Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents		$ 263	$ 20
Oil, natural gas, and NGL accrued revenue		27,095	22,728
Joint interest and other receivables		26,683	23,106
Derivative assets, net		0	28,812
Inventory		2,653	3,604
Prepaid expenses and other current assets		1,655	1,452
Total current assets		58,349	79,722
Property and equipment:
Oil and natural gas properties, successful efforts method of accounting including $115,613 and $57,897 excluded from depletable base as of March 31, 2026 and December 31, 2025, respectively		912,615	852,732
Other property and equipment	[1]	21,349	21,067
Less: Accumulated depreciation, depletion, and amortization		(65,110)	(49,343)
Total property and equipment, net		868,854	824,456
Deferred tax asset		16,742	0
Derivative assets, net		0	24,627
Debt issuance costs, net		11,679	12,642
Operating lease assets		2,997	2,966
Other non–current assets		133	133
Total assets		958,754	944,546
Current liabilities:
Accounts payable and accrued expenses		104,642	62,792
Oil, natural gas, and NGL revenue payable		34,026	30,300
Ad valorem and production taxes payable		30,352	31,385
Derivative liabilities, net		68,988	0
Operating lease liabilities		1,363	1,300
Total current liabilities		239,371	125,777
Long–term liabilities:
Credit facility		361,500	366,000
Subordinated note – related party		1,458	1,458
Subordinated note warrants, at fair value – related party		725	316
Series F convertible preferred stock embedded derivatives, at fair value		15,806	15,853
Series F convertible preferred stock warrants, at fair value		114,433	90,134
Derivative liabilities, net		40,457	0
Oil, natural gas, and NGL revenue payable		24,831	27,402
Ad valorem and production taxes payable		31,259	22,751
Deferred tax liability		0	21,652
Asset retirement obligation		3,657	4,019
Operating lease liabilities		1,756	1,792
Other long-term liabilities		1,042	1,082
Total long–term liabilities		596,924	552,459
Total liabilities		836,295	678,236
Commitments and contingencies (Note 11)
Mezzanine equity:
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 98,000 and 121,500 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		122,059	136,146
Stockholders’ equity:
Common stock; $0.01 par value; 500,000,000 shares authorized, and 85,331,304 and 62,499,375 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		854	625
Treasury stock, at cost; 659,096 and 111,357 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		(1,719)	(531)
Additional paid–in capital		241,653	217,785
Accumulated deficit		(240,388)	(87,715)
Total stockholders’ equity		400	130,164
Total liabilities, mezzanine equity, and stockholders’ equity		958,754	944,546
Series D Preferred Stock [Member]
Stockholders’ equity:
Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 5,982 shares issued and outstanding as of March 31, 2026 and December 31, 2025		$ 0	$ 0

[1] 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.