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LEASES

6 Months Ended

Jun. 30, 2021

6. LEASES

The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland, Plano, Houston, Denver, Oklahoma City and Calgary, Alberta. There have been no material changes to our leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on March 16, 2021.

Maturities of lease liabilities as of June 30, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases
July 2021 - June 2022	$	1,303	$	49
July 2022 - June 2023		1,169		28
July 2023 - June 2024		1,187		—
July 2024 - June 2025		1,023		—
July 2025 - June 2026		888		—
Thereafter		676		—
Total payments under lease agreements		6,246		77

Less imputed interest		(769)		(3)

Total lease liabilities	$	5,477	$	74