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LEASES

6 Months Ended

Jun. 30, 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 June 30, 2025, are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Operating Leases		​	Finance Leases
July 2025 - June 2026	​	$	1,297	​	$	979
July 2026 - June 2027	​	​	1,067	​	​	798
July 2027 - June 2028	​	​	285	​	​	346
July 2028 - June 2029	​	​	229	​	​	39
July 2029 - June 2030	​	​	95	​	​	—
Thereafter	​	​	—	​	​	—
Total payments under lease agreements	​	​	2,973	​	​	2,162
​	​	​	​	​	​	​
Less imputed interest	​	​	(212)	​	​	(159)
​	​	​	​	​	​	​
Total lease liabilities	​	$	2,761	​	$	2,003

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The entire disclosure of information about leases.

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