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ACQUISITIONS & DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Asset Acquisition | The following table represents the final allocation of the total cost of the Stronghold Acquisition to the assets acquired and liabilities assumed as of the Stronghold Acquisition date:
Consideration: |
Shares of Common Stock issued | 21,339,986 |
Common Stock price as of August 31, 2022 | $ | 3.24 |
Common Stock Consideration | $ | 69,141,555 |
Shares of Preferred Stock issued | 153,176 |
Aggregate Liquidation Preference | $ | 153,176,000 |
Conversion Price | $ | 3.60 |
As-Converted Shares of Common Stock | 42,548,892 |
Common Stock Price as of August 31, 2022 | $ | 3.24 |
Preferred Stock Consideration | $ | 137,858,446 |
Cash consideration: |
Closing amount paid to Stronghold | $ | 121,392,455 |
Escrow deposit paid | 46,500,000 |
Cash paid for inventory and fixed assets | 4,527,103 |
Cash paid for realized losses on August oil derivatives | 1,777,925 |
Cash received for post-close adjustments, net | (5,535,839) |
Total cash consideration | 168,661,644 |
Fair value of deferred payment liability | 14,807,276 |
Post-close settlement paid to Stronghold | 3,511,170 |
Fair value of consideration paid to seller | 393,980,091 |
Direct transaction costs | 9,162,143 |
Total consideration | $ | 403,142,234 |
Fair value of assets acquired: |
Oil and natural gas properties | $ | 439,589,683 |
Inventory and fixed assets | 4,527,103 |
Amount attributable to assets acquired | $ | 444,116,786 |
Fair value of liabilities assumed: |
Suspense liability | $ | 1,651,596 |
Derivative liabilities, marked to market | 24,784,406 |
Asset retirement obligations | 14,538,550 |
Amount attributable to liabilities assumed | $ | 40,974,552 |
Net assets acquired | $ | 403,142,234 |
The following table represents the final allocation of the total cost of the Founders Acquisition to the assets acquired and liabilities assumed as of the Founders Acquisition date:
Consideration: |  |
Cash consideration |  |
Escrow deposit released at closing |  | $ | 7,500,000 |
Closing amount paid to Founders |  | 42,502,799 |
Interest from escrow deposit |  | 1,747 |
Fair value of deferred payment liability |  | 14,657,383 |
Post-close adjustments |  | (4,139,244) |
Total cash consideration |  | $ | 60,522,685 |
Direct transaction costs |  | 1,361,843 |
Total consideration |  | $ | 61,884,528 |
Fair value of assets acquired: |  |
Oil and natural gas properties |  | $ | 64,886,472 |
Amount attributable to assets acquired |  | $ | 64,886,472 |
Fair value of liabilities assumed: |  |
Suspense liability |  | $ | 677,116 |
Asset retirement obligations |  | 2,090,777 |
Ad valorem tax liability |  | 234,051 |
Amount attributable to liabilities assumed |  | $ | 3,001,944 |
Net assets acquired |  | $ | 61,884,528 |

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + Details
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