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DEBT
 6 Months Ended
Jun. 30, 2025
DEBT  
DEBT

5. 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 June 30, 2025, the Company has no outstanding letters of credit.

Other Indebtedness

As of June 30, 2025, the Company has three short-term notes payable to finance companies for various insurance premiums totaling $0.8 million. As of December 31, 2024, the Company had one outstanding short-term 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 Condensed Consolidated Balance Sheet as of June 30, 2025, and December 31, 2024, include finance leases of $2.0 million and $2.4 million, respectively.

Maturities and Interest Rates of Debt

The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of June 30, 2025, and December 31, 2024:

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June 30, 2025

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December 31, 2024

Notes payable to finance company for insurance

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​

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​

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Aggregate principal amount outstanding

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$

847

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$

168

Interest rates 6.35% and 9.47%

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The aggregate maturities of finance leases as of June 30, 2025, are as follows (in thousands):

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July 2025 - June 2026

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$

876

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​

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July 2026 - June 2027

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​

750

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​

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July 2027 - June 2028

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​

338

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​

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July 2028 - June 2029

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39

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July 2029 - June 2030

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​

—

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​

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Obligations under finance leases

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$

2,003

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