SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Activity of Continuing Operations

Segment activity of continuing operations for the three and six months ended June 30, 2025 and 2024, as well as long-lived assets and segment assets at June 30, 2025 and December 31, 2024 are as follows:


	Three Months Ended June 30, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	58,568	$	33,257	$	4,715	$	—	$	353	$	—	$	96,893
Operating costs and expenses:
Production expense	23,332		13,130		2,488		386		1,056		1		40,393
Exploration expense	—		—		—		—		2,520		—		2,520
Depreciation, depletion and amortization	14,673		9,220		3,160		—		968		252		28,273
General and administrative expense	202		62		39		86		237		7,870		8,496
Credit (recovery) losses and other	(297)		—		—		326		—		—		29
Total operating costs and expenses	37,910		22,412		5,687		798		4,781		8,123		79,711
Other operating income (expense), net	—		—		—		—		—		—		—
Operating income (loss)	20,658		10,845		(972)		(798)		(4,428)		(8,123)		17,182
Other income (expense):
Derivative instruments gain (loss), net	—		—		—		—		—		400		400
Interest (expense) income, net	(835)		(180)		—		—		(1,396)		(161)		(2,572)

Other income (expense), net	(132)		57		430		(1)		116		(117)		353
Total other income (expense), net	(967)		(123)		430		(1)		(1,280)		122		(1,819)
Income (loss) before income taxes	19,691		10,722		(542)		(799)		(5,708)		(8,001)		15,363
Income tax (benefit) expense	5,356		3,343		—		—		(6,139)		4,423		6,983
Net income (loss)	14,335		7,379		(542)		(799)		431		(12,424)		8,380
Consolidated capital expenditures	$	9,199	$	7,593	$	210	$	306	$	23,521	$	37	$	40,866


	Six Months Ended June 30, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	110,754	$	67,177	$	10,895	$	—	$	18,396	$	—	$	207,222
Operating costs and expenses:
Production expense	47,655		25,131		4,611		686		7,114		1		85,198
Exploration expense	—		—		—		—		2,520		—		2,520
Depreciation, depletion and amortization	26,094		17,271		6,550		—		8,388		275		58,578
General and administrative expense	446		103		31		150		863		15,955		17,548
Credit (recovery) losses and other	(635)		—		—		637		—		—		2
Total operating costs and expenses	73,560		42,505		11,192		1,473		18,885		16,231		163,846

Operating income (loss)	37,194		24,672		(297)		(1,473)		(489)		(16,231)		43,376
Other income (expense):
Derivative instruments gain (loss), net	—		—		—		—		—		326		326
Interest (expense) income, net	(1,871)		(423)		—		—		(1,287)		(285)		(3,866)

Other income (expense), net	(764)		61		398		(5)		(61)		(288)		(659)
Total other income (expense), net	(2,635)		(362)		398		(5)		(1,348)		(247)		(4,199)
Income (loss) before income taxes	34,559		24,310		101		(1,478)		(1,837)		(16,478)		39,177
Income tax (benefit) expense	14,244		8,530		—		—		(10,234)		10,526		23,066
Net income (loss)	$	20,315	$	15,780	$	101	$	(1,478)	$	8,397	$	(27,004)	$	16,111
Consolidated capital expenditures	$	16,305	$	13,840	$	1,517	$	559	$	59,941	$	19	$	92,181


	Three Months Ended June 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Cote d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	53,674	$	35,481	$	10,383	$	—	$	17,240	$	—	$	116,778
Operating costs and expenses:
Production expense	18,486		13,424		3,359		272		16,905		—		52,446
Depreciation, depletion and amortization	13,344		8,416		5,294		—		6,049		29		33,132
General and administrative expense	319		207		(127)		93		124		6,975		7,591
Credit losses and other	—		3,178		—		163		—		—		3,341
Total operating costs and expenses	32,149		25,225		8,526		528		23,078		7,004		96,510
Other operating income, net	132		—		—		—		—		—		132
Operating income (loss)	21,657		10,256		1,857		(528)		(5,838)		(7,004)		20,400
Other income (expense):
Derivative instruments gain, net	—		—		—		—		—		257		257
Interest (expense) income, net	(1,158)		(350)		14		—		(1,540)		1,917		(1,117)
Bargain Purchase Gain	—		—		—		—		—		19,898		19,898
Other income (expense), net	(137)		—		5		3		(301)		(1,554)		(1,984)
Total other income (expense), net	(1,295)		(350)		19		3		(1,841)		20,519		17,054
Income (loss) before income taxes	20,362		9,906		1,876		(525)		(7,679)		13,515		37,454
Income tax (benefit) expense	9,731		8,749		—		—		(3,050)		(6,127)		9,303
Net income (loss)	$	10,631	$	1,157	$	1,876	$	(525)	$	(4,630)	$	19,642	$	28,151
Consolidated capital expenditures	$	5,102	$	1,868	$	7,155	$	—	$	7,152	$	1,153	$	22,431


	Six Months Ended June 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	111,178	$	72,442	$	16,073	$	—	$	17,240	$	—	$	216,933
Operating costs and expenses:
Production expense	35,199		26,175		5,738		517		16,905		1		84,535
Exploration expense	—		48		—		—		—		—		48
Depreciation, depletion and amortization	26,795		16,752		9,191		—		6,049		169		58,956
General and administrative expense	953		376		(115)		171		124		12,792		14,301
Credit (recovery) losses and other	20		4,812		—		321		—		—		5,153
Total operating costs and expenses	62,967		48,163		14,814		1,009		23,078		12,962		162,993
Other operating income (expense), net	(34)		—		—		—		—		—		(34)
Operating income (loss)	48,177		24,279		1,259		(1,009)		(5,838)		(12,962)		53,906
Other income (expense):
Derivative instruments loss, net	—		—		—		—		—		(590)		(590)
Interest (expense) income, net	(2,475)		(760)		38		—		(1,540)		2,685		(2,052)
Bargain Purchase Gain	—		—		—		—		—		19,898		19,898
Other income (expense), net	(231)		—		5		2		(301)		(3,259)		(3,784)
Total other income (expense), net	(2,706)		(760)		43		2		(1,841)		18,734		13,472
Income (loss) before income taxes	45,471		23,519		1,302		(1,007)		(7,679)		5,772		67,378
Income tax (benefit) expense	26,024		15,782		—		—		(3,050)		(7,215)		31,541
Net income (loss)	$	19,447	$	7,737	$	1,302	$	(1,007)	$	(4,630)	$	12,988	$	35,837
Consolidated capital expenditures	$	11,389	$	6,196	$	19,714	$	—	$	7,152	$	2,001	$	46,453

Schedule of Long-lived Assets and Segment Assets


(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Long-lived assets:
As of June 30, 2025	$	148,979	$	145,698	$	105,467	$	11,200	$	171,062	$	4,857	$	587,263
As of December 31, 2024	$	153,576	$	149,129	$	104,891	$	10,641	$	114,756	$	5,110	$	538,103


(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Total assets:
As of June 30, 2025	$	294,795	$	268,867	$	110,430	$	13,288	$	223,593	$	53,949	$	964,922
As of December 31, 2024	$	300,568	$	269,905	$	113,310	$	12,331	$	187,264	$	71,572	$	954,950