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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

Bayswater Acquisition [Member]

Asset Acquisition [Line Items]

Schedule of Purchase Price Allocation

The following table presents the preliminary allocation of the Bayswater Purchase Price to the net assets acquired on March 26, 2025, the closing date of the Bayswater Acquisition:

Schedule of Purchase Price Allocation

Preliminary Purchase Price Allocation:		(In thousands)
Consideration:
Cash consideration ⁽¹⁾		$	467,520
Common stock issued to the sellers ⁽²⁾			16,000
Direct transaction costs ⁽³⁾			7,061
Total consideration		$	490,581

Assets acquired:
Oil and natural gas properties ⁽⁴⁾		$	509,954
Other assets			17,096
Acquisition receivable ⁽⁵⁾			37,806
		$	564,856
Liabilities assumed:
Accounts payable and accrued expenses ⁽⁶⁾		$	(71,947	)
Asset retirement obligation, long-term			(2,328	)
		$	(74,275	)

⁽¹⁾	Includes customary purchase price adjustments.
⁽²⁾	Represents approximately 3.7 million shares of Common Stock issued to Bayswater.
⁽³⁾	Represents transaction costs associated with the Bayswater Acquisition, which have been capitalized in accordance with ASC 805.
⁽⁴⁾	Includes the asset retirement obligation asset associated with the proved oil and natural gas properties.
⁽⁵⁾	Represents February 1 through March 25, 2025 revenue, net of operating expenses, due to the Company from Bayswater at final settlement.
⁽⁶⁾	Represents the amounts associated with the assets acquired in the Bayswater Acquisition unpaid at the closing date and primarily relates to ad valorem tax liabilities of $27.1 million and suspended revenues of $44.8 million.

Nickel Road Operating LLC [Member]

Asset Acquisition [Line Items]

Schedule of Purchase Price Allocation

The following table presents the allocation of the NRO Purchase Price, adjusted for the final settlement, to the net assets acquired on October 1, 2024, the closing date of the NRO Acquisition:

Schedule of Purchase Price Allocation

Purchase Price Allocation:		(In thousands)
Consideration:
Cash consideration ⁽¹⁾		$	49,270
Deposits on oil and natural gas properties ⁽²⁾			6,000
Direct transaction costs ⁽³⁾			239
Total consideration		$	55,509

Assets acquired:
Oil and natural gas properties ⁽⁴⁾		$	63,591
Prepaid expenses, third-party JIB receivable, and other			104
		$	63,695
Liabilities assumed:
Accounts payable and accrued expenses ⁽⁵⁾		$	(7,965	)
Asset retirement obligation, long-term			(221	)
		$	(8,186	)

⁽¹⁾	Includes the final settlement statement payment of $0.3 million from NRO to the Company.
⁽²⁾	Represents the Deposit paid by the Company to NRO.
⁽³⁾	Represents transaction costs associated with the NRO Acquisition which have been capitalized in accordance with ASC 805.
⁽⁴⁾	Includes the asset retirement obligation asset associated with the proved oil and natural gas properties.
⁽⁵⁾	Represents the amounts associated with the assets acquired in the NRO Acquisition unpaid at the closing date and primarily relates to ad valorem tax liabilities of $6.6 million and suspended revenues of $1.2 million.