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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The Company assessed whether its operating segments exhibited similar economic characteristics and whether its operating segments had a similar nature of products, services, production processes, purchaser types/classes, product distribution, and regulatory environment. Each operating segment has similar products (oil, natural gas, and NGLs), similar production processes, similar types of purchasers (midstream companies, or companies with midstream components), similar methods of product delivery, and is governed by the same regulations. After a thorough analysis of each of these factors with regards to the Company's operating segments, it has been determined that it is appropriate to aggregate its operating segments into a single reportable segment, Exploration and Production, which includes all of its revenues, lease operating expenses, gathering, transportation and processing costs, ad valorem taxes, and oil and natural gas production taxes. Refer to table below.
| For the years ended December 31,
| 2024 |  | 2023 |  | 2022
Exploration and Production |  |  |  |  |
Oil, natural gas, and natural gas liquids revenues (1) | $ | 366,327,414 |  |  | $ | 361,056,001 |  |  | $ | 347,249,537 |
Lease operating expenses (2) | (78,310,949) |  |  | (70,158,227) |  |  | (47,695,351) |
Gathering, transportation and processing costs | (506,333) |  |  | (457,573) |  |  | (1,830,024) |
Ad valorem taxes | (8,069,064) |  |  | (6,757,841) |  |  | (4,670,617) |
Oil and natural gas production taxes | (16,116,565) |  |  | (18,135,336) |  |  | (17,125,982) |
Exploration and Production segment profit | $ | 263,324,503 |  |  | $ | 265,547,024 |  |  | $ | 275,927,563 |
(1) All of the Company's revenues are within the Permian Basin within the United States. (2) The CODM also reviews the following cost categories within lease operating expenses. Refer to the following table.
| For the years ended December 31,
| 2024 |  | 2023 |  | 2022
Lease operating expenses: |  |  |  |  |
Workovers | $ | 15,150,944 |  |  | $ | 14,919,560 |  |  | $ | 7,443,031 |
Other lease operating expenses | $ | 63,160,005 |  |  | $ | 55,238,667 |  |  | $ | 40,252,320 |
Total lease operating expenses | $ | 78,310,949 |  |  | $ | 70,158,227 |  |  | $ | 47,695,351 |
The following tables include a reconciliation of the total reportable segments' measures of profit or loss to the Company's consolidated income before income taxes. Additionally included is a reconciliation between the reportable segments' assets to the Company's consolidated assets.
| For the year ended December 31, 2024
| Exploration and Production |  | Corporate |  | Total Company
Oil, Natural Gas, and Natural Gas Liquids Revenues | $ | 366,327,414 |  |  | $ | — |  |  | $ | 366,327,414 |
Lease operating expenses | (78,310,949) |  |  | — |  |  | (78,310,949) |
Gathering, transportation and processing costs | (506,333) |  |  | — |  |  | (506,333) |
Ad valorem taxes | (8,069,064) |  |  | — |  |  | (8,069,064) |
Oil and natural gas production taxes | (16,116,565) |  |  | — |  |  | (16,116,565) |
Depreciation, depletion and amortization (3) | — |  |  | (98,702,843) |  |  | (98,702,843) |
Asset retirement obligation accretion | — |  |  | (1,380,298) |  |  | (1,380,298) |
Operating lease expense | — |  |  | (700,362) |  |  | (700,362) |
General and administrative expense | — |  |  | (29,640,300) |  |  | (29,640,300) |
Interest income | — |  |  | 491,946 |  |  | 491,946 |
Interest (expense) | — |  |  | (43,311,810) |  |  | (43,311,810) |
Gain (loss) on derivative contracts | — |  |  | (2,365,917) |  |  | (2,365,917) |
Gain (loss) on disposal of assets | — |  |  | 89,693 |  |  | 89,693 |
Other income | — |  |  | 106,656 |  |  | 106,656 |
Income (Loss) Before Benefit from (Provision for) Income Taxes | $ | 263,324,503 |  |  | $ | (175,413,235) |  |  | $ | 87,911,268 |
Total Assets (3) | $ | 1,381,583,504 |  |  | $ | 26,515,970 |  |  | $ | 1,408,099,474 |
Capital expenditures | $ | 151,946,171 |  |  | $ | — |  |  | $ | 151,946,171 |
(3) All of the Company's assets are located within the United States. As the CODM does not view depreciation, depletion and amortization as a significant Exploration and Production segment expense, the Company has included this expense within the Corporate column of the reconciliation table.
