Riley Exploration Permian (REPX) 8-K 4 Mar 21 Charter of the Audit Committee Financial data

Cover

Cover	Feb. 26, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	Riley Exploration Permian, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	1-15555
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	415-8677
Entity Information, Former Legal or Registered Name	Tengasco, Inc.
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	REPX
Security Exchange Name	NYSEAMER
Entity Emerging Growth Company	false
Entity Central Index Key	0001001614
Amendment Flag	false
Former Address
Entity Information [Line Items]
Entity Address, Address Line One	8000 E. Maplewood Avenue
Entity Address, Address Line Two	Suite 130
Entity Address, City or Town	Greenwood Village
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Current Assets:
Cash and cash equivalents	$ 1,877	$ 1,660
Accounts receivable	10,526	10,128
Accounts receivable – related parties	313	55
Prepaid expenses and other current assets	1,807	1,752
Current derivative assets	6,081	18,819
Total Current Assets	20,604	32,414
Non-Current Assets:
Oil and natural gas properties, net (successful efforts)	313,232	310,726
Other property and equipment, net	2,041	1,801
Right of use assets	604	700
Non-current derivative assets	0	3,102
Other non-current assets	2,034	2,249
Total Non-Current Assets	317,911	318,578
Total Assets	338,515	350,992
Current Liabilities:
Accounts payable	1,357	4,739
Accrued liabilities	11,073	8,746
Current lease liability	399	392
Revenue payable	4,527	4,432
Current derivative liabilities	272	0
Total Current Liabilities	18,450	18,563
Non-Current Liabilities:
Non-current derivative liabilities	2,970	0
Asset retirement obligations	2,212	2,268
Revolving credit facility	97,500	101,000
Deferred tax liabilities	1,444	1,834
Non-current lease liability	212	314
Other non-current liabilities	160	104
Total Non-Current Liabilities	104,498	105,520
Total Liabilities	122,948	124,083
Series A Preferred Units	61,196	60,292
Members' Equity	154,371	166,617
Total Liabilities, Series A Preferred Units, and Members' Equity	338,515	350,992
Related party
Current Liabilities:
Advances	570	0
Joint interest owner
Current Liabilities:
Advances	$ 252	$ 254

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues [Abstract]
Total Revenues	$ 23,014	$ 29,549
Costs and Expenses [Abstract]
Lease operating expenses	4,796	5,729
Production taxes	1,061	1,359
Exploration costs	424	727
Depletion, depreciation, amortization and accretion	5,990	5,635
General and administrative:
Administrative costs	2,445	3,219
Unit based compensation expense	413	153
Cost of contract services - related parties	148	168
Transaction costs	1,049	(1)
Total Costs and Expenses	16,326	16,989
Income From Operations	6,688	12,560
Other Expense:
Interest expense	(1,235)	(1,366)
Loss on derivatives	(13,909)	(18,035)
Total Other Expense	(15,144)	(19,401)
Net Loss Before Income Taxes	(8,456)	(6,841)
Income Tax Expense (Benefit)	515	0
Net loss	(7,941)	(6,841)
Dividends on preferred units	(917)	(864)
Net Loss Attributable to Common Unitholders	$ (8,858)	$ (7,705)
Net Loss per Unit:
Basic (in USD per unit)	$ (5.79)	$ (5.04)
Diluted (in USD per unit)	$ (5.79)	$ (5.04)
Weighted Average Common Units Outstanding:
Basic weighted-average common units outstanding (in shares)	1,529,937	1,525,791
Diluted weighted-average common units outstanding (in shares)	1,529,937	1,525,791
Oil and natural gas sales, net
Revenues [Abstract]
Total Revenues	$ 22,414	$ 28,499
Contract services – related parties
Revenues [Abstract]
Total Revenues	$ 600	$ 1,050

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Members' Equity (Statement) shares in Thousands, $ in Thousands	USD ($)shares
Beginning balance (in shares) at Sep. 30, 2019 | shares	1,527
Beginning balance at Sep. 30, 2019	$ 149,383
Statement of Stockholders' Equity [Abstract]
Issuance of common units under long-term incentive plan | shares	15
Purchase of common units under long-term incentive plan (in shares) | shares	2
Purchase of common units under long-term incentive plan	$ 194
Dividends on preferred units	864
Dividends on common units	4,997
Unit-based compensation expense	153
Net loss	$ (6,841)
Ending balance (in shares) at Dec. 31, 2019 | shares	1,540
Ending balance at Dec. 31, 2019	$ 136,640
Beginning balance (in shares) at Sep. 30, 2020 | shares	1,555
Beginning balance at Sep. 30, 2020	$ 166,617
Statement of Stockholders' Equity [Abstract]
Issuance of common units under long-term incentive plan | shares	13
Dividends on preferred units	$ 917
Dividends on common units	3,801
Unit-based compensation expense	413
Net loss	$ (7,941)
Ending balance (in shares) at Dec. 31, 2020 | shares	1,568
Ending balance at Dec. 31, 2020	$ 154,371

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (7,941)	$ (6,841)
Adjustments to reconcile net loss to net cash provided by operating activities:
Oil and gas lease abandonments	424	557
Depletion, depreciation, amortization and accretion	5,990	5,635
Loss on derivatives	13,909	18,035
Settlements on derivative contracts	5,173	556
Amortization of debt issuance costs	155	153
Unit-based compensation expense	413	153
Deferred income tax benefit	(515)	0
Changes in operating assets and liabilities:
Accounts receivable	(397)	190
Accounts receivable – related parties	(258)	108
Prepaid expenses and other current assets	(39)	712
Other non-current assets	1	17
Accounts payable and accrued liabilities	(385)	(919)
Revenue payable	95	536
Net Cash Provided By Operating Activities	17,193	22,350
Cash Flows From Investing Activities:
Additions to oil and natural gas properties	(9,389)	(9,533)
Acquisition of oil and natural gas properties	0	(3,209)
Additions to other property and equipment	(318)	(25)
Net Cash Used In Investing Activities	(9,707)	(12,767)
Cash Flows From Financing Activities:
Debt issuance costs	(52)	(267)
Proceeds from revolving credit facility	2,000	0
Repayment under revolving credit facility	(5,500)	(2,000)
Payment of common unit dividends	(3,717)	(5,334)
Purchase of common units under long-term incentive plan	0	(194)
Net Cash Used In Financing Activities	(7,269)	(7,795)
Net Increase in Cash and Cash Equivalents	217	1,788
Cash and Cash Equivalents, Beginning of Period	1,660	3,726
Cash and Cash Equivalents, End of Period	1,877	5,514
Cash Paid For:
Interest	850	1,238
Non-cash Investing and Financing Activities:
Changes in capital expenditures in accounts payable and accrued liabilities	(680)	10,564
Common unit dividends incurred but not paid	84	47
Asset retirement obligations	17	844
Preferred unit dividends paid in kind	904	851
Preferred unit dividends	917	864
Joint interest owner
Changes in operating assets and liabilities:
Advances from	(2)	3,458
Related party
Changes in operating assets and liabilities:
Advances from	$ 570	$ 0

