v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 11,169,421 $ 8,959,954
Accounts receivable 17,476,445 16,132,501
Fair value of derivatives 694,977 2,694,340
Prepaid income taxes 2,994,982 2,949,311
Other current assets 1,462,462 1,847,672
Total current assets 33,798,287 32,583,778
Oil and gas properties, successful efforts method    
Proved properties 245,787,578 233,334,212
Unproved properties 80,341,257 79,307,169
Accumulated depletion, depreciation, amortization and impairment (136,623,569) (131,636,141)
Total oil and gas properties, net 189,505,266 181,005,240
Gathering system 43,428,789 43,540,389
Accumulated depletion, depreciation, amortization and impairment (37,849,676) (37,472,139)
Total gathering system, net 5,579,113 6,068,250
Land 1,231,965 1,231,965
Buildings and other property and equipment, net 4,036,238 4,132,732
Total property and equipment, net 200,352,582 192,438,187
Other assets:    
Operating lease right-of-use assets, long term 371,181 488,949
Restricted cash 553,000 553,000
Fair value of derivatives, long term 33,114 1,154,936
Deferred financing costs 673,754 774,347
Prepaid drilling costs 661,803 246,220
Total non-current assets 202,645,434 195,655,639
Total assets 236,443,721 228,239,417
Current liabilities    
Accounts payable trade 19,129,836 11,148,050
Gathering fees payable 938,041 1,076,143
Royalties payable 9,902,986 8,702,526
Accrued capital expenditures 486,548 24,888
Accrued compensation 1,081,171 1,056,304
Other accrued liabilities 2,618,815 2,682,090
Fair value of derivatives 686,882 0
Operating lease liabilities 272,063 271,494
Total current liabilities 35,116,342 24,961,495
Non-current liabilities    
Credit facility payable 40,500,000 50,500,000
Ad valorem taxes, long term 7,411,971 7,411,971
Asset retirement obligations 7,676,996 7,437,960
Fair value of derivatives, long term 97,675 0
Deferred income taxes 15,527,679 12,855,585
Operating lease liabilities, long term 202,015 340,052
Total non-current liabilities 71,416,336 78,545,568
Total liabilities 106,532,678 103,507,063
Commitments and contingencies
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 30,248,617 shares issued and outstanding at June 30, 2026 and 30,239,980 shares issued and outstanding at December 31, 2025 154,274,125 154,274,125
Additional paid-in capital 14,958,878 13,863,824
Accumulated deficit (49,214,176) (53,302,162)
Accumulated other comprehensive income 9,892,216 9,896,567
Total shareholders' equity 129,911,043 124,732,354
Total liabilities and shareholders' equity $ 236,443,721 $ 228,239,417