Company: CRCE
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001096906-25-000275
Chunk: 46

Company: Circle Energy, Inc./NV
Filing Date: 2025-03-20
Form: 10-K
Item: Item 2
Chunk 46
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 to royalty, overriding royalty and other interests customary in the industry, liens incident to agreements, current taxes and other customary burdens, minor encumbrances, easements and restrictions. We do not believe any of these burdens will materially interfere with our use of these properties.

Acreage 

The following table summarizes gross and net developed and undeveloped acreage as of December 31, 2024 by region (net acreage is our percentage ownership of gross acreage). Acreage in which our interest is limited to royalty and overriding royalty interests is excluded. 

Developed Acreage
 
Undeveloped Acreage
 
Total Acreage

Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net

Central Basin Platform
 
- 
 
- 
 
80 
 
60 
 
80 
 
60 

Total
 
- 
 
- 
 
80 
 
60 
 
80 
 
60 

21

Leases of undeveloped acreage will generally expire at the end of their respective primary terms unless production from such leasehold acreage has been established prior to expiration of such primary term.  If production is established on such acreage, the lease will generally remain in effect until the cessation of production from such acreage and is referred to in the industry as “Held-By-Production” or “HBP.”  Leases of undeveloped acreage may terminate or expire as a result of not meeting certain drilling commitments, if any, or otherwise by not complying with the terms of a lease depending on the specific terms that are negotiated between lessor and lessee.

The following table sets forth the gross and net undeveloped acreage, as of December 31, 2024, under lease which would expire over the next two years unless (i) drilling requirements are satisfied, or (ii) the lease is renewed or extended prior to the relevant expiration dates:  

2025

Gross
 
Net

Total
 
80 
 
60 

Other Properties and Commitments

Messrs. Rochford and Broaddrick work from home offices at no cost to the Company.  We also maintain executive office-sharing space at nominal cost to the Company.