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Acquisitions of Oil and Natural Gas Properties
3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions of Oil and Natural Gas Properties Acquisitions of Oil and Natural Gas Properties
2024 New Mexico Asset Acquisition
On May 7, 2024, the Company completed the acquisition of oil and natural gas properties in Eddy County, New Mexico ("2024 New Mexico Asset Acquisition"), which added 13,900 contiguous net acres to the Company's existing acreage in Eddy County, for a cash purchase price of approximately $19.1 million plus $0.5 million in transaction costs. The 2024 New Mexico Asset Acquisition was accounted for as an asset acquisition, with the final purchase price and transaction costs being capitalized to oil and natural gas properties. This acquisition was funded through a combination of proceeds from the 2024 equity issuance ("2024 Equity Offering") discussed in Note 11 - Shareholders' Equity and cash on hand.
New Mexico Mineral Rights Acquisition
In March 2025, the Company entered into an agreement to acquire undivided interest in oil, natural gas and minerals, which added approximately 140 contiguous net acres to our Red Lake field for approximately $2.1 million, which is currently included in accrued liabilities in our accompanying condensed consolidated balance sheets.