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ACQUISITION (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
| April 30, 2024 |  |  |  |
| (in thousands) |  |  |  |
Purchase Consideration |  |  |  |  |
Cash | $ | 40,166 |  |  |  |  |
Total purchase consideration | $ | 40,166 |  |  |  |  |
| April 30, 2024 |  |  |  |
| (in thousands) |  |  |  |
Assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 31,789 |  |  |  |  |
Other receivables, net | 830 |  |  |  |  |
Crude oil inventory | 14,981 |  |  |  |  |
Prepayments and other | 409 |  |  |  |  |
Crude oil, natural gas and NGLs properties and equipment, net | 100,188 |  |  |  |  |
Restricted cash | 8,788 |  |  |  |  |
Other LT receivables | 33 |  |  |  |  |
Deferred tax asset | 28,153 |  |  |  |  |
Total assets acquired | 185,171 |  |  |  |  |
Liabilities assumed: |  |  |  |  |
Accounts payable | (2,506) |  |  |  |  |
State oil liability | (19,447) |  |  |  |  |
Accrued tax settlement | (8,788) |  |  |  |  |
Accrued accounts payable invoices | (21,692) |  |  |  |  |
Accrued liabilities and other | (19,083) |  |  |  |  |
Asset retirement obligations | (15,694) |  |  |  |  |
Deferred tax liability | (37,897) |  |  |  |  |
Total liabilities acquired | (125,107) |  |  |  |  |
Bargain purchase gain | (19,898) |  |  |  |  |
Total purchase price | $ | 40,166 |  |  |  |  |
Schedule of Post Acquisition Operating Results | The table below summarizes amounts contributed by the Cote d’Ivoire assets acquired in the Svenska Acquisition to the Company's consolidated results for the period from April 30, 2024 through September 30, 2024.
| April 30, 2024 through September 30, 2024
| (in thousands)
Crude oil, natural gas and natural gas liquids sales | $ | 67,035 |
Net income | $ | 5,589 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands) |  | (in thousands)
Pro forma (unaudited) |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales | $ | 140,334 |  |  | $ | 167,634 |  |  | $ | 388,792 |  |  | $ | 437,181 |
Operating income | $ | 44,083 |  |  | $ | 54,759 |  |  | $ | 82,174 |  |  | $ | 139,595 |
Net income (loss) (a) | $ | 10,990 |  |  | $ | 10,976 |  |  | $ | 20,306 |  |  | $ | 43,158 |
Basic net income (loss) per share: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 10,990 |  |  | $ | 10,976 |  |  | $ | 20,306 |  |  | $ | 43,158 |
Net income (loss) per share | $ | 0.11 |  |  | $ | 0.10 |  |  | $ | 0.20 |  |  | $ | 0.40 |
Basic weighted average shares outstanding | $ | 103,743 |  |  | $ | 106,289 |  |  | $ | 103,644 |  |  | $ | 106,876 |
Diluted net income (loss) per share: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 10,990 |  |  | $ | 10,976 |  |  | $ | 20,306 |  |  | $ | 43,158 |
Net income (loss) per share | $ | 0.11 |  |  | $ | 0.10 |  |  | $ | 0.20 |  |  | $ | 0.40 |
Diluted weighted average shares outstanding | $ | 103,842 |  |  | $ | 106,433 |  |  | $ | 103,728 |  |  | $ | 107,072 |
(a)The unaudited pro forma net income (loss) for the nine months ended September 30, 2024 excludes a nonrecurring pro forma adjustment directly attributable to the Svenska Acquisition, consisting of a bargain purchase gain of $19.9 million.

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