Riley Exploration Permian (REPX) 10-Q 14 Feb 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2021	Feb. 07, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,514,935
Entity Central Index Key	0001001614
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--09-30

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Current Assets:
Cash and cash equivalents	$ 8,317	$ 17,067
Accounts receivable	18,002	17,473
Accounts receivable - related parties	0	456
Prepaid expenses and other current assets	4,902	1,730
Current derivative assets	83	0
Total current assets	31,304	36,726
Oil and natural gas properties, net (successful efforts)	359,131	345,797
Other property and equipment, net	3,174	3,183
Non-current derivative assets	267	106
Other non-current assets, net	2,293	2,419
Total Assets	396,169	388,231
Current Liabilities:
Accounts payable	7,737	12,234
Accounts payable - related parties	164	0
Accrued liabilities	12,874	19,355
Revenue payable	11,370	9,008
Current derivative liabilities	30,984	42,144
Other current liabilities	947	874
Total Current Liabilities	64,076	83,615
Non-current derivative liabilities	9,515	8,932
Asset retirement obligations	2,261	2,306
Revolving credit facility	65,000	60,000
Deferred tax liabilities	17,384	11,628
Other non-current liabilities	95	60
Total Liabilities	158,331	166,541
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; 19,836,885 and 19,672,050 shares issued and outstanding at December 31, 2021 and September 30, 2021, respectively	20	20
Additional paid-in capital	271,737	270,837
Accumulated deficit	(33,919)	(49,167)
Total Shareholders' Equity	237,838	221,690
Total Liabilities and Shareholders' Equity	$ 396,169	$ 388,231

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Dec. 31, 2021	Sep. 30, 2021
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)	19,836,885	19,672,050
Common stock, shares outstanding (in Shares)	19,836,885	19,672,050

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total Revenues	$ 57,250	$ 23,014
Costs and Expenses:
Lease operating expenses	7,419	4,568
Production and ad valorem taxes	3,005	1,289
Exploration costs	611	424
Depletion, depreciation, amortization and accretion	6,867	5,990
General and administrative:
Administrative costs	3,633	2,445
Unit-based compensation expense	0	413
Share-based compensation expense	951	0
Cost of contract services - related parties	150	148
Transaction costs	1,258	1,049
Total Costs and Expenses	23,894	16,326
Income From Operations	33,356	6,688
Other Income (Expense):
Interest expense	(896)	(1,235)
Loss on derivatives	(5,193)	(13,909)
Total Other Income (Expense)	(6,089)	(15,144)
Net Income (Loss) Before Income Taxes	27,267	(8,456)
Income tax benefit (expense)	(5,869)	515
Net Income (Loss)	21,398	(7,941)
Dividends on preferred units	0	(917)
Net Income (Loss) Attributable to Common Shareholders/Unitholders	21,398	(8,858)
Net Income (Loss) Attributable to Common Shareholders/Unitholders	$ 21,398	$ (8,858)
Net Income (Loss) per Share/Unit:
Basic (USD per Share/Unit)	$ 1.10	$ (0.71)
Diluted (USD per Share/Unit)	$ 1.09	$ (0.71)
Weighted Average Common Share/Units Outstanding:
Basic (in Shares/Units)	19,470	12,469
Diluted (in Shares/Units)	19,569	12,469
Oil and natural gas sales, net
Revenues:
Total Revenues	$ 56,650	$ 22,414
Contract services - related parties
Revenues:
Total Revenues	$ 600	$ 600

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS'/SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Members' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in Shares/Units) at Sep. 30, 2020		1,555	0
Beginning balance at Sep. 30, 2020	$ 0	$ 166,617	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units under long-term incentive plan (in Shares/Units)		13
Dividends on preferred units	(917)	$ (917)
Dividends on common units		(3,801)
Unit-based compensation expense		413
Net income (loss)	(7,941)	$ (7,941)
Ending balance (in Shares/Units) at Dec. 31, 2020		1,568	0
Ending balance at Dec. 31, 2020	0	$ 154,371	$ 0	0	0
Beginning balance (in Shares/Units) at Sep. 30, 2021		0	19,672
Beginning balance at Sep. 30, 2021	221,690	$ 0	$ 20	270,837	(49,167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	919			919
Repurchased shares for tax withholding (in shares)			(10)
Repurchased shares for tax withholding	(19)			(19)
Issuance of common units under long-term incentive plan (in Shares/Units)			175
Dividends on preferred units	0
Dividends declared	(6,150)				(6,150)
Net income (loss)	21,398				21,398
Ending balance (in Shares/Units) at Dec. 31, 2021		0	19,837
Ending balance at Dec. 31, 2021	$ 237,838	$ 0	$ 20	$ 271,737	$ (33,919)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 21,398	$ (7,941)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Oil and gas lease expirations	588	424
Depletion, depreciation, amortization and accretion	6,867	5,990
Loss on derivatives	5,193	13,909
Settlements on derivative contracts	(16,014)	5,173
Amortization of deferred financing costs	282	155
Unit-based compensation expense	0	413
Share-based compensation expense	951	0
Deferred income tax expense (benefit)	5,756	(515)
Changes in operating assets and liabilities:
Accounts receivable	(529)	(397)
Accounts receivable – related parties	456	(258)
Prepaid expenses and other current assets	(3,172)	(39)
Other non-current assets	0	1
Accounts payable and accrued liabilities	(2,625)	(385)
Accounts payable - related parties	164	0
Income taxes payable	113	0
Revenue payable	2,362	95
Advances from joint interest owners	0	(2)
Advances from related parties	0	570
Other liabilities	(63)	0
Net Cash Provided By Operating Activities	21,727	17,193
Cash Flows from Investing Activities:
Additions to oil and natural gas properties	(29,011)	(9,389)
Additions to other property and equipment	(117)	(318)
Net Cash Used In Investing Activities	(29,128)	(9,707)
Cash Flows from Financing Activities:
Deferred financing costs	(274)	(52)
Proceeds from revolving credit facility	5,000	2,000
Repayment under revolving credit facility	0	(5,500)
Payment of common share/unit dividends	(6,056)	(3,717)
Common stock repurchased for tax withholding	(19)	0
Net Cash Used in Financing Activities	(1,349)	(7,269)
Net Increase (Decrease) in Cash and Cash Equivalents	(8,750)	217
Cash and Cash Equivalents, Beginning of Period	17,067	1,660
Cash and Cash Equivalents, End of Period	8,317	1,877
Cash Paid For:
Interest	495	850
Non-cash Investing and Financing Activities - Continuing Operations:
Changes in capital expenditures in accounts payable and accrued liabilities	(8,443)	(680)
Common share/unit dividends incurred but not paid	(114)	(84)
Asset retirement obligations	56	17
Preferred unit dividends paid in kind	0	904
Preferred unit dividends	$ 0	$ 917

