v3.26.1
SUPPLEMENTAL INFORMATION ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2025
Oil and Gas Disclosure [Abstract]  
Oil and Gas, Proved Reserve, Quantity [Table Text Block]

The Company's proved reserves and changes in proved reserves are as follows: 

 

  Crude Oil (Bbls)     Natural Gas (Mcf)     Total Proved Reserves (Boe)  
Proved reserves:                  
December 31, 2023     217,780       473,540       296,703  
Extensions and discoveries     15,043       31,511       20,295  
Revisions of previous estimates     32,490       4,115       33,176  
Purchases of reserves in place     -       -       -  
Production     (26,573 )     (116,406 )     (45,974 )
December 31, 2024     238,740       392,760       304,200  
Extensions and discoveries     248,005       746,679       372,452  
Revisions of previous estimates     107,313       688,044       221,987  
Purchases of reserves in place     79,022       105,496       96,605  
Production     (25,980 )     (117,219 )     (45,517 )
December 31, 2025     647,100       1,815,760       949,727  
                         
Proved developed producing reserves:                        
December 31, 2024     132,600       199,800       165,900  
December 1, 2025     199,000       569,500       293,917  
                         
Proved developed non-producing reserves:                        
December 31, 2024     19,900       38,500       26,350  
December 1, 2025     18,700       32,900       24,183  
                         
Proved undeveloped reserves:                        
December 31, 2024     86,240       154,460       111,950  
December 1, 2025     429,400       1,213,360       631,627  
                         
Total proved reserves:                        
December 31, 2024     238,740       392,760       304,200  
December 1, 2025     647,100       1,815,760       949,727  
Oil and Gas, Change in Standardized Measure, Discounted Future Net Cash Flow [Table Text Block]

The standardized measure of discounted future net cash flows relating to proved reserves is as follows:

 

   December 31, 
   2025   2024 
Future cash inflows  $43,694,600   $17,957,800 
Future production costs   (17,820,400)   (6,885,000)
Future development costs   (5,411,900)   (34,600)
Future income taxes (1)   -    - 
Future net cash flows   20,462,300    11,038,200 
Less 10% annual discount to reflect timing of cash flows   (9,286,200)   (4,689,500)
Standardized measure of discounted future net cash flows   11,176,100    6,348,700 

 

(1) Future income taxes in the calculation of the standardized measure of discounted future net cash flows were zero as of December 31, 2024, and 2025, as the historical tax basis of proved oil and gas properties, net operating loss carryforwards, and future tax deductions exceeded the undiscounted future net cash flows before income taxes of the Company’s proved oil and gas reserves as of December 31, 2024, and 2025.
Schedule of Proved Reserves and the Standardized Measure [Table Text Block] The following average realized prices were used in the calculation of proved reserves and the standardized measure of discounted future net cash flows.
   December 31, 
   2025   2024 
Crude oil ($/Bbl)  $61.92   $72.01 
Natural gas ($/Mcf)  $2.00   $1.95 
Schedule of Money and the Risks Inherent in Proved Reserve Estimates [Table Text Block] An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and a discount factor more representative of the time value of money and the risks inherent in proved reserve estimates.
   December 31, 
   2025   2024 
Standardized measure at beginning of year  $6,348,700   $6,503,720 
Revisions to reserves proved in prior years:          
Net change in sales prices and production costs related to future production   (2,084,125)   (102,367)
Net change in estimated future development costs   (4,458,464)   (34,600)
Net change due to revisions in quantity estimates   3,216,276    900,932 
Accretion of discount   634,870    650,372 
Changes in production rates (timing) and other   191,993    (143,080)
Total revisions to reserves proved in prior years   (2,499,450)   1,271,257 
Net change due to extensions and discoveries, net of estimated future development and production costs   6,849,699    448,423 
Net change due to purchases of reserves in place   2,090,951    - 
Sales of crude oil, NGLs and natural gas produced, net of production costs   (1,613,800)   (1,874,700)
Net change in standardized measure of discounted future net cash flows   4,827,400    (155,020)
Standardized measure at end of year  $11,176,100   $6,348,700 
Oil and Gas, Cost Incurred, Property Acquisition, Exploration, and Development [Table Text Block]

The following sets forth costs incurred for oil and gas property acquisition and development activities, whether capitalized or expensed at December 31:

 

   Year ended December 31, 
   2025   2024 
Acquisition - Proved  $1,508,167   $- 
Acquisition - Unproved   -    - 
Development   1,433,352    4,955,045 
Exploration   -    - 
Total Costs  $2,941,519   $4,955,045 
Oil and Gas, Result of Operation, Producing Activity [Table Text Block]

The results of operations from oil and gas producing and exploration activities (excluding corporate overhead and interest costs) are as follows:

 

   Year ended December 31, 
   2025   2024 
Oil and gas sales  $1,926,442   $2,246,073 
Production related costs (Lease Operating)   (1,396,710)   (2,065,005)
Impairment   (27,250)   (400,719)
Depreciation, depletion, amortization, and accretion   (259,438)   (308,524)
           
Results of operations from producing and exploration activities  $243,044   $(528,175)
Income Taxes (Benefit)   -    - 
           
Net Results  $243,044   $(528,175)