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v3.23.1

Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Policies [Abstract] |
Schedule of Accounts Receivable | Accounts receivable is summarized below:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
Oil, natural gas and NGL sales | $ | 23,804 |  |  | $ | 24,136 |
Joint interest accounts receivable | 728 |  |  | 793 |
Other accounts receivable | 108 |  |  | 622 |
Total accounts receivable | $ | 24,640 |  |  | $ | 25,551 |
Schedule of Other Non-current Assets, Net | Other non-current assets consisted of the following:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
Deferred financing costs, net | $ | 2,413 |  |  | $ | 2,556 |
Prepayments to outside operators | 2,193 |  |  | 186 |
Right of use assets | 1,232 |  |  | 1,370 |
Equity method investment | 3,880 |  |  | — |
Other deposits | 66 |  |  | 63 |
Total other non-current assets, net | $ | 9,784 |  |  | $ | 4,175 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
Accrued capital expenditures | $ | 13,768 |  |  | $ | 16,744 |
Accrued lease operating expenses | 2,267 |  |  | 4,607 |
Accrued general and administrative costs | 3,591 |  |  | 2,286 |
Accrued inventory | 210 |  |  | 6,235 |
Accrued ad valorem tax | 916 |  |  | 3,789 |
Other accrued expenditures | 766 |  |  | 1,921 |
Total accrued liabilities | $ | 21,518 |  |  | $ | 35,582 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
Advances from joint interest owners | $ | 170 |  |  | $ | 192 |
Income taxes payable | 4,601 |  |  | 1,194 |
Current ARO liabilities | 71 |  |  | 314 |
Lease liabilities | 540 |  |  | 538 |
Total other current liabilities | $ | 5,382 |  |  | $ | 2,238 |
Schedule of Asset Retirement Obligations | Components of the changes in ARO consisted of the following and is shown below:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
ARO, beginning balance | $ | 3,038 |  |  | $ | 2,453 |
Liabilities incurred | 21 |  |  | 358 |
Revision of estimated obligations | — |  |  | 326 |
Liability settlements and disposals | (153) |  |  | (178) |
Accretion | 25 |  |  | 79 |
ARO, ending balance | 2,931 |  |  | 3,038 |
Less: current ARO(1) | (71) |  |  | (314) |
ARO, long-term | $ | 2,860 |  |  | $ | 2,724 |
_____________________ (1)Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets.
Schedule of Disaggregation of Revenue | The following table presents oil and natural gas sales disaggregated by product:
| Three Months Ended March 31,
| 2023 |  |  |  | 2022
| (In thousands)
Oil and natural gas sales: |  |  |  |  |
Oil | $ | 64,974 |  |  |  |  | $ | 62,376 |
Natural gas | 523 |  |  |  |  | 1,789 |
Natural gas liquids | 915 |  |  |  |  | 2,480 |
Total oil and natural gas sales, net | $ | 66,412 |  |  |  |  | $ | 66,645 |

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