Nevada
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41-1781991
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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x
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Non-accelerated filer
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o
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Smaller reporting company
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o
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Emerging growth company
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o
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Page
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December 31,
2018 |
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June 30,
2018 |
||||
Assets
|
|
|
|
|
|
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Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
30,000,801
|
|
|
$
|
24,929,844
|
|
Restricted cash
|
—
|
|
|
2,751,289
|
|
||
Receivables
|
3,434,227
|
|
|
3,941,916
|
|
||
Prepaid expenses and other current assets
|
594,555
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|
|
524,507
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|
||
Total current assets
|
34,029,583
|
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32,147,556
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|
||
Oil and natural gas property and equipment, net (full-cost method of accounting)
|
62,137,689
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61,239,746
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|
||
Other property and equipment, net
|
24,187
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30,407
|
|
||
Total property and equipment
|
62,161,876
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61,270,153
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|
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Other assets
|
228,405
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244,835
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|
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Total assets
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$
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96,419,864
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$
|
93,662,544
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Liabilities and Stockholders’ Equity
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|
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Current liabilities
|
|
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|
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|
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Accounts payable
|
$
|
2,705,359
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$
|
3,432,568
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|
Accrued liabilities and other
|
363,208
|
|
|
874,886
|
|
||
State and federal income taxes payable
|
136,124
|
|
|
122,760
|
|
||
Total current liabilities
|
3,204,691
|
|
|
4,430,214
|
|
||
Long term liabilities
|
|
|
|
|
|
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Senior secured credit facility (Note 13)
|
—
|
|
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—
|
|
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Deferred income taxes
|
11,061,732
|
|
|
10,555,435
|
|
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Asset retirement obligations
|
1,467,646
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1,387,416
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|
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Total liabilities
|
15,734,069
|
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|
16,373,065
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|
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Commitments and contingencies (Note 14)
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|
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Stockholders’ equity
|
|
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|
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Common stock; par value $0.001; 100,000,000 shares authorized; 33,186,665 and 33,080,543 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively
|
33,186
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33,080
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|
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Additional paid-in capital
|
42,088,385
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|
41,757,645
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|
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Retained earnings
|
38,564,224
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|
35,498,754
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Total stockholders’ equity
|
80,685,795
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|
77,289,479
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Total liabilities and stockholders’ equity
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$
|
96,419,864
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$
|
93,662,544
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Three Months Ended