Nature of Business

Nature of Business	3 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Riley Exploration – Permian, LLC ("Riley Permian", "the Company", "we", "our", or "us") is a growth-oriented, independent oil and natural gas company focused on rapidly growing our conventional reserves, production and cash flow through the acquisition, exploration, development and production of oil, natural gas and natural gas liquids ("NGLs") in the Permian Basin. Our activities are primarily focused on the San Andres Formation, a shelf margin deposit on the Central Basin Platform and Northwest Shelf. The Company was formed to focus on opportunities (i) with favorable reservoir and geological characteristics primarily for oil development, (ii) that offer large contiguous acreage positions with significant untapped potential in terms of ultimate recoverable reserves and (iii) with a high degree of operational control. Our acreage is primarily located on large, contiguous blocks in Yoakum County, Texas and Lea, Roosevelt, and Chaves Counties, New Mexico. Current Commodity Environment During 2020, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, spread quickly across the globe. Federal, state and local governments mobilized to implement containment mechanisms and minimize impacts to their populations and economies. Various containment measures, which included the quarantining of cities, regions and countries, have resulted in a severe drop in general economic activity and a resulting decrease in energy demand. Currently, oil and natural gas operations are considered essential in the State of Texas and New Mexico, and the Company has not had any significant disruptions in operations. This outbreak and the related responses of governmental authorities and others to limit the spread of the virus significantly reduced global economic activity, resulting in a significant decline in the demand for oil and other commodities. These factors caused a swift and material deterioration in commodity prices for a majority of 2020. However, near the end of 2020, oil prices steadily increased but are expected to continue to be volatile as these events evolve. The Company cannot estimate the full length or gravity of the future impacts at this time and if there is another significant decline in oil price, it could have a material adverse effect on the Company’s results of operations, financial position, liquidity and the value of oil and natural gas reserves. CARES Act and Consolidated Appropriations Act On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), and on December 27, 2020, President Trump signed into law the Consolidated Appropriations Act. These Acts are meant to provide fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for American industries. The Company evaluated the outlook of its future operations, current financial position and liquidity and determined not to take the relief provided by the CARES Act and the Consolidated Appropriations Act.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated financial statements as of December 31, 2020 and for the three months ended December 31, 2020 and 2019 include the accounts of Riley Permian and its wholly-owned subsidiaries Riley Permian Operating Company, LLC ("RPOC") and Riley Employee Member, LLC. 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 accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulation of the Securities and Exchange Commission. These condensed consolidated financial statement should be read in conjunction with our audited consolidated financial statements and related notes for the year ended September 30, 2020. These condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, that are, in the opinion of the Company's management, necessary for a fair presentation of the results for the interim periods. These condensed consolidated financial statements are not necessarily indicative of the results for the entire fiscal year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2020
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 condensed 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. Making accurate estimates and assumptions is particularly difficult as the oil and natural gas industry experiences depressed commodity pricing and reduced global demand from the effects of COVID-19 and actions by OPEC. These circumstances generally increase the estimation uncertainty in the Company's accounting estimates, particularly the Company's reserve estimates. 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 and accrued operating expenses, the fair value determination of acquired assets and liabilities, certain tax accruals and the fair value of derivatives. Accounts Receivable The Company had no allowance for doubtful accounts at December 31, 2020 and September 30, 2020. Accounts receivable is summarized below: December 31, September 30, ($ in thousands) Oil, natural gas and NGL sales $ 8,906 $ 6,919 Joint interest accounts receivable 514 1,022 Realized derivative receivable 1,101 2,187 Other accounts receivable 5 — Total accounts receivable $ 10,526 $ 10,128 Accrued Liabilities Accrued liabilities consisted of the following: December 31, September 30, ($ in thousands) Accrued capital expenditures $ 4,780 $ 2,964 Accrued lease operating expenses 2,430 1,617 Accrued ad valorem tax 907 680 Accrued general and administrative costs 1,617 2,125 Accrued interest expense 31 63 Accrued dividends on preferred units 917 903 Accrued dividends on common units 123 95 Other accrued expenditures 268 299 Total accrued liabilities $ 11,073 $ 8,746 Asset Retirement Obligations Components of the changes in asset retirement obligations ("ARO") are shown below: December 31, September 30, ($ in thousands) ARO, beginning balance $ 2,326 $ 1,203 Liabilities incurred 17 68 Liabilities acquired — 1,161 Revision of estimated obligations — (45) Liability settlements and disposals — (131) Accretion 21 70 ARO, ending balance 2,364 2,326 Less: current ARO (152) (58) ARO, long-term $ 2,212 $ 2,268 Revenue Recognition The following table presents oil and natural gas revenues disaggregated by product: Three Months Ended December 31, 2020 2019 ($ in thousands) Operating revenues: Oil $ 22,107 $ 28,798 Natural gas 119 (178) Natural gas liquids 188 (121) Total operating revenues $ 22,414 $ 28,499 Transaction Costs The Company recognized transaction costs of $1.0 million and $0 for the three months ended December 31, 2020 and 2019. These costs relate to the fees incurred for the current reverse merger transaction between the Company and Tengasco, Inc. (TGC). See further discussion in Note 15 - Subsequent Events. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes accounting requirements for the recognition of credit losses from an incurred or probable impairment methodology to a current expected credit losses (“CECL”) methodology. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. The Company adopted this ASU effective October 1, 2020 using a modified retrospective approach. The adoption of this guidance did not have a material effect on the Company’s condensed consolidated financial statements or related disclosures. The company is exposed to credit losses primarily through receivables that result from oil and natural gas sales. Estimates of expected credit losses for accounts receivables consider factors such as historical collection experience, credit quality of our customers and current and future economic and market conditions. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this amendment is to improve the effectiveness of disclosures in the notes of the financial statements. This ASU removes certain disclosure requirements around transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements, modifies certain reporting requirements around Level 3 fair value measurements and investments in certain entities that calculate net asset value, and adds certain disclosure requirements for Level 3 fair value measurements. The Company adopted this ASU effective October 1, 2020. The adoption of this ASU did not have a material impact on the Company's financial statements. Issued Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., London Interbank Offered Rate (“LIBOR”)) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications, such as those within the scope of Topic 470 on debt, to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Due to the Sixth Amendment to the Credit Agreement ("Sixth Amendment") which included provisions in consideration of the phase out, the Company applied the optional expedient pursuant to ASC 848-20-35-14, which allows reporting entities to not have to reassess the embedded derivatives under ASC 815-15. The Company is adopting the optional expedient to reduce the costs and complexity of accounting for contract modifications as a result of changes due to reference rate reform.

