Item 2. Properties
ITEM 2. PROPERTIES.
The information regarding the Company’s oil and gas properties as required by Item 102 of Regulation S-K is included in “ Item 1. Business ”, above and incorporated in this Item 2 by reference. Additional information regarding our oil and gas properties can be found in “ Part II ” - “ Item 8 Financial Statements and Supplementary Data ” – “Supplemental Oil and Gas Disclosures (Unaudited) ”.
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Office Leases
In December 2022, the Company entered into a lease agreement for approximately 5,200 square feet of office space in Houston, Texas , that commenced on September 1, 2023, which expires on February 28, 2027. The remaining monthly payments are approximately $15,800 through February 2026 and increase to approximately $16,000 through the end of the lease. The Company paid a security deposit of $14,700.
For the years ended December 31, 2025 and 2024, the Company incurred lease expense of $168,000 and $110,000, respectively, for the lease.
The Company believes its existing leased office space is suitable for the conduct of its business. We believe that this arrangement is suitable for the conduct of our business.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.