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v3.25.2

Property and Equipment, net | 6 Months Ended
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Jun. 30, 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
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
Oil and natural gas properties: |  |  |  |  |  |  |  |
Unproved properties |  | $ | 35,575 |  |  | $ | 32,435 |
Properties in development |  |  | 56,293 |  |  |  | 38,028 |
Proved properties |  |  | 639,910 |  |  |  | 64,490 |
Total oil and natural gas properties |  |  | 731,778 |  |  |  | 134,953 |
Less: Accumulated depreciation, depletion, and amortization |  |  | (14,518 | ) |  |  | (422 | )
Oil and natural gas properties, net |  |  | 717,260 |  |  |  | 134,531 |
Other property and equipment |  |  | 21,277 |  |  |  | 94 |
Less: Accumulated depreciation, depletion, and amortization |  |  | (224 | ) |  |  | (5 | )
Other property and equipment, net |  |  | 21,053 |  |  |  | 89 |
Total property and equipment, net |  | $ | 738,313 |  |  | $ | 134,620 |
As of June 30, 2025, the properties in development balance includes $23.9 million of completion costs for wells which were drilled by Bayswater prior to the Bayswater Acquisition, which came online at the beginning of the third quarter, and $26.3 million of development costs for wells which are expected to come online later in the third quarter of 2025.

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