2025 Q1 Form 10-K Financial Statement

#000149315225002760 Filed on January 17, 2025

View on sec.gov

Income Statement

Concept 2025 Q1 2024 Q4 2024
Revenue $213.2K
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
YoY Change
% of Gross Profit
Operating Expenses $6.431M
YoY Change 39.48%
Operating Profit -$6.218M
YoY Change 34.85%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$3.409M
YoY Change 76.29%
Pretax Income -$9.627M
YoY Change 47.1%
Income Tax
% Of Pretax Income
Net Earnings -$9.627M
YoY Change 47.1%
Net Earnings / Revenue -4515.3%
Basic Earnings Per Share -$4.32
Diluted Earnings Per Share -$4.32
COMMON SHARES
Basic Shares Outstanding 6.726M shares 2.226M shares
Diluted Shares Outstanding 2.226M shares

Balance Sheet

Concept 2025 Q1 2024 Q4 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $285.9K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $279.3K
Receivables
Other Receivables
Total Short-Term Assets $565.2K
YoY Change -66.66%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.12M
YoY Change 11.78%
TOTAL ASSETS
Total Short-Term Assets $565.2K
Total Long-Term Assets $11.12M
Total Assets $11.68M
YoY Change 0.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.591M
YoY Change 39.93%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $51.09K
YoY Change 5.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.591M
Total Long-Term Liabilities $51.09K
Total Liabilities $2.642M
YoY Change 39.06%
SHAREHOLDERS EQUITY
Retained Earnings -$20.07M
YoY Change 92.15%
Common Stock $320.00
YoY Change -89.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.043M
YoY Change
Total Liabilities & Shareholders Equity $11.68M
YoY Change 0.35%

