Operating Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of segment financial information


		Upstream			Gas Gathering			Total
As of and for the year ended December 31, 2025
Operating revenue
Natural gas		$	29,121,446		$	—		$	29,121,446
Natural gas liquids			1,978,860			—			1,978,860
Oil and condensate			13,803,515			—			13,803,515
Gathering and compression fees			—			6,683,735			6,683,735
Intersegment gathering and compression fees			—			1,864,769			1,864,769
			44,903,821			8,548,504			53,452,325

Reconciliation of operating revenue
Elimination of intersegment revenues									(1,864,769)
Total consolidated operating revenue⁽¹⁾⁽³⁾									51,587,556

Operating costs
Gathering, transportation, and compression			7,836,882			—			7,836,882
Other lease operating expense			4,681,443			—			4,681,443
Gathering system operating expenses			—			2,362,036			2,362,036
Intersegment other lease operating expense			1,864,769			—			1,864,769
Impairment			3,936,669			—			3,936,669
Loss on sale of oil and gas properties			19,256,530			—			19,256,530
Depletion, depreciation, amortization and accretion			11,139,747			1,030,573			12,170,320
Segment operating (loss) income		$	(3,812,219)		$	5,155,895		$	(521,093)

Reconciliation of segment operating loss
Salary expense									(3,876,611)
Stock based compensation									(1,744,917)
Transaction costs									(2,947,907)
Other general and administrative									(3,291,624)
Elimination of intersegment other lease operating expenses									1,864,769
Interest income									188,369
Interest expense									(624,160)
Gain on derivative contracts									5,500,486
Other income									16,556
Net loss before income tax expense								$	(5,436,132)

Capital expenditures⁽²⁾		$	14,374,208		$	465,203		$	14,839,411
Segment assets⁽³⁾		$	181,251,460		$	6,068,250		$	187,319,710

Total segment assets reconciled to consolidated amounts are as follows:
Total segment assets								$	187,319,710
Current assets, net									32,583,778
Fair value of derivatives, long term									1,154,936
Other property and equipment									5,364,697
Operating lease right-of-use asset									488,949
Credit facility fees									774,347
Restricted Cash									553,000
Total assets								$	228,239,417


		Upstream			Gas Gathering			Total
As of and for the year ended December 31, 2024
Operating revenue
Natural gas		$	10,786,068		$	—		$	10,786,068
Natural gas liquids			1,481,958			—			1,481,958
Oil and condensate			13,730,686			—			13,730,686
Gathering and compression fees			—			5,524,063			5,524,063
Intersegment gathering and compression fees			—			1,135,176			1,135,176
			25,998,712			6,659,239			32,657,951

Reconciliation of operating revenue
Elimination of intersegment revenues									(1,135,176)
Total consolidated operating revenue⁽¹⁾⁽³⁾									31,522,775

Operating costs
Gathering, transportation, and compression			4,996,764			—			4,996,764
Other lease operating expense			2,268,060			—			2,268,060
Gathering system operating expenses			—			2,265,190			2,265,190
Intersegment other lease operating expense			1,135,176			—			1,135,176
Impairment			1,450,076			—			1,450,076
Depletion, depreciation, amortization and accretion			9,275,604			909,515			10,185,119
Segment operating income		$	6,873,032		$	3,484,534		$	9,222,390

Reconciliation of segment operating income
Salary expense									(2,815,428)
Stock based compensation									(1,244,416)
Other general and administrative									(2,873,286)
Elimination of intersegment other lease operating expenses									1,135,176
Interest income									493,277
Interest expense									(46,400)
Loss on derivative contracts									(391,147)
Other income									76,727
Net income before income tax expense								$	3,556,893

Capital expenditures⁽²⁾		$	36,219,444		$	341,452		$	36,560,896
Segment assets⁽³⁾		$	97,944,718		$	6,666,860		$	104,611,578

Total segment assets reconciled to consolidated amounts are as follows:
Total segment assets								$	104,611,578
Current assets, net									14,131,519
Other property and equipment									897,099
Operating lease right-of-use asset									344,589
Restricted cash									470,000
Total assets								$	120,454,785

(1)

Segment operating revenue represents revenues generated from the operations of the segment. Inter-segment sales during the years ended December 31, 2025 and 2024 have been eliminated upon consolidation. For the year ended December 31, 2025, three purchasers each accounted for 10% or more of our total revenue: ARM Energy (55%) and Ares Energy (20%) from the upstream segment and Williams (17%) from the gas gathering segment. For the year ended December 31, 2024, three purchasers each accounted for 10% or more of our total revenue: ARM Energy (30%) and Ares Energy (38%) from the upstream segment and Williams (20%) from the gas gathering segment.

(2)

Capital expenditures for the Upstream segment consist primarily of the acquisition of properties, and the drilling and completing of wells while Gas Gathering consists of expenditures relating to the expansion, completion, and maintenance of the gathering and compression facility.

(3)

Our upstream segment includes Canadian revenue and assets for the year ended December 31, 2025 of $1.0 million and $6.6 million, respectively. Our upstream segment includes Canadian revenue and assets for the year ended December 31, 2024 of $0.1 million and $3.7 million, respectively.