Annual report pursuant to Section 13 and 15(d)

OIL AND NATURAL GAS PRODUCING ACTIVITIES

v3.22.4
OIL AND NATURAL GAS PRODUCING ACTIVITIES
 12 Months Ended
Dec. 31, 2022
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
OIL AND NATURAL GAS PRODUCING ACTIVITIES 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:
Net Capitalized Costs
As of December 31, 2022 2021
Oil and natural gas properties, full cost method $ 1,463,838,595  $ 883,844,745 
Financing lease asset subject to depreciation 3,019,476  1,422,487 
Fixed assets subject to depreciation 3,147,125  2,089,722 
Total Properties and Equipment 1,470,005,196  887,356,954 
Accumulated depletion, depreciation and amortization (289,935,259) (235,997,307)
Net Properties and Equipment $ 1,180,069,937  $ 651,359,647 
Net Costs Incurred in Oil and Gas Producing Activities
For the years Ended December 31, 2022 2021
Payments for the Stronghold Acquisition $ 177,823,787  $ — 
Payments to purchase oil and natural gas properties 1,563,703  1,368,437 
Proceeds from divestiture of oil and natural gas properties (23,700) (2,000,000)
Payments to develop oil and natural gas properties 129,332,155  51,302,131 
Payments to acquire or improve fixed assets subject to depreciation 319,945  568,832 
Sale of fixed assets subject to depreciation $ (134,600) $ — 
Total Net Costs Incurred $ 308,881,290  $ 51,239,400