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Subsequent Events | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | Note 19 – Subsequent Events Edge Acquisition On July 2, 2025, the Company entered into an agreement to acquire certain assets from Edge Energy II LLC (“Edge Energy”) for a total purchase price of $12.5 million (the “Edge Acquisition”). The Edge Acquisition consists of 47 operated and non-operated wells on approximately 11,000 net acres. The Company expects to close the Edge Acquisition in the third quarter and plans to fund the closing by borrowing on its Credit Facility. Third Exok Asset Purchase On August 8, 2025, the Company completed the third portion of the original Exok Asset Purchase and acquired approximately 5,500 net acres from Exok for $1.3 million. Bayswater Acquisition Final Settlement On July 25, 2025, the Company received the final settlement statement from Bayswater, which will be reflected in the third quarter financial statements. Refer to Note 3 – Acquisitions for a full discussion of the Bayswater Acquisition. Series F Preferred Conversions Throughout July 2025, the Series F Preferred Stockholder converted 13,000 shares of Series F Preferred Stock into 4,612,000 shares of Common Stock using the Alternative Conversion. Refer to Note 13 – Mezzanine Equity for a full discussion of the Series F Preferred Stock.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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