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v3.25.1

Property and Equipment, net | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment, net | Note 7 – Property and Equipment, net The Company’s property and equipment, net consisted of the following for the periods presented: Schedule of Property and Equipment, net
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
Oil and natural gas properties: |  |  |  |  |  |  |  |
Proved properties |  | $ | 621,526 |  |  | $ | 64,491 |
Unproved properties |  |  | 36,488 |  |  |  | 70,462 |
Total oil and natural gas properties |  |  | 658,014 |  |  |  | 134,953 |
Less: Accumulated depreciation, depletion, and amortization |  |  | (2,535 | ) |  |  | (422 | )
Oil and natural gas properties, net |  |  | 655,479 |  |  |  | 134,531 |
Other property and equipment |  |  | 17,190 |  |  |  | 94 |
Less: Accumulated depreciation, depletion, and amortization |  |  | (9 | ) |  |  | (5 | )
Other property and equipment, net |  |  | 17,181 |  |  |  | 89 |
Total property and equipment, net |  | $ | 672,660 |  |  | $ | 134,620 |
As of December 31, 2024, the unproved properties balance included $38.0 million of development costs for wells which were in the process of being completed. These wells began producing in February 2025 and are reflected in proved properties as of March 31, 2025.

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