Cashflow Statement

Concept 2025 Q1 2024 Q4 2024
OPERATING ACTIVITIES
Net Income -$9.627M
YoY Change 47.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.841M
YoY Change -4.86%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.090M
YoY Change -50.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.655M
YoY Change -52.63%
NET CHANGE
Cash From Operating Activities -$3.841M
Cash From Investing Activities -$1.090M
Cash From Financing Activities $3.655M
Net Change In Cash -$1.276M
YoY Change -185.74%
FREE CASH FLOW
Cash From Operating Activities -$3.841M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024 TPET Debt Discount Premium
DebtDiscountPremium
-347968 usd
CY2023 TPET Debt Discount Premium
DebtDiscountPremium
-140000 usd
CY2024 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2092671 usd
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
473240 usd
CY2024 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
738300 usd
CY2024 us-gaap Share Based Compensation
ShareBasedCompensation
1534667 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
1044261 usd
CY2024 TPET Loss On Issuance Of Common Shares In Lieu Of Cash For Debt Payments
LossOnIssuanceOfCommonSharesInLieuOfCashForDebtPayments
1022534 usd
CY2024 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
145857 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
123417 usd
CY2024 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
454966 usd
CY2024 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
433962 usd
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
110180 usd
CY2024 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3840744 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4036834 usd
CY2024 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
1171377 usd
CY2023 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
362022 usd
CY2023 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
3749488 usd
CY2023 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1900000 usd
CY2024 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
81495 usd
CY2023 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
21651 usd
CY2024 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1089882 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2189859 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
738659 usd
CY2024 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
250666 usd
CY2024 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
550000 usd
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
2000000 usd
CY2024 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
2292972 usd
CY2024 TPET Proceeds From Issuance Of Common Shares Related To Atm Agreement
ProceedsFromIssuanceOfCommonSharesRelatedToAtmAgreement
1173679 usd
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
6000000 usd
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1812635 usd
CY2024 us-gaap Repayments Of Debt
RepaymentsOfDebt
352767 usd
CY2023 us-gaap Repayments Of Debt
RepaymentsOfDebt
1472512 usd
CY2024 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
259903 usd
CY2023 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
350320 usd
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1013493 usd
CY2024 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3654647 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7714969 usd
CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1275979 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1488276 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1561924 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73648 usd
CY2024Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
285945 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1561924 usd
CY2024 TPET Issuance Of Warrants Equity Classified
IssuanceOfWarrantsEquityClassified
409191 usd
CY2023 TPET Issuance Of Warrants Equity Classified
IssuanceOfWarrantsEquityClassified
332630 usd
CY2024 us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
911650 shares
CY2023 us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
213 shares
CY2024 TPET Issuance Of Commitment Shares
IssuanceOfCommitmentShares
667500 usd
CY2023 TPET Issuance Of Common Stock For Excercisable Warrants
IssuanceOfCommonStockForExcercisableWarrants
120 usd
CY2023 TPET Issuance Of Prefunded Warrants
IssuanceOfPrefundedWarrants
4000 usd
CY2024 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zZ8aYuA0laei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82F_zrjXocfRCGN1">NATURE OF THE ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Company Organization</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trio Petroleum Corp. (“Trio Petroleum”, the “Company” or “TPET”) is a California-based oil and gas exploration and development company headquartered in Bakersfield, California, with its principal executive offices located at 5401 Business Park South, Suite 115, Bakersfield, California 93309, and with operations in Monterey County, California, and Uintah County, Utah. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund, and operate oil and gas exploration, development and production projects, initially focusing on one major asset in California, the South Salinas Project (“South Salinas Project”). The Company has since acquired interests in the McCool Ranch Oil Field in Monterey County, California, and in the Asphalt Ridge Project in Uintah County, Utah. The Company has had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized its first revenues in the fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Acquisition of South Salinas Project</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was initially formed to acquire from Trio Petroleum LLC (“Trio LLC”) an approximate <span id="xdx_909_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20231031__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_zZt6WetQdkR8" title="Business acquisition increase in percentage of working interest">82.75</span>% working interest (which was subsequently increased to an approximate <span id="xdx_901_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20230430__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_z3YoHjdIxQmd" title="Business acquisition percentage">85.775</span>% working interest in April 2023), in the large, approximately <span id="xdx_907_eus-gaap--AreaOfLand_iI_uAcre_c20231031__dei--LegalEntityAxis__custom--TrioLLCMember__us-gaap--BusinessAcquisitionAxis__custom--SouthSalinasProjectMember_ziV0GMVVmM81" title="Acres of property">9,300</span>-acre South Salinas Project that is located in Monterey County, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets. In September 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC PSA”) with Trio LLC to acquire the purchased percentage of the South Salinas Project’s leases, wells and inventory in exchange for $<span id="xdx_909_eus-gaap--PaymentsToAcquireBusinessesGross_c20210930__20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zJ0B5zpsezOi" title="Payments to acquire businesses net of cash acquired">300,000</span> cash, a non-interest-bearing note payable of $<span id="xdx_900_eus-gaap--AccountsPayableInterestBearingCurrentAndNoncurrent_iI_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zRUPDEFhnMYi" title="Non interest bearing notes payable">3,700,000</span> and <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210930__20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_ziyclu1ztXkj" title="Number of shares issued">245,000</span> shares of the Company’s $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zvdznnee2oN7" title="Common stock price per share">0.0001</span> par value common stock (which constituted <span id="xdx_909_ecustom--BusinessAcquisitionOfOutstandingSharesPercentage_iI_dp_uPure_c20210930__dei--LegalEntityAxis__custom--TrioLLCMember_zLNROG8ozSra" title="Business acquisition percentage">45</span>% of the total number of issued shares of the Company at that time). The Company accounted for the purchase as an asset acquisition, as prescribed in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 – <i>Business Combinations</i>. The assets and associated asset retirement obligations (“ARO”) were recorded based on relative fair value at the estimated fair value of the consideration paid. The Company holds an approximate <span