Executive Network Partnering Corp. Quarterly report pursuant to Section 13 or 15(d)

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2022


	Three months ended September 30, 2022
(in thousands)	Eagle Ford		Permian		Denver-Julesberg		Bakken

Revenues	$	11,891	$	65,997	$	8,271	$	4,035


	Three months ended September 30, 2021
(in thousands)	Eagle Ford		Permian		Denver-Julesberg		Bakken

Revenues	$	4,575	$	39,252	$	10,726	$	1,164

Condensed Combined Balance Sheet


	As of September 30, 2022
(in thousands)	As Previously Reported	Adjustments	As Restated
ASSETS
Current assets:
Cash	$6,410	$-	$6,410
Revenue receivable	54,324	-	54,324
Advances to operators	26,230	-	26,230
Other assets	4,098	-	4,098
Other Receivable	-	-	-
Derivative assets	4,376	-	4,376
Contributions receivable	10	-	10
Total current assets	95,448	-	95,448
Property and equipment:
Oil and natural gas properties, successful efforts method	550,163		550,163
Accumulated depletion	(168,302)	14,082	(154,220)
Total property and equipment, net	381,861	14,082	395,943
Long-term assets:
Derivative assets	812	-	812
Total long-term assets	812	-	812
TOTAL ASSETS	$ 478,121	$ 14,082	$ 492,203

LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accrued expenses	$ 20,595	$ -	$ 20,595
Derivative liabilities	3,941	-	3,941
Credit facilities	-	-	-
Total current liabilities	24,536	-	24,536
Long-term liabilities:
Derivative liabilities	-	-	-
Asset retirement obligations	2,243	-	2,243
Total long-term liabilities	2,243	-	2,243
TOTAL LIABILITIES	26,779	-	26,779

Commitments and contingencies (Note 8)

Partners' capital:
General partner	41,614	112	41,726
Limited partners	409,728	13,970	423,698
Total partners' capital	451,342	14,082	465,424
TOTAL LIABILITIES AND EQUITY	$ 478,121	$ 14,082	$ 492,203

Condensed Combined Statements of Operations


	Three months ended September 30, 2022			Nine months ended September 30, 2022
(in thousands)	As Previously Reported	Adjustments	As Restated	As Previously Reported	Adjustments	As Restated
REVENUES
Oil, natural gas, and related product sales, net	$ 90,194	$ -	$ 90,194	$ 263,263	$ -	$ 263,263
EXPENSES
Lease operating expenses	6,368	-	6,368	15,840	-	15,840
Production taxes	5,053	-	5,053	14,628	-	14,628
Depletion and accretion expense	39,868	(14,082)	25,786	70,529	(14,082)	56,447
General and administrative	1,776	-	1,776	4,880	-	4,880
Total expenses	53,065	(14,082)	38,983	105,877	(14,082)	91,795
Net operating income	37,129	14,082	51,211	157,386	14,082	171,468
OTHER INCOME/(EXPENSE)
Gain/(loss) on derivative contracts	6,082	-	6,082	(19,147)	-	(19,147)
Interest expense	(476)	-	(476)	(1,193)	-	(1,193)
Total other income/(expense)	5,606	-	5,606	(20,340)	-	(20,340)
NET INCOME	$ 42,735	$ 14,082	$ 56,817	$ 137,046	$ 14,082	$ 151,128

Condensed Combined Statements of Changes in Partners’ Capital


(in thousands)	General Partner	Limited Partners	Total
Net income (As Previously Reported)	$ 340	$ 42,395	$ 42,735
Adjustments	112	13,970	14,082
Net income (As Restated)	$ 452	$ 56,365	$ 56,817

Condensed Combined Statements of Cash Flows


	Nine months ended September 30, 2022
(in thousands)	As Previously Reported	Adjustments	As Restated
Operating activities:
Net income	$ 137,046	$ 14,082	$ 151,128
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	70,529	(14,082)	56,447
Change in unrealized (gain) loss on derivative contracts	(5,600)	-	(5,600)
Amortization of loan origination costs	62	-	62
Increase (decrease) in cash attributable to changes in operating assets and liabilities:			-
Revenue receivable	(21,627)	-	(21,627)
Prepaid expenses	(4,028)	-	(4,028)
Other assets	469	-	469
Accrued expenses	2,811	-	2,811
Net cash provided by operating activities	$ 179,662	-	$ 179,662