Nature of Business

Nature of Business	3 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Organization 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 NGLs in Texas and New Mexico. Our activities primarily include the horizontal development of the San Andres formation, a shelf margin deposit on the Northwest Shelf of the Permian Basin. Our acreage is primarily located on large, contiguous blocks in Yoakum County, Texas. On February 26, 2021 (the “Closing Date”), Riley Permian (f/k/a Tengasco, Inc. (“Tengasco”)), consummated a merger, dated as of October 21, 2020, by and among Tengasco, Antman Sub, LLC, a newly formed Delaware limited liability company and wholly owned subsidiary of Tengasco (“Merger Sub”), and Riley Exploration – Permian, LLC (“REP LLC”). Merger Sub merged with and into REP LLC, with REP LLC as the surviving company and as a wholly owned subsidiary of Tengasco (collectively, with the other transactions described in the Merger Agreement, the “Merger”). On the Closing Date, the Registrant changed its name from Tengasco, Inc. to Riley Exploration Permian, Inc.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated financial statements as of December 31, 2021 and for the three months ended December 31, 2021 and 2020 include the accounts of Riley Permian and its wholly owned subsidiaries REP LLC, Riley Permian Operating Company, LLC ("RPOC"), Tengasco Pipeline Corporation, Tennessee Land & Mineral Corporation, and Manufactured Methane Corporation, and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation. The Merger was accounted for as a reverse merger and, as such, the historical operations of REP LLC are deemed to be those of the Company. Thus, the condensed consolidated financial statements included in this report reflect (i) the historical operating results of REP LLC prior to the Merger; (ii) the consolidated results of the Company following the Merger; (iii) the assets and liabilities of REP LLC at their historical cost; and (iv) the Company’s equity and earnings per share for all periods presented. 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 regulation of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company's most recent Annual Report on Form 10-K for the year ended September 30, 2021. 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 liabilities and results of operations or cash flows. 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 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 months ended December 31, 2021, are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2022, for various reasons, including as a result of the impact of 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 future impacts of COVID-19 and other factors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2021
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, AROs, 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: December 31, 2021 September 30, 2021 (In thousands) Oil, natural gas and NGL sales $ 17,562 $ 17,008 Joint interest accounts receivable 409 413 Realized derivative receivable — 42 Other accounts receivable 31 10 Total accounts receivable $ 18,002 $ 17,473 The Company had no allowance for doubtful accounts at December 31, 2021 and September 30, 2021. Other Non-Current Assets, Net Other non-current assets consisted of the following: December 31, 2021 September 30, 2021 (In thousands) Deferred financing costs, net $ 1,345 $ 1,353 Prepayments to outside operators 690 707 Right of use assets 208 309 Other deposits 50 50 Total other non-current assets, net $ 2,293 $ 2,419 Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2021 September 30, 2021 (In thousands) Accrued capital expenditures $ 5,618 $ 9,718 Accrued lease operating expenses 2,534 2,428 Accrued general and administrative costs 3,404 4,375 Other accrued expenditures 1,318 2,834 Total accrued liabilities $ 12,874 $ 19,355 Asset Retirement Obligations Components of the changes in ARO for the three months ended December 31, 2021 and year ended September 30, 2021 are shown below: December 31, 2021 September 30, 2021 (In thousands) ARO, beginning balance $ 2,434 $ 2,326 Liabilities incurred 56 113 Liability settlements and disposals (58) (92) Accretion 21 87 ARO, ending balance 2,453 2,434 Less: current ARO (1) (192) (128) ARO, long-term $ 2,261 $ 2,306 _____________________ (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 December 31, 2021 2020 (In thousands) Oil and natural gas sales: Oil $ 50,623 $ 22,107 Natural gas 2,705 119 Natural gas liquids 3,322 188 Total oil and natural gas sales, net $ 56,650 $ 22,414 Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance and is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU effective October 1, 2021. The adoption of this ASU did not have a material impact on the Company's condensed consolidated 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., 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.

Acquisitions

Acquisitions	3 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisition	Acquisitions Business Combination Between REP LLC and Tengasco Immediately prior to the closing of the Merger on February 26, 2021, REP LLC converted all of its issued and outstanding Series A Preferred Units into common units of REP LLC. In connection with the Merger, holders of common units of REP LLC were entitled to receive, in exchange for each common unit, shares of common stock of Tengasco (which was renamed Riley Exploration Permian, Inc.), par value $0.001 per share (“Tengasco 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 Tengasco common stock for each common unit of REP LLC (as adjusted for the reverse stock split). Immediately prior to the closing of the Merger, Tengasco effected a one-for-twelve reverse stock split resulting in outstanding common stock of approximately 17.8 million shares including shares of Tengasco common stock issued in the Merger. The combination between REP LLC and Tengasco qualified as a business combination, with REP LLC being treated as the accounting acquirer. The assets acquired and liabilities assumed were recognized on the consolidated balance sheet at fair value as of the acquisition date. The consideration paid in the Merger by REP LLC as the accounting acquirer totaled approximately $26.4 million and was determined based on the closing price of Tengasco’s common stock on February 26, 2021 and the total number of shares outstanding immediately prior to the Merger. The Merger was structured as a tax-free reorganization for United States federal income tax purposes. The following table summarizes the consideration for the Merger (presented in thousands, except stock price): Tengasco common stock price $ 29.64 Tengasco common stock - issued and outstanding as of February 26, 2021 891 Total consideration $ 26,392 The Company incurred $1.0 million of costs related to the Merger during the three months ended December 31, 2020, which is included in transaction costs on the condensed consolidated statement of operations. The Company completed the determination of the fair value attributable to the assets acquired and liabilities assumed as of September 30, 2021. The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values on February 26, 2021 (in thousands): Assets Cash and cash equivalents $ 860 Account receivable 325 Prepaid and other current assets 759 Total current assets 1,944 Oil and gas properties 4,525 Other property and equipment 91 Right of use assets 42 Other non-current assets 4 Deferred tax assets 2,987 Total assets acquired 9,593 Liabilities Accounts payable 130 Accrued liabilities 409 Current lease liabilities, operating 42 Current lease liabilities, financing 68 Total current liabilities 649 Asset retirement obligations 1,565 Total liabilities assumed 2,214 Net identifiable assets acquired 7,379 Goodwill 19,013 Net assets acquired $ 26,392 The goodwill recognized was primarily attributable to a substantial increase in the stock price of Tengasco on the Closing Date, which increased the amount of the consideration transferred. Pro Forma Operating Results (Unaudited) The following unaudited pro forma combined results for the three months ended December 31, 2020 reflect the consolidated results of operations of the Company as if the Merger had occurred on October 1, 2019. The unaudited pro forma information includes adjustments for $0.9 million of transaction costs being reclassified to the first quarter of fiscal year 2020 which were incurred during the three months ended December 31, 2020. Additionally, the Company adjusted for $0.9 million of oil and natural gas property impairment Tengasco recognized under the full-cost method of accounting, which would not have been recognized under the successful efforts method, during the three months ended December 31, 2020. Also, the unaudited pro forma information has been tax affected using a 21% tax rate. The common stock was also adjusted for the conversion of the REP LLC preferred units into common units and retroactively adjusted for the Exchange Ratio and one-for-twelve reverse stock split. Three Months Ended December 31, 2020 (In thousands, except per share/unit amounts) Total Revenues $ 23,014 Pro Forma Net Income (Loss) before Taxes (6,647) Pro forma income tax benefit (expense) 1,396 Pro Forma Net Income (Loss) $ (5,251) Net Income (Loss) per Share/Unit from Continuing Operations: Basic $ (0.30) Diluted $ (0.30) 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 Merger been completed as of October 1, 2019 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.

