Asset Retirement Obligations (Tables)

3 Months Ended

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliations of the beginning and ending asset retirement obligation balances

The following is a reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2020 and for the year ended June 30, 2020:

	September 30, 2020			June 30, 2020
Asset retirement obligations — beginning of period	$	2,588,894		$	1,610,845
Liabilities incurred	—			944,278		(b)
Liabilities settled	—			(86,592)		(c)
Accretion of discount	43,602			146,504
Revision of previous estimates	91,608		(a)	(26,141)
Asset retirement obligations — end of period	$	2,724,104		$	2,588,894
Less: current asset retirement obligations	121,627			—
Long-term portion of asset retirement obligations	$	2,602,477		$	2,588,894

 

(a) Two non-scheduled Delhi wells currently being abandoned.

(b) Liabilities incurred in fiscal 2020 were primarily due to our acquisition of our Hamilton Dome interest.

(c) The operator abandoned one well in the Delhi field and four wells in the Hamilton Dome field.