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  $630   $961   $1,342   $1,777 
Less:                    
Depletion and amortization   151    163    290    305 
Lease operating expense   98    114    204    177 
Transportation and processing expense   20    27    39    51 
Insurance expense   9    7    17    18 
Workover expense   (1)   16    14    111 
Management fees to affiliate   173    173    346    346 
Other segment items   10    (23)   20    (46)
Net income  $170   $484   $412   $815 

 

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 dividend income related to the Fund’s investment in Delta House and 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.