id="xdx_90B_ecustom--PurchaseOfAdditionalOfRoyaltiesInterestPercentage_iI_dp_uPure_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zSpUWmyyapu6" title="Royalties percentage">68.62</span>% interest after the application of royalties (“net revenue interest”) in the South Salinas Project, while Trio LLC holds an approximate <span id="xdx_907_ecustom--PurchaseOfAdditionalInterestPercentage_iI_dp_uPure_c20210930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zAilsP9buPC4" title="Working interest percentage">3.8</span>% working interest in the South Salinas Project; the Company and Trio LLC are separate and distinct companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are two contiguous areas of notable oil/gas accumulations in the South Salinas Project; the first is the Humpback Area that occurs in the northern part of the project and the second is the Presidents Area (“Presidents Oil Field”) that occurs in the southern part of the project. As October 31, 2024 and 2023, there were no proved reserves attributable to the approximate <span id="xdx_905_eus-gaap--AreaOfLand_iI_uAcre_c20241031__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_zICsl7ZKd158" title="Acres of property"><span id="xdx_905_eus-gaap--AreaOfLand_iI_uAcre_c20231031__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__dei--LegalEntityAxis__custom--TrioLLCMember_z8uwczz4j9il" title="Acres of property">9,300</span></span> acres of the property. Since it was returned to production in March 2024, the HV-3A well at the South Salinas Project has been producing oil with a generally favorable oil-water ratio; the Company expects to take steps to improve oil production from this well in the third or fourth calendar quarter of 2024 and expects to receive the first revenue from oil produced from the well in the third calendar quarter of 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Initial Public Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”). The Company sold <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230420__20230420__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z2o31E7nuaK8" title="Number of shares sold">100,000</span> shares of its common stock for total gross proceeds of $<span id="xdx_90B_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20230420__20230420__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z34Jm8LV7Fbh" title="Gross proceeds from sale of shares">6,000,000</span>, which is described more fully in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional Acquisitions - McCool Ranch Oil Field &amp; Asphalt Ridge Leasehold</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of a <span id="xdx_907_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20231031__us-gaap--BusinessAcquisitionAxis__custom--TrioLLCMember__us-gaap--TypeOfArrangementAxis__custom--McCoolRanchPurchaseAgreementMember_z8QepVIoycUl" title="Working interest">21.918315</span>% working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project; the Company initially began refurbishment operations with respect to a water disposal well. After refurbishment was successfully accomplished, the Company restarted production operations on the assets (see Note 5 for further information). In <span id="xdx_90E_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zrDnxgQ1OMR7" title="Business acquisition description">November 2023, the Company entered into a leasehold acquisition and development option agreement (“ARLO Agreement”) with Heavy Sweet Oil, LLC (“HSO”), which gave the Company a 9-month option for the exclusive right to acquire up to a <span id="xdx_907_ecustom--PercentageOfProductionShare_pid_dp_uPure_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zdACcDVsPHMj" title="Percentage of production share">20</span>% interest in a <span id="xdx_908_eus-gaap--AreaOfLand_iI_uAcre_c20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zLp478DlNoe4" title="Area of land">960</span>-acre drilling and production program in the Asphalt Ridge leases for $<span id="xdx_90C_eus-gaap--PaymentsToAcquireLoansAndLeasesHeldForInvestment_c20231101__20231130__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zwJkCiesdgvd" title="Payments to acquire loans and lease">2,000,000</span>.</span> In December 2023, the Company amended the agreement and funded $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zah2aBGvImq" title="Business combination agreement and funded amount">200,000</span> in exchange for an immediate <span id="xdx_901_ecustom--FinanceLeaseInterestPercentage_pid_dp_uPure_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_z1iX8nm0rQd" title="Finance lease interest percentage">2</span>% interest in the leases; subsequently, in January 2024, the Company funded an additional $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferred1_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zf3c2Thos9E4" title="Business combination agreement and funded amount">25,000</span> resulting in a total <span id="xdx_908_ecustom--FinanceLeaseInterestPercentage_pid_dp_uPure_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember_zt7orULK5OPf" title="Finance lease interest percentage">2.25</span>% working interest in the leases. Such funds are to be used for the building of roads and related infrastructure in furtherance of the development of the leases; per the most recent amendment to the ARLO Agreement signed in September 2024, the Company has until December 10, 2024 to pay HSO an additional approximate $<span id="xdx_908_eus-gaap--PaymentsToAcquireLoansAndLeasesHeldForInvestment_pn3n6_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zzPm5ZmS503a" title="Payments to acquire loans and lease">1.775</span> million to exercise the option for the remaining <span id="xdx_90B_ecustom--PercentageOfProductionShare_pid_dp_uPure_c20240101__20240131__us-gaap--TypeOfArrangementAxis__custom--ARLOAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HeavySweetOilMember_zcCUtAI8rXvc" title="Percentage of production share">17.75</span>% interest in the leases (see Note 6 for further information).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging Growth Company</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zP5KuOTtg4X1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zy49lMZQyEw4">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transaction and disclosure of contingent assets and liabilities at the date of the financial statements, and the revenue and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
279274 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
133417 usd
CY2024Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
259903 usd
CY2023Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
350320 usd
CY2024Q4 us-gaap Other Indefinite Lived Intangible Assets
OtherIndefiniteLivedIntangibleAssets
0 usd
CY2023Q4 us-gaap Other Indefinite Lived Intangible Assets
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CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2023 us-gaap Accretion Expense
AccretionExpense
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CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2024 us-gaap Accretion Expense
AccretionExpense
2778 usd
CY2024Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
53869 usd
CY2024Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
2778 usd
CY2024Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
51091 usd
CY2024 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19176 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19812 shares
CY2024 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
191994 shares
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
88336 shares
CY2024 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84C_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zLA4y9BaBhz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zoSXqZ5glfPk">Reclassification of Expenses</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the prior periods presented have been reclassified to the current period financial statement presentation. This reclassification has no effect on previously reported net income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q4 us-gaap Cash
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285945 usd
CY2024Q4 TPET Working Capital
WorkingCapital
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CY2024Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4940000 usd
