XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues from contracts with customers:        
Total revenue $ 6,500,136 $ 19,903,004 $ 15,856,412 $ 33,503,102
Operating costs and expenses:        
Lease operating expenses 1,440,521 2,252,017 2,844,800 3,657,507
Gathering system operating expenses 570,934 541,228 1,222,275 1,065,603
Development geological and geophysical expenses 0 2,386 0 4,772
Depletion, depreciation, amortization, and accretion 1,615,728 1,803,739 3,388,734 3,192,958
Loss (gain) on sale of oil and gas properties 1,449,871 (221,642) 1,449,871 (221,642)
Impairment expense 0 0 0 0
General and administrative expenses:        
Stock based compensation expense 179,748 194,050 359,496 336,352
Other general and administrative expenses 1,596,626 1,465,143 3,620,399 2,636,275
Total operating costs and expenses 6,853,428 6,036,921 12,885,575 10,671,825
Operating income (loss) (353,292) 13,866,083 2,970,837 22,831,277
Other income (expense):        
Interest income 433,201 21,945 923,963 37,166
Interest expense (34,422) (745) (62,859) (16,064)
Gain (loss) on derivative contracts 628,178 776,994 1,696,838 (194,910)
Other income (expense) 3,066 (61,713) 4,701 (67,119)
Other income (expense), net 1,030,023 736,481 2,562,643 (240,927)
Net income before income tax expense 676,731 14,602,564 5,533,480 22,590,350
Income tax expense 246,142 4,019,576 1,573,064 6,201,474
NET INCOME 430,589 10,582,988 3,960,416 16,388,876
Currency translation adjustments 1,129 (19,150) (1,471) (13,748)
Unrealized loss on securities (47,006) 0 (47,006) 0
NET COMPREHENSIVE INCOME $ 384,712 $ 10,563,838 $ 3,911,939 $ 16,375,128
Net income per share, basic (in dollars per share) $ 0.02 $ 0.45 $ 0.17 $ 0.69
Net income per share, diluted (in dollars per share) $ 0.02 $ 0.44 $ 0.17 $ 0.69
Weighted average number of shares outstanding, basic (in shares) 22,749,322 23,576,746 22,869,440 23,627,015
Weighted average number of shares outstanding, diluted (in shares) 22,783,987 23,822,123 22,904,922 23,796,166
Gas, oil, NGL and condensate revenue        
Revenues from contracts with customers:        
Total revenue $ 4,298,072 $ 17,915,836 $ 11,267,653 $ 29,395,161
Gas gathering and compression revenue        
Revenues from contracts with customers:        
Total revenue $ 2,202,064 $ 1,987,168 $ 4,588,759 $ 4,107,941