2023 Q4 Form 10-K Financial Statement

#000121390024039259 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.613M
YoY Change
% of Gross Profit
Operating Expenses $432.7K $1.798M
YoY Change 17880.1%
Operating Profit -$1.798M
YoY Change 12946.1%
Interest Expense $744.4K $1.269M
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.269M
YoY Change
Pretax Income $311.8K -$528.7K
YoY Change 5186.82%
Income Tax $221.7K $221.7K
% Of Pretax Income 71.1%
Net Earnings $90.11K -$750.3K
YoY Change 7403.47%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01 -$0.07
COMMON SHARES
Basic Shares Outstanding 7.516M shares 11.63M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.61K $75.61K
YoY Change 89.03%
Cash & Equivalents $3.505M $75.61K
Short-Term Investments
Other Short-Term Assets $90.16K $81.91K $81.91K
YoY Change 10.08% -72.7%
Inventory
Prepaid Expenses $81.91K
Receivables
Other Receivables
Total Short-Term Assets $6.812M $157.5K $157.5K
YoY Change 4224.65% -53.11% -53.67%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.24M $89.24M
YoY Change
Other Assets $6.668K
YoY Change
Total Long-Term Assets $93.91M $89.24M $89.24M
YoY Change 5.23%
TOTAL ASSETS
Total Short-Term Assets $6.812M $157.5K $157.5K
Total Long-Term Assets $93.91M $89.24M $89.24M
Total Assets $100.7M $89.40M $89.40M
YoY Change 12.67% 26509.31% 26194.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.795M $395.6K $395.6K
YoY Change 1112.29% 189.65%
Accrued Expenses $4.422M $395.6K $200.0K
YoY Change 1017.98% 189.66%
Deferred Revenue
YoY Change
Short-Term Debt $129.0K $129.0K
YoY Change
Long-Term Debt Due $37.49M $26.75M
YoY Change 40.14%
Total Short-Term Liabilities $20.11M $946.2K $946.2K
YoY Change 2025.63% 320.99% 330.1%
LONG-TERM LIABILITIES
Long-Term Debt $37.49M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $675.0K $2.588M $2.588M
YoY Change -73.91%
Total Long-Term Liabilities $50.01M $2.588M $2.588M
YoY Change 1832.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.11M $946.2K $946.2K
Total Long-Term Liabilities $50.01M $2.588M $2.588M
Total Liabilities $70.12M $3.534M $3.534M
YoY Change 1884.3% 1472.23% 1506.24%
SHAREHOLDERS EQUITY
Retained Earnings -$19.12M -$3.176M
YoY Change 501.88% 22948.11%
Common Stock $301.00
YoY Change 4.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.800M -$3.176M $85.87M
YoY Change
Total Liabilities & Shareholders Equity $100.7M $89.40M $89.40M
YoY Change 12.67% 26509.31% 26194.38%

Cashflow Statement

Concept 2023 Q4 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $90.11K -$750.3K
YoY Change 7403.47%
Depreciation, Depletion And Amortization $1.613M
YoY Change
Cash From Operating Activities -$76.93K -$1.317M
YoY Change 1363.87%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$87.98M
YoY Change
Cash From Investing Activities $0.00 -$87.98M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K $89.33M
YoY Change 89229.35%
NET CHANGE
Cash From Operating Activities -76.93K -$1.317M
Cash From Investing Activities 0.000 -$87.98M
Cash From Financing Activities 100.0K $89.33M
Net Change In Cash 23.07K $36.87K
YoY Change 268.69%
FREE CASH FLOW
Cash From Operating Activities -$76.93K -$1.317M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 hnra Impact To Rightofuse Assets And Lease Liabilities Due To Lease Modification
ImpactToRightofuseAssetsAndLeaseLiabilitiesDueToLeaseModification
50921 usd
hnra Accrued Purchases Of Property And Equipment At Period End
AccruedPurchasesOfPropertyAndEquipmentAtPeriodEnd
256237 usd
CY2022 hnra Accrued Purchases Of Property And Equipment At Period End
AccruedPurchasesOfPropertyAndEquipmentAtPeriodEnd
663954 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Organization and General</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HNR Acquisition Corp (the “Company”) was incorporated in Delaware on December 9, 2020. The Company was a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act,” as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s IPO was declared effective on February 10, 2022 (the “Effective Date”). On February 15, 2022, the Company consummated the IPO of 7,500,000 units (the “Units” and, with respect to the common stock included in the Units sold, the “Public Shares”), at $10.00 per Unit. Additionally, the underwriter fully exercised its option to purchase 1,125,000 additional Units. Simultaneously with the closing of the IPO, the Company consummated the sale of 505,000 units (the “Private Placement Units”) at a price of $10.00 per unit generating proceeds of $5,050,000 in a private placement to HNRAC Sponsors, LLC, the Company’s sponsor (the “Sponsor”) and EF Hutton (formerly Kingswood Capital Markets) (“EF Hutton”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor and other parties, purchased, in the aggregate, 505,000 units (“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement which included a share of common stock and warrant to purchase three quarters of one share of common stock at an exercise price of $11.50 per share, subject to certain adjustments (“Private Placement Warrants” and together, the “Private Placement”) that occurred immediately prior to the Public Offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Effective November 15, 2023, the Company completed