0001437749-24-014367 | 10-Q | XBRL Viewer

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common units (in shares)	40,088	38,372

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each circumstance. Any effects on the Partnership’s business, financial position, or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Although the Partnership believes these estimates are reasonable, actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands a public entity’s annual and interim disclosure requirements about their reportable segments, primarily through more detailed disclosures about significant segment expenses. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. We do not anticipate this update to have a material impact on the Partnership’s financial position, results of operations, or cash flows. The Partnership considers the applicability and impact of all ASUs. There are no other recent accounting pronouncements not yet adopted that are expected to have a material effect on the Partnership upon adoption.

Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues
Operating revenues	$ 30,979	$ 40,167
Costs and expenses
Operating, including production taxes	2,623	2,718
Depreciation, depletion and amortization	6,920	6,641
General and administrative	3,269	2,738
Total costs and expenses	12,812	12,097
Net income	18,167	28,070
Allocation of net income
General Partner	605	760
Unitholders	$ 17,562	$ 27,310
Net income per common unit (basic and diluted) (in dollars per share)	$ 0.44	$ 0.71
Weighted average basic and diluted common units outstanding (in shares)	39,605	38,372
Royalties [Member]
Operating revenues
Operating revenues	$ 24,877	$ 24,684
Net Profit Interests [Member]
Operating revenues
Operating revenues	5,598	14,947
Lease Bonus and Other [Member]
Operating revenues
Operating revenues	$ 504	$ 536

Note 1 - Business and Basis of Presentation (Details Textual) shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Number Of Counties In Which Entity Operates	594
Number of States in which Entity Operates	28
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net cash provided by operating activities	$ 27,967	$ 38,745
Cash flows provided by investing activities:
Net cash contributed in acquisitions of oil and natural gas properties	4,157	550
Cash flows used in financing activities:
Distributions paid to General Partner and unitholders	(41,412)	(35,050)
(Decrease) increase in cash and cash equivalents	(9,288)	4,245
Cash and cash equivalents at beginning of period	47,025	40,754
Cash and cash equivalents at end of period	37,737	44,999
Non-cash investing and financing activities:
Fair value of common units issued for acquisition of oil and natural gas properties	$ 17,041	$ 0

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2.	Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each circumstance. Any effects on the Partnership’s business, financial position, or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Although the Partnership believes these estimates are reasonable, actual results could differ from those estimates.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands a public entity’s annual and interim disclosure requirements about their reportable segments, primarily through more detailed disclosures about significant segment expenses. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. We do not anticipate this update to have a material impact on the Partnership’s financial position, results of operations, or cash flows.

The Partnership considers the applicability and impact of all ASUs. There are no other recent accounting pronouncements not yet adopted that are expected to have a material effect on the Partnership upon adoption.

Note 3 - Acquisitions for Common Units (Details Textual) $ in Thousands						3 Months Ended
	Mar. 28, 2024 USD ($) a shares	Sep. 29, 2023 USD ($) a shares	Aug. 31, 2023 USD ($) a shares	Jul. 12, 2023 USD ($) a shares	Sep. 30, 2022 USD ($) a shares	Mar. 31, 2024 USD ($)	Mar. 25, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Number Of Counties In Which Entity Operates						594
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received						$ 4,157		$ 550
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion						125,039			$ 120,118
Multiple Unrelated Third Party [Member] \| Mineral And Royalty Interest [Member]
Area of Real Estate Property (Acre) \| a	1,485
Number Of Counties In Which Entity Operates	2
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) \| shares	505,369
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable	$ 17,000
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received						4,000	$ 4,000
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion						12,000
Multiple Unrelated Third Party [Member] \| Mineral And Royalty Interest [Member] \| TEXAS
Area of Real Estate Property (Acre) \| a			568
Number Of Counties In Which Entity Operates			3
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) \| shares			374,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable			$ 10,400
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received						$ 200
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion									10,100
An Unrelated Third Party [Member] \| Mineral And Royalty Interest [Member]
Area of Real Estate Property (Acre) \| a		716
Number Of Counties In Which Entity Operates		3
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) \| shares		494,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable		$ 14,400
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion									13,400
Excess Energy, LLC [Member] \| Mineral And Royalty Interest [Member]
Area of Real Estate Property (Acre) \| a				900	2,100
Number Of Counties In Which Entity Operates				13	12
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) \| shares				343,750	816,719
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable				$ 11,000	$ 20,400
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion									$ 10,400
Unrelated Third Parties [Member] \| Mineral And Royalty Interest [Member] \| Excess [Member]
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received								$ 500

Note 5 - Distributions to Holders of Common Units

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Partners' Capital Notes Disclosure [Text Block]

5.	Distributions to Holders of Common Units

On April 18, 2024, the Partnership announced its cash distribution for the first quarter of 2024 of $0.781837 per common unit, representing activity for the three-month period ended March 31, 2024, payable to common unitholders of record as of April 29, 2024. This distribution will be paid on May 9, 2024. The partnership agreement requires the next cash distribution to be paid by August 14, 2024.

