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Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

7.           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 Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland and Plano, Texas and Calgary and Wheatland County, Alberta.

The components of lease cost for the years ended December 31, 2024 and 2023 were as follows (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2024			2023
Finance lease cost	​	​	​	​	​	​
Depreciation of finance lease assets	​	$	833	​	$	957
Interest on lease liabilities	​	​	137	​	​	57
Total finance lease cost	​	​	970	​	​	1,014
​	​	​	​	​	​	​
Operating lease cost	​	​	991	​	​	1,201
​	​	​	​	​	​	​
Short-term lease cost	​	​	—	​	​	—
Total lease cost	​	$	1,961	​	$	2,215

Supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 was as follows (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	(1,359)	​	$	(1,345)
Operating cash flows from finance leases	​	$	(137)	​	$	(57)
Financing cash flows from finance leases	​	$	(680)	​	$	(253)
Right-of-use assets obtained in exchange for lease obligations		​	​	​	​	​
Operating leases	​	$	977	​	$	283

Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 was as follows (in thousands):

​	​	​	​	​	​	​
​	​	December 31,
​	​	2024			2023
Operating leases	​	​	​	​	​	​
Operating lease right-of-use assets	​	$	3,002	​	$	3,208
​	​	​	​	​	​	​
Operating lease liabilities - current	​	$	1,125	​	$	1,202
Operating lease liabilities - long-term	​	​	2,131	​	​	2,363
Total operating lease liabilities	​	$	3,256	​	$	3,565
​	​	​	​	​	​	​
Finance leases	​	​	​	​	​	​
Property and equipment, at cost	​	$	12,005	​	$	10,672
Accumulated depreciation	​	​	(9,044)	​	​	(7,982)
Property and equipment, net	​	$	2,961	​	$	2,690
​	​	​	​	​	​	​
Finance lease liabilities - current	​	$	842	​	$	470
Finance lease liabilities - long-term	​	​	1,512	​	​	1,289
Total finance lease liabilities	​	$	2,354	​	$	1,759
​	​	​	​	​	​	​
Weighted average remaining lease term	​	​	​	​	​	​
Operating leases	​	​	3.1 years	​	​	3.1 years
Finance leases	​	​	2.7 years	​	​	3.2 years
​	​	​	​	​	​	​
Weighted average discount rate	​	​	​	​	​	​
Operating leases	​	​	5.27%	​	​	5.20%
Finance leases	​	​	6.44%	​	​	6.60%

​

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

​

​	​	​	​	​	​	​
​	​	Operating Leases		​	Finance Leases
January 2025 - December 2025	​	$	1,271	​	$	970
January 2026 - December 2026	​	​	1,289	​	​	887
January 2027 - December 2027	​	​	544	​	​	619
January 2028 - December 2028	​	​	238	​	​	105
January 2029 - December 2029	​	​	199	​	​	—
Thereafter	​	​	—	​	​	—
Total payments under lease agreements	​	​	3,541	​	​	2,581
​	​	​	​	​	​	​
Less imputed interest	​	​	(285)	​	​	(227)
​	​	​	​	​	​	​
Total lease liabilities	​	$	3,256	​	$	2,354

​

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