Evolution Petroleum (EPM) 10-Q13 Nov 242025 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-32942
Entity Registrant Name	EVOLUTION PETROLEUM CORP
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	41-1781991
Entity Address, Address Line One	1155 Dairy Ashford Road
Entity Address, Address Line Two	Suite 425
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	713
Local Phone Number	935-0122
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	EPM
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,595,542
Entity Central Index Key	0001006655
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents	$ 6,937	$ 6,446
Receivables from crude oil, natural gas, and natural gas liquids revenues	10,797	10,826
Derivative contract assets	1,253	596
Prepaid expenses and other current assets	1,998	3,855
Total current assets	20,985	21,723
Property and equipment, net of depletion, depreciation, and impairment
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	135,477	139,685
Derivative contract assets	202	171
Other assets	1,278	1,298
Total assets	157,942	162,877
Current liabilities
Accounts payable	7,538	8,308
Accrued liabilities and other	4,728	6,239
Derivative contract liabilities	173	1,192
State and federal taxes payable		74
Total current liabilities	12,439	15,813
Long term liabilities
Senior secured credit facility	39,500	39,500
Deferred income taxes	6,421	6,702
Asset retirement obligations	19,610	19,209
Derivative contract liabilities	307	468
Operating lease liability	35	58
Total liabilities	78,312	81,750
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,606,532 and 33,339,535 shares as of September 30, 2024 and June 30, 2024, respectively	34	33
Additional paid-in capital	41,561	41,091
Retained earnings	38,035	40,003
Total stockholders' equity	79,630	81,127
Total liabilities and stockholders' equity	$ 157,942	$ 162,877

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	33,606,532	33,339,535
Common stock, outstanding shares (in shares)	33,606,532	33,339,535

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 21,896	$ 20,601
Operating costs
Lease operating costs	11,790	11,883
Depletion, depreciation, and accretion	5,725	4,262
General and administrative expenses	2,527	2,603
Total operating costs	20,042	18,748
Income (loss) from operations	1,854	1,853
Other income (expense)
Net gain (loss) on derivative contracts	1,798
Interest and other income	57	116
Interest expense	(823)	(32)
Income (loss) before income taxes	2,886	1,937
Income tax (expense) benefit	(821)	(463)
Net income (loss)	$ 2,065	$ 1,474
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.06	$ 0.04
Diluted (in dollars per share)	$ 0.06	$ 0.04
Weighted average number of common shares outstanding:
Basic (in shares)	32,722	32,663
Diluted (in shares)	32,868	32,984
Crude oil
Revenues
Total revenues	$ 14,737	$ 12,616
Natural gas liquids
Revenues
Total revenues	2,874	2,433
Natural gas
Revenues
Total revenues	$ 4,285	$ 5,552

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		129 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 2,065	$ 1,474
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion	5,725	4,262
Stock-based compensation	559	472
Settlement of asset retirement obligations	(98)
Deferred income taxes	(281)	(75)
Unrealized (gain) loss on derivative contracts	(1,868)
Accrued settlements on derivative contracts	(66)
Other	(2)
Changes in operating assets and liabilities:
Receivables from crude oil, natural gas, and natural gas liquids revenues	(37)	(2,686)
Prepaid expenses and other current assets	1,929	169
Accounts payable and accrued liabilities	(238)	320
State and federal income taxes payable	(74)	388
Net cash provided by operating activities	7,614	4,324
Cash flows from investing activities:
Acquisition of oil and natural gas properties	(262)
Capital expenditures for oil and natural gas properties	(2,740)	(1,827)
Net cash used in investing activities	(3,002)	(1,827)
Cash flows from financing activities:
Common stock dividends paid	(4,033)	(4,013)	$ (122,500)
Common stock repurchases, including stock surrendered for tax withholding	(88)	(105)
Net cash (used in) provided by financing activities	(4,121)	(4,118)
Net increase (decrease) in cash and cash equivalents	491	(1,621)
Cash and cash equivalents, beginning of period	6,446	11,034
Cash and cash equivalents, end of period	6,937	9,413	$ 6,937
Non-cash investing and financing transactions:
Increase (decrease) in accrued capital expenditures for oil and natural gas properties	$ 2,014	$ (83)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Total
Balance (shares) at Jun. 30, 2023	33,248
Balance at Jun. 30, 2023	$ 33	$ 40,098	$ 51,963		$ 92,094
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	204
Common stock repurchases, including stock surrendered for tax withholding				$ (105)	(105)
Retirements of treasury stock (in shares)	(12)
Retirements of treasury stock		(105)		105
Stock-based compensation		472			472
Net Income (Loss)			1,474		1,474
Common stock dividends paid			(4,013)		(4,013)
Balance (shares) at Sep. 30, 2023	33,440
Balance at Sep. 30, 2023	$ 33	40,465	49,424		89,922
Balance (shares) at Jun. 30, 2024	33,340
Balance at Jun. 30, 2024	$ 33	41,091	40,003		81,127
Increase (Decrease) in Stockholders' Equity
Issuance of restricted common stock (shares)	284
Issuance of restricted common stock	$ 1	(1)
Common stock repurchases, including stock surrendered for tax withholding				(88)	(88)
Retirements of treasury stock (in shares)	(17)
Retirements of treasury stock		(88)		$ 88
Stock-based compensation		559			559
Net Income (Loss)			2,065		2,065
Common stock dividends paid			(4,033)		(4,033)
Balance (shares) at Sep. 30, 2024	33,607
Balance at Sep. 30, 2024	$ 34	$ 41,561	$ 38,035		$ 79,630

