Riley Exploration Permian (REPX) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-15555
Entity Registrant Name	Riley Exploration Permian, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0267438
Entity Address, Address Line One	29 E. Reno Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73104
City Area Code	405
Local Phone Number	415-8699
Title of 12(b) Security	Common stock, par value $0.001
Trading Symbol	REPX
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,426,199
Entity Central Index Key	0001001614
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 10,366	$ 13,301
Accounts receivable	45,322	25,551
Prepaid expenses and other current assets	2,206	3,236
Inventory	8,623	8,886
Current derivative assets	689	20
Total current assets	67,206	50,994
Oil and natural gas properties, net (successful efforts)	853,032	440,102
Other property and equipment, net	20,158	20,023
Non-current derivative assets	1,356	0
Other non-current assets, net	11,487	4,175
Total Assets	953,239	515,294
Current Liabilities:
Accrued liabilities	23,988	35,582
Revenue payable	28,648	17,750
Current derivative liabilities	19,103	16,472
Current portion of long-term debt	20,000	0
Other current liabilities	2,798	2,562
Total Current Liabilities	107,301	76,305
Non-current derivative liabilities	6,672	12
Asset retirement obligations	21,089	2,724
Long-term debt	365,069	56,000
Deferred tax liabilities	63,358	45,756
Other non-current liabilities	970	1,051
Total Liabilities	564,459	181,848
Commitments and Contingencies (Note 13)
Shareholders' Equity:
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock, $0.001 par value, 240,000,000 shares authorized; 20,146,394 and 20,160,980 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	20	20
Additional paid-in capital	276,845	274,643
Retained earnings	111,915	58,783
Total Shareholders' Equity	388,780	333,446
Total Liabilities and Shareholders' Equity	953,239	515,294
Nonrelated Party
Current Liabilities:
Accounts payable	$ 12,764	$ 3,939

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per Share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in Shares)	25,000,000	25,000,000
Preferred stock, shares issued (in Shares)	0	0
Preferred stock, shares outstanding (in Shares)	0	0
Common stock, par value (USD per Share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	240,000,000	240,000,000
Common stock, shares issued (in Shares)	20,146,394	20,160,980
Common stock, shares outstanding (in Shares)	20,146,394	20,160,980

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total Revenues	$ 108,294	$ 88,071	$ 275,218	$ 243,697
Costs and Expenses:
Lease operating expenses	16,898	8,813	43,287	23,705
Production and ad valorem taxes	7,242	5,826	18,573	14,854
Exploration costs	231	20	643	1,540
Depletion, depreciation, amortization and accretion	18,706	8,346	46,390	22,167
General and administrative:
Administrative costs	5,530	5,154	17,497	13,567
Share-based compensation expense	1,109	704	3,448	2,274
Transaction costs	221	0	5,760	2,638
Total Costs and Expenses	50,065	28,952	135,945	81,008
Income From Operations	58,229	59,119	139,273	162,689
Other Income (Expense):
Interest expense, net	(10,338)	(585)	(21,515)	(1,960)
Gain (loss) on derivatives	(35,345)	17,600	(20,925)	(44,395)
Gain (loss) from equity method investment	23	0	(213)	0
Total Other Income (Expense)	(45,660)	17,015	(42,653)	(46,355)
Net Income From Operations Before Income Taxes	12,569	76,134	96,620	116,334
Income tax expense	(3,922)	(16,317)	(23,054)	(25,130)
Net Income	$ 8,647	$ 59,817	$ 73,566	$ 91,204
Net Income per Share:
Basic (USD per Share)	$ 0.44	$ 3.06	$ 3.74	$ 4.67
Diluted (USD per Share)	$ 0.43	$ 3.05	$ 3.68	$ 4.65
Weighted Average Common Shares Outstanding:
Basic (in Shares)	19,680	19,546	19,667	19,530
Diluted (in Shares)	19,989	19,587	19,964	19,632
Related Party
General and administrative:
Cost of contract services	$ 128	$ 89	$ 347	$ 263
Oil and natural gas sales, net
Revenues:
Total Revenues	107,694	87,471	273,418	241,897
Contract services - related parties
Revenues:
Total Revenues	$ 600	$ 600	$ 1,800	$ 1,800

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in Shares) at Dec. 31, 2021		19,837,000
Beginning balance at Dec. 31, 2021	$ 237,838	$ 20	$ 271,737	$ (33,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,061		1,061
Repurchased shares for tax withholding (in Shares)		(13,000)
Repurchased shares for tax withholding	(339)		(339)
Issuance of common shares under long-term incentive plan (in Shares)		30,000
Dividends declared	(6,154)			(6,154)
Net income (loss)	(7,168)			(7,168)
Ending balance (in Shares) at Mar. 31, 2022		19,854,000
Ending balance at Mar. 31, 2022	225,238	$ 20	272,459	(47,241)
Beginning balance (in Shares) at Dec. 31, 2021		19,837,000
Beginning balance at Dec. 31, 2021	237,838	$ 20	271,737	(33,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(18,500)
Net income (loss)	91,204
Ending balance (in Shares) at Sep. 30, 2022		20,182,000
Ending balance at Sep. 30, 2022	312,654	$ 20	273,821	38,813
Beginning balance (in Shares) at Mar. 31, 2022		19,854,000
Beginning balance at Mar. 31, 2022	225,238	$ 20	272,459	(47,241)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	828		828
Repurchased shares for tax withholding (in Shares)		(9,000)
Repurchased shares for tax withholding	(252)		(252)
Issuance of common shares under long-term incentive plan (in Shares)		20,000
Dividends declared	(6,159)			(6,159)
Net income (loss)	38,555			38,555
Ending balance (in Shares) at Jun. 30, 2022		19,865,000
Ending balance at Jun. 30, 2022	258,210	$ 20	273,035	(14,845)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	795		795
Repurchased shares for tax withholding (in Shares)		0
Repurchased shares for tax withholding	(9)		(9)
Issuance of common shares under long-term incentive plan (in Shares)		317,000
Dividends declared	(6,159)			(6,159)
Net income (loss)	59,817			59,817
Ending balance (in Shares) at Sep. 30, 2022		20,182,000
Ending balance at Sep. 30, 2022	$ 312,654	$ 20	273,821	38,813
Beginning balance (in Shares) at Dec. 31, 2022	20,160,980	20,161,000
Beginning balance at Dec. 31, 2022	$ 333,446	$ 20	274,643	58,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense (in Shares)		16,000
Share-based compensation expense	1,260		1,260
Repurchased shares for tax withholding (in Shares)		(8,000)
Repurchased shares for tax withholding	(234)		(234)
Dividends declared	(6,851)			(6,851)
Net income (loss)	31,851			31,851
Ending balance (in Shares) at Mar. 31, 2023		20,169,000
Ending balance at Mar. 31, 2023	$ 359,472	$ 20	275,669	83,783
Beginning balance (in Shares) at Dec. 31, 2022	20,160,980	20,161,000
Beginning balance at Dec. 31, 2022	$ 333,446	$ 20	274,643	58,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(20,400)
Net income (loss)	$ 73,566
Ending balance (in Shares) at Sep. 30, 2023	20,146,394	20,146,000
Ending balance at Sep. 30, 2023	$ 388,780	$ 20	276,845	111,915
Beginning balance (in Shares) at Mar. 31, 2023		20,169,000
Beginning balance at Mar. 31, 2023	359,472	$ 20	275,669	83,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense (in Shares)		14,000
Share-based compensation expense	1,225		1,225
Repurchased shares for tax withholding (in Shares)		(1,000)
Repurchased shares for tax withholding	(66)		(66)
Dividends declared	(6,846)			(6,846)
Net income (loss)	33,068			33,068
Ending balance (in Shares) at Jun. 30, 2023		20,182,000
Ending balance at Jun. 30, 2023	386,853	$ 20	276,828	110,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense (in Shares)		(6,000)
Share-based compensation expense	1,109		1,109
Repurchased shares for tax withholding (in Shares)		(39,000)
Repurchased shares for tax withholding	(1,179)		(1,179)
Issuance of common shares under ATM (in shares)		9,000
Issuance of common shares under ATM	87		87
Dividends declared	(6,737)			(6,737)
Net income (loss)	$ 8,647			8,647
Ending balance (in Shares) at Sep. 30, 2023	20,146,394	20,146,000
Ending balance at Sep. 30, 2023	$ 388,780	$ 20	$ 276,845	$ 111,915