Oil and Natural Gas Properties

Oil and Natural Gas Properties	3 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Oil and Natural Gas Properties	Oil and Natural Gas Properties Oil and natural gas properties are summarized below: December 31, 2021 September 30, 2021 (In thousands) Proved $ 421,779 $ 402,165 Unproved 18,839 20,557 Work-in-progress 13,534 11,411 454,152 434,133 Accumulated depletion and amortization (95,021) (88,336) Total oil and natural gas properties, net $ 359,131 $ 345,797 Depletion and amortization expense for proved oil and natural gas properties was $6.7 million and $5.9 million for the three months ended December 31, 2021 and 2020, respectively. The Company incurred $0.6 million and $0.4 million of exploration costs, which primarily related to the expiration of oil and natural gas leases for the three months ended December 31, 2021 and 2020, respectively.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Dec. 31, 2021
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 may also limit future revenues from favorable price changes. For the three months ended December 31, 2021 and 2020, 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 (expenses) in the condensed consolidated statement of operations. As of December 31, 2021, 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 December 31, 2021, related to oil and natural gas production: Weighted Average Price Calendar Quarter Notional Volume Fixed Put Call ($ per unit) Oil Swaps (Bbl) Q1 2022 345,000 $ 57.47 $ — $ — Q2 2022 345,000 $ 57.47 $ — $ — Q3 2022 270,000 $ 56.03 $ — $ — Q4 2022 270,000 $ 56.03 $ — $ — 2023 720,000 $ 53.27 $ — $ — Natural Gas Swaps (Mcf) Q1 2022 360,000 $ 3.26 $ — $ — Q2 2022 540,000 $ 3.26 $ — $ — Q3 2022 540,000 $ 3.26 $ — $ — Q4 2022 540,000 $ 3.26 $ — $ — Oil Collars (Bbl) Q1 2022 90,000 $ — $ 35.00 $ 42.63 Q2 2022 90,000 $ — $ 35.00 $ 42.63 Q3 2022 90,000 $ — $ 35.00 $ 42.63 Q4 2022 90,000 $ — $ 35.00 $ 42.63 Oil Basis (Bbl) Q1 2022 240,000 $ 0.41 $ — $ — Q2 2022 240,000 $ 0.41 $ — $ — Q3 2022 240,000 $ 0.41 $ — $ — Q4 2022 240,000 $ 0.41 $ — $ — Interest Rate Contracts The Company has entered into floating-to-fixed interest rate swaps (we receive a floating market rate equal to one-month LIBOR and pay a fixed interest rate) to manage interest rate exposure related to the Company's revolving credit facility. The following table summarizes the open interest rate derivative positions as of December 31, 2021: Open Coverage Period Notional Amount Fixed Rate (In thousands) Floating-to-Fixed Interest Rate Swaps January 2022 - September 2023 $ 40,000 0.24 % Balance Sheet Presentation of Derivatives The following table presents the location and fair value of the Company’s derivative contracts included in the condensed consolidated balance sheets as of December 31, 2021 and September 30, 2021: December 31, 2021 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 281 $ (198) $ 83 Non-current derivative assets 267 — 267 Current derivative liabilities (31,182) 198 (30,984) Non-current derivative liabilities (9,515) — (9,515) Total $ (40,149) $ — $ (40,149) September 30, 2021 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 186 $ (186) $ — Non-current derivative assets 228 (122) 106 Current derivative liabilities (42,330) 186 (42,144) Non-current derivative liabilities (9,054) 122 (8,932) Total $ (50,970) $ — $ (50,970) The following table presents the Company's derivative activities for the three months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 2020 (In thousands) Fair value of net asset (liability), beginning of period $ (50,970) $ 21,921 Loss on derivatives (5,193) (13,909) Settlements on derivatives 16,014 (5,173) Fair value of net asset (liability), end of period $ (40,149) $ 2,839

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2021
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, related party accounts receivable and accounts payable, and advances from joint interest owners 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. The revolving line of credit is considered a Level 3 measurement. Assets and Liabilities Measured on a Recurring Basis The fair value of commodity derivatives and interest rate swaps is estimated using internal discounted cash flow calculations based upon forward curves. 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, 2021 and September 30, 2021, by Level within the fair value hierarchy: December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 187 $ — $ — Interest rate assets $ — $ 361 $ — $ — Financial liabilities: Commodity derivative liabilities $ — $ (40,687) $ — $ — Interest rate liabilities $ — $ (10) $ — $ — September 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 308 $ — $ — Interest rate assets $ — $ 106 $ — $ — Financial liabilities: Commodity derivative liabilities $ — $ (51,336) $ — $ — Interest rate liabilities $ — $ (48) $ — $ —

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties Contract Services 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 contract services for related parties: Three Months Ended December 31, 2021 2020 (In thousands) Combo $ 300 $ 300 REG 300 300 Contract services - related parties $ 600 $ 600 Cost of contract services $ 150 $ 148 The Company had amounts (payable to) and due from Combo of $(0.2) million and $0.5 million at December 31, 2021 and September 30, 2021, respectively, which are reflected in accounts payable - related parties and accounts receivable - related parties on the accompanying condensed consolidated balance sheets. There were no amounts due to the Company from REG as of December 31, 2021 and September 30, 2021. Consulting and Legal Fees

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On September 28, 2017, REP LLC entered into a credit agreement (the "Credit Agreement") to establish a senior secured revolving credit facility with a syndicate of banks including SunTrust Bank, now Truist Bank as successor by merger, as administrative agent. The revolving credit facility had an initial borrowing base of $25 million with a maximum facility amount of $500 million. On October 12, 2021, the revolving credit facility was amended to, among other things, increase the borrowing base to $175 million from $135 million, provide for the transition away from LIBOR to an alternative reference rate and change the requirements for Restricted Payments (as defined in the Credit Agreement) to consider the Company's total leverage ratio and available free cash flow under certain circumstances. Substantially all of the Company’s assets are pledged to secure the revolving credit facility. The borrowing base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The facility currently requires semi-annual redeterminations on February 1 and August 1. During these redetermination periods, the Company’s borrowing base may be increased and may also be reduced in certain circumstances. The revolving credit facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Agreement). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 2.75% and 3.75% (depending on the borrowing base utilization percentage). The annual interest rate on each Base Rate Loan is (i) the greatest of (a) the administrative agent’s prime lending rate, (b) the federal funds rate plus 0.5% per annum or (c) the adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (ii) a margin between 1.75% and 2.75% (depending on the borrowing base utilization percentage). The Company is also subject to an unused commitment fee of between 0.375% and 0.500% (depending on the borrowing base utilization percentage). The Credit Agreement contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not more than 3.25 to 1.0 and (ii) a minimum current ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter. The Credit Agreement also contains a total leverage ratio for Restricted Payments after giving pro forma effect to such Restricted Payments, which includes payments to any holder of the Company's shares, would not exceed 2.50 to 1.0. If the Company's leverage ratio, after giving pro forma effect to such Restricted Payments (as defined in the Credit Agreement), is below 2.0 to 1.0, then an additional test of free cash flow is applied, and the Company will only be permitted to make such Restricted Payments if such payment does not exceed the Company's free cash flow. The Company is also required to limit its cash balance to less than $15 million or 10% of the borrowing base, whichever is greater. If the Company's cash balance exceeds this limit for five The following table summarizes the Company's interest expense: Three Months Ended December 31, 2021 2020 (In thousands) Interest expense $ 512 $ 1,041 Amortization of deferred financing costs (1) 282 155 Unused commitment fees 102 39 Total interest expense $ 896 $ 1,235 _____________________ (1) Includes $0.1 million of unamortized deferred financing costs written off during the three months ended December 31, 2021 in conjunction with the amendment of the Credit Agreement in October 2021. As of December 31, 2021 and September 30, 2021, the weighted average interest rate on outstanding borrowings under the revolving credit facility was 3.10% and 2.83%, respectively. As of December 31, 2021 and September 30, 2021, the Company was in compliance with all covenants contained in the Credit Agreement and had $65 million and $60 million, respectively, of outstanding borrowings and an additional $110 million and $75 million, respectively, available under the borrowing base.

