Empire Petroleum (EP) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-16653
Entity Registrant Name	EMPIRE PETROLEUM CORPORATION
Entity Central Index Key	0000887396
Entity Tax Identification Number	73-1238709
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2200 S. Utica Place
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74114
City Area Code	539
Local Phone Number	444-8002
Title of 12(b) Security	Common Stock $.001 par value
Trading Symbol	EP
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,104,592

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash	$ 6,763,873	$ 11,944,442
Accounts Receivable	6,504,017	7,780,239
Derivative Instruments	93,168	121,584
Inventory	2,261,133	1,840,274
Prepaids	1,413,336	1,048,434
Total Current Assets	17,035,527	22,734,973
Oil and Natural Gas Properties, Successful Efforts	66,127,534	63,986,339
Less: Accumulated Depreciation, Depletion and Impairment	(20,679,739)	(20,116,696)
Total Oil and Gas Properties, Net	45,447,795	43,869,643
Other Property and Equipment, Net	1,452,137	1,441,529
Total Property and Equipment, Net	46,899,932	45,311,172
Sinking Fund		2,779,000
Utility and Other Deposits	746,884	719,930
Total Assets	64,682,343	71,545,075
Current Liabilities:
Accounts Payable	5,733,313	5,843,366
Accrued Expenses	6,280,462	9,461,010
Current Portion of Lease Liability	256,975	256,975
Current Portion of Long-Term Debt	2,481,236	2,059,309
Total Current Liabilities	14,751,986	17,620,660
Long-Term Debt	3,594,500	4,063,115
Long-Term Note Payable - Related Party (Note 8)	1,073,376	1,076,987
Long-Term Lease Liability	519,852	547,692
Asset Retirement Obligations	25,142,831	25,000,740
Total Liabilities	45,082,545	48,309,194
Stockholders' Equity:
Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively
Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 22,104,592 and 22,093,503 Shares Issued and Outstanding, Respectively	81,626	81,615
Additional Paid-in Capital	74,126,976	75,303,479
Accumulated Deficit	(54,608,804)	(52,149,213)
Total Stockholders' Equity	19,599,798	23,235,881
Total Liabilities and Stockholders' Equity	$ 64,682,343	$ 71,545,075

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	6	6
Preferred stock, outstanding	6	6
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	190,000,000	190,000,000
Common stock, issued	22,104,592	22,093,503
Common stock, outstanding	22,104,592	22,093,503

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Oil Sales	$ 8,938,715	$ 10,416,422
Gas Sales	656,035	883,902
Natural Gas Liquids Sales	504,954	1,215,494
Total Product Revenues	10,099,704	12,515,818
Other	19,364	24,043
Gain (Loss) on Derivatives	(66,823)	(112,321)
Total Revenue	10,052,245	12,427,540
Costs and Expenses:
Lease Operating Expense	6,520,163	4,572,401
Production and Ad Valorem Taxes	758,114	901,238
Depletion, Depreciation & Amortization	622,489	434,446
Accretion of Asset Retirement Obligation	401,275	330,000
General and Administrative	3,972,918	2,455,380
Total Costs and Expenses	12,274,959	8,693,465
Operating Income (Loss)	(2,222,714)	3,734,075
Other Income and (Expense):
Interest Expense	(237,299)	(110,648)
Other Income (Expense)	422
Income (Loss) Before Income Taxes	(2,459,591)	3,623,427
Income Tax (Provision) Benefit
Net Income (Loss)	$ (2,459,591)	$ 3,623,427
Net Income  (Loss) per Common Share:
Basic	$ (0.11)	$ 0.18
Diluted	$ (0.11)	$ 0.15
Weighted Average Number of Common Shares Outstanding:
Basic	22,096,796	19,866,687
Diluted	22,096,796	24,018,453

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 79,362		$ 68,988,134	$ (59,233,343)	$ 9,834,153
Shares, issued, beginning balance at Dec. 31, 2021	19,840,648
Net Income				3,623,427	3,623,427
Issuance of Preferred Stock			6		6
Issuance of Preferred Stock (in shares)		6
Warrants Exercised	$ 195		97,305		97,500
Warrants exercised (in shares)	48,750
Stock-based compensation			376,278		376,278
Ending balance, value at Mar. 31, 2022	$ 79,557		69,461,723	(55,609,916)	13,931,364
Shares, issued, ending balance at Mar. 31, 2022	19,889,398	6
Beginning balance, value at Dec. 31, 2022	$ 81,615		75,303,479	(52,149,213)	23,235,881
Shares, issued, beginning balance at Dec. 31, 2022	22,093,503	6
Net Income				(2,459,591)	(2,459,591)
Impact of Former CEO settlement			(2,126,131)		(2,126,131)
Stock-based Compensation	$ 11		949,628		949,639
Stock compensation expense (in shares)	11,089
Ending balance, value at Mar. 31, 2023	$ 81,626		$ 74,126,976	$ (54,608,804)	$ 19,599,798
Shares, issued, ending balance at Mar. 31, 2023	22,104,592	6