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 73,566	$ 91,204
Adjustments to reconcile net income to net cash provided by operating activities:
Oil and natural gas lease expirations	619	1,465
Depletion, depreciation, amortization and accretion	46,390	22,167
(Gain) loss on derivatives	20,925	44,395
Settlements on derivative contracts	(13,660)	(61,198)
Amortization of deferred financing costs and discount	2,470	548
Share-based compensation expense	3,594	2,684
Deferred income tax expense	17,602	23,202
Other	188	0
Changes in operating assets and liabilities
Accounts receivable	(19,771)	(9,461)
Prepaid expenses and other current assets	(2,216)	1,513
Accounts payable and accrued liabilities	6,720	5,710
Inventory	(2,108)	286
Revenue payable	9,423	6,398
Other current liabilities	(2,370)	1,439
Net Cash Provided by Operating Activities	141,372	130,352
Cash Flows from Investing Activities:
Additions to oil and natural gas properties	(114,298)	(82,101)
Net assets acquired in business combination	(324,686)	0
Acquisitions of oil and natural gas properties	(5,443)	0
Contributions to equity method investment	(3,566)	0
Additions to other property and equipment	(499)	(1,081)
Net Cash Used in Investing Activities	(448,492)	(83,182)
Cash Flows from Financing Activities:
Deferred financing costs	(6,250)	(1,722)
Proceeds from revolving credit facility	178,000	4,000
Repayments under revolving credit facility	(24,000)	(21,000)
Proceeds from Senior Notes, net of discount	188,000	0
Repayments of Senior Notes	(10,000)	0
Payment of common share dividends	(20,173)	(18,257)
Proceeds from issuance of common stock, net of issuance costs	87	0
Common stock repurchased for tax withholding	(1,479)	(600)
Net Cash Provided by (Used in) Financing Activities	304,185	(37,579)
Net Increase (Decrease) in Cash and Cash Equivalents	(2,935)	9,591
Cash and Cash Equivalents, Beginning of Period	13,301	8,317
Cash and Cash Equivalents, End of Period	10,366	17,908
Cash Paid For:
Interest, net of capitalized interest	18,140	1,866
Income taxes	4,633	0
Non-cash Investing and Financing Activities:
Changes in capital expenditures in accounts payable and accrued liabilities	(9,662)	11,971
Right of use assets obtained in exchange for operating lease liability	(517)	1,624
Assets contributed to equity method investment	2,272	0
Asset retirement obligations assumed in acquisitions	$ 19,359	$ 0

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and NGL's in Texas and New Mexico. Our activities primarily include the horizontal development of conventional reservoirs on the Northwest Shelf of the Permian Basin. Our acreage is primarily located on large, contiguous blocks in Yoakum County, Texas and Eddy County, New Mexico. On April 3, 2023 (the “Closing Date”), the Company completed the acquisition of oil and natural gas assets (the “New Mexico Acquisition”) from Pecos Oil & Gas, LLC (“Pecos”), a Delaware limited liability company and an affiliate of Cibolo Energy Partners LLC. For further information regarding the New Mexico Acquisition, see Note 4 - Acquisitions of Oil and Natural Gas Properties.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Effective by the Company's Board of Directors written consent on September 23, 2022, the Company's fiscal year is now the period from January 1 to December 31, beginning with the year ended December 31, 2022. These unaudited condensed consolidated financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 include the accounts of Riley Permian and its wholly owned subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, members'/shareholders' equity, results of operations or cash flows. These condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, for various reasons, including as a result of the impact of the New Mexico Acquisition, fluctuations in prices received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, the current and future impacts of the military conflicts between Russia and Ukraine and Israel and Hamas, the volatile inflationary environment in U.S. markets and other factors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include, but are not limited to, estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, accrued capital expenditures and operating expenses, ARO, the fair value determination of acquired assets and assumed liabilities, certain tax accruals and the fair value of derivatives. Accounts Receivable Accounts receivable is summarized below: September 30, 2023 December 31, 2022 (In thousands) Oil, natural gas and NGL sales $ 41,368 $ 24,136 Joint interest accounts receivable 3,581 793 Other accounts receivable 373 622 Total accounts receivable $ 45,322 $ 25,551 As of December 31, 2021, the Company has accounts receivables from oil, natural gas and NGL sales of $17.6 million. The Company had no allowance for credit losses at September 30, 2023 and December 31, 2022. Other Non-Current Assets, Net Other non-current assets consisted of the following: September 30, 2023 December 31, 2022 (In thousands) Deferred financing costs, net (1) $ 3,468 $ 2,556 Right of use assets 1,379 1,370 Equity method investment 5,625 — Other 1,015 249 Total other non-current assets, net $ 11,487 $ 4,175 _____________________ (1) Deferred financing costs, net reflects costs associated with the Company's revolving credit facility which are amortized over the term of the revolving credit facility. Equity method investment. In January 2023, the Company entered into an agreement to form a joint venture created for the purpose of constructing a new power infrastructure for onsite power generation in Yoakum County, Texas using produced natural gas. RPC Power Holdco LLC, a wholly-owned subsidiary of REPX, has a 30% investment in the joint venture, RPC Power LLC ("RPC Power"). The Company contributed its portion of capital for construction of the onsite power generation. As of September 30, 2023, the Company had invested $5.8 million to date in the joint venture, comprised of $3.6 million in cash and $2.3 million of contributed assets, which was reduced by the loss during the nine months ended September 30, 2023. The onsite power generation facility is expected to be placed in service during the fourth quarter of 2023. The Company accounts for its corporate joint ventures under the equity method of accounting in accordance with FASB Accounting Standards Codification Topic 323 “Investments — Equity Method and Joint Ventures.” The Company applies the equity method of accounting to investments of less than 50% in an investee over which the Company exercises significant influence but does not have control. Under the equity method of accounting, the Company’s share of the investee’s earnings or loss is recognized in the condensed consolidated statements of operations. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions, material intercompany transactions and extent of ownership by an investor in relation to the concentration of other shareholdings. Accrued Liabilities Accrued liabilities consisted of the following: September 30, 2023 December 31, 2022 (In thousands) Accrued capital expenditures $ 7,295 $ 16,744 Accrued lease operating expenses 4,508 4,607 Accrued general and administrative costs 5,826 2,286 Accrued inventory 884 6,235 Accrued ad valorem tax 3,952 3,789 Other accrued expenditures 1,523 1,921 Total accrued liabilities $ 23,988 $ 35,582 Other Current Liabilities Other current liabilities consisted of the following: September 30, 2023 December 31, 2022 (In thousands) Advances from joint interest owners $ 312 $ 192 Income taxes payable — 1,194 Current ARO liabilities 1,430 314 Lease liabilities 796 538 Accounts payable - related parties 260 324 Total other current liabilities $ 2,798 $ 2,562 Asset Retirement Obligations Components of the changes in ARO for the nine months ended September 30, 2023 and the year ended December 31, 2022 consisted of the following and is shown below: September 30, 2023 December 31, 2022 (In thousands) ARO, beginning balance $ 3,038 $ 2,453 Liabilities incurred 37 358 Liabilities assumed in acquisitions 19,359 — Revision of estimated obligations — 326 Liability settlements and disposals (1,020) (178) Accretion 1,105 79 ARO, ending balance 22,519 3,038 Less: current ARO (1) (1,430) (314) ARO, long-term $ 21,089 $ 2,724 _____________________ (1) Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets. Revenue Recognition The following table presents oil and natural gas sales disaggregated by product: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Oil and natural gas sales: Oil $ 104,490 $ 80,017 $ 267,293 $ 224,895 Natural gas 983 4,216 1,547 8,855 Natural gas liquids 2,221 3,238 4,578 8,147 Total oil and natural gas sales, net $ 107,694 $ 87,471 $ 273,418 $ 241,897 Deferred financing costs Long-term debt includes capitalized costs related to the issuance of $200 million of 10.50% senior unsecured notes with final maturity due 2028 ("Senior Notes"), net of accumulated amortization. The costs associated with the Senior Notes are netted against the Senior Notes balance and are amortized over the term of the Senior Notes using the effective interest method. See Note 9 - Long-Term Debt for additional information. Recent Accounting Pronouncements No new accounting pronouncements have been adopted or issued that would impact the financial statements of the Company.

