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REVENUES

12 Months Ended

Dec. 31, 2024

Revenue

REVENUES

7. REVENUES

Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms. Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production. The amount of accrued accounts receivable at December 31, 2024 was $9.7 million (2023 - $5.5 million).

The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source:

 SCHEDULE OF GROSS OIL AND GAS REVENUE DISAGGREGATED BY REVENUE

		December 31,
		2024				2023
Oil revenue		$	68,303			$	59,749
Natural gas revenue			1,745				1,742
NGL revenue			4,544				2,899
Total oil and natural gas revenues			74,592				64,390
Less: Royalties			(16,068	)			(13,793	)
Oil and natural gas revenues, net of royalties		$	58,524			$	50,597

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- Definition

The entire disclosure for revenue.

+ References

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No definition available.

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