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Income Taxes (Tables) | 12 Months Ended
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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 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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