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net Income (Loss)	$ (2,459,591)	$ 3,623,427
Adjustments to Reconcile Net Income (Loss) to Net Cash
Stock Compensation and Issuances	949,639	376,284
Amortization of Right of Use Assets	76,225	39,706
Depreciation, Depletion and Amortization	622,489	434,446
Accretion of Asset Retirement Obligation	401,275	330,000
Gain (loss) on Derivatives	66,823	112,321
Settlement on or Purchases of Derivative Instruments	(41,187)	(83,260)
Change in Operating Assets and Liabilities:
Accounts Receivable	(849,909)	(757,466)
Inventory, Oil in Tanks	(420,859)	62,202
Prepaids, Current	89,812	137,010
Other Long Term Assets & Liabilities	(213,611)
Accounts Payable	(110,053)	(1,654,437)
Accrued Expenses	(3,177,767)	440,471
Net Cash Provided By (Used in) Operating Activities	(5,066,714)	3,060,704
Cash Flows from Investing Activities:
Additions to Oil and Natural Gas Properties	(2,210,004)	(424,651)
Purchase of Other Fixed Assets	(27,170)	(9,030)
Cash Paid for Right of Use Assets	(86,545)	(42,833)
Sinking Fund Deposit	2,779,000	(480,000)
Net Cash Provided by (Used In) Investing Activities	455,281	(956,514)
Cash Flows from Financing Activities:
Principal Payments of Debt	(569,136)	(459,952)
Proceeds from Stock and Warrant Issuance		97,500
Net Cash Used in Financing Activities	(569,136)	(362,452)
Net Change in Cash	(5,180,569)	1,741,738
Cash - Beginning of Period	11,944,442	3,611,871
Cash - End of Period	6,763,873	5,353,609
Supplemental Cash Flow Information:
Cash Paid for Interest	$ 136,761	$ 104,981

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization And Basis Of Presentation
Organization and Basis of Presentation	Note 1 - Organization and Basis of Presentation Empire Petroleum Corporation (the “Company”, collectively with its subsidiaries) is an independent energy company operator engaged in optimizing developed production by employing field management methods to maximize reserve recovery while minimizing costs. Empire operates the following wholly-owned subsidiaries in its areas of operations: ● Empire New Mexico, LLC (“Empire New Mexico”) ● Empire Rockies Region o  Empire North Dakota LLC (“Empire North Dakota”) o  Empire North Dakota Acquisition LLC (“Empire NDA”) ● Empire Texas (“Empire Texas”), consisting of the following entities: o Empire Texas LLC o Empire Texas Operating LLC o Empire Texas GP LLC o  Pardus Oil & Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC) ● Empire Louisiana LLC (“Empire Louisiana”) Empire was incorporated in the State of Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, the results of operations, and the cash flows for the interim period are included. All adjustments are of a normal, recurring nature. Certain amounts in prior periods have been reclassified to conform to current presentation. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The information contained in this Form 10-Q should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2022 which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Significant Accounting Policies There have been no material changes to significant accounting policies and estimates from the information provided in the Form 10-K for the year ended December 31, 2022. Fair Value Measurements The Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement , The three-level fair value hierarchy for disclosure of fair value measurements defined by ASC Topic 820 is as follows: Level 1 Level 2 Level 3 A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve a degree of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the period ended March 31, 2023. Financial instruments and other Derivatives The fair values of derivative instruments in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions include measures of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial Statements. Fair Value on a Nonrecurring Basis The Company applies the provisions of fair value measurement on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and asset retirement obligations. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. No triggering events that require assessment of such items were observed during the three months ended March 31, 2023. Related Party Transactions Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures Concentrations of Credit Risk The Company’s accounts receivable are primarily receivables from oil and natural gas purchasers and joint interest owners. The purchasers of the Company’s oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected. Recently Issued Accounting Pronouncements FASB periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements and concluded that the following new accounting standards are applicable: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses statements issued for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this ASU on January 1, 2023 by the Company did not have a material impact on the Company's consolidated financial statements since the Company does not have a history of material credit losses. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Property

Property	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property	Note 3 – Property The Company follows the successful efforts method of accounting for its oil and natural gas properties. Under this method, costs to acquire oil and natural gas properties and costs incurred to drill and equip development and exploratory wells are capitalized. Exploration costs are charged to operations as incurred. Upon sale or retirement of oil and natural gas properties, the costs and related accumulated depreciation, depletion and amortization are eliminated from the accounts and the resulting gain or loss is recognized. Costs incurred to maintain wells and related equipment and lease and well operating costs are charged to expense as incurred. Depletion is calculated on a units-of-production basis at the field level based on total proved developed reserves. Proved Properties and Impairments Proved oil and natural gas properties are reviewed for impairment at least annually, or as indicators of impairment arise. There have been no indicators of impairment in any period disclosed in these financial statements. Aggregate capitalized costs of oil and natural gas properties are as follows: March 31, 2023 December 31, 2022 Proved properties $ 58,651,754 $ 52,831,131 Unproved properties 2,901,047 2,865,556 Work in process 4,574,733 8,289,652 Gross capitalized costs 66,127,534 63,986,339 Depreciation, depletion, amortization and impairment (20,679,739 ) (20,116,696 ) Total oil and gas properties, net $ 45,447,795 $ 43,869,643 Depletion and amortization expense for the three months ended March 31, 2023 and 2022 was approximately $ 563,000 401,000 Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years. March 31, 2023 December 31, 2022 Other property and equipment, at cost $ 1,812,095 $ 1,878,325 Less: accumulated depreciation (359,958 ) (436,796 ) Other property and equipment, net $ 1,452,137 $ 1,441,529 Depreciation expense for the three months ended March 31, 2023 and 2022 was approximately $ 59,000 34,000