December 31, |
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Six Months Ended
December 31, |
||||||||||||
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2018
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2017
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2018
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2017
|
||||||||
Revenues
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||||||
Crude oil
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$
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10,515,875
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$
|
10,185,635
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$
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21,913,327
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$
|
18,014,890
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Natural gas liquids
|
532,243
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|
|
740,585
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|
1,441,870
|
|
|
1,313,297
|
|
||||
Total revenues
|
11,048,118
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|
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10,926,220
|
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23,355,197
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19,328,187
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Operating costs
|
|
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||||||||
Production costs
|
3,452,168
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2,773,821
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6,910,598
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5,529,503
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|
||||
Depreciation, depletion and amortization
|
1,603,633
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|
1,656,891
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|
3,152,093
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|
3,197,013
|
|
||||
General and administrative expenses *
|
1,258,570
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1,666,256
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2,563,832
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3,235,960
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|
||||
Total operating costs
|
6,314,371
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|
6,096,968
|
|
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12,626,523
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11,962,476
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||||
Income from operations
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4,733,747
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4,829,252
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10,728,674
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7,365,711
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|
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Other
|
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Enduro transaction breakup fee
|
—
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—
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1,100,000
|
|
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—
|
|
||||
Interest and other income
|
59,858
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|
|
15,841
|
|
|
106,429
|
|
|
30,691
|
|
||||
Interest expense
|
(29,345
|
)
|
|
(20,456
|
)
|
|
(58,690
|
)
|
|
(40,911
|
)
|
||||
Income before income taxes
|
4,764,260
|
|
|
4,824,637
|
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|
11,876,413
|
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7,355,491
|
|
||||
Income tax provision (benefit)
|
859,695
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(5,052,211
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)
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2,176,047
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(4,661,889
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)
|
||||
Net income available to common stockholders
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$
|
3,904,565
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$
|
9,876,848
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$
|
9,700,366
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$
|
12,017,380
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Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.12
|
|
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$
|
0.30
|
|
|
$
|
0.29
|
|
|
$
|
0.36
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.30
|
|
|
$
|
0.29
|
|
|
$
|
0.36
|
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
33,167,159
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33,109,448
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33,134,726
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|
|
33,099,546
|
|
||||
Diluted
|
33,176,503
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|
|
33,140,278
|
|
|
33,147,775
|
|
|
33,140,257
|
|
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Six Months Ended
