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INVESTMENT IN MONZA | 6 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
INVESTMENT IN MONZA | NOTE 10 — INVESTMENT IN MONZA Monza is considered to be a variable interest entity. As the Company is not considered to be the primary beneficiary of Monza, the Company does not fully consolidate Monza but instead consolidates Monza based on its ownership interest. The following table presents the amounts recorded by the Company on the Condensed Consolidated Balance Sheets related to the consolidation of the proportional interest in Monza’s operations (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Working capital | ​ | $ | (1,098) | ​ | $ | 29
Oil and natural gas properties and other, net | ​ |  | 26,019 | ​ |  | 28,042
Other assets | ​ | ​ | 14,228 | ​ | ​ | 13,038
Asset retirement obligations | ​ | ​ | 742 | ​ | ​ | 691
​ The following table presents the amounts recorded by the Company in the Condensed Consolidated Statements of Operations related to the consolidation of the proportional interest in Monza’s operations (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ | ​ | 2025 | ​ | 2024
Total revenues | ​ | $ | 6,200 | ​ | $ | 5,700
Total operating expenses | ​ |  | 4,443 | ​ |  | 3,636
Interest income | ​ |  | 89 | ​ |  | 111
​ As required, the Company may call on Monza to provide cash to fund its portion of certain projects in advance of capital expenditure spending. As of both June 30, 2025 and December 31, 2024, the unused advances were $2.4 million, which are included in Advances from joint interest partners in the Condensed Consolidated Balance Sheets. During the six months ended June 30, 2025, Monza paid cash distributions of $18.7 million, of which $3.9 million was paid to the Company.

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