Share Repurchase and Acquisitions - The Company authorized a share repurchase program for up to 5.0million,scheduledtoexpireonJune30,2026[353].−TheCompanyacquired82.52.0 million in cash and 2.6 million shares valued at 2.7million[356].−TheCompanyaimstoenhancestockholdervaluethroughstrategicacquisitionsandbyredeployingcapitalintocorefocusareas[377].DivestituresandAssetManagement−TheCompanydivestedpropertiesforatotalof14.0 million in net proceeds, relieving 5.4millioninassetretirementobligations[360].−InSouthTexas,theCompanydivestedassetsforapproximately5.2 million, representing 13% of total production in Q1 2024[361]. - In East Texas, the Company sold assets for 6.8million,averaging1.1millioncubicfeetofnaturalgasand168barrelsofoilperday[362].−TheCompanyrecognizeda5.0 million loss on the sale of East Texas properties, which represented 36% of reserve volumes[364]. - The company closed a series of divestitures for total net proceeds of 14.0million,whichwereusedtorepaythecreditfacilityandfundindustrialgaspropertydevelopment[412].FinancialPerformance−FortheyearendedDecember31,2024,thecompanyrecordedanetlossof25.8 million, an improvement from a net loss of 32.4millionin2023[395].−Totalrevenuedecreasedby11.7 million, or 36%, from 32.3millionin2023to20.6 million in 2024, primarily due to lower production quantities and commodity prices[398]. - Oil production decreased by 35% to 256,166 Bbls, while natural gas production decreased by 31% to 958,325 Mcfe compared to 2023[399]. - Lease operating expenses were 11.2million,adecreaseof2715.3 million in 2023, with a per BOE increase of 10% to 26.83[400].−Thecompanyexperiencedadecreaseingathering,transportation,andtreatingcostsby63205,000 due to divestitures[401]. - Production taxes decreased by 39% to 1.3 million, consistent with the overall revenue decline[402]. - Depreciation, depletion, and amortization (DD&A) was 8.3 million, down from 11.2millionin2023,withadepletionrateof19.64 per BOE[403]. - Impairment charges totaled 11.9millionin2024,comparedto26.7 million in 2023, driven by lower crude oil and natural gas prices and divestments[404]. - The realized price for oil production decreased by 2% to 70.91perBbl,whiletherealizedpricefornaturalgasdecreasedby102.56 per Mcfe[398]. Expenses and Cash Flow - General and administrative expenses decreased by 3.3million,or2911.5 million in 2023 to 8.2millionin2024,primarilyduetoreducedheadcountandnon−recurringfees[405].−Non−operatingexpensestotaled(26) thousand in 2024, a decrease of 1.8million,or1011.8 million in 2023, driven by a significant drop in commodity derivative gains[407]. - Interest expense decreased as the outstanding balance on the credit facility was reduced from 5.0millionin2023to0.0 million in 2024, with the average interest rate increasing to 9.2%[408][409]. - Cash provided by operating activities decreased by 0.9million,from5.5 million in 2023 to 4.6millionin2024,duetoreducedcashreceiptsfromrevenues[427].−Cashprovidedbyinvestingactivitiesincreasedby2.9 million, from 2.8millionin2023to5.8 million in 2024, primarily due to 13.5millioninnetproceedsfrompropertysales[428].−CashusedinfinancingactivitiesfortheyearendedDecember31,2024,was6.0 million, a decrease from 9.4millionin2023[429].−Netpaymentsofdebtunderthecreditfacilityfor2024amountedto5.0 million, compared to net payments of borrowings of 7.0millionin2023[429].−Amountspaidtorepurchasecommonstockin2024were0.8 million, while dividends paid on common stock in 2023 were 1.2million[429].FuturePlansandDevelopment−TheCompanyplanstocompletetwowellsanddrilltwoadditionalnewwellstargetinganindustrialgaszoneinthefirsthalfof2025[376].−Thecompanyanticipatesspendingbetween4.0 million and 6.5milliononindustrialgasdevelopment,includingdrillingandcompleting2to4wells[413].−Thecompanyhadcashandequivalentsof7.7 million as of December 31, 2024, an increase of 4.4millionfrom3.4 million in 2023[422]. - Total assets decreased by 30.8millionfrom80.4 million in 2023 to $49.7 million in 2024[422].
