v3.26.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 129,772 $ 375,036
Accounts receivable    
Short-term hedging derivative instrument asset 0 63,334
Prepaid expenses and other current assets 1,201,868 1,199,129
Total current assets 3,738,687 3,075,442
Crude oil and natural gas properties, successful efforts method:    
Proved Properties 91,835,908 90,443,361
Accumulated depreciation, depletion, amortization (6,742,541) (4,951,565)
Total oil and natural gas properties, net 85,093,367 85,491,796
Other property, plant and equipment, net 20,000 20,000
Other noncurrent assets 1,891,348 1,891,348
TOTAL ASSETS 90,743,402 90,478,586
Current liabilities    
Accrued liabilities and other 6,353,055 9,821,912
Short-term hedging derivative instrument liabilities 2,683,479 0
Current portion of long term debt 1,577,755 1,617,337
Derivative liability, current 306,637 0
Total current liabilities 26,339,099 24,926,896
Long-term hedging derivative instrument liabilities 526,638 0
Deferred tax liability 3,287,278 4,830,392
Asset retirement obligations 1,312,821 1,281,147
Other liabilities 675,000 675,000
Total for non-current liabilities 14,747,980 11,764,391
Total liabilities 41,087,079 36,691,287
Commitments and Contingencies
Stockholders’ equity    
Preferred stock, $0.0001 par value; 1,000,000 authorized shares, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 0 0
Additional paid in capital 88,759,257 87,118,006
Accumulated deficit (39,908,475) (34,135,880)
Total stockholders’ equity 48,856,323 52,987,299
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY 90,743,402 90,478,586
Redeemable Common Stock [Member]    
Current liabilities    
Redeemable common stock, $0.0001 par value; 400,000 shares outstanding subject to redemption at $15.00 per share as of March 31, 2026 and December 31, 2025, respectively 800,000 800,000
Common Class A [Member]    
Stockholders’ equity    
Common stock 5,541 5,173
Common Class B [Member]    
Stockholders’ equity    
Common stock 0 0
Nonrelated Party [Member]    
Current liabilities    
Accounts payable 9,139,085 8,351,450
Revenue and royalties payable 5,978,024 5,028,415
Current portion of long term debt 1,577,755 1,617,337
Long-term debt, net of current portion and discount 0 0
Convertible note liability, net of discount and current portion 805,174 811,486
Derivative liability 906,615 407,366
Related Party [Member]    
Current liabilities    
Accounts payable 301,064 107,782
Long-term debt, net of current portion and discount 3,746,454 200,000
Convertible note liability, net of discount and current portion 1,250,000 1,250,000
Derivative liability 2,238,000 2,309,000
Crude Oil and Natural Gas Receivables [Member]    
Accounts receivable    
Accounts receivable 2,334,464 1,405,032
Other Receivables [Member]    
Accounts receivable    
Accounts receivable $ 72,583 $ 32,911