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Asset Retirement Obligations | 9 Months Ended
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Mar. 31, 2022
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Asset Retirement Obligations The Company's asset retirement obligations ("ARO") represent the estimated present value of the amount expected to incur to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the unaudited consolidated condensed balance sheets and capitalizes the cost in "Oil and natural gas properties, net" during the period in which the obligation is incurred. The Company records the accretion of its ARO liabilities in "Depletion, depreciation and amortization" expense in the unaudited consolidated condensed statements of operations. The following is a reconciliation of the activity related to the Company's ARO liability for the nine months ended March 31, 2022 (inclusive of the current portion):
Asset retirement obligations as of June 30, 2021 | $ | 5,583,272 |  |  |  |
Liabilities settled | (50,231) |  | (a) |  |
Liabilities acquired | 2,440,034 |  | (b) |  |
Accretion expense | 339,300 |  |  |  |
Asset retirement obligations as of March 31, 2022 | $ | 8,312,375 |  |  |  |
(a) Primarily related to abandonment of one Delhi field and one Hamilton Dome field well. (b) Liabilities acquired in fiscal year 2022 were related to our Williston Basin Acquisition. See Note 5, "Acquisitions," for additional information on the Company's acquisition activities.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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