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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 2,322,556 $ 3,960,416
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation, amortization, and accretion 4,428,829 3,388,734
Accretion of discount on available for sale securities (297,637) (343,328)
Gain on available for sale securities 0 (47,659)
Loss on sale of oil and gas properties 0 1,449,871
Loss (gain) on derivative contracts 195,617 (1,696,838)
Settlement received on derivative contracts 760,542 1,632,858
Settlement of asset retirement obligation (87,284) 0
Stock-based compensation expense 635,158 359,496
Deferred income tax (benefit) expense (54,736) 230,327
Changes in assets and liabilities:    
Accounts receivable 1,070,784 2,846,310
Prepaid income taxes 319,770 0
Other assets and liabilities 354,014 425,789
Accounts payable, royalties payable and other accrued liabilities (572,099) (1,910,674)
Income taxes payable 0 (93,575)
Net cash provided by operating activities 9,075,514 10,201,727
Cash flows from investing activities:    
Additions to unproved oil and gas properties (2,993,155) (7,821,248)
Additions to proved oil and gas properties (26,425,017) (5,653,284)
Additions to gathering system properties (70,236) (30,264)
Additions to land, buildings and property and equipment (13,912) (47,933)
Purchases of short term investments - held to maturity 0 (32,812,974)
Purchases of short term investments - available for sale (4,045,785) 0
Proceeds from sales and maturities of short term investments 23,116,930 6,352,473
Proceeds from sale of oil and gas properties   12,498
Prepaid drilling costs 886,981 0
Net cash used in investing activities (9,544,194) (40,000,732)
Cash flows from financing activities:    
Buyback of common shares (1,203,708) (3,054,775)
Dividends paid (2,742,349) (2,828,602)
Debt issuance costs   (140,000)
Net cash used in financing activities (3,946,057) (6,023,377)
Effect of currency rates on cash, cash equivalents, and restricted cash 22,593 (1,471)
Decrease in cash, cash equivalents, and restricted cash (4,392,144) (35,823,853)
Cash, cash equivalents, and restricted cash, beginning of period 13,873,628 45,806,947
Cash, cash equivalents, and restricted cash, end of period 9,481,484 9,983,094
Supplemental cash flow disclosures:    
Income taxes paid 131,392 1,432,000
Interest paid   80,075
Non-cash investing activities:    
Change in proved properties accrued in accounts payable and accrued liabilities (1,471,985) 72,999
Change in gathering system accrued in accounts payable and accrued liabilities 45,862 4,240
Asset retirement obligation asset additions and adjustments $ 21,831 $ 4,640