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Derivatives (Tables) | 3 Months Ended
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Sep. 30, 2024
Derivatives |
Schedule of the Location and Fair Value Amounts of All Derivative Contracts in the Unaudited Condensed Consolidated Balance Sheets | The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of September 30, 2024 and June 30, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as hedging contracts | ​ | Balance sheet | ​ | Derivative Contract Assets | ​ | Balance sheet | ​ | Derivative Contract Liabilities
under ASC 815 |  | location |  | September 30, 2024 |  | June 30, 2024 |  | location |  | September 30, 2024 |  | June 30, 2024
Commodity contracts | ​ | Current assets - derivative contract assets | ​ | $ | 1,253 | ​ | $ | 596 | ​ | Current liabilities - derivative contract liabilities | ​ | $ | 173 | ​ | $ | 1,192
Commodity contracts | ​ | Other assets - derivative contract assets | ​ | ​ | 202 | ​ | ​ | 171 | ​ | Long term liabilities - derivative contract liabilities | ​ | ​ | 307 | ​ | ​ | 468
Total derivatives not designated as hedging contracts under ASC 815 | ​ | ​ | ​ | $ | 1,455 | ​ | $ | 767 | ​ | ​ | ​ | $ | 480 | ​ | $ | 1,660
Schedule of Derivative Instruments | As of September 30, 2024, the Company had the following open crude oil and natural gas derivative contracts: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | Weighted Average | ​ | Weighted Average
​ | ​ | ​ | ​ | ​ | ​ | Volumes in | ​ | Swap Price per | ​ | Floor Price per | ​ | Ceiling Price per
Period |  | Instrument |  | Commodity |  | MMBTU/BBL | ​ | MMBTU/BBL |  | MMBTU/BBL |  | MMBTU/BBL
October 2024 - December 2024 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 35,962 | ​ | $ | 74.20 | ​ | ​ | ​ | ​ | ​ | ​
October 2024 - December 2024 | ​ | Collar | ​ | Crude Oil | ​ | 35,962 | ​ | ​ | ​ | ​ | $ | 70.00 | ​ | $ | 77.40
January 2025 - March 2025 | ​ | Collar | ​ | Crude Oil | ​ | 42,566 | ​ | ​ | ​ | ​ | ​ | 68.00 | ​ | ​ | 73.77
January 2025 - February 2025 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 312,286 | ​ | ​ | 3.56 | ​ | ​ | ​ | ​ | ​ | ​
April 2025 - June 2025 | ​ | Collar | ​ | Crude Oil | ​ | 41,601 | ​ | ​ | ​ | ​ | ​ | 65.00 | ​ | ​ | 84.00
March 2025 - December 2026 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 3,170,705 | ​ | ​ | 3.60 | ​ | ​ | ​ | ​ | ​ | ​
Subsequent to September 30, 2024, the Company entered into the following new crude oil derivative contracts:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | ​ | ​ | Volumes in | ​ | Swap Price per
Period |  | Instrument |  | Commodity |  | MMBTU/BBL | ​ | MMBTU/BBL
January 2025 - June 2025 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 51,992 | ​ | $ | 73.49
July 2025 - December 2025 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 81,335 | ​ | ​ | 71.40
​
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 condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023 (in thousands). “Realized gain (loss) on derivative contracts” represents all receipts (payments) on derivative contracts settled during the period. “Unrealized gain (loss) on derivative contracts” represents the net change in the mark-to-market valuation of the derivative contracts. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated | ​ | Location of gain (loss) | ​ | Three Months Ended
as hedging contracts | ​ | recognized in income on | ​ | September 30,
under ASC 815 |  | derivative contracts | ​ | 2024 |  | 2023
Commodity contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Realized gain (loss) on derivative contracts | ​ | Other income and expenses - net gain (loss) on derivative contracts | ​ | $ | (70) | ​ | $ | —
Unrealized gain (loss) on derivative contracts | ​ | Other income and expenses - net gain (loss) on derivative contracts | ​ | ​ | 1,868 | ​ | ​ | —
Total net gain (loss) on derivative contracts | ​ | ​ | ​ | $ | 1,798 | ​ | $ | —
Offsetting Assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Contracts Assets | ​ | Derivative Contracts Liabilities
Offsetting of Derivative Assets and Liabilities |  | September 30, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | June 30, 2024
Gross amounts presented in the Consolidated Balance Sheet | ​ | $ | 1,455 | ​ | $ | 767 | ​ | $ | 480 | ​ | $ | 1,660
Amounts not offset in the Consolidated Balance Sheet | ​ | ​ | (375) | ​ | ​ | (497) | ​ | ​ | (375) | ​ | ​ | (497)
Net amount | ​ | $ | 1,080 | ​ | $ | 270 | ​ | $ | 105 | ​ | $ | 1,163
Offsetting Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Contracts Assets | ​ | Derivative Contracts Liabilities
Offsetting of Derivative Assets and Liabilities |  | September 30, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | June 30, 2024
Gross amounts presented in the Consolidated Balance Sheet | ​ | $ | 1,455 | ​ | $ | 767 | ​ | $ | 480 | ​ | $ | 1,660
Amounts not offset in the Consolidated Balance Sheet | ​ | ​ | (375) | ​ | ​ | (497) | ​ | ​ | (375) | ​ | ​ | (497)
Net amount | ​ | $ | 1,080 | ​ | $ | 270 | ​ | $ | 105 | ​ | $ | 1,163

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