Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 10,640	$ 5,192
Accounts receivable:
Oil, natural gas, and NGL revenue	48,716	3,024
Joint interest and other	24,130	9,275
Acquisition receivable	17,452	0
Derivative assets	13,134	0
Inventory	4,890	5
Prepaid expenses and other current assets	2,015	312
Note receivable	0	494
Total current assets	120,977	18,302
Property and equipment:
Oil and natural gas properties, successful efforts method of accounting including $75,816 and $70,462 excluded from depletable base as of September 30, 2025 and December 31, 2024, respectively	806,955	134,953
Other	20,881	94
Less: Accumulated depreciation, depletion, and amortization	(30,780)	(427)
Total property and equipment, net	797,056	134,620
Derivative assets	6,523	0
Debt issuance costs, net	13,495	1,731
Operating lease assets	1,604	1,323
Other non–current assets	133	578
Total assets	939,788	156,554
Current liabilities:
Accounts payable and accrued expenses	81,952	38,225
Ad valorem and production taxes payable	27,128	7,094
Oil, natural gas, and NGL revenue payable	35,181	2,366
Senior convertible note, at fair value	0	12,555
Derivative liabilities	0	2,446
Operating lease liabilities	749	323
Total current liabilities	145,010	63,009
Long–term liabilities:
Credit facility	417,000	28,000
Subordinated note – related party	1,458	4,609
Subordinated note warrants, at fair value – related party	300	4,159
Series F convertible preferred stock embedded derivatives, at fair value	11,596	0
Series F convertible preferred stock warrants, at fair value	62,776	0
SEPA, at fair value	0	790
Derivative liabilities	0	1,949
Ad valorem and production taxes payable	15,720	0
Oil, natural gas, and NGL revenue payable	20,869	0
Asset retirement obligation	3,185	227
Operating lease liabilities	989	1,043
Other long-term liabilities	361	0
Total long–term liabilities	534,254	40,777
Total liabilities	679,264	103,786
Commitments and contingencies (Note 12)
Mezzanine equity:
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 129,000 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	158,687	0
Stockholders’ equity:
Common stock; $0.01 par value; 500,000,000 shares authorized, and 54,012,410 and 23,045,209 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	540	230
Treasury stock, at cost; 63,337 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	(442)	0
Additional paid–in capital	187,152	172,304
Accumulated deficit	(85,413)	(119,766)
Total stockholders’ equity	101,837	52,768
Total liabilities, mezzanine equity, and stockholders’ equity	939,788	156,554
Series D Preferred Stock [Member]
Stockholders’ equity:
Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 5,982 and 14,457 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	$ 0	$ 0