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 4 - Asset Retirement Obligations The Company’s asset retirement obligations represent the estimated present value of the estimated cash flows the Company will incur to plug, abandon, and remediate its producing properties at the end of their productive lives, in accordance with applicable state laws. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. The Company’s asset retirement obligation activity is as follows: For the Three Months Ended March 31, 2023 2022 Asset retirement obligations, beginning of period $ 25,000,740 $ 20,640,599 Revisions (68,809 ) — Liabilities settled (190,375 ) — Accretion expense 401,275 330,000 Asset retirement obligation, end of period $ 25,142,831 $ 20,970,599

Commodity Derivative Financial

Commodity Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Commodity Derivative Financial Instruments	Note 5 – Commodity Derivative Financial Instruments The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s derivative financial instruments consist of put options. The Company does not designate its derivative instruments in such a way that would qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. Unrealized gains and losses related to the contracts are recognized and recorded as changes to the derivative asset or liability on the Company’s consolidated balance sheets. The following table summarizes the net realized and unrealized gains (losses) reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Gain (Loss) on Derivatives: Oil derivatives $ (66,823 ) $ (112,321 ) The following represents the Company’s net cash payments on derivatives for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Oil derivatives $ (41,187 ) $ (83,260 ) The following table sets forth the Company’s outstanding derivative contracts at March 31, 2023: 2023 2 nd 3 rd 4 th WTI Index Put Options: Quarterly volume (MBbls) 40.35 41.86 41.00 Floor price (Bbl) $ 40.00 55.00 $ 40.00 60.00 $ 40.00 50.00

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Accounts Receivable	Note 6 – Accounts Receivable The following table represents the Company’s accounts receivable as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Oil and gas receivables $ 2,957,597 $ 3,060,341 Joint interest billings 3,422,417 2,057,719 Receivable from former CEO (See Note 12) — 2,130,614 Other 124,003 531,565 Total accounts receivable $ 6,504,017 $ 7,780,239

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Note 7 – Accrued Expenses The following table represents the Company’s accrued expenses as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accrued and suspended third-party revenue $ 3,862,829 $ 4,415,311 Accrued salaries and payroll taxes 957,634 3,299,785 Accrued production taxes 650,043 500,481 Income taxes payable 208,898 208,898 Other 601,058 1,036,535 $ 6,280,462 $ 9,461,010

Debt and Long Term Note Payable

Debt and Long Term Note Payable - Related Party	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Long Term Note Payable - Related Party	Note 8 – Debt and Long Term Note Payable - Related Party The following table represents the Company’s outstanding debt as of March 31, 2023 and December 31, 2022: As of As of Senior Revolver Loan Agreement $ 5,369,500 $ 5,869,500 Long Term Note Payable – Related Party 1,073,376 1,076,987 Equipment and vehicle notes, 0 9.0 400 1,400 296,994 252,924 Note Payable to insurance provider, bears 5.78 46,928 409,242 — Total debt 7,149,112 7,199,411 Less: Current maturities (2,481,236 ) (2,059,309 ) Less: Long Term Note Payable – Related Party (1,073,376 ) (1,076,987 ) Long-Term debt $ 3,594,500 $ 4,063,115 On July 7, 2021, the Company entered into the Fourth Amendment to its Senior Revolver Loan Agreement with CrossFirst Bank (“CrossFirst”) as further amended by Letter Agreements in conjunction with redetermination dates (“the Amended Agreement”). The maximum amount that can be advanced under the Amended Agreement is $20,000,000 and the existing commitment amount following a February 27, 2023 6,180,000 500,000 Prime plus 150 basis points 9.5 May 26, 2024 80 EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 4:1 on a trailing twelve-month basis. 2,000,000 In August 2020, the Company, through its wholly owned subsidiary, Empire Texas, entered into a joint development agreement (the “JDA”) with Petroleum & Independent Exploration, LLC and related entities (“PIE”), a related party (See Note 14), dated August 1, 2020. Under the terms of the JDA, PIE will perform recompletion or workover on specified mutually agreed upon wells (“Workover Wells”) owned by Empire Texas. Concurrent with the JDA with PIE, a related party, the Company entered into a term loan agreement dated August 1, 2020, whereby PIE will loan up to $ 2,000,000 6 August 7, 2024 As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest. To the extent the cash flows from the revenue interest are insufficient to repay the obligations under the term loan, the Company remains required to repay the obligation.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 9 - Leases As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma and three field offices. The leases expire between 2024 and 2027. The corporate office has an option to renew for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore, the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances. The Company recognizes right-of use lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable payments related to non-lease components, including common area maintenance. Right of use lease expense was approximately $ 77,600 60,000 78,400 59,000 Supplemental balance sheet information related to the right of use leases is as follows: March 31, 2023 December 31, 2022 Operating lease asset (included in Other Property and Equipment) $ 821,024 $ 978,548 Current portion of lease liability $ 256,975 $ 256,975 Long-term lease liability 519,852 547,692 Total right of use lease liabilities $ 776,827 $ 804,667 The weighted average remaining term for the Company’s right-of-use leases is 2.8 Maturities of lease liabilities are as follows as of March 31, 2023: 2024 $ 323,959 2025 311,849 2026 187,852 2027 37,200 2028 3,100 Total lease payments 863,960 Less imputed interest (87,133 ) Total lease obligation $ 776,827

