Reverse Merger (Tables)

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Schedule of Consideration for Merger

The following table summarized the consideration for the Merger:

Falcon Common Stock — issued and outstanding as of June 7, 2022:		21,935,492
Class A Common Stock price on June 7, 2022	$	29.12
Total consideration and fair value	$	638,761,527

Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed on June 7, 2022 (in thousands):

Falcon fair values:
Cash	$	4,484
Accrued revenue and accounts receivable		12,054
Unproved oil and gas properties		495,803
Proved oil and gas properties		200,773
Property and equipment		278
Current liabilities		(22,315	)
Long-term debt		(43,105	)
Deferred tax liability		(2,598	)
Warrant liability		(6,612	)
Total consideration and fair value	$	638,762

Schedule of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information for the three and six months ended June 30, 2022 and 2021, respectively, gives effect to the Merger as if it had occurred on January 1, 2021 (in thousands, except per share amounts):

	Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Total revenues	$	104,824	$	35,832	$	193,492	$	65,385
Pro forma income available to common stockholders		10,253		1,827		16,572		2,577
Net income per share:
Basic	$	0.82	$	0.15	$	1.32	$	0.21
Diluted	$	0.12	$	0.02	$	0.20	$	0.03