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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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,
			2024						2023						2022
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:						2024						2023						2022
Federal deferred tax						$	19,096,010					$	(901,522)					$	6,437,680
State current tax						401,197						72,213						—
State deferred tax						943,747						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,
			2024						2023						2022
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:						2024						2023						2022
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 vesting						104,344						478,304						(312,268)
Adjust prior estimates to tax return						69,654						(474,617)						214,740
States taxes, net of federal benefit						1,008,096						1,122,782						1,443,145
Valuation allowance						—						(24,182,975)						(24,151,242)
Non-deductible expenses and other						797,494						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 Deferred Tax Assets and Liabilities

The Company's deferred tax position reflects the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. The net deferred taxes consisted of the following as of December 31, 2024 and 2023:

			12/31/2024 Total						12/31/2023 Total
Deferred Tax Assets
Net operating loss (NOL) carryforward			68,516,720						82,011,212
Share-based compensation			1,097,273						1,372,277
Asset retirement obligation			5,755,174						6,165,239
Fair value of derivative instruments			—						224,209
§163(j) business interest expense carryforward			18,838,600						12,854,900
Other			1,672,268						1,638,297
Gross Deferred Tax Assets			95,880,035						104,266,134
Less: valuation allowance			—						—
Net Deferred Tax Assets			95,880,035						104,266,134
Deferred Tax Liabilities
Property and equipment			(123,318,803)						(111,872,367)
Fair value of derivative instruments			(392,761)						—
Other			(760,273)						(945,812)
Net Deferred Tax Liabilities			(124,471,837)						(112,818,179)
Net Deferred Tax Liability			(28,591,802)						(8,552,045)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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