XML 17 R2.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets:      
Cash and cash equivalents $ 112,069,000    
Restricted cash 35,095,000 $ 0  
Materials and supplies 16,578,000 16,213,000  
Prepaid expenses and other current assets 3,350,000 0  
Total current assets 167,092,000 16,213,000  
Oil and gas properties (Successful efforts method)      
Oil and gas properties 1,068,322,000 4,382,289,000  
Less: Accumulated depreciation, depletion and amortization 0 (3,693,325,000)  
Total oil and gas properties - net 1,068,322,000 688,964,000  
Other, net 5,497,000 6,404,000  
Total assets 1,240,911,000 711,581,000  
Liabilities and Stockholders' Equity/Parent Net Investment      
Accounts payable and accrued expenses 57,651,000 5,384,000  
Excise tax payable 2,308,000    
Total current liabilities 61,259,000 17,902,000  
Warrant liabilities 149,473,000    
Asset retirement obligations 94,174,000 349,138,000  
Senior Secured Term Loan including paid-in-kind interest, net 790,377,000 0  
Deferred tax liabilities 19,781,000 0  
Other 3,800,000 5,520,000  
Total liabilities 1,118,864,000 372,560,000  
Commitments and Contingencies (Note 8)  
Stockholders' Equity/Parent Net Investment      
Parent net investment 0 339,021,000 $ 362,596,000
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding 0 0  
Common Stock 6,000 0  
Additional paid-in capital 548,600,000 0  
Accumulated deficit (426,559,000)    
Total Stockholders' Equity/Parent Net Investment 122,047,000 339,021,000  
Total Liabilities and Stockholders' Equity/Parent Net Investment 1,240,911,000 711,581,000  
Flame Acquisition Corp [Member]      
Current assets:      
Cash   267,816 100,256
Prepaid expenses   96,601 88,212
Cash and cash equivalents   267,816  
Total current assets   364,417 188,468
Oil and gas properties (Successful efforts method)      
Investments held in Trust Account   63,558,404 290,718,297
Total assets   63,922,821 290,906,765
Liabilities and Stockholders' Equity/Parent Net Investment      
Excise tax payable   2,308,378  
Income taxes payable   0 330,151
Promissory notes to related parties   1,128,630 370,000
Convertible promissory notes – related parties, at fair value   6,381,294 1,409,730
Total current liabilities   16,772,220 6,735,773
Warrant liabilities   39,213,750 12,149,250
Total liabilities   55,985,970 18,885,023
Commitments and Contingencies (Note 8)  
Class A common stock subject to possible redemption; 6,104,682 and 28,750,000 shares at redemption value at December 31, 2023 and 2022, respectively ($10.41 and $10.10 at December 31, 2023 and 2022, respectively)   63,519,554 290,347,008
Stockholders' Equity/Parent Net Investment      
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   0 0
Accumulated deficit   (55,583,422) (18,325,985)
Total Stockholders' Equity/Parent Net Investment   (55,582,703) (18,325,266)
Total Liabilities and Stockholders' Equity/Parent Net Investment   63,922,821 290,906,765
Non-related party [Member]      
Liabilities and Stockholders' Equity/Parent Net Investment      
Accounts payable and accrued expenses 57,651,000 5,384,000  
Due to related party, net / Other current liabilities 1,300,000 1,148,000  
Non-related party [Member] | Flame Acquisition Corp [Member]      
Liabilities and Stockholders' Equity/Parent Net Investment      
Accounts payable and accrued expenses   6,953,918 4,625,892
Due to related party, net [Member]      
Liabilities and Stockholders' Equity/Parent Net Investment      
Due to related party, net / Other current liabilities $ 0 11,370,000  
Common Class A [Member] | Flame Acquisition Corp [Member]      
Stockholders' Equity/Parent Net Investment      
Common Stock   719 0
Common Class B [Member] | Flame Acquisition Corp [Member]      
Stockholders' Equity/Parent Net Investment      
Common Stock   $ 0 $ 719