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Property and Equipment (Tables)

6 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

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

			December 31, 2021						June 30, 2021
Oil and natural gas properties:
Property costs subject to amortization			$	128,903,479					$	129,123,227
Less: Accumulated depreciation, depletion, amortization and impairment (a)			(73,151,440)						(70,607,367)
Oil and natural gas properties, net			$	55,752,039					$	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost			$	154,732					$	154,731
Less: Accumulated depreciation (b)			(147,995)						(144,092)
Other property and equipment, net			$	6,737					$	10,639

 (a) Depletion on oil and natural gas properties was $2,544,072 for the six months ended December 31, 2021, and $2,670,801 for the six months ended December 31, 2020. There was no impairment on oil and natural gas properties for the six months ended December 31, 2021. The Company recorded an impairment of $24.8 million for the six months ended December 31, 2020.

(b) Depreciation was $3,902 for the six months ended December 31, 2021, and $3,620 for the six months ended December 31, 2020.

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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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