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Income Taxes (Tables)

12 Months Ended

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 income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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