December 31, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income attributable to the Company
|
$
|
9,700,366
|
|
|
$
|
12,017,380
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, depletion and amortization
|
3,159,671
|
|
|
3,225,147
|
|
||
Stock-based compensation
|
469,484
|
|
|
971,810
|
|
||
Deferred income tax expense (benefit)
|
506,297
|
|
|
(5,245,910
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
507,689
|
|
|
(1,351,451
|
)
|
||
Prepaid expenses and other current assets
|
(70,048
|
)
|
|
(436,376
|
)
|
||
Accounts payable and accrued expenses
|
(142,568
|
)
|
|
(83,013
|
)
|
||
Income taxes payable
|
13,364
|
|
|
—
|
|
||
Net cash provided by operating activities
|
14,144,255
|
|
|
9,097,587
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures for oil and natural gas properties
|
(5,048,987
|
)
|
|
(1,017,358
|
)
|
||
Capital expenditures for other property and equipment
|
(2,066
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(5,051,053
|
)
|
|
(1,017,358
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Cash dividends to common stockholders
|
(6,634,896
|
)
|
|
(4,969,335
|
)
|
||
Common share repurchases, including shares surrendered for tax withholding
|
(138,638
|
)
|
|
(395,550
|
)
|
||
Net cash used in financing activities
|
(6,773,534
|
)
|
|
(5,364,885
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
2,319,668
|
|
|
2,715,344
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
27,681,133
|
|
|
23,028,153
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
30,000,801
|
|
|
$
|
25,743,497
|
|
Supplemental disclosures of cash flow information:
|
Six Months Ended
December 31, |
||||||
|
2018
|
|
2017
|
||||
Income taxes paid
|
$
|
1,862,919
|
|
|
$
|
1,136,754
|
|
Non-cash transactions:
|
|
|
|
|
|
||
Change in accounts payable used to acquire property and equipment
|
(1,094,249
|
)
|
|
424,365
|
|
||
Oil and natural gas property costs incurred through recognition of asset retirement obligations
|
31,268
|
|
|
(779
|
)
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Total
Stockholders' Equity |
|||||||||||||||
|
Shares
|
|
Par Value
|
|
||||||||||||||||||
Balance at June 30, 2018
|
33,080,543
|
|
|
$
|
33,080
|
|
|
$
|
41,757,645
|
|
|
$
|
35,498,754
|
|
|
$
|
—
|
|
|
$
|
77,289,479
|
|
Issuance of restricted common stock
|
121,611
|
|
|
122
|
|
|
(122
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common share repurchases, including shares surrendered for tax withholding
|
(15,489
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138,638
|
)
|
|
(138,638
|
)
|
|||||
Retirements of treasury stock
|
—
|
|
|
(16
|
)
|
|
(138,622
|
)
|
|
—
|
|
|
138,638
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
469,484
|
|
|
—
|
|
|
—
|
|
|
469,484
|
|
|||||
Net income attributable to the Company
|
—
|
|
|
—
|
|
|
—
|
|
|
9,700,366
|
|
|
—
|
|
|
9,700,366
|
|
|||||
Common stock cash dividends, $0.10 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,634,896
|
)
|
|
—
|
|
|
(6,634,896
|
)
|
|||||
Balance at December 31, 2018
|
33,186,665
|
|
|
$
|
33,186
|
|
|
$
|
42,088,385
|
|
|
$
|
38,564,224
|
|
|
$
|
—
|
|
|
$
|
80,685,795
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
Receivables from oil and NGL sales
|
$
|
3,434,227
|
|
|
$
|
3,940,998
|
|
Other
|
—
|
|
|
918
|
|
||
Total receivables
|
$
|
3,434,227
|
|
|
$
|
3,941,916
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
Prepaid insurance
|
$
|
87,234
|
|
|
$
|
198,558
|
|
Retainers and deposits
|
6,089
|
|
|
11,089
|
|
||
Prepaid federal and state income taxes
|
438,453
|
|
|
231,920
|
|
||
Other prepaid expenses
|
62,779
|
|
|
82,940
|
|
||
Prepaid expenses and other current assets
|
$
|
594,555
|
|
|
$
|
524,507
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
Oil and natural gas properties
|
|
|
|
|
|
||
Property costs subject to amortization
|
$
|
94,378,924
|
|
|
$
|
90,392,918
|
|
Less: Accumulated depreciation, depletion, and amortization
|
(32,241,235
|
)
|
|
(29,153,172
|
)
|
||
Unproved properties not subject to amortization
|
—
|
|
|
—
|
|
||
Oil and natural gas properties, net
|
$
|
62,137,689
|
|
|
$
|
61,239,746
|
|
Other property and equipment
|
|
|
|
|
|
||
Furniture, fixtures, office equipment and other, at cost
|
$
|
145,289
|
|
|
$
|
143,223
|
|
Less: Accumulated depreciation
|
(121,102
|
)
|
|
(112,816
|
)
|
||
Other property and equipment, net
|
$
|
24,187
|
|
|
$
|
30,407
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
Royalty rights
|
$
|
108,512
|
|
|
$
|
108,512
|
|
Less: Accumulated amortization of royalty rights
|
(40,692
|
)
|
|
(33,910
|
)
|
||
Investment in Well Lift Inc., at cost
|
108,750
|
|
|
108,750
|
|
||
Deferred loan costs
|
168,972
|
|
|
168,972
|
|
||
Less: Accumulated amortization of deferred loan costs
|
(134,349
|
)
|
|
(126,771
|
)
|
||
Software license
|
20,662
|
|
|
20,662
|
|
||
Less: Accumulated amortization of software license
|
(3,450
|
)
|
|
(1,380
|
)
|
||
Other assets, net
|
$
|
228,405
|
|
|
$
|
244,835
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
Accrued incentive and other compensation
|
$
|
217,171
|
|
|
$
|
415,182
|
|
Accrued severance payments
|
—
|
|
|
160,089
|
|
||
