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OIL AND NATURAL GAS PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2024
OIL AND NATURAL GAS PROPERTIES |
Schedule of oil and natural gas properties | Oil and natural gas properties as of December 31, 2024 and 2023 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Subject to depletion | ​ | $ | 816,186 | ​ | $ | 755,482
Not subject to depletion: | ​ | ​ | ​ | ​ | ​ | ​
Other capital costs: | ​ | ​ | ​ |  | ​ | ​
Incurred in 2024 | ​ | ​ | 1 | ​ | ​ | —
Incurred in 2023 | ​ | ​ | 31 | ​ | ​ | 31
Incurred in 2022 and prior(1) | ​ | ​ | 49,059 | ​ | ​ | 58,878
Total not subject to depletion | ​ | ​ | 49,091 | ​ | ​ | 58,909
Gross oil and natural gas properties | ​ | ​ | 865,277 | ​ | ​ | 814,391
Less accumulated depletion | ​ | ​ | (497,272) | ​ | ​ | (445,975)
Net oil and natural gas properties | ​ | $ | 368,005 | ​ | $ | 368,416
(1) | In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.
Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves | The ceiling test value of the Company’s reserves was calculated based on the following prices:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | West Texas Intermediate (per barrel) (1) |  | Henry Hub (per MMBtu) (1)
December 31, 2024 | ​ | $ | 76.32 | ​ | $ | 2.13
December 31, 2023 | ​ | ​ | 78.21 | ​ | $ | 2.64
(1) | Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials.

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- Definition Tabular disclosure of the entity's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves. + References No definition available. + Details
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- Definition Tabular disclosure of aggregate capitalized costs relating to an enterprise's oil and gas producing activities and the aggregate related accumulated depreciation, depletion, amortization, and valuation allowances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482245/932-235-55-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-14 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-15 + Details
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