Oil and Natural Gas Properties

Oil and Natural Gas Properties	3 Months Ended
	Dec. 31, 2020
Extractive Industries [Abstract]
Oil and Natural Gas Properties	Oil and Natural Gas Properties Oil and natural gas properties are summarized below: December 31, September 30, ($ in thousands) Proved $ 344,990 $ 326,420 Unproved 30,783 32,084 Work-in-progress 6,526 15,398 382,299 373,902 Accumulated depletion and amortization (69,067) (63,176) Total oil and natural gas properties, net $ 313,232 $ 310,726 Depletion and amortization expense for proved oil and natural gas properties was $5.9 million and $5.5 million, respectively, for the three months ended December 31, 2020 and 2019. The Company incurred $424 thousand and $727 thousand of exploration costs for the three months ended December 31, 2020 and 2019, respectively, $424 thousand and $557 thousand of which related to the abandonment of oil and natural gas leases. The Company also incurred $0 and $170 thousand of geological and geophysical costs during the three months ended December 31, 2020 and 2019, respectively. Acquisition of Oil and Natural Gas Properties On December 20, 2019, the Company acquired 38 net acres (unaudited) in Yoakum County, Texas. The acquisition included 17 total wells, with 11 producing and 6 salt water disposals, for a total purchase price of $3.2 million, as adjusted in accordance with the terms of the purchase and sale agreement with J. Cleo Thompson and James Cleo Thompson, Jr., L.P. The effective date of the transaction was August 1, 2019. The transaction was accounted for as an asset acquisition in accordance with ASU 2017-01 and was therefore recorded based on the total consideration paid, with value assigned to unproved oil and natural gas properties, capitalized asset retirement cost and ARO.

Other Non-Current Assets

Other Non-Current Assets	3 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Non-Current Assets	Other Non-Current Assets Other non-current assets consisted of the following: December 31, September 30, ($ in thousands) Debt issuance costs, net $ 1,764 $ 1,867 Prepayments to outside operators 188 284 Other deposits 82 98 Total other non-current assets $ 2,034 $ 2,249

Derivative Instruments

Derivative Instruments	3 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Crude Oil Contracts The Company uses commodity based derivative contracts to reduce exposure to fluctuations in crude oil prices. While the use of these contracts limits the downside risk for adverse price changes, their use may also limit future revenues from favorable price changes. As of December 31, 2020, the Company's oil derivative instruments consisted of the following types: • Fixed Price Swaps – the Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. • Costless collars – the combination of a put option (fixed floor) and call option (fixed ceiling), with the options structured so that the premium paid to purchase the put option is offset by the premium received from the sale of the call option. If the market price exceeds the call strike price or falls below the put strike price, we receive the fixed price and pay the market price. If the market price is between the put and the call strike price, no payments are due from either party. • Basis Protection Swaps – Basis swaps are settled based on differences between a fixed price differential and the differential between the settlement prices of two referenced indexes. We receive the fixed price differential and pay the differential between the referenced indexes. The following table summarizes the open financial derivative positions as of December 31, 2020, related to crude oil production. Weighted Average Price Calendar Quarter Notional Volume Fixed Put Call (Bbl) ($ per Bbl) Crude Oil Swaps Q1 2021 442,253 $ 52.30 $ — $ — Q2 2021 517,768 $ 51.17 $ — $ — Q3 2021 534,278 $ 50.99 $ — $ — Q4 2021 528,116 $ 51.06 $ — $ — 2022 360,000 $ 45.25 $ — $ — Natural Gas Swaps Q1 2021 450,000 $ 2.97 $ — $ — Q2 2021 450,000 $ 2.97 $ — $ — Q3 2021 450,000 $ 2.97 $ — $ — Q4 2021 450,000 $ 2.97 $ — $ — Crude Oil Collars 2022 360,000 $ — $ 35.00 $ 42.63 Crude Oil Basis Q1 2021 435,000 $ 0.40 $ — $ — Q2 2021 435,000 $ 0.40 $ — $ — Q3 2021 435,000 $ 0.40 $ — $ — Q4 2021 435,000 $ 0.40 $ — $ — Interest Rate Contracts The Company has entered into floating-to-fixed interest rate swaps (we receive a floating market rate and pay a fixed interest rate) to manage interest rate exposure related to the revolving credit facility. The notional amount of the interest rate swaps, as of December 31, 2020 and September 30, 2020, was $95 million and expires on September 28, 2021. Balance Sheet Presentation of Derivatives The following table presents the location and fair value of the Company’s derivative contracts included in the accompanying consolidated balance sheets as of December 31, 2020 and September 30, 2020. December 31, 2020 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value ($ in thousands) Current derivative assets $ 9,419 $ (3,338) $ 6,081 Non-current derivative assets — — — Current derivative liabilities (3,610) 3,338 (272) Non-current derivative liabilities (2,970) — (2,970) Total $ 2,839 $ — $ 2,839 September 30, 2020 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value ($ in thousands) Current derivative assets $ 19,690 $ (871) $ 18,819 Non-current derivative assets 4,651 (1,549) 3,102 Current derivative liabilities (871) 871 — Non-current derivative liabilities (1,549) 1,549 — Total $ 21,921 $ — $ 21,921 The following table presents the Company's derivative activities for the three months ended December 31, 2020 and 2019. Three Months Ended December 31, 2020 2019 ($ in thousands) Fair value of net asset, beginning of period $ 21,921 $ 14,959 Loss on derivatives (13,909) (18,035) Settlements on derivatives (5,173) (556) Fair value of net asset (liability), end of period $ 2,839 $ (3,632)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying values of financial instruments comprising cash and cash equivalents, accounts payable, accounts receivable and related party accounts receivable approximate fair values due to the short-term maturities of these instruments. 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. Assets and Liabilities Measured on a 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 December 31, 2020 and September 30, 2020, by level within the fair value hierarchy: December 31, 2020 Level 1 Level 2 Level 3 Total ($ in thousands) Financial assets: Commodity derivative assets $ — $ 9,419 $ — $ 9,419 Financial liabilities: Commodity derivative liabilities $ — $ (5,963) $ — $ (5,963) Interest rate liabilities $ — $ (617) $ — $ (617) September 30, 2020 Level 1 Level 2 Level 3 Total ($ in thousands) Financial assets: Commodity derivative assets $ — $ 24,341 $ — $ 24,341 Financial liabilities: Commodity derivative liabilities $ — $ (1,672) $ — $ (1,672) Interest rate liabilities $ — $ (748) $ — $ (748) Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with the fair value hierarchy include the initial recognition of asset retirement obligations and the fair value of oil and natural gas properties when acquired in a business combination or assessed for impairment. The fair value measurements of assets acquired and liabilities assumed are measured on a nonrecurring basis on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs; and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company's estimated cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation. The fair value of asset retirement obligations incurred and acquired during the three months ended December 31, 2020 and 2019, totaled approximately $17 thousand and $873 thousand, respectively. The fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) $50 thousand estimated plug and abandonment cost per well for all oil and natural gas wells and $52 thousand for estimated plug and abandonment cost per well for all disposal wells for the three months ended December 31, 2020 and 2019; (ii) a 27 year and 12 year weighted average by fair value of the estimated remaining life per well for the three months ended December 31, 2020 and 2019; (iii) future inflation factors; and (iv) our average credit-adjusted risk-free rate of 5.17% and 8.34% for the three months ended December 31, 2020 and 2019. These assumptions represent Level 3 inputs. If the carrying amount of our oil and natural gas properties exceeds the estimated undiscounted future cash flows, we will adjust the carrying amount of the oil and natural gas properties to fair value. The fair value of our oil and natural gas

