v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Net Deferred Tax Asset

As of December 31, 2024 and 2023, the Company’s net deferred tax assets were as follows:

 

   December 31,
2024
   December 31,
2023
 
Deferred tax assets        
Federal net operating loss  $1,913,959   $454,225 
Transaction costs   1,515,401    1,441,904 
Other debt costs   -    885,890 
Accrued expenses   1,202,259    - 
Deferred compensation   446,113    - 
Derivative liability   228,732    - 
Stock-based compensation   648,697    268,405 
Other   45,322    3,611 
Total deferred tax assets   6,000,483    3,054,035 
Deferred tax liabilities          
Oil and natural gas properties   (8,665,914)   (9,097,162)
Unrealized gain on derivatives   (27,302)   (120,013)
Total deferred tax assets   (8,693,216)   (9,217,175)
Net deferred tax liabilities   (2,692,733)   (6,163,140)
Valuation allowance for deferred tax assets   -    - 
Net Deferred tax liability, net of allowance  $(2,692,733)  $(6,163,140)
Schedule of Income Tax Provision

The income tax provision consists of the following:

 

      For the
period from
 
   For the
Year Ended
December 31,
2024
   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   (2,840,051)   (1,467,862)
State   (630,356)   (325,795)
Valuation allowance   -    (571,975)
Total deferred income tax (benefit) expense   (3,470,407)   (2,365,632)
Total income tax (benefit) expense  $(3,470,407)  $(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
   For the
period from
 
   November 15, 2023 to December 31, 2023   November 15, 2023 to December 31, 2023 
Statutory federal income tax rate   21.00%   21.00%
State Taxes (Net of Federal Benefit)   5.02%   2.86%
Permanent Differences   (1.60)%   (8.11)%
Exchange of Class B units for Class A common stock   3.24%   -%
Change in valuation allowance   -%   5.02%
Other   (0.01)%   0.19%
Income tax provision   27.65%   20. 97%