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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination, Recognized Asset Acquired and Liability Assumed | The Svenska Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following tables summarize the cash paid for the purchase price and the final purchase price allocation of the acquisition consideration.
| 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 unaudited pro forma results presented below have been prepared to give effect to the Svenska Acquisition discussed above on the Company’s results of operations for the three and six months ended June 30, 2024, as if the acquisition had been consummated on January 1, 2024. The unaudited pro forma results do not purport to represent what the Company’s actual results of operations would have been if the Svenska Acquisition had been completed on such date or to project the Company’s results of operations for any future date or period.
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2024 |  |  |  | 2024 |  |
| (in thousands) |  | (in thousands) |  |
Pro forma (unaudited) |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales | $ | 116,778 |  |  |  |  | $ | 248,458 |  |  |
Operating income | $ | (7,336) |  |  |  |  | $ | 38,091 |  |  |
Net income | $ | (5,842) |  | (a) |  |  | $ | 9,316 |  |  |
Basic net income per share: |  |  |  |  |  |  |
Net income | $ | (5,842) |  |  |  |  | $ | 9,316 |  |  |
Net income per share | $ | (0.06) |  |  |  |  | $ | 0.09 |  |  |
Basic weighted average shares outstanding | 103,528 |  |  |  |  | 103,594 |  |
Diluted net income per share: |  |  |  |  |  |  |
Net income | $ | (5,842) |  |  |  |  | $ | 9,316 |  |  |
Net income per share | $ | (0.06) |  |  |  |  | $ | 0.09 |  |  |
Diluted weighted average shares outstanding | 103,676 |  |  |  |  | 103,677 |  |
(a) The unaudited pro forma net income for the three and six months ended June 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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