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Property | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property | Note 3 – Property The capitalized costs of oil and natural gas properties as of December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
Proved Properties |  | $ | 75,346,623 |  |  | $ | 52,831,131 |
Unproved Properties |  |  | 3,245,431 |  |  |  | 2,865,556 |
Work in process |  |  | 14,917,749 |  |  |  | 8,289,652 |
Gross capitalized costs |  |  | 93,509,803 |  |  |  | 63,986,339 |
Depreciation, Depletion, Amortization and Impairment |  |  | (22,996,805 | ) |  |  | (20,116,696 | )
Total Oil and Gas Properties, Net |  | $ | 70,512,998 |  |  | $ | 43,869,643 |
On August 9, 2023, the Company and a subsidiary of Energy Evolution Master Fund, Ltd. (“Energy Evolution”), a related party, collectively acquired additional working interests in certain of the Company’s New Mexico properties. The Company paid $2.1 million in cash and acquired 10% of the total acquired working interests in the transaction. The subsidiary of Energy Evolution acquired the other 90% of the acquired working interest ("EEF Interest”). The Company has a one-year option to acquire the EEF Interest for $5 million, subject to adjustments ("Purchase Option”). In exchange for the Purchase Option, the Company issued 67,000 shares of common stock valued at approximately $601,000 and reflected in Other Noncurrent Assets. The Company has the right to extend the initial one-year Purchase Option period for two successive one-year periods by agreeing to issue an additional 42,000 shares of common stock prior to the end of the one-year period then in effect. The Purchase Option may be exercised by the Company at any time during the one-year period then in effect by sending written notice to Energy Evolution prior to the expiration of such one-year period. 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. The Company did not identify any impairments in 2023. 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. 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, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
Other property and equipment, at cost |  | $ | 2,998,018 |  |  |  | 1,878,325 |
Less: accumulated depreciation |  |  | (1,114,807 | ) |  |  | (436,796 | )
Oher property and equipment, net |  | $ | 1,883,211 |  |  | $ | 1,441,529 |

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