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Condensed Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,161,460 $ 2,115,652
Natural gas, oil, and NGL sales receivables (net of $0 allowance for uncollectable accounts) 7,455,323 9,783,996
Refundable income taxes 776,077  
Held for sale assets   6,420,051
Derivative contracts, net [1] 2,040,999  
Other 829,818 1,543,956
Total current assets 12,263,677 19,863,655
Properties and equipment at cost, based on successful efforts accounting:    
Producing natural gas and oil properties 187,426,879 181,431,139
Non-producing natural gas and oil properties 61,931,041 57,781,644
Other 1,245,782 1,122,436
Gross properties and equipment, at cost, based on successful efforts accounting 250,603,702 240,335,219
Less accumulated depreciation, depletion and amortization (108,382,522) (107,085,212)
Net properties and equipment 142,221,180 133,250,007
Derivative contracts, net [1] 112,456 141,345
Operating lease right-of-use assets 674,095 706,871
Other, net 652,966 695,399
Total assets 155,924,374 154,657,277
Current liabilities:    
Accounts payable 308,508 504,466
Derivative contracts, net [1]   1,534,034
Income taxes payable   576,427
Current portion of operating lease liability 222,001 217,656
Held for Sale Liabilities   889,155
Accrued liabilities and other 1,860,808 3,121,522
Total current liabilities 2,391,317 6,843,260
Long-term debt 26,000,000 33,300,000
Deferred income taxes, net 5,387,906 2,453,906
Asset retirement obligations 1,032,257 1,027,777
Operating lease liability, net of current portion 871,971 929,208
Total liabilities 35,683,451 44,554,151
Stockholders' equity:    
Common Stock, $0.01666 par value; 54,000,500 shares authorized and 35,938,206 issued at March 31, 2023; 54,000,500 shares authorized and 35,938,206 issued at December 31, 2022 598,731 598,731
Capital in excess of par value 43,134,738 43,344,916
Deferred directors' compensation 1,313,162 1,541,070
Retained earnings 78,428,984 68,925,774
Stockholders' Equity 123,475,615 114,410,491
Less treasury stock, at cost; 225,484 shares at March 31, 2023, and 300,272 shares at December 31, 2022 (3,234,692) (4,307,365)
Total stockholders' equity 120,240,923 110,103,126
Total liabilities and stockholders' equity $ 155,924,374 $ 154,657,277
[1] See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.