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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

The following table presents the preliminary allocation of the Bayswater Purchase Price, as adjusted for the closing of the Additional Working Interest Acquisition, the interim settlement statement on June 6, 2025, and certain items included on the final settlement statement, which impacted the third quarter of 2025. The Company completed the final settlement with Bayswater on October 15, 2025, which resulted in the seller paying the Company $31.7 million, as such, the Company will finalize the purchase accounting for the Bayswater acquisition in the fourth quarter of 2025.

Preliminary Purchase Price Allocation:	(In thousands)
Consideration:
Cash consideration ⁽¹⁾	$	466,402
Common stock issued to the sellers ⁽²⁾		16,000
Direct transaction costs ⁽³⁾		7,094
Total consideration	$	489,496

Assets acquired:
Oil and natural gas properties ⁽⁴⁾	$	516,648
Other assets		29,031
Acquisition receivable ⁽⁵⁾		14,685
	$	560,364
Liabilities assumed:
Accounts payable and accrued expenses ⁽⁶⁾	$	(68,540	)
Asset retirement obligation, long-term		(2,328	)
	$	(70,868	)

⁽¹⁾	Includes customary purchase price adjustments.

⁽²⁾	Represents approximately 3.7 million shares of Common Stock issued to Bayswater.

⁽³⁾

Represents transaction costs associated with the Bayswater Acquisition, which have been capitalized in accordance with ASC 805, $6.0 million of which are unpaid as of September 30, 2025 and are presented in accrued liabilities on the condensed consolidated balance sheet as of September 30, 2025 and as non-cash on the condensed consolidated statement of cash flows for the nine months ended September 30, 2025.

⁽⁴⁾	Includes the asset retirement obligation asset associated with the proved oil and natural gas properties.

⁽⁵⁾	Represents the remaining February 1 through March 25, 2025 revenue, net of operating expenses, which was received by the Company from Bayswater at final settlement on October 15, 2025.

⁽⁶⁾	Represents the amounts associated with the assets acquired in the Bayswater Acquisition unpaid at the closing date and primarily relates to ad valorem tax liabilities of $27.1 million and suspended revenues of $40.8 million.

Nickel Road Operating LLC [Member]

Acquisitions [Abstract]

Purchase Price Allocation

The following table presents the allocation of the NRO Purchase Price, adjusted for the final settlement:

Purchase Price Allocation:	(In thousands)
Consideration:
Cash consideration ⁽¹⁾	$	49,270
Deposits on oil and natural gas properties ⁽²⁾		6,000
Direct transaction costs ⁽³⁾		239
Total consideration	$	55,509

Assets acquired:
Oil and natural gas properties ⁽⁴⁾	$	63,591
Prepaid expenses, third-party JIB receivable, and other		104
	$	63,695
Liabilities assumed:
Accounts payable and accrued expenses ⁽⁵⁾	$	(7,965	)
Asset retirement obligation, long-term		(221	)
	$	(8,186	)

⁽¹⁾	Includes the final settlement statement payment of $0.3 million from NRO to the Company.

⁽²⁾	Represents the Deposit paid by the Company to NRO.

⁽³⁾	Represents transaction costs associated with the NRO Acquisition which have been capitalized in accordance with ASC 805.

⁽⁴⁾	Includes the asset retirement obligation asset associated with the proved oil and natural gas properties.

⁽⁵⁾	Represents the amounts associated with the assets acquired in the NRO Acquisition unpaid at the closing date and primarily relates to ad valorem tax liabilities of $6.6 million and suspended revenues of $1.2 million.