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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
| April 30, 2024 |  | Measurement Period Adjustment |  | April 30, 2024 (As Adjusted)
| (in thousands)
Purchase Consideration |  |  |  |  |
Cash | $ | 40,166 |  |  | $ | — |  |  | $ | 40,166 |
Total purchase consideration | $ | 40,166 |  |  | $ | — |  |  | $ | 40,166 |
| April 30, 2024 |  | Measurement Period Adjustment |  | April 30, 2024 (As Adjusted)
| (in thousands)
Assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 31,789 |  |  | $ | 466 |  |  | $ | 32,255 |
Other receivables, net | 830 |  |  | — |  |  | 830 |
Crude oil inventory | 14,981 |  |  | — |  |  | 14,981 |
Prepayments and other | 409 |  |  | — |  |  | 409 |
Crude oil, natural gas and NGLs properties and equipment, net | 100,188 |  |  | 6,901 |  |  | 107,089 |
Restricted cash | 8,788 |  |  | — |  |  | 8,788 |
Other LT receivables | 33 |  |  | — |  |  | 33 |
Deferred tax asset | 28,153 |  |  | (12,095) |  |  | 16,058 |
Total assets acquired | 185,171 |  |  | (4,728) |  |  | 180,443 |
Liabilities assumed: |  |  |  |  |
Accounts payable | (2,506) |  |  | — |  |  | (2,506) |
State oil liability | (19,447) |  |  | — |  |  | (19,447) |
Accrued tax settlement | (8,788) |  |  | — |  |  | (8,788) |
Accrued accounts payable invoices | (21,692) |  |  | — |  |  | (21,692) |
Accrued liabilities and other | (19,083) |  |  | (301) |  |  | (19,384) |
Asset retirement obligations | (15,694) |  |  | (11,617) |  |  | (27,311) |
Deferred tax liability | (37,897) |  |  | 10,280 |  |  | (27,617) |
Total liabilities acquired | (125,107) |  |  | (1,638) |  |  | (126,745) |
Bargain purchase gain | (19,898) |  |  | 6,366 |  |  | (13,532) |
Total purchase price | $ | 40,166 |  |  | $ | — |  |  | $ | 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 December 31, 2024.
| April 30, 2024 through December 31, 2024
| (in thousands)
Crude oil, natural gas and natural gas liquids sales | $ | 95,082 |
Net income | 12,143 |
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023
|  |  | (in thousands)
Pro forma (unaudited) |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  |  |  |  | $ | 510,513 |  |  | $ | 632,514 |
Operating income |  |  |  |  | $ | 120,681 |  |  | 243,228 |
Net income (loss) (a)(b) |  |  |  |  | $ | 38,336 |  |  | 95,740 |
Basic net income (loss) per share: |  |  |  |  |  |  |
Net income (loss) |  |  |  |  | $ | 38,336 |  |  | $ | 95,740 |
Net income (loss) per share |  |  |  |  | $ | 0.37 |  |  | $ | 0.90 |
Basic weighted average shares outstanding |  |  |  |  | 103,669 |  | 106,376
Diluted net income (loss) per share: |  |  |  |  |  |  |
Net income (loss) |  |  |  |  | $ | 38,336 |  |  | $ | 95,740 |
Net income (loss) per share |  |  |  |  | $ | 0.37 |  |  | $ | 0.90 |
Diluted weighted average shares outstanding |  |  |  |  | 103,747 |  | 106,555
(a)The unaudited pro forma net income (loss) for the year ended December 31, 2024 excludes a nonrecurring pro forma adjustment directly attributable to the Svenska Acquisition, consisting of a bargain purchase gain of $13.5 million. (b) The unaudited pro forma net income (loss) for the year ended December 31, 2023 excludes a nonrecurring pro forma adjustment attributable to the TransGlobe Acquisition, consisting of a bargain purchase gain adjustment of $1.4 million.
| Year Ended December 31, 2022 |  | Measurement Period Adjustment |  | Year Ended December 31, 2022 (As Adjusted) |
| (in thousands) |
Pro forma (unaudited): |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales | $ | 547,670 |  | (a) | $ | — |  |  | $ | 547,670 |  | (a)
Operating income | $ | 267,582 |  | (b) | $ | — |  |  | $ | 267,582 |  | (b)
Net income | $ | 130,425 |  | (c) | $ | 1,412 |  | (d) | $ | 131,837 |  | (c)
Basic net income per share: | $ | 1.21 |  |  | $ | 0.01 |  | (d) | $ | 1.22 |  |
Basic weighted average shares outstanding | 108,206 |  | 108,206 |  | 108,206 |
Diluted net income per share: | $ | 1.20 |  |  | $ | 0.01 |  | (d) | $ | 1.21 |  |
Diluted weighted average shares outstanding | 108,642 |  | 108,642 |  | 108,642 |
(a)The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method. (b)The unaudited pro forma operating income for the year ended December 31, 2022 removes the $23.7 million impairment reversal recorded by TransGlobe in 2022, excludes $10.2 million of severance costs associated with the TransGlobe Acquisition, excludes $6.5 million of TransGlobe Acquisition transaction costs, reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the TransGlobe Acquisition based on the purchase price allocation. (c)The unaudited pro forma net income for the year ended December 31, 2022 excludes $14.6 million of transaction costs incurred by the Company associated with the TransGlobe Acquisition, excludes the bargain purchase gain of $10.8 million and reclassifies interest expense, for certain leases identified as operating leases, as production expense. (d)The Measurement Period Adjustment is due to an original deferred tax liability being estimated at closing. Additional information about the deferred tax liability was identified in the first part of 2023 creating the need for the $1.4 million adjustment.

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