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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies The Company has provided a full discussion of its significant accounting policies, estimates, and judgments in Note 2 – Summary of Significant Accounting Policies in its Annual Report on Form 10–K for the fiscal year ended December 31, 2024. The Company has not changed any of its significant accounting policies during the six months ended June 30, 2025. Revenue Recognition The Company recognizes revenue from the sales of oil, natural gas, and NGLs at the point that control of the produced oil, natural gas, and NGL volumes are transferred to the customer. The Company considers the transfer of control to have occurred when the production is delivered to the purchaser because at that time, the purchaser has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the oil, natural gas, or NGL production. Transfer of control dictates the presentation of the Company’s gathering, transportation, and processing expenses within its consolidated statements of operations. Gathering, transportation, and processing expenses incurred prior to the transfer of control are recorded gross within gathering, transportation, and processing in the accompanying statements of operations. Additionally, the Company has made an accounting election to exclude certain qualifying taxes collected from customers and remitted to governmental authorities from its reported revenues and is presenting those amounts as a component of operating expense in the accompanying consolidated statements of operations. The amounts due from purchasers are accrued in oil, natural gas, and NGL revenue accounts receivable on the accompanying consolidated balance sheets. The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The following table presents the Company’s oil, natural gas, and NGL revenue disaggregated by revenue stream: Schedule of Disaggregated by Revenue Stream
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 (1) |  |  | 2024 |
|  | (In thousands) |
Crude oil sales |  | $ | 57,941 |  |  | $ | — |  |  | $ | 68,729 |  |  | $ | — |
Natural gas sales |  |  | 6,084 |  |  |  | — |  |  |  | 6,533 |  |  |  | — |
NGL sales |  |  | 4,075 |  |  |  | — |  |  |  | 5,653 |  |  |  | — |
Total revenues |  | $ | 68,100 |  |  | $ | — |  |  | $ | 80,915 |  |  | $ | — |
(1) | Total revenues for the six months ended June 30, 2025, include revenue from the assets acquired from Bayswater beginning on March 26, 2025, the closing date of the Bayswater Acquisition, through June 30, 2025.
Marketing One of the Company’s gas gathering and processing agreements requires a monthly minimum payment, which began in October 2019 and continues through September 2029. This monthly minimum payment is intended to reimburse the costs incurred by the counterparty to connect the gathering facility to the covered area. This gas gathering and processing agreement further allocates a portion of the counterparty’s firm commitments to transport natural gas liquids processed by the counterparty to those assets from July 2022 through September 2029. If the Company does not meet the minimum volume commitments under this agreement, it will be required to pay certain deficiency fees. Treasury Stock During the six months ended June 30, 2025, the Company paid $0.4 million to repurchase 57,245 shares of vested restricted stock units from employees to cover such employees’ portion of the tax withholdings. The Company has presented the shares repurchased at cost as treasury stock on its condensed consolidated balance sheet as of June 30, 2025. Supplemental Disclosures of Cash Flow Information The following table presents non–cash investing and financing activities and supplemental cash flow disclosures relating to the cash paid for interest and income taxes for the periods presented: Schedule of Non-cash Investing and Financing Activities and Supplemental Cash Flow Disclosures
|  | 2025 |  |  | 2024 |
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Non–cash investing and financing activities: |  |  |  |  |  |  |  |
Capital expenditures included in accrued liabilities |  | $ | (15,692 | ) |  | $ | (1,120 | )
Equipment purchased in exchange for note payable |  | $ | (560 | ) |  | $ | — |
Common Stock issued to Bayswater as part of Bayswater Acquisition purchase price (1) |  | $ | 16,000 |  |  | $ | — |
Bayswater transaction costs included in accrued liabilities |  | $ | 6,035 |  |  | $ | — |
Common Stock issuance costs included in accrued liabilities (2) |  | $ | 292 |  |  | $ | — |
Series F Preferred Stock issuance costs included in accrued liabilities (3) |  | $ | 1,113 |  |  | $ | — |
Common Stock issued upon conversion of Series D Preferred Stock |  | $ | 8,475 |  |  | $ | 4,120 |
Common Stock issued upon conversion of Series F Preferred Stock |  | $ | 4,772 |  |  | $ | — |
Common Stock issued upon conversion of Senior Convertible Note (4) |  | $ | 18,164 |  |  | $ | — |
Common Stock issued for Series F Preferred dividends (5) |  | $ | 3,289 |  |  | $ | — |
Series F Preferred Stock undeclared dividends |  | $ | 1,647 |  |  | $ | — |
Remeasurement of Series F preferred stock (6) |  | $ | 73,101 |  |  | $ | — |
Series F Preferred Stock embedded derivatives |  | $ | 1,130 |  |  | $ | — |
Series F Preferred Stock warrant liabilities |  | $ | 43,718 |  |  | $ | — |
Additions to asset retirement obligation |  | $ | 46 |  |  | $ | — |
Supplemental disclosure: |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 6,971 |  |  | $ | — |
Cash paid for income taxes |  | $ | — |  |  | $ | — |
(1) | The Company issued approximately 3.7 million shares of Common Stock to Bayswater as part of the Bayswater Purchase Price. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition.
(2) | Relates to the Common Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 14 – Stockholders’ Equity for a discussion of the Common Stock issuance.
(3) | Relates to the Series F Preferred Stock issued to partially fund the Bayswater Acquisition. Refer to Note 2 – Acquisitions for a discussion of the Bayswater Acquisition and Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
(4) | During the six months ended June 30, 2025, YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”), converted the remaining $11.3 million of the initial $15.0 million convertible promissory note (the “Senior Convertible Note”) in exchange for 2.1 million shares of Common Stock. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note.
(5) | The Company elected to issue shares of Common Stock for the Series F Preferred Dividend payable on June 1, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
(6) | Reflects the June 30, 2025 adjustment of the Series F Preferred Stock to maximum redemption in accordance with ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
Recently Issued Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 + Details
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