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LEASES

3 Months Ended

Mar. 31, 2025

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 and Plano Texas, 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 2, 2025.

Maturities of lease liabilities as of March 31, 2025, are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Operating Leases		​	Finance Leases
April 2025 - March 2026	​	$	1,276	​	$	950
April 2026 - March 2027	​	​	1,294	​	​	859
April 2027 - March 2028	​	​	291	​	​	477
April 2028 - March 2029	​	​	222	​	​	67
April 2029 - March 2030	​	​	144	​	​	—
Thereafter	​	​	—	​	​	—
Total payments under lease agreements	​	​	3,227	​	​	2,353
​	​	​	​	​	​	​
Less imputed interest	​	​	(243)	​	​	(190)
​	​	​	​	​	​	​
Total lease liabilities	​	$	2,984	​	$	2,163

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The entire disclosure of information about leases.

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