XML 61 R10.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Acquisitions of Assets and Oil and Gas Properties | 12 Months Ended
--- | ---
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions of Assets and Oil and Gas Properties | Acquisitions of Assets and Oil and Gas Properties 2024 Acquisitions On August 30, 2024, the Company closed the previously announced acquisition of oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin, pursuant to the Purchase and Sale Agreement signed on July 29, 2024, as amended on August 30, 2024 (the “Cherokee Play Acquisition”). The Company funded the acquisition with cash on hand. The Cherokee Play Acquisition has been accounted for as an asset acquisition in accordance with ASC 805. The fair value of the consideration paid by the Company and allocation of that amount to the underlying assets acquired, on a relative fair value basis, was recorded on the Company’s books as of the date of the closing. Determining the fair value of the assets acquired and liabilities assumed requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of oil and natural gas properties. The inputs and assumptions related to the oil and natural gas properties are categorized as Level 3 in the fair value hierarchy. The following table represents the allocation of the total cost of the Cherokee Play Acquisition to the assets acquired and liabilities assumed after customary post-closing adjustments:
| (in thousands)
Total Consideration |
Cash paid | $ | 121,908 |
Allocation of Total Consideration |
Assets |
Oil and natural gas properties | $ | 129,825 |
Total Assets | $ | 129,825 |
Liabilities(1) |
Accounts payable and accrued expenses | $ | 7,917 |
Total liabilities assumed | 7,917 |
Net Assets Acquired and Liabilities Assumed | $ | 121,908 |
____________________ (1) Asset retirement obligations assumed were de minimis. On December 13, 2024, the Company closed an acquisition that increased its ownership interest in proved and unproved oil and gas properties within the Cherokee Play for $5.2 million, before customary post-closing adjustments. The Company used its cash on hand to fund the acquisition. On June 13, 2024, the Company closed an acquisition that increased its ownership interest in twenty-nine producing wells and five saltwater disposal wells for $2.1 million, before customary post-closing adjustments. The Company used its cash on hand to fund the acquisition. 2023 Acquisitions On July 11, 2023, the Company closed an acquisition that increased its ownership interest in twenty-six producing wells operated by the Company within the Northwest Stack play for $10.6 million, after customary post-closing adjustments, with an effective date of April 1, 2023. The Company used its cash on hand to fund the acquisition.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration