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Subsequent Events
 9 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 1, 2022, the Company closed the Jonah Field Acquisition after entering into the Jonah Purchase Agreement on February 8, 2022 to acquire non-operated interests in the Jonah field in Sublette County, Wyoming from Exaro Energy III, LLC. After taking into account preliminary customary closing adjustments and an effective date of February 1, 2022, total cash consideration for the Jonah Field Acquisition was $27.7 million, which included a $1.5 million payment made upon signing the Jonah Purchase Agreement.
On April 1, 2022, the Company entered into natural gas collar arrangements for approximately 25% of natural gas production over the subsequent twelve months with weighted average floor prices of $5.25/MMBtu and ceilings ranging from $6.67/MMBtu to $7.50/MMBtu as required at the time by the Senior Secured Credit Facility. See Note 16, "Derivatives," above for further details.
On April 6, 2022, the Company was notified by MidFirst Bank that the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, was increased to $160.0 million from $125.0 million as a result of the closing of the Jonah Field Acquisition. The Company is required to enter into hedges on a rolling twelve-months basis when the borrowings exceed 25% of the Margined Collateral Value. As of May 9, 2022, the Company has $32.8 million outstanding under the facility. Based on the current amount outstanding, the utilization percentage under the required hedging covenant is below the minimum utilization threshold of 25% and as a result the Company is not required to enter into additional hedges or extend existing hedges at this time.
On May 4, 2022, the Company declared a quarterly cash dividend of $0.10 per share of common stock to shareholders of record on June 15, 2022 and payable on June 30, 2022.