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v3.25.1

DEBT - Term Loan Credit Facility (Details) $ in Thousands |  |  | 12 Months Ended |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Nov. 30, 2022 USD ($) | Nov. 14, 2022 USD ($) | Dec. 31, 2024 USD ($) item | Sep. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Apr. 30, 2022 USD ($) | Nov. 30, 2021 USD ($)
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Loss on extinguishment of debt |  |  | $ (7,489) |  |  |  |  |
Debt redemption, period three | Maximum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 36 months |  |  |  |  |
Term loan credit facility |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Weighted average interest rate |  |  | 12.88% |  |  |  |  |
Lender fees paid |  | $ 2,400 |  |  |  |  |  |
Amount outstanding |  |  |  |  |  |  |  | $ 200,000
Covenant compliance |  |  | On March 28, 2024, the Company entered into the Third Amendment to the 2021 Amended Term Loan Agreement (the “Third Amendment”) with its lenders. The Third Amendment, amended the 2021 Amended Term Loan Agreement to, among other things, (a) amend the APOD for certain properties, (b) remove the PDP Production Test and APOD Economic Test (each defined in the 2021 Term Loan Agreement), (c) require the Borrower to receive cash proceeds from equity issuances and/or cash contributions in an aggregate amount of not less than $38.0 million during the period from Amendment Effective Date through March 31, 2024 (the “Specified Additional Equity Capital”), which such Specified Additional Equity Capital shall be excluded from the calculation of Consolidated Cash Balance (as defined in the 2021 Term Loan Agreement), and (d) make amendments to certain other affirmative covenants in connection with the foregoing. |  |  |  |  |
Threshold from capital expenditures to cash balance |  |  | $ 20,000 |  |  |  |  |
Maximum number of additional approved plan of development wells if out of compliance with loan agreement | item |  |  | 6 |  |  |  |  |
Aggregate scheduled amortization payments |  |  | $ 35,000 |  |  |  |  |
Scheduled remaining amortization payment |  |  |  | $ 12,500 | $ 12,500 | $ 10,000 |  |
Term loan credit facility | Minimum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Asset coverage ratio |  |  | 1.80% |  |  |  |  |
Current ratio |  |  | 1.00% |  |  |  |  |
Term loan credit facility | Maximum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Net Leverage Ratio |  |  | 2.50% |  |  |  |  |
Term loan credit facility | Debt redemption, period one |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Prepayment premium over accrued interest (as a percent) |  |  | 2.00% |  |  |  |  |
Term loan credit facility | Debt redemption, period one | Minimum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 0 months |  |  |  |  |
Term loan credit facility | Debt redemption, period one | Maximum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 12 months |  |  |  |  |
Term loan credit facility | Debt redemption, period two |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Prepayment premium (as a percent) |  |  | 2.00% |  |  |  |  |
Term loan credit facility | Debt redemption, period two | Minimum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 13 months |  |  |  |  |
Term loan credit facility | Debt redemption, period two | Maximum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 24 months |  |  |  |  |
Term loan credit facility | Debt redemption, period three |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Prepayment premium (as a percent) |  |  | 1.00% |  |  |  |  |
Term loan credit facility | Debt redemption, period three | Minimum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 25 months |  |  |  |  |
Term loan credit facility | Debt redemption, period four |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Prepayment premium (as a percent) |  |  | 0.00% |  |  |  |  |
Term loan credit facility | Debt redemption, period four | Minimum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 37 months |  |  |  |  |
Term loan credit facility | Debt redemption, period four | Maximum |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Debt instrument prepayment term |  |  | 48 months |  |  |  |  |
Term loan credit facility | SOFR |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Applicable margin (as a percent) |  |  | 7.50% |  |  |  |  |
Delayed Draw Term Loan |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |
Amount outstanding | $ 15,000 |  |  |  |  |  | $ 20,000 |
Prepayment premium (as a percent) | 2.00% |  |  |  |  |  |  |

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