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Supplemental Oil and Gas Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities

Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depletion are as follows:


	December 31,
	2024			2023
	(in thousands)
Oil and natural gas interests:
Proved	$	36,068		$	36,054
Unproved		3,043			3,057
Total oil and natural gas interests		39,111			39,111
Accumulated depletion		(10,732	)		(7,157	)
Net oil and natural gas interests capitalized	$	28,379		$	31,954

Summary of Revenues and Expenses Related to Production and Sale of Oil and Natural Gas Activities

The following table sets forth the revenues and expenses related to the production and sale of oil and natural gas activities. It does not include any interest costs or general and administrative costs and therefore, is not necessarily indicative of the net operating results of the Company’s oil and natural gas activities.


	December 31,
	2024			2023
	(in thousands)
Oil and gas royalties	$	16,027		$	20,743
Severance and ad valorem taxes		(1,252	)		(1,159	)
Transportation, processing and other		(93	)		(86	)
Depletion		(3,575	)		(4,050	)
Results of operations from oil and gas producing activities	$	11,107		$	15,448

Summary of Net Ownership Interest in Estimated Quantities of Proved Developed and Undeveloped Oil and Natural Gas Quantities and Changes

The following table sets forth information regarding the Company’s net ownership interest in estimated quantities of proved developed and undeveloped oil and natural gas quantities and the changes therein for the period presented:


	Oil			Natural Gas			Natural Gas Liquids			Total
	(MBbls)			(MMcf)			(MBbls)			(MBOE)
Net Proved Reserves as of January 1, 2023		1,776			4,972			331			2,936
Revisions of previous estimates (1)		(80	)		(11	)		10			(71	)
Extensions, discoveries and other additions (2)		225			967			71			457
Production		(225	)		(693	)		(68	)		(409	)
Net Proved Reserves as of December 31, 2023		1,696			5,235			344			2,913
Revisions of previous estimates (1)		95			1,492			130			473
Extensions, discoveries and other additions (2)		7			12			1			10
Production		(179	)		(729	)		(77	)		(378	)
Net Proved Reserves as of December 31, 2024		1,619			6,010			398			3,018
Net Proved Developed Reserves
January 1, 2023		622			1,821			121			1,047
December 31, 2023		809			2,957			193			1,495
December 31, 2024		806			4,010			265			1,739
Net Proved Undeveloped Reserves
January 1, 2023		1,154			3,151			210			1,889
December 31, 2023		887			2,278			151			1,418
December 31, 2024		813			2,000			133			1,279

(1) Revisions of previous estimates include technical revisions due to changes in commodity prices, historical and projected performance and other factors.

(2) Extensions and other additions were from conversions of unproved reserves to proved developed reserves due to additional drilling activity. These extensions included no additions to proved undeveloped reserves for the years ended December 31, 2023 or 2024.

Summary of Future Net Cash Flows Related to Proved Oil and Gas Reserves

The following table sets forth the future net cash flows related to proved oil and gas reserves based on the standardized measure prescribed in ASC 932:


	December 31,
	2024			2023
	(in thousands)
Future cash inflows	$	133,197		$	146,605
Future production costs		(8,804	)		(9,745	)
Future income tax expense		(11,195	)		(1,026	)
Future net cash flows (undiscounted)		113,198			135,834
Annual discount 10% for estimated timing		(50,468	)		(61,055	)
Total	$	62,730		$	74,779

Summary of Principal Sources of Change in Standardized Measure of Discounted Future Net Cash Flows

The primary sources of change in the standardized measure of discounted future net cash flows are as follows:


	December 31,			December 31,
	2024			2023
	(in thousands)
Standardized measure, beginning of period	$	74,779		$	94,146
Sales, net of production costs		(14,682	)		(19,498	)
Net changes in prices and production costs related to future production		(8,679	)		(20,475	)
Extensions, discoveries and improved recovery, net of future production costs		377			15,419
Revisions of previous quantity estimates, net of related costs		9,647			(1,836	)
Net change in income taxes		(5,752	)		158
Accretion of discount		6,490			7,169
Changes in timing and other		550			(304	)
Net decrease in standardized measures		(12,049	)		(19,367	)
Standardized measure, end of period	$	62,730		$	74,779

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details