v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ (8,173) $ (1,536)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion, amortization and accretion 22,602 7,203
Impairment of oil and gas properties 2,422 742
Note receivable - credit loss 0 1,378
Amortization of right-of-use asset 89 75
Amortization of deferred financing costs 336 0
Share-based compensation expense 904 949
Net loss on derivative contracts 26,252 0
Cash (paid) received for derivative settlements, net (7,778) 0
Deferred income taxes 121 (414)
Gain on sale of oil and gas properties (52) (1,021)
Changes in operating assets and liabilities:    
Accounts receivable - oil and gas 1,656 (672)
Note receivable accrued interest 0 (41)
Inventory (80) 0
Prepaid expenses and other current assets 653 349
Accounts payable (20,522) (2,224)
Accrued expenses 6,626 (481)
Revenue payable 751 1,201
Income tax payable 37 0
Other liabilities 29 0
Net cash provided by operating activities 25,873 5,508
Cash Flows From Investing Activities:    
Cash paid for drilling and completion costs (20,008) (3,675)
Cash received for sale of oil and gas property 2,000 2,635
Net cash (used in) provided by investing activities (18,008) (1,040)
Cash Flows From Financing Activities:    
Proceeds from credit facility 11,000 0
Repayment of credit facility (13,000) 0
Reverse stock split costs (44) 0
Proceeds from issuance of shares, net of offering costs 0 139
Net cash (used in) provided by financing activities (2,044) 139
Net increase in cash and restricted cash 5,821 4,607
Cash and restricted cash at beginning of period 6,321 6,607
Cash and restricted cash at end of period 12,142 11,214
Cash paid for:    
Interest 2,891 0
Income taxes 0 0
Noncash investing and financing activities:    
Change in accrued oil and gas development costs (10,825) (4,780)
Changes in estimates of asset retirement costs, net 4,660 119
Conversion of preferred stock into common stock 17,014 0
Issuance of restricted common stock $ 0 $ 3