Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

	As of December 31,
	2021			2022
	(In thousands)
Deferred tax liabilities:
Hedge contracts	$	-		$	-
Other		2,855			-
Total deferred tax liabilities		2,855			-
Deferred tax assets:
US full cost pool	$	24,464		$	17,533
Depletion		470			452
U.S. net operating loss carryforward		96,120			50,103
Alternative minimum tax credit		-			-
Unrealized losses		100			956
Interest disallowed		5,781			4,367
Other		-			239
Total deferred tax assets		126,935			73,650
Valuation allowance for deferred tax assets		(124,080	)		(73,650	)
Net deferred tax assets		2,855			-
Net deferred tax	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2021			2022
	(in thousands)
Tax benefit at U.S. Statutory rates	$	9,359		$	(7,839	)
Change in deferred tax asset valuation allowance		(7,007	)		50,431
Alternative minimum tax expense		-			-
Adjustment to deferred tax assets		(3,421	)		(307	)
Permanent differences		368			692
Reduction to NOL due to ownership change limitation		-			(41,160	)
Return to provision estimated revision		-			(2,070	)
State income taxes, net of federal effect		688			253
Other		13			-
	$	-		$	-