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

ITEM 5.

OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2024, none of our executive officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of any “Non-Rule 10b5-1 trading arrangement.”

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Note 1 - Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1.	Business and Basis of Presentation

Description of the Business

Dorchester Minerals, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership that commenced operations on January 31, 2003. Our business may be described as the acquisition, ownership and administration of Royalty Properties (which consists of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 594 counties and parishes in 28 states (“Royalty Properties”)) and net profits overriding royalty interests (referred to as the Net Profits Interest, or “NPI”).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements do not include all of the disclosures required for complete annual financial statements prepared in conformity with U.S. GAAP. Therefore, the accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring adjustments unless indicated otherwise) that are, in the opinion of management, necessary for the fair presentation of our financial position and operating results for the interim period. Interim period results are not necessarily indicative of the results for the calendar year. For more information regarding limitations on the forward-looking statements contained herein, see page 1 of this Quarterly Report on Form 10-Q. Per unit information is calculated by dividing the income or loss applicable to holders of the Partnership’s common units by the weighted average number of units outstanding. The Partnership has no potentially dilutive securities and, consequently, basic and diluted income per unit do not differ.

The unaudited condensed consolidated financial statements include the accounts of the Partnership and its wholly-owned subsidiaries Dorchester Minerals Oklahoma LP, Dorchester Minerals Oklahoma GP, Inc., Maecenas Minerals LLP, Dorchester-Maecenas GP LLC, The Buffalo Co., A Limited Partnership, and DMLPTBC GP LLC. All significant intercompany balances and transactions have been eliminated in consolidation.

Segment Reporting

The Partnership operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Partnership’s Chief Executive Officer (“CEO”) has been determined to be the chief operating decision maker and allocates resources and assesses performance based upon financial information at the consolidated level.

Recent Events

Recent Events – In January 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (“COVID-19”) and the significant risks to the international community and economies as the virus spread globally beyond its point of origin. In March 2020, the WHO classified COVID-19 as a pandemic, based on the rapid increase in exposure globally, and thereafter, COVID-19 continued to spread throughout the U.S. and worldwide. Multiple variants emerged in 2021 and became highly transmissible, which contributed to pricing volatility during 2021 to date. While in May 2023, the WHO determined that COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern, the financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions. Such circumstances generally increase uncertainty in the Partnership’s accounting estimates.

Furthermore, during 2022 and 2023, multiple global military conflicts arose, causing instability in the international economy which may lead to significant market and other disruptions, including disruptions to the oil and gas industry, significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability and other material and adverse effects on macroeconomic conditions. It is not possible at this time to predict or determine the ultimate consequences of these ongoing conflicts.

We are continuing to closely monitor the overall impact and the evolution of the COVID-19 pandemic, including the ongoing spread of any variants, along with future OPEC actions and the ongoing global military conflicts which arose during 2022 and 2023, on all aspects of our business, including how these events may impact our future operations, financial results, liquidity, employees, and operators. While conditions have significantly improved with the increase in domestic vaccination programs, the reduction in global constraints and the reduced spread of COVID-19 overall, the long-term impact of COVID-19 remains uncertain as responses to COVID-19 and newly emerging variants continue to evolve. Although the WHO, in May 2023, determined that COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern, additional actions may be required in response to the COVID-19 pandemic on a national, state, and local level by governmental authorities, and such actions may further adversely affect general and local economic conditions if there is a resurgence in the spread of COVID-19. Furthermore, the ongoing global military conflicts could continue during 2024 and could lead to significant market and other disruptions, including disruptions to the oil and gas industry, significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability and other material and adverse effects on macroeconomic conditions. We cannot predict the long-term impact of these events on our liquidity, financial position, results of operations or cash flows due to uncertainties including the severity of COVID-19 or any of the ongoing variants, and the duration and international impact of the ongoing global military conflicts. These situations remain fluid and unpredictable, and we are actively managing our response.

Note 4 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

4.	Commitments and Contingencies

Our Partnership and Dorchester Minerals Operating LP, a Delaware limited partnership owned directly and indirectly by our General Partner are involved in legal and/or administrative proceedings arising in the ordinary course of their businesses, none of which have predictable outcomes and none of which are believed to have any significant effect on consolidated financial position, cash flows, or operating results.

Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Limited Partner [Member]
Distributions, per unit (in dollars per share)	$ 1.007874	$ 0.884339

Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands	General Partner [Member]	Limited Partner [Member]	Total
Balance at Dec. 31, 2022	$ 676	$ 170,842	$ 171,518
Balance (in shares) at Dec. 31, 2022		38,372
Net income	760	$ 27,310	28,070
Distributions	(1,117)	(33,933)	(35,050)
Balance at Mar. 31, 2023	319	$ 164,219	164,538
Balance (in shares) at Mar. 31, 2023		38,372
Balance at Dec. 31, 2023	113	$ 185,444	185,557
Balance (in shares) at Dec. 31, 2023		39,583
Net income	605	$ 17,562	18,167
Distributions	(1,517)	(39,895)	(41,412)
Acquisition of assets for units	0	$ 17,041	17,041
Acquisition of assets for units (in shares)		505
Balance at Mar. 31, 2024	$ (799)	$ 180,152	$ 179,353
Balance (in shares) at Mar. 31, 2024		40,088

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Note 5 - Distributions to Holders of Common Units (Details Textual)	3 Months Ended
	Mar. 31, 2024 $ / shares
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share)	$ 0.781837

Note 3 - Acquisitions for Common Units

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Acquisition of Producing and Nonproducing Royalty and Mineral Rights [Text Block]

3.	Acquisitions for Common Units

On March 28, 2024, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral interests totaling approximately 1,485 net royalty acres located in two counties in Colorado in exchange for 505,369 common units representing limited partnership interests in the Partnership valued at $17.0 million and issued pursuant to the Partnership’s registration statement on Form S-4. We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. At closing, in addition to conveying mineral interests to the Partnership, the contributors delivered funds to the Partnership in an amount equal to their cash receipts during the period from January 1, 2024 through March 25, 2024 of $4.0 million. The contributed cash of $4.0 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2024. The condensed consolidated balance sheet as of March 31, 2024 includes $12.0 million of net proved oil and natural gas properties acquired in the transaction.

On September 29, 2023, pursuant to a non-taxable contribution and exchange agreement with an unrelated third party, the Partnership acquired mineral and royalty interests totaling approximately 716 net royalty acres located in three counties in Texas in exchange for 494,000 common units representing limited partnership interests in the Partnership valued at $14.4 million and issued pursuant to the Partnership’s registration statement on Form S-4. We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. The condensed consolidated balance sheet as of December 31, 2023 includes $13.4 million of net proved oil and natural gas properties acquired in the transaction.

On August 31, 2023, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral and royalty interests totaling approximately 568 net royalty acres located in three counties in Texas in exchange for 374,000 common units representing limited partnership interests in the Partnership valued at $10.4 million and issued pursuant to the Partnership’s registration statement on Form S-4. We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. The condensed consolidated balance sheet as of December 31, 2023 includes $10.1 million of net proved oil and natural gas properties acquired in the transaction. Final settlement net cash received, net of capitalized transaction costs paid, of $0.2 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2024.

On July 12, 2023, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral and royalty interests totaling approximately 900 net royalty acres located in 13 counties and parishes across Louisiana, New Mexico, and Texas in exchange for 343,750 common units representing limited partnership interests in the Partnership valued at $11.0 million and issued pursuant to the Partnership’s registration statement on Form S-4. We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. The condensed consolidated balance sheet as of December 31, 2023 includes $10.4 million of net proved oil and natural gas properties acquired in the transaction.

On September 30, 2022, pursuant to a non-taxable contribution and exchange agreement with Excess Energy, LLC, a Texas limited liability company (“Excess”), the Partnership acquired mineral, royalty and overriding royalty interests totaling approximately 2,100 net royalty acres located in 12 counties across Texas and New Mexico in exchange for 816,719 common units representing limited partnership interests in the Partnership valued at $20.4 million and issued pursuant to the Partnership's registration statement on Form S-4. We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. Final settlement net cash received, net of capitalized transaction costs paid, of $0.5 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2023.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Entity Central Index Key	0001172358
Entity Registrant Name	Dorchester Minerals, L.P.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-50175
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0551518
Entity Address, Address Line One	3838 Oak Lawn Avenue, Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75219
City Area Code	214
Local Phone Number	559-0300
Title of 12(b) Security	Common Units Representing Limited Partnership Interest
Trading Symbol	DMLP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,088,612

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 37,737	$ 47,025
Trade and other receivables	13,840	14,407
Total current assets	58,602	69,707
Oil and natural gas properties (full cost method)	518,875	507,057
Accumulated full cost depletion	(393,836)	(386,939)
Total	125,039	120,118
Operating lease right-of-use asset	719	765
Total assets	184,812	191,065
Current liabilities:
Accounts payable and other current liabilities	4,214	4,195
Operating lease liability	270	272
Total current liabilities	4,484	4,467
Operating lease liability	975	1,041
Total liabilities	5,459	5,508
Commitments and contingencies (Note 4)
Partnership capital:
General Partner	(799)	113
Unitholders (40,088 and 38,372 common units issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	180,152	185,444
Total partnership capital	179,353	185,557
Total liabilities and partnership capital	184,812	191,065
Leasehold Improvements [Member]
Current assets:
Leasehold improvements	989	989
Accumulated amortization	(537)	(514)
Total	452	475
Related Party [Member]
Current assets:
Net profits interest receivable - related party	$ 7,025	$ 8,275