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Note 10 – Equity Pursuant to the Company’s Amended and Restated Certificate of Incorporation (“Charter”), effective as of March 4, 2022, the total number of shares of all classes of stock that the Company has the authority to issue is 200,000,000, consisting of 190,000,000 0.001 10,000,000 0.001 Preferred Stock Preferred stock may be issued from time to time in one or more series at the direction of the Board of Directors and the directors also have the ability to fix dividend rates and rights, liquidation preferences, voting rights, conversion rights, rights and terms of redemption and other rights, preferences, privileges and restrictions as determined by the Board of Directors, subject to certain limitations set forth in the Charter. Series A Voting Preferred Stock On March 8, 2022, the Company formalized the issuance of preferred stock as was required under the terms of the Company's May 2021 financing agreements with Energy Evolution (Master Fund), Ltd. (the “Fund”) and issued six shares of Series A Voting Preferred Stock. The Series A Voting Preferred Stock was issued in connection with the strategic investment in the Company by the Fund. For so long as the Series A Voting Preferred Stock is outstanding, the Company’s Board of Directors will consist of six directors. Three of the directors are designated as the Series A Directors and the three other directors (each, a “common director”) are elected by the holders of common stock and/or any preferred stock (other than the Series A Voting Preferred Stock) granted the right to vote on the common directors. Any Series A Director may be removed with or without cause but only by the affirmative vote of the holders of a majority of the Series A Voting Preferred Stock voting separately and as a single class. The holders of the Series A Voting Preferred Stock have the exclusive right, voting separately and as a single class, to vote on the election, removal and/or replacement of the Series A Directors. Holders of common stock or other preferred stock do not have the right to vote on the Series A Directors. The approval of the holders of the Series A Voting Preferred Stock, voting separately and as a single class, is required to authorize any resolution or other action to issue or modify the number, voting rights or any other rights, privileges, benefits, or characteristics of the Series A Voting Preferred Stock, including without limitation, any action to modify the number, structure and/or composition of the Company’s current Board of Directors. The Series A Voting Preferred Stock is held by Phil Mulacek, chairman of the Board of Directors and one of the principals of the Fund, as the Fund’s designee (the “Initial Holder”). The Series A Voting Preferred Stock may be transferred only to certain controlled affiliates of the Initial Holder (“Permitted Transferees”), and the voting rights of the Series A Voting Preferred Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together at least 3,000,000 shares of the Company’s outstanding common stock. The Series A Voting Preferred Stock is not entitled to receive any dividends or distributions of cash or other property except in the event of any liquidation, dissolution or winding up of the Company’s affairs. In such event, before any amount is paid to the holders of the Company’s common stock but after any amount is paid to the holders of the Company’s senior securities, the holders of the Series A Voting Preferred Stock will be entitled to receive an amount per share equal to $1.00. Except as discussed above or as otherwise set forth in the certificate of designation of the Series A Voting Preferred Stock, the holders of the Series A Voting Preferred Stock have no voting rights. The Series A Voting Preferred Stock is not redeemable at the Company’s election or the election of any holder, except the Company may elect to redeem the Series A Voting Preferred Stock for $1.00 per share following satisfaction of its notice and cure requirements in the event that: • any or all shares of Series A Voting Preferred Stock are held by anyone other than the Initial Holder or a Permitted Transferee; or • the Series A Holders together hold less than 3,000,000 The Series A Voting Preferred Stock is not convertible into common stock or any other security. Common Stock On August 27, 2021, the Company’s Board of Directors approved a one-for-four reverse stock split such that every holder of the Company’s common stock would receive one share of common stock for every four shares owned. The reverse stock split was effective as of 6:00 p.m. Eastern Time on March 7, 2022, immediately prior to the Company’s listing of its common stock on the NYSE American. The holders of shares of common stock are entitled to one vote per share for all matters on which common stockholders are authorized to vote on. Examples of matters that common stockholders are entitled to vote on include, but are not limited to, election of three of the six directors and other common voting situations afforded to common stockholders. Earnings Per Share The computation of diluted shares outstanding for the three months ended March 31, 2023, excluded 2,348,009 no

