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Note 3 - Revenue From Contracts With Customers
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

3. REVENUE RECOGNITION

 

The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by region. The Company’s revenues in the Rockies region, West Texas, South Texas, and Gulf Coast region, and Mid-Continent region for the three months ended March 31, 2024 and 2023, are presented in the following table:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(in thousands)

 

Revenue:

        

Rockies

        

Oil

 $1,721  $2,338 

Natural gas and liquids

  41   88 

Total

 $1,762  $2,426 
         

West Texas, South Texas, and Gulf Coast

        

Oil

 $1,599  $2,955 

Natural gas and liquids

  46   209 

Total

 $1,645  $3,164 
         

Mid-Continent

        

Oil

 $1,407  $1,802 

Natural gas and liquids

  577   880 

Total

 $1,984  $2,682 
         

Combined Total

 $5,391  $8,272 

 

 

Significant concentrations of credit risk

 

The Company has exposure to credit risk in the event of non-payment of oil and natural gas receivables by purchasers of its operated oil and natural gas properties. The following table presents the purchasers that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented:

 

  

Three Months Ended

 
  

March 31,

 
  

2024

  

2023

 

Purchaser A

  28%  11%

Purchaser B

  23%  18%

Purchaser C

  11%  0%

Purchaser D

  0%  15%

Purchaser E

  0%  13%