Property and Equipment, net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 6 – Property and Equipment, net

The Company’s property and equipment, net consisted of the following for the periods presented:

	June 30, 2024		December 31, 2023
Oil and natural gas properties
Proved properties	$	—	$	—
Unproved properties		33,370,317		28,705,404
Total capitalized costs		33,370,317		28,705,404
Less: Accumulated depreciation, depletion, and amortization		—		—
Net capitalized costs	$	33,370,317	$	28,705,404

As discussed in Note 4 – Acquisitions and Merger above, in August 2023, the Company executed the Exok Option Purchase and acquired approximately 20,328 net mineral acres in, on and under approximately 32,695 additional gross acres from Exok for a total consideration of $25.3 million. Additionally, in February 2024, the Company completed the acquisition of the Genesis Bolt–on Assets, a 1,280–acre drillable spacing unit, for $0.9 million.