Acquisitions of Oil and Natural

Acquisitions of Oil and Natural Gas Properties	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions of Oil and Natural Gas Properties	Acquisitions of Oil and Natural Gas Properties New Mexico Acquisition On April 3, 2023, the Company completed the New Mexico Acquisition from Pecos for approximately $330 million, before customary purchase price adjustments. The assets acquired are located in Eddy County, New Mexico, and include approximately 10,600 total contiguous net acres of leasehold. The acquisition included 18 net horizontal wells and 250 net vertical wells. Additionally, the assets add significant drilling locations to the Company's inventory. The Company funded the New Mexico Acquisition through a combination of borrowings under the Company's revolving credit facility and proceeds from the issuance of $200 million of Senior Notes, including application of a $33 million escrow deposit paid during the three months ended March 31, 2023 with borrowings under the revolving credit facility. For further information regarding the financing for the New Mexico Acquisition, see Note 9 - Long-Term Debt. The New Mexico Acquisition qualified as a business combination using the acquisition method of accounting. The assets acquired and liabilities assumed were recognized at fair value as of the acquisition date. The preliminary purchase price allocation is subject to change for up to one year subsequent to the Closing Date due to changes in the estimated fair value of the assets acquired and liabilities assumed in the New Mexico Acquisition. The assets acquired and liabilities assumed were recognized on the condensed consolidated balance sheet at fair value as of the acquisition date. The fair value measurements of the oil and natural gas properties acquired and asset retirement obligations assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future development, future operating costs, future cash flows and the use of weighted average cost of capital. These inputs required the use of significant judgments and estimates at the date of valuation, and use of different estimates and judgments could yield different results. The following presents the preliminary allocation of the total purchase price of the New Mexico Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the Closing Date: Preliminary purchase price allocation as of September 30, 2023 (in thousands): Total cash consideration $ 324,686 Assets acquired: Inventory $ 2,980 Oil and natural gas properties 342,457 Amount attributable to assets acquired $ 345,437 Fair value of liabilities assumed: Revenue payable $ 1,475 Asset retirement obligations 19,276 Amount attributable to liabilities assumed $ 20,751 Net assets acquired $ 324,686 Transaction costs associated with the New Mexico Acquisition were approximately $0.2 million and $5.8 million for the three and nine months ended September 30, 2023, respectively, and are included on the accompanying condensed consolidated statements of operations. Post-Acquisition Operating Results The results of operations attributable to the New Mexico Acquisition since the Closing Date have been included in the condensed consolidated statements of operations and include $25.1 million of total revenue, net and $15.7 million of earnings for the three months ended September 30, 2023 and $49.5 million of total revenue, net and $31.3 million of earnings for the nine months ended September 30, 2023. Pro Forma Operating Results (Unaudited) The following unaudited pro forma combined results for the three and nine months ended September 30, 2023 and 2022 reflect the consolidated results of operations of the Company as if the New Mexico Acquisition had occurred on January 1, 2022. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2022 instead of being recorded in the three and nine months ended September 30, 2023 (ii) amortization for the discount and deferred financing costs and interest expense related to the Senior Notes, (iii) depletion, depreciation and amortization expense, and (iv) interest expense related to Pecos that would not have been recognized had the Company acquired the assets. In addition, the pro forma information has been effected for taxes with a 23% tax rate. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except per share amounts) Total revenues $ 108,294 $ 117,256 $ 305,813 $ 331,910 Net income $ 10,745 $ 66,421 $ 87,545 $ 108,845 Basic net income per common share $ 0.55 $ 3.40 $ 4.45 $ 5.57 Diluted net income per common share $ 0.54 $ 3.39 $ 4.39 $ 5.54 The unaudited pro forma combined financial information is for informational purposes only and is not intended to represent or to be indicative of the combined results of operations that the Company would have reported had the New Mexico Acquisition been completed as of January 1, 2022 and should not be taken as indicative of the Company's future combined results of operations. The actual results may differ significantly from that reflected in the unaudited pro forma combined financial information for a number of reasons, including, but not limited to, differences in assumptions used to prepare the unaudited pro forma combined financial information and actual results. Other Acquisitions

