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Property | 12 Months Ended
--- | ---
Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Property | Note 3 – Property The capitalized costs of oil and natural gas properties as of December 31, 2022 and 2021 are as follows:
|  | 2022 |  |  | 2021 |
Proved Properties |  | $ | 52,831,131 |  |  | $ | 44,189,360 |
Unproved Properties |  |  | 2,865,556 |  |  |  | 2,724,966 |
Work in process |  |  | 8,289,652 |  |  |  | — |
Gross capitalized costs |  |  | 63,986,339 |  |  |  | 46,914,326 |
Depreciation, Depletion, Amortization and Impairment |  |  | (20,116,696 | ) |  |  | (17,525,918 | )
Total Oil and Gas Properties, Net |  | $ | 43,869,643 |  |  | $ | 29,388,408 |
The Company assesses its oil and gas properties for impairment when circumstances indicate the carrying value may be greater than its estimated future net cash flows. In 2022, estimated future cash flows from the Company’s properties in Louisiana were less than the net book value. As a result, the Company recorded a $936,000 impairment expense in 2022. In April 2022, the Company purchased working interests of oil and natural gas properties primarily located in the Landa field in North Dakota and assumed the role of operator. The Company paid approximately $1.4 million for eight producing properties, two properties with behind-pipe reserves, and related lease and well equipment. The Company allocated 80% of the acquisition cost to leasehold costs and the remaining 20% to related lease and well equipment. Non-cash asset retirement obligations were assumed of $233,659. The acquisition was accounted for as an asset acquisition. The Company purchased additional oil and gas properties in 2022 totaling $1.3 million. In May 2021 the Company purchased oil and natural gas properties in New Mexico (see Note 4). Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years. The capitalized costs of other property and equipment as of December 31, 2022 and 2021 are as follows:
|  | 2022 |  |  | 2021 |
Other property and equipment, at cost |  | $ | 1,878,325 |  |  | $ | 1,547,325 |
Less: accumulated depreciation |  |  | (436,796 | ) |  |  | (258,714 | )
Oher property and equipment, net |  | $ | 1,441,529 |  |  | $ | 1,288,611 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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