Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Disaggregated by Revenue

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

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Crude oil sales	$	10,788	$	—
Natural gas sales		1,223		—
NGL sales		1,579		—
Total revenues	$	13,590	$	—

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 (1)		5,666,666	$	—	$	—	$	—		5,666,666
Restricted stock and performance stock units (2)		1,059,432	$	—	$	—	$	—		1,059,432
Common stock warrants (3)		382,914,964	$	—	$	—	$	—		163,975,543
Series D Preferred Stock		5,982	$	1,000	$	5,981,680	$	5.00		1,196,337
Series F Preferred Stock (4)		147,250	$	1,000	$	147,250,000	$	$1,055.90		155,481,366
Total										327,379,344

(1)	The Merger Options became exercisable upon the closing of the Bayswater Acquisition on March 26, 2025. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Merger Options (defined herein).
(2)	As of March 31, 2025, all restricted stock and performance stock units presented are unvested. Refer to Note 16 – Long–Term Incentive Compensation for a discussion of the restricted stock units and performance stock units.
(3)	Includes the maximum amount of Series F Preferred Stock Warrants as of March 31, 2025, none of which have been issued. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Series F Preferred Stock Warrants.
(4)	Assumes the maximum number of converted shares using the Alternative Conversion at the NASDAQ minimum floor price, as defined in the Series F Preferred Stock Certificate of Designation (as defined herein), as of March 31, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock Warrants.

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 three months ended March 31, 2024 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		365,323,672	$	—	$	—	$	—		12,775,829
Series D Preferred Stock		19,402	$	1,000	$	19,402,130	$	5.00		3,880,426
Series E Preferred Stock		20,000	$	1,000	$	20,000,000	$	5.00		4,000,000
Total										21,203,829

⁽¹⁾ Not exercisable or vested as of March 31, 2024. 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:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Non–cash investing and financing activities:
Capital expenditures included in accrued liabilities	$	25,939	$	—
Common Stock issued to seller as part of Bayswater Acquisition purchase price (1)	$	16,000	$	—
Common Stock issuance costs included in accrued liabilities (2)	$	3,078	$	—
Series F Preferred Stock issuance costs included in accrued liabilities (3)	$	6,778	$	—
Common Stock issued upon conversion of Series D Preferred Stock	$	8,475	$	1,225
Common Stock issued upon conversion of Series F Preferred Stock	$	1,351	$	—
Common Stock issued upon conversion of Senior Convertible Note (4)	$	18,164	$	—
Series F Preferred Stock undeclared dividends	$	245	$	—
Series F Preferred Stock deemed dividends (5)	$	90,612	$	—
Series F Preferred Stock embedded derivatives	$	19,350	$	—
Series F Preferred Stock warrant liabilities	$	22,115	$	—
Additions to asset retirement obligation	$	46	$	—
Supplemental disclosure:
Cash paid for interest	$	915	$	—
Cash paid for income taxes	$	—	$	—

(1)	The Company issued approximately 3.7 million shares of Common Stock to Bayswater as part of the Bayswater Purchase Price. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition.
(2)	Relates to the Common Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 14 – Stockholders’ Equity for a discussion of the Common Stock issuance.
(3)	Relates to the Series F Preferred Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
(4)	During the three months ended March 31, 2025, YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”), converted the remaining $11.3 million of the initial $15.0 million convertible promissory note (the “Senior Convertible Note”) in exchange for 2.1 million shares of Common Stock. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note.
(5)	Reflects the March 31, 2025 adjustment of the Series F Preferred Stock to maximum redemption in accordance with ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.