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LEASES

9 Months Ended

Sep. 30, 2025

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 majority of our operating leases are non-cancelable operating leases for office and shop space in Midland and Plano Texas, and Calgary, Alberta. The Company extended and modified its Midland office operating lease during the third quarter of 2025, otherwise, there have been no material changes to our other 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 September 30, 2025, are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Operating Leases		​	Finance Leases
October 2025 - September 2026	​	$	1,247	​	$	1,207
October 2026 - September 2027	​	​	969	​	​	928
October 2027 - September 2028	​	​	661	​	​	436
October 2028 - September 2029	​	​	632	​	​	113
October 2029 - September 2030	​	​	244	​	​	—
Thereafter	​	​	—	​	​	—
Total payments under lease agreements	​	​	3,753	​	​	2,684
​	​	​	​	​	​	​
Less imputed interest	​	​	(388)	​	​	(200)
​	​	​	​	​	​	​
Total lease liabilities	​	$	3,365	​	$	2,484

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The entire disclosure of information about leases.

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