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OIL AND NATURAL GAS PROPERTIES (Tables)
12 Months Ended
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.