Members__Shareholders' Equity

Members’/Shareholders' Equity	3 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Members’/Shareholders' Equity	Members’/Shareholders' Equity Dividends For the three months ended December 31, 2021 and 2020, the Company declared quarterly dividends on its common stock and common units totaling approximately $6.1 million and $3.8 million, respectively. See Note 9 - Revolving Credit Facility for discussion over the Company's restrictions on certain payments, including dividends. Share-Based and Unit-Based Compensation In connection with the Merger, the Company shareholders adopted an omnibus equity incentive plan, the 2021 LTIP, for the employees, consultants and the directors of the Company and its affiliates who perform services for the Company. The holders of unvested restricted units issued under the 2018 LTIP were issued substitute awards under the 2021 LTIP at the closing of the Merger. Upon the closing of the Merger and after giving effect to the adjustment resulting from the one-for-twelve reverse stock split, the 2021 LTIP had 1,387,022 shares of common stock available for issuance, of which 814,707 shares remained available as of December 31, 2021. 2021 Long-Term Incentive Plan Restricted Shares: The Company granted 174,575 restricted shares to executive officers and employees of the Company during the three months ended December 31, 2021. The restricted shares granted to executive officers and employees vest over a period of 36 months with a grant date fair value of $23.46. The holder of these restricted shares receives dividends, in arrears, once the shares vest. The Company has accrued for these dividends which are reported in accrued liabilities and other non-current liabilities. The following table presents the Company's restricted stock activity during the three months ended December 31, 2021 under the 2021 LTIP: 2021 Long-Term Incentive Plan Restricted Shares Weighted Average Grant Date Fair Value Unvested at September 30, 2021 228,369 $ 15.35 Granted 174,575 $ 23.46 Vested (36,155) $ 13.80 Forfeited — $ — Unvested at December 31, 2021 366,789 $ 19.41 During the three months ended December 31, 2021, total share-based compensation expense of $1.0 million is included in general and administrative costs on the Company's condensed consolidated statement of operations for the restricted share awards granted under the 2021 LTIP. Approximately $5.5 million of additional share-based compensation expense will be recognized over the weighted average life of 28 months for the restricted share awards granted under the 2021 LTIP. 2018 Long-Term Incentive Plan In connection with the Merger and in accordance with the Merger Agreement, each unvested restricted unit outstanding under the 2018 LTIP was converted into restricted shares of the Company under the 2021 LTIP. The holders of unvested restricted units issued under the 2018 LTIP were issued substitute awards under the 2021 LTIP at the closing of the Merger. Restricted Units: The Company granted 13,309 restricted units to executives and employees of the Company during the three months ended December 31, 2020. These restricted units vest over a period of 36 months with a fair value price of $112.47. The Company determined the fair value of the common units in accordance with ASC 718 using an options pricing model. Immediately prior to the consummation of the Merger and in accordance with the Merger Agreement, any accrued but unpaid cash dividends on the unvested restricted units issued under the 2018 LTIP was paid. Total unit-based compensation expense of $0.4 million, respectively, is included in general and administrative costs on the Company's condensed consolidated statement of operations for all of the issuances outstanding for the three months ended December 31, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes REP LLC was organized as a limited liability company and treated as a flow-through entity for federal income tax purposes. As such, taxable income and any related tax credits were passed through to its members and included in their tax returns, even though such taxable income or tax credits may not have been distributed. In connection with the closing of the Merger, the Company's tax status changed from a limited liability company to a C-corporation. As a result, the Company is responsible for federal and state income taxes and must record deferred tax assets and liabilities for the tax effects of any temporary differences that exist on the date of the change. The components of the Company's consolidated provision for income taxes from continuing operations are as follows: Three Months Ended December 31, 2021 2020 (In thousands) Current income tax expense: Federal $ — $ — State 113 — Total current income tax expense 113 — Deferred income tax expense (benefit): Federal 5,669 — State 87 (515) Total deferred income tax expense (benefit) 5,756 (515) Total income tax expense (benefit) $ 5,869 $ (515) A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows: Three Months Ended December 31, 2021 2020 Tax at statutory rate 21.0 % 21.0 % Nondeductible compensation 0.1 % — % Stock compensation (0.3) % — % State income taxes, net of federal benefit 0.7 % 2.0 % Income subject to taxation by REP LLC's unitholders — % (21.0) % Effective income tax rate 21.5 % 2.0 % The Company's federal income tax returns for the years subsequent to September 30, 2017 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 September 30, 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

Net Income (Loss) Per Share_Uni

Net Income (Loss) Per Share/Unit	3 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share/Unit	Net Income (Loss) Per Share/Unit Net income (loss) per share/unit is calculated using a retroactive application of the Exchange Ratio and the one-for-twelve reverse stock split that occurred in conjunction with the Merger. Certain restricted shares of the Company met the criteria of a participating security. The Company calculated net income or loss per share/unit using the two-class method for those shares. The table below sets forth the computation of basic and diluted net income (loss) per share/unit for the three months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 2020 (In thousands, except per share/unit) Net income (loss) - Diluted $ 21,398 $ (7,941) Less: Dividends on preferred units — (917) Net income (loss) attributable to common shareholders/unitholders - Basic (1) $ 21,398 $ (8,858) Basic weighted-average common shares/units outstanding 19,470 12,469 Effecting of dilutive securities: Restricted shares/units 99 — Diluted weighted-average common shares/units outstanding 19,569 12,469 Basic net income (loss) per common share/unit $ 1.10 $ (0.71) Diluted net income (loss) per common share/unit $ 1.09 $ (0.71) _____________________________________________________ (1) Used in basic and diluted net loss per share calculation for December 31, 2020 since the Company was in a net loss position. For the three months ended December 31, 2021 and 2020, the following shares/units were excluded from the calculation of diluted net income (loss) per share/unit due to their anti-dilutive effect: Three Months Ended December 31, 2021 2020 (In thousands) Series A preferred units — 4,170 Restricted shares/units 268 281

