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ACQUISITIONS AND DIVESTITURES (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Final Allocation of the Total Cost of the Lime Rock Acquisition | The following table represents the preliminary allocation of the total cost of the Lime Rock Acquisition to the assets acquired and liabilities assumed as of the Lime Rock Acquisition date:
Consideration: |  |
Common stock consideration |  |
Shares of common stock issued |  | 6,452,879 |
Common stock price as of March 31, 2025 |  | $ | 1.15 |
Total common stock consideration |  | $ | 7,420,811 |
Cash consideration |  |
Escrow deposit released at closing |  | $ | 5,000,000 |
Closing amount paid to Lime Rock |  | 63,599,939 |
Fair value of deferred payment liability |  | 9,415,066 |
Total cash consideration |  | $ | 78,015,005 |
Direct transaction costs |  | 2,294,105 |
Total consideration |  | $ | 87,729,921 |
Fair value of assets acquired: |  |
Oil and natural gas properties |  | $ | 90,844,802 |
Fixed assets |  | 34,275 |
Amount attributable to assets acquired |  | $ | 90,879,077 |
Fair value of liabilities assumed: |  |
Suspense liability |  | $ | 561,977 |
Asset retirement obligations |  | 2,587,179 |
Amount attributable to liabilities assumed |  | $ | 3,149,156 |
Net assets acquired |  | $ | 87,729,921 |

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + Details
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