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
Financial Statement Presentation	Sep. 30, 2024
Financial Statement Presentation
Financial Statement Presentation	Note 1. Financial Statement Presentation Nature of Operations. The Company’s oil and natural gas properties consist of non-operated interests in the following areas: the SCOOP and STACK plays of the Anadarko Basin located in central Oklahoma; Jonah 2 Interim Financial Statements. Principles of Consolidation and Reporting. Risk and Uncertainties. Oil and Natural Gas Properties. Use of Estimates. significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative contract assets and liabilities, (e) income taxes and the valuation of deferred income tax assets, (f) commitments and contingencies, and (g) accruals of crude oil, natural gas, and NGL revenues and expenses. The Company analyzes estimates and judgments based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company’s environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 increases the transparency of expense information presented in the statement of operations through disclosures of expanded disaggregation of relevant expense captions including purchases of inventory, employee compensation, depletion, depreciation, and amortization. ASU 2024- 03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating ASU 2024-03 and the impact it may have to the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures In November 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations, cash flows or disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Sep. 30, 2024
Revenue Recognition
Revenue Recognition	Note 2. Revenue Recognition The Company’s revenues are primarily generated from its crude oil, natural gas and NGL production from the SCOOP and STACK plays in central Oklahoma, t Jonah disaggregates the Company’s revenues by major product for the three months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, 2024 2023 Revenues Crude oil $ 14,737 $ 12,616 Natural gas 4,285 5,552 Natural gas liquids 2,874 2,433 Total revenues $ 21,896 $ 20,601 In the Jonah Field, the Company has elected to take its natural gas and NGL working interest production in-kind and markets its NGL production to Enterprise Products Partners L.P. (“Enterprise”) and its natural gas production to different purchasers. The Company does not take production in-kind at any of its other properties and does not negotiate contracts with customers for such production. The Company recognizes crude oil, natural gas, and NGL production revenue at the point in time when custody and title (“control”) of the product transfers to the customer. The sales of oil and natural gas are made under contracts which the Company’s third-party operators of its wells have negotiated with customers, which typically include variable consideration that is based on pricing tied to local indices and volumes delivered in the current month. The Company typically receives payment from the sale of oil and natural gas production one Judgments made in applying the guidance in ASC 606, Revenue from Contracts with Customers The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied upon control of produced hydrocarbons transferring to a customer at a specified delivery point. Consideration is allocated to completed performance obligations at the end of an accounting period. Revenue is recorded in the month when contractual performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received by field operators one “Receivables from crude oil, natural gas, and natural gas liquids revenues”

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Sep. 30, 2024
Acquisitions
Acquisitions	Note 3. Acquisitions SCOOP/STACK Acquisitions On February 12, 2024, the Company closed the acquisitions of certain non-operated oil and natural gas assets in the SCOOP and STACK plays in central Oklahoma (the "SCOOP/STACK Acquisitions") from Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC. After taking into account customary closing adjustments and an effective date of November 1, 2023, total combined cash consideration for the SCOOP/STACK Acquisitions was approximately $39.1 million, which includes $43.9 million paid at closing less purchase price adjustments totaling approximately $4.8 million related to net cash flows received on the properties subsequent to closing. The Company accounted for these transactions as asset acquisitions and allocated all of the combined purchase price (including $0.3 million of transaction costs) to proved oil and natural gas properties. In addition, the Company recognized $0.1 million in non-cash asset retirement obligations, the estimated net present value of future net retirement costs. The transactions were funded with cash on hand and $42.5 million in borrowings under the Company’s Senior Secured Credit Facility. The acquired assets consist of an average net working interest of approximately 2.6%, in 260 producing wells in the SCOOP and STACK plays of the Anadarko Basin in Oklahoma. Chaveroo Oilfield Participation Agreement On September 12, 2023, the Company entered into a Participation Agreement with PEDEVCO for the joint development of a portion of PEDEVCO’s Permian Basin property in the Chaveroo oilfield, located in Chaves and Roosevelt Counties, New Mexico. In accordance with the Participation Agreement, the Company has the right, but not the obligation, to elect to participate and acquire a 50% working interest share in certain development blocks at a fixed price of $450 per net acre for up to a total of approximately 16,000 gross acres. The Participation Agreement does not include any of PEDEVCO’s existing vertical or horizontal wells. As of September 30, 2024, the Company has incurred approximately $0.8 million in exchange for a 50% working interest share in the existing leases associated with five development blocks. As of September 30, 2024, the Company has participated in the drilling and completion of the first development block, consisting of three gross wells (1.5 net wells) and has committed to participate in the next four drilling locations during fiscal 2025.

Property and Equipment

Property and Equipment	3 Months Ended
Property and Equipment	Sep. 30, 2024
Property and Equipment
Property and Equipment	Note 4. Property and Equipment Property and equipment as of September 30, 2024 and June 30, 2024 consisted of the following (in thousands): September 30, 2024 June 30, 2024 Oil and natural gas properties Property costs subject to amortization $ 250,676 $ 249,559 Less: Accumulated depletion, depreciation, and impairment (115,199) (109,874) Oil and natural gas properties, net $ 135,477 $ 139,685 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 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 would be charged to expense as a write-down of oil and natural gas properties. Additionally, the Company assesses all properties classified as unevaluated property on a quarterly basis for possible impairment. The Company assesses properties on an individual basis or as a group, if properties are individually insignificant. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and the full cost ceiling test limitation. Depletion on oil and natural gas properties was $5.3 million and $3.9 million for the three months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024 and 2023, the Company incurred development capital expenditures of $1.0 million and $1.5 million, respectively. At September 30, 2024, 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 September 30, 2024 of the West Texas Intermediate (“WTI”) crude oil spot price of $79.40 per barrel and Henry Hub natural gas spot price of $2.21 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $23.63, which was based on historical differentials to WTI as NGLs do not have any single comparable reference index price. Using these prices, at September 30, 2024 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties and, as a result, no write-down was applicable. At September 30, 2023, 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 September 30, 2023 of the WTI crude oil spot price of $78.53 per barrel and Henry Hub natural gas spot price of $3.43 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $31.76, which was based on historical prices received as NGLs do not have any single comparable reference index price. Using these prices, at September 30, 2023 the cost center ceiling was higher than the capitalized costs of oil and natural gas properties and, as a result, no write-down was applicable.

Senior Secured Credit Facility

Senior Secured Credit Facility	3 Months Ended
Senior Secured Credit Facility	Sep. 30, 2024
Senior Secured Credit Facility
Senior Secured Credit Facility	Note 5. Senior Secured Credit Facility On April 11, 2016, the Company entered into a senior secured reserve-based credit facility, as amended, (the “Senior Secured Credit Facility”) with MidFirst Bank in an amount up to $50.0 million with a current borrowing base of $50.0 million. On May 5, 2023, the Company entered into the Tenth Amendment to the Senior Secured Credit Facility extending the maturity to April 9, 2026. The Tenth Amendment also replaced the London Interbank Offered Rate ("LIBOR") with the Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.05% to effectively convert SOFR to a LIBOR equivalent and modifies the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, to $95.0 million. . The Company may elect, at its option, to prepay any borrowings outstanding under the Senior Secured Credit Facility without premium or penalty. Amounts outstanding under the Senior Secured Credit Facility are guaranteed by the Company’s direct and indirect subsidiaries and secured by a security interest in substantially all of the properties of the Company and its subsidiaries. Borrowings under the Senior Secured Credit Facility may be used for the acquisition and development of oil and natural gas properties, investments in cash flow generating properties complimentary to the production of oil and natural gas, and for letters of credit or other general corporate purposes. The Senior Secured Credit Facility contains certain events of default, including non-payment; breaches or representation and warranties; non-compliance with covenants; cross-defaults to material indebtedness; voluntary or involuntary bankruptcy; judgments and change in control. The Senior Secured Credit Facility also contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (i) a maximum total leverage ratio of not more than 3.00 to 1.00, (ii) a current ratio of not less than 1.00 to 1.00, and (iii) a consolidated tangible net worth of not less than $40.0 million, each as defined in the Senior Secured Credit Facility. As of September 30, 2024, the Company had $39.5 million borrowings outstanding under its Senior Secured Credit Facility, resulting in $10.5 million of available borrowing capacity. For the three months ended September 30, 2024, the weighted average interest on borrowings under the Senior Secured Credit Facility was 8.09% . The Senior Credit Agreement also contains hedging requirements that apply when there is 25% or more utilization of the Margined Collateral Value, as defined above, to the extent it exceeds the borrowing base then in effect. On February 12, 2024, the Company entered into an amendment to the Senior Secured Credit Facility. This amendment required that the Company enter into hedges for the next Derivatives,

