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Property and Equipment | 6 Months Ended
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Dec. 31, 2022
Property and Equipment |
Property and Equipment | Note 4. Property and Equipment Property and equipment as of December 31, 2022 and June 30, 2022 consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | June 30, 2022
Oil and natural gas properties | ​ | ​ |  | ​ | ​ |
Property costs subject to amortization | ​ | $ | 190,853 | ​ | $ | 188,634
Less: Accumulated depletion, depreciation, and impairment | ​ | ​ | (84,626) | ​ | ​ | (78,126)
Oil and natural gas properties, net | ​ | $ | 106,227 | ​ | $ | 110,508
​ As of December 31, 2022, all oil and natural gas property costs were subject to amortization. Depletion of oil and natural gas properties was $6.5 million and $2.5 million for the six months ended December 31, 2022 and 2021, respectively. During the six months ended December 31, 2022 and 2021, the Company incurred development capital expenditures of $2.1 million and $0.6 million, respectively. The Company uses the full cost method of accounting for its investments in oil and natural gas properties. All costs of acquisition, exploration, and development of oil and natural gas reserves are capitalized as the cost of oil and natural gas and properties when incurred. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs result in an impairment charge. At December 31, 2022, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended December 31, 2022 of the West Texas Intermediate (“WTI”) crude oil spot price of $94.14 per barrel and Henry Hub natural gas spot price of $6.40 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $48.50, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, at December 31, 2022 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and as a result, no impairment charge was necessary. At December 31, 2021, the ceiling test value of the Company’s reserves was calculated based on the first-day-of the month average for the 12-months ended December 31, 2021 of the WTI crude oil spot price of $66.55 per barrel and Henry Hub natural gas spot price of $3.64 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $26.54, which was based on historical prices received as NGLs do not have any single comparable reference index price. Using these prices, at December 31, 2021 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and as a result, no impairment charge was necessary.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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