v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

 

4.Segment Information

 

The Fund’s operations are managed through a single operating segment. As such, the Fund has only a single reportable segment that derives its revenue from the sale of oil and gas. The Fund’s chief operating decision-maker is the Executive Vice President, Chief Financial Officer and Assistant Secretary of the Fund, who reviews the Fund’s operating results to make decisions about allocating resources and assessing performance for the Fund. The profit or loss metric used to evaluate segment performance is net income; consistent with net income reported on the statement of operations.

 

 

The measure of segment assets is reported on the balance sheet as total assets. The following table is a summary of segment information for the three and six months ended June 30, 2025 and 2024.

                    
   Three months ended June 30,   Six months ended June 30, 
   2025   2024   2025   2024 
   (in thousands) 
Revenue                
Oil and gas revenue  $400   $704   $852   $1,288 
Other revenue   63    52    128    74 
Total revenue   463    756    980    1,362 
Less                    
Depletion and amortization   562    282    766    523 
Lease operating expense   80    55    145    114 
Transportation and processing expense   22    30    43    54 
Insurance expense   9    8    22    19 
Workover expense   11    -    11    - 
Other segment items   72    52    147    102 
Net (loss) income   (293)   329    (154)   550 

 

Other segment items include accretion expense related to the asset retirement obligations established for the Fund’s oil and gas properties, general and administrative expenses representing costs specifically identifiable or allocable to the Fund, such as accounting and professional fees and insurance expenses, net of interest income earned on cash and cash equivalents and salvage fund.

 

The measure of expenditures for segment assets is reported on the statements of cash flows as “(Capital expenditures) credits for oil and gas properties.” Significant noncash items represent “Depletion and amortization” and “Accretion expense” as reported on the statements of cash flows.