Note 13 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

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

	Three Months Ended
	March 31,
	2024			2023
	(in thousands)
Current
Federal	$	(215	)	$	(115	)
State		(81	)		(131	)
Deferred
Federal		(1,545	)		(3,427	)
Change in valuation allowance		-			3,427
Total provision for income taxes	$	(1,841	)	$	(246	)

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

	March 31,			December 31,
	2024			2023
	(in thousands)
Deferred tax assets:
NOL and capital loss carryforwards	$	5,019		$	6,014
Business interest expense		2,333			2,534
Start-up costs (crude oil and condensate processing facility)		233			254
ARO liability/deferred revenue		630			946
Other		59			54
Total deferred tax assets		8,274			9,802
Deferred tax liabilities:
Basis differences in property and equipment		(8,383	)		(8,366	)
Total deferred tax liabilities		(8,383	)		(8,366	)
		(109	)		1,436
Deferred tax assets (liabilities), net	$	(109	)	$	1,436

Summary of Operating Loss Carryforwards [Table Text Block]

	Net Operating Loss Carryforward
	Pre-			Post-
	Ownership			Ownership
	Change			Change			Total
	(in thousands)
Balance at December 31, 2022	$	5,147		$	45,624		$	50,771
Net operating losses used and expired		(638	)		(21,493	)		(22,131	)
Balance at December 31, 2023	$	4,509		$	24,131		$	28,640
Net operating losses used and expired		(638	)		(4,101	)		(4,739	)
Balance at March 31, 2024	$	3,871		$	20,030		$	23,901