Annual report [Section 13 and 15(d), not S-K Item 405]

STATEMENTS OF OPERATIONS

v3.25.4
STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Oil, Natural Gas, and Natural Gas Liquids Revenues $ 307,178,072 $ 366,327,414 $ 361,056,001
Costs and Operating Expenses      
Lease operating expenses 79,353,806 78,310,949 70,158,227
Gathering, transportation and processing costs 585,087 506,333 457,573
Ad valorem taxes 7,906,586 8,069,064 6,757,841
Oil and natural gas production taxes 14,312,232 16,116,565 18,135,336
Depreciation, depletion and amortization 96,414,150 98,702,843 88,610,291
Ceiling test impairment 108,825,446 0 0
Asset retirement obligation accretion 1,490,255 1,380,298 1,425,686
Operating lease expense 700,362 700,362 541,801
General and administrative expense 31,928,576 29,640,300 29,188,755
Total Costs and Operating Expenses 341,516,500 233,426,714 215,275,510
Income (Loss) from Operations (34,338,428) 132,900,700 145,780,491
Other Income (Expense)      
Interest income 290,879 491,946 257,155
Interest (expense) (40,430,929) (43,311,810) (43,926,732)
Gain (loss) on derivative contracts 31,658,839 (2,365,917) 2,767,162
Gain (loss) on disposal of assets 446,400 89,693 (87,128)
Other income 189,294 106,656 198,935
Net Other Income (Expense) (7,845,517) (44,989,432) (40,790,608)
Income (Loss) Before Benefit from (Provision for) Income Taxes (42,183,945) 87,911,268 104,989,883
Benefit from (Provision for) Income Taxes 7,452,746 (20,440,954) (125,242)
Net Income (Loss) $ (34,731,199) $ 67,470,314 $ 104,864,641
Basic Earnings (Loss) per Share (in dollars per share) $ (0.17) $ 0.34 $ 0.55
Diluted Earnings (Loss) per Share (in dollars per share) $ (0.17) $ 0.34 $ 0.54