v3.25.2
Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Mar. 26, 2025
Oct. 01, 2024
Bayswater Resources LLC [Member]    
Consideration:    
Cash consideration [1] $ 466,402  
Common stock issued to the sellers [2] 16,000  
Direct transaction costs [3] 7,094  
Total consideration 489,496  
Assets acquired:    
Oil and natural gas properties [4] 526,163  
Other assets 20,246  
Acquisition receivable [5] 14,685  
Assets acquired 561,094  
Liabilities assumed:    
Accounts payable and accrued expenses [6] (69,270)  
Asset retirement obligation, long-term (2,328)  
Liabilities assumed $ (71,598)  
Nickel Road Operating LLC [Member]    
Consideration:    
Cash consideration [7]   $ 49,270
Deposits on oil and natural gas properties [8]   6,000
Direct transaction costs [9]   239
Total consideration   55,509
Assets acquired:    
Oil and natural gas properties [10]   63,591
Prepaid expenses, third-party JIB receivable, and other   104
Assets acquired   63,695
Liabilities assumed:    
Accounts payable and accrued expenses [11]   (7,965)
Asset retirement obligation, long-term   (221)
Liabilities assumed   $ (8,186)
[1] Includes customary purchase price adjustments.
[2] Represents approximately 3.7 million shares of Common Stock issued to Bayswater.
[3] Represents transaction costs associated with the Bayswater Acquisition, which have been capitalized in accordance with ASC 805, $6.0 million of which are unpaid as of June 30, 2025 and are presented in accrued liabilities on the consolidated balance sheet as of June 30, 2025 and as non-cash on the consolidated statement of cash flows for the six months ended June 30, 2025.
[4] Includes the asset retirement obligation asset associated with the proved oil and natural gas properties.
[5] Represents the remaining February 1 through March 25, 2025 revenue, net of operating expenses, due to the Company from Bayswater at final settlement.
[6] Represents the amounts associated with the assets acquired in the Bayswater Acquisition unpaid at the closing date and primarily relates to ad valorem tax liabilities of $27.1 million and suspended revenues of $40.8 million.
[7] Includes the final settlement statement payment of $0.3 million from NRO to the Company.
[8] Represents the Deposit paid by the Company to NRO.
[9] Represents transaction costs associated with the NRO Acquisition which have been capitalized in accordance with ASC 805.
[10] Includes the asset retirement obligation asset associated with the proved oil and natural gas properties.
[11] Represents the amounts associated with the assets acquired in the NRO Acquisition unpaid at the closing date and primarily relates to ad valorem tax liabilities of $6.6 million and suspended revenues of $1.2 million.