Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 7 – Property and Equipment, net

The Company’s property and equipment, net consisted of the following for the periods presented:

	December 31, 2024			December 31, 2023
	(In thousands)
Oil and natural gas properties:
Proved properties	$	64,491		$	—
Unproved properties		70,462			28,705
Total oil and natural gas properties		134,953			28,705
Less: Accumulated depreciation, depletion, and amortization		(422	)		—
Oil and natural gas properties, net	$	134,531		$	28,705
Other property and equipment	$	94		$	—
Less: Accumulated depreciation, depletion, and amortization		(5	)		—
Other property and equipment, net	$	89		$	—
Total property and equipment, net	$	134,620		$	28,705

As of December 31, 2024, the unproved properties balance includes $38.0 million of development costs for wells which were in the process of being completed. These wells began producing in February 2025 and will be reflected in proved properties in the first quarter of 2025.