Asset retirement obligations due within one year
|
35,539
|
|
|
35,539
|
|
||
Accrued royalties, including suspended accounts
|
11,498
|
|
|
11,498
|
|
||
Accrued franchise taxes
|
99,000
|
|
|
162,805
|
|
||
Accrued ad valorem taxes
|
—
|
|
|
89,773
|
|
||
Accrued liabilities and other
|
$
|
363,208
|
|
|
$
|
874,886
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
Asset retirement obligations — beginning of period
|
$
|
1,422,955
|
|
|
$
|
1,288,743
|
|
Liabilities incurred
|
31,268
|
|
|
44,700
|
|
||
Accretion of discount
|
48,962
|
|
|
90,290
|
|
||
Revision of previous estimates
|
—
|
|
|
(778
|
)
|
||
Asset retirement obligations — end of period
|
$
|
1,503,185
|
|
|
$
|
1,422,955
|
|
Less current portion in accrued liabilities
|
(35,539
|
)
|
|
(35,539
|
)
|
||
Long-term portion of asset retirement obligations
|
$
|
1,467,646
|
|
|
$
|
1,387,416
|
|
|
Fiscal Year
|
||||||
|
2018
|
|
2017
|
||||
First quarter ended September 30,
|
$
|
0.10
|
|
|
$
|
0.075
|
|
Second quarter ended December 31,
|
$
|
0.10
|
|
|
$
|
0.075
|
|
|
Six Months Ended
December 31, |
||||||
|
2018
|
|
2017
|
||||
Number of treasury shares acquired
|
15,489
|
|
|
55,018
|
|
||
Average cost per share
|
$
|
8.95
|
|
|
$
|
7.19
|
|
Total cost of treasury shares acquired
|
$
|
138,638
|
|
|
$
|
395,550
|
|
|
Six Months Ended
December 31, |
|
|
2018
|
|
Risk-free interest rate
|
2.69
|
%
|
Expected life in years
|
2.82
|
|
Expected volatility
|
41.8
|
%
|
Dividend yield
|
4.0
|
%
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|||
Service-based awards
|
121,265
|
|
|
$
|
8.62
|
|
Market-based awards
|
64,302
|
|
|
7.35
|
|
|
Unvested Restricted Stock at December 31, 2018
|
185,567
|
|
|
$
|
8.18
|
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at December 31, 2018
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2018
|
199,477
|
|
|
$
|
6.83
|
|
|
|
|
|
||
Service-based shares granted
|
66,992
|
|
|
9.17
|
|
|
|
|
|
|||
Market-based shares granted
|
43,990
|
|
|
8.24
|
|
|
|
|
|
|||
Vested
|
(124,892
|
)
|
|
6.57
|
|
|
|
|
|
|||
Unvested Restricted Stock at December 31, 2018
|
185,567
|
|
|
$
|
8.18
|
|
|
$
|
1,260,881
|
|
|
2.02
|
|
Number of
Contingent Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|||
Market-based awards
|
10,156
|
|
|
$
|
3.42
|
|
|
Number of
Contingent Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at December 31, 2018
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2018
|
28,562
|
|
|
$
|
6.06
|
|
|
|
|
|
||
Vested
|
(10,629
|
)
|
|
5.67
|
|
|
|
|
|
|||
Expired
|
(7,777
|
)
|
|
10.05
|
|
|
|
|
|
|||
Unvested contingent shares at December 31, 2018
|
10,156
|
|
|
$
|
3.42
|
|
|
$
|
6,058
|
|
|
.49
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
3,904,565
|
|
|
$
|
9,876,848
|
|
|
$
|
9,700,366
|
|
|
$
|
12,017,380
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares — Basic
|
33,167,159
|
|
|
33,109,448
|
|
|
33,134,726
|
|
|
33,099,546
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent restricted stock grants
|
9,344
|
|
|
30,830
|
|
|
13,049
|
|
|
40,711
|
|
||||
Weighted average number of common shares and potentially dilutive common shares used in diluted EPS
|
33,176,503
|
|
|
33,140,278
|
|
|
33,147,775
|
|
|
33,140,257
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share — Basic
|
$
|
0.12
|
|
|
$
|
0.30
|
|
|
$
|
0.29
|
|
|
$
|
0.36
|
|
Net income per common share — Diluted
|
$
|
0.12
|
|
|
$
|
0.30
|
|
|
$
|
0.29
|
|
|
$
|
0.36
|
|
Outstanding Potentially Dilutive Securities
|
Weighted
Average Exercise Price |
|
At December 31, 2018
|
|||
Contingent Restricted Stock grants
|
$
|
—
|
|
|
10,156
|
|
Outstanding Potentially Dilutive Securities
|
Weighted
Average Exercise Price |
|
At December 31, 2017
|
|||
Contingent Restricted Stock grants
|
$
|
—
|
|
|
61,868
|
|
Twelve month periods ended December 31,
|
|
||
2019
|
$
|
30,447
|
|
•
|
We paid our twenty-first consecutive quarterly cash dividend on common shares, and declared our twenty-second quarterly dividend of $0.10 per share payable on March 29, 2019.
|
•
|
Current quarter net income was $3.9 million, or $0.12 per diluted common share, compared to net income of $5.8 million, or $0.17 per diluted common share, in the prior quarter and $9.9 million, or $0.30 per diluted common share, in the year-ago quarter that included a $6.0 million, or $0.18 per diluted share, non-recurring income tax benefit related to the Tax Cuts and Jobs Act.
|
•
|
We reported revenues of $11 million for the current quarter, a decrease of 10% from the prior quarter primarily due a 10% decline in realized oil price and a 40% decline in realized NGL price. The Louisiana Light Sweet ("LLS") oil price premium at Delhi increased to $5.03 per barrel resulting in a higher realized oil price premium over the NYMEX oil price.
|
•
|
Total production (BOE's) grew 2% compared to the prior quarter.
|
•
|
General and administrative expenses were $1.3 million for the current quarter, a 4% decrease compared to the prior quarter and a 24% decrease from the year-ago quarter.
|
•
|
Working capital increased 12% to
$30.8 million
compared to year-ago quarter end and we remain debt free.
