XML 35 R6.htm IDEA: XBRL DOCUMENT v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 14, 2022
Dec. 31, 2023
Cash Flows (used in) From Operating Activities      
Net loss $ (81,662,591) $ (7,938,335) $ (37,556,787)
Adjustments to reconcile net loss to net cash from operations:      
Accretion expense 1,092 1,785
Prospect fee offset to note payable (368,334)
Bad debt expense (26,612)
Expense related to stock based compensation 4,781,279
Impairment loss 80,743,013 27,167,415
Change in:      
Accounts receivable 74,310 (208,882)
Accounts receivable, related party (14,153)
Prepayments - development costs (150,000) 18,660
Prepaid expenses (58,225) (1,408) (14,441)
Other assets 39,185 (94,364) (25,000)
Accounts payable and accrued expenses 2,209,867 2,524,381 (1,353,787)
Net cash from (used in) operating activities 1,272,341 (5,626,181) (7,558,092)
Cash Flows From (used in) Investing Activities      
Investment in oil and natural gas properties (3,023,030) (3,859,851) (8,653,640)
Net cash used in investing activities (3,023,030) (3,859,851) (8,653,640)
Cash Flows From Financing Activities      
Proceeds from notes payable, related party 2,000,000 7,500,000 18,000,000
Payments on promissory notes (1,000,000)
Prepayments, working interest owners 311,281
Contributions from parent, net 316,600
Net cash from financing activities 2,000,000 7,816,600 17,311,281
Net increase (decrease) in cash 249,311 (1,669,432) 1,099,549
Cash  - beginning of period 319,987 1,989,419 569,298
Cash - end of period 569,298 319,987 1,668,847
Supplemental disclosure of cash flow information:      
Cash paid for interest 199,345
Supplemental disclosure of non-cash investing and financing activities:      
Common stock issued in spin-out transaction 16,547
Common stock issued in working interest acquisition 15,838,073
Account receivable cancelled in WI acquisition 177,519
Account payable reduced by expense offset 15,638
Capitalized Interest $ 74,210 $ 1,289,328 $ 2,498,184