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ckx20251231_10k.htm FY 2025 --12-31 false 0000352955 3 0 3 3 0 0 0 0 0 0 0 0 0 0 0 0 false false false false Our full board of directors is responsible for overseeing and managing risk to our business.
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company s financial advisors, continue to engage with interested parties.
On November 18, 2025, the Company sold to Southern Pine Plantations of Georgia, Inc.
approximately 6,548 acres of land wholly-owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana.
The Company disclosed the completion of the transaction on its Current Report on Form 8-K filed November 20, 2025.
The transaction was executed pursuant to an Agreement of Purchase and Sale effective August 14, 2025, as amended, that contemplated the sale of approximately 7,014 acres.
Certain portions of the originally contemplated property were excluded from the sale in accordance with the Agreement, resulting in a reduction of the original purchase price equal to $1,316.05 per excluded acre.
The completion of this transaction represents a significant step in the Company s ongoing evaluation of strategic alternatives.
As part of management s efforts to maximize value for shareholders through the strategic alternative evaluation, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
There can be no assurance that such efforts will result in a negotiated partition of the Company s co-owned acreage and that the Company can avoid a court-ordered partition.
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Since the April 18, 2024 update, management and the Board subcommittee, together with the Company s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.
As part of management s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
There can be no assurance that the Company will be successful in reaching a negotiated partition of its co-owned acreage that would avoid the need to seek partition in court.
Of those awards, 25,582 restricted stock units vested and the underlying shares were issued during the year ended December 31, 2023, and 36,551 restricted stock units and 51,761 performance share units vested and the underlying performance shares were issued during the year ended December 31, 2024.
As of December 31, 2024, there are no longer any unvested awards under the plan, however, 36,551 shares issuable pursuant to awards that vested in 2024 have not yet been issued.
During 2024, the Company received approximately 77.19% of its total revenues from the following customers: Customer Revenue Type % of Total Revenue Pehler Associates, LLC Surface Lease 35.28 % TC Louisiana Intrastate Pipeline Surface Lease 15.82 % Total Ballard Exploration Company Oil Gas 10.20 % Total Daylight Petroleum Oil Gas 4.10 % East LA CCS LLC Oil Gas 3.58 % Total Chato Energy, LLC Oil Gas 2.75 % Sunchase Power, LLC Oil Gas 2.74 % Total EOG Resources, Inc.
Oil Gas 2.73 % Loss of cash receipts from any of these customers or revenue streams would have a material adverse effect on the Company.
We cannot assure you that our exploration of strategic alternatives will result in us pursuing a transaction or that any such transaction would be successfully completed.
The process of reviewing strategic alternatives or its conclusion could adversely affect our business and our stockholders.
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.