Property and Equipment, net

9 Months Ended

Sep. 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:

	September 30, 2024			December 31, 2023
Oil and natural gas properties:
Proved properties	$	—		$	—
Unproved properties		42,061,414			28,705,404
Total oil and natural gas properties		42,061,414			28,705,404
Less: Accumulated depreciation, depletion, and amortization		—			—
Oil and natural gas properties, net		42,061,414			28,705,404
Other property and equipment		93,849			—
Less: Accumulated depreciation, depletion, and amortization		(711	)		—
Other property and equipment, net		93,138			—
Total property and equipment, net (1)	$	42,154,552		$	28,705,404

⁽¹⁾ The Company’s property and equipment balance as of September 30, 2024 does not include the assets acquired in the NRO Acquisition, as the acquisition did not close until October 1, 2024. Refer to Note 2 – Acquisitions and Merger for a discussion of the NRO Acquisition.