XML 12 R2.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 95,452 $ 120,814
Accounts receivable 73,876 28,218
Earnest payments 243 154
Other current assets 9,323 7,528
Total current assets 178,894 156,714
Oil and gas properties 1,700,819 1,006,221
Accumulated depletion (253,654) (140,376)
Net oil and gas properties 1,447,165 865,845
Right-of-use assets, net 9,814 6,010
Other noncurrent assets 4,601 501
TOTAL ASSETS 1,640,474 1,029,070
Current liabilities    
Accounts payable 139,520 41,824
Accrued expenses 38,607 41,466
Current portion of long-term debt 145,348 103,240
Current portion of deferred closings 8,626 7,189
Escrow account 3,994 16,356
Current operating lease liabilities 1,149 656
Other current liabilities 63,663 15,880
Total current liabilities 400,907 226,611
Long-term debt, net of current portion 1,127,454 795,215
Accrued interest 49,669 26,079
Deferred closings 2,935 3,324
Operating lease liabilities 9,918 5,860
Asset retirement obligations 2,508 1,181
Other noncurrent liabilities 462 4,858
Total liabilities 1,593,853 1,063,128
Commitments and contingencies (Note 13)
Equity (deficit)    
Member's equity 434 434
Accumulated deficit (1,747) (34,492)
Total equity (deficit) 46,621 (34,058)
TOTAL LIABILITIES AND EQUITY (DEFICIT) 1,640,474 1,029,070
Series A Preferred Stock [Member]    
Equity (deficit)    
Series A preferred shares (2,704,023 and 0 shares issued and outstanding at an aggregate liquidation preference of $67.6 million and $0 at September 30, 2025 and December 31, 2024, respectively) $ 47,934 $ 0