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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
Seller [Member] |
Business Acquisition [Line Items] |
SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED | SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED
|  | Amount |
|  | (in thousands) |
Amounts incurred as of the Closing Date: |  |  |  |
Cash |  | $ | 1,250 |
Value of 19,905,736 shares issued |  |  | 64,694 |
Purchase price adjustments |  |  | 487 |
Transaction costs |  |  | 1,267 |
Total consideration paid |  |  | 67,698 |
Debt assumed |  |  | 3,347 |
Commodity derivative liabilities assumed |  |  | 3,152 |
Suspense accounts assumed |  |  | 1,276 |
Employee obligations assumed |  |  | 100 |
Asset retirement obligations assumed |  |  | 9,614 |
Deferred tax liabilities |  |  | 2,819 |
Total liabilities assumed |  |  | 20,308 |
Total consideration paid and liabilities assumed |  | $ | 88,006 |
Allocation to acquired assets: |  |  |  |
Proved oil and gas properties(1) |  |  | 87,672 |
Vehicles |  |  | 165 |
Deposit account |  |  | 169 |
Total allocation to acquired assets |  | $ | 88,006 |
(1) | Included in the above purchase price adjustments is settlement for oil in temporary storage in tank batteries at the leases. The Company does not separately account for oil in temporary storage until the oil is sold and title transfers to the purchaser. Consistent with the Company’s accounting policy and reporting of similar transactions this amount was recorded within Evaluated Properties on the Company’s condensed consolidated balance sheet.
ETXEnergy LLC [Member] |
Business Acquisition [Line Items] |
SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED | SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED
|  | Amount |
|  | (in thousands) |
Amounts incurred as of the closing date: |  |  |  |
Cash |  | $ | 11,875 |
Purchase price adjustments |  |  | (1,048 | )
Transaction costs |  |  | 63 |
Total consideration paid |  |  | 10,890 |
Suspense accounts assumed |  |  | 380 |
Asset retirement obligations assumed |  |  | 1,689 |
Total liabilities assumed |  |  | 2,069 |
Total consideration paid and liabilities assumed |  | $ | 12,959 |
Allocation to acquired assets: |  |  |  |
Proved oil and gas properties |  | $ | 12,959 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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