.
On February 3, 2022, the Company declared a quarterly cash dividend of $0.10 per share of common stock to shareholders of record on March 15, 2022 and payable on March 31, 2022.
On February 7, 2022, the Company entered into the Ninth Amendment to the Senior Secured Credit Facility. This amendment modified the definition of utilization percentage related to the required hedging covenant such that for the purposes of determining the amount of future production to hedge, the utilization of the Senior Secured Credit Facility will be based on the calculated collateral value to the extent it exceeds the borrowing base then in effect. The amendment also requires the Company to enter into hedges for the next twelve months covering 25% of expected oil and gas production over that period.

On February 8, 2022, the Company entered into a definitive purchase agreement to acquire non-operated interests in the Jonah Field in Wyoming from Exaro Energy III, LLC for $29.4 million. The transaction has an effective date of February 1, 2022 and is expected to close on or about April 1, 2022.