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 11 – Stock-Based Compensation The Company recognizes stock-based compensation expense associated with granted stock options and restricted stock units (RSUs). The Company accounts for forfeitures of equity-based incentive awards as they occur. Stock-based compensation expense related to time-based restricted stock units is based on the price of the common stock on the grant date and recognized as vesting occurs. For options, the fair value is determined using the Black-Scholes option valuation assumptions on dividend yield, expected annual volatility, risk free interest rate and an expected useful life. Stock-based compensation is included in General and Administrative expense in the Condensed Consolidated Statements of Operations and is recorded with a corresponding increase in Additional Paid-in Capital within the Condensed Consolidated Balance Sheets. The following summary reflects nonvested restricted stock unit activity and related information for the three months ended March 31, 2023. Weighted Average RSUs Fair Value (a) Outstanding, December 31, 2022 224,288 $ 15.42 Granted — — Vested (11,089 ) 11.82 Forfeited (36,701 ) 15.32 Outstanding, March 31, 2023 176,498 $ 15.66 (a) Shares are valued at the grant-date market price. The following summary reflects stock option activity and related information: Weighted Average Options Exercise Price Outstanding, December 31, 2022 2,379,700 $ 3.31 Granted — — Cancelled (373,234 ) 3.29 Outstanding, March 31, 2023 2,006,466 $ 2.91 The following table summarizes information about stock options outstanding as of March 31, 2023. Range of Options Weighted Average Weighted Options Weighted Exercise Outstanding Remaining Average Exercisable Average Prices at 3/31/23 Contractual Life Exercise Price at 3/31/23 Exercise Price $ 1.32 11.80 2,006,466 6.0 years $2.91 1,828,960 $2.18

Executive Separation

Executive Separation	3 Months Ended
	Mar. 31, 2023
Executive Separation
Executive Separation	Note 12 – Executive Separation On March 16, 2023, Thomas W. Pritchard resigned as Chief Executive Officer and a director of the Company to pursue other opportunities. Although not required under Mr. Pritchard’s Employment Agreement with the Company, in recognition of Mr. Pritchard’s past service to the Company, the Company will pay Mr. Pritchard severance benefits in the amount of approximately $ 360,000 340,234 2.1 million 2.1 million On March 17, 2023, the Board of Directors appointed Michael R. Morrisett to the position of Chief Executive Officer. Mr. Morrisett is not receiving any additional compensation for assuming the role of Chief Executive Officer.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 – Income Taxes For all periods presented, the Company’s effective tax rate is 0%. Other than the full year of 2022, the Company has generated net operating losses since inception, which would normally reflect a tax benefit in the condensed consolidated statement of operations and a deferred asset on the condensed consolidated balance sheet. However, because of the current uncertainty as to the Company’s ability to achieve sustained profitability, a valuation reserve has been established that offsets the amount of any tax benefit available for each period presented in the condensed consolidated statements of operations. The following table presents a reconciliation of its effective income tax rate to the U.S. statutory income tax rate for the three months ended March 31, 2023. Schedule of reconciliation of its effective income tax rate For the Three Months Ended March 31, 2023 2022 $ % $ % Provision (benefit) at statutory rate (516,514) 21.0 760,920 21.0 State Taxes (net of federal impact) (118,333) 4.8 175,736 4.9 Nondeductible Expenses (2,460) 0.1 — 0.0 Valuation Allowance 637,307 -25.9 (936,656) -25.9 Income tax provision (benefit) — 0 — 0

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 14 – Related Party Transactions The Energy Evolution Master Fund, Ltd. (“Energy Evolution”) is a related party of the Company as it beneficially owns approximately 24 17 In March 2021, the majority owner of PIE, through the exercise of warrants, became a significant shareholder of the Company’s outstanding shares of stock. The Company has a joint development agreement with PIE to perform recompletion or workover on specified mutually agreed upon wells. As of March 31, 2023, the Company has incurred obligations of approximately $ 1.1 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15 – Commitments and Contingencies From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company’s business, financial position, results of operations or liquidity. The Company is subject to extensive federal, state, and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Management believes no materially significant liabilities of this nature existed as of the balance sheet date.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 16 – Subsequent Events In May 2023, the Company signed an agreement for the purchase of additional working interests in its New Mexico properties for $ 6.7 million

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Fair Value Measurements	Fair Value Measurements The Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement , The three-level fair value hierarchy for disclosure of fair value measurements defined by ASC Topic 820 is as follows: Level 1 Level 2 Level 3 A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve a degree of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the period ended March 31, 2023. Financial instruments and other Derivatives The fair values of derivative instruments in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions include measures of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial Statements.
Fair Value on a Nonrecurring Basis	Fair Value on a Nonrecurring Basis The Company applies the provisions of fair value measurement on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and asset retirement obligations. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. No triggering events that require assessment of such items were observed during the three months ended March 31, 2023.
Related Party Transactions	Related Party Transactions Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures
Concentrations of Credit Risk	Concentrations of Credit Risk The Company’s accounts receivable are primarily receivables from oil and natural gas purchasers and joint interest owners. The purchasers of the Company’s oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements FASB periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements and concluded that the following new accounting standards are applicable: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses statements issued for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this ASU on January 1, 2023 by the Company did not have a material impact on the Company's consolidated financial statements since the Company does not have a history of material credit losses. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Property (Tables)

Property (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Aggregate capitalized costs of oil and natural gas properties are as follows:	Aggregate capitalized costs of oil and natural gas properties are as follows: March 31, 2023 December 31, 2022 Proved properties $ 58,651,754 $ 52,831,131 Unproved properties 2,901,047 2,865,556 Work in process 4,574,733 8,289,652 Gross capitalized costs 66,127,534 63,986,339 Depreciation, depletion, amortization and impairment (20,679,739 ) (20,116,696 ) Total oil and gas properties, net $ 45,447,795 $ 43,869,643
Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years.	Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years. March 31, 2023 December 31, 2022 Other property and equipment, at cost $ 1,812,095 $ 1,878,325 Less: accumulated depreciation (359,958 ) (436,796 ) Other property and equipment, net $ 1,452,137 $ 1,441,529