Oil and Natural Gas Properties

Oil and Natural Gas Properties	9 Months Ended
	Sep. 30, 2023
Extractive Industries [Abstract]
Oil and Natural Gas Properties	Oil and Natural Gas Properties Oil and natural gas properties are summarized below: September 30, 2023 December 31, 2022 (In thousands) Proved $ 872,204 $ 516,011 Unproved 110,234 12,770 Work-in-progress 49,026 45,169 1,031,464 573,950 Accumulated depletion, amortization and impairment (178,432) (133,848) Total oil and natural gas properties, net $ 853,032 $ 440,102 Depletion and amortization expense for proved oil and natural gas properties was $17.8 million and $8.2 million, respectively, for the three months ended September 30, 2023 and 2022 and $44.6 million and $21.7 million, respectively, for the nine months ended September 30, 2023 and 2022. Exploration expense was $231 thousand and $20 thousand, respectively, for the three months ended September 30, 2023 and 2022 and $0.6 million and $1.5 million, respectively, for the nine months ended September 30, 2023 and 2022. On April 3, 2023, the Company closed on the New Mexico Acquisition. For further information regarding the acquisition, see Note 4 - Acquisitions of Oil and Natural Gas Properties.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Oil and Natural Gas Contracts The Company uses commodity based derivative contracts to reduce exposure to fluctuations in oil and natural gas prices. While the use of these contracts limits the downside risk for adverse price changes, their use also limits future revenues from favorable price changes. We have not designated our derivative contracts as hedges for accounting purposes, and therefore changes in the fair value of derivatives are included and recognized in other income (expense) in the condensed consolidated statements of operations. As of September 30, 2023, the Company’s oil and natural gas derivative instruments consisted of fixed price swaps, costless collars, and basis protection swaps. The following table summarizes the open financial derivative positions as of September 30, 2023, related to oil and natural gas production: Weighted Average Price Calendar Quarter / Year Notional Volume Fixed Put Call ($ per unit) Oil Swaps (Bbl) Q4 2023 437,000 $ 69.35 2024 870,000 $ 72.39 2025 330,000 $ 71.86 Natural Gas Swaps (Mcf) Q4 2023 670,000 $ 3.26 2024 2,400,000 $ 3.38 2025 600,000 $ 3.85 Oil Collars (Bbl) Q4 2023 330,000 $ 68.64 $ 88.85 2024 1,621,000 $ 61.12 $ 84.39 2025 573,000 $ 62.09 $ 77.28 Natural Gas Collars (Mcf) Q4 2023 300,000 $ 3.12 $ 4.07 2024 1,065,000 $ 3.19 $ 4.14 2025 555,000 $ 3.30 $ 4.49 Oil Basis (Bbl) Q4 2023 450,000 $ 1.28 2024 1,320,000 $ 0.97 Interest Rate Contracts The Company entered into floating-to-fixed interest rate swaps, in which it will receive a floating market rate equal to one-month CME Term SOFR Rate and will pay a fixed interest rate, to manage future interest rate exposure related to the Company’s revolving credit facility. The following table summarizes the open interest rate derivative positions as of September 30, 2023: Open Coverage Period Notional Amount Fixed Rate (In thousands) April 2024 - April 2026 $ 30,000 3.18 % April 2024 - April 2026 $ 50,000 3.039 % Balance Sheet Presentation of Derivatives The following tables present the location and fair value of the Company’s derivative contracts included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: September 30, 2023 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 3,313 $ (2,624) $ 689 Non-current derivative assets 6,174 (4,818) 1,356 Current derivative liabilities (21,727) 2,624 (19,103) Non-current derivative liabilities (11,490) 4,818 (6,672) Total $ (23,730) $ — $ (23,730) December 31, 2022 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 64 $ (44) $ 20 Non-current derivative assets 9 (9) — Current derivative liabilities (16,516) 44 (16,472) Non-current derivative liabilities (21) 9 (12) Total $ (16,464) $ — $ (16,464) The following table presents the components of the Company's gain (loss) on derivatives for the periods presented below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Settlements on derivative contracts $ (6,269) $ (17,040) $ (13,660) $ (61,198) Non-cash gain (loss) on derivatives (29,076) 34,640 (7,265) 16,803 Gain (loss) on derivatives $ (35,345) $ 17,600 $ (20,925) $ (44,395)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The FASB has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability. The carrying values of financial instruments comprising cash and cash equivalents, payables, receivables, and advances from joint interest owners approximate fair values due to the short-term maturities of these instruments and are classified as Level 1 in the fair value hierarchy. The carrying value reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of the Senior Notes is based on estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy. The oil and natural gas properties acquired and asset retirement obligations assumed in the New Mexico Acquisition are considered Level 3 measurements. Assets and Liabilities Measured on a Recurring Basis The fair value of commodity derivatives and interest rate swaps is estimated using discounted cash flow calculations based upon forward curves and are classified as Level 2 in the fair value hierarchy. The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, by level within the fair value hierarchy: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 7,442 $ — $ 7,442 Interest rate assets $ — $ 2,045 $ — $ 2,045 Financial liabilities: Commodity derivative liabilities $ — $ (33,217) $ — $ (33,217) December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 73 $ — $ 73 Financial liabilities: Commodity derivative liabilities $ — $ (16,537) $ — $ (16,537) The following table summarizes the fair value and carrying amount of the Company's financial instruments. September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Revolving Credit Facility (Level 2) $ 210,000 $ 210,000 $ 56,000 $ 56,000 Senior Notes (Level 2) $ 175,069 $ 186,085 $ — $ — The carrying value reported for the revolving credit facility approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of the Senior Notes were determined utilizing a discounted cash flow approach.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties Contract Services Riley Permian Operating Company, LLC ("RPOC") provides certain administrative services to Combo Resources, LLC ("Combo") and is also the contract operator on behalf of Combo in exchange for a monthly fee of $100 thousand and reimbursement of all third party expenses pursuant to a contract services agreement. Additionally, RPOC provides certain administrative and operational services to Riley Exploration Group, LLC ("REG") in exchange for a monthly fee of $100 thousand pursuant to a contract services agreement. The following table presents revenues from and related cost for contract services for related parties: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Combo $ 300 $ 300 $ 900 $ 900 REG 300 300 900 900 Contract services - related parties $ 600 $ 600 $ 1,800 $ 1,800 Cost of contract services $ 128 $ 89 $ 347 $ 263 The Company had amounts payable to Combo of $0.1 million and $0.4 million at September 30, 2023 and December 31, 2022, respectively, which are reflected in other current liabilities, respectively, on the accompanying condensed consolidated balance sheets. Amounts due to Combo reflect the revenue, net of any expenditures for wells and fees due under the contract services agreement, for Combo's net working interest in wells that the Company operates on Combo's behalf. Consulting and Legal Fees The Company has an engagement agreement with di Santo Law PLLC ("di Santo Law"), a law firm owned by Beth di Santo, a member of our Board of Directors, pursuant to which di Santo Law's attorneys provide legal services to the Company. The Company incurred legal fees from di Santo Law of approximate ly $0.3 million an d $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $0.7 million and $0.5 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, the Company had approximately $0.2 million and zero in amounts accrued for di Santo Law, which was included in other current liabilities in the accompanying condensed consolidated balance sheets.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes the Company's outstanding debt: September 30, 2023 December 31, 2022 (In thousands) Credit Facility $ 210,000 $ 56,000 Senior Notes Principal $ 190,000 $ — Less: Unamortized discount (1) 10,765 — Less: Unamortized deferred financing costs (2) 4,166 — Total Senior Notes $ 175,069 $ — Less: Current portion of long-term debt (3) 20,000 — Total long-term debt $ 365,069 $ 56,000 _____________________ (1) Unamortized discount on long-term debt is amortized over the life of the respective debt. (2) As of September 30, 2023, unamortized deferred financing costs are attributable to and amortized over the life of the Senior Notes. (3) As of September 30, 2023, the current portion of long-term debt reflects $20 million due on the Senior Notes over the next twelve months. Credit Facility As of September 30, 2023, Riley Exploration - Permian, LLC ("REP LLC"), as borrower, and the Company, as parent guarantor, are parties to a credit agreement with Truist Bank and certain lenders party thereto, as amended, which provides for a borrowing base of $325 million (such agreement and the borrowing facility provided thereby, the “Credit Facility”). On February 22, 2023, the Company amended its Credit Facility to, among other things, allow for the issuance of unsecured senior notes of up to $200 million. On April 3, 2023, and concurrent with the closing of the New Mexico Acquisition, the Company entered into the fourteenth amendment (the "Fourteenth Amendment") to the Credit Facility to, among other things, increase the maximum facility amount to $1.0 billion and the borrowing base from $225 million to $325 million, resulting in the addition of new lenders to the lending group. The Credit Facility is set to mature in April 2026. Substantially all of the Company’s assets are pledged to secure the Credit Facility. The following table summarizes the Credit Facility balances: September 30, December 31, 2022 (In thousands) Outstanding borrowings $ 210,000 $ 56,000 Available under the borrowing base $ 115,000 $ 169,000 Senior Notes On April 3, 2023, and concurrent with the closing of the New Mexico Acquisition, the Company (as “Issuer”) completed its issuance of $200 million aggregate principal amount of 10.50% senior unsecured notes with final maturity April 2028 pursuant to a note purchase agreement (the “Note Purchase Agreement”), with the Senior Notes issued at a 6% discount. The net proceeds from the Senior Notes were used to fund a portion of the purchase price and related fees, costs and expenses for the New Mexico Acquisition. Interest is due and payable at the end of each quarter. In addition to interest, the Issuer will repay 2.50% of the original principal amount each quarter resulting in $5 million quarterly principal payments until the maturity of the Senior Notes. As of September 30, 2023, the Company had $20 million in current liabilities on the condensed consolidated balance sheet related to the quarterly principal payments due within the next 12 months. The Issuer may, at its option, redeem, at any time and from time to time on or prior to April 3, 2026, some or all of the Senior Notes at 100% of the principal amount thereof plus the make-whole amount plus a premium of 5.25% as set forth in the Note Purchase Agreement plus accrued and unpaid interest, if any. After April 3, 2026, but on or prior to October 3, 2026, the Issuer may, at its option, redeem, at any time and from time to time some or all of the Senior Notes at 100% of the principal amount thereof plus a premium of 5.25% as set forth in the Note Purchase Agreement plus accrued and unpaid interest, if any. After October 3, 2026, the Issuer may redeem some or all of the Senior Notes at 100% of the principal amount thereof plus accrued and unpaid interest, if any. The principal remaining outstanding at the time of maturity is required to be paid in full by the Issuer. Certain note features, including those discussed above, were evaluated and deemed to be remote. Due to the remote nature, the fair value of these features was estimated to be approximately zero. The Senior Notes contain certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of less than 3.00 to 1.00 and (ii) an asset coverage ratio greater than 1.50 to 1.00. The Senior Notes also contain a total leverage ratio and an asset coverage ratio for Restricted Payments, as defined in the Senior Notes. The leverage ratio, after giving pro forma effect to such Restricted Payments, cannot exceed 2.00 to 1.00, and the asset coverage ratio, after giving effect to such Restricted Payments, must be greater than or equal to 1.50 to 1.00. In addition to and after giving effect to such Restricted Payments, the outstanding balance on the Company's Credit Facility must be greater than or equal to 15% of the lesser of the then effective Borrowing Base and the Aggregate Elected Commitment Amount. Upon issuance of the Senior Notes, the Company must maintain a minimum hedging requirement included within the Senior Notes for oil and natural gas based on its proved developed producing projected volumes for each commodity on a rolling 18-month basis. The Senior Notes are general unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Note Purchase Agreement contains customary terms and covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. The following table summarizes the Company's interest expense: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Interest expense $ 9,848 $ 519 $ 20,913 $ 1,626 Capitalized interest (839) (246) (2,289) (576) Amortization of deferred financing costs 593 175 1,236 548 Amortization of discount on Senior Notes 596 — 1,234 — Unused commitment fees on Credit Facility 140 137 421 362 Total interest expense, net $ 10,338 $ 585 $ 21,515 $ 1,960 As of September 30, 2023 and December 31, 2022, the weighted average interest rate on outstanding borrowings under the Credit Facility was 8.60% and 7.17%, respectively. As of September 30, 2023, the Senior Notes had $10.8 million of unamortized discount and $4.2 million of un amortized deferred financing costs, resulting in an effective interest rate of 13.38% during the nine months ended September 30, 2023. As of September 30, 2023, the Company was in compliance with the financial covenants under its debt agreements.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Dividends For the three months ended September 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $6.7 million and $6.2 million, respectively. For the nine months ended September 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $20.4 million and $18.5 million, respectively. Equity-Based Compensation On April 21, 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") that increased the total number of shares of Common Stock, par value $0.001 per share, by 950,000 shares that may be utilized for awards pursuant to the Plan from 1,387,022 to 2,337,022. The A&R LTIP is included as an exhibit to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 24, 2023. The A&R LTIP had 1,366,843 shares available as of September 30, 2023. 2021 Long-Term Incentive Plan The following table presents the Company's restricted stock activity during the nine months ended September 30, 2023 under the A&R LTIP: 2021 Long-Term Incentive Plan Restricted Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2022 536,209 $ 18.39 Granted 32,736 $ 37.32 Vested (169,149) $ 18.15 Forfeited (9,160) $ 19.81 Unvested at September 30, 2023 390,636 $ 19.71 For the three months ended September 30, 2023 and 2022, the total equity-based compensation expense was $1.1 million and $0.8 million, respectively. For the nine months ended September 30, 2023 and 2022, the total equity-based compensation expense was $3.6 million and $2.7 million, respectively. Equity-based compensation expense is included in general and administrative costs on the Company's condensed consolidated statements of operations for the restricted share awards granted under the A&R LTIP. Approximately $5.8 million of additional equity-based compensation expense will be recognized over the weighted average life of 20 months for the unvested restricted share awards as of September 30, 2023 granted under the A&R LTIP. ATM Program On September 1, 2023, the Company entered into an Equity Distribution Agreement in connection with an at-the-market equity sales program (ATM) pursuant to which the Company may offer and sell from time to time up to an aggregate $50 million in shares of the Company's common stock through its agents. The offer and sale of the shares has been registered under the Securities Act of 1933, as amended (Securities Act), pursuant to the Company’s registration statement on Form S-3, as amended. A prospectus supplement related to the offering of the shares, as defined in Rule 415(a)(4) promulgated under the Securities Act was filed September 1, 2023. The Company intends to use the net proceeds from any offering for working capital purposes and other general corporate purposes, including, but not limited to, financing of capital expenditures, repayment or refinancing of outstanding debt, financing acquisitions or investments, financing other business opportunities, and general working capital purposes.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Company's consolidated provision for income taxes from operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Current income tax expense: Federal $ (76) $ 142 $ 4,705 $ 1,442 State 133 291 747 486 Total current income tax expense $ 57 $ 433 $ 5,452 $ 1,928 Deferred income tax expense: Federal $ 2,744 $ 15,460 $ 15,039 $ 22,439 State 1,121 424 2,563 763 Total deferred income tax expense $ 3,865 $ 15,884 $ 17,602 $ 23,202 Total income tax expense $ 3,922 $ 16,317 $ 23,054 $ 25,130 A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Tax at statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Nondeductible compensation 4.8 % 0.1 % 0.7 % 0.2 % Share-based compensation (2.4) % — % (0.5) % (0.1) % State income taxes, net of federal benefit (2.0) % 0.8 % 1.4 % 0.8 % Change in state rate (1) 9.8 % — % 1.3 % — % Other — % (0.5) % — % (0.3) % Effective income tax rate 31.2 % 21.4 % 23.9 % 21.6 % _____________________ (1) Reflects the impact on the Company's deferred tax balance as a result of the increased apportionment to the state of New Mexico from the New Mexico Acquisition, which is a discrete item that is not expected to notably impact the Company's effective income tax rate for the full year. The Company's federal income tax returns for the years subsequent to December 31, 2018 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2017. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The Company calculated net income per share using the treasury stock method. The table below sets forth the computation of basic and diluted net income per share for the periods presented below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except per share) Net income $ 8,647 $ 59,817 $ 73,566 $ 91,204 Basic weighted-average common shares outstanding 19,680 19,546 19,667 19,530 Restricted shares 309 41 297 102 Diluted weighted average common shares outstanding 19,989 19,587 19,964 19,632 Basic net income per share $ 0.44 $ 3.06 $ 3.74 $ 4.67 Diluted net income per share $ 0.43 $ 3.05 $ 3.68 $ 4.65 The following shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Restricted shares 186,701 293,473 199,051 232,246

