v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash $ 10,805 $ 3,222
Restricted cash 1,337 0
Accounts receivable - oil and gas 24,010 25,666
Inventory 141 61
Derivative contract assets, current 3,347 8,368
Prepaid expenses and other current assets 180 434
Total current assets 39,820 37,751
Oil and gas properties:    
Oil and gas properties, subject to amortization, net 295,675 303,411
Oil and gas properties, not subject to amortization, net 16,623 18,859
Total oil and gas properties, net 312,298 322,270
Derivative contract assets 5,316 9,640
Operating lease - right-of-use asset 124 213
Other assets 2,141 5,995
Total assets 359,699 375,869
Current liabilities:    
Accounts payable 6,548 32,436
Accrued expenses 13,408 8,245
Revenue payable 22,231 21,480
Operating lease liabilities - current 125 182
Derivative contract liabilities - current 5,687 964
Deposit on sale of oil and gas properties 2,000 0
Asset retirement obligations - current 743 1,170
Total current liabilities 50,742 64,477
Long-term liabilities:    
Revolving credit facility 85,000 87,000
Operating lease liabilities, net of current portion 0 32
Derivative contract liabilities 7,067 6,358
Asset retirement obligations, net of current portion 13,688 7,641
Deferred income taxes 921 800
Other long-term liabilities 2,230 2,197
Total liabilities 159,648 168,505
Shareholders' equity:    
Series A preferred stock, $0.001 par value, 200,000,000 shares authorized; -0- and 17,013,637 shares issued and outstanding, respectively 0 17,014
Common stock, $0.001 par value, 200,000,000 shares authorized; 13,290,902 and 4,797,239 shares issued and outstanding, respectively 13 5
Additional paid-in capital 330,071 312,205
Accumulated deficit (130,033) (121,860)
Total shareholders' equity 200,051 207,364
Total liabilities and shareholders' equity $ 359,699 $ 375,869