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Note 3 - Revenue Recognition
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2025 and 2024, are presented in the following table:

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 
  

(in thousands)

 

Revenue:

                

Rockies

                

Oil

 $1,097  $1,851  $4,012  $5,614 

Natural gas and liquids

  26   45   129   127 

Total

 $1,123  $1,896  $4,141  $5,741 
                 

West Texas, South Texas, and Gulf Coast

                

Oil

 $61  $1,107  $715  $4,513 

Natural gas and liquids

  (91)  -   19   114 

Total

 $(30) $1,107  $734  $4,627 
                 

Mid-Continent

                

Oil

 $429  $1,417  $474  $4,447 

Natural gas and liquids

  216   537   610   1,579 

Total

 $645  $1,954  $1,084  $6,026 
                 

Combined Total

 $1,738  $4,957  $5,959  $16,394 

 

 

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,

 
  

2025

  

2024

 

Purchaser A

  51%  26%

Purchaser B

  17%  26%

Purchaser C

  6%  4%