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification The Company has agreed to indemnify its directors and certain of its officers, employees and agents with respect to claims and damages arising from acts or omissions taken in such capacity, as well as with respect to certain litigation. In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend the indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. Legal Matters Due to the nature of the Company's business, the Company may at times be subject to claims and legal actions. The Company accrues liabilities when it is probable that future costs will be incurred, and such costs can be reasonably estimated. Such accruals are based on developments to date and the Company’s estimates of the outcomes of these matters. The Company did not recognize any material liability for legal matters as of September 30, 2023 and December 31, 2022. Management believes it is remote that the impact of such matters will have a materially adverse effect on the Company’s financial position, results of operations, or cash flows. Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. These laws, which are often changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. The Company had no material environmental liabilities as of September 30, 2023 or December 31, 2022. Contractual Commitments In October 2021, the Company executed an agreement related to its EOR project. This agreement is a CO 2 purchase agreement that has a daily contract quantity with Kinder Morgan CO 2 Company, LLC that has a primary term extending through the earlier of the total contract quantity delivered or December 31, 2025. In August 2022, the Company entered into a second amendment on its gas gathering and processing agreement with its primary midstream counterparty, Stakeholder Midstream LLC (“Stakeholder”). Stakeholder committed to expand its gathering and processing system with a commitment from the Company to deliver an annual minimum volume to Stakeholder’s gathering system for a minimum of seven years beginning on the in-service date of the expanded plant. In January 2023, the Company entered into an agreement to form a joint venture with Conduit Power LLC. The Company is committed to contributing its portion of capital expenditures into the joint venture company, RPC Power. In conjunction with the formation of the joint venture, the Company entered into additional agreements with RPC Power or one of its subsidiaries. These agreements include RPC Power providing operational expertise on the implementation and management of the power generation for a monthly fee of $20 thousand and the Company committing to provide the natural gas needed to fuel the onsite power generators through 2028. In October 2023, the Company entered into a purchase agreement for pipe related to its 2024 drilling program. Under the agreement, the Company has commitments to purchase approximately $13.1 million of pipe by December 2024.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend Declaration On October 12, 2023, the Board of Directors of the Company declared a cash dividend of $0.36 per share of common stock payable on November 9, 2023 to its shareholders of record at the close of business on October 26, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Consolidation	These unaudited condensed consolidated financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 include the accounts of Riley Permian and its wholly owned subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.
Significant Estimates	Significant Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include, but are not limited to, estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas
Equity Method Investment	The Company accounts for its corporate joint ventures under the equity method of accounting in accordance with FASB Accounting Standards Codification Topic 323 “Investments — Equity Method and Joint Ventures.” The Company applies the equity method of accounting to investments of less than 50% in an investee over which the Company exercises significant influence but does not have control. Under the equity method of accounting, the Company’s share of the investee’s earnings or loss is recognized in the condensed consolidated statements of operations. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions, material intercompany transactions and extent of ownership by an investor in relation to the concentration of other shareholdings.
Deferred financing costs	Deferred financing costsLong-term debt includes capitalized costs related to the issuance of $200 million of 10.50% senior unsecured notes with final maturity due 2028 ("Senior Notes"), net of accumulated amortization. The costs associated with the Senior Notes are netted against the Senior Notes balance and are amortized over the term of the Senior Notes using the effective interest method. See Note 9 - Long-Term Debt for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements No new accounting pronouncements have been adopted or issued that would impact the financial statements of the Company.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Accounts Receivable	Accounts receivable is summarized below: September 30, 2023 December 31, 2022 (In thousands) Oil, natural gas and NGL sales $ 41,368 $ 24,136 Joint interest accounts receivable 3,581 793 Other accounts receivable 373 622 Total accounts receivable $ 45,322 $ 25,551
Schedule of Other Non-Current Assets, Net	Other non-current assets consisted of the following: September 30, 2023 December 31, 2022 (In thousands) Deferred financing costs, net (1) $ 3,468 $ 2,556 Right of use assets 1,379 1,370 Equity method investment 5,625 — Other 1,015 249 Total other non-current assets, net $ 11,487 $ 4,175 _____________________
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: September 30, 2023 December 31, 2022 (In thousands) Accrued capital expenditures $ 7,295 $ 16,744 Accrued lease operating expenses 4,508 4,607 Accrued general and administrative costs 5,826 2,286 Accrued inventory 884 6,235 Accrued ad valorem tax 3,952 3,789 Other accrued expenditures 1,523 1,921 Total accrued liabilities $ 23,988 $ 35,582
Schedule of Other Current Liabilities	Other current liabilities consisted of the following: September 30, 2023 December 31, 2022 (In thousands) Advances from joint interest owners $ 312 $ 192 Income taxes payable — 1,194 Current ARO liabilities 1,430 314 Lease liabilities 796 538 Accounts payable - related parties 260 324 Total other current liabilities $ 2,798 $ 2,562
Schedule of Asset Retirement Obligations	Components of the changes in ARO for the nine months ended September 30, 2023 and the year ended December 31, 2022 consisted of the following and is shown below: September 30, 2023 December 31, 2022 (In thousands) ARO, beginning balance $ 3,038 $ 2,453 Liabilities incurred 37 358 Liabilities assumed in acquisitions 19,359 — Revision of estimated obligations — 326 Liability settlements and disposals (1,020) (178) Accretion 1,105 79 ARO, ending balance 22,519 3,038 Less: current ARO (1) (1,430) (314) ARO, long-term $ 21,089 $ 2,724 _____________________ (1) Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets.
Schedule of Disaggregation of Revenue	The following table presents oil and natural gas sales disaggregated by product: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Oil and natural gas sales: Oil $ 104,490 $ 80,017 $ 267,293 $ 224,895 Natural gas 983 4,216 1,547 8,855 Natural gas liquids 2,221 3,238 4,578 8,147 Total oil and natural gas sales, net $ 107,694 $ 87,471 $ 273,418 $ 241,897

Acquisitions of Oil and Natur_2

Acquisitions of Oil and Natural Gas Properties (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following presents the preliminary allocation of the total purchase price of the New Mexico Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the Closing Date: Preliminary purchase price allocation as of September 30, 2023 (in thousands): Total cash consideration $ 324,686 Assets acquired: Inventory $ 2,980 Oil and natural gas properties 342,457 Amount attributable to assets acquired $ 345,437 Fair value of liabilities assumed: Revenue payable $ 1,475 Asset retirement obligations 19,276 Amount attributable to liabilities assumed $ 20,751 Net assets acquired $ 324,686
Schedule of Business Acquisition, Pro Forma Information	The following unaudited pro forma combined results for the three and nine months ended September 30, 2023 and 2022 reflect the consolidated results of operations of the Company as if the New Mexico Acquisition had occurred on January 1, 2022. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2022 instead of being recorded in the three and nine months ended September 30, 2023 (ii) amortization for the discount and deferred financing costs and interest expense related to the Senior Notes, (iii) depletion, depreciation and amortization expense, and (iv) interest expense related to Pecos that would not have been recognized had the Company acquired the assets. In addition, the pro forma information has been effected for taxes with a 23% tax rate. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except per share amounts) Total revenues $ 108,294 $ 117,256 $ 305,813 $ 331,910 Net income $ 10,745 $ 66,421 $ 87,545 $ 108,845 Basic net income per common share $ 0.55 $ 3.40 $ 4.45 $ 5.57 Diluted net income per common share $ 0.54 $ 3.39 $ 4.39 $ 5.54

Oil and Natural Gas Properties

Oil and Natural Gas Properties (Tables)	9 Months Ended
	Sep. 30, 2023
Extractive Industries [Abstract]
Schedule of Oil and Gas Properties	Oil and natural gas properties are summarized below: September 30, 2023 December 31, 2022 (In thousands) Proved $ 872,204 $ 516,011 Unproved 110,234 12,770 Work-in-progress 49,026 45,169 1,031,464 573,950 Accumulated depletion, amortization and impairment (178,432) (133,848) Total oil and natural gas properties, net $ 853,032 $ 440,102

