Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary Of Provision For Income Taxes

The Company’s provision for income taxes is detailed as follows:

	Year Ended December 31,
		2024		2023
Current:
Federal	$	99,719	$	190,914
State		198,790		240,815
		298,509		431,729
Deferred:
Federal		525,511		3,538,031
State		3,167		765,700
		528,678		4,303,731
	$	827,187	$	4,735,460

Summary Of Difference Between Provision For Income Taxes And Amount Which Would Result From Application Of Federal Statutory Rate

The difference between the provision for income taxes and the amount which would result from the application of the federal statutory rate to income before provision for income taxes is analyzed below:

	Year Ended December 31,
		2024			2023
Provision for income taxes at statutory rate	$	661,301		$	3,917,815
Change in valuation allowance		3,394			(8,067	)
Percentage depletion		(375,145	)		(408,729	)
State income taxes, net of federal provision		156,818			963,063
Restricted stock tax benefit		(59,943	)		10,664
Deferred directors' compensation benefit		28,230			42,018
Nondeductible compensation		359,545			122,204
Law change		-			-
Provision to return adjustments		40,670			190,914
Other		12,317			(94,422	)
	$	827,187		$	4,735,460

Summary Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities, resulting from differences between the financial statement carrying amounts and the tax basis of assets and liabilities, consist of the following at December 31, 2024 and 2023:

	December 31,
	2024		2023
Deferred tax liabilities:
Financial basis in excess of tax basis, principally intangible    drilling costs capitalized for financial purposes and    expensed for tax purposes	$	12,099,584	$	10,825,555
Derivative contracts		-		802,712
Total deferred tax liabilities		12,099,584		11,628,267
Deferred tax assets:
State net operating loss carry forwards		221,690		293,701
Federal net operating loss carry forwards		1,998,323		2,234,275
Statutory depletion carryover		239,294		417,090
Asset retirement obligations		220,560		210,447
Deferred directors' compensation		288,962		331,879
Restricted stock expense		482,607		653,959
Derivative contracts		172,930		-
Interest expense limitation/carryover		1,101,150		643,067
Other		96,809		91,874
Total deferred tax assets		4,822,325		4,876,292
State NOL valuation allowance		9,056		5,662
Net deferred tax liabilities	$	7,286,315	$	6,757,637