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Derivatives (Tables) | 9 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited consolidated condensed balance sheets as of March 31, 2022 and June 30, 2021:
Derivatives not designated as hedging contracts under ASC 815 |  |  |  | Derivative Contract Asset |  |  |  | Derivative Contract Liability
| Balance sheet location |  | March 31, 2022 |  | June 30, 2021 |  | Balance sheet location |  | March 31, 2022 |  | June 30, 2021
Commodity contracts |  | Current assets - derivative contract assets |  | $ | — |  |  | $ | — |  |  | Current liabilities - derivative contract liabilities |  | $ | 2,398,237 |  |  | $ | — |
Commodity contracts |  | Other assets - derivative contract assets |  | — |  |  | — |  |  | Long term liabilities - derivative contract liabilities |  | — |  |  | — |
Total derivatives not designated as hedging contracts under ASC 815 |  | $ | — |  |  | $ | — |  |  |  |  | $ | 2,398,237 |  |  | $ | — |
At March 31, 2022, the Company had the following open crude oil and natural gas derivative contracts:
Period |  | Instrument |  | Commodity |  | Volumes in Barrels |  | Weighted Average Floor Price per MMBTU/Bbl |  | Weighted Average Ceiling Price per MMBTU/Bbl
April 2022 - October 2022 |  | Collar |  | Natural Gas |  | 835,956 |  |  | $ | 3.75 |  |  | $ | 5.05 |
November 2022 - February 2023 |  | Collar |  | Natural Gas |  | 443,750 |  |  | 3.75 |  | 7.30
April 2022 - June 2022 |  | Collar |  | Crude Oil |  | 60,475 |  |  | 75.00 |  | 95.65
July 2022 - February 2023 |  | Collar |  | Crude Oil |  | 122,389 |  |  | 70.00 |  | 87.50
Subsequent to March 31, 2022, the Company entered into the following natural gas derivative contracts:
Period |  | Instrument |  | Commodity |  | Volumes in Barrels |  | Weighted Average Floor Price per MMBTU/Bbl |  | Weighted Average Ceiling Price per MMBTU/Bbl
May 2022 - October 2022 |  | Collar |  | Natural Gas |  | 479,590 |  |  | $ | 5.25 |  |  | $ | 6.67 |
November 2022 - March 2023 |  | Collar |  | Natural Gas |  | 374,072 |  |  | $ | 5.25 |  |  | $ | 7.50 |
Derivative Instruments, Gain (Loss) | The following table summarizes the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts in the Company's unaudited consolidated condensed statements of operations. "Realized loss (gain) on derivative contracts" represents all payments (receipts) on derivative contracts settled during the quarter. "Unrealized loss (gain) on derivative contracts" represents the net change in the mark-to-market valuation of the derivative contracts. For the three months ended March 31, 2022, the "Unrealized loss (gain) on derivative contracts" is equal to the "Derivative contract liabilities" since there were no hedges in place in the prior quarter.
Derivatives not designated as hedging contracts under ASC 815 |  | Location of loss recognized in income on derivative contracts |  | Three Months Ended |  | Nine Months Ended
|  | March 31, |  | March 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Commodity contracts: |  |  |  |  |  |  |  |  |  |
Realized loss (gain) on derivative contracts |  | Other income and expenses - net loss (gain) on derivative contracts |  | $ | 193,228 |  |  | $ | — |  |  | $ | 193,228 |  |  | $ | 2,525,988 |
Unrealized loss (gain) on derivative contracts |  | Other income and expenses - net loss (gain) on derivative contracts |  | 2,398,237 |  |  | — |  |  | 2,398,237 |  |  | (1,911,343) |
Total net loss (gain) on derivative contracts |  | $ | 2,591,465 |  |  | $ | — |  |  | $ | 2,591,465 |  |  | $ | 614,645 |
Offsetting Assets | The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:
|  | Derivative Assets |  | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | March 31, 2022 |  | June 30, 2021 |  | March 31, 2022 |  | June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet |  | $ | — |  |  | $ | — |  |  | $ | 2,398,237 |  |  | $ | — |
Amounts not offset in the Consolidated Balance Sheet |  | — |  |  | — |  |  | — |  |  | — |
Net amount |  | $ | — |  |  | $ | — |  |  | $ | 2,398,237 |  |  | $ | — |
Offsetting Liabilities | The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:
|  | Derivative Assets |  | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | March 31, 2022 |  | June 30, 2021 |  | March 31, 2022 |  | June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet |  | $ | — |  |  | $ | — |  |  | $ | 2,398,237 |  |  | $ | — |
Amounts not offset in the Consolidated Balance Sheet |  | — |  |  | — |  |  | — |  |  | — |
Net amount |  | $ | — |  |  | $ | — |  |  | $ | 2,398,237 |  |  | $ | — |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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