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table summarizes the open financial derivative positions as of September 30, 2023, related to oil and natural gas production: Weighted Average Price Calendar Quarter / Year Notional Volume Fixed Put Call ($ per unit) Oil Swaps (Bbl) Q4 2023 437,000 $ 69.35 2024 870,000 $ 72.39 2025 330,000 $ 71.86 Natural Gas Swaps (Mcf) Q4 2023 670,000 $ 3.26 2024 2,400,000 $ 3.38 2025 600,000 $ 3.85 Oil Collars (Bbl) Q4 2023 330,000 $ 68.64 $ 88.85 2024 1,621,000 $ 61.12 $ 84.39 2025 573,000 $ 62.09 $ 77.28 Natural Gas Collars (Mcf) Q4 2023 300,000 $ 3.12 $ 4.07 2024 1,065,000 $ 3.19 $ 4.14 2025 555,000 $ 3.30 $ 4.49 Oil Basis (Bbl) Q4 2023 450,000 $ 1.28 2024 1,320,000 $ 0.97 The following table summarizes the open interest rate derivative positions as of September 30, 2023: Open Coverage Period Notional Amount Fixed Rate (In thousands) April 2024 - April 2026 $ 30,000 3.18 % April 2024 - April 2026 $ 50,000 3.039 %
Schedule of Derivative Instruments Location and Fair Value	The following tables present the location and fair value of the Company’s derivative contracts included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: September 30, 2023 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 3,313 $ (2,624) $ 689 Non-current derivative assets 6,174 (4,818) 1,356 Current derivative liabilities (21,727) 2,624 (19,103) Non-current derivative liabilities (11,490) 4,818 (6,672) Total $ (23,730) $ — $ (23,730) December 31, 2022 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 64 $ (44) $ 20 Non-current derivative assets 9 (9) — Current derivative liabilities (16,516) 44 (16,472) Non-current derivative liabilities (21) 9 (12) Total $ (16,464) $ — $ (16,464)
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the components of the Company's gain (loss) on derivatives for the periods presented below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Settlements on derivative contracts $ (6,269) $ (17,040) $ (13,660) $ (61,198) Non-cash gain (loss) on derivatives (29,076) 34,640 (7,265) 16,803 Gain (loss) on derivatives $ (35,345) $ 17,600 $ (20,925) $ (44,395)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, by level within the fair value hierarchy: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 7,442 $ — $ 7,442 Interest rate assets $ — $ 2,045 $ — $ 2,045 Financial liabilities: Commodity derivative liabilities $ — $ (33,217) $ — $ (33,217) December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 73 $ — $ 73 Financial liabilities: Commodity derivative liabilities $ — $ (16,537) $ — $ (16,537) The following table summarizes the fair value and carrying amount of the Company's financial instruments. September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Revolving Credit Facility (Level 2) $ 210,000 $ 210,000 $ 56,000 $ 56,000 Senior Notes (Level 2) $ 175,069 $ 186,085 $ — $ —

Transactions with Related Par_2

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents revenues from and related cost for contract services for related parties: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Combo $ 300 $ 300 $ 900 $ 900 REG 300 300 900 900 Contract services - related parties $ 600 $ 600 $ 1,800 $ 1,800 Cost of contract services $ 128 $ 89 $ 347 $ 263

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company's outstanding debt: September 30, 2023 December 31, 2022 (In thousands) Credit Facility $ 210,000 $ 56,000 Senior Notes Principal $ 190,000 $ — Less: Unamortized discount (1) 10,765 — Less: Unamortized deferred financing costs (2) 4,166 — Total Senior Notes $ 175,069 $ — Less: Current portion of long-term debt (3) 20,000 — Total long-term debt $ 365,069 $ 56,000 _____________________ (1) Unamortized discount on long-term debt is amortized over the life of the respective debt. (2) As of September 30, 2023, unamortized deferred financing costs are attributable to and amortized over the life of the Senior Notes. (3) As of September 30, 2023, the current portion of long-term debt reflects $20 million due on the Senior Notes over the next twelve months.
Schedule of Credit Facility	The following table summarizes the Credit Facility balances: September 30, December 31, 2022 (In thousands) Outstanding borrowings $ 210,000 $ 56,000 Available under the borrowing base $ 115,000 $ 169,000
Schedule of Components of Interest Expense	The following table summarizes the Company's interest expense: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Interest expense $ 9,848 $ 519 $ 20,913 $ 1,626 Capitalized interest (839) (246) (2,289) (576) Amortization of deferred financing costs 593 175 1,236 548 Amortization of discount on Senior Notes 596 — 1,234 — Unused commitment fees on Credit Facility 140 137 421 362 Total interest expense, net $ 10,338 $ 585 $ 21,515 $ 1,960

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Restricted Stock, Activity	The following table presents the Company's restricted stock activity during the nine months ended September 30, 2023 under the A&R LTIP: 2021 Long-Term Incentive Plan Restricted Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2022 536,209 $ 18.39 Granted 32,736 $ 37.32 Vested (169,149) $ 18.15 Forfeited (9,160) $ 19.81 Unvested at September 30, 2023 390,636 $ 19.71

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the Company's consolidated provision for income taxes from operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Current income tax expense: Federal $ (76) $ 142 $ 4,705 $ 1,442 State 133 291 747 486 Total current income tax expense $ 57 $ 433 $ 5,452 $ 1,928 Deferred income tax expense: Federal $ 2,744 $ 15,460 $ 15,039 $ 22,439 State 1,121 424 2,563 763 Total deferred income tax expense $ 3,865 $ 15,884 $ 17,602 $ 23,202 Total income tax expense $ 3,922 $ 16,317 $ 23,054 $ 25,130
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Tax at statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Nondeductible compensation 4.8 % 0.1 % 0.7 % 0.2 % Share-based compensation (2.4) % — % (0.5) % (0.1) % State income taxes, net of federal benefit (2.0) % 0.8 % 1.4 % 0.8 % Change in state rate (1) 9.8 % — % 1.3 % — % Other — % (0.5) % — % (0.3) % Effective income tax rate 31.2 % 21.4 % 23.9 % 21.6 % _____________________ (1) Reflects the impact on the Company's deferred tax balance as a result of the increased apportionment to the state of New Mexico from the New Mexico Acquisition, which is a discrete item that is not expected to notably impact the Company's effective income tax rate for the full year.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net income Per Shares	The table below sets forth the computation of basic and diluted net income per share for the periods presented below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except per share) Net income $ 8,647 $ 59,817 $ 73,566 $ 91,204 Basic weighted-average common shares outstanding 19,680 19,546 19,667 19,530 Restricted shares 309 41 297 102 Diluted weighted average common shares outstanding 19,989 19,587 19,964 19,632 Basic net income per share $ 0.44 $ 3.06 $ 3.74 $ 4.67 Diluted net income per share $ 0.43 $ 3.05 $ 3.68 $ 4.65
Schedule of Anti-Dilutive Shares	The following shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Restricted shares 186,701 293,473 199,051 232,246

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Oil, natural gas and NGL sales	$ 41,368	$ 24,136	$ 17,600
Joint interest accounts receivable	3,581	793
Other accounts receivable	373	622
Total accounts receivable	$ 45,322	$ 25,551

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Apr. 03, 2023	Feb. 22, 2023	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Receivables from oil, natural gas and NGL sales	$ 41,368,000					$ 24,136,000	$ 17,600,000
Allowance for credit losses	0					0
Equity method investment	5,625,000					$ 0
Contributions to equity method investment	3,566,000	$ 0
Assets contributed to equity method investment	2,272,000	$ 0
10.50% Senior Unsecured Notes due 2028 | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount	$ 200,000,000		$ 200,000,000	$ 200,000,000
Stated interest rate	10.50%		10.50%
RPC Power, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 5,800,000
Contributions to equity method investment	3,600,000
Assets contributed to equity method investment	$ 2,300,000
RPC Power, LLC | RPC Power Holdco LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					30%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Other Non-Current Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred financing costs, net	$ 3,468	$ 2,556
Right of use assets	1,379	1,370
Equity method investment	5,625	0
Other	1,015	249
Total other non-current assets, net	$ 11,487	$ 4,175

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accrued capital expenditures	$ 7,295	$ 16,744
Accrued lease operating expenses	4,508	4,607
Accrued general and administrative costs	5,826	2,286
Accrued inventory	884	6,235
Accrued ad valorem tax	3,952	3,789
Other accrued expenditures	1,523	1,921
Total accrued liabilities	$ 23,988	$ 35,582

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Advances from joint interest owners	$ 312	$ 192
Income taxes payable	0	1,194
Current ARO liabilities	1,430	314
Lease liabilities	796	538
Total other current liabilities	2,798	2,562
Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 260	$ 324

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO, beginning balance	$ 3,038	$ 2,453
Liabilities incurred	37	358
Liabilities assumed in acquisitions	19,359	0
Revision of estimated obligations	0	326
Liability settlements and disposals	(1,020)	(178)
Accretion	1,105	79
ARO, ending balance	22,519	3,038
Less: current ARO	(1,430)	(314)
ARO, long-term	$ 21,089	$ 2,724