its business combination as described in Note 3. Through its subsidiary Pogo Resources, LLC, a Texas limited liability Company “(“Pogo” or “Pogo Resources”) and its subsidiary LH Operating, LLC, a Texas limited liability company “(“LHO”), the Company is an independent oil and natural gas company focused on the acquisition, development, exploration, and production of oil and natural gas properties in the Permian Basin. The Permian Basin is located in west Texas and southeastern New Mexico and is characterized by high oil and liquids-rich natural gas content, multiple vertical and horizontal target horizons, extensive production histories, long-lived reserves and historically high drilling success rates. The Company’s properties are in the Grayburg-Jackson Field in Eddy County, New Mexico, which is a sub-area of the Permian Basin. The Company focuses exclusively on vertical development drilling. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Inflation Reduction Act of 2022</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 11, 2023, in connection with the stockholder vote for the amendment to the Company’s certificate of incorporation, a total of 4,115,597 Public Shares for an aggregate redemption amount of $43,318,207 were redeemed from the Trust Account by the stockholders of the Company. On November 15, 2023, a total of 3,323,707 Public Shares were redeemed for an aggregate redemption amount of $12,346,791. As a result of these redemptions of common stock, the Company recognized an estimated liability for the excise tax of $474,837, included in <i>Accrued liabilities and other </i>on the Company’s consolidated balance sheet pursuant to the 1% excise tax under the IR Act partially offset by issuance of common stock subsequent to the redemptions. The liability does not impact the consolidated statements of operations and is offset against accumulated deficit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going Concern Considerations </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2023, the Company had $3,505,454 in cash and a working capital deficit of $13,300,601. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company had positive cash flow from operations of $8,675,037 for the year ended December 31, 2023, on a pro forma basis of the combined Successor and Predecessor periods. Additionally, management’s plans to alleviate this substantial doubt include improving profitability through streamlining costs, maintaining active hedge positions for its proven reserve production, and the issuance of additional shares of Class A common stock through under the Common Stock Purchase Agreement. The Company has a three-year Common Stock Purchase Agreement with a maximum funding limit of $150,000,000 that can fund the Company operations and production growth, and be used to reduce liabilities of the Company, subject the Company’s Form S-1 Registration Statement, which is in the review process, being declared effective by the Securities and Exchange Commission (“SEC”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01 pure
CY2023Q4 hnra Number Of Public Shares
NumberOfPublicShares
3323707 shares
CY2023Q4 hnra Aggregate Redemption Value Of Public Shares
AggregateRedemptionValueOfPublicShares
12346791 usd
CY2023Q4 hnra Working Capital
WorkingCapital
13300601 usd
CY2023Q4 us-gaap Financial Designation Predecessor And Successor Fixed List
FinancialDesignationPredecessorAndSuccessorFixedList
Successor
us-gaap Financial Designation Predecessor And Successor Fixed List
FinancialDesignationPredecessorAndSuccessorFixedList
Predecessor
CY2023Q4 us-gaap Repurchase Agreement Counterparty Amount At Risk
RepurchaseAgreementCounterpartyAmountAtRisk
150000000 usd
CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Basis of Presentation</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2023 (the “Closing Date”), the Company consummated a business combination which resulted in the acquisition of Pogo Resources, LLC, a Texas limited liability Company “(“Pogo” or “Pogo Resources”) and its subsidiary LH Operating, LLC, a Texas limited liability company “(“LHO”, and collectively, the Pogo Business”) (the “Acquisition”). The Company was deemed the accounting acquirer in the Acquisition based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805, Business Combinations, and the Pogo Business was deemed to be the Predecessor entity. Accordingly, the historical consolidated financial statements of the Pogo Business became the historical financial statements of the Company’s upon consummation of the Acquisition. As a result, the financial statements included in this report reflect (i) the historical operating results of Pogo Business prior to the Acquisition (“Predecessor”) and (ii) the combined results of the companies, including Pogo Business following the closing of the Acquisition (“Successor”). The accompanying financial statements include a Predecessor period, which was the period January 1, 2023 through November 14, 2023, concurrent with completion of the Acquisition and Successor period from November 15, 2023 through December 31, 2023. As a result of the Acquisition, the results of operations, financial position and cash flows of the Predecessor and Successor may not be directly comparable. A black-line between the Successor and Predecessor periods has been placed in the consolidated financial statements and in the tables to the notes to the consolidated financial statements to highlight the lack of comparability between these two periods as the Acquisition resulted in a new basis of accounting for the Pogo Business. See Note 3 for additional information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.<i> </i></p>
