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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
2 Months Ended 3 Months Ended 10 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Nov. 14, 2023
Dec. 31, 2022
Operating activities:          
Net income (loss)     $ 1,908,871 $ 4,970,863 $ 18,296,002
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation, depletion, and amortization expense     417,381 1,497,749 1,613,402
Accretion of asset retirement obligations     341,066 843,865 1,575,296
Equity-based compensation       6,394
Deferred income tax benefit      
Amortization of operating lease right-of-use assets     (626) (403) (329)
Amortization of debt issuance costs     111 3,890 3,676
Change in fair value of unsettled derivatives     (584,024) (1,215,693) (2,185,000)
Change in fair value of warrant liability    
Change in fair value of forward purchase agreement      
Change in other property, plant, and equipment, net     83,004 83,004
(Gain) loss on sale of assets       816,011
Changes in operating assets and liabilities:          
Accounts payable     408,020    
Changes in operating assets and liabilities:          
Accounts receivable     278,473 (921,945) (243,940)
Prepaid expenses and other assets     120,694 26,833 (132,809)
Related party note receivable interest income     (85,429) (313,401)
Accrued liabilities and other     53,120 1,480,138 148,143
Accrued liabilities       753,595 1,707,701
Royalties payable     266,261 157,991 10,248
Royalties payable – related party       8,066 (2,147,652)
Net cash provided by operating activities     3,207,922 8,190,563 18,651,132
Investing activities:          
Development of crude oil and gas properties     (3,106,261) (6,769,557) (16,891,856)
Acquisition of business, net of cash acquired      
Trust Account withdrawals      
Issuance of related party note receivable     (190,997) (190,998) (3,809,003)
Net cash used in investing activities     (3,297,258) (6,960,555) (20,700,859)
Financing activities:          
Proceeds from issuance of long-term debt       8,000,000
Payment of debt issuance costs       (3,000,000)
Repayments of long-term debt       (3,000,000)
Member distributions       (2,000,000)
Repayment of related party notes payable      
Redemptions of common stock      
Net cash used in financing activities       (3,000,000) 3,000,000
Net change in cash and cash equivalents     (89,336) (1,769,992) 950,273
Cash and cash equivalents at beginning of period $ 246,323   2,016,315 2,016,315 1,066,042
Cash and cash equivalents at end of period     1,926,979 246,323 2,016,315
Cash paid during the period for:          
Interest on debt     409,641 2,002,067 847,968
Income taxes      
Amounts included in the measurement of operating lease liabilities     21,178 56,625 151,655
Supplemental disclosure of non-cash investing and financing activities:          
Operating lease assets obtained in exchange for operating lease obligations       46,528
Impact to right-of-use assets and lease liabilities due to lease modification       50,921
Accrued purchases of property and equipment at period end     $ 909,374 256,237 $ 663,954
Successor          
Operating activities:          
Net income (loss) (9,001,202) $ (5,286,852)      
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation, depletion, and amortization expense 352,127 476,074      
Accretion of asset retirement obligations 11,062 33,005      
Equity-based compensation 3,445,965 699,248      
Deferred income tax benefit (2,365,632) (1,431,936)      
Amortization of operating lease right-of-use assets        
Amortization of debt issuance costs 1,191,553 813,181      
Change in fair value of unsettled derivatives (443,349) 1,860,093      
Change in fair value of warrant liability (187,704) 624,055      
Change in fair value of forward purchase agreement (3,268,581) 349,189      
Change in other property, plant, and equipment, net        
(Gain) loss on sale of assets        
Changes in operating assets and liabilities:          
Accounts payable   (581,535)      
Changes in operating assets and liabilities:          
Accounts receivable 1,793,055 (23,985)      
Prepaid expenses and other assets (258,431) 59,758      
Related party note receivable interest income        
Accrued liabilities and other 7,953,598 3,161,477      
Accrued liabilities 1,251,677        
Royalties payable (313,381) 560,392      
Royalties payable – related party 323,717 214,394      
Net cash provided by operating activities 484,474 1,526,558      
Investing activities:          
Development of crude oil and gas properties (238,499) (977,716)      
Purchases of other equipment   (20,000)      
Acquisition of business, net of cash acquired (30,827,804)        
Trust Account withdrawals 49,362,479        
Issuance of related party note receivable        
Net cash used in investing activities 18,296,176 (997,716)      
Financing activities:          
Proceeds from issuance of long-term debt 28,000,000        
Payment of debt issuance costs (808,992)        
Repayments of long-term debt (319,297) (887,174)      
Proceeds from related party notes payable   250,000      
Member distributions        
Repayment of related party notes payable (33,750)      
Redemptions of common stock (44,737,839)        
Net cash used in financing activities (17,866,128) (670,924)      
Net change in cash and cash equivalents 914,522 (142,082)      
Cash and cash equivalents at beginning of period 2,590,932 3,505,454      
Cash and cash equivalents at end of period 3,505,454 3,363,372   $ 2,590,932  
Cash paid during the period for:          
Interest on debt 370,625 1,387,458      
Income taxes 154,000        
Amounts included in the measurement of operating lease liabilities        
Supplemental disclosure of non-cash investing and financing activities:          
Operating lease assets obtained in exchange for operating lease obligations        
Impact to right-of-use assets and lease liabilities due to lease modification        
Debt discount related to warrants issued with Private Notes Payable   223,908      
Accrued purchases of property and equipment at period end $ 141,481 $ 65,203