Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2023			2022
	(in thousands)
Current:
Federal	$	-		$	-
State		(9	)		28
Total current income tax	$	(9	)	$	28
Deferred:
Federal	$	(351	)	$	(1,765	)
State		(531	)		(156	)
Total deferred income taxes	$	(882	)	$	(1,921	)
Total income tax benefit	$	(891	)	$	(1,893	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2023			2022
	(in thousands)
Income tax benefit at federal statutory rate (21%)	$	(6,982	)	$	(600	)
State income tax benefit, net of federal benefit		(541	)		(95	)
Prior year true up		-			(509	)
Compensation		224			187
Acquisition		-			1,056
Other		(284	)		-
Change in valuation allowance		6,692			(1,932	)
Income tax benefit	$	(891	)	$	(1,893	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryover	$	9,012		$	8,443
Property and equipment		1,244			-
Percentage depletion and contribution carryovers		1,987			2,004
Deferred compensation liability		150			256
Asset retirement obligations		4,220			3,581
Stock-based compensation		428			439
Lease obligations		179			224
Derivatives		-			390
Other		212			249
Total deferred tax assets		17,432			15,586
Deferred tax liabilities:
Property and equipment		-			(6,107	)
Derivatives		(421	)		-
Lease assets		(156	)		(198	)
Total deferred tax liabilities		(577	)		(6,305	)
Net deferred tax assets		16,855			9,281
Less valuation allowance		(16,871	)		(10,179	)
Net deferred tax liability	$	(16	)	$	(898	)