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Taxes
Income Taxes	Note 6. Income Taxes The Company files a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during the periods presented in the unaudited condensed consolidated financial statements. The Company believes that it has appropriate support for the income tax positions taken and to be taken on the Company’s tax returns and that the accruals for tax liabilities are adequate for all open years based on its assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2020 through June 30, 2023 for federal tax purposes and for the fiscal years ended June 30, 2019 through June 30, 2023 for state tax purposes. To the extent the Company utilizes net operating losses (“NOLs”) generated in earlier years, such earlier years may also be subject to audit. For three months ended September 30, 2024, the Company recognized income tax expense of $0.8 million and had an effective tax rate of 28.4% compared to income tax expense of $0.5 million and an effective tax rate of 23.9% for the three months ended September 30, 2023. The Company’s effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the states of Louisiana, Oklahoma, North Dakota and Texas, percentage depletion in excess of basis, and other permanent differences. For both periods, the respective statutory federal tax rate was 21%. Deferred income taxes primarily represent the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Derivatives

Derivatives	3 Months Ended
Derivatives	Sep. 30, 2024
Derivatives
Derivatives	Note 7. Derivatives The Company is exposed to certain risks relating to its ongoing business operations, including commodity price risk and interest rate risk. In accordance with the Company’s strategy and the requirements under the Senior Secured Credit Facility (as discussed in Note 5, “Senior Secured Credit Facility” It is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial or commodity hedging institutions deemed by management as competent and competitive market makers. As of September 30, 2024, the Company did not post collateral under any of its derivative contracts during the periods in which contracts were open as they were secured under the Company’s Senior Secured Credit Facility. When the Company utilizes commodity derivative contracts, it expects to enter into deferred premium puts, costless put/call collars and/or fixed-price swaps to hedge a portion of its anticipated future production. A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract, and a purchased put that establishes a minimum price. Fixed-price swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for the volumes under contract. The Company has elected not to designate its open derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of the derivative contracts and all payments and receipts on settled derivative contracts in “ Net gain (loss) on derivative contracts All derivative contracts are recorded at fair market value in accordance with ASC 815, Derivatives and Hedging Fair Value Measurement and included in the unaudited condensed consolidated balance sheets as assets or liabilities. The “Derivative contract assets” and “Derivative contract liabilities” represent the difference between the market commodity prices and the hedged prices for the remaining volumes of production hedges as of September 30, 2024 (the “mark-to-market valuation”). 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 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” “Unrealized gain (loss) on 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 $ — 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 The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited condensed consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts as of September 30, 2024 and June 30, 2024 (in thousands): 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 The Company enters into an International Swap Dealers Association Master Agreements (“ISDA”) with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Sep. 30, 2024
Fair Value Measurement
Fair Value Measurement	Note 8. Fair Value Measurement Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2—Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Derivative Instruments. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgement, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for any period presented in this report. The following table, set forth by level within the fair value hierarchy, shows the Company’s financial assets and liabilities that were accounted for at fair value as of September 30, 2024 and June 30, 2024 (in thousands). September 30, 2024 Level 1 Level 2 Level 3 Total Assets Derivative contract assets $ — $ 1,455 $ — $ 1,455 Liabilities Derivative contract liabilities $ — $ 480 $ — $ 480 June 30, 2024 Level 1 Level 2 Level 3 Total Assets Derivative contract assets $ — $ 767 $ — $ 767 Liabilities Derivative contract liabilities $ — $ 1,660 $ — $ 1,660 Derivative contracts listed above as Level 2 include fixed-price swaps and costless put/call collars that are carried at fair value. The Company records the net change in fair value of these positions in “Net gain (loss) on derivative contracts” “Derivatives The Company’s derivative contracts are with large utilities with investment grade credit ratings which are believed to have minimal credit risk. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts; however, the Company does not expect such nonperformance. Other Fair Value Measurements. Financial Instruments The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. These provisions apply to the Company’s initial measurement and any subsequent revision of asset retirement obligations (“ARO”) for which fair value is calculated using discounted future cash flows derived from historical costs and management’s expectations of future cost environments. Significant Level 3 inputs used in the calculation of ARO include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values. See Note 9, “Asset Retirement Obligations ”

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
Asset Retirement Obligations	Sep. 30, 2024
Asset Retirement Obligations
Asset Retirement Obligations	Note 9. Asset Retirement Obligations The Company’s ARO represents the estimated present value of the amount expected to be incurred to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the unaudited condensed consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, net” “Depletion, depreciation and accretion” The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the period ended September 30, 2024 (in thousands): September 30, 2024 Asset retirement obligations — beginning of period $ 19,411 Accretion of discount 400 Asset retirement obligations — end of period 19,811 Less: current asset retirement obligations (201) Long-term portion of asset retirement obligations $ 19,610