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 108,294	$ 88,071	$ 275,218	$ 243,697
Oil and natural gas sales, net
Disaggregation of Revenue [Line Items]
Total Revenues	107,694	87,471	273,418	241,897
Oil
Disaggregation of Revenue [Line Items]
Total Revenues	104,490	80,017	267,293	224,895
Natural gas
Disaggregation of Revenue [Line Items]
Total Revenues	983	4,216	1,547	8,855
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total Revenues	$ 2,221	$ 3,238	$ 4,578	$ 8,147

Acquisitions of Oil and Natur_3

Acquisitions of Oil and Natural Gas Properties - Narrative (Details)			3 Months Ended			9 Months Ended
	Apr. 21, 2023 USD ($)	Apr. 03, 2023 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 03, 2023 a	Apr. 03, 2023 horizontalWell	Apr. 03, 2023 verticalWell	Feb. 22, 2023 USD ($)
Business Acquisition [Line Items]
Transaction costs			$ 221,000		$ 0	$ 5,760,000	$ 2,638,000
Yoakum County, Texas | Interests In Oil And Natural Gas Leases
Business Acquisition [Line Items]
Aggregate purchase price	$ 5,400,000
Senior Notes | 10.50% Senior Unsecured Notes due 2028
Business Acquisition [Line Items]
Debt instrument, face amount		$ 200,000,000	200,000,000			200,000,000					$ 200,000,000
New Mexico Acquisition
Business Acquisition [Line Items]
Aggregate purchase price		330,000,000
Net acres of leasehold targeting acquired | a								10,600
Number of wells acquired									18	250
Escrow deposit				$ 33,000,000
Transaction costs			200,000			5,800,000
Revenue of acquiree since acquisition date, actual			25,100,000			49,500,000
Earnings or loss of acquiree since acquisition date, actual			$ 15,700,000			$ 31,300,000
Tax rate			23%			23%
New Mexico Acquisition | Senior Notes | 10.50% Senior Unsecured Notes due 2028
Business Acquisition [Line Items]
Debt instrument, face amount		$ 200,000,000

Acquisitions of Oil and Natur_4

Acquisitions of Oil and Natural Gas Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - New Mexico Acquisition $ in Thousands	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Total cash consideration	$ 324,686
Assets acquired:
Inventory	2,980
Oil and natural gas properties	342,457
Amount attributable to assets acquired	345,437
Fair value of liabilities assumed:
Revenue payable	1,475
Asset retirement obligations	19,276
Amount attributable to liabilities assumed	20,751
Net identifiable assets acquired	$ 324,686

Acquisitions of Oil and Natur_5

Acquisitions of Oil and Natural Gas Properties - Schedule of Business Acquisition, Pro Forma Information (Details) - New Mexico Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 108,294	$ 117,256	$ 305,813	$ 331,910
Net income	$ 10,745	$ 66,421	$ 87,545	$ 108,845
Basic net income per common share (USD per share)	$ 0.55	$ 3.40	$ 4.45	$ 5.57
Diluted net income per common share (USD per share)	$ 0.54	$ 3.39	$ 4.39	$ 5.54

Oil and Natural Gas Propertie_2

Oil and Natural Gas Properties - Schedule of Oil and Gas Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Extractive Industries [Abstract]
Proved	$ 872,204	$ 516,011
Unproved	110,234	12,770
Work-in-progress	49,026	45,169
Total oil and natural gas properties, gross	1,031,464	573,950
Accumulated depletion, amortization and impairment	(178,432)	(133,848)
Total oil and natural gas properties, net	$ 853,032	$ 440,102

Oil and Natural Gas Propertie_3

Oil and Natural Gas Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Extractive Industries [Abstract]
Depletion and amortization	$ 17,800	$ 8,200	$ 44,600	$ 21,700
Exploration costs	$ 231	$ 20	$ 643	$ 1,540

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) bbl in Thousands, Mcf in Thousands	9 Months Ended
	Sep. 30, 2023 $ / Mcf $ / bbl Mcf bbl
Oil Swaps Q4 2023
Derivative [Line Items]
Notional Volume | bbl	437
Weighted average price (in usd per bbl/mcf)	69.35
Oil Swap 2024
Derivative [Line Items]
Notional Volume | bbl	870
Weighted average price (in usd per bbl/mcf)	72.39
Oil Swap 2025
Derivative [Line Items]
Notional Volume | bbl	330
Weighted average price (in usd per bbl/mcf)	71.86
Natural Gas Swaps Q4 2023
Derivative [Line Items]
Notional Volume | Mcf	670
Weighted average price (in usd per bbl/mcf) | $ / Mcf	3.26
Natural Gas Swaps 2024
Derivative [Line Items]
Notional Volume | Mcf	2,400
Weighted average price (in usd per bbl/mcf) | $ / Mcf	3.38
Natural Gas Swaps 2025
Derivative [Line Items]
Notional Volume | Mcf	600
Weighted average price (in usd per bbl/mcf) | $ / Mcf	3.85
Oil Collars Q4 2023
Derivative [Line Items]
Notional Volume | bbl	330
Oil Collars Q4 2023 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf)	68.64
Oil Collars Q4 2023 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf)	88.85
Oil Collars 2024
Derivative [Line Items]
Notional Volume | bbl	1,621
Oil Collars 2024 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf)	61.12
Oil Collars 2024 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf)	84.39
Oil Collars 2025
Derivative [Line Items]
Notional Volume | bbl	573
Oil Collars 2025 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf)	62.09
Oil Collars 2025 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf)	77.28
Natural Gas Collars Q4 2023
Derivative [Line Items]
Notional Volume | Mcf	300
Natural Gas Collars Q4 2023 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf) | $ / Mcf	3.12
Natural Gas Collars Q4 2023 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf) | $ / Mcf	4.07
Natural Gas Collars 2024
Derivative [Line Items]
Notional Volume | Mcf	1,065
Natural Gas Collars 2024 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf) | $ / Mcf	3.19
Natural Gas Collars 2024 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf) | $ / Mcf	4.14
Natural Gas Collars 2025
Derivative [Line Items]
Notional Volume | Mcf	555
Natural Gas Collars 2025 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf) | $ / Mcf	3.30
Natural Gas Collars 2025 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl/mcf) | $ / Mcf	4.49
Oil Basis Q4 2023
Derivative [Line Items]
Notional Volume | bbl	450
Weighted average price (in usd per bbl/mcf)	1.28
Oil Basis 2024
Derivative [Line Items]
Notional Volume | bbl	1,320
Weighted average price (in usd per bbl/mcf)	0.97

Derivative Instruments - Summar

Derivative Instruments - Summary of Open Interest Rate Derivative Positions (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Floating To Fixed Interest Rate Swaps April 2024 To April 2026, 3.18%
Derivative [Line Items]
Notional Amount	$ 30,000
Fixed rate (as a percent)	3.18%
Floating To Fixed Interest Rate Swaps April 2024 To April 2026, 3.039%
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed rate (as a percent)	3.039%

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Instruments Location and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative asset, net, gross fair value	$ (23,730)	$ (16,464)
Derivative assets, net, net fair value	(23,730)	(16,464)
Current derivative assets
Derivative [Line Items]
Derivative asset, gross fair value	3,313	64
Derivative asset, amounts netted	(2,624)	(44)
Derivative assets, net fair value	689	20
Non-current derivative assets
Derivative [Line Items]
Derivative asset, gross fair value	6,174	9
Derivative asset, amounts netted	(4,818)	(9)
Derivative assets, net fair value	1,356	0
Current derivative liabilities
Derivative [Line Items]
Derivative liability, gross fair value	(21,727)	(16,516)
Derivative liability, amounts netted	2,624	44
Derivative liability, net fair value	(19,103)	(16,472)
Non-current derivative liabilities
Derivative [Line Items]
Derivative liability, gross fair value	(11,490)	(21)
Derivative liability, amounts netted	4,818	9
Derivative liability, net fair value	$ (6,672)	$ (12)

Derivative Instruments - Sche_3

Derivative Instruments - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Settlements on derivative contracts	$ (6,269)	$ (17,040)	$ (13,660)	$ (61,198)
Non-cash gain (loss) on derivatives	(29,076)	34,640	(7,265)	16,803
Gain (loss) on derivatives	$ (35,345)	$ 17,600	$ (20,925)	$ (44,395)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 175,069	$ 0
Revolving Credit Facility | Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	210,000	56,000
Level 2 | Carrying Amount | 10.50% Senior Unsecured Notes due 2028 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	175,069	0
Level 2 | Carrying Amount | Revolving Credit Facility | Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	210,000	56,000
Level 2 | Fair Value | 10.50% Senior Unsecured Notes due 2028 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	186,085	0
Level 2 | Fair Value | Revolving Credit Facility | Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	210,000	56,000
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	7,442	73
Financial liabilities	(33,217)	(16,537)
Commodity derivative | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Financial liabilities	0	0
Commodity derivative | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	7,442	73
Financial liabilities	(33,217)	(16,537)
Commodity derivative | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Financial liabilities	0	$ 0
Interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	2,045
Interest rate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Interest rate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	2,045
Interest rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 0

