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Related Party Transactions
 3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

Note 13 – Related Party Transactions

 

The Energy Evolution (Master Fund), Ltd. (“Energy Evolution”) is a related party of the Company as it beneficially owns approximately 27% of the Company’s outstanding shares of common stock as of March 31, 2022. Additionally, a board member of Energy Evolution was appointed to the Company’s board in October 2021 as the board co-chairman. This board member separately beneficially owns approximately 17% of the Company’s outstanding shares of common stock as of March 31, 2022 and held all of the outstanding shares of preferred stock at March 31, 2022. The board member also is a majority owner of Petroleum & Independent Exploration, LLC and related entities (“PIE”). In October 2021 another Energy Evolution member was appointed to the Company’s board of directors and has an ownership percentage of approximately 3%.

 

The Company has a joint development agreement with PIE to perform recompletion or workover on specified mutually agreed upon wells (See Note 5). This joint development agreement has a note payable whose balance increases as work is performed until payout terms have been reached per the agreement (See Note 8).