v3.26.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 8,959,954 $ 6,519,793
Accounts receivable 16,132,501 5,843,722
Fair value of derivatives 2,694,340 0
Prepaid income taxes 2,949,311 975,963
Other current assets 1,847,672 792,041
Total current assets 32,583,778 14,131,519
Oil and gas properties, successful efforts method    
Proved properties 233,334,212 191,879,210
Unproved properties 79,307,169 28,364,186
Accumulated depletion, depreciation, amortization and impairment (131,636,141) (123,281,395)
Total oil and gas properties, net 181,005,240 96,962,001
Gathering system 43,540,389 43,116,371
Accumulated depletion, depreciation, amortization and impairment (37,472,139) (36,449,511)
Total gathering system, net 6,068,250 6,666,860
Land 1,231,965 637,764
Buildings and other property and equipment, net 4,132,732 259,335
Total property and equipment, net 192,438,187 104,525,960
Other assets:    
Operating lease right-of-use assets, long term 488,949 344,589
Restricted cash 553,000 470,000
Fair value of derivatives, long term 1,154,936 0
Deferred financing costs 774,347 0
Prepaid drilling costs 246,220 982,717
Total non-current assets 195,655,639 106,323,266
Total assets 228,239,417 120,454,785
Current liabilities    
Accounts payable trade 11,148,050 2,334,732
Gathering fees payable 1,076,143 997,016
Royalties payable 8,702,526 1,400,976
Accrued capital expenditures 24,888 572,079
Accrued compensation 1,056,304 695,018
Other accrued liabilities 2,682,090 371,503
Fair value of derivatives 0 487,548
Operating lease liabilities 271,494 121,135
Total current liabilities 24,961,495 6,980,007
Non-current liabilities    
Credit facility payable 50,500,000 0
Ad valorem taxes, long term 7,411,971 0
Asset retirement obligations 7,437,960 3,652,296
Deferred income taxes 12,855,585 12,738,577
Operating lease liabilities, long term 340,052 355,776
Total non-current liabilities 78,545,568 16,746,649
Total liabilities 103,507,063 23,726,656
Commitments and contingencies (Note 11)
Shareholders' equity    
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding 0 0
Common shares, no par value, unlimited shares authorized and 30,239,980 shares issued and outstanding at December 31, 2025 and 22,008,766 issued and outstanding at December 31, 2024 154,274,125 116,081,031
Additional paid-in capital 13,863,824 12,118,907
Accumulated deficit (53,302,162) (41,505,076)
Accumulated other comprehensive income 9,896,567 10,033,267
Total shareholders' equity 124,732,354 96,728,129
Total liabilities and shareholders' equity $ 228,239,417 $ 120,454,785