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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Allowance for Credit Losses and Joint Interest Billing Receivable | The following table reflects the Company's beginning and ending balances of our account receivables from purchasers of our oil and gas.
| For the Three Months Ended
| March 31, 2025 |  | March 31, 2024
Beginning balance of accounts receivable from purchasers of oil and gas | $ | 33,774,968 |  |  | $ | 37,879,779 |
Ending balance of accounts receivable from purchasers of oil and gas | 35,111,264 |  |  | 34,415,464 |
The following table reflects the Company's joint interest billing receivables and allowance for credit losses as of March 31, 2025 and December 31, 2024.
| March 31, 2025 |  | December 31, 2024
Joint interest billing receivables | $ | 2,320,685 |  |  | $ | 1,264,897 |
Allowance for credit losses | (199,650) |  |  | (181,733) |
Joint interest billing receivables, net | $ | 2,121,035 |  |  | $ | 1,083,164 |
Schedule of Provisions for Credit Loss Expense | The following table indicates the Company's provisions for credit loss expense associated with its joint interest billing receivables during the three months ended March 31, 2025 and March 31, 2024.
|  |  | For the Three Months Ended
|  |  |  |  | March 31, 2025 |  | March 31, 2024
Credit loss expense |  |  |  |  | $ | 17,917 |  |  | $ | 163,840 |
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 three months ended March 31, 2025 and 2024.
|  |  | For the Three Months Ended
|  |  |  |  | March 31, 2025 |  | March 31, 2024
Depletion |  |  |  |  | $ | 22,254,576 |  |  | $ | 23,429,612 |
Depletion rate, per barrel-of-oil-equivalent (Boe) |  |  |  |  | $ | 13.44 |  |  | $ | 13.53 |
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
Automobiles |  | 4 years
Buildings and structures |  | 7 years
Schedule of Depreciation Expense | The following table provides information on the Company's depreciation expense for the three months ended March 31, 2025 and 2024.
|  |  | For the Three Months Ended
|  |  |  |  | March 31, 2025 |  | March 31, 2024
Depreciation |  |  |  |  | $ | 96,620 |  |  | $ | 101,937 |
Schedule of Weighted Average Notes Payable Balances and Interest Rate | 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 three months ended March 31, 2025 and 2024.
|  |  |  | Three Months Ended
|  |  |  |  |  | March 31, 2025 |  | March 31, 2024
Weighted average notes payable balance |  |  |  |  |  | $ | 302,200 |  |  | $ | 325,251 |
Weighted average interest rate on weighted average notes payable |  |  |  |  |  | 8.63 | % |  | 7.85 | %
Schedule of Interest Paid Related to Notes Payable | The following table shows interest paid related to notes payable for the three months ended March 31, 2025 and 2024. This interest is included within "Interest (expense)" in the Condensed Statements of Operations.
|  |  |  | Three Months Ended
|  |  |  |  |  | March 31, 2025 |  | March 31, 2024
Interest paid for notes payable |  |  |  |  |  | $ | 6,521 |  |  | $ | 6,380 |
Schedule of Components of Income Tax Benefits (Provisions) | The Company recorded the following federal and state income tax benefits (provisions) for the three months ended March 31, 2025 and 2024.
|  |  | For the Three Months Ended
|  |  |  |  | March 31, 2025 |  | March 31, 2024
Deferred federal income tax benefit (provision) |  |  |  |  | $ | (2,816,078) |  |  | $ | (1,551,759) |
Current state income tax benefit (provision) |  |  |  |  | (136,393) |  |  | (102,633) |
Deferred state income tax benefit (provision) |  |  |  |  | (88,706) |  |  | (74,494) |
Benefit from (Provision for) Income Taxes |  |  |  |  | $ | (3,041,177) |  |  | $ | (1,728,886) |
Effective tax rate (1) |  |  |  |  | 25.03% |  | 23.87%
(1) The Company’s overall effective tax rate is calculated as Benefit from (Provision for) Income Taxes divided by Income Before Benefit from (Provision for) Income Taxes. The effective tax rates for the three months ended March 31, 2025 and 2024 were higher than the federal statutory corporate tax rate, primarily impacted by the state income taxes.
Schedule of Share-Based Compensation Expense | The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Condensed Statements of Operations, incurred for the three months ended March 31, 2025 and 2024.
|  |  | Three Months Ended
|  |  |  |  | March 31, 2025 |  | March 31, 2024
Share-based compensation |  |  |  |  | $ | 1,690,958 |  |  | $ | 1,723,832 |
Share-based compensation expense charged against income for share-based awards during the three months ended March 31, 2025 and 2024 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations.
|  |  |  | Three Months Ended
|  |  |  |  |  | March 31, 2025 |  | March 31, 2024
Share-based compensation expense from: |  |  |  |  |  |  |  |
Employee stock options |  |  |  |  |  | $ | — |  |  | $ | — |
Restricted stock unit grants |  |  |  |  |  | 1,247,329 |  |  | 1,131,697 |
Performance stock unit awards |  |  |  |  |  | 443,629 |  |  | 592,135 |
Total share-based compensation |  |  |  |  |  | $ | 1,690,958 |  |  | $ | 1,723,832 |

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