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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies [Abstract]

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

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Crude oil sales	$	67,838	$	10,788
Natural gas sales		8,956		1,223
NGL sales		6,623		1,579
Total revenues	$	83,417	$	13,590

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 for the periods presented:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Non–cash investing activities:
Increase in capital expenditure accrued liabilities and accounts payable	$	24,183	$	25,939

Non–cash financing activities:
Common Stock issued upon conversion of Series F Preferred Stock	$	36,186	$	1,351
Common Stock issued for Series F Preferred Stock dividends ⁽¹⁾	$	3,487	$	—
Common Stock issued to Bayswater as part of Bayswater Acquisition purchase price ⁽²⁾	$	—	$	16,000
Common Stock issuance costs included in accrued liabilities	$	—	$	3,078
Series F Preferred Stock agreement amendment fees and issuance costs included in accrued liabilities and accounts payable	$	3,327	$	6,778
Common Stock issued upon conversion of Senior Convertible Note ⁽³⁾	$	—	$	18,164
Common Stock issued upon conversion of Series D Preferred Stock	$	—	$	8,475

Supplemental disclosure:
Cash paid for interest	$	6,903	$	915

⁽¹⁾	The Company elected to issue shares of Common Stock for the Series F Preferred Stock dividends payable on March 1, 2026. Refer to Note 12 – Mezzanine Equity for a discussion of the Series F Preferred Stock.

⁽²⁾

The Company issued approximately 3.7 million shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) to Bayswater (as defined herein) as part of the Bayswater Purchase Price (as defined herein). Refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition (as defined herein).

⁽³⁾

During the three months ended March 31, 2025, YA II PN, LTD., a Cayman Islands exempt limited company (“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 9 – Debt for a discussion of the Senior Convertible Note.