v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

 

5.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 months ended March 31, 2026 and 2025.

          
   Three months ended March 31, 
   2026   2025 
   (in thousands) 
Revenue:        
Oil and gas revenue  $1,110   $1,237 
Other revenue   35    67 
Total revenue   1,145    1,304 
Less:          
Depletion and amortization   278    351 
Lease operating expense   125    168 
Transportation and processing expense   37    41 
Insurance expense   23    21 
Workover expense   39    15 
Management fees to affiliate   213    225 
Other segment items   45    50 
Net income  $385   $433 

 

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 “Credits (capital expenditures) for oil and gas properties.” Significant noncash items represent “Depletion and amortization” and “Accretion expense” as reported on the statements of cash flows.