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Debt
 12 Months Ended
Dec. 31, 2024
Debt  
Debt

6.           Debt

Dominion Loan Agreement

On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2023, the Company entered into a Fifth Loan Modification Agreement (the “Fifth Modification Agreement”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020, (ii) that certain Second Loan Modification Agreement dated as of September 30, 2021, (iii) that certain Third Loan Modification Agreement dated as of September 30, 2022, (iv) that certain Fourth Modification Agreement dated as of March 21, 2023, and (v) the Fifth Modification Agreement, the “Loan Agreement”). The Loan Agreement provided for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (I) an amount equal to the Borrowing Base or (II) $5 million. The Company’s obligations under the Loan Agreement were secured by a Certificate of Deposit with Dominion Bank for $5 million (the “Deposit”) in the Company’s collateral account. On May 2, 2024, the collateral deposit of $5 million was released and the Loan Agreement was terminated.

Dominion Letters of Credit

As of December 31, 2024, the Company has no outstanding letters of credit. The previously issued letter of credit in the amount of $265,000 was not renewed on August 9, 2024.

Other Indebtedness

As of December 31, 2024, the Company has one note payable to a finance company for various insurance premiums totaling $168,000.

In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Consolidated Balance Sheets as of December 31, 2024 and 2023 include finance leases of $2.4 million and 1.8 million, respectively.

Maturities of Debt

The Company’s aggregate principal amount of outstanding notes payable and the interest rates and monthly payments as of December 31, 2024 and 2023 are as follows (in thousands):

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December 31, 2024

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December 31, 2023

Notes payable to finance company for insurance

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Aggregate principal amount outstanding

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$

168

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$

910

Interest rates 6.35% and 8.75%

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The Company’s aggregate maturities of finance leases at December 31, 2024 are as follows (in thousands):

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January 2025 - December 2025

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$

842

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January 2026 - December 2026

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815

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January 2027 - December 2027

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595

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January 2028 - December 2028

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102

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Obligations under finance leases

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$

2,354

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Interest rates on these leases ranged from 4.86% to 8.74%.