XML 111 R22.htm IDEA: XBRL DOCUMENT v3.25.1
Subsequent Events
 3 Months Ended
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.