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties Contract Services In May 2019, Combo Resources, LLC ("Combo") entered into a contract services agreement with RPOC, whereby RPOC became the contract operator on behalf of Combo and provides certain administrative services to Combo in exchange for payment of a fee equal to $250 thousand per month and reimbursement of all third party expenses. This fee was subsequently decreased to $150 thousand per month effective July 1, 2020 and further decreased to $100 thousand per month effective August 1, 2020. Combo was previously owned by Oakspring Energy Holdings, LLC ("Oakspring") and by a wholly-owned subsidiary of Riley Exploration Group, Inc. ("REG"). On December 31, 2020, Oakspring contributed their interest in Combo to certain investment funds of Yorktown Partners, LLC, and the wholly-owned subsidiary of REG contributed its' interest in Combo to Riley Exploration Group, LLC. The Company recognized $300 thousand and $750 thousand in the three months ended December 31, 2020 and 2019, respectively, in revenue under the contract services agreement and had an accounts receivable of $313 thousand and $55 thousand as of December 31, 2020 and September 30, 2020, respectively. Additionally, the Company recognized an advance from Combo for $570 thousand as of December 31, 2020 for the completion of a well. In May 2019, REG entered into a contract services agreement with RPOC with an effective date of May 1, 2019, whereby RPOC will provide certain operational services to REG in exchange for payment of a fee equal to $75 thousand per month. This fee was subsequently increased to $100 thousand per month effective September 1, 2019. The Company recognized $300 thousand and $300 thousand in the three months ended December 31, 2020 and 2019, respectively, in revenue under the contract services agreement. The Company did not recognize an accounts receivable under the contract services agreement as of December 31, 2020 and September 30, 2020. The Company incurred costs directly relating to the performance of its obligations under these contract service agreements and recognized $148 thousand and $168 thousand, respectively, for the three months ended December 31, 2020 and 2019.

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On September 28, 2017, the Company and SunTrust Robinson Humphrey, Inc., now Truist Bank as successor by merger, as lead arranger and administrative agent, entered into a credit agreement to establish a senior secured revolving credit facility. The credit facility had an initial borrowing base of $25 million with a maximum facility amount of $500 million. The credit facility maturity date is set on September 28, 2023 in accordance with the Sixth Amendment effective August 31, 2020. Substantially all of the Company’s assets are secured under the credit facility. The Company's borrowing base was $135 million with commitments totaling $132.5 million at December 31, 2020. Interest expense and unused commitment fees related to the credit facility for the three months ended December 31, 2020 and 2019, totaled $1.1 million and $1.2 million, respectively. The amortization of debt issuance costs for the three months ended December 31, 2020 and 2019 was $155 thousand and $153 thousand, respectively. The weighted average interest rate as of December 31, 2020 and September 30, 2020 was 3.16% and 4.09%, respectively. As of December 31, 2020 and September 30, 2020, the Company was in compliance with all covenants contained in the credit agreement and had $97.5 million and $101 million, respectively, of outstanding borrowings and an additional $35 million and $34 million, respectively, available commitments under the borrowing base.

Members' Equity

Members' Equity	3 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Members' Equity	Members’ Equity As of December 31, 2020, the common units authorized and approved by the Board of Managers totaled 1,568,370 and the total number of Preferred Series A Units were 511,695. On October 1, 2020, the Company granted 13,309 restricted units to certain executives which vest over a three

Preferred Units

Preferred Units	3 Months Ended
	Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Preferred Units	Preferred Units As of August 13, 2020, the Company entered into the Fourth Amended and Restated Limited Liability Agreement (the "Fourth LLC Agreement") which declared the mandatory redemption date for all Series A Preferred Units in cash to one year following the expiration of the credit agreement (as may be further amended, restated, supplemented, modified or replaced from time to time) which is currently set to mature on September 28, 2023. At any time prior to an IPO or Listing Transaction and at such holder’s sole discretion, a holder of Series A Preferred Units may elect to convert such Series A Preferred Units to a number of common units in accordance with the formula set forth in the Fourth LLC Agreement. Immediately prior to any conversion, all accrued and undeclared but unpaid dividends on the Series A Preferred Units shall be paid in kind to such holder of Series A Preferred Units electing to convert its units. The Series A Preferred conversion price is $120 per unit for the periods presented, as adjusted to reflect any subdivision, stock split, recapitalization, reclassification or consolidation of the common units. Immediately following the execution of an underwriting agreement, but prior to the closing of an IPO or Listing Transaction, all outstanding Series A Preferred Units shall be automatically converted into Listed Shares at a conversion rate formula set forth in the Fourth LLC Agreement. The conversion will result in a deemed preferred distribution to the Series A Preferred Unit holders, which will reduce income attributable to common units in the period in which the conversion occurs. The tables below summarize the changes in preferred units during the three months ended December 31, 2020 and 2019: Units Amount ($ in thousands) Balance, September 30, 2020 504,168 $ 60,292 Dividends paid in kind 7,527 904 Balance, December 31, 2020 511,695 $ 61,196 Units Amount ($ in thousands) Balance, September 30, 2019 475,152 $ 56,810 Dividends paid in kind 7,094 851 Balance, December 31, 2019 482,246 $ 57,661 During the three months ended December 31, 2020 and 2019, the Company issued 7,527 units and 7,094 units of Series A Preferred Units as paid in kind dividends. As of December 31, 2020 and September 30, 2020, the Company had accrued dividends payable on the Series A Preferred Units of $917 thousand and $903 thousand, respectively, which are included in accrued liabilities in the condensed consolidated balance sheets. Subsequent to the balance sheet date of December 31, 2020, the Company elected under the Fourth LLC Agreement to pay all Series A Preferred dividends in cash instead of additional Series A Preferred Units. On January 29, 2021, the Company paid $917 thousand on 7,639 Series A Preferred Units accrued at December 31, 2020.

Unit-Based Compensation

Unit-Based Compensation	3 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Unit-Based Compensation	Unit-Based Compensation Long-Term Incentive Plan Restricted Units: The Company granted 14,766 restricted units to certain executives on April 29, 2019. Restricted units vest over a two three The Company granted 15,767 restricted units to certain executives effective February 1, 2020 which vest over a three On October 1, 2020, the Company granted 13,309 restricted units to certain executives which vest over a three On October 5, 2020, an executive of the Company forfeited 904 restricted units from the grant dated April 29, 2019 and 1,802 restricted units from the grant dated February 1, 2020 totaling a total forfeiture of 2,706 restricted units. Total unit-based compensation expense of $413 thousand and $153 thousand, respectively, is included in general and administrative costs on the Company's condensed consolidated statement of operations for all of the issuances outstanding at December 31, 2020 and 2019. The Company will recognize any forfeited units, and any unpaid dividends for those units, as they occur as a reduction to accrued liabilities and members' equity on the consolidated balance sheet.

