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Note 5 - Oil and Natural Gas Production Activities | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Oil and Gas Properties [Text Block] | 5. OIL AND NATURAL GAS PRODUCING ACTIVITIES Unevaluated Properties During the year ended December 31, 2023, the Company re-evaluated its use of capital relative to its portfolio and strategic initiatives and determined that it no longer intends to fund development activities required to develop its unevaluated acreage. Therefore, it reclassified the entire $1.6 million book value of unevaluated properties by transferring them into evaluated properties. Ceiling Test and Impairment The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the ceiling test as of December 31, 2023, the Company used $78.22 per barrel for oil and $2.64 per one million British Thermal Units (MMbtu) for natural gas (as further adjusted for property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. For the year ended December 31, 2023, the Company recorded $26.7 million of ceiling test write-downs of its oil and gas properties as a result of a decrease in crude oil and natural gas prices and other reserves revisions since December 31, 2022. For the year ended December 31, 2022, the Company did not record ceiling test write-downs of its oil and natural gas properties.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//932-360/tableOfContent + Details
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