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Note 16 - Subsequent Events | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS Expected Write-Down of Oil and Gas Properties Under the full-cost method of accounting, the net book value of proved oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves. Estimated future net cash flows are calculated using the unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, adjusted for location and quality differentials, held flat for the life of the production (except where prices are defined by contractual arrangements), less estimated operating costs, production taxes and future development costs, all discounted at 10 percent per annum. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation. We expect to record a write-down of our oil and gas properties in the first quarter of 2024 due to lower commodity prices used in the calculation of the ceiling test as higher first quarter 2023 commodity prices will be removed from the ceiling test calculation and replaced with what we expect to be lower first quarter 2024 commodity prices. Depending on actual commodity prices, estimated price differentials, lease operating costs, revisions to reserve estimates, and the amount and timing of capital expenditures, the write-down could be approximately $2 million to $3 million in the first quarter of 2024. Share Grants and Repurchases On March 19, 2024, the Board of Directors approved the grant of an aggregate of 420,000 shares of restricted common stock to the non-executive members of the Board of Directors. In addition, the Board of Directors approved a grant of 879,000 shares of common stock to certain officers and employees of the Company, including 340,000 shares to the Company’s Chief Executive Officer and 180,000 shares to the Company’s Chief Financial Officer. The shares have vesting dates between two and three years. The shares were issued under, and subject to the terms of, the Company’s 2022 Equity Incentive Plan. On March 19, 2024, the Board of Directors authorized and approved an extension of the ongoing share repurchase program for up to $5.0 million of the currently outstanding shares of the Company’s common stock originally approved by the Board of Directors on April 26, 2023, and set to expire on June 30, 2024. Subject to any future extension in the discretion of the Board of Directors of the Company, the repurchase program is now scheduled to expire on June 30, 2025, or when a maximum of $5.0 million of the Company’s common stock has been repurchased, or when such program is discontinued by the Board of Directors. As of March 26, 2024, a total of up to approximately $4.2 million remains available under the repurchase program for future repurchases.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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