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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss from continuing operations $ (39,867) $ (62,021)
Adjustment to reconcile net loss to net cash used in operating activities:    
Stock based compensation 8,377 2,895
Depreciation, depletion, and amortization 427
Loss on derivatives, net 4,395
Loss on adjustment to fair value – debt and warrants 5,358 45,066
Loss on issuance of debt 3,039
Non-cash SEPA commitment fee 600
Amortization and expensing of deferred financing costs 35
Accretion of asset retirement obligation 6
Changes in operating assets and liabilities:    
Accounts receivable (12,265)
Prepaid expenses and other current assets (74) (101)
Accounts payable and accrued expenses 18,590 1,563
Ad valorem and production taxes payable 496
Oil, natural gas, and NGL revenue payable 1,140
Accrued interest and expenses – related parties (2)
Other assets and liabilities (65) (16)
Net cash used in continuing operating activities (9,808) (12,616)
Net cash provided by discontinued operations 460 675
Net cash used in operating activities (9,348) (11,941)
Cash flows from investing activities:    
Cash paid for Nickel Road asset purchase, net of cash received (55,509)
Transaction expenses paid related to Nickel Road asset purchase (239) (109)
Deposit on other oil and natural gas properties purchase (382)
Investments in oil and natural gas properties (28,522) (190)
Purchases of other property and equipment (94)
Acquisition of unproved oil and natural gas properties (21,225)
Cash received from sale of cryptocurrency miners 1,000
Cash received from payment on note receivable related to sale of cryptocurrency miners 338
Cash paid in reverse asset acquisition, net of cash received (1,990)
Net cash used in continuing investing activities (83,408) (23,514)
Net cash used in discontinued investing activities (170)
Net cash used in investing activities (83,408) (23,684)
Cash flows from financing activities:    
Proceeds from the issuance of Common Stock 15,000
Financing costs associated with issuance of Common Stock (5,008)
Proceeds from the issuance of the Senior Convertible Note 14,250
Payments of the Senior Convertible Note (3,748)
Proceeds from the issuance of the Subordinated Note – related party 5,000
Payments of the Subordinated Note – related party (1,786)
Borrowings on the Credit Facility 28,000
Debt issuance costs associated with the Credit Facility (336)
Proceeds from the exercise of Series D and E Preferred Stock warrants 33,539 12,450
Proceeds from the issuance of Series D Preferred Stock and warrants 17,376
Financing costs associated with the issuance of Series D Preferred Stock (928)
Proceeds from the issuance of Series E Preferred Stock and warrants 20,000
Financing costs associated with the issuance of Series E Preferred Stock (166)
Payments on long-term debt (150)
Net cash provided by continuing financing activities 84,911 48,582
Net cash provided by discontinued financing activities
Net cash provided by financing activities 84,911 48,582
Net (decrease) increase in cash and cash equivalents (7,845) 12,957
Cash and cash equivalents, beginning of the year 13,037 80
Cash and cash equivalents, end of the year $ 5,192 $ 13,037