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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividend Declaration
On January 11, 2024, the Board of Directors of the Company declared a cash dividend of $0.36 per share of common stock payable on February 8, 2024 to its shareholders of record at the close of business on January 25, 2024.
Termination of Agreements between Riley and Combo
As discussed in Note 8 - Transactions with Related Parties, the Company has an MSA with Combo to provide certain services, including management of its assets, and overall company accounting, tax filings, and back-office functions. Each of Combo and Riley desired to terminate such MSA and transitioned the services under the MSA to Combo and its service providers effective as of January 31, 2024.
In addition, certain oil and natural gas properties were developed by Riley and Combo who currently jointly own interests in 6 established units in Lee and Fayette Counties, Texas. Going forward, Riley will no longer have the right to acquire interest in Combo’s leases or earn an interest in the future units formed within defined areas. Riley may participate in any wells or units to the extent Riley owns an interest in oil, gas or minerals attributable to such new well or unit. Further, Riley can continue to participate in wells drilled within each of the established units.
Power Joint Venture
On March 4, 2024, the Company made a capital contribution of $5.6 million to its joint venture RPC Power, which increased the total contribution to $11.5 million and the total ownership from 30% to 35%.