Net Income (Loss) Per Unit

Net Income (Loss) Per Unit	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Unit	Net Income (Loss) Per Unit The table below sets forth the computation of basic and diluted net loss per unit for the three months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 2019 Net loss attributable to common unitholders (in thousands) - Basic and Diluted $ (8,858) $ (7,705) Basic weighted-average common units outstanding 1,529,937 1,525,791 Effecting of dilutive securities: Series A preferred units — — Restricted units — — Diluted weighted-average common units outstanding 1,529,937 1,525,791 Basic net loss per common unit $ (5.79) $ (5.04) Diluted net loss per common unit $ (5.79) $ (5.04) For the three months ended December 31, 2020 and 2019, the following units were excluded from the calculation of diluted net loss per unit due to their anti-dilutive effect: Three Months Ended December 31, 2020 2019 Series A preferred units 511,695 482,246 Restricted units 34,512 14,766

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters On December 10, 2020 a purported shareholder of TGC filed a lawsuit against TGC, the members of the TGC board of directors, Merger Sub (as defined below), and the Company in the United States District Court, District of Delaware, captioned Lewis D. Baker v. Tengasco, Inc. (the "Baker complaint"). Refer to Note 15 – Subsequent Events for a more detailed discussion regarding the merger agreement. The Baker complaint was voluntarily dismissed without prejudice on February 24, 2021. In addition to the matter disclosed above, the Company is party to certain lawsuits arising in the ordinary course of the Company’s business. The Company cannot predict the outcome of any such lawsuits with certainty, but management believes it is remote that pending or threatened legal matters will have a material adverse impact on the Company’s financial condition. 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 as of December 31, 2020 and September 30, 2020. 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

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events that could materially affect our financial position and results of operations after December 31, 2020, have been reviewed and evaluated by the Company as of March 4, 2021. Tengasco Merger On October 21, 2020, TGC, an exploration and production oil and natural gas company, and the Company entered into a definitive merger agreement under which TGC would acquire the Company and all its subsidiaries in exchange for shares of TGC common stock (the "Transaction"). TGC formed Antman Sub LLC ("Merger Sub") as a direct wholly-owned subsidiary to merge into Riley Permian. On February 26, 2021 (the "Closing Date"), the Company and TGC consummated the Transaction and Merger Sub merged into Riley Permian, with Riley Permian surviving as a direct wholly-owned subsidiary. The merger between Riley Permian and Merger Sub resulted in Riley Permian's common units being exchanged for TGC stock. As part of the merger agreement, TGC was renamed Riley Exploration Permian, Inc. ("REPX") and Riley Permian became a wholly-owned subsidiary of REPX. Immediately prior to the closing of the merger, Riley Permian converted all of the issued and outstanding Series A Preferred Units into common units of Riley Permian. In connection with the merger, unit holdings of Riley Permian were entitled to receive, in exchange for each common unit, shares of TGC (which were renamed REPX) par value $0.001 per share (“TGC common stock”) based on the exchange ratio set forth in the merger agreement (the “Exchange Ratio”), with cash paid in lieu of the issuance of any fractional shares. The Exchange Ratio was 97.796467 shares of TGC common stock for each common unit of Riley. On the Closing Date, REPX effected a reverse stock split of the common stock in a ratio of one-for-twelve resulting in outstanding common stock of approximately 17.8 million shares after also giving effect to the merger. Pursuant to the merger agreement, on the Closing Date each restricted share of common stock issued in the Transaction is to be issued under the 2021 Long Term Incentive Plan ( the "2021 LTIP Plan"). The only 2021 LTIP Plan shares being registered under REPX are those shares of unvested restricted common stock outstanding of the Company. Riley Permian obtained approximately 95% of the equity voting interest in REPX. Riley Permian has determined to be the accounting acquirer and therefore the transaction will be accounted for as a reverse acquisition. The assets and liabilities of Riley Permian will be accounted for at carryover basis and the assets and liabilities of TGC will be accounted for at fair value. Due to the recent closing of the Transaction, the acquisition date fair value of the assets and liabilities of TGC and certain other related disclosures were not yet available as of the date of this report.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation	These unaudited condensed consolidated financial statements as of December 31, 2020 and for the three months ended December 31, 2020 and 2019 include the accounts of Riley Permian and its wholly-owned subsidiaries Riley Permian Operating Company, LLC ("RPOC") and Riley Employee Member, LLC. All intercompany balances and transactions have been eliminated upon consolidation.
Basis of Presentation	Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulation of the Securities and Exchange Commission. These condensed consolidated financial statement should be read in conjunction with our audited consolidated financial statements and related notes for the year ended September 30, 2020. These condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, that are, in the opinion of the Company's management, necessary for a fair presentation of the results for the interim periods. These condensed consolidated financial statements are not necessarily indicative of the results for the entire fiscal year.
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 condensed 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. Making accurate estimates and assumptions is particularly difficult as the oil and natural gas industry experiences depressed commodity pricing and reduced global demand from the effects of COVID-19 and actions by OPEC. These circumstances generally increase the estimation uncertainty in the Company's accounting estimates, particularly the Company's reserve estimates. 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 and accrued operating expenses, the fair value determination of acquired assets and liabilities, certain tax accruals and the fair value of derivatives.
Recently Adopted Accounting Pronouncements And Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes accounting requirements for the recognition of credit losses from an incurred or probable impairment methodology to a current expected credit losses (“CECL”) methodology. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. The Company adopted this ASU effective October 1, 2020 using a modified retrospective approach. The adoption of this guidance did not have a material effect on the Company’s condensed consolidated financial statements or related disclosures. The company is exposed to credit losses primarily through receivables that result from oil and natural gas sales. Estimates of expected credit losses for accounts receivables consider factors such as historical collection experience, credit quality of our customers and current and future economic and market conditions. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this amendment is to improve the effectiveness of disclosures in the notes of the financial statements. This ASU removes certain disclosure requirements around transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements, modifies certain reporting requirements around Level 3 fair value measurements and investments in certain entities that calculate net asset value, and adds certain disclosure requirements for Level 3 fair value measurements. The Company adopted this ASU effective October 1, 2020. The adoption of this ASU did not have a material impact on the Company's financial statements. Issued Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., London Interbank Offered Rate (“LIBOR”)) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications, such as those within the scope of Topic 470 on debt, to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Due to the Sixth Amendment to the Credit Agreement ("Sixth Amendment") which included provisions in consideration of the phase out, the Company applied the optional expedient pursuant to ASC 848-20-35-14, which allows reporting entities to not have to reassess the embedded derivatives under ASC 815-15. The Company is adopting the optional expedient to reduce the costs and complexity of accounting for contract modifications as a result of changes due to reference rate reform.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of accounts receivable	Accounts receivable is summarized below: December 31, September 30, ($ in thousands) Oil, natural gas and NGL sales $ 8,906 $ 6,919 Joint interest accounts receivable 514 1,022 Realized derivative receivable 1,101 2,187 Other accounts receivable 5 — Total accounts receivable $ 10,526 $ 10,128
Schedule of accrued liabilities	Accrued liabilities consisted of the following: December 31, September 30, ($ in thousands) Accrued capital expenditures $ 4,780 $ 2,964 Accrued lease operating expenses 2,430 1,617 Accrued ad valorem tax 907 680 Accrued general and administrative costs 1,617 2,125 Accrued interest expense 31 63 Accrued dividends on preferred units 917 903 Accrued dividends on common units 123 95 Other accrued expenditures 268 299 Total accrued liabilities $ 11,073 $ 8,746
Schedule of asset retirement obligations	Components of the changes in asset retirement obligations ("ARO") are shown below: December 31, September 30, ($ in thousands) ARO, beginning balance $ 2,326 $ 1,203 Liabilities incurred 17 68 Liabilities acquired — 1,161 Revision of estimated obligations — (45) Liability settlements and disposals — (131) Accretion 21 70 ARO, ending balance 2,364 2,326 Less: current ARO (152) (58) ARO, long-term $ 2,212 $ 2,268
Disaggregation of revenue	The following table presents oil and natural gas revenues disaggregated by product: Three Months Ended December 31, 2020 2019 ($ in thousands) Operating revenues: Oil $ 22,107 $ 28,798 Natural gas 119 (178) Natural gas liquids 188 (121) Total operating revenues $ 22,414 $ 28,499

