Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 5. Property and Equipment

Property and equipment consisted of the following:

	March 31, 2024		December 31, 2023
Oil and natural gas properties
Proved properties	$	—	$	—
Unproved properties		30,754,390		28,705,404
Total capitalized costs		30,754,390		28,705,404
Less: Accumulated depreciation, depletion and amortization		—		—
Net capitalized costs	$	30,754,390	$	28,705,404

On August 15, 2023, the Company exercised its option under the Exok Transaction to purchase approximately 20,328 net mineral acres in, on and under approximately 32,695 additional gross acres from Exok (the “Exok Option Assets”). The acquisition cost of this acreage was $25.3 million consisting of (i) $18.0 million in cash (the “Cash Consideration”), (ii) issuance of 670,499 shares of the Company’s common stock and Exok Warrants to purchase 670,499 shares of common stock for an aggregate value of $7.3 million, and (iii) direct transaction costs. The Cash Consideration was funded from the Series E PIPE (see Note 11).

On February 5, 2024, the Company acquired the Genesis Bolt-on Assets for $900,000.