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company has been named as a defendant in an action commenced on October 25, 2021 in United States Bankruptcy Court for the Northern District of Texas, Dallas Division, by the Chapter 7 Trustee for the Hoactzin Bankruptcy. The Company was served with this lawsuit on or about December 7, 2021. The complaint alleges that in October of 2018, one year prior to the Hoactzin bankruptcy filing in October of 2019, Peter Salas ("Salas"), Chairman of the Board of Tengasco during the period of the purported fraudulent transfers, caused Hoactzin to transfer its working interests in certain wells on its Kansas acreage (the “Kansas Working Interests”) to the Company for an amount the complaint alleges was purportedly less than the reasonable equivalent value of such Kansas Working Interests. The complaint includes avoidance actions and other causes of action in connection with the transfer of the Kansas Working Interests, as well as other causes of action alleged related to certain transactions to which the Company was not a party. The complaint also alleges that Salas, Dolphin Direct Equity Partners, L.P. ("DDEP"), an entity substantially owned by Salas, and the Company are jointly and severally liable for the damages incurred by Hoactzin. In connection with the Company’s merger in February 2021, Salas resigned his position from the Company’s Board and no longer holds any position as an officer or director of the Company. On April 2, 2021, the Company closed on the sale of all the assets it held in Kansas (of which the Kansas Working Interests were a small part) to a third party for an agreed upon purchase price of $3.2 million. As of the date of this Quarterly Report, the Company has filed its initial Answer denying the allegations against it. 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, 2021 and September 30, 2021. At this time, management does not expect the impact of this litigation to be material to our financial position or results of operations. 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 environmental liabilities as of December 31, 2021 or September 30, 2021. Contractual Commitments In July 2021, as part of a planned expansion of the primary gas processing plant owned by the Company's primary midstream partner, Stakeholder Midstream LLC ("Stakeholder"), the Company committed to annually drill, complete and connect a minimum number of wells or deliver an annual target volume to Stakeholder's gathering system. While the minimum number of wells is below our planned development activity, there are financial penalties if the minimum activity levels are not met. The annual well or volume target is for each of five years beginning January 2022. The additional capacity from the gas processing plant expansion is expected to lead to increased natural gas sales and decreased gas flaring for the Company. In August 2021, the Company entered into a purchase agreement for supplies for its EOR project. Under the agreement, the Company has remaining commitments totaling approximately $0.8 million and $2.6 million to purchase supplies by January 2022 and April 2022, respectively. On October 7, 2021, the Company executed two agreements related to its EOR project. The first agreement is a CO 2 purchase agreement with Kinder Morgan CO 2 Company, LLC and the second agreement is a connection agreement that also established a delivery point for the purchased CO 2 with the Cortez Pipeline Company.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 12, 2022, the Board of Directors of the Company declared a cash dividend of $0.31 per share of common stock, payable on February 9, 2022 to its shareholders of record at the close of business on January 26, 2022. On January 25, 2022, the Company and di Santo Law PLLC, a law firm owned by a member of our Board of Directors, entered into an engagement letter that provides a monthly fixed fee in exchange for general corporate legal services. The agreement has an initial term of one year and provides for a monthly cash payment of $30,000 and an aggregate one-time grant of 10,500 shares of restricted stock that will vest in four equal installments at the end of each quarter in calendar year 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation	These unaudited condensed consolidated financial statements as of December 31, 2021 and for the three months ended December 31, 2021 and 2020 include the accounts of Riley Permian and its wholly owned subsidiaries REP LLC, Riley Permian Operating Company, LLC ("RPOC"), Tengasco Pipeline Corporation, Tennessee Land & Mineral Corporation, and Manufactured Methane Corporation, and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation. The Merger was accounted for as a reverse merger and, as such, the historical operations of REP LLC are deemed to be those of the Company. Thus, the condensed consolidated financial statements included in this report reflect (i) the historical operating results of REP LLC prior to the Merger; (ii) the consolidated results of the Company following the Merger; (iii) the assets and liabilities of REP LLC at their historical cost; and (iv) the Company’s equity and earnings per share for all periods presented.
Basis of Presentation	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 regulation of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company's most recent Annual Report on Form 10-K for the year ended September 30, 2021. 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 liabilities and results of operations or cash flows. 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 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 months ended December 31, 2021, are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2022, for various reasons, including as a result of the impact of 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 future impacts of COVID-19 and other factors.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance and is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU effective October 1, 2021. The adoption of this ASU did not have a material impact on the Company's condensed consolidated 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., 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Accounts Receivable	Accounts receivable is summarized below: December 31, 2021 September 30, 2021 (In thousands) Oil, natural gas and NGL sales $ 17,562 $ 17,008 Joint interest accounts receivable 409 413 Realized derivative receivable — 42 Other accounts receivable 31 10 Total accounts receivable $ 18,002 $ 17,473
Schedule of Other Non-current Assets, Net	Other non-current assets consisted of the following: December 31, 2021 September 30, 2021 (In thousands) Deferred financing costs, net $ 1,345 $ 1,353 Prepayments to outside operators 690 707 Right of use assets 208 309 Other deposits 50 50 Total other non-current assets, net $ 2,293 $ 2,419
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: December 31, 2021 September 30, 2021 (In thousands) Accrued capital expenditures $ 5,618 $ 9,718 Accrued lease operating expenses 2,534 2,428 Accrued general and administrative costs 3,404 4,375 Other accrued expenditures 1,318 2,834 Total accrued liabilities $ 12,874 $ 19,355
Schedule of Asset Retirement Obligations	Components of the changes in ARO for the three months ended December 31, 2021 and year ended September 30, 2021 are shown below: December 31, 2021 September 30, 2021 (In thousands) ARO, beginning balance $ 2,434 $ 2,326 Liabilities incurred 56 113 Liability settlements and disposals (58) (92) Accretion 21 87 ARO, ending balance 2,453 2,434 Less: current ARO (1) (192) (128) ARO, long-term $ 2,261 $ 2,306 _____________________ (1) Current ARO is included within other current liabilities on the accompanying condensed consolidated balance sheets.
Disaggregation of Revenue	The following table presents oil and natural gas sales disaggregated by product: Three Months Ended December 31, 2021 2020 (In thousands) Oil and natural gas sales: Oil $ 50,623 $ 22,107 Natural gas 2,705 119 Natural gas liquids 3,322 188 Total oil and natural gas sales, net $ 56,650 $ 22,414

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the consideration for the Merger (presented in thousands, except stock price): Tengasco common stock price $ 29.64 Tengasco common stock - issued and outstanding as of February 26, 2021 891 Total consideration $ 26,392
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values on February 26, 2021 (in thousands): Assets Cash and cash equivalents $ 860 Account receivable 325 Prepaid and other current assets 759 Total current assets 1,944 Oil and gas properties 4,525 Other property and equipment 91 Right of use assets 42 Other non-current assets 4 Deferred tax assets 2,987 Total assets acquired 9,593 Liabilities Accounts payable 130 Accrued liabilities 409 Current lease liabilities, operating 42 Current lease liabilities, financing 68 Total current liabilities 649 Asset retirement obligations 1,565 Total liabilities assumed 2,214 Net identifiable assets acquired 7,379 Goodwill 19,013 Net assets acquired $ 26,392
Business Acquisition, Pro Forma Information	The following unaudited pro forma combined results for the three months ended December 31, 2020 reflect the consolidated results of operations of the Company as if the Merger had occurred on October 1, 2019. The unaudited pro forma information includes adjustments for $0.9 million of transaction costs being reclassified to the first quarter of fiscal year 2020 which were incurred during the three months ended December 31, 2020. Additionally, the Company adjusted for $0.9 million of oil and natural gas property impairment Tengasco recognized under the full-cost method of accounting, which would not have been recognized under the successful efforts method, during the three months ended December 31, 2020. Also, the unaudited pro forma information has been tax affected using a 21% tax rate. The common stock was also adjusted for the conversion of the REP LLC preferred units into common units and retroactively adjusted for the Exchange Ratio and one-for-twelve reverse stock split. Three Months Ended December 31, 2020 (In thousands, except per share/unit amounts) Total Revenues $ 23,014 Pro Forma Net Income (Loss) before Taxes (6,647) Pro forma income tax benefit (expense) 1,396 Pro Forma Net Income (Loss) $ (5,251) Net Income (Loss) per Share/Unit from Continuing Operations: Basic $ (0.30) Diluted $ (0.30)

Oil and Natural Gas Properties

Oil and Natural Gas Properties (Tables)	3 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Schedule of Oil and Gas Properties	Oil and natural gas properties are summarized below: December 31, 2021 September 30, 2021 (In thousands) Proved $ 421,779 $ 402,165 Unproved 18,839 20,557 Work-in-progress 13,534 11,411 454,152 434,133 Accumulated depletion and amortization (95,021) (88,336) Total oil and natural gas properties, net $ 359,131 $ 345,797

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Dec. 31, 2021
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, 2021, related to oil and natural gas production: Weighted Average Price Calendar Quarter Notional Volume Fixed Put Call ($ per unit) Oil Swaps (Bbl) Q1 2022 345,000 $ 57.47 $ — $ — Q2 2022 345,000 $ 57.47 $ — $ — Q3 2022 270,000 $ 56.03 $ — $ — Q4 2022 270,000 $ 56.03 $ — $ — 2023 720,000 $ 53.27 $ — $ — Natural Gas Swaps (Mcf) Q1 2022 360,000 $ 3.26 $ — $ — Q2 2022 540,000 $ 3.26 $ — $ — Q3 2022 540,000 $ 3.26 $ — $ — Q4 2022 540,000 $ 3.26 $ — $ — Oil Collars (Bbl) Q1 2022 90,000 $ — $ 35.00 $ 42.63 Q2 2022 90,000 $ — $ 35.00 $ 42.63 Q3 2022 90,000 $ — $ 35.00 $ 42.63 Q4 2022 90,000 $ — $ 35.00 $ 42.63 Oil Basis (Bbl) Q1 2022 240,000 $ 0.41 $ — $ — Q2 2022 240,000 $ 0.41 $ — $ — Q3 2022 240,000 $ 0.41 $ — $ — Q4 2022 240,000 $ 0.41 $ — $ — The following table summarizes the open interest rate derivative positions as of December 31, 2021: Open Coverage Period Notional Amount Fixed Rate (In thousands) Floating-to-Fixed Interest Rate Swaps January 2022 - September 2023 $ 40,000 0.24 %
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 condensed consolidated balance sheets as of December 31, 2021 and September 30, 2021: December 31, 2021 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 281 $ (198) $ 83 Non-current derivative assets 267 — 267 Current derivative liabilities (31,182) 198 (30,984) Non-current derivative liabilities (9,515) — (9,515) Total $ (40,149) $ — $ (40,149) September 30, 2021 Balance Sheet Classification Gross Fair Value Amounts Netted Net Fair Value (In thousands) Current derivative assets $ 186 $ (186) $ — Non-current derivative assets 228 (122) 106 Current derivative liabilities (42,330) 186 (42,144) Non-current derivative liabilities (9,054) 122 (8,932) Total $ (50,970) $ — $ (50,970)
Schedule of Changes in Derivatives, net	The following table presents the Company's derivative activities for the three months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 2020 (In thousands) Fair value of net asset (liability), beginning of period $ (50,970) $ 21,921 Loss on derivatives (5,193) (13,909) Settlements on derivatives 16,014 (5,173) Fair value of net asset (liability), end of period $ (40,149) $ 2,839

