v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and equivalents $ 429 $ 7,723
Oil and natural gas sales receivables 454 1,298
Marketable equity securities 146 131
Other current assets 956 572
Total current assets 1,985 9,724
Oil and natural gas properties under full cost method:    
Evaluated properties 132,459 142,029
Less accumulated depreciation, depletion and amortization (117,237) (112,958)
Net oil and natural gas properties 15,222 29,071
Unproved industrial gas properties, not subject to amortization 22,479 9,384
Other assets:    
Property and equipment, net 318 660
Right of use asset 356 528
Other assets 270 300
Total other assets 944 1,488
Total assets 40,630 49,667
Current liabilities:    
Accounts payable and accrued liabilities 1,538 5,086
Accrued compensation and benefits 54 850
Revenue and royalties payable 3,921 4,836
Asset retirement obligations 300 1,000
Current lease obligation 210 196
Total current liabilities 6,023 11,968
Noncurrent liabilities:    
Credit facility 2,500 0
Asset retirement obligations 7,706 13,083
Long-term lease obligation 206 415
Total noncurrent liabilities 10,412 13,498
Total liabilities 16,435 25,466
Commitments and contingencies (Note 9)
Shareholders’ equity:    
Common stock, $0.01 par value; 245,000,000 authorized; 34,405,143 and 27,903,197 shares issued and outstanding as of December 31, 2025 and 2024, respectively 345 279
Additional paid-in capital 235,762 221,460
Accumulated deficit (211,912) (197,538)
Total shareholders’ equity 24,195 24,201
Total liabilities and shareholders’ equity $ 40,630 $ 49,667