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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 9,488,094 $ 45,236,584
Accounts receivable 4,355,076 7,201,386
Short term investments 26,804,482 0
Fair value of derivatives 1,286,070 1,222,090
Prepaid income taxes 1,233,669 1,140,094
Other current assets 391,007 632,154
Operating lease right-of-use assets 0 31,383
Total current assets 43,558,398 55,463,691
Oil and gas properties, successful efforts method    
Proved properties 152,014,489 148,326,265
Unproved properties 25,989,679 18,169,157
Accumulated depletion, depreciation, amortization and impairment (109,996,874) (107,729,293)
Total oil and gas properties, net 68,007,294 58,766,129
Gathering system 42,673,506 42,639,001
Accumulated depletion, depreciation, amortization and impairment (35,026,730) (34,500,740)
Total gathering system, net 7,646,776 8,138,261
Land 637,764 637,764
Buildings and other property and equipment, net 312,830 286,035
Total property and equipment, net 76,604,664 67,828,189
Other assets:    
Operating lease right-of-use assets, long term 495,842 0
Restricted cash 495,000 570,363
Total non-current assets 77,595,506 68,398,552
Total assets 121,153,904 123,862,243
Current liabilities    
Accounts payable trade 1,334,008 1,695,353
Gathering fees payable 498,438 935,012
Royalties payable 1,511,168 2,223,043
Accrued capital expenditures 134,224 41,694
Accrued compensation 405,448 598,351
Other accrued liabilities 467,387 690,655
Operating lease liabilities 24,748 35,299
Total current liabilities 4,375,421 6,219,407
Non-current liabilities    
Asset retirement obligations 2,777,847 2,780,237
Deferred income taxes 10,847,721 10,617,394
Operating lease liabilities, long term 519,652 0
Total non-current liabilities 14,145,220 13,397,631
Total liabilities 18,520,641 19,617,038
Commitments and contingencies (Note 10)
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 22,649,290 shares issued and 22,554,169 shares outstanding at June 30, 2023 and 23,117,144 issued and outstanding at December 31, 2022 121,348,004 123,904,965
Treasury shares, at cost, 95,121 at June 30, 2023 and 0 at December 31, 2022 (497,814) 0
Additional paid-in capital 10,215,725 9,856,229
Accumulated deficit (38,158,726) (39,290,540)
Accumulated other comprehensive income 9,726,074 9,774,551
Total shareholders' equity 102,633,263 104,245,205
Total liabilities and shareholders' equity $ 121,153,904 $ 123,862,243