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
The Company’s asset retirement obligation activity is as follows:	The Company’s asset retirement obligation activity is as follows: For the Three Months Ended March 31, 2023 2022 Asset retirement obligations, beginning of period $ 25,000,740 $ 20,640,599 Revisions (68,809 ) — Liabilities settled (190,375 ) — Accretion expense 401,275 330,000 Asset retirement obligation, end of period $ 25,142,831 $ 20,970,599

Commodity Derivative Financia_2

Commodity Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
The following table summarizes the net realized and unrealized gains (losses) reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022:	The following table summarizes the net realized and unrealized gains (losses) reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Gain (Loss) on Derivatives: Oil derivatives $ (66,823 ) $ (112,321 )
The following represents the Company’s net cash payments on derivatives for the three months ended March 31, 2023 and 2022:	The following represents the Company’s net cash payments on derivatives for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Oil derivatives $ (41,187 ) $ (83,260 )
The following table sets forth the Company’s outstanding derivative contracts at March 31, 2023:	The following table sets forth the Company’s outstanding derivative contracts at March 31, 2023: 2023 2 nd 3 rd 4 th WTI Index Put Options: Quarterly volume (MBbls) 40.35 41.86 41.00 Floor price (Bbl) $ 40.00 55.00 $ 40.00 60.00 $ 40.00 50.00

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
The following table represents the Company’s accounts receivable as of March 31, 2023 and December 31, 2022:	The following table represents the Company’s accounts receivable as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Oil and gas receivables $ 2,957,597 $ 3,060,341 Joint interest billings 3,422,417 2,057,719 Receivable from former CEO (See Note 12) — 2,130,614 Other 124,003 531,565 Total accounts receivable $ 6,504,017 $ 7,780,239

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
The following table represents the Company’s accrued expenses as of March 31, 2023 and December 31, 2022:	The following table represents the Company’s accrued expenses as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accrued and suspended third-party revenue $ 3,862,829 $ 4,415,311 Accrued salaries and payroll taxes 957,634 3,299,785 Accrued production taxes 650,043 500,481 Income taxes payable 208,898 208,898 Other 601,058 1,036,535 $ 6,280,462 $ 9,461,010

Debt and Long Term Note Payab_2

Debt and Long Term Note Payable - Related Party (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
The following table represents the Company’s outstanding debt as of March 31, 2023 and December 31, 2022:	The following table represents the Company’s outstanding debt as of March 31, 2023 and December 31, 2022: As of As of Senior Revolver Loan Agreement $ 5,369,500 $ 5,869,500 Long Term Note Payable – Related Party 1,073,376 1,076,987 Equipment and vehicle notes, 0 9.0 400 1,400 296,994 252,924 Note Payable to insurance provider, bears 5.78 46,928 409,242 — Total debt 7,149,112 7,199,411 Less: Current maturities (2,481,236 ) (2,059,309 ) Less: Long Term Note Payable – Related Party (1,073,376 ) (1,076,987 ) Long-Term debt $ 3,594,500 $ 4,063,115

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Supplemental balance sheet information related to the right of use leases is as follows:	Supplemental balance sheet information related to the right of use leases is as follows: March 31, 2023 December 31, 2022 Operating lease asset (included in Other Property and Equipment) $ 821,024 $ 978,548 Current portion of lease liability $ 256,975 $ 256,975 Long-term lease liability 519,852 547,692 Total right of use lease liabilities $ 776,827 $ 804,667
Maturities of lease liabilities are as follows as of March 31, 2023:	Maturities of lease liabilities are as follows as of March 31, 2023: 2024 $ 323,959 2025 311,849 2026 187,852 2027 37,200 2028 3,100 Total lease payments 863,960 Less imputed interest (87,133 ) Total lease obligation $ 776,827

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
The following summary reflects nonvested restricted stock unit activity and related information for the three months ended March 31, 2023.	The following summary reflects nonvested restricted stock unit activity and related information for the three months ended March 31, 2023. Weighted Average RSUs Fair Value (a) Outstanding, December 31, 2022 224,288 $ 15.42 Granted — — Vested (11,089 ) 11.82 Forfeited (36,701 ) 15.32 Outstanding, March 31, 2023 176,498 $ 15.66 (a) Shares are valued at the grant-date market price.
The following summary reflects stock option activity and related information:	The following summary reflects stock option activity and related information: Weighted Average Options Exercise Price Outstanding, December 31, 2022 2,379,700 $ 3.31 Granted — — Cancelled (373,234 ) 3.29 Outstanding, March 31, 2023 2,006,466 $ 2.91
The following table summarizes information about stock options outstanding as of March 31, 2023.	The following table summarizes information about stock options outstanding as of March 31, 2023. Range of Options Weighted Average Weighted Options Weighted Exercise Outstanding Remaining Average Exercisable Average Prices at 3/31/23 Contractual Life Exercise Price at 3/31/23 Exercise Price $ 1.32 11.80 2,006,466 6.0 years $2.91 1,828,960 $2.18

