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INVESTMENT IN MONZA | 6 Months Ended
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Jun. 30, 2026
INVESTMENT IN MONZA |
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,
​ | ​ | 2026 | ​ | 2025
Working capital | ​ | $ | 898 | ​ | $ | 502
Oil and natural gas properties and other, net | ​ |  | 22,829 | ​ |  | 24,289
Other assets | ​ | ​ | 15,518 | ​ | ​ | 13,947
Asset retirement obligations | ​ | ​ | 902 | ​ | ​ | 840
Other liabilities | ​ | ​ | 56 | ​ | ​ | 56
​ 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,
​ | ​ | 2026 | ​ | 2025
Total revenues | ​ | $ | 5,366 | ​ | $ | 6,200
Total operating expenses | ​ |  | 3,344 | ​ |  | 4,443
Other income, net | ​ |  | 91 | ​ |  | 89
​ 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 June 30, 2026 and December 31, 2025, the unused advances were $2.3 million and $2.4 million, respectively, which are included in Advances from joint interest partners in the Condensed Consolidated Balance Sheets. During the six months ended June 30, 2026, Monza paid cash distributions of $8.2 million, of which $1.7 million was paid to the Company.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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- Definition NA + References No definition available. + Details
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