ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Accounts, Notes, Loans and Financing Receivable |
The following table reflects the Company's beginning and ending balances of its accounts receivables from purchasers of its oil and gas for the years ended December 31, 2025, 2024, and 2023.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Beginning balance of accounts receivable from purchasers of oil and gas |
$ |
33,774,968 |
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$ |
37,879,779 |
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$ |
40,143,326 |
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Ending balance of accounts receivable from purchasers of oil and gas |
29,591,571 |
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33,774,968 |
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37,879,779 |
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The following table reflects the Company's joint interest billing receivables and allowance for credit losses as of December 31, 2025 and 2024.
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2025 |
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2024 |
| Joint interest billing receivables |
$ |
1,824,753 |
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$ |
1,264,897 |
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| Allowance for credit losses |
(200,762) |
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(181,733) |
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Joint interest billing receivables, net |
$ |
1,623,991 |
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$ |
1,083,164 |
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| Schedule of Accounts Receivable, Allowance for Credit Loss |
The following table indicates the Company's provisions for credit loss expense associated with its joint interest billing receivables during the years ended December 31, 2025, 2024, and 2023.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
| Credit loss expense |
$19,029 |
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$160,847 |
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$134,007 |
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| Schedule of Depletion and Depletion Rate per Barrel of Oil Equivalents |
The following table shows total depletion and the depletion per barrel-of-oil-equivalent rate, for the years ended December 31, 2025, 2024, and 2023.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
| Depletion |
$ |
95,079,057 |
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$ |
97,238,673 |
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$ |
87,442,546 |
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| Depletion rate, per barrel-of-oil-equivalent (Boe) |
$ |
12.86 |
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$ |
13.52 |
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$ |
13.22 |
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| Schedule of Property Plant and Equipment Estimated Useful Lives |
Depreciation of buildings and structures, equipment, software, leasehold improvements, automobiles, and UAV is calculated using the straight-line method based upon the following estimated useful lives:
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| Leasehold improvements |
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3‑5 years |
| Office equipment and software |
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3‑7 years |
| Equipment |
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5‑10 years |
| Automobiles |
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4 years |
Buildings and structures |
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7 years |
| UAV |
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3 years |
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| Schedule of Property, Plant and Equipment |
The following table provides information on the Company's depreciation expense for the years ended December 31, 2025, 2024, and 2023.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Depreciation expense |
$409,474 |
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$405,772 |
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$364,024 |
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| Schedule Of Gain (Loss) On Disposal Of Assets |
During the years ended December 31, 2025 2024, and 2023, the Company recorded a gain (loss) on disposal of assets, which was impacted by the sale of owned vehicles, as follows:
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Sale of owned vehicles |
$ |
(6,974) |
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$ |
(14,239) |
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$ |
(132,109) |
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Sale of leased vehicles |
453,374 |
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103,932 |
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44,981 |
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Gain (loss) on disposal of assets |
$ |
446,400
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$ |
89,693
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$ |
(87,128) |
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During the years ended December 31, 2025, 2024, and 2023, the Company recorded a gain (loss) on disposal of assets, which was impacted by the sale of leased vehicles, as follows:
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Sale of owned vehicles |
$ |
(6,974) |
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$ |
(14,239) |
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$ |
(132,109) |
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Sale of leased vehicles |
453,374 |
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103,932 |
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44,981 |
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Gain (loss) on disposal of assets |
$ |
446,400
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$ |
89,693
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$ |
(87,128) |
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| Schedule of Accounts Payable and Trade Accounts Payable |
The following table summarizes the Company's components of its current accounts payable balance presented in its Balance Sheets at December 31, 2025 and 2024:
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2025 |
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2024 |
Trade accounts payable |
$ |
40,196,719 |
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$ |
39,289,431 |
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| Revenues payable |
37,156,219 |
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35,766,989 |
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| Accrued expenses |
20,169,871 |
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20,672,841 |
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Accounts payable |
$ |
97,522,809
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$ |
95,729,261
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Trade accounts payable – The following table summarizes the Company's current trade accounts payable at December 31, 2025 and 2024:
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2025 |
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2024 |
| Accounts payable related to vendors |
$ |
33,012,524 |
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$ |
37,147,926 |
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| Other |
7,184,195 |
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2,141,505 |
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Trade accounts payable |
$ |
40,196,719
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$ |
39,289,431
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| Schedule of Revenues Payable |
Revenues payable – The following table summarizes the Company's current revenues and royalties payable at December 31, 2025 and 2024:
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2025 |
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2024 |
| Revenue held in suspense |
$ |
32,107,446 |
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$ |
28,166,335 |
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| Revenues and royalties payable |
5,048,773 |
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7,600,654 |
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Revenues payable |
$ |
37,156,219
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$ |
35,766,989
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| Schedule of Accrued Expenses |
Accrued expenses – The following table summarizes the Company's current accrued expenses at December 31, 2025 and 2024:
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2025 |
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2024 |
| Accrued capital expenditures |
$ |
4,395,906 |
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$ |
3,645,377 |
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| Accrued lease operating expenses |
5,149,712 |
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5,313,315 |
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| Accrued interest |
5,853,412 |
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2,830,440 |
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| Accrued general and administrative expense |
4,685,253 |
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4,897,904 |
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| Other |
85,588 |
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3,985,805 |
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Accrued expenses |
$ |
20,169,871
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$ |
20,672,841
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| Schedule of Weighted Average Notes Payable |
The following table reflects the weighted average notes payable balances and the weighted average interest rate on the weighted average notes payable outstanding during the period as of and for the years ended December 31, 2025, 2024, and 2023.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
| Weighted average notes payable balance |
$ |
688,086 |
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$ |
651,789 |
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$ |
687,456 |
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| Weighted average interest rate on weighted average notes payable |
8.59 |
% |
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8.63 |
% |
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7.23 |
% |
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| Schedule of Reclassification out of Accumulated Other Comprehensive Income |
The following table shows interest paid related to notes payable for the years ended December 31, 2025, 2024, and 2023. This interest is included within "Interest (expense)" in the Statements of Operations.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Interest paid for notes payable |
$ |
59,097 |
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$ |
56,261 |
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$ |
49,734 |
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| Schedule Of Noncash Share-Based Payment Arrangements |
The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Statements of Operations, incurred for the years ended December 31, 2025, 2024, and 2023.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Share-based compensation |
$6,135,957 |
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$5,506,017 |
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$8,833,425 |
Share-based compensation expense charged against income during the years ended December 31, 2025, 2024, and 2023 was as follows. These amounts are included in General and administrative expense in the Statements of Operations.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Share-based compensation expense from: |
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Employee stock options |
$ |
— |
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$ |
— |
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$ |
— |
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Restricted stock unit grants |
4,214,928 |
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3,544,748 |
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4,537,026 |
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Performance stock unit awards |
1,921,029 |
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1,961,269 |
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4,296,399 |
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Total share-based compensation |
$ |
6,135,957
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$ |
5,506,017
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$ |
8,833,425
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