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production:
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
10,515,875
|
|
|
$
|
10,185,635
|
|
|
$
|
330,240
|
|
|
3.2
|
%
|
NGL revenues
|
532,243
|
|
|
740,585
|
|
|
(208,342
|
)
|
|
(28.1
|
)%
|
|||
Total revenues
|
$
|
11,048,118
|
|
|
$
|
10,926,220
|
|
|
$
|
121,898
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
163,361
|
|
|
177,767
|
|
|
(14,406
|
)
|
|
(8.1
|
)%
|
|||
NGL volumes (Bbl)
|
23,701
|
|
|
26,033
|
|
|
(2,332
|
)
|
|
(9.0
|
)%
|
|||
Equivalent volumes (BOE)
|
187,062
|
|
|
203,800
|
|
|
(16,738
|
)
|
|
(8.2
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil (BOPD, net)
|
1,776
|
|
|
1,932
|
|
|
(156
|
)
|
|
(8.1
|
)%
|
|||
NGLs (BOEPD, net)
|
258
|
|
|
283
|
|
|
(25
|
)
|
|
(8.8
|
)%
|
|||
Equivalent volumes (BOEPD, net)
|
2,034
|
|
|
2,215
|
|
|
(181
|
)
|
|
(8.2
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
64.37
|
|
|
$
|
57.30
|
|
|
$
|
7.07
|
|
|
12.3
|
%
|
NGL price per Bbl
|
22.46
|
|
|
28.45
|
|
|
(5.99
|
)
|
|
(21.1
|
)%
|
|||
Equivalent price per BOE
|
$
|
59.06
|
|
|
$
|
53.61
|
|
|
$
|
5.45
|
|
|
10.2
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
CO
2
costs (a)
|
$
|
1,504,930
|
|
|
$
|
1,265,582
|
|
|
$
|
239,348
|
|
|
18.9
|
%
|
Other production costs
|
1,947,238
|
|
|
1,508,239
|
|
|
438,999
|
|
|
29.1
|
%
|
|||
Total production costs
|
$
|
3,452,168
|
|
|
$
|
2,773,821
|
|
|
$
|
678,347
|
|
|
24.5
|
%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
costs per BOE
|
$
|
8.05
|
|
|
$
|
6.21
|
|
|
$
|
1.84
|
|
|
29.6
|
%
|
All other production costs per BOE
|
10.40
|
|
|
7.40
|
|
|
3.00
|
|
|
40.5
|
%
|
|||
Production costs per BOE
|
$
|
18.45
|
|
|
$
|
13.61
|
|
|
$
|
4.84
|
|
|
35.6
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
CO
2
costs per mcf
|
$
|
0.90
|
|
|
$
|
0.83
|
|
|
$
|
0.07
|
|
|
8.4
|
%
|
CO
2
volumes (MMcf per day, gross)
|
76.3
|
|
|
69.7
|
|
|
6.6
|
|
|
9.5
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
DD&A of proved oil and gas properties
|
$
|
1,571,321
|
|
|
$
|
1,626,324
|
|
|
$
|
(55,003
|
)
|
|
(3.4
|
)%
|
Depreciation of other property and equipment
|
4,143
|
|
|
4,153
|
|
|
(10
|
)
|
|
—
|
|
|||
Amortization of intangibles
|
3,391
|
|
|
3,391
|
|
|
—
|
|
|
—
|
%
|
|||
Accretion of asset retirement obligations
|
24,778
|
|
|
23,023
|
|
|
1,755
|
|
|
7.6
|
%
|
|||
Total DD&A
|
$
|
1,603,633
|
|
|
$
|
1,656,891
|
|
|
$
|
(53,258
|
)
|
|
(3.2
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A rate per BOE
|
$
|
8.40
|
|
|
$
|
7.98
|
|
|
$
|
0.42
|
|
|
5.3
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
Interest and other income
|
$
|
59,858
|
|
|
$
|
15,841
|
|
|
$
|
44,017
|
|
|
277.9
|
%
|
Interest expense
|
(29,345
|
)
|
|
(20,456
|
)
|
|
(8,889
|
)
|
|
43.5
|
%
|
|||
Total other income, net
|
$
|
30,513
|
|
|
$
|
(4,615
|
)
|
|
$
|
35,128
|
|
|
n.m.