| For the year ended December 31, 2023
| Exploration and Production |  | Corporate |  | Total Company
Oil, Natural Gas, and Natural Gas Liquids Revenues | $ | 361,056,001 |  |  | $ | — |  |  | $ | 361,056,001 |
Lease operating expenses | (70,158,227) |  |  | — |  |  | (70,158,227) |
Gathering, transportation and processing costs | (457,573) |  |  | — |  |  | (457,573) |
Ad valorem taxes | (6,757,841) |  |  | — |  |  | (6,757,841) |
Oil and natural gas production taxes | (18,135,336) |  |  | — |  |  | (18,135,336) |
Depreciation, depletion and amortization (3) | — |  |  | (88,610,291) |  |  | (88,610,291) |
Asset retirement obligation accretion | — |  |  | (1,425,686) |  |  | (1,425,686) |
Operating lease expense | — |  |  | (541,801) |  |  | (541,801) |
General and administrative expense | — |  |  | (29,188,755) |  |  | (29,188,755) |
Interest income | — |  |  | 257,155 |  |  | 257,155 |
Interest (expense) | — |  |  | (43,926,732) |  |  | (43,926,732) |
Gain (loss) on derivative contracts | — |  |  | 2,767,162 |  |  | 2,767,162 |
Gain (loss) on disposal of assets | — |  |  | (87,128) |  |  | (87,128) |
Other income | — |  |  | 198,935 |  |  | 198,935 |
Income (Loss) Before Benefit from (Provision for) Income Taxes | $ | 265,547,024 |  |  | $ | (160,557,141) |  |  | $ | 104,989,883 |
Total Assets (3) | $ | 1,338,584,701 |  |  | $ | 37,911,691 |  |  | $ | 1,376,496,392 |
Capital expenditures | $ | 151,969,735 |  |  | $ | — |  |  | $ | 151,969,735 |
| For the year ended December 31, 2022
| Exploration and Production |  | Corporate |  | Total Company
Oil, Natural Gas, and Natural Gas Liquids Revenues | $ | 347,249,537 |  |  | $ | — |  |  | $ | 347,249,537 |
Lease operating expenses | (47,695,351) |  |  | — |  |  | (47,695,351) |
Gathering, transportation and processing costs | (1,830,024) |  |  | — |  |  | (1,830,024) |
Ad valorem taxes | (4,670,617) |  |  | — |  |  | (4,670,617) |
Oil and natural gas production taxes | (17,125,982) |  |  | — |  |  | (17,125,982) |
Depreciation, depletion and amortization (3) | — |  |  | (55,740,767) |  |  | (55,740,767) |
Asset retirement obligation accretion | — |  |  | (983,432) |  |  | (983,432) |
Operating lease expense | — |  |  | (363,908) |  |  | (363,908) |
General and administrative expense | — |  |  | (27,095,323) |  |  | (27,095,323) |
Interest income | — |  |  | 4 |  |  | 4 |
Interest (expense) | — |  |  | (23,167,729) |  |  | (23,167,729) |
Gain (loss) on derivative contracts | — |  |  | (21,532,659) |  |  | (21,532,659) |
Income (Loss) Before Benefit from (Provision for) Income Taxes | $ | 275,927,563 |  |  | $ | (128,883,814) |  |  | $ | 147,043,749 |
Total Assets (3) | $ | 1,229,752,442 |  |  | $ | 39,247,355 |  |  | $ | 1,268,999,797 |
Capital expenditures | $ | 140,051,159 |  |  | $ | — |  |  | $ | 140,051,159 |
Reconciliation of Revenue from Segments to Consolidated | The following table discloses the purchasers from which 10% or more of revenues were derived in the years noted.
| For the years ended December 31,
| 2024 |  | 2023 |  | 2022
Purchasers with 10% or more percentage of total revenue (4) |  |  |  |  |
Phillips 66 Company ("Phillips") | 61 | % |  | 66 | % |  | 68 | %
Concord Energy LLC | 14 | % |  |  |  |
LPC Crude III, LLC | 13 | % |  |  |  |
NGL Crude Partners ("NGL Crude") | 10 | % |  | 10 | % |  | 13 | %
Enterprise Crude Oil LLC ("Enterprise") |  |  | 12 | % |  | 5 | %
(4) All the Company's purchasers are within the Exploration and Production operating segment.

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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