v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 247,141 $ 300,384
Restricted cash 35,634 35,388
Inventory and other 20,488 15,337
Prepaid expenses and other current assets 4,981 4,166
Total current assets 308,244 355,275
Oil and gas properties (Successful efforts method)    
Oil and gas properties 1,428,848 1,194,447
Less: Accumulated depreciation, depletion and amortization (1,809) 0
Total oil and gas properties - net 1,427,039 1,194,447
Other, net 36,755 33,450
Total assets 1,772,038 1,583,172
Liabilities and Stockholders’ Equity    
Accounts payable and accrued liabilities 185,769 119,753
Senior Secured Term Loan including paid-in-kind interest, net 875,561 0
Total current liabilities 1,062,439 120,671
Warrant liabilities 121,090 126,941
Asset retirement obligations 105,507 99,683
Senior Secured Term Loan including paid-in-kind interest, net 0 833,542
Deferred tax liability 19,868 1,162
Other 17,507 16,988
Total liabilities 1,326,411 1,198,987
Commitments and Contingencies (Note 8)
Stockholders' Equity    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at June 30, 2025 and December 31, 2024 0 0
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 99,482,250 and 89,310,996 issued and outstanding at June 30, 2025 and December 31, 2024, respectively 10 8
Additional paid-in capital 1,381,523 1,082,473
Accumulated deficit (935,906) (698,296)
Total Stockholders’ Equity 445,627 384,185
Total Liabilities and Stockholders’ Equity 1,772,038 1,583,172
Nonrelated party    
Liabilities and Stockholders’ Equity    
Accounts payable and accrued liabilities 185,769 119,753
Other current liabilities $ 1,109 $ 918