Oil and Natural Gas Properties

Oil and Natural Gas Properties (Tables)	3 Months Ended
	Dec. 31, 2020
Extractive Industries [Abstract]
Schedule Of Oil And Gas Properties	Oil and natural gas properties are summarized below: December 31, September 30, ($ in thousands) Proved $ 344,990 $ 326,420 Unproved 30,783 32,084 Work-in-progress 6,526 15,398 382,299 373,902 Accumulated depletion and amortization (69,067) (63,176) Total oil and natural gas properties, net $ 313,232 $ 310,726

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	3 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other non-current assets	Other non-current assets consisted of the following: December 31, September 30, ($ in thousands) Debt issuance costs, net $ 1,764 $ 1,867 Prepayments to outside operators 188 284 Other deposits 82 98 Total other non-current assets $ 2,034 $ 2,249

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Dec. 31, 2020
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 December 31, 2020, related to crude oil production. Weighted Average Price Calendar Quarter Notional Volume Fixed Put Call (Bbl) ($ per Bbl) Crude Oil Swaps Q1 2021 442,253 $ 52.30 $ — $ — Q2 2021 517,768 $ 51.17 $ — $ — Q3 2021 534,278 $ 50.99 $ — $ — Q4 2021 528,116 $ 51.06 $ — $ — 2022 360,000 $ 45.25 $ — $ — Natural Gas Swaps Q1 2021 450,000 $ 2.97 $ — $ — Q2 2021 450,000 $ 2.97 $ — $ — Q3 2021 450,000 $ 2.97 $ — $ — Q4 2021 450,000 $ 2.97 $ — $ — Crude Oil Collars 2022 360,000 $ — $ 35.00 $ 42.63 Crude Oil Basis Q1 2021 435,000 $ 0.40 $ — $ — Q2 2021 435,000 $ 0.40 $ — $ — Q3 2021 435,000 $ 0.40 $ — $ — Q4 2021 435,000 $ 0.40 $ — $ —
Schedule of derivative instruments location and fair value	The following table presents the location and fair value of the Company’s derivative contracts included in the accompanying consolidated balance sheets as of December 31, 2020 and September 30, 2020. December 31, 2020 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value ($ in thousands) Current derivative assets $ 9,419 $ (3,338) $ 6,081 Non-current derivative assets — — — Current derivative liabilities (3,610) 3,338 (272) Non-current derivative liabilities (2,970) — (2,970) Total $ 2,839 $ — $ 2,839 September 30, 2020 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value ($ in thousands) Current derivative assets $ 19,690 $ (871) $ 18,819 Non-current derivative assets 4,651 (1,549) 3,102 Current derivative liabilities (871) 871 — Non-current derivative liabilities (1,549) 1,549 — Total $ 21,921 $ — $ 21,921
Schedule of changes in derivatives, net	The following table presents the Company's derivative activities for the three months ended December 31, 2020 and 2019. Three Months Ended December 31, 2020 2019 ($ in thousands) Fair value of net asset, beginning of period $ 21,921 $ 14,959 Loss on derivatives (13,909) (18,035) Settlements on derivatives (5,173) (556) Fair value of net asset (liability), end of period $ 2,839 $ (3,632)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2020
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 December 31, 2020 and September 30, 2020, by level within the fair value hierarchy: December 31, 2020 Level 1 Level 2 Level 3 Total ($ in thousands) Financial assets: Commodity derivative assets $ — $ 9,419 $ — $ 9,419 Financial liabilities: Commodity derivative liabilities $ — $ (5,963) $ — $ (5,963) Interest rate liabilities $ — $ (617) $ — $ (617) September 30, 2020 Level 1 Level 2 Level 3 Total ($ in thousands) Financial assets: Commodity derivative assets $ — $ 24,341 $ — $ 24,341 Financial liabilities: Commodity derivative liabilities $ — $ (1,672) $ — $ (1,672) Interest rate liabilities $ — $ (748) $ — $ (748)

Preferred Units (Tables)

Preferred Units (Tables)	3 Months Ended
	Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Summary of Changes in Preferred Units	The tables below summarize the changes in preferred units during the three months ended December 31, 2020 and 2019: Units Amount ($ in thousands) Balance, September 30, 2020 504,168 $ 60,292 Dividends paid in kind 7,527 904 Balance, December 31, 2020 511,695 $ 61,196 Units Amount ($ in thousands) Balance, September 30, 2019 475,152 $ 56,810 Dividends paid in kind 7,094 851 Balance, December 31, 2019 482,246 $ 57,661

Net Income (Loss) Per Unit (Tab

Net Income (Loss) Per Unit (Tables)	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Unit	The table below sets forth the computation of basic and diluted net loss per unit for the three months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 2019 Net loss attributable to common unitholders (in thousands) - Basic and Diluted $ (8,858) $ (7,705) Basic weighted-average common units outstanding 1,529,937 1,525,791 Effecting of dilutive securities: Series A preferred units — — Restricted units — — Diluted weighted-average common units outstanding 1,529,937 1,525,791 Basic net loss per common unit $ (5.79) $ (5.04) Diluted net loss per common unit $ (5.79) $ (5.04)
Schedule of Anti-Dilutive Units	For the three months ended December 31, 2020 and 2019, the following units were excluded from the calculation of diluted net loss per unit due to their anti-dilutive effect: Three Months Ended December 31, 2020 2019 Series A preferred units 511,695 482,246 Restricted units 34,512 14,766

