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Related Party Transactions
9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14 – Related Party Transactions

 

The Fund is a related party of the Company as it beneficially owns approximately 25% of the Company’s outstanding shares of common stock as of September 30, 2022. Additionally, a board member of the Fund was appointed to the Company’s Board of Directors in October 2021 as the Board co-chairman and now serves as chairman. This Board member separately beneficially owns approximately 16% of the Company’s outstanding shares of common stock and held all outstanding shares of preferred stock at September 30, 2022. The Board member also is a majority owner of PIE. In October 2021 another board member of the Fund was appointed to the Company’s Board of Directors and has an ownership percentage of approximately 3%.

 

The Company has a JDA with PIE to perform recompletion or workover on specified mutually agreed upon wells (See Note 5). This JDA has a note payable whose balance increases as work is performed until payout terms have been reached per the agreement (See Note 8).