v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and Cash Equivalents $ 1,099,044 $ 1,877,163
Restricted Cash 7,175,950 6,025,000
Other Receivables, net 793,608 868,429
Revenue Receivables 694,729 764,653
Prepaid Expenses and Other Current Assets 746,862 619,913
Total Current Assets 10,510,193 10,155,158
Other Assets 576,265 589,865
Right of Use Asset - Leases 141,417 238,509
Oil and Gas Properties (Successful Efforts Basis), Real Property and Equipment and Fixtures, net 5,774,178 4,656,659
Total Assets 17,002,053 15,640,191
Current Liabilities:    
Accounts Payable and Accrued Expenses 6,033,878 6,776,825
Royalties Payable 611,833 611,833
RMX Resources, LLC 23,087 23,087
Leases - Current 102,238 94,070
Asset Retirement Obligation - Current 1,012,500 1,012,500
Deferred Drilling Obligations 14,277,496 11,457,996
Total Current Liabilities 22,061,032 19,976,311
Noncurrent Liabilities:    
Asset Retirement Obligation 4,065,352 4,066,095
Notes Payable 4,121,112 3,489,290
Leases - Non-current 43,386 145,644
Accrued Unpaid Guaranteed Payments 90,000 90,000
Accrued Liabilities - Non-current 12,386 12,386
Total Liabilities 30,393,268 27,779,726
Commitments and Contingencies (See Note 13) 0 0
Stockholders’ Deficit:    
Common Stock, $0.001 Par Value, 280,000,000 Shares Authorized 96,600,302 and 96,600,302 shares issued and outstanding at December 31, 2025 and 2024, respectively 96,600 96,600
Additional Paid in Capital 81,078,554 81,078,554
Accumulated Deficit (94,566,369) (93,314,689)
Total Stockholder’s Deficit (13,391,215) (12,139,535)
Total Liabilities, Stockholders’ Deficit $ 17,002,053 $ 15,640,191