BUSINESS COMBINATIONS (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the consideration given related to this business combination was as follows (in thousands), which the Company considers to be final as of September 30, 2022.

Consideration given	Allocation
Cash	$	161,680
Working capital adjustments	(4,444)
Fair value of contingent consideration at December 14, 2021	6,718
Total consideration given	$	163,954
Allocation of purchase price
Oil and natural gas properties
Evaluated	$	139,312
Unproved and unevaluated	32,260
Accrued liabilities	(360)
Advances from joint interest owners	(6,865)
Asset retirement obligations	(393)
Net assets acquired	$	163,954

At September 30, 2022, the preliminary allocation of the consideration given related to this business combination was as set forth in the following table (in thousands). The Company anticipates that the allocation of the consideration given should be finalized during 2022 upon determination of the final customary post-closing purchase price adjustments.

Consideration given	Allocation
Total cash consideration given	$	77,828
Allocation of purchase price
Cash acquired	$	2,012
Property, plant & equipment	74,695
Accounts receivable	5,633
Other assets	296
Accrued liabilities	(4,808)
Net assets acquired	$	77,828