Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 15. Subsequent Events

Debt amendments. In August 2025, the Company entered into the First Term Loan Amendment and the Second Facility Amendment which amended the Term Loan Credit Agreement and the Senior Credit Facility Agreement whereby, among other things, (i) the maturity dates were extended two years to September 2028, (ii) Term Loan Credit Agreement was upsized to $1.2 billion, providing an additional $180.0 million of liquidity, and (iii) the Term Loan Credit Agreement quarterly amortization payments of $30.0 million were deferred for one year such that they begin again in September 2026.

Crude oil derivative instruments. In July 2025, the Company entered into the following additional crude oil derivative instruments.

						Swaps		Costless Collars
Settlement Month	Settlement Year	Type of Contract	Bbls Per Day		Index	Price per Bbl		Floor or Strike Price per Bbl		Ceiling Price per Bbl
Crude Oil:
Oct – Dec	2025	Swap		1,800	WTI Cushing	$	63.77	$	—	$	—
Oct – Dec	2025	Collar		2,850	WTI Cushing	$	—	$	60.12	$	66.56
Jan – Mar	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Jan – Mar	2026	Collar		1,350	WTI Cushing	$	—	$	60.26	$	66.07
Apr – Jun	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Apr – Jun	2026	Collar		6,350	WTI Cushing	$	—	$	60.06	$	65.39
Jul – Sep	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Jul – Sep	2026	Collar		6,000	WTI Cushing	$	—	$	60.00	$	65.35
Oct – Dec	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Oct – Dec	2026	Collar		7,800	WTI Cushing	$	—	$	60.00	$	65.38
Jan – Mar	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Jan – Mar	2027	Collar		6,900	WTI Cushing	$	—	$	60.00	$	65.30

Dividends and dividend equivalents. In August 2025, the Board approved a quarterly dividend of $0.04 per share of common stock outstanding which will result in a total of approximately $5.0 million in dividends to be paid in September 2025. In addition, under the terms of the LTIP, the Company will pay a dividend equivalent per share to all vested stock option holders of approximately $531,000 in September 2025. In addition, the Company will accrue an additional combined $87,000 in dividends on the restricted stock issued to directors, management directors and certain employees that will be payable upon vesting.