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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 2,250,542 $ (255,735)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation, amortization, and accretion 3,328,954 4,992,146
Impairment of proved properties 0 1,760,000
(Gain) loss on derivative contracts 1,361,993 (1,635,669)
Bad debt expense 0 819,000
Cash received (paid) from settlements of derivative contracts (27,460) 2,377,769
Settlement of asset retirement obligation (3,483)  
Stock-based compensation expense 438,540 345,971
Deferred income tax expense (benefit) 230,863 (2,201)
Changes in assets and liabilities:    
Accounts receivable 388,912 171,271
Prepaid income taxes and other current assets (12,476) 359,795
Accounts payable, royalties payable and other accrued liabilities 77,248 (630,262)
Net cash provided by operating activities 8,033,633 8,302,085
Cash flows from investing activities:    
Additions to unproved oil and gas properties (70,058) (128,398)
Additions to proved oil and gas properties (1,557,869) (3,691,408)
Additions to gathering system properties (79,419) (152,257)
Additions to land, buildings and property and equipment (5,745) (151,800)
Prepaid drilling costs 273 (1,301)
Net cash used in investing activities (1,712,818) (4,125,164)
Cash flows from financing activities:    
Buyback of common shares (1,061,468) (1,927,198)
Net cash used in financing activities (1,061,468) (1,927,198)
Effect of currency rates on cash, cash equivalents and restricted cash (1,242) 6,018
Increase in cash, cash equivalents and restricted cash 5,258,105 2,255,741
Cash, cash equivalents and restricted cash, beginning of period 13,836,771 14,613,711
Cash, cash equivalents and restricted cash, end of period 19,094,876 16,869,452
Supplemental cash flow disclosures:    
Income taxes paid 1,074,025  
Interest paid 27,073 56,323
Non-cash investing activities:    
Change in unproved properties accrued in accounts payable and accrued liabilities (65,000)  
Change in proved properties accrued in accounts payable and accrued liabilities 805,443 (1,516,946)
Change in gathering system accrued in accounts payable and accrued liabilities (8,915) (10,310)
Change in prepaid drilling costs 979,358  
Asset retirement obligation asset additions and adjustments $ (29,853) $ 3,937