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	Note 10. Commitments and Contingencies The Company is subject to various claims and contingencies in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company discloses such matters if it believes there is a reasonable possibility that a future event or events will confirm a material loss through impairment of an asset or the incurrence of a material liability. The Company accrues a material loss if it believes it probable that a future event or events will confirm a loss and the loss is reasonably subject to estimation. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Sep. 30, 2024
Stockholders' Equity
Stockholders' Equity	Note 11. Stockholders’ Equity Common Stock As of September 30, 2024, the Company had 33,606,532 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of September 30, 2024, the Company has cumulatively paid over $122.5 million in cash dividends. The Company paid dividends of $4.0 million to its common stockholders during each of the three months ended September 30, 2024 and 2023. The following table reflects the dividends paid per share within the respective three-month periods: Fiscal Year 2025 2024 First fiscal quarter $ 0.120 $ 0.120 On September 8, 2022, the Board of Directors approved a share repurchase program, under which the Company is authorized to repurchase up to $25.0 million of its common stock in the open market through December 31, 2024. The Company intends to fund repurchases from working capital and cash provided by operating activities. The Board of Directors along with the management team believe that a share repurchase program is complimentary to the existing dividend policy and is a tax efficient means to further improve shareholder return. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s shares, the market price of the Company’s common stock, the Company’s capital needs and resources, general market and economic conditions, and applicable legal requirements. The value of shares authorized for repurchase by the Company’s Board of Directors does not require the Company to repurchase such shares or guarantee that such shares will be repurchased, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company did not repurchase any shares of common stock under the plan during the three months ended September 30, 2024. Since the plan’s inception in September 2022, a total of During the three months ended September 30, 2024 and 2023, the Company acquired treasury stock upon the ordinary course of scheduled vestings of employee stock-based awards to fund payroll tax withholding obligations. These treasury shares were subsequently cancelled. Such shares were valued at fair market value on the date of vesting. The following table summarizes all treasury stock purchases during the three months ended September 30, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended September 30, 2024 2023 Number of treasury shares acquired 17 12 Average cost per share $ 5.15 $ 8.89 Total cost of treasury shares acquired $ 88 $ 105 Expected Tax Treatment of Dividends For the fiscal year ended June 30, 2024, all common stock dividends for that fiscal year were treated for tax purposes as qualified dividend income to the recipients. Based on its current projections for the fiscal year ended June 30, 2025, the Company expects all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on the Company’s reasonable expectations as of September 30, 2024 and are subject to change based on the Company’s final tax calculations at the end of the fiscal year. Stock-Based Incentive Plan The Evolution Petroleum Corporation 2016 Equity Incentive Plan (as amended, the “2016 Plan”) authorizes the issuance of 3.6 million shares of common stock prior to its expiration on December 8, 2026. Incentives under the 2016 Plan may be granted to employees, directors, and consultants of the Company in any one or a combination of the following forms: incentive stock options and non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards, performance share awards, performance cash awards, and other forms of incentives valued in whole or in part by reference to, or otherwise based on, the Company’s common stock, including its appreciation in value. As of September 30, 2024 and June 30, 2024, approximately 0.5 million shares and 0.9 million shares, respectively, remained available for grant under the 2016 Plan. Subject to shareholder approval at the December 5, 2024 annual meeting, the Board of Directors approved and adopted an amended and restated 2016 Plan (the "Amended and Restated Plan”) on October 18, 2024, which would authorize an additional 2.1 million shares for issuance under the Amended and Restated Plan, as well as indefinitely extend the duration of the Amended and Restated Plan provided that no new awards shall be made under the Amended and Restated Plan on or after the tenth anniversary of the date the stockholders approve the Amended and Restated Plan. The Company estimates the fair value of stock-based compensation awards on the grant date to provide the basis for future compensation expense. During the three months ended September 30, 2024 and 2023, the Company recognized $0.6 million and $0.5 million, respectively, related to stock-based compensation. Stock-based compensation expense is recorded as a component of “ General and administrative expenses Time-Vested Restricted Stock Awards Time-vested restricted stock awards contain service-based vesting conditions and expire after a maximum of four years three Performance-Based Restricted Stock Awards and Performance-Based Contingent Stock Units Performance-based restricted stock awards and performance-based contingent stock units contain market-based vesting conditions based on the price of the Company’s common stock, the intrinsic value indexed solely to its common stock or the intrinsic value indexed to its common stock compared to the performance of the common stock of its peers. The common shares underlying the Company’s performance-based restricted stock awards are issued on the date of grant and participate in dividends paid by the Company and expire after a maximum of four years four years Vesting of grants with performance-based vesting conditions is dependent on the future price of the Company’s common stock. Such awards vest in part or in full if the trailing total returns on the Company’s common stock for a specified three-year period exceed the corresponding total returns of various quartiles of indices consisting of peer companies. During the three months ended September 30, 2024, the Company granted a total of 0.4 million equity awards that included 0.1 million time-vested restricted stock awards, 0.2 million performance-based restricted stock awards, and 0.1 million performance-based contingent stock units. During the three months ended September 30, 2023, the Company granted a total of 0.3 million equity awards that included 0.1 million time-vested restricted stock awards, 0.1 million performance-based restricted stock awards, and 0.1 million of performance-based contingent stock units. For performance-based awards granted during the three months ended September 30, 2024 and 2023, the assumptions used in the Monte Carlo simulation valuations were as follows: Three Months Ended September 30, 2024 2023 Weighted average fair value of performance-based awards granted $ 3.90 $ 3.58 Risk-free interest rate 3.45% 4.87% Expected term in years 2.78 2.77 Expected volatility 50.2% 55.0% Dividend yield 8.4% 7.4% Unvested restricted stock awards as of September 30, 2024 consisted of the following: Weighted Number of Average Restricted Grant-Date Award Type Shares Fair Value Time-vested awards 441,563 $ 6.39 Performance-based awards 422,884 5.40 Unvested at September 30, 2024 864,447 $ 5.91 The following table sets forth the restricted stock award transactions for the three months ended September 30, 2024: Weighted Weighted Unamortized Average Number of Average Compensation Remaining Restricted Grant-Date Expense Amortization Shares Fair Value (In thousands) Period (Years) Unvested at June 30, 2024 628,511 6.31 $ 2,492 1.8 Time-vested shares granted 94,740 5.73 Performance-based shares granted 189,477 4.82 Vested (48,281) 6.60 Unvested at September 30, 2024 864,447 $ 5.91 $ 3,434 2.1 The following table sets forth Weighted Unamortized Average Number of Weighted Average Compensation Remaining Restricted Grant-Date Expense Amortization Stock Units Fair Value (In thousands) Period (Years) Unvested at June 30, 2024 150,788 $ 2.86 $ 230 1.6 Performance-based awards granted 142,112 2.67 Unvested at September 30, 2024 292,900 $ 2.77 $ 564 2.3

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	3 Months Ended
Earnings (Loss) per Common Share	Sep. 30, 2024
Earnings (Loss) per Common Share
Earnings (Loss) per Common Share	Note 12. Earnings (Loss) per Common Share The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts): Three Months Ended September 30, 2024 2023 Numerator Net income (loss) $ 2,065 $ 1,474 Undistributed earnings allocated to unvested restricted stock (40) (26) Net income (loss) for earnings per share calculation $ 2,025 $ 1,448 Denominator Weighted average number of common shares outstanding — Basic 32,722 32,663 Effect of dilutive securities: Unvested restricted stock awards 146 278 Unvested contingent restricted stock units — 43 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 32,868 32,984 Net income (loss) per common share — Basic $ 0.06 $ 0.04 Net income (loss) per common share — Diluted $ 0.06 $ 0.04 Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.1 million for the three months ended September 30, 2024 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. In addition, unvested performance-based restricted stock awards and unvested contingent restricted stock units that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.

