v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
ASSETS      
Cash and cash equivalents $ 691,672 $ 375,036 $ 2,971,558
Accounts receivable
Crude Oil and natural gas sales 2,341,573 1,405,032 1,777,846
Other 32,028 32,911 4,418
Short-term hedging derivative instrument asset 63,334 106,397
Prepaid expenses and other current assets 1,364,636 1,199,129 298,886
Total current assets 4,429,909 3,075,442 5,159,105
Crude oil and natural gas properties, successful efforts method:      
Proved Properties 92,853,397 90,443,361 100,285,138
Accumulated depreciation, depletion, amortization (8,878,750) (4,951,565) (2,759,226)
Total oil and natural gas properties, net 83,974,647 85,491,796 97,525,912
Other property, plant and equipment, net 20,000 20,000 20,000
Other noncurrent assets 1,891,348 1,891,348
TOTAL ASSETS 90,315,904 90,478,586 102,705,017
Current liabilities      
Accounts payable 8,212,120 8,351,450 8,870,324
Accrued liabilities and other 7,360,951 9,821,912 7,923,613
Revenue and royalties payable 7,113,880 5,028,415 3,191,171
Deferred underwriting fee payable   1,065,000
Current portion of related party notes payable, net of discount   3,556,750
Current portion of warrant liability   5,681,849
Short-term hedging derivative instrument liabilities 938,285  
Current portion of long term debt 2,703,338 1,617,337 5,524,160
Current portion of derivative liability 437,838  
Total current liabilities 27,061,132 24,926,896 36,390,779
Long-term debt, net of current portion and discount 33,286,385
Related party notes payable   200,000
Convertible note liability   811,486 891,364
Convertible note liability, related party   1,250,000
Related party notes payable, net of discount 3,746,454 200,000  
Convertible note liability, net of discount and current portion 1,303,994 811,486  
Convertible note liability, related party, net of discount and current portion 1,250,000 1,250,000  
Derivative liability, net of current 931,109 407,366
Long-term hedging derivative instrument liabilities 112,905  
Deferred tax liability 2,711,415 4,830,392 2,692,733
Asset retirement obligations 1,345,686 1,281,147 1,049,285
Other liabilities 675,000 675,000 675,000
Total for non-current liabilities 13,879,563 11,764,391 41,244,767
Total liabilities 40,940,695 36,691,287 77,635,546
Commitments and Contingencies
Redeemable common stock value 800,000 800,000 800,000
Stockholders’ equity      
Preferred stock value
Additional paid in capital 89,170,727 87,118,006 30,512,043
Accumulated (deficit) (40,601,059) (34,135,880) (26,669,798)
Total stockholders’ equity 48,575,209 52,987,299 3,843,287
Noncontrolling interest   20,426,184
Total stockholders’ equity 48,575,209 52,987,299 24,269,471
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY 90,315,904 90,478,586 102,705,017
Related Party      
Current liabilities      
Accounts payable – related parties 294,720 107,782 445,349
Revenue and royalties payable - Related Parties   132,563
Derivative liability, related party 1,803,000 2,309,000 2,650,000
Class A Common Stock      
Stockholders’ equity      
Common stock value 5,541 5,173 992
Class B Common Stock      
Stockholders’ equity      
Common stock value $ 50