Financial Performance - Revenue for the first quarter ended December 31, 2024, was 4,477,000,adecreaseof27.36,155,000 in the same quarter of 2023[2] - Net loss for the quarter was 1,917,000or0.19 per share, compared to a net loss of 664,000or0.07 per share in the prior year[2][11] Production and Pricing - Oil, gas, and natural gas liquids prices decreased by 2%, 40%, and 8%, respectively, compared to the prior year's quarter[3] - Production of oil, gas, and natural gas liquids decreased by 17%, 21%, and 17%, respectively, primarily due to natural declines and properties sold[3] Impairment and Expenses - A non-cash impairment of 613,000wasrecordedforUSoilandnaturalgaspropertiesduringthequarter[4]−Generalandadministrativeexpensesdecreasedby123,000, or 9%, primarily due to a reduction in professional fees[5] Business Strategy - The contract drilling segment agreed to sell a drilling rig and related equipment for proceeds of 585,000,expectedtocloseinthesecondquarterendingMarch31,2025[6]−Thecompanyplanstowinddownitscontractdrillingbusinesstorefocuseffortsandreducefixedcosts[8]FuturePlans−Thenewwelldrilledisperformingasanticipated,withplanstodrilltwoadditionalwellsoncesufficientcapitalissecured[8]WorkingCapital−Thecompanyendedthequarterwith642,000 in working capital, including $1,957,000 in cash and cash equivalents[2]
