Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Oil and Gas Properties [Text Block]

7. CRUDE OIL, NATURAL GAS and NGLs PROPERTIES AND EQUIPMENT

The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following: 

	As of September 30, 2023			As of December 31, 2022
	(in thousands)
Crude oil, natural gas and NGLs properties and equipment - successful efforts method:
Wells, platforms and other production facilities	$	1,463,395		$	1,406,888
Work-in-progress		—			—
Undeveloped acreage		54,443			56,251
Equipment and other		44,358			38,796
		1,562,196			1,501,935
Accumulated depreciation, depletion, amortization and impairment		(1,094,319	)		(1,006,663	)
Net crude oil, natural gas and NGLs properties, equipment and other	$	467,877		$	495,272

Exploration Expense

The East Arta 54 appraisal well in Egypt was abandoned during the period and subsequently expensed to Exploration Expense. The impact resulted in $1.2 million of expense during the three and nine months ended September 30, 2023.