Note 8 - Commitments And Contingencies	6 Months Ended
Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES Contingencies The Company is subject to litigation and claims arising in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of management, the anticipated results of any pending litigation and claims are not expected to have a material effect on the results of operations, the financial position, or the cash flows of the Company. On January 5, 2022, The Company acquired certain oil and gas producing properties from Synergy Offshore LLC and contemporaneously entered into a farmout agreement concerning certain leases located in Glacier and Toole Counties, Montana. The farmout agreement gives Synergy Offshore LLC the right, subject to certain conditions, to purchase from the Company, any unit or field on the farmout properties once they have commenced enhanced recovery operations on the properties. The price of said purchase is to be based on the greater of present value of said unit or field discounted at 10 percent, based on its current production rate at either the prevailing commodity price at the time of purchase or flat pricing of $65.00 per barrel of oil and $3.25 per thousand cubic feet of natural gas (“Repurchase Price”). If a proposed purchase price for the sale to Synergy of the applicable farmout properties is less than the Repurchase Price, the sale will be subject to the affirmative approval by the disinterested members of the Board of Directors of the Company. The farmout agreement has a term of 10 years, expiring January 5, 2032.

Note 8 - Commitments And Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

8. COMMITMENTS AND CONTINGENCIES

Contingencies

The Company is subject to litigation and claims arising in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of management, the anticipated results of any pending litigation and claims are not expected to have a material effect on the results of operations, the financial position, or the cash flows of the Company.

On January 5, 2022, The Company acquired certain oil and gas producing properties from Synergy Offshore LLC and contemporaneously entered into a farmout agreement concerning certain leases located in Glacier and Toole Counties, Montana. The farmout agreement gives Synergy Offshore LLC the right, subject to certain conditions, to purchase from the Company, any unit or field on the farmout properties once they have commenced enhanced recovery operations on the properties. The price of said purchase is to be based on the greater of present value of said unit or field discounted at 10 percent, based on its current production rate at either the prevailing commodity price at the time of purchase or flat pricing of $65.00 per barrel of oil and $3.25 per thousand cubic feet of natural gas (“Repurchase Price”). If a proposed purchase price for the sale to Synergy of the applicable farmout properties is less than the Repurchase Price, the sale will be subject to the affirmative approval by the disinterested members of the Board of Directors of the Company. The farmout agreement has a term of 10 years, expiring January 5, 2032.