CY2023 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
6847500 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4094250 shares
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include: i) estimates of proved reserves of oil and natural gas, which affect the calculation of depletion, depreciation, and amortization (“DD&amp;A”) and impairment of proved oil and natural gas properties, ii) impairment of undeveloped properties and other assets, iii) depreciation of property and equipment; and iv) the valuation of commodity derivative instruments. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management’s estimates using different assumptions or under different conditions. Future production may vary materially from estimated oil and natural gas proved reserves. Actual future prices may vary significantly from price assumptions used for determining proved reserves and for financial reporting.</p>
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1497749 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1613402 usd
CY2023 us-gaap Revenue Recognition Allowances
RevenueRecognitionAllowances
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><i>Product Revenues</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company accounts for sales in accordance with Accounting Standards Codification (“ASC”) 606, <i>Revenue from Contracts with Customers</i>. Revenue is recognized when the Company satisfies a performance obligation in an amount reflecting the consideration to which it expects to be entitled. The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company enters into contracts with customers to sell its oil and natural gas production. Revenue from these contracts is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under oil and natural gas marketing contracts is typically received from the purchaser one to two months after production.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Most of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead or a central delivery point, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts using market-based pricing, which price is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred at or after the transfer of control of the oil, the differentials are included in oil revenues on the statements of operations, as they represent part of the transaction price of the contract. If other related costs are incurred prior to the transfer of control of the oil, those costs are included in production taxes, transportation and processing expenses on the Company’s consolidated statements of operations, as they represent payment for services performed outside of the contract with the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company’s natural gas is sold at the lease location. Most of the Company’s natural gas is sold under gas purchase agreements. Under the gas purchase agreements, the Company receives a percentage of the net production from the sale of the natural gas and residue gas, less associated expenses incurred by the buyer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.</p>
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
1 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
1 pure
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Concentration of Credit Risk:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage (“FDIC”) of $250,000. As of December 31, 2023, the Company’s cash balance exceeded the FDIC limit by $342,901. At December 31, 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
342901 usd
CY2023Q4 hnra Outstanding Principal Interest Percentage
OutstandingPrincipalInterestPercentage
0.99 pure
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Side Letter Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSideLetterPayable
1925873 usd
CY2023 hnra Escrowed Share Consideration
EscrowedShareConsideration
500000 usd
CY2023Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
67700 usd
CY2023 us-gaap Investment Unrestricted Purchase Price Date Per Unit
InvestmentUnrestrictedPurchasePriceDatePerUnit
10
CY2023Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
10
CY2023Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
6.5
CY2023 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
134500 shares
CY2023Q4 us-gaap Cash
Cash
31074127 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Side Letter Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSideLetterPayable
1925873 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Promissory Note To Sellers Of Pogo Business
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPromissoryNoteToSellersOfPogoBusiness
15000000 usd
CY2023 us-gaap Option Indexed To Issuers Equity Shares
OptionIndexedToIssuersEquityShares
10000 shares
