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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash $ 6,763,873 $ 11,944,442
Accounts Receivable 6,504,017 7,780,239
Derivative Instruments 93,168 121,584
Inventory 2,261,133 1,840,274
Prepaids 1,413,336 1,048,434
Total Current Assets 17,035,527 22,734,973
Oil and Natural Gas Properties, Successful Efforts 66,127,534 63,986,339
Less: Accumulated Depreciation, Depletion and Impairment (20,679,739) (20,116,696)
Total Oil and Gas Properties, Net 45,447,795 43,869,643
Other Property and Equipment, Net 1,452,137 1,441,529
Total Property and Equipment, Net 46,899,932 45,311,172
Sinking Fund 2,779,000
Utility and Other Deposits 746,884 719,930
Total Assets 64,682,343 71,545,075
Current Liabilities:    
Accounts Payable 5,733,313 5,843,366
Accrued Expenses 6,280,462 9,461,010
Current Portion of Lease Liability 256,975 256,975
Current Portion of Long-Term Debt 2,481,236 2,059,309
Total Current Liabilities 14,751,986 17,620,660
Long-Term Debt 3,594,500 4,063,115
Long-Term Note Payable - Related Party (Note 8) 1,073,376 1,076,987
Long-Term Lease Liability 519,852 547,692
Asset Retirement Obligations 25,142,831 25,000,740
Total Liabilities 45,082,545 48,309,194
Stockholders' Equity:    
Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively
Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 22,104,592 and 22,093,503 Shares Issued and Outstanding, Respectively 81,626 81,615
Additional Paid-in Capital 74,126,976 75,303,479
Accumulated Deficit (54,608,804) (52,149,213)
Total Stockholders' Equity 19,599,798 23,235,881
Total Liabilities and Stockholders' Equity $ 64,682,343 $ 71,545,075