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Note 11 - Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Asset Retirement Obligation Disclosure [Text Block] | 11. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the Company’s asset retirement obligations ("ARO's"):
(in thousands) |  | As of December 31, 2023 |  |  | As of December 31, 2022 |
Beginning balance |  | $ | 42,001 |  |  | $ | 40,694 |
Accretion |  |  | 2,352 |  |  |  | 1,958 |
Additions |  |  | 2,487 |  |  |  | 6,134 |
Revisions |  |  | 6,889 |  |  |  | (43 | )
Settlements |  |  | (6,747 | ) |  |  | (6,577 | )
Foreign currency gain (loss) |  |  | 361 |  |  |  | (165 | )
Ending balance |  | $ | 47,343 |  |  | $ | 42,001 |
Accretion is recorded in the line item “Depreciation, depletion and amortization” on the consolidated statements of operations and comprehensive income (loss). In connection with the TransGlobe Arrangement in October 2022, the Company added $6.1 million of ARO for the future abandonment and reclamation costs of the Canadian assets. The Egypt concessions have no ARO.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-2 + Details
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