CY2024 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
213204 usd
CY2024Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2024Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
11119119 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
9947742 usd
CY2024Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
11119119 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
9947742 usd
CY2024 us-gaap Exploration Costs
ExplorationCosts
177416 usd
CY2023 us-gaap Exploration Costs
ExplorationCosts
251743 usd
CY2024 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1200000 usd
CY2023 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
4100000 usd
CY2023Q4 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
200000 usd
CY2023Q4 us-gaap Long Term Purchase Commitment Description
LongTermPurchaseCommitmentDescription
the effective date for exclusive rights to the option to purchase 80% of the 100% Before Project Payout Working Interest
CY2024Q1 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
25000 usd
CY2024 TPET Working Interest Percentage
WorkingInterestPercentage
0.85775 pure
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1699000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1095000 usd
CY2024Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1699000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1095000 usd
CY2024Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1699000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1095000 usd
CY2024Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1699000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1095000 usd
CY2024 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
604000 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
298000 usd
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.21 pure
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1217597 usd
CY2024Q4 TPET Promissory Notes Net Of Discounts Current
PromissoryNotesNetOfDiscountsCurrent
742852 usd
CY2024Q4 TPET Notes Payable Related Parties
NotesPayableRelatedParties
135000 usd
CY2024Q4 us-gaap Notes Payable
NotesPayable
877852 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
1217597 usd
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
6.80
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
6.20
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
5.80
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
4.80
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.60
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.00
CY2024Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.40
CY2024Q1 TPET Description Of Amendment To First Tranche Note
DescriptionOfAmendmentToFirstTrancheNote
i) a reduction of the floor price of the conversion price from $7.00 to $3.00, ii) the issuance of additional 119,796 shares of common stock (as noted above) to the investor in lieu of the Company’s obligation to pay cash installments under the First Tranche Note, and iii) a new obligation of the Company to request acceleration of monthly payments in installments of $250,000 as soon as possible to repay the remaining $1,000,000 principal balance of the First Tranche Note, with the investor converting and selling shares subject to a) the beneficial ownership limitation of 4.99% and b) market prices of the Company’s common stock being at or above the floor price of $3.00.
CY2024Q1 us-gaap Unsecured Debt
UnsecuredDebt
125000 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
1 pure
CY2024Q4 TPET Aggregate Authorized Shares
AggregateAuthorizedShares
25000000 shares
CY2024Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
24500000 shares
CY2024Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2024Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 TPET Resale Amendment Agreement Description
ResaleAmendmentAgreementDescription
the Company issued a Form S-1/A, which registered for resale (i) up to 157,466 shares of common stock, par value $0.0001 per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 25,000 shares of common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022. The Company recorded 34,993 shares of common stock that are not exercised but registered in accordance with their common warrant agreements and 25,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the filing of this Form S-1/A
CY2023Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
50000 shares
CY2023Q4 us-gaap Share Price
SharePrice
5.40
CY2023Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
271000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
The restricted stock grant vests over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment Agreement
CY2024 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
267659 usd
CY2023 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3341 usd
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
4.80
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.60
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.00
CY2024Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.40
CY2024Q3 TPET Payments For Cash
PaymentsForCash
100000 usd
CY2024Q3 us-gaap Share Price
SharePrice
3.60
CY2024Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
30520 shares
CY2024Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
17167 shares
CY2024Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
38150 shares
CY2024Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.38
CY2024Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.66
CY2024Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.58
CY2024Q3 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
103091 usd
CY2024Q4 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
62830 usd
CY2024Q4 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
98422 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
238803 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
20.77
CY2023 TPET Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
P3Y1M6D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
145065 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
20.51
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
5402 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
88336 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.35
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y10M24D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
211200 usd
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
103658 shares
CY2024 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.18
CY2024 TPET Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
P4Y6M
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
191994 shares
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.24
CY2024 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y9M18D
CY2024Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
47160 usd
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
191994 shares
CY2024Q4 TPET Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercisable Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisableExercisePrice
15.24
CY2024 TPET Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Exercisable Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingExercisableContractualTerm1
P3Y9M18D
CY2024Q4 TPET Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value Exercisable
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValueExercisable
47160 usd
CY2023 TPET Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Issued Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIssuedIntrinsicValue
1800 usd
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0436 pure
CY2024 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.371 pure
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023 us-gaap Interest Paid
InterestPaid
usd
CY2024 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2024 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2024 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2024 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2024 dei Entity Small Business
EntitySmallBusiness
true
CY2024 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2024 us-gaap Accretion Expense
AccretionExpense
2778 usd
CY2024 dei Entity Central Index Key
EntityCentralIndexKey
0001898766

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