XML 13 R2.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash $ 11,034,834 $ 11,944,442
Accounts Receivable 7,226,146 7,780,239
Derivative Instruments 121,584
Inventory 1,564,684 1,840,274
Prepaids 591,732 1,048,434
Total Current Assets 20,417,396 22,734,973
Property and Equipment:    
Oil and Natural Gas Properties, Successful Efforts 74,620,878 63,986,339
Less: Accumulated Depreciation, Depletion and Impairment (22,014,050) (20,116,696)
Total Oil and Gas properties, Net 52,606,828 43,869,643
Other Property and Equipment, Net 1,867,911 1,441,529
Total Property and Equipment, Net 54,474,739 45,311,172
Sinking Fund 2,779,000
Utility and Other Deposits 1,374,771 719,930
Total Assets 76,266,906 71,545,075
Current Liabilities:    
Accounts Payable 6,051,027 5,843,366
Accrued Expenses 5,726,117 9,461,010
Derivative Instruments 1,053,606
Current Portion of Lease Liability 424,819 256,975
Term Note Payable - Related Party (Note 8) 1,060,004
Curresnt Portion of Long-Term Debt 4,549,585 2,059,309
Total Current Liabilities 18,865,158 17,620,660
Long-Term Debt 116,507 4,063,115
Bridge Loans - Related Parties (Note 8) 10,000,000
Term Note Payable - Related Party (Note 8) 1,076,987
Lease Liability 654,524 547,692
Derivative Instruments 59,949
Asset Retirement Obligations 27,742,852 25,000,740
Total Liabilities 57,438,990 48,309,194
Stockholders' Equity:    
Common Stock - $.001 Par Value, 190,000,000 Shares Authorized,  22,892,280 and 22,093,503 Shares Issued and Outstanding, Respectively 82,414 81,615
Additional Paid-in Capital 78,566,843 75,303,479
Accumulated Deficit (59,821,341) (52,149,213)
Total Stockholders' Equity 18,827,916 23,235,881
Total Liabilities and Stockholders' Equity $ 76,266,906 $ 71,545,075