Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies [Abstract]

The following table presents the Company’s oil, natural gas, and NGL revenue disaggregated by revenue stream:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025 ⁽¹⁾		2024
	(In thousands)
Crude oil sales	$	64,906	$	—	$	133,635	$	—
Natural gas sales		7,571		—		14,105		—
NGL sales		5,244		—		10,898		—
Total revenues	$	77,721	$	—	$	158,638	$	—

⁽¹⁾	Total revenues for the nine months ended September 30, 2025, include revenue from the assets acquired from Bayswater (as defined herein) beginning on March 26, 2025, the closing date of the Bayswater Acquisition (as defined herein), through September 30, 2025.

Non-cash Investing and Financing Activities and Supplemental Cash Flow Disclosures

The following table presents non–cash investing and financing activities and supplemental cash flow disclosures relating to the cash paid for interest and income taxes for the periods presented:

	Nine Months Ended September 30,
	2025		2024
	(In thousands)
Non–cash investing activities:
Increase in capital expenditure accruals and accounts payable	$	13,019	$	4,718
Equipment purchased in exchange for note payable	$	560	$	—
Bayswater transaction costs included in accrued liabilities	$	6,035	$	—
Additions to asset retirement obligation	$	483	$	—

Non–cash financing activities:
Common Stock issued to Bayswater as part of Bayswater Acquisition purchase price ⁽¹⁾	$	16,000	$	—
Common Stock issuance costs included in accrued liabilities ⁽²⁾	$	254	$	—
Common Stock issued for SEPA commitment fee ⁽³⁾	$	—	$	600
Common Stock issued upon conversion of Senior Convertible Note ⁽⁴⁾	$	18,164	$	—
Common Stock issued upon conversion of Series D Preferred Stock	$	8,475	$	6,170
Common Stock issued upon conversion of Series E Preferred Stock	$	—	$	20,000
Common Stock issued upon conversion of Series F Preferred Stock	$	27,148	$	—
Common Stock issued for Series F Preferred Stock dividends ⁽⁵⁾	$	7,540	$	—
Proceeds from Senior Convertible Note issuance not yet received, net of original issuance discount ⁽⁶⁾	$	—	$	14,250
Proceeds from Subordinated Note issuance not yet received – related party ⁽⁶⁾	$	—	$	2,000

Supplemental disclosure:
Cash paid for interest	$	16,519	$	—
Cash paid for income taxes	$	—	$	—

⁽¹⁾	The Company issued approximately 3.7 million shares of Common Stock to Bayswater (as defined herein) as part of the Bayswater Purchase Price (as defined herein). Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition (as defined herein).

⁽²⁾	Relates to the Common Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 14 – Stockholders’ Equity for a discussion of the Common Stock issuance.

⁽³⁾	Pursuant to the Standby Equity Purchase Agreement (the “SEPA”), the Company issued 100,000 shares to YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”) as a commitment fee. Refer to Note 10 – Debt for a discussion of the SEPA.

⁽⁴⁾

During the nine months ended September 30, 2025, Yorkville, converted the remaining $11.3 million of the initial $15.0 million convertible promissory note (the “Senior Convertible Note”) in exchange for 2.1 million shares of Common Stock. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note.

⁽⁵⁾	The Company elected to issue shares of Common Stock for the Series F Preferred dividends payable on June 1 and September 1, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.

⁽⁶⁾

Proceeds from the issuance of the Senior Convertible Note and the Subordinated Note were not received until October 1, 2024. Therefore, the Company recorded the unreceived proceeds as Financing receivables as of September 30, 2024. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note and the Subordinated Note (as defined herein).