| Schedule of Net Capitalized Costs Related to the Company’s Oil and Gas Producing Activities |
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 | |
|
Net capitalized costs related to the Company’s
oil and gas producing activities at December 31, 2025 and December 31, 2024 are as follows:
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| | |
(As Restated) | | |
| |
| | |
| | |
| |
| Leasehold cost | |
$ | 75,874,552 | | |
$ | 89,612,354 | |
| Intangibles | |
| 9,542,668 | | |
| 6,336,922 | |
| Lease and well equipment | |
| 3,947,471 | | |
| 3,442,627 | |
| Capitalized asset retirement obligation | |
| 1,078,670 | | |
| 893,235 | |
| Total oil and gas properties, successful efforts method | |
| 90,443,361 | | |
| 100,285,138 | |
| Accumulated depreciation, depletion, and amortization | |
| (4,951,565 | ) | |
| (2,759,226 | ) |
| Oil and gas properties, net | |
$ | 85,491,796 | | |
$ | 97,525,912 | |
|