Quarterly report [Sections 13 or 15(d)]

ACQUISITIONS AND DIVESTITURES (Tables)

v3.25.1
ACQUISITIONS AND DIVESTITURES (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Final Allocation of the Total Cost of the Lime Rock Acquisition
The following table represents the preliminary allocation of the total cost of the Lime Rock Acquisition to the assets acquired and liabilities assumed as of the Lime Rock Acquisition date:
Consideration:
Common stock consideration
Shares of common stock issued 6,452,879 
Common stock price as of March 31, 2025 $ 1.15 
Total common stock consideration $ 7,420,811 
Cash consideration
Escrow deposit released at closing
 $ 5,000,000 
Closing amount paid to Lime Rock 63,599,939 
Fair value of deferred payment liability 9,415,066 
Total cash consideration $ 78,015,005 
Direct transaction costs 2,294,105 
Total consideration $ 87,729,921 
Fair value of assets acquired:
Oil and natural gas properties $ 90,844,802 
Fixed assets 34,275 
Amount attributable to assets acquired $ 90,879,077 
Fair value of liabilities assumed:
Suspense liability $ 561,977 
Asset retirement obligations 2,587,179 
Amount attributable to liabilities assumed $ 3,149,156 
Net assets acquired $ 87,729,921