| | | | | | | | | | | | | |
| | Three | Three | | | | |||||||
| | | Months | | Months | | | | | | |||
| | | Ended | | Ended | | Variance | | Variance | ||||
| | | 09/30/2024 | | 09/30/2023 | | ($) | | (%) | ||||
| Revenues: | | | | | ||||||||
| Natural gas | | $ | 194,822 | | $ | 267,495 | | $ | (72,673) | (27.2) | % | |
| Less transportation and processing | | $ | (214,129) | | $ | (233,820) | | $ | 19,691 | (8.4) | % | |
| Natural gas, net | | $ | (19,307) | | $ | 33,675 | | $ | (52,982) | (157.3) | % | |
| Natural gas liquids (NGL) | | $ | 53,028 | | $ | 31,673 | | $ | 21,355 | 67.4 | % | |
| Oil | | $ | 1,422 | | $ | 37,180 | | $ | (35,758) | (96.2) | % | |
| Total Revenues, net | | $ | 35,143 | | $ | 102,528 | | $ | (67,385) | (65.7) | % | |
| Costs and expenses: | | | | | ||||||||
| Lease operating expenses | | $ | 253,496 | | $ | 40,803 | | $ | 212,693 | 521.3 | % | |
| Depletion, depreciation, amortization, and accretion | | $ | 193,712 | | $ | 177,345 | | $ | 16,367 | 9.2 | % | |
| General and administrative costs | | $ | 966,227 | | $ | 646,578 | | $ | 319,649 | 49.4 | % | |
| | | | | | | | | |
| | Oil | NGL | Gas | | ||||
| | | (Bbl) | | (Bbl) | | (Mcf) | | Mcfe |
| Probable Developed | — | — | — | — | ||||
| Probable Undeveloped | — | 8,138,710 | 116,568,520 | 165,400,780 | ||||
| Total Probable | — | 8,138,710 | 116,568,520 | 165,400,780 |
| | | | | | | |
| | For the | For the | ||||
| | | Year Ended | | Year Ended | ||
| | | December 31, 2023 | | December 31, 2022 | ||
| Net income (loss) | $ | (87,718) | $ | 722,115 | ||
| Accretion of redeemable common stock to redemption amount | | (2,040,857) | | (1,084,374) | ||
| Excise taxes on stock redemption | | | (1,029,003) | | | — |
| Net loss including accretion of temporary equity to redemption value | | $ | (3,157,578) | | $ | (362,259) |
| | | | | | | | | | | | | |
| | | For the Three Months Ended | | For the Nine Months Ended | ||||||||
| | | September 30, | | September 30, | ||||||||
| | 2024 | 2023 | 2024 | 2023 | ||||||||
| General and administrative expenses | | $ | 368,098 | | $ | 908,357 | | $ | 1,540,761 | | $ | 1,293,488 |
| Loss from operations | | (368,098) | | | (908,357) | | | (1,540,761) | | (1,293,488) | ||
| | | | | | | | | | | | | |
| Other income (expense) | | | | | | | | | | | ||
| Interest earned on marketable securities held in Trust Account | | 229,375 | | | 343,491 | | | 677,062 | | 2,641,366 | ||
| Interest income - other | | | 2,274 | | | — | | | 2,274 | | | — |
| Finance costs for non-redemption agreements | | | — | | | 8,811 | | | — | | | (471,189) |
| Interest and penalties | | | — | | | — | | | (463) | | | — |
| Total other income, net | | 231,649 | | | 352,302 | | | 678,873 | | 2,170,177 | ||
| | | | | | | | | | | | | |
| (Loss) income before provision for income taxes | | | (136,449) | | | (556,055) | | | (861,888) | | | 876,689 |
| Provision for income taxes | | | (59,527) | | | (90,037) | | | (174,717) | | | (719,832) |
| Net (loss) income | | $ | (195,976) | | $ | (646,092) | | $ | (1,036,605) | | $ | 156,857 |
| | | | | | | | | | | | | |
| Basic and diluted weighted average shares outstanding, common stock subject to possible redemption | | 1,582,797 | | | 2,510,512 | | | 1,582,797 | | 7,482,720 | ||
| Basic and diluted net income (loss) per common share, common stock subject to possible redemption | | $ | 0.06 | | $ | (0.07) | | $ | 0.13 | | $ | 0.13 |
| | | | | | | | | | | | | |
| Basic and diluted weighted average shares outstanding, non-redeemable common stock | | 3,336,500 | | | 3,336,500 | | | 3,336,500 | | 3,336,500 | ||
| Basic and diluted net loss per share, non-redeemable common stock | | $ | (0.09) | | $ | (0.14) | | $ | (0.37) | | $ | (0.24) |
| | | | | | | | | | | | | | | | | | | | |
| | | Members’ Equity | | Shareholders’ Equity | |||||||||||||||
| | | | | | | | Common Stock | | | | | | | | | | |||
| | | Units | | | | | | | | | | | | | Retained | | | | |
| | | Outstanding | | Amount | | Shares | | Amount | | Paid-in Capital | | Earnings | | Total | |||||
| Balance, December 31, 2022 | 5,000,000 | $ | (3,786,949) | | | | $ | — | |||||||||||
| Pre-Reorganization: | | | | | | ||||||||||||||
| Members’ contributions | | 145,500 | | | | | |||||||||||||
| Member’s withdrawals | | (59,294) | | | | | |||||||||||||
| Common shares issued in exchange for common units | (5,000,000) | | 3,700,743 | 5,000,000 | | 5,000 | | (3,705,743) | | | (3,700,743) | ||||||||
| Post Reorganization: | | | | | | ||||||||||||||
| Common shares issued for services | | 714,000 | | 714 | | 2,498,286 | | | 2,499,000 | ||||||||||
| Issuance of preferred stock* | | 5,000 | | 1 | | | | 1 | |||||||||||
| Sale of common stock | | 447,220 | | 447 | | 1,564,781 | | | 1,565,228 | ||||||||||
| Common shares issued in exchange for convertible debt | | 44,286 | | 45 | | 154,955 | | | 155,000 | ||||||||||
| Net income | | | | | 10,145 | | 10,145 | ||||||||||||
| Balance, December 31, 2023* | — | | — | 6,205,506 | | $ | 6,206 | | $ | 512,279 | | $ | 10,145 | | $ | 528,631 | |||
