v3.26.1
OIL AND GAS PROPERTIES
 6 Months Ended
Jun. 30, 2026
OIL AND GAS PROPERTIES  
OIL AND GAS PROPERTIES

NOTE 6 – OIL AND GAS PROPERTIES

 

The following table summarizes the Company’s oil and gas activities by classification for the six months ended June 30, 2026 (in thousands):

 

 

 

December 31,

2025

 

 

Additions

 

 

Disposals

 

 

Transfers

 

 

June 30,

2026

 

Oil and gas properties, subject to amortization

 

 

434,218

 

 

 

5,722

 

 

 

-

 

 

 

1,711

 

 

 

441,651

 

Oil and gas properties, not subject to amortization

 

 

24,545

 

 

 

3,460

 

 

 

-

 

 

 

(1,711)

 

 

26,294

 

Asset retirement costs

 

 

7,037

 

 

 

4,660

 

 

 

-

 

 

 

-

 

 

 

11,697

 

Accumulated depreciation, depletion and amortization

 

 

(98,046)

 

 

(21,392)

 

 

-

 

 

 

-

 

 

 

(119,438)

Accumulated impairment

 

 

(45,484)

 

 

(2,422)

 

 

-

 

 

 

-

 

 

 

(47,906)

Total oil and gas assets

 

 

322,270

 

 

 

(9,972)

 

 

-

 

 

 

-

 

 

 

312,298

 

  

For the three and six months ended June 30, 2026, the Company incurred $5.4 million and $9.2 million of capital expenditures, respectively primarily related to completion activities for  non-operated wells in the D-J Basin, in which the Company holds working interests ranging from 1.1% to 6.3%.

 

Additionally, for the three and six months ended June 30, 2026, the Company recorded an impairment of oil and gas properties of $0.8 million and $2.4 million, respectively. All impairments during 2026 relate to undeveloped leases representing 5,662 net acres in the D-J Basin that the Company allowed to expire or currently has no plans to drill prior to expiration.

 

The Company incurred depreciation, depletion and amortization on our proved properties of $9.8 million and $21.4 million for the three and six months ended June 30, 2026.