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Acquisitions of Oil and Natural Gas Properties (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table presents the allocation of the total purchase price of the 2023 New Mexico Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the Closing Date.    
Purchase price allocation (in thousands):
Total cash consideration$324,686 
Assets acquired:
Inventory$2,980 
Oil and natural gas properties342,308 
Other
$149 
Amount attributable to assets acquired$345,437 
Liabilities assumed:
Revenue payable$1,475 
Asset retirement obligations19,276 
Amount attributable to liabilities assumed$20,751 
Net assets acquired$324,686 
Schedule of Business Acquisition, Pro Forma Information
The following unaudited pro forma combined results for the three and nine months ended September 30, 2023, reflect the consolidated results of operations of the Company as if the 2023 New Mexico Acquisition had occurred on January 1, 2022. The unaudited pro forma information includes adjustments for (i) amortization for the discount and deferred financing costs and interest expense related to the Senior Notes and Credit Facility, (ii) depletion, depreciation and amortization expense, and (iii) interest expense related to the financing for the 2023 New Mexico Acquisition. In addition, the pro forma information has been effected for income taxes with a 23% statutory tax rate for the three and nine months ended September 30, 2023.
Three Months EndedNine Months Ended
September 30, 2023September 30, 2023
(In thousands, except per share amounts)
Total revenues$108,294 $305,813 
Net income$10,745 $87,545 
Basic net income per common share$0.55 $4.45 
Diluted net income per common share$0.54 $4.39