Note 12 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2025

Notes Tables

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
	(in thousands)					(in thousands)
Current
Federal	$	18		$	188	$	(52	)	$	(27	)
State		(1	)		37		(39	)		(44	)
Deferred
Federal		442			1,491		(85	)		(54	)
Change in valuation allowance		-			-		-			-
Total provision for income taxes	$	459		$	1,716	$	(176	)	$	(125	)

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

		June 30,			December 31,
	2025			2024
	(in thousands)
Deferred tax assets:
NOL and capital loss carryforwards	$	6,294		$	6,771
Business interest expense		4,196			3,792
Start-up costs (crude oil and condensate processing facility)		127			169
ARO liability/deferred revenue		630			630
Other		101			76
Total deferred tax assets		11,348			11,438
Deferred tax liabilities:
Basis differences in property and equipment		(8,444	)		(8,448	)
Deferred tax assets, net	$	2,904		$	2,990

Summary of Operating Loss Carryforwards [Table Text Block]

	Net Operating Loss Carryforward
	Pre-Ownership			Post-Ownership
	Change			Change			Total
	(in thousands)
Balance at December 31, 2023	$	4,509		$	24,131		$	28,640
Net operating losses used and expired		(638	)		4,243			3,605
Balance at December 31, 2024	$	3,871		$	28,374		$	32,245
Net operating losses used and expired		(1,276	)		(997	)		(2,273	)
Balance at June 30, 2025	$	2,595		$	27,377		$	29,972