ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2024

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.