Additional Financial Statement

Additional Financial Statement Information	3 Months Ended
Additional Financial Statement Information	Sep. 30, 2024
Additional Financial Statement Information
Additional Financial Statement Information	Note 13. Additional Financial Statement Information Certain amounts on the unaudited condensed consolidated balance sheets are comprised of the following (in thousands): September 30, 2024 June 30, 2024 Prepaid expenses and other current assets: Other receivables $ 91 $ 19 Prepaid insurance 565 734 Prepaid federal and state income taxes 622 1,798 Carryback of EOR tax credit — 347 Advances to operators 428 608 Prepaid other 292 349 Total prepaid expenses and other current assets $ 1,998 $ 3,855 Other assets: Deposit (1) $ 1,158 $ 1,158 Right of use asset under operating lease 120 140 Total other assets $ 1,278 $ 1,298 Accrued liabilities and other: Accrued payables $ 2,763 $ 2,570 Accrued capital expenditures — 860 Accrued incentive and other compensation 417 945 Accrued royalties payable (2) 334 307 Accrued taxes other than federal and state income tax 795 1,062 Accrued settlements on derivative contracts — 67 Operating lease liability 99 98 Asset retirement obligations due within one year 201 202 Accrued interest and other 119 128 Total accrued liabilities and other $ 4,728 $ 6,239 (1) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Company’s Jonah Field properties . (2) Accrued royalties payable relate to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 2, “Revenue Recognition” for a further discussion.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events
Subsequent Events	Note 14. Subsequent Events At-the-Market (“ATM”) Equity Sales Program On October 21, 2024, the Company entered into an ATM equity Sales Agreement (the “ATM Sales Agreement”) with Roth Capital Partners, LLC (the “Lead Agent”), Northland Securities Inc., and A.G.P./Alliance Global Partners pursuant to which the Company may issue and sell, from time to time, up to $30.0 million of shares of common stock through or to the Lead Agent, acting as agent or principal. The Company has no t sold any shares of common stock under the ATM Sales Agreement and is not obligated to sell any shares of common stock in the future. The Company intends to use the net proceeds from any sales of common stock for general corporate purposes, including to redeem or repay outstanding indebtedness. Dividend Declaration On November 11, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,065	$ 1,474

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	3 Months Ended
Financial Statement Presentation (Policies)	Sep. 30, 2024
Financial Statement Presentation
Nature of Operations	Nature of Operations. The Company’s oil and natural gas properties consist of non-operated interests in the following areas: the SCOOP and STACK plays of the Anadarko Basin located in central Oklahoma; Jonah 2
Interim Financial Statements	Interim Financial Statements.
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting.
Risk and Uncertainties	Risk and Uncertainties.
Use of Estimates	Use of Estimates. significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative contract assets and liabilities, (e) income taxes and the valuation of deferred income tax assets, (f) commitments and contingencies, and (g) accruals of crude oil, natural gas, and NGL revenues and expenses. The Company analyzes estimates and judgments based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company’s environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements.
Oil and Natural Gas Properties	Oil and Natural Gas Properties.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 increases the transparency of expense information presented in the statement of operations through disclosures of expanded disaggregation of relevant expense captions including purchases of inventory, employee compensation, depletion, depreciation, and amortization. ASU 2024- 03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating ASU 2024-03 and the impact it may have to the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures In November 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations, cash flows or disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
Revenue Recognition
Schedule of disaggregates the Company's revenues by major product	disaggregates the Company’s revenues by major product for the three months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, 2024 2023 Revenues Crude oil $ 14,737 $ 12,616 Natural gas 4,285 5,552 Natural gas liquids 2,874 2,433 Total revenues $ 21,896 $ 20,601

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
Property and Equipment (Tables)	Sep. 30, 2024
Property and Equipment
Schedule of property and equipment	Property and equipment as of September 30, 2024 and June 30, 2024 consisted of the following (in thousands): September 30, 2024 June 30, 2024 Oil and natural gas properties Property costs subject to amortization $ 250,676 $ 249,559 Less: Accumulated depletion, depreciation, and impairment (115,199) (109,874) Oil and natural gas properties, net $ 135,477 $ 139,685

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	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” “Unrealized gain (loss) on 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

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	Sep. 30, 2024
Fair Value Measurement
Schedule of Derivative Assets at Fair Value	September 30, 2024 Level 1 Level 2 Level 3 Total Assets Derivative contract assets $ — $ 1,455 $ — $ 1,455 Liabilities Derivative contract liabilities $ — $ 480 $ — $ 480 June 30, 2024 Level 1 Level 2 Level 3 Total Assets Derivative contract assets $ — $ 767 $ — $ 767 Liabilities Derivative contract liabilities $ — $ 1,660 $ — $ 1,660

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
Asset Retirement Obligations (Tables)	Sep. 30, 2024
Asset Retirement Obligations
Schedule of Reconciliations of the Beginning and Ending Asset Retirement Obligation Balances	The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) for the period ended September 30, 2024 (in thousands): September 30, 2024 Asset retirement obligations — beginning of period $ 19,411 Accretion of discount 400 Asset retirement obligations — end of period 19,811 Less: current asset retirement obligations (201) Long-term portion of asset retirement obligations $ 19,610

