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Derivatives (Tables)
9 Months Ended
Mar. 31, 2025
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 March 31, 2025 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

    

March 31, 2025

    

June 30, 2024

    

location

    

March 31, 2025

    

June 30, 2024

Commodity contracts

Current assets - derivative contract assets

$

828

$

596

Current liabilities - derivative contract liabilities

$

3,453

$

1,192

Commodity contracts

Other assets - derivative contract assets

48

171

Long term liabilities - derivative contract liabilities

1,742

468

Total derivatives not designated as hedging contracts under ASC 815

$

876

$

767

$

5,195

$

1,660

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 and nine months ended March 31, 2025 and 2024 (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

Nine Months Ended

as hedging contracts

recognized in income on

March 31, 

March 31, 

under ASC 815

    

derivative contracts

    

2025

2024

2025

    

2024

Commodity contracts:

Realized gain (loss) on derivative contracts

Other income and expenses - net gain (loss) on derivative contracts

$

124

$

(120)

$

203

$

(120)

Unrealized gain (loss) on derivative contracts

Other income and expenses - net gain (loss) on derivative contracts

(3,926)

(1,063)

(3,426)

(1,063)

Total net gain (loss) on derivative contracts

$

(3,802)

$

(1,183)

$

(3,223)

$

(1,183)

Schedule of Derivative Instruments

As of March 31, 2025, the Company had the following open crude oil and natural gas derivative contracts:

Volumes in

Swap Price per

Floor Price per

Ceiling Price per

Period

    

Commodity

Instrument

    

MMBTU/BBL

MMBTU/BBL

    

MMBTU/BBL

    

MMBTU/BBL

April 2025 - June 2025

Crude Oil

Fixed-Price Swap

25,571

$

73.49

April 2025 - June 2025

Crude Oil

Collar

41,601

65.00

84.00

April 2025 - December 2025

Crude Oil

Fixed-Price Swap

32,229

72.00

July 2025 - December 2025

Crude Oil

Fixed-Price Swap

81,335

71.40

January 2026 - March 2026

Crude Oil

Collar

43,493

60.00

75.80

April 2025 - December 2025

Natural Gas

Collar

681,271

4.00

4.95

April 2025 - December 2026

Natural Gas

Fixed-Price Swap

3,010,069

3.60

January 2026 - March 2026

Natural Gas

Collar

375,481

3.60

5.00

April 2025 - December 2027

Natural Gas

Fixed-Price Swap

3,729,540

3.57

Subsequent to March 31, 2025, the Company entered into the following new crude oil and natural gas derivative contracts:

Volumes in

Swap Price per

Floor Price per

Ceiling Price per

Period

    

Commodity

Instrument

    

MMBTU/BBL

MMBTU/BBL

    

MMBTU/BBL

    

MMBTU/BBL

April 2026 - June 2026

Crude Oil

Fixed-Price Swap

17,106

$

60.40

January 2026 - March 2026

Natural Gas

Collar

213,251

$

4.00

$

5.39

April 2026 - October 2026

Natural Gas

Collar

433,428

3.50

4.55

Offsetting Assets

Derivative Contracts Assets

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

    

March 31, 2025

    

June 30, 2024

    

March 31, 2025

    

June 30, 2024

Gross amounts presented in the Consolidated Balance Sheet

$

876

$

767

$

5,195

$

1,660

Amounts not offset in the Consolidated Balance Sheet

(876)

(497)

(876)

(497)

Net amount

$

$

270

$

4,319

$

1,163

Offsetting Liabilities

Derivative Contracts Assets

Derivative Contracts Liabilities

Offsetting of Derivative Assets and Liabilities

    

March 31, 2025

    

June 30, 2024

    

March 31, 2025

    

June 30, 2024

Gross amounts presented in the Consolidated Balance Sheet

$

876

$

767

$

5,195

$

1,660

Amounts not offset in the Consolidated Balance Sheet

(876)

(497)

(876)

(497)

Net amount

$

$

270

$

4,319

$

1,163