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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes

Schedule of components of income tax (expense) benefit

Income tax (expense) benefit for the years ended June 30, 2023 and 2022 is comprised of the following (in thousands):

​

​	​	​	​	​	​	​
​		June 30, 2023			June 30, 2022
Current:	​	​		​	​
Federal	​	$	(9,600)	​	$	(6,309)
State	​	​	(768)	​	​	(1,062)
Total current income tax (expense) benefit	​	​	(10,368)	​	​	(7,371)
Deferred:	​	​		​	​
Federal	​	​	457	​	​	(913)
State	​	​	(161)	​	​	(229)
Total deferred income tax (expense) benefit	​	​	296	​	​	(1,142)
Total income tax (expense) benefit	​	$	(10,072)	​	$	(8,513)

Schedule of reconciliation of statutory federal tax rate to income tax (expense) benefit

The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% of Income

​

​

​

​

% of Income

​

​

​

​

​

​

Before

​

​

​

​

Before

​

​

June 30, 2023

Income Taxes

June 30, 2022

Income Taxes

​

Income tax (expense) benefit computed at the statutory federal rate:

​

$

(9,511)

​

​

21.0

%

$

(8,640)

​

21.0

%

Reconciling items:

​

​

​

​

​

​

​

​

​

​

​

Depletion in excess of tax basis

​

​

78

​

​

(0.2)

%

​

190

​

(0.5)

%

State income taxes, net of federal tax benefit

​

​

(734)

​

​

1.6

%

​

(1,020)

​

2.5

%

Permanent differences related to stock-based compensation and other

​

​

96

​

​

(0.2)

%

​

3

​

—

%

Federal valuation allowance

​

​

—

​

​

—

%

​

623

​

(1.5)

%

EOR credit benefit

​

​

—

​

​

—

%

​

377

​

(0.9)

%

Other

​

​

(1)

​

​

—

%

​

(46)

​

0.1

%

Income tax (expense) benefit

​

$

(10,072)

​

​

22.2

%

$

(8,513)

​

20.7

%

Schedule of components of deferred taxes

The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands):

​

​	​	​	​	​	​	​
​		June 30, 2023			June 30, 2022
Deferred tax assets:	​	​		​	​
Non-qualified stock-based compensation	​	$	250	​	$	106
Net operating loss carry-forwards and other carry-forwards	​	​	—	​	​	8
Derivative losses	​	​	—	​	​	427
Asset retirement obligations	​	​	3,883	​	​	3,128
Other deferred tax assets	​	​	201	​	​	238
Net deferred tax assets	​	​	4,334	​	​	3,907
Deferred tax liability:	​	​		​	​
Oil and natural gas properties	​	​	(11,137)	​	​	(11,006)
Total deferred tax liability	​	​	(11,137)	​	​	(11,006)
​	​	​	​	​	​	​
Net deferred tax liability	​	$	(6,803)	​	$	(7,099)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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