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LEASES

3 Months Ended

Mar. 31, 2024

Leases

Leases

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 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 April 1, 2024.

Maturities of lease liabilities as of March 31, 2024 are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Operating Leases		​	Finance Leases
April 2024 - March 2025	​	$	1,278	​	$	706
April 2025 - March 2026	​	​	1,075	​	​	750
April 2026 - March 2027	​	​	1,093	​	​	653
April 2027 - March 2028	​	​	78	​	​	235
April 2028 - March 2029	​	​	6	​	​	—
Thereafter	​	​	—	​	​	—
Total payments under lease agreements	​	​	3,530	​	​	2,344
​	​	​	​	​	​	​
Less imputed interest	​	​	(268)	​	​	(239)
​	​	​	​	​	​	​
Total lease liabilities	​	$	3,262	​	$	2,105

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The entire disclosure of information about leases.

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