Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Unproved Properties

The following table presents the costs of unproved properties excluded from the Company’s UOP depreciation calculation as of December 31, 2024 and the periods such costs were incurred:

			December 31,
	Total		2024		2023
	(In thousands)
Acquisition costs	$	29,335	$	630	$	28,705
Development costs (1)		41,127		41,127		—
Total costs incurred	$	70,462	$	41,757	$	28,705

Schedule of Disaggregated by Revenue

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

	Year Ended December 31,
	2024		2023
	(In thousands)
Oil revenue	$	6,595	$	—
Natural gas revenue		551		—
NGL revenue		793		—
Total revenues	$	7,939	$	—

Schedule of Anti-dilutive Securities Excluded from Earnings Per Share

Potentially Dilutive Security	Quantity		Stated Value Per Share		Total Value or Stated Value		Assumed Conversion Price		Resulting Common Shares
Merger Options, restricted stock units, and performance stock units (1)		9,337,631	$	—	$	—	$	—		1,337,631
Common stock warrants		227,148,205		—		—		—		8,494,177
Series D Preferred Stock		14,457		1,000		14,456,680		5.00		2,891,336
Senior Convertible Note (2)		—		—		11,251,508		7.79		1,444,353
Total										14,167,497

(1)	Not exercisable or vested as of December 31, 2024. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Merger Options (as defined herein) and Note 16 – Long–Term Incentive Compensation for a discussion of the restricted stock units and performance stock units.
(2)	Reflects the conversion option of the Senior Convertible Note, pursuant to the SEPA. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note and Note 14 – Common Stock for a discussion of the SEPA.

The following table presents the potentially dilutive securities which were not included in the computation of diluted earnings (loss) attributable to common stockholders for the year ended December 31, 2023 because their inclusion would be anti–dilutive:

Potentially Dilutive Security	Quantity		Stated Value Per Share		Total Value or Stated Value		Assumed Conversion Price		Resulting Common Shares
Common stock options and restricted stock units (1)		8,547,574	$	—	$	—	$	—		547,574
Common stock warrants		386,569,653		—		—		—		13,529,938
Series D Preferred Stock		20,627		1,000		20,627,130		5.00		4,125,426
Series E Preferred Stock		20,000		1,000		20,000,000		5.00		4,000,000
Total										22,202,938

⁽¹⁾ Not exercisable or vested as of December 31, 2023. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Merger Options and Note 16 – Long–Term Incentive Compensation for a discussion of the restricted stock units.

Schedule of 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 and income taxes for the periods presented:

	Year Ended December 31,
	2024			2023
	(In thousands)
Non–cash investing and financing activities:
Common Stock issued upon conversion of Series D Preferred Stock	$	6,170		$	—
Common Stock issued upon conversion of Series E Preferred Stock	$	20,000		$	—
Capital expenditures included in accrued liabilities	$	(14,136	)	$	—
Common Stock issued for SEPA commitment fee (1)	$	600		$	—
Credit facility issuance costs paid by the issuance of Common Stock (2)	$	1,000		$	—
Credit facility issuance costs included in accrued liabilities	$	331		$	—
Cryptocurrency mining equipment and deposits acquired in the Merger	$	—		$	20,761
Secured convertible debentures assumed in the Merger	$	—		$	1,981
SBA loan payable acquired assumed in the Merger	$	—		$	150
Membership interests converted into shares of Common Stock	$	—		$	(607	)
Common Stock issued at Merger	$	—		$	9,928
Series D Preferred Stock issued at Merger	$	—		$	3,209
Common Stock and warrants issued in Exok option acquisition	$	—		$	7,289
Common Stock issued in satisfaction of share issuance obligation	$	—		$	2,007
Common Stock issued in conversion of AR Debentures	$	—		$	5,775
Reclassification of increase in value of warrant liabilities in equity	$	—		$	39,780
Supplemental disclosure:
Cash paid for interest (3)	$	715		$	121
Cash paid for income taxes	$	—		$	—

(1)	Pursuant to the SEPA, the Company issued 100,000 shares to Yorkville as a commitment fee. Refer to Note 14 – Common Stock for a discussion of the SEPA.
(2)	Prior to entering into the Credit Facility (as defined below) agreement in December 2024, the Company issued 120,048 shares to Yorkville as a consent fee. Refer to Note 10 – Debt for a discussion of the credit facility.
(3)	For the year ended December 31, 2024, includes amounts paid for redemption premium and minimum return premium. Refer to Note 10 – Debt for a further discussion.