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Acquisitions
9 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions 
On January 14, 2022, the Company completed the acquisition of non-operated working interests in the Williston Basin in North Dakota from Foundation Energy Fund VII-A, LP and Foundation Energy Management, LLC ("the Williston Basin Acquisition"). After taking into account preliminary customary closing adjustments and an effective date of June 1, 2021, cash consideration was $25.7 million which includes cash expenses related to the acquisition. The Company determined that the properties acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. The Company also recognized $2.4 million in non-cash asset retirement obligations. The transaction was funded with cash on hand and $16.0 million in borrowings under the Company’s Senior Secured Credit Facility, as defined below.
On May 7, 2021, the Company acquired an approximate 17% working interest and a 14% net revenue interest in non-operated oil and natural gas properties in the Barnett Shale from Tokyo Gas Americas for net cash consideration of $17.4 million, after taking into account customary closing adjustments, and also recognized $2.8 million in non-cash asset retirement obligations (the "Barnett Shale Acquisition"). The Company determined that the properties acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. During the nine months ended March 31, 2022, the Company recorded a downward purchase price adjustment of $0.9 million related to its acquisition of the Barnett Shale properties as a result of the completion of the final settlement statement.
On February 8, 2022, the Company entered into a definitive purchase agreement ("the Jonah Purchase Agreement") to acquire non-operated interests in the Jonah field in Sublette County, Wyoming from Exaro Energy III, LLC (the " Jonah Field Acquisition") and in conjunction made a deposit of $1.5 million upon signing of the Jonah Purchase Agreement. The Jonah Field Acquisition closed on April 1, 2022. After taking into account the deposit on acquisition, preliminary customary closing adjustments and an effective date of February 1, 2022, cash consideration at closing was $27.7 million. See Note 18, "Subsequent Events" for a further discussion.