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
Income before income taxes
|
$
|
4,764,260
|
|
|
$
|
4,824,637
|
|
|
$
|
(60,377
|
)
|
|
(1
|
)%
|
Income tax provision (benefit)
|
859,695
|
|
|
(5,052,211
|
)
|
|
5,911,906
|
|
|
(117
|
)%
|
|||
Net income available to common stockholders
|
$
|
3,904,565
|
|
|
$
|
9,876,848
|
|
|
$
|
(5,972,283
|
)
|
|
(60
|
)%
|
Income tax provision (benefit) as a percentage of income before income taxes
|
18
|
%
|
|
(105
|
)%
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production:
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
21,913,327
|
|
|
$
|
18,014,890
|
|
|
$
|
3,898,437
|
|
|
21.6
|
%
|
NGL revenues
|
1,441,870
|
|
|
1,313,297
|
|
|
128,573
|
|
|
9.8
|
%
|
|||
Total revenues
|
$
|
23,355,197
|
|
|
$
|
19,328,187
|
|
|
$
|
4,027,010
|
|
|
20.8
|
%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
322,267
|
|
|
344,504
|
|
|
(22,237
|
)
|
|
(6.5
|
)%
|
|||
NGL volumes (Bbl)
|
48,102
|
|
|
51,279
|
|
|
(3,177
|
)
|
|
(6.2
|
)%
|
|||
Equivalent volumes (BOE)
|
370,369
|
|
|
395,783
|
|
|
(25,414
|
)
|
|
(6.4
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil (BOPD, net)
|
1,751
|
|
|
1,872
|
|
|
(121
|
)
|
|
(6.5
|
)%
|
|||
NGLs (BOEPD, net)
|
261
|
|
|
279
|
|
|
(18
|
)
|
|
(6.5
|
)%
|
|||
Equivalent volumes (BOEPD, net)
|
2,012
|
|
|
2,151
|
|
|
(139
|
)
|
|
(6.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
68.00
|
|
|
$
|
52.29
|
|
|
$
|
15.71
|
|
|
30.0
|
%
|
NGL price per Bbl
|
29.98
|
|
|
25.61
|
|
|
4.37
|
|
|
17.1
|
%
|
|||
Equivalent price per BOE
|
$
|
63.06
|
|
|
$
|
48.84
|
|
|
$
|
14.22
|
|
|
29.1
|
%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
CO
2
costs (a)
|
$
|
2,988,782
|
|
|
$
|
2,353,843
|
|
|
$
|
634,939
|
|
|
27.0
|
%
|
Other production costs
|
3,921,816
|
|
|
3,175,660
|
|
|
746,156
|
|
|
23.5
|
%
|
|||
Total production costs
|
$
|
6,910,598
|
|
|
$
|
5,529,503
|
|
|
$
|
1,381,095
|
|
|
25.0
|
%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
costs per BOE
|
$
|
8.07
|
|
|
$
|
5.95
|
|
|
$
|
2.12
|
|
|
35.6
|
%
|
All other production costs per BOE
|
10.59
|
|
|
8.02
|
|
|
2.57
|
|
|
32.0
|
%
|
|||
Production costs per BOE
|
$
|
18.66
|
|
|
$
|
13.97
|
|
|
$
|
4.69
|
|
|
33.6
|
%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
CO
2
costs per mcf
|
$
|
0.93
|
|
|
$
|
0.77
|
|
|
$
|
0.16
|
|
|
20.8
|
%
|
CO
2
volumes (MMcf per day, gross)
|
72.9
|
|
|
69.5
|
|
|
3.4
|
|
|
4.9
|
%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
DD&A of proved oil and gas properties
|
$
|
3,088,063
|
|
|
$
|
3,137,205
|
|
|
$
|
(49,142
|
)
|
|
(1.6
|
)%
|
Depreciation of other property and equipment
|
8,286
|
|
|
8,424
|
|
|
(138
|
)
|
|
(1.6
|
)%
|
|||
Amortization of intangibles
|
6,782
|
|
|
6,782
|
|
|
—
|
|
|
—
|
%
|
|||
Accretion of asset retirement obligations
|
48,962
|
|
|
44,602
|
|
|
4,360
|
|
|
9.8
|
%
|
|||
Total DD&A
|
$
|
3,152,093
|
|
|
$
|
3,197,013
|
|
|
$
|
(44,920
|
)
|
|
(1.4
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A rate per BOE
|
$
|
8.34
|
|
|
$
|
7.93
|
|
|
$
|
0.41
|
|
|
5.2
|
%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
Enduro transaction breakup fee
|
1,100,000
|
|
|
—
|
|
|
1,100,000
|
|
|
n.m.
