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Note 3 - Revenue Recognition | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2024 and 2023, are presented in the following table:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rockies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,851 |  |  | $ | 3,106 |  |  | $ | 5,614 |  |  | $ | 7,915 |
Natural gas and liquids |  |  | 45 |  |  |  | 44 |  |  |  | 127 |  |  |  | 260 |
Total |  | $ | 1,896 |  |  | $ | 3,150 |  |  | $ | 5,741 |  |  | $ | 8,175 |
West Texas, South Texas, and Gulf Coast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,107 |  |  | $ | 3,138 |  |  | $ | 4,513 |  |  | $ | 9,115 |
Natural gas and liquids |  |  | - |  |  |  | 103 |  |  |  | 114 |  |  |  | 424 |
Total |  | $ | 1,107 |  |  | $ | 3,241 |  |  | $ | 4,627 |  |  | $ | 9,539 |
Mid-Continent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,417 |  |  | $ | 1,567 |  |  | $ | 4,447 |  |  | $ | 4,905 |
Natural gas and liquids |  |  | 537 |  |  |  | 783 |  |  |  | 1,579 |  |  |  | 2,373 |
Total |  | $ | 1,954 |  |  | $ | 2,350 |  |  | $ | 6,026 |  |  | $ | 7,278 |
Combined Total |  | $ | 4,957 |  |  | $ | 8,741 |  |  | $ | 16,394 |  |  | $ | 24,992 |
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:
|  | Nine Months Ended |
|  | September 30, |
|  | 2024 |  |  | 2023 |
Purchaser A |  |  | 26 | % |  |  | 23 | %
Purchaser B |  |  | 26 | % |  |  | 19 | %
Purchaser C |  |  | 12 | % |  |  | 9 | %

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