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 |