| Schedule of Property, Plant and Equipment, Net |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Oil and natural gas properties |
|
|
|
|
|
|
Proved |
|
$ |
114,539 |
|
|
$ |
36,179 |
|
Unproved |
|
|
86,832 |
|
|
|
2,932 |
|
Total oil and natural gas properties |
|
|
201,371 |
|
|
|
39,111 |
|
Land and land improvements |
|
|
1,145,134 |
|
|
|
1,031,128 |
|
Water wells, pipelines, facilities, ponds and related equipment |
|
|
32,826 |
|
|
|
29,981 |
|
Buildings, vehicles, equipment, furniture and other |
|
|
8,261 |
|
|
|
7,778 |
|
Construction in progress |
|
|
1,153 |
|
|
|
107 |
|
Total property, plant and equipment |
|
|
1,388,745 |
|
|
|
1,108,105 |
|
Less: accumulated depreciation and depletion |
|
|
(28,637 |
) |
|
|
(23,655 |
) |
Total property, plant and equipment, net |
|
$ |
1,360,108 |
|
|
$ |
1,084,450 |
|
|
| Schedule of Depreciation Expense and Depletion Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Depreciation expense |
|
$ |
1,086 |
|
|
$ |
761 |
|
|
$ |
3,246 |
|
|
$ |
2,308 |
|
Depletion expense |
|
|
709 |
|
|
|
683 |
|
|
|
1,831 |
|
|
|
2,002 |
|
Total depreciation and depletion expense |
|
$ |
1,795 |
|
|
$ |
1,444 |
|
|
$ |
5,077 |
|
|
$ |
4,310 |
|
|