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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash $ 16,459 $ 13,124
Accounts receivable, net 41,080 44,411
Prepaid expenses 2,378 1,592
Inventory 8,901 5,734
Current derivative assets 10,566 3,264
Total Current Assets 79,384 68,125
Oil and natural gas properties, net (successful efforts) 1,002,617 860,797
Other property and equipment, net 46,376 30,477
Non-current derivative assets 481 585
Equity method investment 37,294 22,811
Funds held in escrow 1,196 0
Other non-current assets, net 23,990 10,706
Total Assets 1,191,338 993,501
Current Liabilities:    
Accounts payable 12,155 13,937
Accrued liabilities 30,829 33,918
Revenue payable 52,879 34,786
Current portion of long-term debt 20,000 20,000
Other current liabilities 11,445 20,123
Total Current Liabilities 127,308 122,764
Non-current derivative liabilities 321 414
Asset retirement obligations 59,118 32,706
Long-term debt 347,042 249,494
Deferred tax liabilities 85,918 76,547
Other non-current liabilities 5,134 961
Total Liabilities 624,841 482,886
Commitments and Contingencies (Note 15)
Shareholders' Equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding 0 0
Common stock, $0.001 par value, 240,000,000 shares authorized; 22,009,159 and 21,482,555 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 22 21
Additional paid-in capital 315,549 310,232
Retained earnings 250,926 200,362
Total Shareholders' Equity 566,497 510,615
Total Liabilities and Shareholders' Equity $ 1,191,338 $ 993,501