v3.26.3
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following tables present segment revenues, significant segment expenses and segment Adjusted EBITDA.

All reported revenues are from external customers, and total segment revenues equal consolidated revenues for each period presented. The Company’s revenues are generated in Italy. Substantially all assets other than corporate assets, primarily cash held in the United States, are located in Italy.

Three months ended September 30, 2026
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues19,855,347657,55720,512,904-20,512,904
Less:
Cost of revenues2,026,988909,3052,936,293-2,936,293
Lease operating expense2,281,793-2,281,793-2,281,793
General and administrative1,054,067361,0121,415,0792,602,0094,017,088
Accretion and remeasurement of asset retirement obligation54,204-54,204-54,204
EBITDA14,438,295(612,760)13,825,535(2,602,009)11,223,526
Add/(Deduct):
Stock-based compensation expense---952,241952,241
Adjusted EBITDA14,438,295(612,760)13,825,535(1,649,768)12,175,767
Depreciation and depletion(1,810,542)
Stock-based compensation expense(952,241)
Interest and other income139,079
Income before income taxes9,552,063
Nine months ended September 30, 2026
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues38,247,4241,824,11640,071,540-40,071,540
Less:
Cost of revenues3,824,7452,129,6785,954,423-5,954,423
Lease operating expense5,424,978-5,424,978-5,424,978
General and administrative3,118,4091,018,4574,136,8666,158,29610,295,162
Accretion and remeasurement of asset retirement obligation(497,333)-(497,333)-(497,333)
EBITDA26,376,625(1,324,019)25,052,606(6,158,296)18,894,310
Add/(Deduct):
Stock-based compensation expense---2,350,9432,350,943
Remeasurement of asset retirement obligation(639,575)-(639,575)-(639,575)
Adjusted EBITDA25,737,050(1,324,019)24,413,031(3,807,353)20,605,678
Depreciation and depletion(3,870,972)
Stock-based compensation expense(2,350,943)
Remeasurement of asset retirement obligation639,575
Interest and other income427,355
Income before income taxes15,450,693


Three months ended September 30, 2025
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues10,577,395647,47311,224,868-11,224,868
Less:
Cost of revenues1,348,779806,4102,155,189-2,155,189
Lease operating expense654,092-654,092-654,092
General and administrative674,287684,4621,358,749712,3022,071,051
Accretion and remeasurement of asset retirement obligation33,318-33,318-33,318
EBITDA and Adjusted EBITDA7,866,919(843,399)7,023,520(712,302)6,311,218
Depreciation and depletion(582,604)
Interest and other income146,655
Income before income taxes5,875,269
Nine months ended September 30, 2025
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues13,893,1842,006,69515,899,878-15,899,878
Less:
Cost of revenues1,348,7791,946,3263,295,105-3,295,105
Lease operating expense1,748,500-1,748,500-1,748,500
General and administrative2,544,1561,048,0223,592,1783,593,7697,185,948
Accretion and remeasurement of asset retirement obligation98,519-98,519-98,519
EBITDA and Adjusted EBITDA8,153,230(987,653)7,165,576(3,593,769)3,571,806
Depreciation and depletion(885,140)
Interest and other income538,291
Income before income taxes3,224,957