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of reconciliation of its effective income tax rate	Schedule of reconciliation of its effective income tax rate For the Three Months Ended March 31, 2023 2022 $ % $ % Provision (benefit) at statutory rate (516,514) 21.0 760,920 21.0 State Taxes (net of federal impact) (118,333) 4.8 175,736 4.9 Nondeductible Expenses (2,460) 0.1 — 0.0 Valuation Allowance 637,307 -25.9 (936,656) -25.9 Income tax provision (benefit) — 0 — 0

Aggregate capitalized costs of

Aggregate capitalized costs of oil and natural gas properties are as follows: (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Proved properties	$ 58,651,754	$ 52,831,131
Unproved properties	2,901,047	2,865,556
Work in process	4,574,733	8,289,652
Gross capitalized costs	66,127,534	63,986,339
Depreciation, depletion, amortization and impairment	(20,679,739)	(20,116,696)
Total oil and gas properties, net	$ 45,447,795	$ 43,869,643

Other property and equipment co

Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years. (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Other property and equipment, at cost	$ 1,812,095	$ 1,878,325
Less: accumulated depreciation	(359,958)	(436,796)
Other Property and Equipment, Net	$ 1,452,137	$ 1,441,529

Property (Details Narrative)

Property (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depletion and amortization expense	$ 563,000	$ 401,000
Depreciation expense	$ 59,000	$ 34,000

The Company_s asset retirement

The Company’s asset retirement obligation activity is as follows: (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, beginning of period	$ 25,000,740	$ 20,640,599
Revisions	(68,809)
Liabilities settled	(190,375)
Liabilities settled	190,375
Accretion expense	401,275	330,000
Asset retirement obligation, end of period	$ 25,142,831	$ 20,970,599

The following table summarizes

The following table summarizes the net realized and unrealized gains (losses) reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022: (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Gain (loss) on derivatives	$ (66,823)	$ (112,321)

The following represents the Co

The following represents the Company’s net cash payments on derivatives for the three months ended March 31, 2023 and 2022: (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Oil Derivatives [Member]
Credit Derivatives [Line Items]
Net cash payments on derivative	$ (41,187)	$ (83,260)

The following table sets forth

The following table sets forth the Company’s outstanding derivative contracts at March 31, 2023: (Details) - Oil Swaps [Member] - Two Zero Two Three [Member]	Mar. 31, 2023 $ / shares
Second Quarter [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Quarterly volume (MBbls)	40.35
Second Quarter [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Floor price (Bbl)	$ 40
Second Quarter [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Floor price (Bbl)	$ 55
Third Quarter [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Quarterly volume (MBbls)	41.86
Third Quarter [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Floor price (Bbl)	$ 40
Third Quarter [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Floor price (Bbl)	$ 60
Fourth Quarter [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Quarterly volume (MBbls)	41
Fourth Quarter [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Floor price (Bbl)	$ 40
Fourth Quarter [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Floor price (Bbl)	$ 50

The following table represents

The following table represents the Company’s accounts receivable as of March 31, 2023 and December 31, 2022: (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Oil and Gas Receivables	$ 2,957,597	$ 3,060,341
Joint Interest Billings	3,422,417	2,057,719
Receivable from Former CEO (See Note 12)		2,130,614
Other	124,003	531,565
Total accounts receivable	$ 6,504,017	$ 7,780,239

The following table represent_2

The following table represents the Company’s accrued expenses as of March 31, 2023 and December 31, 2022: (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued and suspended third-party revenue	$ 3,862,829	$ 4,415,311
Accrued salaries and payroll taxes	957,634	3,299,785
Accrued production taxes	650,043	500,481
Income taxes payable	208,898	208,898
Other	601,058	1,036,535
Total	$ 6,280,462	$ 9,461,010

The following table represent_3

The following table represents the Company’s outstanding debt as of March 31, 2023 and December 31, 2022: (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long Term Debt	$ 3,594,500	$ 4,063,115
Note payable to insurance provider	5.78%
Monthly payments of principal and interest	$ 46,928
Total Debt	7,149,112	7,199,411
Less Current maturities	(2,481,236)	(2,059,309)
Less Long Term Note Payable Related Party	$ (1,073,376)	(1,076,987)
Minimum [Member]
Debt Instrument [Line Items]
Equipment and vehicle notes	0%
Monthly payments	$ 400
Maximum [Member]
Debt Instrument [Line Items]
Equipment and vehicle notes	9%
Monthly payments	$ 1,400
Senior Revolver Loan Agreement [Member]
Debt Instrument [Line Items]
Notes payable current non current	5,369,500	5,869,500
Long Term Note Payable [Member]
Debt Instrument [Line Items]
Long Term Debt	1,073,376	1,076,987
Various Vehicleand Equipment Loans [Member]
Debt Instrument [Line Items]
Notes payable current non current	296,994	252,924
Note Payable to Insurance [Member]
Debt Instrument [Line Items]
Notes payable current non current	$ 409,242

