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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income $ 35,354,679 $ 11,627,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation, amortization, and accretion 6,438,511 6,627,016
Impairment expense 0 153,058
Loss (gain) on derivative contracts (236,077) 4,482,909
Gain on sale of oil and gas properties (221,642) (484,902)
Settlement (paid) received on derivative contracts (1,225,837) (4,243,085)
Settlement of asset retirement obligation (118,260) 0
Stock-based compensation expense 1,021,026 956,084
Deferred income tax expense (benefit) 711,954 (197,412)
Changes in assets and liabilities:    
Accounts receivable (2,604,455) (679,643)
Other current assets (58,368) 20,000
Accounts payable, royalties payable and other accrued liabilities 1,182,348 646,410
Income taxes payable (2,238,519) 1,098,425
Net cash provided by operating activities 38,005,360 20,006,377
Cash flows from investing activities:    
Additions to unproved oil and gas properties (310,211) (148,862)
Additions to proved oil and gas properties (7,562,502) (4,435,945)
Additions to gathering system properties (184,032) (297,841)
Additions to land, buildings and property and equipment (13,258) (5,745)
Proceeds from sale of oil and gas properties 200,000 450,000
Prepaid drilling costs 0 379
Net cash used in investing activities (7,870,003) (4,438,014)
Cash flows from financing activities:    
Buyback of common shares (6,234,879) (2,423,007)
Exercise of stock options 747,112 85,338
Dividends (5,862,012) 0
Net cash used in financing activities (11,349,779) (2,337,669)
Effect of currency rates on cash, cash equivalents and restricted cash (44,054) (2,042)
Increase in cash, cash equivalents and restricted cash 18,741,524 13,228,652
Cash, cash equivalents and restricted cash, beginning of period 27,065,423 13,836,771
Cash, cash equivalents and restricted cash, end of period 45,806,947 27,065,423
Supplemental cash flow disclosures:    
Income taxes paid 13,669,000 3,444,025
Interest paid 68,328 95,942
Non-cash investing and financing activities:    
Change in unproved properties accrued in accounts payable and accrued liabilities 0 (65,000)
Change in proved properties accrued in accounts payable and accrued liabilities (1,100,041) (1,097,257)
Change in gathering system accrued in accounts payable and accrued liabilities (20,118) (25,399)
Asset retirement obligation asset additions and adjustments $ 12,053 $ 33,234