Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Subsequent Events

Subsequent Events. We have evaluated subsequent events requiring potential accrual or disclosure in our condensed consolidated financial statements.

Through April 28, 2023, the Company entered into additional derivative contracts. The following tables summarize the weighted-average prices as well as future production volumes for our future derivative contracts entered into after March 31, 2023:

Oil Derivative Contracts (NYMEX WTI Settlements)	Total Volumes (Bbls)	Weighted-Average Price		Weighted-Average Collar Floor Price		Weighted-Average Collar Call Price
Swap Contracts
2024 Contracts
3Q24	920	$	71.60
Collar Contracts
2023 Contracts
3Q23	46,000			$	72.00	$	82.83
4Q23	46,000			$	71.00	$	80.65
2025 Contracts
1Q25	193,500			$	64.47	$	75.84

Natural Gas Derivative Contracts (NYMEX Henry Hub Settlements)	Total Volumes (MMBtu)	Weighted-Average Collar Floor Price		Weighted-Average Collar Call Price
Collar Contracts
2025 Contracts
1Q25	3,330,000	$	4.00	$	5.27

There were no other material subsequent events requiring additional disclosure in these condensed consolidated financial statements.

Property and Equipment

The “Property and Equipment” balances on the accompanying condensed consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances (in thousands):

	March 31, 2023		December 31, 2022
Property and Equipment
Proved oil and gas properties	$	2,614,332	$	2,506,853
Unproved oil and gas properties	18,196		16,272
Furniture, fixtures and other equipment	6,188		6,098
Less – Accumulated depreciation, depletion, amortization & impairment	(1,048,062)		(1,004,044)
Property and Equipment, Net	$	1,590,654	$	1,525,179

Disaggregation of Revenue

The following table provides information regarding our oil and gas sales, by product, reported on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Oil, natural gas and NGLs sales:
Oil	$	74,655	$	39,741
Natural gas	52,922		77,372
NGLs	12,377		12,543
Total	$	139,954	$	129,656

Accounts Payable and Accrued Liabilities

The “Accounts payable and accrued liabilities” balances on the accompanying condensed consolidated balance sheets are summarized below (in thousands):

	March 31, 2023		December 31, 2022
Trade accounts payable	$	20,254	$	23,660
Accrued operating expenses	13,735		10,572
Accrued compensation costs	1,510		4,814
Asset retirement obligations – current portion	1,598		1,284
Accrued non-income based taxes	5,836		4,849
Accrued corporate and legal fees	306		388
WTI contingency payouts - current portion	2,023		1,600
Payable for settled derivatives	984		6,026
Other payables	5,353		7,007
Total accounts payable and accrued liabilities	$	51,599	$	60,200