|
|
|||
Interest and other income
|
106,429
|
|
|
30,691
|
|
|
75,738
|
|
|
246.8
|
%
|
|||
Interest expense
|
(58,690
|
)
|
|
(40,911
|
)
|
|
(17,779
|
)
|
|
43.5
|
%
|
|||
Total other income, net
|
$
|
1,147,739
|
|
|
$
|
(10,220
|
)
|
|
$
|
1,157,959
|
|
|
n.m.
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Variance
|
|
Variance %
|
|||||||
Income before income taxes
|
11,876,413
|
|
|
7,355,491
|
|
|
4,520,922
|
|
|
61.5
|
%
|
|||
Income tax provision (benefit)
|
2,176,047
|
|
|
(4,661,889
|
)
|
|
6,837,936
|
|
|
(146.7
|
)%
|
|||
Net income available to common stockholders
|
$
|
9,700,366
|
|
|
$
|
12,017,380
|
|
|
$
|
(2,317,014
|
)
|
|
(19.3
|
)%
|
Income tax provision as a percentage of income before income taxes
|
18
|
%
|
|
(63
|
)%
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
||||||||
Increases (Decreases) in Cash:
|
2018
|
|
2017
|
|
Difference
|
||||||
|
(In Millions)
|
||||||||||
Net cash provided by operating activities
|
$
|
14.1
|
|
|
$
|
9.1
|
|
|
$
|
5.0
|
|
Net cash used in investing activities
|
(5.0
|
)
|
|
(1.0
|
)
|
|
(4.0
|
)
|
|||
Net cash used in financing activities
|
(6.8
|
)
|
|
(5.4
|
)
|
|
(1.4
|
)
|
|||
|
$
|
2.3
|
|
|
$
|
2.7
|
|
|
$
|
(0.4
|
)
|
Period
|
|
(a) Total Number of
Shares
Purchased (1)
|
|
(b) Average Price
Paid per Share(1)
|
|
(c) Total Number of Shares Purchased as Part
of Publicly Announced Plans or Programs (2)
|
|
(d) Maximum
Dollar Value
of Shares that
May Yet Be Purchased
Under the Plans or
Programs (2)
|
October 2018
|
|
—
|
|
$—
|
|
Not applicable
|
|
$3.4 million
|
November 2018
|
|
—
|
|
$—
|
|
Not applicable
|
|
$3.4 million
|
December 2018
|
|
6,402
|
|
$7.60
|
|
Not applicable
|
|
$3.4 million
|
Total
|
|
6,402
|
|
$7.60
|
|
Not applicable
|
|
$3.4 million
|
|
|
By:
|
/s/ DAVID JOE
|
|
|
|
David Joe
|
|
|
|
Senior Vice President, Chief Financial Officer and
|
|
|
|
Treasurer
|
Date: February 8, 2019
|
|
|
Date: February 8, 2019
|
|
/s / ROBERT S. HERLIN
|
|
|
Robert S. Herlin
|
|
|
Chairman of the Board and Interim Chief Executive Officer
|
Date: February 8, 2019
|
|
/s / DAVID JOE
|
|
|
David Joe
|
|
|
Chief Financial Officer
|
|
|
/s/ Robert S. HERLIN
|
|
|
Robert S. Herlin
|
|
|
Chairman of the Board and
|
|
|
Interim Chief Executive Officer
|
|
|
/s / DAVID JOE
|
|
|
David Joe
|
|
|
Chief Financial Officer
|