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2021
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, 2021 and September 30, 2021, by Level within the fair value hierarchy: December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 187 $ — $ — Interest rate assets $ — $ 361 $ — $ — Financial liabilities: Commodity derivative liabilities $ — $ (40,687) $ — $ — Interest rate liabilities $ — $ (10) $ — $ — September 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Commodity derivative assets $ — $ 308 $ — $ — Interest rate assets $ — $ 106 $ — $ — Financial liabilities: Commodity derivative liabilities $ — $ (51,336) $ — $ — Interest rate liabilities $ — $ (48) $ — $ —

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents revenues from contract services for related parties: Three Months Ended December 31, 2021 2020 (In thousands) Combo $ 300 $ 300 REG 300 300 Contract services - related parties $ 600 $ 600 Cost of contract services $ 150 $ 148

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	3 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Components of Interest Expense	The following table summarizes the Company's interest expense: Three Months Ended December 31, 2021 2020 (In thousands) Interest expense $ 512 $ 1,041 Amortization of deferred financing costs (1) 282 155 Unused commitment fees 102 39 Total interest expense $ 896 $ 1,235 _____________________ (1) Includes $0.1 million of unamortized deferred financing costs written off during the three months ended December 31, 2021 in conjunction with the amendment of the Credit Agreement in October 2021.

Members__Shareholders' Equity (

Members’/Shareholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Restricted Stock and Restricted Stock Unit, Activity	The following table presents the Company's restricted stock activity during the three months ended December 31, 2021 under the 2021 LTIP: 2021 Long-Term Incentive Plan Restricted Shares Weighted Average Grant Date Fair Value Unvested at September 30, 2021 228,369 $ 15.35 Granted 174,575 $ 23.46 Vested (36,155) $ 13.80 Forfeited — $ — Unvested at December 31, 2021 366,789 $ 19.41

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the Company's consolidated provision for income taxes from continuing operations are as follows: Three Months Ended December 31, 2021 2020 (In thousands) Current income tax expense: Federal $ — $ — State 113 — Total current income tax expense 113 — Deferred income tax expense (benefit): Federal 5,669 — State 87 (515) Total deferred income tax expense (benefit) 5,756 (515) Total income tax expense (benefit) $ 5,869 $ (515)
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 December 31, 2021 2020 Tax at statutory rate 21.0 % 21.0 % Nondeductible compensation 0.1 % — % Stock compensation (0.3) % — % State income taxes, net of federal benefit 0.7 % 2.0 % Income subject to taxation by REP LLC's unitholders — % (21.0) % Effective income tax rate 21.5 % 2.0 %

Net Income (Loss) Per Share_U_2

Net Income (Loss) Per Share/Unit (Tables)	3 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Shares/Units	The table below sets forth the computation of basic and diluted net income (loss) per share/unit for the three months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 2020 (In thousands, except per share/unit) Net income (loss) - Diluted $ 21,398 $ (7,941) Less: Dividends on preferred units — (917) Net income (loss) attributable to common shareholders/unitholders - Basic (1) $ 21,398 $ (8,858) Basic weighted-average common shares/units outstanding 19,470 12,469 Effecting of dilutive securities: Restricted shares/units 99 — Diluted weighted-average common shares/units outstanding 19,569 12,469 Basic net income (loss) per common share/unit $ 1.10 $ (0.71) Diluted net income (loss) per common share/unit $ 1.09 $ (0.71) _____________________________________________________ (1) Used in basic and diluted net loss per share calculation for December 31, 2020 since the Company was in a net loss position.
Schedule of Anti-Dilutive Shares/Units	For the three months ended December 31, 2021 and 2020, the following shares/units were excluded from the calculation of diluted net income (loss) per share/unit due to their anti-dilutive effect: Three Months Ended December 31, 2021 2020 (In thousands) Series A preferred units — 4,170 Restricted shares/units 268 281

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Accounting Policies [Abstract]
Oil, natural gas and NGL sales	$ 17,562	$ 17,008
Joint interest accounts receivable	409	413
Realized derivative receivable	0	42
Other accounts receivable	31	10
Total accounts receivable	$ 18,002	$ 17,473

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounts Receivable Narrative (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Other Non-current Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Accounting Policies [Abstract]
Deferred financing costs, net	$ 1,345	$ 1,353
Prepayments to outside operators	690	707
Right of use assets	$ 208	$ 309
Right of use assets [Extensible Enumeration]	Total other non-current assets, net	Total other non-current assets, net
Other deposits	$ 50	$ 50
Total other non-current assets, net	$ 2,293	$ 2,419

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Accounting Policies [Abstract]
Accrued capital expenditures	$ 5,618	$ 9,718
Accrued lease operating expenses	2,534	2,428
Accrued general and administrative costs	3,404	4,375
Other accrued expenditures	1,318	2,834
Total accrued liabilities	$ 12,874	$ 19,355

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO, beginning balance	$ 2,434	$ 2,326
Liabilities incurred	56	113
Liability settlements and disposals	(58)	(92)
Accretion	21	87
ARO, ending balance	2,453	2,434
Less: current ARO	(192)	(128)
ARO, long-term	$ 2,261	$ 2,306

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 57,250	$ 23,014
Oil and natural gas sales, net
Disaggregation of Revenue [Line Items]
Total Revenues	56,650	22,414
Oil
Disaggregation of Revenue [Line Items]
Total Revenues	50,623	22,107
Natural Gas
Disaggregation of Revenue [Line Items]
Total Revenues	2,705	119
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total Revenues	$ 3,322	$ 188

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 26, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Sep. 30, 2021$ / sharesshares	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Common stock, par value (USD per Share) | $ / shares		$ 0.001		$ 0.001
Common stock outstanding post merger (in Shares) | shares	17,800,000	19,836,885		19,672,050
Transaction costs		$ 1,258	$ 1,049
Pro Forma
Business Acquisition [Line Items]
Transaction costs					$ 900
Impairment of oil and gas properties			900
Riley Exploration
Business Acquisition [Line Items]
Total consideration	$ 26,392
Transaction costs			$ 1,000
Tengasco
Business Acquisition [Line Items]
Common stock, par value (USD per Share) | $ / shares	$ 0.001
Stock conversion ratio	97.796467
Reverse stock split	0.083

Acquisitions - Purchase Price o

Acquisitions - Purchase Price or Consideration for the Transaction (Details) - Riley Exploration $ / shares in Units, $ in Thousands	Feb. 26, 2021USD ($)$ / shares
Business Acquisition [Line Items]
Stock price (USD per Share) | $ / shares	$ 29.64
Common stock - issued and outstanding	$ 891
Total consideration	$ 26,392

Acquisitions - Allocation of th

Acquisitions - Allocation of the Purchase Price (Details) - Riley Exploration $ in Thousands	Feb. 26, 2021USD ($)
Current assets
Cash and cash equivalents	$ 860
Account receivable	325
Prepaid and other current assets	759
Total current assets	1,944
Oil and gas properties	4,525
Other property and equipment	91
Right of use assets	42
Other non-current assets	4
Deferred tax assets	2,987
Total assets acquired	9,593
Current liabilities
Accounts payable	130
Accrued liabilities	409
Current lease liabilities, operating	42
Current lease liabilities, financing	68
Total current liabilities	649
Asset retirement obligations	1,565
Total liabilities assumed	2,214
Net identifiable assets acquired	7,379
Goodwill	19,013
Net assets acquired	$ 26,392

