v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 10,653 $ 5,192
Accounts receivable:    
Oil, natural gas, and NGL revenue 46,723 3,024
Joint interest and other 8,122 9,275
Acquisition receivable 14,685
Derivative assets 12,713
Inventory 3,415 5
Prepaid expenses and other current assets 654 312
Note receivable 435 494
Total current assets 97,400 18,302
Property and equipment:    
Oil and natural gas properties, successful efforts method of accounting including $91,868 and $70,462 excluded from amortization as of June 30, 2025 and December 31, 2024, respectively 731,778 134,953
Other 21,277 94
Less: Accumulated depreciation, depletion, and amortization (14,742) (427)
Total property and equipment, net 738,313 134,620
Derivative assets 5,981
Debt issuance costs, net 14,461 1,731
Operating lease assets 1,844 1,323
Other non–current assets 541 578
Total assets 858,540 156,554
Current liabilities:    
Accounts payable and accrued expenses 79,389 38,225
Ad valorem and production taxes payable 35,538 7,094
Oil, natural gas, and NGL revenue payable 45,823 2,366
Senior convertible note, at fair value 12,555
Derivative liabilities 2,446
Operating lease liabilities 888 323
Total current liabilities 161,638 63,009
Long–term liabilities:    
Credit facility 387,000 28,000
Subordinated note warrants, at fair value – related party 538 4,159
Series F convertible preferred stock embedded derivatives, at fair value 1,130
Series F convertible preferred stock warrants, at fair value 43,718
SEPA, at fair value 790
Derivative liabilities 1,949
Asset retirement obligation 2,672 227
Operating lease liabilities 1,063 1,043
Other long-term liabilities 560
Total long–term liabilities 438,139 40,777
Total liabilities 599,777 103,786
Commitments and contingencies (Note 12)
Mezzanine equity:    
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 145,000 and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 164,590
Stockholders’ equity:    
Common stock; $0.01 par value; 500,000,000 shares authorized, and 45,618,567 and 23,045,209 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 456 230
Treasury stock, at cost; 57,245 and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively (418)
Additional paid–in capital 180,835 172,304
Accumulated deficit (86,700) (119,766)
Total stockholders’ equity 94,173 52,768
Total liabilities, mezzanine equity, and stockholders’ equity 858,540 156,554
Series D Preferred Stock [Member]    
Stockholders’ equity:    
Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 5,982 and 14,457 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
Related Party [Member]    
Long–term liabilities:    
Subordinated note – related party $ 1,458 $ 4,609