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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,859 $ 2,203
Oil and natural gas sales, net 34,044 39,314
Joint interest and other, net 15,486 32,229
Prepaid expenses and other current assets 3,362 11,822
Commodity derivative assets, short term 763 0
Total current assets 58,514 85,568
Oil and natural gas properties, full cost method (including $86.8 million and $86.5 million as of March 31, 2025 and December 31, 2024, respectively excluded from amortization) 1,017,189 933,228
Midstream and other property and equipment 43,589 40,053
Less: Accumulated depreciation, depletion, and amortization (174,429) (153,233)
Property and equipment, net 886,349 820,048
Operating lease right-of-use assets, net 1,309 1,389
Other assets 7,745 8,461
Total assets 953,917 915,466
Current liabilities:    
Accounts payable 46,583 51,370
Royalties payable 26,448 23,129
Accrued liabilities 25,567 45,903
Current portion of long-term debt 80 101
Operating lease liabilities 209 247
Commodity derivative liabilities, short-term 38,664 12,596
Total current liabilities 137,551 133,346
Long-term debt 11,391 259,406
Operating lease liabilities, net of current portion 1,098 1,142
Asset retirement obligations 3,130 2,988
Commodity derivative liabilities, long-term 18,670 10,342
Deferred tax liability, net 35 0
Total liabilities 171,875 407,224
Commitments and contingencies (Note 14)
Redeemable non-controlling interest 834,279  
Stockholders’ deficit / members’ equity    
Members’ equity   508,242
Additional paid-in capital 0  
Accumulated deficit (52,845)  
Total stockholders' deficit (52,237)  
Total members' equity 0 508,242
Total liabilities, redeemable interest and stockholders’ deficit / members’ equity 953,917 $ 915,466
Class A    
Stockholders’ deficit / members’ equity    
Common stock outstanding 152  
Class B    
Stockholders’ deficit / members’ equity    
Common stock outstanding $ 456