Debt and Long Term Note Payab_3

Debt and Long Term Note Payable - Related Party (Details Narrative) - USD ($)		3 Months Ended
	Jul. 07, 2021	Mar. 31, 2023
Empire Louisiana and Empire North Dakota [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms		EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 4:1 on a trailing twelve-month basis.
Empire Louisiana and Empire North Dakota [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate	80%
Revolver Loan Agreement [Member]
Debt Instrument [Line Items]
Current maturities		2,000,000
Revolver Loan Agreement [Member] | Cross First Bank Loan [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date range, start	Feb. 27, 2023
Revolver commitment amount	$ 6,180,000
Reduction in commitment amount per quarter	$ 500,000
Debt instrument, interest rate terms	Prime plus 150 basis points
Interest Rate		9.50%
Long term debt, maturity date	May 26, 2024
Joint Development Agreement [Member] | August Six Two Thousand Twenty [Member] | Petroleum and Independent Exploration L L C [Member]
Debt Instrument [Line Items]
Interest Rate		6%
Loan from related party		$ 2,000,000
Maturity date		Aug. 07, 2024
Description of working and revenue interest		As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest.

Supplemental balance sheet info

Supplemental balance sheet information related to the right of use leases is as follows: (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease asset (included in Other Property and Equipment)	$ 821,024	$ 978,548
Current portion of lease liability	256,975	256,975
Long-term lease liability	519,852	547,692
Total right of use lease liabilities	$ 776,827	$ 804,667

Maturities of lease liabilities

Maturities of lease liabilities are as follows as of March 31, 2023: (Details)	Mar. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 323,959
2025	311,849
2026	187,852
2027	37,200
2028	3,100
Total lease payments	863,960
Less imputed interest	(87,133)
Total lease obligation	$ 776,827

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Right of use lease expense	$ 77,600	$ 60,000
Cash paid	$ 78,400	$ 59,000
Weighted average remaining term for right of use leases	2 years 9 months 18 days

Equity (Details Narrative)

Equity (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Common stock shares authorized	190,000,000		190,000,000
Common stock par value	$ 0.001		$ 0.001
Preferred stock shares authorized	10,000,000		10,000,000
Preferred stock par value	$ 0.001		$ 0.001
Preferred stock voting rights	the voting rights of the Series A Voting Preferred Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together at least 3,000,000 shares of the Company’s outstanding common stock.
Antidilutive securities excluded		2,348,009
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Antidilutive securities excluded		0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock voting rights	Series A Voting Preferred Stock for $1.00 per share following satisfaction of its notice and cure requirements in the event that:
Number of share oustanding	3,000,000

The following summary reflects

The following summary reflects nonvested restricted stock unit activity and related information for the three months ended March 31, 2023. (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding, December 31, 2022 | shares	224,288
Outstanding, December 31, 2022 | $ / shares	$ 15.42
Granted | shares
Granted | $ / shares
Vested | shares	(11,089)
Vested | $ / shares	$ 11.82
Forfeited | shares	(36,701)
Forfeited | $ / shares	$ 15.32
Outstanding, March 31, 2023 | shares	176,498
Outstanding, March 31, 2023 | $ / shares	$ 15.66

The following summary reflect_2

The following summary reflects stock option activity and related information: (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding at beginning | shares	2,379,700
Weighted average exercise price beginning | $ / shares	$ 3.31
Granted | shares
Granted | $ / shares
Cancelled | shares	(373,234)
Cancelled | $ / shares	$ 3.29
Outstanding at ending | shares	2,006,466
Weighted average exercise price ending | $ / shares	$ 2.91

The following table summarize_2

The following table summarizes information about stock options outstanding as of March 31, 2023. (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at ending | shares	2,006,466
Options outstanding weighted average remaining contractual life	6 years
Options exercisable weighted average exercise price	$ 2.91
Options exercisable ending | shares	1,828,960
Options exercisable weighted average exercise price ending	$ 2.18
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding range of exercise prices	1.32
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding range of exercise prices	$ 11.80

Executive Separation (Details N

Executive Separation (Details Narrative) - Chief Executive Officer [Member]	Mar. 16, 2023 USD ($) shares
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Severance benefits	$ 360,000
Severance benefits | shares	340,234
Receivable	$ 2,100,000
Severance benefits	$ 2,100,000

Schedule of reconciliation of i

Schedule of reconciliation of its effective income tax rate (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) at statutory rate	$ (516,514)	$ 760,920
Provision (benefit) at statutory rate in percentage	21%	21%
State Taxes (net of federal impact)	$ (118,333)	$ 175,736
State Taxes (net of federal impact) in percentage	4.80%	4.90%
Nondeductible Expenses	$ (2,460)
Nondeductible Expenses in percentage	0.10%	0%
Valuation Allowance	$ 637,307	$ (936,656)
Valuation Allowance in percentage	(25.90%)	(25.90%)
Income tax provision (benefit)
Income tax provision (benefit) in percentage	0%	0%

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Percentage of ownership	24%
Term Loan [Member]
Related Party Transaction [Line Items]
Notes payable current non current	$ 1,100,000
Energy Evolution Ltd [Member]
Related Party Transaction [Line Items]
Percentage of ownership	17%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($)
Preliminary Fair Value of Assets Acquired [Member]
Impairment Effects on Earnings Per Share [Line Items]
Purchase of additional working interests	$ 6,700,000