Revenue
 
Year Ended December 31, 2025
 
Crude Oil
Natural Gas
NGL
Total Revenue
Colombia
$418,411 $— $ $418,411 
Ecuador
62,609 —  62,609 
Canada
74,410 31,790 9,493 115,693 
$555,430 $31,790 $9,493 $596,713 

 
Year Ended December 31, 2024
 
Crude Oil
Natural Gas
NGL
Total Revenue
Colombia
$575,482 $— $— $575,482 
Ecuador
27,412 — — 27,412 
Canada
12,583 4,567 1,805 18,955 
$615,477 $4,567 $1,805 $621,849 

 
Year Ended December 31, 2023
 
Crude Oil
Natural Gas
NGL
Total Revenue
Colombia
$621,297 $— $— $621,297 
Ecuador
15,660 — — 15,660 
Canada
— — — — 
$636,957 $— $— $636,957 

During the year ended December 31, 2025, the Company’s production was sold primarily to one major customer, representing 69% of total Company’s sales volumes (2024 - one, representing 91% of total Company’s sales volumes, and 2023 - one, representing 98% of total sales volumes) reported in each of the reportable segments.

As at December 31, 2025, accounts receivable included $14.8 million (at December 31, 2024 - $13.4 million and 2023 - nil) of accrued sales revenue related to December production.

Historical Timeline

Fiscal YearFiled
2025Mar 4, 2026Showing above
2024Feb 24, 2025
2023Feb 20, 2024
2022Feb 22, 2023
2021Feb 23, 2022
2020Feb 25, 2021
2019Feb 27, 2020
2018Feb 27, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.