Note 12 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Notes Tables

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025			2024
	(in thousands)				(in thousands)
Current
Federal	$	28	$	21	$	(24	)	$	(6	)
State		3		27		(36	)		(17	)
Deferred
Federal		1,239		1,298		1,154			1,244
Change in valuation allowance		-		-		-			-
Total provision for income taxes	$	1,270	$	1,346	$	1,094		$	1,221

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

		September 30,			December 31,
	2025			2024
	(in thousands)
Deferred tax assets:
NOL and capital loss carryforwards	$	6,543		$	6,771
Business interest expense		4,582			3,792
Start-up costs (crude oil and condensate processing facility)		106			169
ARO liability/deferred revenue		1,265			630
Other		90			76
Total deferred tax assets		12,586			11,438
Deferred tax liabilities:
Basis differences in property and equipment		(8,442	)		(8,448	)
Deferred tax assets, net	$	4,144		$	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		(639	)		(450	)		(1,089	)
Balance at September 30, 2025	$	3,232		$	27,924		$	31,156