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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities:    
Net Income (Loss) $ (12,004,581) $ (7,672,128)
Adjustments to Reconcile Net Income (Loss) to Net Cash    
Stock-Based Compensation 1,636,714 2,289,237
Amortization of Right of Use Assets 407,202 287,956
Depreciation, Depletion and Amortization 6,763,471 2,061,474
Accretion of Asset Retirement Obligation 1,486,929 1,277,141
Loss on Commodity Derivatives 388,886 1,319,401
Settlement on or Purchases of Commodity Derivative Instruments 18,200 (87,042)
Loss on Financial Derivatives (Note 8) 998,000
Amortization of Debt Discount on Convertible Notes 500,382
Loss on extinguishment of debt 10,094
Change in Operating Assets and Liabilities:    
Accounts Receivable 1,647,249 (1,572,038)
Inventory, Oil in Tanks (65,752) (292,057)
Prepaids, Current 671,934 911,416
Accounts Payable 12,273,995 194,438
Accrued Expenses 1,070,875 (3,732,113)
Other Long-Term Assets and Liabilities (886,224) (942,916)
Net Cash Provided By (Used In) Operating Activities 14,917,374 (5,957,231)
Cash Flows From Investing Activities:    
Acquisition of Oil and Natural Gas Properties (2,094,419)
Additions to Oil and Natural Gas Properties [1] (48,758,831) (5,596,535)
Purchase of Other Fixed Assets (139,481) (179,514)
Cash Paid for Right of Use Assets (375,711) (427,711)
Sinking Fund Deposit 2,779,000
Net Cash Used In Investing Activities (49,274,023) (5,519,179)
Cash Flows From Financing Activities:    
Borrowings on Credit Facility 3,950,000
Proceeds from Promissory Note - Related Party (Note 8) 5,000,000
Proceeds from Rights Offering (Net of Transaction Costs) (Note 10) 20,511,529
Principal Payments of Debt (376,575) (1,933,198)
Net Proceeds from Warrant Exercise (Note 10) 628,903
Proceeds from Bridge Loans from Related Parties 10,000,000
Proceeds from Warrant Exercises 2,500,000
Net Cash Provided By Financing Activities 29,713,857 10,566,802
Net Change in Cash (4,642,792) (909,608)
Cash - Beginning of Period 7,792,508 11,944,442
Cash - End of Period 3,149,716 11,034,834
Supplemental Cash Flow Information:    
Cash Paid for Interest $ 663,662 $ 398,033
[1] Incurred capital expenditures were $38,286,018 and $6,165,174 for the respective periods. The differences between incurred and cash capital expenditures is primarily due to changes in accounts payable related to capital expenditures.