v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of income (loss) before income taxes

Year ended December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Foreign

 

$

(5,002,874)

$

(2,769,534)

U.S.

 

(433,258)

 

6,326,427

$

(5,436,132)

$

3,556,893

Schedule of current and deferred tax expense (benefit)

Year ended December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Current:

Federal

$

218,565

$

391,009

State

16,235

53,450

Foreign

10,923

Total current income tax expense

245,723

444,459

Deferred:

Federal

(96,957)

1,372,363

State

213,965

(187,729)

Total deferred tax expense

117,008

1,184,634

Income tax expense

$

362,731

$

1,629,093

Schedule of reconciliation between statutory rate and effective income tax rate

Year Ended

  ​ ​ ​

  ​ ​ ​

December 31, 

Effective

  ​ ​ ​

2025

  ​ ​ ​

Tax Rate

  ​ ​ ​

US Federal Statutory Tax Rate

$

(1,141,588)

21.00

%  

State and Local Income Taxes, Net of Federal Income Tax Effect*

226,790

(4.17)

%  

Foreign Tax Effects

Canada

Statutory tax rate difference between Canada and United States

(467,456)

8.60

%  

US withholding tax on dividends from United States to Canada

248,783

(4.58)

%  

Changes in valuation allowance

1,144,121

(21.05)

%  

Other

(26,291)

0.48

%  

Alberta

Statutory tax rate difference between Alberta and United States

(195,946)

3.60

%  

Changes in valuation allowance

610,198

(11.22)

%  

Other

(14,022)

0.26

%  

Nontaxable or Nondeductible Items

Other

(21,858)

0.40

%  

Income tax expense

$

362,731

(6.68)

%  

*State taxes in Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

Year Ended

  ​ ​ ​

December 31, 

Effective

2024

  ​ ​ ​

Tax Rate

Income tax provision computed at the statutory federal tax rate

$

746,947

 

21.00

%  

Difference in Canadian and U.S. tax rate

 

(55,391)

 

(1.56)

%  

Adjustment of Canadian deferred tax balances

983,975

27.66

%

Valuation allowance on Canadian loss

 

(425,667)

 

(11.97)

%  

Return to provision adjustment

 

(1,245)

 

(0.04)

%  

State taxes

 

(129,233)

 

(3.63)

%  

State valuation allowance

(16,271)

(0.46)

%  

Foreign withholding on dividends

414,250

11.65

%  

Miscellaneous other items

 

111,728

 

3.14

%  

Income tax expense

$

1,629,093

 

45.79

%  

Schedule of net deferred tax liabilities

As of December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

US Federal and state net operating loss carryforwards

$

2,030,390

$

358,224

Canadian net operating loss carryforwards

 

12,839,073

 

11,084,754

ARO

1,768,208

873,169

Lease Liabilities

87,015

114,196

Other

275,810

159,582

Unrealized derivatives

 

 

116,743

Gross deferred tax assets

 

17,000,496

 

12,706,668

Valuation allowance

 

(13,258,688)

 

(11,213,899)

Total net deferred tax assets

 

3,741,808

 

1,492,769

Deferred tax liabilities:

 

  ​

 

  ​

Oil and gas property

 

(14,184,652)

 

(12,620,466)

Partnership

 

(1,413,943)

 

(1,528,368)

ROU Assets

(60,811)

(82,512)

Unrealized derivatives

(937,987)

Gross deferred tax liabilities

 

(16,597,393)

 

(14,231,346)

Net deferred tax liability

$

(12,855,585)

$

(12,738,577)

Schedule of components of the payments for income taxes

Year Ended

December 31, 

  ​ ​ ​

2025

US Federal

$

1,417,860

State

Pennsylvania

755,138

Other

3,986

Total net payments

$

2,176,984