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Derivatives (Tables)
 9 Months Ended
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 815Derivative Contract AssetDerivative Contract Liability
Balance sheet locationMarch 31, 2022June 30, 2021Balance sheet locationMarch 31, 2022June 30, 2021
Commodity contractsCurrent assets - derivative contract assets$— $— Current liabilities - derivative contract liabilities$2,398,237 $— 
Commodity contractsOther assets - derivative contract assets— — Long term liabilities - derivative contract liabilities— — 
Total derivatives not designated as hedging contracts under ASC 815$— $— $2,398,237 $— 
At March 31, 2022, the Company had the following open crude oil and natural gas derivative contracts:
PeriodInstrumentCommodityVolumes in BarrelsWeighted Average Floor Price per MMBTU/BblWeighted Average Ceiling Price per MMBTU/Bbl
April 2022 - October 2022CollarNatural Gas835,956 $3.75 $5.05 
November 2022 - February 2023CollarNatural Gas443,750 3.757.30
April 2022 - June 2022CollarCrude Oil60,475 75.0095.65
July 2022 - February 2023CollarCrude Oil122,389 70.0087.50
Subsequent to March 31, 2022, the Company entered into the following natural gas derivative contracts:
PeriodInstrumentCommodityVolumes in BarrelsWeighted Average Floor Price per MMBTU/BblWeighted Average Ceiling Price per MMBTU/Bbl
May 2022 - October 2022CollarNatural Gas479,590 $5.25 $6.67 
November 2022 - March 2023CollarNatural Gas374,072 $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 815Location of loss recognized in income on derivative contractsThree Months EndedNine Months Ended
March 31,March 31,
2022202120222021
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 contractsOther income and expenses - net loss (gain) on derivative contracts2,398,237 — 2,398,237 (1,911,343)
Total net loss (gain) on derivative contracts$2,591,465 $— $2,591,465 $614,645 
Offsetting Assets The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:
Derivative AssetsDerivative Liabilities
Offsetting of Derivative Assets and LiabilitiesMarch 31, 2022June 30, 2021March 31, 2022June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet$— $— $2,398,237 $— 
Amounts not offset in the Consolidated Balance Sheet— — — — 
Net amount$— $— $2,398,237 $— 
Offsetting Liabilities The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at March 31, 2022 and June 30, 2021:
Derivative AssetsDerivative Liabilities
Offsetting of Derivative Assets and LiabilitiesMarch 31, 2022June 30, 2021March 31, 2022June 30, 2021
Gross amounts presented in the Consolidated Balance Sheet$— $— $2,398,237 $— 
Amounts not offset in the Consolidated Balance Sheet— — — — 
Net amount$— $— $2,398,237 $—