v3.25.1
Oil and Gas Properties and Property, plant and equipment
 3 Months Ended
Mar. 31, 2025
Property, plant and equipment [Abstract]  
Oil and Gas Properties and Property, plant and equipment
7. Oil and Gas Properties and Property, plant and equipment

 

Oil and gas properties include the cost of properties, equipment and facilities for oil and natural-gas producing activities, excluding any asset retirement obligations. At March 31, 2025, the Company’s oil and gas properties, net consisted of the following: 

 

   2025 
Oil and gas properties   2,441,712 
Less: accumulated depreciation   (124,494)
   $2,317,218 

 

Property, plant and equipment are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their useful lives. At March 31, 2025 and December 31, 2024, the Company’s property, plant and equipment, net consisted of the following: 

 

   2025   2024 
Computer equipment and software  $100,370   $100,370 
Furniture and other equipment   16,251    16,251 
Leasehold improvements   11,991    11,991 
Equipment and machinery   965,171    770,939 
Automobiles   4,638    4,638 
Building   3,447,763    3,447,763 
Property, plant and equipment   4,546,184    4,351,952 
Less: accumulated depreciation   (306,096)   (386,526)
   $4,240,088   $3,965,426 

 

Depreciation expense for the three months ended March 31, 2025 and 2024 amounted to $92,117 and $42,381, respectively.