ACQUISITIONS & DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The following table represents the final allocation of the total cost of the Stronghold Acquisition to the assets acquired and liabilities assumed as of the Stronghold Acquisition date:

Consideration:
Shares of Common Stock issued	21,339,986
Common Stock price as of August 31, 2022	$	3.24
Common Stock Consideration	$	69,141,555
Shares of Preferred Stock issued	153,176
Aggregate Liquidation Preference	$	153,176,000
Conversion Price	$	3.60
As-Converted Shares of Common Stock	42,548,892
Common Stock Price as of August 31, 2022	$	3.24
Preferred Stock Consideration	$	137,858,446
Cash consideration:
Closing amount paid to Stronghold	121,392,455
Escrow deposit paid	46,500,000
Cash paid for inventory and fixed assets	4,527,103
Cash paid for realized losses on August oil derivatives	1,777,925
Cash received for post-close adjustments, net	(5,535,839)
Total cash consideration	168,661,644
Fair value of deferred payment liability	14,807,276
Post-close settlement to be paid to Stronghold	3,511,170
Fair value of consideration paid to seller	393,980,091
Direct transaction costs	9,162,143
Total consideration	$	403,142,234
Fair value of assets acquired:
Oil and natural gas properties	439,589,683
Inventory and fixed assets	4,527,103
Amount attributable to assets acquired	$	444,116,786
Fair value of liabilities assumed:
Suspense liability	1,651,596
Derivative liabilities, marked to market	24,784,406
Asset retirement obligations	14,538,550
Amount attributable to liabilities assumed	$	40,974,552
Net assets acquired	$	403,142,234

The following table represents the final allocation of the total cost of the Founders Acquisition to the assets acquired and liabilities assumed as of the Founders Acquisition date:

Consideration:
Cash consideration
Escrow deposit released at closing	$	7,500,000
Closing amount paid to Founders	42,502,799
Interest from escrow deposit	1,747
Fair value of deferred payment liability	14,657,383
Post-close adjustments	(4,139,244)
Total cash consideration	$	60,522,685
Direct transaction costs	1,361,843
Total consideration	$	61,884,528
Fair value of assets acquired:
Oil and natural gas properties	$	64,886,472
Amount attributable to assets acquired	$	64,886,472
Fair value of liabilities assumed:
Suspense liability	$	677,116
Asset retirement obligations	2,090,777
Ad valorem tax liability	234,051
Amount attributable to liabilities assumed	$	3,001,944
Net assets acquired	$	61,884,528