v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 7,912,858 $ 8,959,954
Accounts receivable 16,794,429 16,132,501
Fair value of derivatives 426,255 2,694,340
Prepaid income taxes 2,959,475 2,949,311
Other current assets 1,688,563 1,847,672
Total current assets 29,781,580 32,583,778
Oil and gas properties, successful efforts method    
Proved properties 237,783,115 233,334,212
Unproved properties 79,690,561 79,307,169
Accumulated depletion, depreciation, amortization and impairment (134,196,469) (131,636,141)
Total oil and gas properties, net 183,277,207 181,005,240
Gathering system 43,593,370 43,540,389
Accumulated depletion, depreciation, amortization and impairment (37,680,704) (37,472,139)
Total gathering system, net 5,912,666 6,068,250
Land 1,231,965 1,231,965
Buildings and other property and equipment, net 4,077,163 4,132,732
Total property and equipment, net 194,499,001 192,438,187
Other assets:    
Operating lease right-of-use assets, long term 429,923 488,949
Restricted cash 553,000 553,000
Fair value of derivatives, long term 185,056 1,154,936
Deferred financing costs 724,263 774,347
Prepaid drilling costs 246,220 246,220
Total non-current assets 196,637,463 195,655,639
Total assets 226,419,043 228,239,417
Current liabilities    
Accounts payable trade 8,159,934 11,148,050
Gathering fees payable 1,047,841 1,076,143
Royalties payable 10,071,572 8,702,526
Accrued capital expenditures 577,154 24,888
Accrued compensation 739,649 1,056,304
Other accrued liabilities 2,927,196 2,682,090
Fair value of derivatives 3,833,399 0
Operating lease liabilities 271,790 271,494
Total current liabilities 27,628,535 24,961,495
Non-current liabilities    
Credit facility payable 45,500,000 50,500,000
Ad valorem taxes, long term 7,411,971 7,411,971
Asset retirement obligations 7,553,458 7,437,960
Fair value of derivatives, long term 810,629 0
Deferred income taxes 13,120,790 12,855,585
Operating lease liabilities, long term 271,046 340,052
Total non-current liabilities 74,667,894 78,545,568
Total liabilities 102,296,429 103,507,063
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 March 31, 2026 and December 31, 2025 154,274,125 154,274,125
Additional paid-in capital 14,411,351 13,863,824
Accumulated deficit (54,457,110) (53,302,162)
Accumulated other comprehensive income 9,894,248 9,896,567
Total shareholders' equity 124,122,614 124,732,354
Total liabilities and shareholders' equity $ 226,419,043 $ 228,239,417