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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

The current and deferred income tax provision for the years ended December 31, 2022 and 2021 were comprised for the following:

The current and deferred income tax provision for the years ended December 31, 2022 and 2021 were comprised for the following:

		2022				2021
Current		$	208,898			$	—
Deferred			—				—
Income tax provision (benefit)		$	208,898			$	—

Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and the tax basis of assets and liabilities. The Company’s net tax position as of December 31, 2022 and 2021 is as follows:

Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and the tax basis of assets and liabilities. The Company’s net tax position as of December 31, 2022 and 2021 is as follows:

		2022				2021
Deferred tax assets:
Loss carry-forwards		$	4,789,586			$	5,341,256
Oil and gas Properties			—				1,239,723
Right of use assets			7,341				8,036
Stock option grants			1,369,105				796,188
Asset retirement obligation			6,616,407				—
Derivatives			—				27,210
Other			436,477				—
Total deferred tax assets			13,218,916				7,412,413
Deferred tax liabilities:
Oil and gas Properties			(5,552,159	)			—
Other property and equipment			(171,650	)			(459,745	)
Derivatives			(31,369	)			—
Other			(69,688	)			—
Total deferred tax liabilities			(5,824,866	)			(459,745	)
Net deferred tax asset (liability) before valuation allowance			7,394,050				6,952,668
Valuation allowance			(7,394,050	)			(6,952,668	)
Net deferred taxes		$	—			$	—

Reconciliations of the tax provision computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2022 and 2021 are as follows:

Reconciliations of the tax provision computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2022 and 2021 are as follows:

	2022				2021
	$		%		$		%
Provision (benefit) at statutory rate	1,531,536		21.0%		(3,909,142)		21.0%
State taxes (net of federal impact)	350,632		4.9%		(893,518)		4.8%
Nondeductible expenses	21,052		0.3%		3,503,996		-18.8%
Return to Accrual	(2,135,704)		-29.3%		—
Valuation Allowance	441,382		6.1%		1,298,664		-7.0%
Income tax provision	208,898		3%		—		0%

X

- Definition

Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(h)(2))
-URI https://asc.fasb.org/extlink&oid=126898976&loc=d3e600178-122990

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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