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Asset Retirement Obligations (Tables)

9 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Reconciliations of the Beginning and Ending Asset Retirement Obligation Balances

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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- References

No definition available.

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- Definition

Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859

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