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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 14,972 $ 5,192
Oil, natural gas, and NGL revenue 9,553 3,024
Joint interest and other 7,360 9,275
Acquisition receivable 37,806
Note receivable 416 494
Prepaid expenses and other current assets 507 312
Inventory 1,281 5
Total current assets 71,895 18,302
Property and equipment:    
Oil and natural gas properties, successful efforts method of accounting including $36,448 and $70,462 excluded from amortization as of March 31, 2025 and December 31, 2024, respectively 658,014 134,953
Other 17,190 94
Less: Accumulated depreciation, depletion, and amortization (2,544) (427)
Total property and equipment, net 672,660 134,620
Deposits on oil and natural gas property purchases 15,382 382
Debt issuance costs, net 14,117 1,731
Operating lease assets 1,266 1,323
Other non–current assets 125 196
Total assets 775,445 156,554
Current liabilities:    
Accounts payable and accrued expenses 43,671 38,225
Ad valorem and production taxes payable 31,519 7,094
Oil, natural gas, and NGL revenue payable 47,988 2,366
Senior convertible note, at fair value 12,555
Derivative liabilities 3,071 2,446
Operating lease liabilities 384 323
Total current liabilities 126,633 63,009
Long–term liabilities:    
Credit facility 377,000 28,000
Subordinated note warrants, at fair value – related party 1,679 4,159
Series F convertible preferred stock embedded derivatives, at fair value 19,219
Series F convertible preferred stock warrants, at fair value 22,115
SEPA, at fair value 790
Derivative liabilities 1,441 1,949
Asset retirement obligation 2,607 227
Operating lease liabilities 969 1,043
Total long–term liabilities 426,488 40,777
Total liabilities 553,121 103,786
Commitments and contingencies (Note 12)
Mezzanine equity:    
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 147,250 and 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 188,281
Stockholders’ equity:    
Common stock; $0.01 par value; 500,000,000 shares authorized, and 42,942,127 and 23,045,209 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 429 230
Treasury stock, at cost; 40,196 and 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively (336)
Additional paid–in capital 156,332 172,304
Accumulated deficit (122,382) (119,766)
Total stockholders’ equity 34,043 52,768
Total liabilities, mezzanine equity, and stockholders’ equity 775,445 156,554
Series D Preferred Stock [Member]    
Stockholders’ equity:    
Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 5,982 and 14,457 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
Related Party [Member]    
Long–term liabilities:    
Subordinated note – related party $ 1,458 $ 4,609