Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Income Taxes

Schedule of components of income tax (expense) benefit

Income tax (expense) benefit for the years ended June 30, 2025 and 2024 is comprised of the following (in thousands):

	June 30, 2025		June 30, 2024
Current:
Federal	$	(462)	$	(898)
State		(402)		(620)
Total current income tax (expense) benefit		(864)		(1,518)
Deferred:
Federal		584		59
State		(116)		42
Total deferred income tax (expense) benefit		468		101
Total income tax (expense) benefit	$	(396)	$	(1,417)

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, 2025		Income Taxes			June 30, 2024		Income Taxes
Income tax (expense) benefit computed at the statutory federal rate:	$	(392)		21.0	%	$	(1,154)	21.0	%
Reconciling items:
Return to provision adjustments		(2)		0.1	%		3	(0.1)	%
Depletion in excess of tax basis		59		(3.2)	%		114	(2.1)	%
State income taxes, net of federal tax benefit		(548)		29.3	%		(458)	8.4	%
Permanent differences related to stock-based compensation and other		(58)		3.1	%		80	(1.5)	%
State valuation allowance		140		(7.5)	%		—	—	%
Marginal well credit		408		(21.8)	%		—	—	%
Other		(3)		0.2	%		(2)	0.1	%
Income tax (expense) benefit	$	(396)		21.2	%	$	(1,417)	25.8	%

Schedule of components of net deferred income tax assets (liabilities)

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

	June 30, 2025		June 30, 2024
Deferred tax assets:
Non-qualified stock-based compensation	$	599	$	381
Net operating loss carry-forwards and other carry-forwards		148		313
Derivative losses		298		192
Asset retirement obligations		4,982		4,427
Other deferred tax assets		481		197
Total deferred tax assets		6,508		5,510
Deferred tax liabilities:
Oil and natural gas properties		(12,742)		(12,072)
Total deferred tax liabilities		(12,742)		(12,072)
Valuation allowance		—		(140)
Net deferred tax liabilities	$	(6,234)	$	(6,702)