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Note 12 - Major Customers
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

NOTE 12. Major Customers

 

Lion Oil Trading and Transportation, LLC (“Lion”) accounted for approximately 94% of the Company’s revenues during the year ended December 31, 2021. Lion accounted for approximately 98% of the Company’s revenues during the period from August 22, 2020 through December 31, 2020. Lion and Enlink Crude Purchasing, LLC accounted for approximately 49% and 44%, respectively, of the Company’s revenues during the period from January 1, 2020 through August 21, 2020. Based on the current demand for crude oil and natural gas and the availability of other purchasers, management believes the loss of these major purchasers would not have a material adverse effect on our financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers.