v3.26.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 691,672 $ 375,036
Accounts receivable    
Short-term hedging derivative instrument asset 0 63,334
Prepaid expenses and other current assets 1,364,636 1,199,129
Total current assets 4,429,909 3,075,442
Crude oil and natural gas properties, successful efforts method:    
Proved Properties 92,853,397 90,443,361
Accumulated depreciation, depletion, amortization (8,878,750) (4,951,565)
Total oil and natural gas properties, net 83,974,647 85,491,796
Other property, plant and equipment, net 20,000 20,000
Other noncurrent assets 1,891,348 1,891,348
TOTAL ASSETS 90,315,904 90,478,586
Current liabilities    
Accrued liabilities and other 7,360,951 9,821,912
Short-term hedging derivative instrument liabilities 938,285 0
Current portion of long term debt 2,703,338 1,617,337
Current portion of derivative liability 437,838 0
Total current liabilities 27,061,132 24,926,896
Long-term debt, net of current portion 6,300,448 2,261,486
Long-term hedging derivative instrument liabilities 112,905 0
Deferred tax liability 2,711,415 4,830,392
Asset retirement obligations 1,345,686 1,281,147
Other liabilities 675,000 675,000
Total for non-current liabilities 13,879,563 11,764,391
Total liabilities 40,940,695 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 June 30, 2026 and December 31, 2025, respectively 0 0
Additional paid in capital 89,170,727 87,118,006
Accumulated (deficit) (40,601,059) (34,135,880)
Total stockholders’ equity 48,575,209 52,987,299
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY 90,315,904 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 June 30,2026 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 8,212,120 8,351,450
Revenue and royalties payable 7,113,880 5,028,415
Current portion of long term debt 2,703,338 1,617,337
Long-term debt, net of current portion   0
Convertible note liability, net of discount and current portion 1,303,994 811,486
Derivative liability 931,109 407,366
Related Party [Member]    
Current liabilities    
Accounts payable 294,720 107,782
Related party notes payable, net of discount 3,746,454 200,000
Convertible note liability, net of discount and current portion 1,250,000 1,250,000
Derivative liability 1,803,000 2,309,000
Crude Oil and Natural Gas Receivables [Member]    
Accounts receivable    
Accounts receivable 2,341,573 1,405,032
Other Receivables [Member]    
Accounts receivable    
Accounts receivable $ 32,028 $ 32,911