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Note 3 - Revenue Recognition
 3 Months Ended
Mar. 31, 2025
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, 2025 and 2024, are presented in the following table:

 

   

Three Months Ended March 31,

  
   

2025

    

2024

  
   

(in thousands)

  

Revenue:

                

Rockies

                

Oil

   $ 1,357     $ 1,721  

Natural gas and liquids

     69       41  

Total

   $ 1,426     $ 1,762  
                 

West Texas, South Texas, and Gulf Coast

                

Oil

   $ 233     $ 1,599  

Natural gas and liquids

     10       46  

Total

   $ 243     $ 1,645  
                 

Mid-Continent

                

Oil

   $ 180     $ 1,407  

Natural gas and liquids

     344       577  

Total

   $ 524     $ 1,984  
                 

Combined Total

   $ 2,193     $ 5,391  

 

 

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,

  
   

2025

    

2024

  

Purchaser A

     46 %     28 %

Purchaser B

     16 %     23 %

Purchaser C

     8 %     11 %