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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 8,581,484 $ 13,403,628
Accounts receivable 4,944,664 6,015,448
Short term investments 0 18,775,106
Fair value of derivatives 403,992 1,219,025
Prepaid income taxes 632,531 952,301
Other current assets 414,736 763,288
Total current assets 14,977,407 41,128,796
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
Other assets:    
Operating lease right-of-use assets, long term 392,792 441,987
Restricted cash 900,000 470,000
Prepaid drilling costs 926,827 1,813,808
Total non-current assets 106,167,549 82,913,817
Total assets 121,144,956 124,042,613
Current liabilities    
Accounts payable trade 2,386,055 3,236,871
Gathering fees payable 971,599 1,136,237
Royalties payable 1,196,239 1,422,898
Accrued capital expenditures 108,216 696,761
Accrued compensation 416,037 636,295
Other accrued liabilities 614,231 561,537
Fair value of derivatives 259,896 118,770
Operating lease liabilities 103,846 86,473
Total current liabilities 6,056,119 7,895,842
Non-current liabilities    
Asset retirement obligations 3,528,208 3,502,952
Deferred income taxes 11,499,207 11,553,943
Operating lease liabilities, long term 415,805 476,911
Total non-current liabilities 15,443,220 15,533,806
Total liabilities 21,499,339 23,429,648
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 21,921,850 shares issued and outstanding at June 30, 2024 and 22,222,722 issued and 22,151,848 shares outstanding at December 31, 2023 116,708,531 118,272,565
Treasury shares, at cost, 0 at June 30, 2024 and 70,874 at December 31, 2023   (360,326)
Additional paid-in capital 11,509,649 10,874,491
Accumulated deficit (38,365,835) (37,946,042)
Accumulated other comprehensive income 9,793,272 9,772,277
Total shareholders' equity 99,645,617 100,612,965
Total liabilities and shareholders' equity $ 121,144,956 $ 124,042,613