BUSINESS COMBINATION (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary allocation of the consideration given related to this business combination was as follows (in thousands). The Company anticipates that the allocation of the consideration given should be finalized during 2022 upon determination of the final customary purchase price adjustments.

Consideration given	Allocation
Cash	$161,680
Working capital adjustments	(4,959)
Fair value of contingent consideration at December 14, 2021	6,718
Total consideration given	$163,439
Allocation of purchase price
Oil and natural gas properties
Evaluated	$139,312
Unproved and unevaluated	31,745
Accrued liabilities	(360)
Advances from joint interest owners	(6,865)
Asset retirement obligations	(393)
Net assets acquired	$163,439