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Asset Retirement Obligations | 12 Months Ended
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Jun. 30, 2023
Asset Retirement Obligations |
Asset Retirement Obligations | Note 9. Asset Retirement Obligations The Company’s ARO represents the estimated present value of the amount expected to be incurred to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, net” during the period in which the obligation is incurred. The Company records the accretion of its ARO liabilities in “Depletion, depreciation and amortization” expense in the consolidated statements of operations. ​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the years ended June 30, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
|  | June 30, 2023 |  | June 30, 2022
Asset retirement obligations — beginning of period | ​ | $ | 13,921 | ​ | $ | 5,583
Liabilities incurred | ​ | ​ | 57 | ​ | ​ | 219
Liabilities settled | ​ | ​ | (136) | ​ | ​ | (17)
Liabilities acquired(1) | ​ | ​ | — | ​ | ​ | 5,400
Accretion of discount | ​ | ​ | 1,131 | ​ | ​ | 531
Revisions of previous estimates(2) | ​ | ​ | 2,094 | ​ | ​ | 2,205
Asset retirement obligations — end of period | ​ | ​ | 17,067 | ​ | ​ | 13,921
Less: current asset retirement obligations | ​ | ​ | (55) | ​ | ​ | (22)
Long-term portion of asset retirement obligations | ​ | $ | 17,012 | ​ | $ | 13,899
(1) | See Note 3, “Acquisitions,” for additional information on the Company’s acquisition activities.
(2) | Primarily related to upward revisions for increased estimates for the years ended June 30, 2023 and 2022.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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