v3.25.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash $ 5,308,416 $ 2,960,151
Accounts receivable – oil and gas sales 36,095 75,074
Prepaid expenses and other current assets 506,535 175,866
TOTAL CURRENT ASSETS 5,851,046 3,211,091
PROPERTY AND EQUIPMENT    
Costs subject to amortization 62,775,947 62,770,657
Office equipment 90,004 90,004
Total 62,865,951 62,860,661
Accumulated depletion, depreciation, amortization, and impairment (61,764,910) (61,743,025)
PROPERTY AND EQUIPMENT, NET 1,101,041 1,117,636
Right of use asset 49,669 69,901
Refundable acquisition deposit 160,000
Other assets 3,167 3,167
TOTAL ASSETS 7,164,923 4,401,795
CURRENT LIABILITIES    
Accounts payable 25,272 49,542
Accrued expenses 19,309 17,684
Current portion of lease liability 50,496 71,082
TOTAL CURRENT LIABILITIES 95,077 138,308
LONG-TERM LIABILITIES    
Reserve for plugging and abandonment costs 62,470 57,180
TOTAL LONG-TERM LIABILITIES 62,470 57,180
TOTAL LIABILITIES 157,547 195,488
COMMITMENTS AND CONTINGENCIES  
SHAREHOLDERS’ EQUITY    
Common stock, par value $0.001; 20,000,000 shares authorized 15,686,533 and 13,086,533 shares issued and outstanding 15,687 13,087
Additional paid-in capital 93,239,281 89,408,329
Accumulated deficit (86,247,592) (85,215,109)
TOTAL SHAREHOLDERS’ EQUITY 7,007,376 4,206,307
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 7,164,923 $ 4,401,795