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Common Shares For Option Agreementin Shares
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCommonSharesForOptionAgreementinShares
67700 usd
CY2023Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
200000 shares
CY2023 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
1354000 usd
CY2023Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
1800000 shares
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Class B Unitsin Shares
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedClassBUnitsinShares
12186000 usd
CY2023Q4 us-gaap Preferred Units Issued
PreferredUnitsIssued
1500000 shares
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Preferred Unitsin Shares
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPreferredUnitsinShares
21220594 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
82828294 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
3986559 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
368371 usd
CY2022 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2185000 usd
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-1163736 usd
CY2022 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-6978790 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
51957 usd
CY2022 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-4793790 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Oil Gas Reserves
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesOilGasReserves
93809392 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Derivative Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDerivativeAssets
51907 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
2290475 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accrued Liabilities And Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedLiabilitiesAndOther
-1244633 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Revenue And Royalties Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRevenueAndRoyaltiesPayable
-775154 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Revenue And Royalties Payable Related Parties
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRevenueAndRoyaltiesPayableRelatedParties
-1199420 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Shortterm Derivative Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedShorttermDerivativeLiabilities
-27569 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
8528772 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
893235 usd
CY2023Q4 hnra Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilities
-675000 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
82828294 usd
CY2023 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1500000 shares
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
645873 usd
CY2023 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
27214143 usd
CY2022 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
31409762 usd
CY2023 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
4962026 usd
CY2022 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
8809272 usd
CY2023 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1486496 usd
CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3522642 usd
CY2023 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.28
CY2022 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.67
CY2023 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
5235131 shares
CY2022 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
5220788 shares
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1215693 usd
CY2023Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
27680703 usd
CY2022Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
26750000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
15000000 usd
CY2023Q4 hnra Private Loans
PrivateLoans
3469500 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
46150203 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
26750000 usd
CY2023Q4 hnra Long Term Debt Discount
LongTermDebtDiscount
2147346 usd
CY2023Q4 hnra Long Term Debt Current Discount
LongTermDebtCurrentDiscount
6516651 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
37486206 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
26750000 usd
CY2023 us-gaap Payments For Loans
PaymentsForLoans
5000000 usd
CY2023Q4 us-gaap Other Borrowings
OtherBorrowings
1000000 usd
CY2023Q4 us-gaap Deposits Paid For Securities Borrowed At Carrying Value
DepositsPaidForSecuritiesBorrowedAtCarryingValue
5000000 usd
CY2023Q4 us-gaap Deferred Costs
DeferredCosts
1093318 usd
CY2023Q4 us-gaap Derivative Variable Interest Rate
DerivativeVariableInterestRate
0.18 pure
CY2023 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
1
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5434000 shares
CY2023Q4 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
2280437 usd
CY2019Q2 us-gaap Line Of Credit Facility Maximum Monthend Outstanding Amount
LineOfCreditFacilityMaximumMonthendOutstandingAmount
50000000 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
26750000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
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CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
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