Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable is summarized below:

	September 30, 2023		December 31, 2022
	(In thousands)
Oil, natural gas and NGL sales	$	41,368	$	24,136
Joint interest accounts receivable	3,581		793
Other accounts receivable	373		622
Total accounts receivable	$	45,322	$	25,551

Schedule of Other Non-Current Assets, Net

Other non-current assets consisted of the following:

	September 30, 2023		December 31, 2022
	(In thousands)
Deferred financing costs, net (1)	$	3,468	$	2,556
Right of use assets	1,379		1,370
Equity method investment	5,625		—
Other	1,015		249
Total other non-current assets, net	$	11,487	$	4,175

_____________________(1)Deferred financing costs, net reflects costs associated with the Company's revolving credit facility which are amortized over the term of the revolving credit facility.

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:

	September 30, 2023		December 31, 2022
	(In thousands)
Accrued capital expenditures	$	7,295	$	16,744
Accrued lease operating expenses	4,508		4,607
Accrued general and administrative costs	5,826		2,286
Accrued inventory	884		6,235
Accrued ad valorem tax	3,952		3,789
Other accrued expenditures	1,523		1,921
Total accrued liabilities	$	23,988	$	35,582

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:

	September 30, 2023		December 31, 2022
	(In thousands)
Advances from joint interest owners	$	312	$	192
Income taxes payable	—		1,194
Current ARO liabilities	1,430		314
Lease liabilities	796		538
Accounts payable - related parties	260		324
Total other current liabilities	$	2,798	$	2,562

Schedule of Asset Retirement Obligations

Components of the changes in ARO for the nine months ended September 30, 2023 and the year ended December 31, 2022 consisted of the following and is shown below:

	September 30, 2023		December 31, 2022
	(In thousands)
ARO, beginning balance	$	3,038	$	2,453
Liabilities incurred	37		358
Liabilities assumed in acquisitions	19,359		—
Revision of estimated obligations	—		326
Liability settlements and disposals	(1,020)		(178)
Accretion	1,105		79
ARO, ending balance	22,519		3,038
Less: current ARO (1)	(1,430)		(314)
ARO, long-term	$	21,089	$	2,724

_____________________

(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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Oil and natural gas sales:
Oil	$	104,490	$	80,017	$	267,293	$	224,895
Natural gas	983		4,216		1,547		8,855
Natural gas liquids	2,221		3,238		4,578		8,147
Total oil and natural gas sales, net	$	107,694	$	87,471	$	273,418	$	241,897