Restatement of Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Table Text Block Supplement [Abstract] |
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| Schedule of Restated Consolidated Balance Sheet |
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As of December 31, 2025 |
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As Previously
Reported |
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Adjustments |
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As Restated |
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Assets: |
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Current assets: |
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Accounts receivable |
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12,848 |
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(2,672 |
) |
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|
10,176 |
|
Other current assets |
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1,148 |
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|
262 |
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|
1,410 |
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Total current assets |
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48,334 |
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|
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(2,410 |
) |
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45,924 |
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Natural gas and oil mineral interests, net - successful
efforts method |
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461,511 |
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(925 |
) |
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|
460,586 |
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Total assets |
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$ |
510,473 |
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|
$ |
(3,335 |
) |
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$ |
507,138 |
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Liabilities, mezzanine equity and shareholders’
equity: |
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Deferred tax liability |
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22,109 |
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(780 |
) |
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21,329 |
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Total liabilities |
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271,502 |
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(780 |
) |
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270,722 |
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Accumulated deficit |
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(12,591 |
) |
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(2,555 |
) |
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(15,146 |
) |
Total shareholders’ equity |
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211,309 |
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(2,555 |
) |
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208,754 |
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Total liabilities, mezzanine equity and
shareholders’ equity |
|
$ |
510,473 |
|
|
$ |
(3,335 |
) |
|
$ |
507,138 |
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| Schedule of Restated Consolidated Statements of Operations |
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For the Year Ended December 31, 2025 |
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As Previously
Reported |
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Adjustments |
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As Restated |
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Revenues: |
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Royalty revenue |
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$ |
55,691 |
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$ |
(5,616 |
) |
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$ |
50,075 |
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Total revenue |
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73,211 |
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(5,616 |
) |
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67,595 |
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Operating expenses: |
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Management fees |
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9,274 |
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|
692 |
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9,966 |
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Depletion, depreciation and accretion |
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26,948 |
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(2,711 |
) |
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24,237 |
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Total operating expenses |
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52,807 |
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(2,019 |
) |
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50,788 |
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Operating income (loss) |
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20,404 |
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(3,597 |
) |
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16,807 |
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Income (loss) before income taxes |
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(2,628 |
) |
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(3,597 |
) |
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(6,225 |
) |
Provision for (benefit from) income taxes |
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(1,598 |
) |
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(1,042 |
) |
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(2,640 |
) |
Net income (loss) |
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$ |
(1,030 |
) |
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$ |
(2,555 |
) |
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$ |
(3,585 |
) |
Earnings(loss) per common share: |
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Common shares - basic and diluted |
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$ |
(1.00 |
) |
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$ |
(0.30 |
) |
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$ |
(1.30 |
) |
Weighted average number of shares outstanding: |
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Common shares - basic and diluted |
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8,378 |
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— |
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|
8,378 |
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| Schedule of Restated Consolidated Statement of Cash Flows |
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As of December 31, 2025 |
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As Previously
Reported |
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Adjustments |
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As Restated |
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Cash flow from operating activities: |
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Net income (loss) |
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$ |
(1,030 |
) |
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$ |
(2,555 |
) |
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$ |
(3,585 |
) |
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: |
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Depletion, depreciation and accretion |
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26,948 |
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(2,711 |
) |
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24,237 |
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Deferred income taxes |
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(2,728 |
) |
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(780 |
) |
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(3,508 |
) |
Changes in operating assets and liabilities (net of
assets and liabilities acquired) |
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Accounts receivable |
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(3,235 |
) |
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2,673 |
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(562 |
) |
Other current assets |
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|
411 |
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(262 |
) |
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|
149 |
|
Net cash provided by (used in) operating
activities |
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17,212 |
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(3,635 |
) |
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13,577 |
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Cash flows from investing activities: |
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Purchases of oil and gas properties, net of post-close
adjustments |
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(118,977 |
) |
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3,635 |
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(115,342 |
) |
Net cash provided by (used in) investing
activities |
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(313,593 |
) |
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3,635 |
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(309,958 |
) |
Cash flows from financing activities: |
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Net cash provided by (used in) financing
activities |
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320,040 |
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— |
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320,040 |
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Net increase (decrease) in cash and cash equivalents |
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23,659 |
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— |
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23,659 |
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Cash and cash equivalents, beginning of period |
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|
5,330 |
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— |
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|
5,330 |
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Cash and cash equivalents, end of period |
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$ |
28,989 |
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$ |
— |
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$ |
28,989 |
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