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared and paid	The following table reflects the dividends paid per share within the respective three-month periods: Fiscal Year 2025 2024 First fiscal quarter $ 0.120 $ 0.120
Schedule of share repurchases	The following table summarizes all treasury stock purchases during the three months ended September 30, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended September 30, 2024 2023 Number of treasury shares acquired 17 12 Average cost per share $ 5.15 $ 8.89 Total cost of treasury shares acquired $ 88 $ 105
Schedule of Market-based Award Valuation Assumptions	For performance-based awards granted during the three months ended September 30, 2024 and 2023, the assumptions used in the Monte Carlo simulation valuations were as follows: Three Months Ended September 30, 2024 2023 Weighted average fair value of performance-based awards granted $ 3.90 $ 3.58 Risk-free interest rate 3.45% 4.87% Expected term in years 2.78 2.77 Expected volatility 50.2% 55.0% Dividend yield 8.4% 7.4%
Schedule of restricted stock transactions	Unvested restricted stock awards as of September 30, 2024 consisted of the following: Weighted Number of Average Restricted Grant-Date Award Type Shares Fair Value Time-vested awards 441,563 $ 6.39 Performance-based awards 422,884 5.40 Unvested at September 30, 2024 864,447 $ 5.91
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock transactions	The following table sets forth the restricted stock award transactions for the three months ended September 30, 2024: Weighted Weighted Unamortized Average Number of Average Compensation Remaining Restricted Grant-Date Expense Amortization Shares Fair Value (In thousands) Period (Years) Unvested at June 30, 2024 628,511 6.31 $ 2,492 1.8 Time-vested shares granted 94,740 5.73 Performance-based shares granted 189,477 4.82 Vested (48,281) 6.60 Unvested at September 30, 2024 864,447 $ 5.91 $ 3,434 2.1
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock transactions	The following table sets forth Weighted Unamortized Average Number of Weighted Average Compensation Remaining Restricted Grant-Date Expense Amortization Stock Units Fair Value (In thousands) Period (Years) Unvested at June 30, 2024 150,788 $ 2.86 $ 230 1.6 Performance-based awards granted 142,112 2.67 Unvested at September 30, 2024 292,900 $ 2.77 $ 564 2.3

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	3 Months Ended
Earnings (Loss) per Common Share (Tables)	Sep. 30, 2024
Earnings (Loss) per Common Share
Schedule of computation of basic and diluted income (loss) per share	The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts): Three Months Ended September 30, 2024 2023 Numerator Net income (loss) $ 2,065 $ 1,474 Undistributed earnings allocated to unvested restricted stock (40) (26) Net income (loss) for earnings per share calculation $ 2,025 $ 1,448 Denominator Weighted average number of common shares outstanding — Basic 32,722 32,663 Effect of dilutive securities: Unvested restricted stock awards 146 278 Unvested contingent restricted stock units — 43 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 32,868 32,984 Net income (loss) per common share — Basic $ 0.06 $ 0.04 Net income (loss) per common share — Diluted $ 0.06 $ 0.04

Additional Financial Statemen_2

Additional Financial Statement Information (Tables)	3 Months Ended
Additional Financial Statement Information (Tables)	Sep. 30, 2024
Additional Financial Statement Information
Additional Financial Statement Information	Certain amounts on the unaudited condensed consolidated balance sheets are comprised of the following (in thousands): September 30, 2024 June 30, 2024 Prepaid expenses and other current assets: Other receivables $ 91 $ 19 Prepaid insurance 565 734 Prepaid federal and state income taxes 622 1,798 Carryback of EOR tax credit — 347 Advances to operators 428 608 Prepaid other 292 349 Total prepaid expenses and other current assets $ 1,998 $ 3,855 Other assets: Deposit (1) $ 1,158 $ 1,158 Right of use asset under operating lease 120 140 Total other assets $ 1,278 $ 1,298 Accrued liabilities and other: Accrued payables $ 2,763 $ 2,570 Accrued capital expenditures — 860 Accrued incentive and other compensation 417 945 Accrued royalties payable (2) 334 307 Accrued taxes other than federal and state income tax 795 1,062 Accrued settlements on derivative contracts — 67 Operating lease liability 99 98 Asset retirement obligations due within one year 201 202 Accrued interest and other 119 128 Total accrued liabilities and other $ 4,728 $ 6,239 (1) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Company’s Jonah Field properties . (2) Accrued royalties payable relate to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 2, “Revenue Recognition” for a further discussion.

Financial Statement Presentat_3

Financial Statement Presentation - Nature of Operations (Details) $ in Thousands	Sep. 30, 2024 USD ($) item	Jun. 30, 2024 USD ($)
Financial Statement Presentation
Number of wells with overriding royalty interest \| item	4
Accrued taxes other than federal and state income tax	$ 795	$ 1,062
Accrued payables	$ 2,763	$ 2,570

Revenue Recognition - Revenues

Revenue Recognition - Revenues By Major Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
Total revenues	$ 21,896	$ 20,601
Crude oil
Revenue Recognition
Total revenues	14,737	12,616
Natural gas
Revenue Recognition
Total revenues	4,285	5,552
Natural gas liquids
Revenue Recognition
Total revenues	$ 2,874	$ 2,433

Revenue Recognition (Details)

Revenue Recognition (Details)	3 Months Ended
Revenue Recognition (Details)	Sep. 30, 2024
Minimum
Revenue Recognition
Period of receives payment from the sale of oil and natural gas production	1 month
Number of production received by field operators	1 month
Maximum
Revenue Recognition
Period of receives payment from the sale of oil and natural gas production	2 months
Number of production received by field operators	2 months

Acquisitions (Details)

Acquisitions (Details) $ in Millions		3 Months Ended
Acquisitions (Details) $ in Millions	Feb. 12, 2024 USD ($) item	Sep. 30, 2024 USD ($) location item	Sep. 12, 2023 a $ / a
SCOOP/STACK Acquisitions
Acquisitions
Payments for productive assets	$ 39.1
Total purchase consideration for asset acquisition	43.9
Purchase price adjustments	4.8
Transaction cost of asset acquisition	0.3
Asset retirement obligations of asset acquisition	0.1
Consideration funded with senior secured credit facility	$ 42.5
Average working interest	2.60%
Number of producing wells \| item	260
PEDEVCO's Permian Basin Property in Chaveroo Oilfield
Acquisitions
Total purchase consideration for asset acquisition		$ 0.8
Working interest share (in percent)			50%
Number of initial development blocks \| item		5
Number of producing wells gross \| location		3
Drilling and completion of wells, net \| location		1.5
Percentage of working interest to be acquired			50%
Cost per acre of optional development block \| $ / a			450
Total number of acres \| a			16,000

Property and Equipment - Other

Property and Equipment - Other (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Oil and natural gas properties
Property costs subject to amortization	$ 250,676	$ 249,559
Less: Accumulated depletion, depreciation, and impairment	(115,199)	(109,874)
Oil and natural gas properties, net	$ 135,477	$ 139,685

Property and Equipment (Details

Property and Equipment (Details) $ in Millions	3 Months Ended
Property and Equipment (Details) $ in Millions	Sep. 30, 2024 USD ($) $ / bbl $ / MMBTU	Sep. 30, 2023 USD ($) $ / bbl $ / MMBTU
Property and Equipment
Depletion	$ 5.3	$ 3.9
Capital expenditures	1	1.5
Impairment of proved property	$ 0	$ 0
Natural Gas and Natural Gas Liquids
Property and Equipment
Oil and gas prices first day average of twelve months of Henry Hub price for ceiling test \| $ / MMBTU	2.21	3.43
Net price per barrel (in dollars per barrel) \| $ / bbl	23.63	31.76
Crude oil
Property and Equipment
Oil and gas prices first day average of twelve months of West Texas Intermediate spot market price for ceiling test \| $ / bbl	79.40	78.53

