v3.25.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash $ 6,951,006 $ 2,960,151
Accounts receivable - oil and gas sales 32,906 75,074
Prepaid expenses and other current assets 483,810 175,866
TOTAL CURRENT ASSETS 7,467,722 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 (61,809,714) (61,743,025)
PROPERTY AND EQUIPMENT, NET 1,056,237 1,117,636
Right of use asset 28,812 69,901
Refundable acquisition deposit 160,000
Other assets 3,167 3,167
TOTAL ASSETS 8,715,938 4,401,795
CURRENT LIABILITIES    
Accounts payable 193,266 49,542
Accrued expenses 19,582 17,684
Current portion of lease liability 29,285 71,082
TOTAL CURRENT LIABILITIES 242,133 138,308
LONG-TERM LIABILITIES    
Reserve for plugging and abandonment costs 62,470 57,180
TOTAL LONG-TERM LIABILITIES 62,470 57,180
TOTAL LIABILITIES 304,603 195,488
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Common stock, par value $0.001 per share; 300,000,000 shares authorized; 1,908,385 and 1,308,653 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1,908 1,309
Additional paid-in capital 96,451,859 89,420,107
Accumulated deficit (88,042,432) (85,215,109)
TOTAL SHAREHOLDERS’ EQUITY 8,411,335 4,206,307
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,715,938 $ 4,401,795