Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND DIVESTITURES (Tables)

v3.23.3
ACQUISITIONS AND DIVESTITURES (Tables)
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Asset Acquisition
The following table represents the preliminary allocation of the total cost of the Founders Acquisition to the assets acquired and liabilities assumed as of the Founders Acquisition date:
Consideration:
Cash consideration
Escrow deposit released at closing
 $ 7,500,000 
Closing amount paid to Founders 42,502,799 
Interest from escrow deposit
 1,747 
Fair value of deferred payment liability 14,657,383 
Post-close adjustments
 (1,463,632)
Total cash consideration $ 63,198,297 
Direct transaction costs $ 1,361,843 
Total consideration $ 64,560,140 
Fair value of assets acquired:
Oil and natural gas properties $ 67,562,084 
Amount attributable to assets acquired $ 67,562,084 
Fair value of liabilities assumed:
Suspense liability $ 677,116 
Asset retirement obligations 2,090,777 
Ad valorem tax liability
 234,051 
Amount attributable to liabilities assumed $ 3,001,944 
Net assets acquired $ 64,560,140