NOTE 5 –ROYALTY INTERESTS IN OIL AND GAS PROPERTIES

On May 31, 2024, the Company issued 1,320,755 shares of common stock, $0.01 par value per share, valued at $2.00 per share (the “Shares”), to Liberty Operating, LLC, a Mississippi limited liability company (“Liberty”), in consideration for the sale and assignment of various mineral and oil and gas interest in and to certain properties located in Mississippi to Barrister Energy, LLC, a wholly-owned subsidiary of the Company organized under the laws of Mississippi. At the request and the instructions of Liberty, the Company issued the Shares to all members of Liberty on the pro rata basis of their ownership interest in Liberty. The acquisition was effective as of May 1, 2024 and the Company recorded additions of $962,619 and $1,698,113 to proved and unproved reserves, respectively.

The Company did not execute any acquisitions during the six months ended June 30, 2025. At June 30, 2025, the Company had leased oil and gas properties assets valued at $10,102,467.

 Scheduled leased oil and gas properties assets

We recorded depletion expense of $95,425 and $195,939 for the three and six months ended June 30, 2025, respectively, and recorded depletion expense of $102,755 and $184,079 for the three and six months ended June 30, 2024, respectively.