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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 45,236,584 $ 26,497,305
Accounts receivable 7,201,386 4,596,931
Fair value of derivatives 1,222,090 0
Prepaid income taxes 1,140,094 0
Other current assets 632,154 569,870
Operating lease right-of-use assets 31,383 0
Total current assets 55,463,691 31,664,106
Oil and gas properties, successful efforts method    
Proved properties 148,326,265 138,032,413
Unproved properties 18,169,157 21,700,926
Accumulated depletion, depreciation, amortization and impairment (107,729,293) (102,480,972)
Total oil and gas properties, net 58,766,129 57,252,367
Gathering system 42,639,001 42,475,086
Accumulated depletion, depreciation, amortization and impairment (34,500,740) (33,443,949)
Total gathering system, net 8,138,261 9,031,137
Land 637,764 637,764
Buildings and other property and equipment, net 286,035 309,102
Total property and equipment, net 67,828,189 67,230,370
Other assets:    
Restricted cash 570,363 568,118
Total non-current assets 68,398,552 67,798,488
Total assets 123,862,243 99,462,594
Current liabilities    
Accounts payable trade 1,695,353 1,189,905
Gathering fees payable 935,012 963,546
Royalties payable 2,223,043 1,853,508
Income taxes payable 0 1,098,425
Accrued capital expenditures 41,694 1,016,830
Accrued compensation 598,351 343,348
Other accrued liabilities 690,655 754,779
Fair value of derivatives 0 239,824
Asset retirement obligations 0 85,207
Operating lease liabilities 35,299 0
Total current liabilities 6,219,407 7,545,372
Non-current liabilities    
Asset retirement obligations 2,780,237 2,748,449
Deferred income taxes 10,617,394 9,905,440
Operating lease liability   142,810
Total non-current liabilities 13,397,631 12,653,889
Total liabilities 19,617,038 20,199,261
Commitments and contingencies (Note 9)
Shareholders' equity    
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding 0 0
Common shares, no par value, unlimited shares authorized and 23,117,144 issued and outstanding at December 31, 2022 and 24,202,218 issued and 23,668,203 shares outstanding at December 31, 2021 123,904,965 131,815,739
Treasury shares, 0 at December 31, 2022 and 534,015 at December 31, 2021 0 (2,423,007)
Additional paid-in capital 9,856,229 8,835,203
Accumulated deficit (39,290,540) (68,783,207)
Accumulated other comprehensive income 9,774,551 9,818,605
Total shareholders' equity 104,245,205 79,263,333
Total liabilities and shareholders' equity $ 123,862,243 $ 99,462,594