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Property and Equipment, net
 3 Months Ended
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:

 

   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.