Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 50

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 50
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 the edge of the Permian Basin that has experienced successful
gas and hydrocarbon extraction in multiple formations. Equus Energy, which holds a 50% working interest in each of these Conger Field
wells, is seeking to effect a recompletion program of existing Conger Field wells to the Wolfcamp formation, a zone containing oil as
well as gas and natural gas liquids. Part of Equus Energy’s acreage rights described above also includes a 50% working interest
in possible new drilling to the base of the Canyon formation (appx. 8,500 feet) on 2,400 acres in the Conger Field. Also included in the
interests acquired by Equus Energy are working interests of 7.5% and 2.5% in the Burnell and North Pettus Units, respectively, which collectively
comprise approximately 13,000 acres located in the area known as the “ Eagle Ford Shale” play. See Subsequent Eventsbelow where we sold our interest in Equus Energy for a combination of cash and preferred stock valued at $4.0 million.

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  TableOfContents  

Below is selected financial information
from the audited financial statements of Equus Energy as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023
and 2022 (in thousands):

EQUUS ENERGY, LLC and SUBSIDIARY

Condensed Consolidated Balance Sheets

                                                                  December 31,                  December 31,              
                                                                  2024                          2023                      
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                  
  Current assets:                                                                                                         
  Cash and cash equivalents                                       $                      7      $                     71  
  Accounts receivable                                                                  207                           167  
  Total current assets                                                                 214                           238  
  Oil and gas properties                                                             8,164                         8,173  
  Less: accumulated depletion, depreciation and amortization                        (8,112                        (8,097  
  Net oil and gas properties                                                            52                            77  
  Total assets                                                    $                    266      $                    315  
  Liabilities and member's deficit                                                                                        
  Current liabilities:                                                                                                    
  Accounts payable and other                                      $                    127      $                    105  
  Due to affiliate                                                                     128                           126  
  Total current liabilities                                                            255