v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 21 $ 20
Oil, natural gas, and NGL accrued revenue 28,737 22,728
Joint interest and other receivables 7,234 23,106
Derivative assets, net 0 28,812
Inventory 4,220 3,604
Prepaid expenses and other current assets 1,689 1,452
Total current assets 41,901 79,722
Property and equipment:    
Oil and natural gas properties, successful efforts method of accounting including $101,499 and $57,897 excluded from depletable base as of June 30, 2026 and December 31, 2025, respectively 1,007,985 852,732
Other property and equipment [1] 21,604 21,067
Less: Accumulated depreciation, depletion, and amortization (82,098) (49,343)
Total property and equipment, net 947,491 824,456
Derivative assets, net 0 24,627
Debt issuance costs, net 12,688 12,642
Operating lease assets 2,966 2,966
Other non–current assets 167 133
Total assets 1,005,213 944,546
Current liabilities:    
Accounts payable and accrued expenses 92,729 62,792
Oil, natural gas, and NGL revenue payable 21,115 30,300
Ad valorem and production taxes payable 35,074 31,385
Derivative liabilities, net 16,954 0
Operating lease liabilities 1,543 1,300
Total current liabilities 167,415 125,777
Long–term liabilities:    
Credit facility 436,000 366,000
Subordinated note – related party 1,458 1,458
Series F convertible preferred stock embedded derivatives, at fair value 12,262 15,853
Series F convertible preferred stock warrants, at fair value 9,492 90,134
Incremental share right liability, at fair value 15,264 0
Derivative liabilities, net 14,711 0
Oil, natural gas, and NGL revenue payable 39,582 27,402
Ad valorem and production taxes payable 33,411 22,751
Deferred tax liability 3,072 21,652
Asset retirement obligation 3,781 4,019
Operating lease liabilities 1,544 1,792
Other long-term liabilities 1,026 1,398
Total long–term liabilities 571,603 552,459
Total liabilities 739,018 678,236
Commitments and contingencies (Note 11)
Mezzanine equity:    
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 78,000 and 121,050 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 43,224 136,146
Stockholders’ equity:    
Common stock; $0.01 par value; 500,000,000 shares authorized, and 105,828,010 and 62,499,375 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,060 625
Treasury stock, at cost; 715,955 and 111,357 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (1,778) (531)
Additional paid–in capital 355,060 217,785
Accumulated deficit (131,371) (87,715)
Total stockholders’ equity 222,971 130,164
Total liabilities, mezzanine equity, and stockholders’ equity 1,005,213 944,546
Series D Preferred Stock [Member]    
Stockholders’ equity:    
Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 44 and 5,982 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively $ 0 $ 0
[1] Other property and equipment includes several salt–water disposal wells and the associated facilities, equipment, and pipelines acquired in the Bayswater Acquisition in March 2025, refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition.