Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Schedule of Disaggregated by Revenue Stream

The following table presents the Company’s oil, natural gas, and NGL revenue disaggregated by revenue stream:

		2025				2024				2025				2024
		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025⁽¹⁾				2024
		(In thousands)
Crude oil sales		$	57,941			$	—			$	68,729			$	—
Natural gas sales			6,084				—				6,533				—
NGL sales			4,075				—				5,653				—
Total revenues		$	68,100			$	—			$	80,915			$	—

⁽¹⁾	Total revenues for the six months ended June 30, 2025, include revenue from the assets acquired from Bayswater beginning on March 26, 2025, the closing date of the Bayswater Acquisition, through June 30, 2025.

Schedule of Non-cash Investing and Financing Activities and Supplemental Cash Flow Disclosures

The following table presents non–cash investing and financing activities and supplemental cash flow disclosures relating to the cash paid for interest and income taxes for the periods presented:

		2025				2024
		Six Months Ended June 30,
		2025				2024
		(In thousands)
Non–cash investing and financing activities:
Capital expenditures included in accrued liabilities		$	(15,692	)		$	(1,120	)
Equipment purchased in exchange for note payable		$	(560	)		$	—
Common Stock issued to Bayswater as part of Bayswater Acquisition purchase price ⁽¹⁾		$	16,000			$	—
Bayswater transaction costs included in accrued liabilities		$	6,035			$	—
Common Stock issuance costs included in accrued liabilities ⁽²⁾		$	292			$	—
Series F Preferred Stock issuance costs included in accrued liabilities ⁽³⁾		$	1,113			$	—
Common Stock issued upon conversion of Series D Preferred Stock		$	8,475			$	4,120
Common Stock issued upon conversion of Series F Preferred Stock		$	4,772			$	—
Common Stock issued upon conversion of Senior Convertible Note ⁽⁴⁾		$	18,164			$	—
Common Stock issued for Series F Preferred dividends ⁽⁵⁾		$	3,289			$	—
Series F Preferred Stock undeclared dividends		$	1,647			$	—
Remeasurement of Series F preferred stock ⁽⁶⁾		$	73,101			$	—
Series F Preferred Stock embedded derivatives		$	1,130			$	—
Series F Preferred Stock warrant liabilities		$	43,718			$	—
Additions to asset retirement obligation		$	46			$	—

Supplemental disclosure:
Cash paid for interest		$	6,971			$	—
Cash paid for income taxes		$	—			$	—

⁽¹⁾	The Company issued approximately 3.7 million shares of Common Stock to Bayswater as part of the Bayswater Purchase Price. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition.
⁽²⁾	Relates to the Common Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 14 – Stockholders’ Equity for a discussion of the Common Stock issuance.
⁽³⁾	Relates to the Series F Preferred Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
⁽⁴⁾	During the six months ended June 30, 2025, YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”), converted the remaining $11.3 million of the initial $15.0 million convertible promissory note (the “Senior Convertible Note”) in exchange for 2.1 million shares of Common Stock. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note.
⁽⁵⁾	The Company elected to issue shares of Common Stock for the Series F Preferred Dividend payable on June 1, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
⁽⁶⁾	Reflects the June 30, 2025 adjustment of the Series F Preferred Stock to maximum redemption in accordance with ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.