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

OIL AND NATURAL GAS PRODUCING ACTIVITIES

v3.25.4
OIL AND NATURAL GAS PRODUCING ACTIVITIES
 12 Months Ended
Dec. 31, 2025
Oil and Gas Disclosure [Abstract]  
OIL AND NATURAL GAS PRODUCING ACTIVITIES
NOTE 6 — OIL AND NATURAL GAS PRODUCING ACTIVITIES
Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration activities:
Capitalized Costs
As of December 31, 2025 2024 2023
Oil and natural gas properties, full cost method
Proved properties
 $ 1,891,510,431  $ 1,809,309,848  $ 1,663,548,249 
Unproved properties
 —  —  — 
Total oil and natural gas properties, full cost method
 $ 1,891,510,431  $ 1,809,309,848  $ 1,663,548,249 
Accumulated depletion of oil and natural gas properties
 (564,169,311) (469,786,336) (373,280,583)
Net oil and natural gas properties capitalized
 $ 1,327,341,120  $ 1,339,523,512  $ 1,290,267,666 
Costs Incurred in Oil and Gas Producing Activities
For the years ended December 31, 2025 2024 2023
Payments to acquire oil and natural gas properties
 $ 84,392,361  $ 2,210,826  $ 82,900,900 
Payments to explore oil and natural gas properties
 —  —  — 
Payments to develop oil and natural gas properties 95,207,027  153,945,456  152,559,314 
Total costs incurred
 $ 179,599,388  $ 156,156,282  $ 235,460,214