Acquisitions - Pro Forma Operat

Acquisitions - Pro Forma Operating Results (Unaudited) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2020USD ($)$ / shares
Business Combinations [Abstract]
Total Revenues	$ 23,014
Pro Forma Net Income (Loss) before Taxes	(6,647)
Pro forma income tax benefit (expense)	1,396
Pro Forma Net Income (Loss)	$ (5,251)
Net Income (Loss) per Share/Unit from Continuing Operations, Basic (USD per share) | $ / shares	$ (0.30)
Net Income (Loss) per Share/Unit from Continuing Operations, Diluted (USD per share) | $ / shares	$ (0.30)

Oil and Natural Gas Propertie_2

Oil and Natural Gas Properties - Schedule of Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Extractive Industries [Abstract]
Proved	$ 421,779	$ 402,165
Unproved	18,839	20,557
Work-in-progress	13,534	11,411
Total oil and natural gas properties, gross	454,152	434,133
Accumulated depletion and amortization	(95,021)	(88,336)
Total oil and natural gas properties, net	$ 359,131	$ 345,797

Oil and Natural Gas Propertie_3

Oil and Natural Gas Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Depletion and amortization	$ 6,700	$ 5,900
Exploration costs	$ 611	$ 424

Derivative Instruments - Notion

Derivative Instruments - Notional Amounts, Crude Oil and Natural Gas (Details) bbl in Thousands, Mcf in Thousands	3 Months Ended
	Dec. 31, 2021$ / bbl$ / McfbblMcf
Oil Swap, Q1 2022
Derivative [Line Items]
Notional Volume | bbl	345,000
Weighted average price (in usd per bbl or mcf)	57.47
Oil Swap, Q2 2022
Derivative [Line Items]
Notional Volume | bbl	345,000
Weighted average price (in usd per bbl or mcf)	57.47
Oil Swap, Q3 2022
Derivative [Line Items]
Notional Volume | bbl	270,000
Weighted average price (in usd per bbl or mcf)	56.03
Oil Swap, Q4 2022
Derivative [Line Items]
Notional Volume | bbl	270,000
Weighted average price (in usd per bbl or mcf)	56.03
Oil Swap, 2023
Derivative [Line Items]
Notional Volume | bbl	720,000
Weighted average price (in usd per bbl or mcf)	53.27
Natural Gas Swaps, Q1 2022
Derivative [Line Items]
Notional Volume | Mcf	360,000
Weighted average price (in usd per bbl or mcf) | $ / Mcf	3.26
Natural Gas Swaps, Q2 2022
Derivative [Line Items]
Notional Volume | Mcf	540,000
Weighted average price (in usd per bbl or mcf) | $ / Mcf	3.26
Natural Gas Swaps, Q3 2022
Derivative [Line Items]
Notional Volume | Mcf	540,000
Weighted average price (in usd per bbl or mcf) | $ / Mcf	3.26
Natural Gas Swaps, Q4 2022
Derivative [Line Items]
Notional Volume | Mcf	540,000
Weighted average price (in usd per bbl or mcf) | $ / Mcf	3.26
Oil Collars, Q1 2022
Derivative [Line Items]
Notional Volume | bbl	90,000
Oil Collars, Q1 2022 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	35
Oil Collars, Q1 2022 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	42.63
Oil Collars, Q2 2022
Derivative [Line Items]
Notional Volume | bbl	90,000
Oil Collars, Q2 2022 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	35
Oil Collars, Q2 2022 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	42.63
Oil Collars, Q3 2022
Derivative [Line Items]
Notional Volume | bbl	90,000
Oil Collars, Q3 2022 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	35
Oil Collars, Q3 2022 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	42.63
Oil Collars, Q4 2022
Derivative [Line Items]
Notional Volume | bbl	90,000
Oil Collars, Q4 2022 | Short
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	35
Oil Collars, Q4 2022 | Long
Derivative [Line Items]
Weighted average price (in usd per bbl or mcf)	42.63
Oil Basis, Q1 2022
Derivative [Line Items]
Notional Volume | bbl	240,000
Weighted average price (in usd per bbl or mcf)	0.41
Oil Basis, Q2 2022
Derivative [Line Items]
Notional Volume | bbl	240,000
Weighted average price (in usd per bbl or mcf)	0.41
Oil Basis, Q3 2022
Derivative [Line Items]
Notional Volume | bbl	240,000
Weighted average price (in usd per bbl or mcf)	0.41
Oil Basis, Q4 2022
Derivative [Line Items]
Notional Volume | bbl	240,000
Weighted average price (in usd per bbl or mcf)	0.41

Derivative Instruments - Noti_2

Derivative Instruments - Notional Amounts, Interest Rate Contracts (Details) - January 2022 - September 2023	Dec. 31, 2021USD ($)
Derivative [Line Items]
Notional Amount	$ 40,000,000
Fixed Rate	0.24%

Derivative Instruments - Statem

Derivative Instruments - Statement Of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Derivative [Line Items]
Derivative asset, net, gross fair value	$ (40,149)	$ (50,970)
Derivative assets, net, net fair value	(40,149)	(50,970)	$ 2,839	$ 21,921
Current derivative assets
Derivative [Line Items]
Derivative asset, gross fair value	281	186
Derivative asset, amounts netted	(198)	(186)
Derivative assets, net fair value	83	0
Non-current derivative assets
Derivative [Line Items]
Derivative asset, gross fair value	267	228
Derivative asset, amounts netted	0	(122)
Derivative assets, net fair value	267	106
Current derivative liabilities
Derivative [Line Items]
Derivative liability, gross fair value	(31,182)	(42,330)
Derivative liability, amounts netted	198	186
Derivative liability, net fair value	(30,984)	(42,144)
Non-current derivative liabilities
Derivative [Line Items]
Derivative liability, gross fair value	(9,515)	(9,054)
Derivative liability, amounts netted	0	122
Derivative liability, net fair value	$ (9,515)	$ (8,932)

Derivative Instruments - Deriva

Derivative Instruments - Derivative Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change In Derivatives, Net [Roll Forward]
Fair value of net asset (liability), beginning of period	$ (50,970)	$ 21,921
Loss on derivatives	(5,193)	(13,909)
Settlements on derivatives	16,014	(5,173)
Fair value of net asset (liability), end of period	$ (40,149)	$ 2,839

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 0	$ 0
Financial liabilities	0	0
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	187	308
Financial liabilities	(40,687)	(51,336)
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	0	0
Financial liabilities	0	0
Interest rate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Financial liabilities	0	0
Interest rate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	361	106
Financial liabilities	(10)	(48)
Interest rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Financial liabilities	$ 0	$ 0

Transactions with Related Par_3

Transactions with Related Parties - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Legal Services | di Santo Law PLLC | Director
Related Party Transaction [Line Items]
Expenses with related parties	$ 200,000	$ 200,000
Due to related parties	200,000		$ 800,000
Affiliated Entity | Contract Services Agreement | Combo Resources, LLC
Related Party Transaction [Line Items]
Monthly servicing fee	100,000
Due from (to) related party	(200,000)		500,000
Affiliated Entity | Contract Services Agreement | Riley Exploration Group, Inc
Related Party Transaction [Line Items]
Monthly servicing fee	100,000
Due from (to) related party	$ 0		$ 0

Transactions with Related Par_4

Transactions with Related Parties - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Cost of contract services	$ 150	$ 148
Affiliated Entity | Contract Services Agreement
Related Party Transaction [Line Items]
Revenue from related parties	600	600
Affiliated Entity | Contract Services Agreement | Combo Resources, LLC
Related Party Transaction [Line Items]
Revenue from related parties	300	300
Affiliated Entity | Contract Services Agreement | Riley Exploration Group, Inc
Related Party Transaction [Line Items]
Revenue from related parties	$ 300	$ 300

