v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities:        
Net income (loss) $ (40,268) $ (8,312) $ (3,585) $ (11,561)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Unrealized (gain) loss on commodity derivative instruments (7,051) (370) (8,122) 13,134
Depletion, depreciation and accretion 19,863 9,177 24,237 10,827
Stock-based compensation 1,408 0 179 0
Amortization of debt issuance costs 496 364 744 316
Loss on extinguishment of debt 21,722 3,839 3,839 359
Loss on the sale of assets     123 0
Deferred income taxes 5,932 (4,595) (3,508) (1,587)
Change in Fair Value of earn out liability 1,694 0    
Changes in operating assets and liabilities (net of assets and liabilities acquired)        
Accounts receivable 1,539 (4,371) (562) (1,534)
Other current assets (740) (801) 149 (126)
Other assets (274) 1,097 1,319 (1,097)
Accounts payable 7,842 (830) (836) 327
Accrued liabilities and other liabilities (5,461) 833 (400) 389
Net cash provided by (used in) operating activities 6,702 (3,969) 13,577 9,447
Cash flows from investing activities:        
Purchases of oil and gas properties, net of post-close adjustments (36,836) (115,003) (115,342) (30,392)
Acquisition of PHX, net of cash 0 (192,782) (194,616) 0
Net cash provided by (used in) investing activities (39,718) (307,785) (309,958) (30,392)
Internalization, net of cash (2,882) 0    
Cash flows from financing activities:        
Proceeds from Senior Notes 0 186,000 186,000 65,000
Repayment of Senior Notes (187,410) (3,250) (13,300) 0
Repayment of Term Loan     0 (20,000)
Deferred financing costs (8,222) (5,712) (5,807) (2,333)
Proceeds from the issuance of common stock, net 214,389 105,805 169,737 9,613
Common stock redemptions (854) (140) (267) (436)
Dividends paid to common stock (4,662) (4,393) (12,468) (8,041)
Net cash provided by (used in) financing activities 17,256 319,380 320,040 22,061
Proceeds from the issuance of common stock, net 214,389 105,805 169,737 9,613
Dividend equivalent rights paid (52) 0    
Net increase (decrease) in cash and cash equivalents (15,760) 7,626 23,659 1,116
Cash and cash equivalents, beginning of period 28,989 5,330 5,330 4,214
Cash and cash equivalents, end of period 13,229 12,956 28,989 5,330
Supplemental disclosure of cash flow information:        
Cash paid for interest 10,954 5,915 19,117 3,780
Cash paid for income taxes 1,898 0 745 877
Non-cash investing and financing activities:        
Dividends paid to common stock holders through common stock issuances pursuant to dividend reimbursement plan 1,534 0 1,457 0
Common stock dividend     57,100 0
Change in dividends declared but not yet paid (7,542) 1,728 5,148 451
Series A Preferred Stock        
Cash flows from financing activities:        
Preferred Stock redemptions 0 (19,000) (19,000) (25,100)
Dividends paid to Preferred Stock 0 (794) (794) (4,809)
Series B Preferred Stock        
Cash flows from financing activities:        
Proceeds from the issuance of preferred stock, net 18,541 7,520 22,354 8,472
Preferred Stock redemptions (10,182) 0 (138) 0
Dividends paid to Preferred Stock (1,258) (615) (1,797) (305)
Series C Preferred Stock        
Cash flows from financing activities:        
Proceeds from the issuance of preferred stock, net 0 56,000 56,000 0
Preferred Stock redemptions     (56,000) 0
Dividends paid to Preferred Stock 0 (2,041) $ (4,480) $ 0
Series D Preferred Stock [Member]        
Cash flows from financing activities:        
Proceeds from the issuance of preferred stock, net 37,768 0    
Preferred Stock redemptions (37,780) 0    
Dividends paid to Preferred Stock $ (3,022) $ 0