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Property and Equipment | 6 Months Ended
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Jun. 30, 2024
Oil and Gas Property, Successful Effort Method, Gross [Abstract] |
Property and Equipment | 5. Property and Equipment The following table summarizes the Company’s property and equipment as of June 30, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2024 | ​ | 2023
Property and equipment: | ​ | ​ | ​ | ​ | ​ | ​
Oil and gas properties, successful efforts method | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 185,238,373 | ​ | $ | 160,263,511
Unproved properties | ​ | ​ | 28,498,028 | ​ | ​ | 25,504,873
Accumulated depletion, depreciation, amortization and impairment | ​ | ​ | (117,604,188) | ​ | ​ | (113,708,210)
Total oil and gas properties, net | ​ | ​ | 96,132,213 | ​ | ​ | 72,060,174
Gathering system | ​ | ​ | 42,854,372 | ​ | ​ | 42,738,273
Accumulated depletion, depreciation, amortization and impairment | ​ | ​ | (35,957,863) | ​ | ​ | (35,539,996)
Total gathering system, net | ​ | ​ | 6,896,509 | ​ | ​ | 7,198,277
Land | ​ | ​ | 637,764 | ​ | ​ | 637,764
Buildings and other property and equipment, net | ​ | ​ | 281,444 | ​ | ​ | 291,807
Total property and equipment, net | ​ | $ | 103,947,930 | ​ | $ | 80,188,022
​ Asset Acquisitions During the six months ended June 30, 2024, Epsilon acquired assets that included the following:
| ● | a 25% working interest in three producing wells for $12.1 million.
| ● | a 50% working interest in 14,243 gross undeveloped acres and a 25% working interest in an additional 3,620 gross undeveloped acres for $3.8 million.
Management determined that substantially all the fair value of the assets acquired was concentrated in a group of similar identifiable assets. Based on this determination, the acquisition was accounted for as an asset acquisition. During the six months ended June 30, 2023, Epsilon acquired assets that included the following:
| ● | a 10% interest in two wellbores for $2.1 million.
| ● | a 25% working interest in 12,364 gross acres, including the drilling and completion of one well, for $11.6 million
Property Impairment We perform a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published NYMEX forward prices, basis differentials, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, GAAP requires that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the properties to their estimated fair values is required. Additionally, if an exploratory well is determined not to have found proved reserves, the costs incurred, net of any salvage value, should be charged to expense. During the three and six months ended June 30, 2024 and 2023, no impairment was recorded.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//932-360/tableOfContent + Details
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