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Accounting Policies [Abstract]
Oil, natural gas and NGL sales	$ 8,906	$ 6,919
Joint interest accounts receivable	514	1,022
Realized derivative receivable	1,101	2,187
Other accounts receivable	5	0
Total accounts receivable	$ 10,526	$ 10,128

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Accounting Policies [Abstract]
Accrued capital expenditures	$ 4,780	$ 2,964
Accrued lease operating expenses	2,430	1,617
Accrued ad valorem tax	907	680
Accrued general and administrative costs	1,617	2,125
Accrued interest expense	31	63
Accrued dividends on preferred units	917	903
Accrued dividends on common units	123	95
Other accrued expenditures	268	299
Total accrued liabilities	$ 11,073	$ 8,746

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO, beginning balance	$ 2,326	$ 1,203
Asset retirement obligation, liabilities incurred and acquired	17	68
Liabilities acquired	0	1,161
Revision of estimated obligations	0	(45)
Liability settlements and disposals	0	(131)
Accretion	21	70
ARO, ending balance	2,364	2,326
Less: current ARO	(152)	(58)
ARO, long-term	$ 2,212	$ 2,268

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenues	$ 23,014	$ 29,549
Oil and natural gas sales, net
Disaggregation of Revenue [Line Items]
Total Revenues	22,414	28,499
Oil
Disaggregation of Revenue [Line Items]
Total Revenues	22,107	28,798
Natural gas
Disaggregation of Revenue [Line Items]
Total Revenues	119	(178)
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total Revenues	$ 188	$ (121)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Transaction Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Transaction costs	$ 1,000	$ 0

Oil and Natural Gas Propertie_2

Oil and Natural Gas Properties - Schedule of Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Extractive Industries [Abstract]
Proved	$ 344,990	$ 326,420
Unproved	30,783	32,084
Work-in-progress	6,526	15,398
Total oil and natural gas properties, gross	382,299	373,902
Accumulated depletion and amortization	(69,067)	(63,176)
Total oil and natural gas properties, net	$ 313,232	$ 310,726

Oil and Natural Gas Propertie_3

Oil and Natural Gas Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Extractive Industries [Abstract]
Depletion and amortization	$ 5,900	$ 5,500
Exploration costs	424	727
Oil and gas lease abandonments	424	557
Geological and geophysical costs	$ 0	$ 170

Oil and Natural Gas Propertie_4

Oil and Natural Gas Properties - Acquisition of Oil and Natural Gas Properties (Details) - J. Cleo Thompson and James Cleo Thompson, Jr., L.P. $ in Thousands	Dec. 20, 2019USD ($)awell
Schedule of Asset Acquisition [Line Items]
Number of net acres acquired	38
Number of wells acquired | well	17
Number of wells acquired, producing	11
Number of wells acquired, salt water disposal	6
Consideration transferred | $	$ 3,200

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Debt issuance costs, net	$ 1,764	$ 1,867
Prepayments to outside operators	188	284
Other deposits	82	98
Total other non-current assets	$ 2,034	$ 2,249

Derivative Instruments - Notion

Derivative Instruments - Notional Amounts (Details)	3 Months Ended
	Dec. 31, 2020$ / bblbbl
Crude Oil Swap, Q1 2021
Derivative [Line Items]
Notional Volume | bbl	442,253,000
Weighted average price (in usd per bbl)	52.30
Crude Oil Swap, Q2 2021
Derivative [Line Items]
Notional Volume | bbl	517,768,000
Weighted average price (in usd per bbl)	51.17
Crude Oil Swap, Q3 2021
Derivative [Line Items]
Notional Volume | bbl	534,278,000
Weighted average price (in usd per bbl)	50.99
Crude Oil Swap, Q4 2021
Derivative [Line Items]
Notional Volume | bbl	528,116,000
Weighted average price (in usd per bbl)	51.06
Crude Oil Swap, 2022
Derivative [Line Items]
Notional Volume | bbl	360,000,000
Weighted average price (in usd per bbl)	45.25
Natural Gas Swaps, Q1 2021
Derivative [Line Items]
Notional Volume | bbl	450,000,000
Weighted average price (in usd per bbl)	2.97
Natural Gas Swaps, Q2 2021
Derivative [Line Items]
Notional Volume | bbl	450,000,000
Weighted average price (in usd per bbl)	2.97
Natural Gas Swaps, Q3 2021
Derivative [Line Items]
Notional Volume | bbl	450,000,000
Weighted average price (in usd per bbl)	2.97
Natural Gas Swaps, Q4 2021
Derivative [Line Items]
Notional Volume | bbl	450,000,000
Weighted average price (in usd per bbl)	2.97
Crude Oil Collars, 2022
Derivative [Line Items]
Notional Volume | bbl	360,000,000
Crude Oil Collars, 2022 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl)	35
Crude Oil Collars, 2022 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl)	42.63
Crude Oil Basis, Q1 2021
Derivative [Line Items]
Notional Volume | bbl	435,000,000
Weighted average price (in usd per bbl)	0.40
Crude Oil Basis, Q2 2021
Derivative [Line Items]
Notional Volume | bbl	435,000,000
Weighted average price (in usd per bbl)	0.40
Crude Oil Basis, Q3 2021
Derivative [Line Items]
Notional Volume | bbl	435,000,000
Weighted average price (in usd per bbl)	0.40
Crude Oil Basis, Q4 2021
Derivative [Line Items]
Notional Volume | bbl	435,000,000
Weighted average price (in usd per bbl)	0.40

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Derivative [Line Items]
Derivative notional amount	$ 95,000
Interest Rate Swap
Derivative [Line Items]
Derivative notional amount		$ 95,000

Derivative Instruments - Statem

Derivative Instruments - Statement Of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Derivative [Line Items]
Derivative asset, net, gross fair value	$ 2,839	$ 21,921
Derivative assets, net, net fair value	2,839	21,921	$ (3,632)	$ 14,959
Current derivative assets
Derivative [Line Items]
Derivative asset, gross fair value	9,419	19,690
Derivative asset, amounts netted	(3,338)	(871)
Derivative assets, net fair value	6,081	18,819
Non-current derivative assets
Derivative [Line Items]
Derivative asset, gross fair value	0	4,651
Derivative asset, amounts netted	0	(1,549)
Derivative assets, net fair value	0	3,102
Current derivative liabilities
Derivative [Line Items]
Derivative liability, gross fair value	(3,610)	(871)
Derivative liability, amounts netted	3,338	871
Derivative liability, net fair value	(272)	0
Non-current derivative liabilities
Derivative [Line Items]
Derivative liability, gross fair value	(2,970)	(1,549)
Derivative liability, amounts netted	0	1,549
Derivative liability, net fair value	$ (2,970)	$ 0

