v3.25.1
OIL AND NATURAL GAS PROPERTIES
3 Months Ended
Mar. 31, 2025
OIL AND NATURAL GAS PROPERTIES  
OIL AND NATURAL GAS PROPERTIES

NOTE 6. OIL AND NATURAL GAS PROPERTIES

    

March 31, 

    

December 31, 

2025

    

2024

Evaluated oil and natural gas properties – cost

$

6,933,071

$

6,933,071

Accumulated depletion and impairment

 

(6,280,775)

 

(6,142,978)

Oil and natural gas properties, net

$

652,296

$

790,093

The Company had no unevaluated properties at March 31, 2025 and December 31, 2024.

The Company recorded depletion expense in the amounts of $137,797 and $194,871 for the three months ended March 31, 2025 and 2024, respectively. There were no ceiling test impairments recorded during the three months ended March 31, 2025 and the year ended December 31, 2024.