Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND DIVESTITURES (Tables)

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ACQUISITIONS AND DIVESTITURES (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of 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