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Subsequent Events | 3 Months Ended
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Mar. 31, 2025
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Dividend Declaration On April 11, 2025, the Board of Directors of the Company declared a cash dividend of $0.38 per share of common stock payable on May 8, 2025 to our shareholders of record at the close of business on April 24, 2025. Silverback Acquisition On May 3, 2025, REP LLC, a wholly-owned subsidiary of Riley Permian entered into a securities purchase agreement (the "Purchase Agreement") with Silverback Legacy, LLC and Silverback Blocker, LLC (collectively, "Sellers"), pursuant to which REP LLC has agreed to acquire 100% of the ownership interests of Silverback Exploration II and its subsidiaries which owns oil and natural gas assets located primarily in the Yeso trend of the Permian Basin in Eddy County, New Mexico (the "Silverback Acquisition") for an aggregate purchase price of $142 million, subject to customary closing adjustments, plus quarterly earnout payments of up to $1,875,000 per fiscal quarter during calendar years 2026 and 2027 if the NYMEX WTI quarterly average exceeds certain stated amounts set forth in the Purchase Agreement, ranging from $70 to $75 per barrel or higher. The Company expects to fund the acquisition with cash on hand and borrowings under our Credit Facility. The Silverback Acquisition is expected to add approximately 47,000 net acres directly adjacent to and overlapping with the Company's existing core acreage primarily in Eddy County, New Mexico. The transaction is subject to customary closing conditions and is expected to close early in the third quarter of 2025 with an effective date of January 1, 2025.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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