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) $ in Millions				3 Months Ended
Senior Secured Credit Facility (Details) $ in Millions	Feb. 12, 2024	May 05, 2023 USD ($) agreement	Apr. 11, 2016 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024
Debt Instrument [Line Items]
Minimum current ratio			1
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate			0.50%
Line of Credit \| Senior Secured Reserve-Based Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50
Available borrowing capacity				$ 10.5
Credit facility maturity date		Apr. 09, 2026
Credit facility, number of rights to interim unscheduled redeterminations \| agreement		1
Minimum consolidated tangible net worth			$ 40
Long-term line of credit				$ 39.5
Weighted average interest rate				8.09%
Commitment fee percentage			0.25%
Maximum total leverage ratio (not more than)			3
Current borrowing base				$ 50
Margined collateral value		$ 95
Covenant compliance				As of September 30, 2024, the Company is in compliance with all covenants under the Senior Secured Credit Facility.
Hedge period	12 months				12 months
Line of Credit \| Senior Secured Reserve-Based Credit Facility \| Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Percentage of borrowing base to Margined Collateral Value	25%
Line of Credit \| Senior Secured Reserve-Based Credit Facility \| Prime Rate \| Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Line of Credit \| Senior Secured Reserve-Based Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.80%
Credit spread adjustment		0.05%
Line of Credit \| Senior Secured Reserve-Based Credit Facility \| Crude oil \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Percentage of production hedged	40%				40%
Line of Credit \| Senior Secured Reserve-Based Credit Facility \| Crude Oil and Natural Gas Liquids (NGL) \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Percentage of production hedged	25%				25%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Unrecognized tax benefits	$ 0	$ 0
Accrued interest and penalties	0	0
Income tax expense (benefit)	$ 821,000	$ 463,000
Income tax rate percentage	28.40%	23.90%
Statutory federal tax rate	21%	21%

Derivatives - Consolidated Bala

Derivatives - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Derivative [Line Items]
Derivative Contract Asset	$ 1,455	$ 767
Derivative Contract Liabilities	480	1,660
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	1,455	767
Derivative Contract Liabilities	$ 480	1,660
Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Statement of Financial Position Location	Derivative contract assets
Derivative Liability, Statement of Financial Position Location	Derivative contract liabilities
Current Assets \| Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	$ 1,253	596
Other Assets \| Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Asset	202	171
Current Liabilities \| Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liabilities	173	1,192
Long term liabilities \| Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Contract Liabilities	$ 307	$ 468

Derivatives - Gain and Loss on

Derivatives - Gain and Loss on Derivatives (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Derivatives
Realized gain (loss) on derivative contracts	$ (70)
Unrealized gain (loss) on derivative contracts	1,868
Total net gain (loss) on derivative contracts	1,798
Collateral	$ 0

Derivatives - Crude Oil Derivat

Derivatives - Crude Oil Derivative Positions (Details)	1 Months Ended	3 Months Ended
Derivatives - Crude Oil Derivative Positions (Details)	Nov. 13, 2024 $ / MMBTU MBbls	Sep. 30, 2024 MMBTU $ / MMBTU $ / bbl bbl
Natural Gas and Natural Gas Liquids \| Natural Gas Fixed Price Swap January 2025 To February 2025
Derivative [Line Items]
Volume in MMBTU \| MMBTU		312,286
Fixed-price / Price (in USD per barrel) \| $ / MMBTU		3.56
Natural Gas and Natural Gas Liquids \| Natural Gas Fixed Price Swap March 2025 To December 2026
Derivative [Line Items]
Volume in MMBTU \| MMBTU		3,170,705
Fixed-price / Price (in USD per barrel) \| $ / MMBTU		3.60
Crude oil \| Crude Oil Fixed Price Swap October 2024 To December 2024 [Member]
Derivative [Line Items]
Volumes in Barrels \| bbl		35,962
Fixed-price / Price (in USD per barrel)		74.20
Crude oil \| Crude Oil Collar October 2024 To December 2024 [Member]
Derivative [Line Items]
Volumes in Barrels \| bbl		35,962
Weighted Average Floor Price		70
Weighted Average Ceiling Price		77.40
Crude oil \| Crude Oil Collar January 2025 To March 2025
Derivative [Line Items]
Volumes in Barrels \| bbl		42,566
Weighted Average Floor Price		68
Weighted Average Ceiling Price		73.77
Crude oil \| Crude Oil Collar April 2025 To June 2025
Derivative [Line Items]
Volumes in Barrels \| bbl		41,601
Weighted Average Floor Price		65
Weighted Average Ceiling Price		84
Crude oil \| Subsequent Event \| Crude Oil Fixed Price Swap January 2025 To June 2025
Derivative [Line Items]
Volumes in Barrels \| MBbls	51,992
Fixed-price / Price (in USD per barrel) \| $ / MMBTU	73.49
Crude oil \| Subsequent Event \| Crude Oil Fixed Price Swap July 2025 To December 2025
Derivative [Line Items]
Volumes in Barrels \| MBbls	81,335
Fixed-price / Price (in USD per barrel) \| $ / MMBTU	71.40

Derivatives - Derivative Contra

Derivatives - Derivative Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Derivatives
Derivative assets, Gross amounts presented in the Consolidated Balance Sheet	$ 1,455	$ 767
Derivative asset, Amounts not offset in the Consolidated Balance Sheet	(375)	(497)
Derivative asset, Net amount	1,080	270
Derivative liability, Gross amounts presented in the Consolidated Balance Sheet	480	1,660
Derivative liability, Amounts not offset in the Consolidated Balance Sheet	(375)	(497)
Derivative liability, Net amount	$ 105	$ 1,163

Fair Value Measurement - Financ

Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	$ 1,455	$ 767
Derivative Contract Liabilities	480	1,660
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Contract Asset	1,455	767
Derivative Contract Liabilities	$ 480	$ 1,660

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Reconciliation of the beginning and ending asset retirement obligation
Asset retirement obligations - beginning of period	$ 19,411
Accretion of discount	400
Asset retirement obligations - end of period	19,811	$ 19,411
Less: current asset retirement obligations	(201)	(202)
Long-term portion of asset retirement obligations	$ 19,610	$ 19,209

