Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents		$ 21	$ 20
Oil, natural gas, and NGL accrued revenue		28,737	22,728
Joint interest and other receivables		7,234	23,106
Derivative assets, net		0	28,812
Inventory		4,220	3,604
Prepaid expenses and other current assets		1,689	1,452
Total current assets		41,901	79,722
Property and equipment:
Oil and natural gas properties, successful efforts method of accounting including $101,499 and $57,897 excluded from depletable base as of June 30, 2026 and December 31, 2025, respectively		1,007,985	852,732
Other property and equipment	[1]	21,604	21,067
Less: Accumulated depreciation, depletion, and amortization		(82,098)	(49,343)
Total property and equipment, net		947,491	824,456
Derivative assets, net		0	24,627
Debt issuance costs, net		12,688	12,642
Operating lease assets		2,966	2,966
Other non–current assets		167	133
Total assets		1,005,213	944,546
Current liabilities:
Accounts payable and accrued expenses		92,729	62,792
Oil, natural gas, and NGL revenue payable		21,115	30,300
Ad valorem and production taxes payable		35,074	31,385
Derivative liabilities, net		16,954	0
Operating lease liabilities		1,543	1,300
Total current liabilities		167,415	125,777
Long–term liabilities:
Credit facility		436,000	366,000
Subordinated note – related party		1,458	1,458
Series F convertible preferred stock embedded derivatives, at fair value		12,262	15,853
Series F convertible preferred stock warrants, at fair value		9,492	90,134
Incremental share right liability, at fair value		15,264	0
Derivative liabilities, net		14,711	0
Oil, natural gas, and NGL revenue payable		39,582	27,402
Ad valorem and production taxes payable		33,411	22,751
Deferred tax liability		3,072	21,652
Asset retirement obligation		3,781	4,019
Operating lease liabilities		1,544	1,792
Other long-term liabilities		1,026	1,398
Total long–term liabilities		571,603	552,459
Total liabilities		739,018	678,236
Commitments and contingencies (Note 11)
Mezzanine equity:
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 78,000 and 121,050 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		43,224	136,146
Stockholders’ equity:
Common stock; $0.01 par value; 500,000,000 shares authorized, and 105,828,010 and 62,499,375 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		1,060	625
Treasury stock, at cost; 715,955 and 111,357 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		(1,778)	(531)
Additional paid–in capital		355,060	217,785
Accumulated deficit		(131,371)	(87,715)
Total stockholders’ equity		222,971	130,164
Total liabilities, mezzanine equity, and stockholders’ equity		1,005,213	944,546
Series D Preferred Stock [Member]
Stockholders’ equity:
Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 44 and 5,982 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		$ 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.