v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income $ (5,798,863) $ 1,927,800
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation, amortization, and accretion 12,170,320 10,185,119
Impairment expense 3,936,669 1,450,076
Accretion of discount on available for sale securities 0 (297,637)
Amortization on deferred financing costs 44,510 0
Loss on sale of oil and gas properties 19,256,530 0
(Gain) loss on derivative contracts (5,500,486) 391,147
Settlement received on derivative contracts 1,163,662 1,196,656
Settlement of asset retirement obligation (1,600) (88,992)
Stock-based compensation expense 1,744,917 1,244,416
Deferred income tax (benefit) expense 117,008 1,184,634
Changes in assets and liabilities, net of assets and liabilities acquired in business combination:    
Accounts receivable (1,588,383) 171,726
Prepaid income taxes (1,973,348) (23,662)
Other assets and liabilities (10,365) (17,828)
Accounts payable, royalties payable, gathering fees payable, and other accrued liabilities (2,940,888) (493,176)
Net cash provided by operating activities 20,619,683 16,830,279
Cash flows from investing activities:    
Additions to unproved oil and gas properties (6,999,905) (4,507,280)
Additions to proved oil and gas properties (7,929,773) (31,695,651)
Additions to gathering system properties (465,203) (341,452)
Additions to land, buildings and property and equipment 270,488 (16,513)
Purchases of short term investments - available for sale 0 (4,045,785)
Proceeds from short term investments - held to maturity 0 6,743,178
Proceeds from short term investments - available for sale 0 16,373,752
Net asset acquired in business combination (49,754,846) 0
Proceeds from sale of oil and gas properties 2,500,000 0
Prepaid drilling costs 736,497 831,091
Net cash used in investing activities (61,642,742) (16,658,660)
Cash flows from financing activities:    
Buyback of common shares 0 (1,831,208)
Borrowings on credit facility 50,500,000 0
Dividends paid (5,998,223) (5,486,834)
Deferred financing costs (818,857) 0
Net cash provided by (used in) financing activities 43,682,920 (7,318,042)
Effect of currency rates on cash, cash equivalents, and restricted cash (136,700) 262,588
Increase (decrease) in cash, cash equivalents, and restricted cash 2,523,161 (6,883,835)
Cash, cash equivalents, and restricted cash, beginning of period 6,989,793 13,873,628
Cash, cash equivalents, and restricted cash, end of period 9,512,954 6,989,793
Supplemental cash flow disclosures:    
US Federal 1,417,860 414,250
Interest paid 9,935 16,832
Non-cash investing activities:    
Change in proved properties accrued in accounts payable (937,079) (862,744)
Change in gathering system accrued in accounts payable (41,186) 36,645
Asset retirement obligation asset additions and adjustments 25,195 54,902
Pennsylvania    
Supplemental cash flow disclosures:    
State 755,138 0
State, Other    
Supplemental cash flow disclosures:    
State $ 3,986 $ (2,071)