XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.25.3

Note 10 - Asset Retirement Obligations | 9 Months Ended
--- | ---
Sep. 30, 2025
Notes to Financial Statements |
Asset Retirement Obligation Disclosure [Text Block] | 10. ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations (“ARO”) associated with the future plugging and abandonment of proved properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full cost pool is recognized. The Company had no assets that are restricted for the purpose of settling ARO. In the fair value calculation for the ARO there are a number of assumptions and judgments, including the ultimate retirement cost, inflation factors, credit-adjusted risk-free discount rates, timing of retirement and changes in legal, regulatory, environmental, and political environments. To the extent future revisions to assumptions and judgments impact the present value of the existing ARO, a corresponding adjustment is made to the oil and natural gas property balance. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | (in thousands) |
Balance, beginning of year |  | $ | 14,083 |  |  | $ | 18,490 |
Acquired or incurred |  |  | 26 |  |  |  | 2 |
Cost and life revisions |  |  | (1,298 | ) |  |  | (150 | )
Plugged |  |  | (135 | ) |  |  | (374 | )
Sold |  |  | (493 | ) |  |  | (5,435 | )
Accretion |  |  | 848 |  |  |  | 1,550 |
Balance, end of period |  | $ | 13,031 |  |  | $ | 14,083 |
Asset retirement obligations - current |  | $ | 300 |  |  | $ | 1,000 |
Asset retirement obligations - noncurrent |  |  | 12,731 |  |  |  | 13,083 |
Balance, end of period |  | $ | 13,031 |  |  | $ | 14,083 |

X
- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
Name: | us-gaap_AssetRetirementObligationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration