Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable is summarized below:

	March 31, 2023		December 31, 2022
	(In thousands)
Oil, natural gas and NGL sales	$	23,804	$	24,136
Joint interest accounts receivable	728		793
Other accounts receivable	108		622
Total accounts receivable	$	24,640	$	25,551

Schedule of Other Non-current Assets, Net

Other non-current assets consisted of the following:

	March 31, 2023		December 31, 2022
	(In thousands)
Deferred financing costs, net	$	2,413	$	2,556
Prepayments to outside operators	2,193		186
Right of use assets	1,232		1,370
Equity method investment	3,880		—
Other deposits	66		63
Total other non-current assets, net	$	9,784	$	4,175

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2023		December 31, 2022
	(In thousands)
Accrued capital expenditures	$	13,768	$	16,744
Accrued lease operating expenses	2,267		4,607
Accrued general and administrative costs	3,591		2,286
Accrued inventory	210		6,235
Accrued ad valorem tax	916		3,789
Other accrued expenditures	766		1,921
Total accrued liabilities	$	21,518	$	35,582

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:

	March 31, 2023		December 31, 2022
	(In thousands)
Advances from joint interest owners	$	170	$	192
Income taxes payable	4,601		1,194
Current ARO liabilities	71		314
Lease liabilities	540		538
Total other current liabilities	$	5,382	$	2,238

Schedule of Asset Retirement Obligations

Components of the changes in ARO consisted of the following and is shown below:

	March 31, 2023		December 31, 2022
	(In thousands)
ARO, beginning balance	$	3,038	$	2,453
Liabilities incurred	21		358
Revision of estimated obligations	—		326
Liability settlements and disposals	(153)		(178)
Accretion	25		79
ARO, ending balance	2,931		3,038
Less: current ARO(1)	(71)		(314)
ARO, long-term	$	2,860	$	2,724

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(1)Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets.

Schedule of Disaggregation of Revenue

The following table presents oil and natural gas sales disaggregated by product:

	Three Months Ended March 31,
	2023		2022
	(In thousands)
Oil and natural gas sales:
Oil	$	64,974	$	62,376
Natural gas	523		1,789
Natural gas liquids	915		2,480
Total oil and natural gas sales, net	$	66,412	$	66,645