v3.25.2
Property and Equipment, net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 7 – Property and Equipment, net

 

The Company’s property and equipment, net consisted of the following for the periods presented:

 

   June 30, 2025   December 31, 2024 
   (In thousands) 
Oil and natural gas properties:          
Unproved properties   $35,575   $32,435 
Properties in development   

56,293

    

38,028

 
Proved properties  639,910   64,490 
Total oil and natural gas properties   731,778    134,953 
Less: Accumulated depreciation, depletion, and amortization   (14,518)   (422)
Oil and natural gas properties, net   717,260    134,531 
           
Other property and equipment   21,277    94 
Less: Accumulated depreciation, depletion, and amortization   (224)   (5)
Other property and equipment, net   21,053    89 
           
Total property and equipment, net  $738,313   $134,620 

 

As of June 30, 2025, the properties in development balance includes $23.9 million of completion costs for wells which were drilled by Bayswater prior to the Bayswater Acquisition, which came online at the beginning of the third quarter, and $26.3 million of development costs for wells which are expected to come online later in the third quarter of 2025.