Transactions with Related Par_3

Transactions with Related Parties - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Other current liabilities	$ 2,798,000		$ 2,798,000		$ 2,562,000
Related Party | Contract Services Agreement | Combo Resources, LLC
Related Party Transaction [Line Items]
Monthly servicing fee			100,000
Other current liabilities	100,000		100,000		400,000
Related Party | Contract Services Agreement | Riley Exploration Group, Inc
Related Party Transaction [Line Items]
Monthly servicing fee			100,000
Related Party | Legal Services | di Santo Law PLLC | Director
Related Party Transaction [Line Items]
Other current liabilities	200,000		200,000		$ 0
Amounts of transaction	$ 300,000	$ 200,000	$ 700,000	$ 500,000

Transactions with Related Par_4

Transactions with Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Contract services	$ 108,294	$ 88,071	$ 275,218	$ 243,697
Related Party
Related Party Transaction [Line Items]
Cost of contract services	128	89	347	263
Related Party | Contract Services Agreement
Related Party Transaction [Line Items]
Contract services	600	600	1,800	1,800
Related Party | Contract Services Agreement | Combo Resources, LLC
Related Party Transaction [Line Items]
Contract services	300	300	900	900
Related Party | Contract Services Agreement | Riley Exploration Group, Inc
Related Party Transaction [Line Items]
Contract services	$ 300	$ 300	$ 900	$ 900

Long-Term Debt - Schedule of Ou

Long-Term Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Less: Current portion of long-term debt	$ 20,000	$ 0
Total long-term debt	365,069	56,000
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt	210,000	56,000
Senior Notes
Line of Credit Facility [Line Items]
Long-term debt	175,069	0
Principal	190,000	0
Less: Unamortized discount	10,765	0
Less: Unamortized deferred financing costs	4,166	$ 0
Less: Current portion of long-term debt	$ 20,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Apr. 03, 2023	Sep. 30, 2023	Apr. 02, 2023	Feb. 22, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Long-term debt, current maturities		$ 20,000,000			$ 0
Senior Notes
Line of Credit Facility [Line Items]
Long-term debt, current maturities		20,000,000
Unamortized discount		10,765,000			$ 0
Senior Notes | 10.50% Senior Unsecured Notes due 2028
Line of Credit Facility [Line Items]
Face amount	$ 200,000,000	$ 200,000,000		$ 200,000,000
Stated interest rate	10.50%	10.50%
Discount, percentage	6%
Periodic payment, principal percentage	2.50%
Periodic principal payment	$ 5,000,000
Long-term debt, current maturities		$ 20,000,000
Hedging requirement minimum, term	18 months
Unamortized discount		10,800,000
Unamortized debt issuance expense		$ 4,200,000
Interest rate, effective percentage		13.38%
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3
Leverage ratio for restricted payments after pro forma effect	2
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | Minimum
Line of Credit Facility [Line Items]
Asset coverage ratio	1.50
Asset coverage ratio for restricted payments after pro forma effect	1.50
Outstanding balance percentage	15%
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | On or prior to April 3, 2026
Line of Credit Facility [Line Items]
Redemption price, percentage	100%
Premium, percentage	5.25%
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | After April 3, 2026, but on or prior to October 3, 2026
Line of Credit Facility [Line Items]
Redemption price, percentage	100%
Premium, percentage	5.25%
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | After October 3, 2026
Line of Credit Facility [Line Items]
Redemption price, percentage	100%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum facility amount	$ 1,000,000,000
Revolving Credit Facility | Credit Facility
Line of Credit Facility [Line Items]
Borrowing base	$ 325,000,000	$ 325,000,000	$ 225,000,000
Weighted average interest rate		8.60%			7.17%

Long-Term Debt - Summary of Cre

Long-Term Debt - Summary of Credit Facility Balances (Details) - Revolving Credit Facility - Credit Facility - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 210,000	$ 56,000
Available under the borrowing base	$ 115,000	$ 169,000

Long-Term Debt - Components of

Long-Term Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Line of Credit Facility [Line Items]
Interest expense	$ 9,848	$ 519	$ 20,913	$ 1,626
Capitalized interest	(839)	(246)	(2,289)	(576)
Amortization of deferred financing costs	593	175	1,236	548
Total interest expense, net	10,338	585	21,515	1,960
Senior Notes | 10.50% Senior Unsecured Notes due 2028
Line of Credit Facility [Line Items]
Amortization of discount on Senior Notes	596	0	1,234	0
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused commitment fees on Credit Facility	$ 140	$ 137	$ 421	$ 362

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 01, 2023	Apr. 21, 2023	Apr. 20, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends declared	$ 6,737	$ 6,846	$ 6,851	$ 6,159	$ 6,159	$ 6,154	$ 20,400	$ 18,500
Common stock, par value (USD per Share)	$ 0.001						$ 0.001					$ 0.001
Common stock available (in Shares)	20,146,394						20,146,394					20,160,980
Share-based compensation expense	$ 1,109			$ 704			$ 3,448	$ 2,274
ATM Equity Program
Class of Stock [Line Items]
Share-based compensation expense							$ 194
Sale of stock, maximum aggregate offering price									$ 50,000
Sale of stock, number of shares issued in transaction (in Shares)							8,939
Sale of stock, received on transaction							$ 300
Sale of stock, fees							9
Sale of stock, currently available for issuance under current program	$ 49,700						$ 49,700
Common Stock
Class of Stock [Line Items]
Common stock available (in Shares)	20,146,000	20,182,000	20,169,000	20,182,000	19,865,000	19,854,000	20,146,000	20,182,000				20,161,000	19,837,000
General and Administrative Expense
Class of Stock [Line Items]
Share-based compensation expense	$ 1,100			$ 800			$ 3,600	$ 2,700
A&R Long-Term Investment Plan
Class of Stock [Line Items]
Common stock, par value (USD per Share)										$ 0.001
Increase in common stock reserved for future issuance (in Shares)										950,000
Common stock reserved for future issuance (in Shares)										2,337,022	1,387,022
Common stock available (in Shares)	1,366,843						1,366,843
A&R Long-Term Investment Plan | Restricted Stock
Class of Stock [Line Items]
Additional equity-based compensation to be recognized	$ 5,800						$ 5,800
Weighted average life							20 months

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock - A&R Long-Term Investment Plan	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted Shares
Unvested, beginning balance (in Shares) | shares	536,209
Granted (in Shares) | shares	32,736
Vested (in Shares) | shares	(169,149)
Forfeited (in Shares) | shares	(9,160)
Unvested, ending balance (in Shares) | shares	390,636
Weighted Average Grant Date Fair Value
Unvested, beginning balance (USD per Share) | $ / shares	$ 18.39
Granted (USD per Share) | $ / shares	37.32
Vested (USD per Share) | $ / shares	18.15
Forfeited (USD per Share) | $ / shares	19.81
Unvested, ending balance (USD per Share) | $ / shares	$ 19.71

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Current income tax expense:
Federal	$ (76)	$ 142	$ 4,705	$ 1,442
State	133	291	747	486
Total current income tax expense	57	433	5,452	1,928
Deferred income tax expense:
Federal	2,744	15,460	15,039	22,439
State	1,121	424	2,563	763
Total deferred income tax expense	3,865	15,884	17,602	23,202
Total income tax expense	$ 3,922	$ 16,317	$ 23,054	$ 25,130

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at statutory rate	21%	21%	21%	21%
Nondeductible compensation	4.80%	0.10%	0.70%	0.20%
Share-based compensation	(2.40%)	0%	(0.50%)	(0.10%)
State income taxes, net of federal benefit	(2.00%)	0.80%	1.40%	0.80%
Change in state rate	9.80%	0%	1.30%	0%
Other	0%	(0.50%)	0%	(0.30%)
Effective income tax rate	31.20%	21.40%	23.90%	21.60%

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 8,647	$ 33,068	$ 31,851	$ 59,817	$ 38,555	$ (7,168)	$ 73,566	$ 91,204
Basic weighted-average common shares outstanding (in Shares)	19,680			19,546			19,667	19,530
Restricted shares (in Shares)	309			41			297	102
Diluted weighted-average common shares outstanding (in Shares)	19,989			19,587			19,964	19,632
Basic net income per share (USD per Share)	$ 0.44			$ 3.06			$ 3.74	$ 4.67
Diluted net income per share (USD per Share)	$ 0.43			$ 3.05			$ 3.68	$ 4.65

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Anti-Dilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in Shares)	186,701	293,473	199,051	232,246

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended
	Aug. 31, 2022	Oct. 31, 2023	Sep. 30, 2023	Jan. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Environmental liabilities			$ 0		$ 0
RPC Power, LLC
Loss Contingencies [Line Items]
Contractual obligation, monthly fee				$ 20,000
Stakeholder
Loss Contingencies [Line Items]
Purchase obligation, delivery period	7 years
2024 Drilling Program | Subsequent Event
Loss Contingencies [Line Items]
Purchase obligation		$ 13,100,000

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 12, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (USD per Share)	$ 0.36