Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND DIVESTITURES (Tables)

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ACQUISITIONS AND DIVESTITURES (Tables)
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Asset Acquisition
The following table represents the final 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
 (4,139,244)
Total cash consideration $ 60,522,685 
Direct transaction costs 1,361,843 
Total consideration $ 61,884,528 
Fair value of assets acquired:
Oil and natural gas properties $ 64,886,472 
Amount attributable to assets acquired $ 64,886,472 
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 $ 61,884,528