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		25 Months Ended	129 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 08, 2022
Class of Stock [Line Items]
Common stock, outstanding shares (in shares)	33,606,532		33,606,532	33,606,532	33,339,535
Common stock dividends paid	$ 4,033	$ 4,013		$ 122,500
Number of treasury shares acquired (in shares)	17,000	12,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized to be repurchased						$ 25,000
Repurchase amount	$ 4,600		$ 4,600	$ 4,600
Number of treasury shares acquired (in shares)			800,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Q1 2025 ordinary dividends
Class of Stock [Line Items]
Cash dividends paid (in USD per share)	$ 0.120
Q1 2024 ordinary dividends
Class of Stock [Line Items]
Cash dividends paid (in USD per share)		$ 0.120

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity
Number of treasury shares acquired (in shares)	17	12
Average cost per share (in USD per share)	$ 5.15	$ 8.89
Total cost of treasury shares acquired	$ 88	$ 105

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Incentive Plan Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 18, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		400,000	300,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0.6	$ 0.5
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
Restricted Stock, Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		189,477
Contingent restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		142,112
Restricted Stocks Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		94,740
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for granting (in shares)		3,600,000
Shares available for grant (shares)		500,000		900,000
Scenario, Plan \| Subsequent Event \| 2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	2,100,000
Minimum \| Restricted Stocks Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Maximum \| Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)		4 years
Maximum \| Restricted Stocks Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Employee \| Restricted Stock and Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		100,000	100,000
Employee \| Restricted Stock, Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		200,000	100,000
Employee \| Restricted Stocks Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		100,000	100,000

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement [Abstract]
Weighted average fair value of market-based awards granted (in USD per share)	$ 3.90	$ 3.58
Risk-free interest rate	3.45%	4.87%
Expected life in years	2 years 9 months 10 days	2 years 9 months 7 days
Expected volatility	50.20%	55%
Dividend yield	8.40%	7.40%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock and Contingent Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Number of Restricted Shares
Granted (in shares)	400,000	300,000
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 3.90	$ 3.58
Restricted Stock
Number of Restricted Shares
Unvested, beginning of period (in shares)	628,511
Vested (in shares)	(48,281)
Unvested, end of period (in shares)	864,447		628,511
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 6.31
Vested (in USD per share)	6.60
Unvested, end of period (in USD per share)	$ 5.91		$ 6.31
Unamortized compensation expense	$ 3,434		$ 2,492
Weighted Average Remaining Amortization Period (Years)	2 years 1 month 6 days		1 year 9 months 18 days
Restricted Stock and Contingent Restricted Stock \| Employee
Number of Restricted Shares
Granted (in shares)	100,000	100,000
Restricted Stock, Performance Based
Number of Restricted Shares
Granted (in shares)	189,477
Unvested, end of period (in shares)	422,884
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 4.82
Unvested, end of period (in USD per share)	$ 5.40
Restricted Stock, Performance Based \| Employee
Number of Restricted Shares
Granted (in shares)	200,000	100,000
Restricted Stocks Time Vested [Member]
Number of Restricted Shares
Granted (in shares)	94,740
Unvested, end of period (in shares)	441,563
Weighted Average Grant-Date Fair Value
Granted (in USD per share)	$ 5.73
Unvested, end of period (in USD per share)	$ 6.39
Restricted Stocks Time Vested [Member] \| Employee
Number of Restricted Shares
Granted (in shares)	100,000	100,000
Contingent Restricted Stock Grants
Number of Restricted Shares
Unvested, beginning of period (in shares)	150,788
Granted (in shares)	142,112
Unvested, end of period (in shares)	292,900		150,788
Weighted Average Grant-Date Fair Value
Unvested, beginning of period (in USD per share)	$ 2.86
Granted (in USD per share)	2.67
Unvested, end of period (in USD per share)	$ 2.77		$ 2.86
Unamortized compensation expense	$ 564		$ 230
Weighted Average Remaining Amortization Period (Years)	2 years 3 months 18 days		1 year 7 months 6 days

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income (loss)	$ 2,065	$ 1,474
Undistributed earnings allocated to unvested restricted stock	(40)	(26)
Net income (loss) for earnings per share calculation	$ 2,025	$ 1,448
Denominator
Weighted average number of common shares outstanding - Basic (in shares)	32,722	32,663
Effect of dilutive securities:
Unvested restricted stock awards (in shares)	146	278
Unvested contingent restricted stock units (in shares)		43
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	32,868	32,984
Net income (loss) per common share - Basic (in dollars per share)	$ 0.06	$ 0.04
Net income (loss) per common share - Diluted (in dollars per share)	$ 0.06	$ 0.04

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Outstanding Potentially Dilutive Securities (Details) shares in Millions	3 Months Ended
	Sep. 30, 2024 shares
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0.1

Additional Financial Statemen_3

Additional Financial Statement Information - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Prepaid expenses and other current assets:
Other receivables	$ 91	$ 19
Prepaid insurance	565	734
Prepaid federal and state income taxes	622	1,798
Carryback of EOR tax credit		347
Advances to operators	428	608
Prepaid other	292	349
Total prepaid expenses and other current assets	1,998	3,855
Other assets:
Deposit	1,158	1,158
Right of use asset under operating lease	$ 120	$ 140
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Total other assets	$ 1,278	$ 1,298
Accrued liabilities and other:
Accrued payables	2,763	2,570
Accrued capital expenditures		860
Accrued incentive and other compensation	417	945
Accrued royalties payable	334	307
Accrued taxes other than federal and state income tax	795	1,062
Accrued settlements on derivative contracts		67
Operating lease liability	$ 99	$ 98
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued liabilities and other	Total accrued liabilities and other
Asset retirement obligations due within one year	$ 201	$ 202
Accrued interest and other	119	128
Total accrued liabilities and other	$ 4,728	$ 6,239

Additional Financial Statemen_4

Additional Financial Statement Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]
Deposit	$ 1,158	$ 1,158
Jonah Field Acquisition
Schedule of Equity Method Investments [Line Items]
Deposit	$ 1,200

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($)	1 Months Ended
Subsequent Events (Details) - Subsequent Event - USD ($)	Nov. 13, 2024	Nov. 11, 2024	Oct. 21, 2024
Q2 2025 ordinary dividends
Subsequent Event [Line Items]
Dividend declared, date declared		Nov. 11, 2024
Dividend declared (in dollars per share)		$ 0.120
Dividend declared, date of record		Dec. 13, 2024
Dividend declared, date to be paid		Dec. 31, 2024
ATM Sales Agreement [Member]
Subsequent Event [Line Items]
Maximum amount authorized for sale in equity sales agreement agreement			$ 30,000,000
Shares issued in the period	$ 0