CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of Fair Values of the Net Assets and Liabilities as of the Date of Acquisition

The following table reflects the initial fair values of the net assets and liabilities:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	383,755
Unproved oil and natural gas properties	26,262
Total assets acquired	410,017
Asset retirement obligations	(1,219)
Net assets acquired	$	408,798
Fair value of consideration paid for net assets:
Cash consideration	$	390,928
Issuance of Common Stock Warrants (1.9 million shares at $28.30 per share)	17,870
Total fair value of consideration transferred	$	408,798

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	160,155
Total assets acquired	160,155
Asset retirement obligations	(319)
Net assets acquired	$	159,836
Fair value of consideration paid for net assets:
Cash consideration	$	157,977
Contingent consideration	1,850
Total fair value of consideration transferred	$	159,827

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	110,258
Total assets acquired	110,258
Asset retirement obligations	(187)
Net assets acquired	$	110,071
Fair value of consideration paid for net assets:
Cash consideration	$	110,071
Total fair value of consideration transferred	$	110,071

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	164,300
Total assets acquired	164,300
Asset retirement obligations	(278)
Net assets acquired	$	164,023
Fair value of consideration paid for net assets:
Cash consideration	$	153,916
Contingent consideration	10,107
Total fair value of consideration transferred	$	164,023

The following table reflects the fair values of the net assets and liabilities as of the closing date of the acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	131,773
Total assets acquired	131,773
Asset retirement obligations	(155)
Net assets acquired	$	131,618
Fair value of consideration paid for net assets:
Cash consideration	$	131,618
Total fair value of consideration transferred	$	131,618

The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	139,644
Unproved oil and natural gas properties	10,912
Total assets acquired	$	150,556
Asset retirement obligations	(6,549)
Minimum volume commitment liability	(3,443)
Net assets acquired	$	140,564
Fair value of consideration paid for net assets:
Cash consideration	$	110,052
Issuance of Warrants (3.2 million shares at $14.00 per share)	30,512
Total fair value of consideration transferred	$	140,564

The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:

	(In thousands)
Fair value of net assets:
Proved oil and natural gas properties	$	101,869
Total assets acquired	$	101,869
Asset retirement obligations	(179)
Net assets acquired	$	101,691
Fair value of consideration paid for net assets:
Cash consideration	$	101,691
Total fair value of consideration transferred	$	101,691

Schedule of Unaudited Pro Forma Information

The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed the acquisitions as of January 1, 2021, or that would be attained in the future.

	Year Ended December 31,		Year Ended December 31,
(In thousands)	2022		2021
Total Revenues	$	1,747,105	$	729,487
Net Income	$	904,583	$	124,294

Schedule of Capitalized Costs Excluded from Depletion

The following is a summary of capitalized costs excluded from depletion at December 31, 2022 by year incurred.

	December 31,
(In thousands)	2022		2021		2020		Prior Years
Property Acquisition	$	17,659	$	16,337	$	160	$	7,409
Development	—		—		—		—
Total	$	17,659	$	16,337	$	160	$	7,409