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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable, Allowance for Credit Loss The following table indicates the Company's provisions for credit loss expense associated with its joint interest billing receivables during the years ended December 31, 2024, 2023, and 2022.
For the Years Ended December 31,
202420232022
Credit loss expense
$160,847
$134,007
$242,247
Schedule of Accounts, Notes, Loans and Financing Receivable
The following table reflects the Company's joint interest billing receivables and allowance for credit losses as of December 31, 2024 and 2023.
20242023
Joint interest billing receivables$1,264,897 $2,480,843 
Allowance for credit losses(181,733)(58,569)
Joint interest billing receivables, net
$1,083,164 $2,422,274 
Schedule of Depletion and Depletion Rate per Barrel of Oil Equivalents The following table shows total depletion and the depletion per barrel-of-oil-equivalent rate, for the years ended December 31, 2024, 2023, and 2022.
For the Years Ended December 31,
202420232022
Depletion$97,238,673 $87,442,546 $55,029,956 
Depletion rate, per barrel-of-oil-equivalent (Boe)$13.52 $13.22 $12.19 
Schedule of Property Plant and Equipment Estimated Useful Lives
Depreciation of buildings, equipment, software, leasehold improvements, automobiles, buildings and structures is calculated using the straight-line method based upon the following estimated useful lives:
Leasehold improvements
3‑5 years
Office equipment and software
3‑7 years
Equipment
5‑10 years
Automobiles4 years
Buildings and structures
7 years
Schedule of Property, Plant and Equipment
The following table provides information on the Company's depreciation expense for the years ended December 31, 2024, 2023, and 2022.
For the Years Ended December 31,
202420232022
Depreciation expense
$405,772
$364,024
$205,600
Schedule of Accounts Payable and Trade Accounts Payable
The following table summarizes the Company's components of its current accounts payable balance presented in its Balance Sheets at December 31, 2024 and 2023:
20242023
Trade accounts payable
$39,289,431 $37,626,348 
Revenues payable35,766,989 44,348,938 
Accrued expenses20,672,841 22,088,838 
Accounts payable
$95,729,261 $104,064,124 
Trade accounts payable – The following table summarizes the Company's current trade accounts payable at December 31, 2024 and 2023:
20242023
Accounts payable related to vendors$37,147,926 $36,944,263 
Other2,141,505 682,085 
Trade accounts payable
$39,289,431 $37,626,348 
Schedule of Revenues Payable
Revenues payable – The following table summarizes the Company's current revenues and royalties payable at December 31, 2024 and 2023:
20242023
Revenue held in suspense$28,166,335 $31,592,825 
Revenues and royalties payable7,600,654 12,756,113 
Revenues payable
$35,766,989 $44,348,938 
Schedule of Accrued Expenses
Accrued expenses – The following table summarizes the Company's current accrued expenses at December 31, 2024 and 2023:
20242023
Accrued capital expenditures$3,645,377 $7,518,603 
Accrued lease operating expenses5,313,315 6,798,548 
Accrued interest2,830,440 3,684,378 
Accrued general and administrative expense4,897,904 4,047,095 
Other3,985,805 40,214 
Accrued expenses
$20,672,841 $22,088,838 
Schedule of Weighted Average Notes Payable
The following table reflects the weighted average notes payable balances and the weighted average interest rate on the weighted average notes payable outstanding during the period as of and for the years ended December 31, 2024, 2023, and 2022.
For the Years Ended December 31,
202420232022
Weighted average notes payable balance$651,789 $687,456 $593,766 
Weighted average interest rate on weighted average notes payable8.63 %7.23 %4.31 %
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table shows interest paid related to notes payable for the years ended December 31, 2024, 2023, and 2022. This interest is included within "Interest (expense)" in the Statements of Operations.
For the Years Ended December 31,
202420232022
Interest paid for notes payable
$56,261 $49,734 $25,579 
Schedule of Income Tax Benefits (Provisions)
The Company recorded the following federal and state income tax provisions for the years ended December 31, 2024, 2023, and 2022.

For the Years Ended December 31,
202420232022
Deferred federal income tax benefit (provision)$(19,096,010)$901,522 $(6,437,680)
Current state income tax benefit (provision)(401,197)(72,213)— 
Deferred state income tax benefit (provision)(943,747)(954,551)(1,971,044)
Provision for Income Taxes$(20,440,954)$(125,242)$(8,408,724)
For the years ended December 31, 2024, 2023, and 2022, components of our provision for income taxes are as follows:
Provision for Income Taxes:
202420232022
Federal deferred tax$19,096,010 $(901,522)$6,437,680 
State current tax
401,197 72,213 — 
State deferred tax943,747 954,551 1,971,044 
Provision for Income Taxes
$20,440,954 $125,242 $8,408,724 
Schedule of Effective Income Tax Rate Reconciliation
The Company’s overall effective tax rates are calculated as Provision for Income Taxes divided by Income Before Provision for Income Taxes. The effective tax rates for the years ended December 31, 2024, 2023, and 2022 were as follows.

For the Years Ended December 31,
202420232022
Effective tax rate (1)
23.3 %0.1 %5.7 %

(1) The effective tax rate for the year ended December 31, 2023 was impacted by the release of valuation allowance on the Company's federal net deferred tax asset. A tax benefit of $24.2 million was recorded in the year ended December 31, 2023.
The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes:
Rate Reconciliation:
202420232022
Pre-tax book income (1)
$87,911,268 $104,917,670 $147,043,749 
Tax at federal statutory rate$18,461,366 $22,032,711 $30,879,187 
Excess tax benefit from stock option exercises and restricted stock vesting104,344 478,304 (312,268)
Adjust prior estimates to tax return69,654 (474,617)214,740 
States taxes, net of federal benefit1,008,096 1,122,782 1,443,145 
Valuation allowance— (24,182,975)(24,151,242)
Non-deductible expenses and other797,494 1,149,037 335,162 
Provision for Income Taxes$20,440,954 $125,242 $8,408,724 
(1) Amount in the year ended December 31, 2023 represented pre-tax book income, net of income taxes paid.
Schedule Of Noncash Share-Based Payment Arrangements The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Statements of Operations, incurred for the years ended December 31, 2024, 2023, and 2022.
For the Years Ended December 31,
202420232022
Share-based compensation
$5,506,017
$8,833,425
$7,162,231
Compensation expense charged against income for share-based awards during the years ended December 31, 2024, 2023, and 2022 is shown in the table below. These amounts are included in General and administrative expense in the Statements of Operations.
For the years ended December 31,
202420232022
Share-based compensation expense from:
Employee stock options
$— $— $— 
Restricted stock unit grants
3,544,748 4,537,026 4,148,639 
Performance stock unit awards
1,961,269 4,296,399 3,013,592 
Total share-based compensation
$5,506,017 $8,833,425 $7,162,231