Derivative Instruments - Deriva

Derivative Instruments - Derivative Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change In Derivatives, Net [Roll Forward]
Fair value of net asset, beginning of period	$ 21,921	$ 14,959
Loss on derivatives	(13,909)	(18,035)
Settlements on derivatives	(5,173)	(556)
Fair value of net asset (liability), end of period	$ 2,839	$ (3,632)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 9,419	$ 24,341
Financial liabilities	(5,963)	(1,672)
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	9,419	24,341
Financial liabilities	(5,963)	(1,672)
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 liabilities	(617)	(748)
Interest rate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
Interest rate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	(617)	(748)
Interest rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0	$ 0

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)bbl	Dec. 31, 2019USD ($)bbl	Sep. 30, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of asset retirement obligation liabilities incurred and acquired	$ 17	$ 873
Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Plug And Abandonment Cost Per Well For All Oil And Natural Gas Wells
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset retirement obligations, measurement input		52	50
Valuation Technique, Discounted Cash Flow | Remaining Life Per Well
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset retirement obligations, measurement input | bbl	27	12
Valuation Technique, Discounted Cash Flow | Measurement Input, Average Credit-Adjusted Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset retirement obligations, measurement input	0.0517	0.0834

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($)	Aug. 01, 2020	Jul. 01, 2020	Sep. 01, 2019	May 01, 2019	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Related Party Transaction [Line Items]
Accounts receivable – related parties						$ 313,000		$ 55,000
Cost of contract services - related parties						148,000	$ 168,000
Affiliated Entity | Contract Services Agreement | Combo Resources, LLC
Related Party Transaction [Line Items]
Monthly servicing fee	$ 100,000	$ 150,000			$ 250,000
Revenue from related parties						300,000	750,000
Accounts receivable – related parties						313,000		55,000
Due from related parties						570,000
Affiliated Entity | Contract Services Agreement | Riley Exploration Group, Inc
Related Party Transaction [Line Items]
Monthly servicing fee			$ 100,000	$ 75,000
Revenue from related parties						300,000
Accounts receivable – related parties						0		$ 0
Cost of contract services - related parties						$ 148,000	$ 168,000

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 28, 2017
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 155	$ 153
Outstanding borrowings	97,500		$ 101,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing base	135,000			$ 25,000
Maximum facility amount				$ 500,000
Total commitments	132,500
Interest expense and unused commitment fees	1,100	1,200
Amortization of debt issuance costs	$ 155	$ 153
Weighted average interest rate	3.16%		4.09%
Available under the credit facility	$ 35,000		$ 34,000

Members' Equity (Details)

Members' Equity (Details) - shares	Oct. 01, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Common units authorized		1,568,370
Restricted units
Class of Stock [Line Items]
Number of units available for issuances	135,241
Awards Granted on October 1, 2020 | Restricted units
Class of Stock [Line Items]
Issuance of common units under long-term incentive plan	13,309
Unit vesting period	3 years
Series A preferred units
Class of Stock [Line Items]
Preferred units authorized		511,695

Preferred Units - Narrative (De

Preferred Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 29, 2021	Aug. 13, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Temporary Equity [Line Items]
Mandatory redemption period		1 year
Conversion price (in USD per unit)		$ 120
Series A preferred units
Temporary Equity [Line Items]
Dividends paid in kind (in units)			7,527	7,094
Accrued dividends payable			$ 917		$ 903
Series A preferred units | Subsequent Event
Temporary Equity [Line Items]
Dividends paid	$ 917
Dividends paid (in units)	7,639

Preferred Units - Summary of Ch

Preferred Units - Summary of Changes in Preferred Units (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 60,292
Ending balance	$ 61,196
Series A preferred units
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in units)	504,168	475,152
Beginning balance	$ 60,292	$ 56,810
Dividends paid in kind (in units)	7,527	7,094
Dividends paid in kind	$ 904	$ 851
Ending balance (in units)	511,695	482,246
Ending balance	$ 61,196	$ 57,661

Unit-Based Compensation (Detail

Unit-Based Compensation (Details) - USD ($) $ in Thousands	Oct. 05, 2020	Oct. 01, 2020	Feb. 01, 2020	Apr. 29, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit-based compensation expense					$ 413	$ 153
Awards Granted on February 1, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased for payment of employee tax withholding obligations (in units)			1,229
Units granted, net of shares repurchased for payment of employee tax withholding obligations (in units)			14,538
Restricted units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units forfeited (in units)	2,706
Restricted units | Awards Granted on April 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted				14,766
Unit-based compensation expense					166	153
Additional unit-based compensation to be recognized					$ 601
Unit-based compensation expense recognition period					14 months
Units forfeited (in units)	904
Restricted units | Awards Granted on February 1, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted			15,767
Unit vesting period			3 years
Unit-based compensation expense					$ 122	$ 0
Additional unit-based compensation to be recognized					$ 1,100
Unit-based compensation expense recognition period					26 months
Units forfeited (in units)	1,802
Restricted units | Awards Granted on October 1, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted		13,309
Unit vesting period		3 years
Unit-based compensation expense					$ 125
Additional unit-based compensation to be recognized					$ 1,400
Unit-based compensation expense recognition period					33 months
Restricted units | Minimum | Awards Granted on April 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit vesting period					2 years
Restricted units | Maximum | Awards Granted on April 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit vesting period					3 years

Net Income (Loss) Per Unit - Co

Net Income (Loss) Per Unit - Computation of Basic and Diluted Net Loss Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss attributable to common unitholders - Basic	$ (8,858)	$ (7,705)
Net loss attributable to common unitholders - Diluted	$ (8,858)	$ (7,705)
Basic weighted-average common units outstanding (in shares)	1,529,937	1,525,791
Effecting of dilutive securities:
Series A preferred units (in units)	0	0
Restricted units (in units)	0	0
Diluted weighted-average common units outstanding (in units)	1,529,937	1,525,791
Basic net loss per common unit (in USD per unit)	$ (5.79)	$ (5.04)
Diluted net loss per common unit (in USD per unit)	$ (5.79)	$ (5.04)

Net Income (Loss) Per Unit - Sc

Net Income (Loss) Per Unit - Schedule of Anti-Dilutive Units (Details) - shares	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series A preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive units	511,695	482,246
Restricted units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive units	34,512	14,766

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Environmental liabilities	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) shares in Millions	Feb. 26, 2021$ / sharesshares	Oct. 21, 2020
TGC
Subsequent Event [Line Items]
Reverse stock split		0.083
Subsequent Event
Subsequent Event [Line Items]
Common stock outstanding post merger (in shares) | shares	17.8
Subsequent Event | Riley Exploration
Subsequent Event [Line Items]
Percentage of voting interests acquired	95.00%
Subsequent Event | TGC
Subsequent Event [Line Items]
Par value (in dollars per share) | $ / shares	$ 0.001
Stock conversion ratio	97.796467