v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and equivalents $ 5,987 $ 429
Oil and natural gas sales receivables 629 454
Marketable equity securities 116 146
Commodity derivative 147 0
Other current assets 1,030 956
Total current assets 7,909 1,985
Oil and natural gas properties under full cost method and industrial gas properties:    
Evaluated oil and natural gas properties 132,654 132,459
Less accumulated depreciation, depletion and amortization (117,904) (117,237)
Net oil and natural gas properties 14,750 15,222
Unproved industrial gas properties, not subject to amortization 32,353 22,479
Other Assets:    
Property and equipment, net 320 318
Right-of-use asset 266 356
Commodity derivative 20 0
Other assets 329 270
Total other assets 935 944
Total assets 55,947 40,630
Current liabilities:    
Accounts payable and accrued liabilities 1,876 1,592
Revenue and royalties payable 3,954 3,921
Asset retirement obligations 476 300
Current lease obligation 217 210
Total current liabilities 6,523 6,023
Noncurrent liabilities:    
Credit facility 4,500 2,500
Asset retirement obligations 7,790 7,706
Long-term lease obligation, net of current portion 95 206
Total noncurrent liabilities 12,385 10,412
Total liabilities 18,908 16,435
Commitments and contingencies (Note 8)
Shareholders’ equity:    
Common stock, $0.01 par value; 245,000,000 shares authorized; 52,487,506 and 34,405,143 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 525 345
Additional paid-in capital 253,891 235,762
Accumulated deficit (217,377) (211,912)
Total shareholders’ equity 37,039 24,195
Total liabilities and shareholders’ equity $ 55,947 $ 40,630