Revolving Credit Facility - Nar

Revolving Credit Facility - Narrative (Details)	Oct. 12, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 28, 2017USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 65,000,000	$ 60,000,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing base	$ 175,000,000		$ 135,000,000	$ 25,000,000
Maximum facility amount				$ 500,000,000
Leverage ratio for restricted payments after pro forma effect	2
Cash balance threshold, borrowing base	10.00%
Cash balance threshold, number of consecutive business days exceeded	5 days
Hedging requirement ratio, minimum		0.50
Hedging requirement ratio, term		24 months
Weighted average interest rate		3.10%	2.83%
Available under the credit facility		$ 110,000,000	$ 75,000,000
Line of Credit | Revolving Credit Facility | Base Rate Loan | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Line of Credit | Revolving Credit Facility | Base Rate Loan | Fed Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Line of Credit | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Current ratio	1
Line of Credit | Revolving Credit Facility | Minimum | Eurodollar Loan | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Line of Credit | Revolving Credit Facility | Minimum | Base Rate Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Unused capacity, commitment fee percentage	0.375%
Line of Credit | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.25
Leverage ratio for restricted payments	2.50
Cash balance threshold, prepayment of lines of credit	$ 15,000,000
Line of Credit | Revolving Credit Facility | Maximum | Eurodollar Loan | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.75%
Line of Credit | Revolving Credit Facility | Maximum | Base Rate Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Unused capacity, commitment fee percentage	0.50%

Revolving Credit Facility - Com

Revolving Credit Facility - Components of Interest Expense (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Interest expense	$ 512	$ 1,041
Amortization of debt financing costs	282	155
Unused commitment fees	102	39
Total interest expense	896	$ 1,235
Write-off of unamortized deferred financing costs	$ 100

Members__Shareholders' Equity -

Members’/Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 26, 2021shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares	Sep. 30, 2021shares
Class of Stock [Line Items]
Dividends on common units/stock | $		$ 6,100	$ 3,800
Common stock outstanding post merger (in Shares) | shares	17,800,000	19,836,885		19,672,050
Share-based compensation expense | $		$ 951	0
Unit-based compensation expense | $		$ 0	$ 413
Tengasco
Class of Stock [Line Items]
Reverse stock split	0.083
2021 Long-Term Incentive Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in Shares) | shares	1,387,022
Common stock outstanding post merger (in Shares) | shares		814,707
2021 Long-Term Incentive Plan | Restricted Stock
Class of Stock [Line Items]
Granted (in Shares/Units) | shares		174,575
Vesting period		36 months
Grant date fair value (USD per Share/Unit) | $ / shares		$ 23.46
Share-based compensation expense | $		$ 1,000
Additional share based compensation to be recognized | $		$ 5,500
Share based compensation to be recognized period		28 months
2018 Long-Term Incentive Plan | Restricted Stock Units
Class of Stock [Line Items]
Granted (in Shares/Units) | shares			13,309
Vesting period		36 months
Grant date fair value (USD per Share/Unit) | $ / shares		$ 112.47

Members__Shareholders' Equity_2

Members’/Shareholders' Equity - Restricted Shares and Restricted Stock Units Activity (Details) - Restricted Stock - 2021 Long-Term Incentive Plan	3 Months Ended
	Dec. 31, 2021$ / sharesshares
Awards
Unvested, beginning balance (in Shares/Units) | shares	228,369
Granted (in Shares/Units) | shares	174,575
Vested (in Shares/Units) | shares	(36,155)
Forfeited (in Shares/Units) | shares	0
Unvested, ending balance (in Shares/Units) | shares	366,789
Weighted Average Grant Date Fair Value
Unvested, beginning balance (USD per Share/Unit) | $ / shares	$ 15.35
Granted (USD per Share/Unit) | $ / shares	23.46
Vested (USD per Share/Unit) | $ / shares	13.80
Forfeited (USD per Share/Unit) | $ / shares	0
Unvested, ending balance (USD per Share/Unit) | $ / shares	$ 19.41

Income Taxes - Components (Deta

Income Taxes - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current income tax expense:
Federal	$ 0	$ 0
State	113	0
Total current income tax expense	113	0
Deferred income tax expense (benefit):
Federal	5,669	0
State	87	(515)
Total deferred income tax expense (benefit)	5,756	(515)
Total income tax expense (benefit)	$ 5,869	$ (515)

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at statutory rate	21.00%	21.00%
Nondeductible compensation	0.10%	0.00%
Stock compensation	(0.30%)	0.00%
State income taxes, net of federal benefit	0.70%	2.00%
Income subject to taxation by REP LLC's unitholders	0.00%	(21.00%)
Effective income tax rate	21.50%	2.00%

Net Income (Loss) Per Share_U_3

Net Income (Loss) Per Share/Unit - Narrative (Details)	Feb. 26, 2021
Tengasco
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reverse stock split	0.083

Net Income (Loss) Per Share_U_4

Net Income (Loss) Per Share/Unit - Computation of Basic and Diluted Net Loss Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 21,398	$ (7,941)
Less: Dividends on preferred units	0	(917)
Net Income (Loss) Attributable to Common Shareholders/Unitholders	$ 21,398	$ (8,858)
Basic weighted-average common shares/units outstanding (in Shares/Units)	19,470	12,469
Effecting of dilutive securities:
Restricted shares/units (in Shares/Units)	99	0
Diluted weighted-average common shares/units outstanding (in Shares/Units)	19,569	12,469
Basic net income (loss) per common share/unit (USD per Share/Unit)	$ 1.10	$ (0.71)
Diluted net income (loss) per common share/unit (USD per Share/Unit)	$ 1.09	$ (0.71)

Net Income (Loss) Per Share_U_5

Net Income (Loss) Per Share/Unit - Schedule of Anti-Dilutive Shares/Units (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Series A preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive units (in Shares/Units)	0	4,170
Restricted shares/units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive units (in Shares/Units)	268	281

Commitment and Contingencies (D

Commitment and Contingencies (Details)	Dec. 31, 2021USD ($)	Oct. 07, 2021agreement	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Apr. 02, 2021USD ($)
Loss Contingencies [Line Items]
Environmental liabilities	$ 0		$ 0
Number of agreements entered into | agreement		2
Purchase Commitment, January 2022
Loss Contingencies [Line Items]
Purchase agreement				$ 800,000
Purchase Commitment, April 2022
Loss Contingencies [Line Items]
Purchase agreement				$ 2,600,000
Discontinued Operations, Disposed of by Sale | Kansas Properties
Loss Contingencies [Line Items]
Consideration from discontinued operations					$ 3,200,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands	Jan. 25, 2022	Jan. 12, 2022
Subsequent Event [Line Items]
Cash dividend declared (USD per Share/Unit)		$ 0.31
Legal Services | di Santo Law PLLC | Restricted Stock Units | Quarter One
Subsequent Event [Line Items]
Vesting percentage	25.00%
Legal Services | di Santo Law PLLC | Restricted Stock Units | Quarter Two
Subsequent Event [Line Items]
Vesting percentage	25.00%
Legal Services | di Santo Law PLLC | Restricted Stock Units | Quarter Three
Subsequent Event [Line Items]
Vesting percentage	25.00%
Legal Services | di Santo Law PLLC | Restricted Stock Units | Quarter Four
Subsequent Event [Line Items]
Vesting percentage	25.00%
Legal Services | di Santo Law PLLC | Director
Subsequent Event [Line Items]
Agreed upon fee structure, term	1 year
Monthly servicing fee	$ 30
Legal Services | di Santo Law PLLC | Director | Restricted Stock Units
Subsequent Event [Line Items]
Stock issued during period, shares, issued for services (in Shares)	10,500