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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Schedule of income (loss) before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2022 |  | 2021
Foreign |  | $ | (700,255) | ​ | $ | (571,646)
U.S. |  | ​ | 48,212,421 | ​ |  | 16,639,671
​ | ​ | $ | 47,512,166 | ​ | $ | 16,068,025
​
Schedule of current and deferred tax expense (benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2022 |  | 2021
Current: | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 7,788,302 | ​ | $ | 3,152,866
State | ​ | ​ | 3,657,231 | ​ | ​ | 1,485,054
Total current income tax expense | ​ | ​ | 11,445,533 | ​ | ​ | 4,637,920
Deferred: | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 1,587,935 | ​ | ​ | 84,631
State | ​ | ​ | (875,981) | ​ | ​ | (282,043)
Total deferred tax expense | ​ | ​ | 711,954 | ​ | ​ | (197,412)
Income tax expense | ​ | $ | 12,157,487 | ​ | $ | 4,440,508
​
Schedule of reconciliation between statutory rate and effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended |  | ​ |  | Year Ended |  | ​ |
​ | ​ | December 31, | ​ | Effective | ​ | December 31, | ​ | Effective | ​
​ |  | 2022 |  | Tax Rate |  | 2021 |  | Tax Rate |
Income tax provision computed at the statutory federal tax rate | ​ | $ | 9,977,555 |  | 21.00 | % | $ | 3,377,625 |  | 21.00 | %
Difference in Canadian and U.S. tax rate | ​ |  | (14,005) |  | (0.03) | % |  | (11,433) |  | (0.07) | %
Adjustment of Canadian deferred tax balances | ​ | ​ | 39,839 | ​ | 0.08 | % | ​ | 762,000 | ​ | 4.74 | %
Valuation allowance on Canadian loss | ​ |  | 121,220 |  | 0.26 | % |  | (688,388) |  | (4.28) | %
Return to provision adjustment | ​ |  | (4,538) |  | (0.01) | % |  | 57,875 |  | 0.36 | %
State taxes | ​ |  | 2,304,218 |  | 4.85 | % |  | 1,057,924 |  | 6.58 | %
State valuation allowance | ​ | ​ | (107,030) | ​ | (0.23) | % | ​ | (107,545) | ​ | (0.67) | %
Miscellaneous other items | ​ |  | (159,772) |  | (0.34) | % |  | (7,550) |  | (0.05) | %
Income tax expense | ​ | $ | 12,157,487 |  | 25.58 | % | $ | 4,440,508 |  | 27.61 | %
​
Schedule of net deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2022 |  | 2021
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
State net operating loss carryforwards | ​ | $ | 313,018 | ​ | $ | 244,582
Canadian net operating loss carryforwards | ​ |  | 11,113,319 | ​ |  | 11,669,601
ARO | ​ | ​ | 702,522 | ​ | ​ | 796,339
Unrealized derivatives/other | ​ |  | 92,785 | ​ |  | 255,852
Gross deferred tax assets | ​ |  | 12,221,644 | ​ |  | 12,966,374
Valuation allowance | ​ |  | (11,158,602) | ​ |  | (11,821,914)
Total deferred tax assets | ​ |  | 1,063,042 | ​ |  | 1,144,460
Deferred tax liabilities: | ​ |  |  | ​ |  |
Oil and gas property | ​ |  | (9,336,638) | ​ |  | (8,558,064)
Partnership | ​ |  | (2,034,995) | ​ |  | (2,491,836)
Unrealized derivatives/other | ​ | ​ | (308,803) | ​ | ​ | —
Gross deferred tax liabilities | ​ |  | (11,680,436) | ​ |  | (11,049,900)
Net deferred tax liability | ​ | $ | (10,617,394) | ​ | $ | (9,905,440)
​

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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