Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 20	$ 5,192
Oil, natural gas, and NGL accrued revenue		22,728	3,024
Joint interest and other receivables		23,106	9,275
Derivative assets		28,812	0
Inventory		3,604	5
Prepaid expenses and other current assets		1,452	312
Note receivable		0	494
Total current assets		79,722	18,302
Oil and natural gas properties, successful efforts method of accounting including $57,897 and $70,462 excluded from depletable base as of December 31, 2025 and 2024, respectively		852,732	134,953
Other property and equipment	[1]	21,067	94
Less: Accumulated depreciation, depletion, and amortization		(49,343)	(427)
Total property and equipment, net		824,456	134,620
Derivative assets		24,627	0
Debt issuance costs, net		12,642	1,731
Operating lease assets		2,966	1,323
Other non–current assets		133	578
Total assets		944,546	156,554
Current liabilities:
Accounts payable and accrued expenses		62,792	38,225
Oil, natural gas, and NGL revenue payable		30,300	2,366
Ad valorem and production taxes payable		31,385	7,094
Senior convertible note, at fair value		0	12,555
Derivative liabilities		0	2,446
Operating lease liabilities		1,300	323
Total current liabilities		125,777	63,009
Long–term liabilities:
Credit facility		366,000	28,000
Subordinated note – related party		1,458	4,609
Subordinated note warrants, at fair value – related party		316	4,159
Series F convertible preferred stock embedded derivatives, at fair value		15,853	0
Series F convertible preferred stock warrants, at fair value		90,134	0
SEPA, at fair value		0	790
Derivative liabilities		0	1,949
Oil, natural gas, and NGL revenue payable		27,402	0
Ad valorem and production taxes payable		22,751	0
Deferred tax liability		21,652	0
Asset retirement obligation		4,019	227
Operating lease liabilities		1,792	1,043
Other long–term liabilities		1,082	0
Total long–term liabilities		552,459	40,777
Total liabilities		678,236	103,786
Commitments and contingencies (Note 12)
Mezzanine equity:
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 121,050 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively		136,146	0
Stockholders’ equity:
Common stock; $0.01 par value; 500,000,000 shares authorized, and 62,499,375 and 23,045,209 shares issued and outstanding as of December 31, 2025 and 2024, respectively		625	230
Treasury stock, at cost; 111,357 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively		(531)	0
Additional paid–in capital		217,785	172,304
Accumulated deficit		(87,715)	(119,766)
Total stockholders’ equity		130,164	52,768
Total liabilities, mezzanine equity, and stockholders’ equity		944,546	156,554
Series D Preferred Stock [Member]
Stockholders’ equity:
Preferred stock value		$ 0	$ 0

[1] For the year ended December 31, 2025, other property and equipment includes several salt–water disposal wells and the associated facilities, equipment, and pipelines acquired in the Bayswater Acquisition in March 2025, refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition