Annual report pursuant to Section 13 and 15(d)

OIL AND NATURAL GAS PRODUCING ACTIVITIES

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OIL AND NATURAL GAS PRODUCING ACTIVITIES
 12 Months Ended
Dec. 31, 2023
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
OIL AND NATURAL GAS PRODUCING ACTIVITIES
NOTE 6 — OIL AND NATURAL GAS PRODUCING ACTIVITIES
Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration activities:
Capitalized Costs
As of December 31, 2023 2022
Oil and natural gas properties, full cost method
Proved properties
 1,663,548,249  1,463,838,595 
Unproved properties
 —  — 
Total oil and natural gas properties, full cost method
 1,663,548,249  1,463,838,595 
Accumulated depletion of oil and natural gas properties
 (373,280,583) (287,052,595)
Net oil and natural gas properties capitalized
 $ 1,290,267,666  $ 1,176,786,000 
Costs Incurred in Oil and Gas Producing Activities
For the years Ended December 31, 2023 2022 2021
Payments to acquire oil and natural gas properties
 $ 82,900,900  $ 179,387,490  $ 1,368,437 
Payments to explore oil and natural gas properties
 —  —  — 
Payments to develop oil and natural gas properties 152,559,314  129,332,155  51,302,131 
Total costs incurred
 $ 235,460,214  $ 308,719,645  $ 52,670,568