XML 120 R26.htm IDEA: XBRL DOCUMENT v3.24.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Net Deferred Tax Asset As of December 31, 2023, the Company’s net deferred tax assets were as follows:
   December 31,
2023		 
Deferred tax assets    
Federal net operating loss  $454,225 
Transaction costs   1,441,904 
Other debt costs   885,890 
Stock-based compensation   268,405 
Other   3,611 
Total deferred tax assets   3,054,035 
Deferred tax liabilities     
Oil and natural gas properties   (9,097,162)
Unrealized gain on derivatives   (120,013)
Total deferred tax assets   (9,217,175)
Net deferred tax liabilities   (6,163,140)
Valuation allowance for deferred tax assets   
-
 
Net Deferred tax liability, net of allowance  $(6,163,140)

  
Schedule of Income Tax Provision The income tax provision consists of the following:
   For the
period from		 
   November 15,
2023 to
December 31,
2023		 
Current income tax (benefit) expense    
Federal  $(22,007)
State   
-
 
Total current income tax benefit   (22,007)
Deferred tax (benefit) expense:     
Federal   
(1,467,62
)
State   (325,795)
Valuation allowance   (571,975)
Total deferred income tax (benefit) expense   (2,365,632)
Total income tax (benefit) expense  $(2,387,639)
Schedule of Reconciliation of the Federal Income Tax Rate A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:
   For the
period from		 
   November 15,
2023 to
December 31,
2023		 
Statutory federal income tax rate   21.00%
State Taxes (Net of Federal Benefit)   2.86%
Permanent Differences   (8.11)%
Change in valuation allowance   5.02%
Other   0.19%
Income tax provision   20. 97%