v3.26.3
Note 3 - Oil and Gas Properties
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Oil and Gas, Property and Equipment [Text Block]

NOTE 3 — OIL AND GAS PROPERTIES

 

Net capitalized costs related to the Company’s oil and gas producing activities at June 30, 2026 and December 31, 2025 are as follows:

 

​

​

June 30,

​

​

December 31,

​

​

​

2026

​

​

2025

​

Leasehold cost

​

$

75,874,552

​

​

$

75,874,552

​

Intangibles

​

​

11,526,062

​

​

​

9,542,668

​

Lease and well equipment

​

​

4,374,113

​

​

​

3,947,471

​

Capitalized asset retirement obligation

​

​

1,078,670

​

​

​

1,078,670

​

Total oil and gas properties, successful efforts method

​

​

92,853,397

​

​

​

90,443,361

​

Accumulated depletion

​

​

(8,878,750

)

​

​

(4,951,565

)

Oil and gas properties, net

​

$

83,974,647

​

​

$

85,491,796

​

 

The Company recognized depreciation, depletion, and amortization expense totaling $2,136,209 and $458,190 for three months ended June 30, 2026 and 2025, respectively, and $3,927,185 and $555,265 for the six months ended June 30, 2026 and 2025, respectively.