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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
The current and deferred income tax provision for the years ended December 31, 2023 and 2022 were comprised of the following:

The current and deferred income tax provision for the years ended December 31, 2023 and 2022 were comprised of the following:

 

     2023     2022 
         
Current  $(132,192)  $208,898 
Deferred   —    — 
Income tax provision  $(132,192)  $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, 2023 and 2022 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, 2023 and 2022 is as follows:

 

   2023   2022 
         
Deferred tax assets:          
Loss carry-forwards  $6,269,503   $4,789,586 
Right of use assets   —    7,341 
Stock option grants   2,022,184    1,369,105 
Asset retirement obligation   7,433,670    6,616,407 
Other   526,873    436,477 
Total deferred tax assets   16,252,230    13,218,916 
           
Deferred tax liabilities:          
Oil and Gas Properties   (7,327,620)   (5,552,159)
Other property and equipment   (123,915)   (171,650)
Derivatives   (104,956)   (31,369)
Lease liabilities   (25,133)   — 
Other   —    (69,688)
Total deferred tax liabilities   (7,581,624)   (5,824,866)
           
Net deferred tax asset before valuation allowance   8,670,606    7,394,050 
           
Valuation allowance   (8,670,606)   (7,394,050)
Net deferred taxes  $—   $— 
Reconciliations of the tax provision (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2023 and 2022 are as follows:

Reconciliations of the tax provision (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2023 and 2022 are as follows:

 

   2023   2022 
   $   %   $   % 
                     
Provision (benefit) at statutory rate   (2,646,378)   21.0%    1,531,536    21.0% 
State Taxes (net of federal impact)   (598,191)   4.7%    350,632    4.9% 
Nondeductible Expenses   31,037    -0.2%    21,052    0.3% 
Return to Accrual   (72,448)   0.6%    (2,135,704)   -29.3% 
NOLs Expected to Expire Unused Due to Section 382 Limitation   1,877,230    -14.9%    —    0.0% 
Valuation Allowance   1,276,558    -10.1%    441,382    6.1% 
Income tax provision (benefit)   (132,192)   1.0%    208,898    2.9%