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Note 3 - Revenue Recognition

9 Months Ended

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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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

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