OIL AND NATURAL GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2023

OIL AND NATURAL GAS PROPERTIES

Schedule of oil and natural gas properties

Oil and natural gas properties as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023		December 31, 2022
Subject to depletion	$	755,482	$	713,585
Not subject to depletion:
Other capital costs:
Incurred in 2023		31		—
Incurred in 2022		1,427		1,427
Incurred in 2021 and prior(1)		57,451		61,194
Total not subject to depletion		58,909		62,621
Gross oil and natural gas properties		814,391		776,206
Less accumulated depletion		(445,975)		(390,796)
Net oil and natural gas properties	$	368,416	$	385,410

(1) In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.

Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves

The ceiling test value of the Company’s reserves was calculated based on the following prices:

	West Texas Intermediate (per barrel) (1)		Henry Hub (per MMBtu) (1)
December 31, 2023	$	78.21	$	2.64
December 31, 2022		94.14	$	6.36

(1) Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials.