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Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting

Segment Reporting

Note 16 – Segment Reporting

The Company’s operations are managed and reported to its CEO, the Company’s CODM, on a consolidated basis. The CEO uses consolidated net loss in assessing performance of capital spend projects to allocate the appropriate resources to drive efficiencies and develop growth strategies. Under the organizational and reporting structure, the Company has one operating segment and one reportable segment.

The CODM is provided with the following significant segment expenses within lease operating expense on the unaudited interim condensed consolidated statements of operations:

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For the Three Months Ended September 30,

For the Nine Months Ended September 30,

​

2025

2024

2025

2024

​

Production costs

​

$

5,371

​

$

4,961

​

$

16,662

​

$

16,330

​

Workover activity

​

347

​

1,380

​

1,149

​

4,332

​

Plugging and abandonment activity

​

17

​

393

​

77

​

1,002

​

Total Lease operating expense

​

$

5,735

​

$

6,734

​

$

17,888

​

$

21,664

​

​

Other segment items within consolidated net loss are all separately disclosed on the unaudited interim condensed consolidated statements of operations. Segment asset information is not presented to and used by the CODM to allocate resources, assess performance or make strategic decisions.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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