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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 44,621 $ 19,712
Accounts receivable, net 24,464 26,298
Assets from derivative contracts 13,717 6,969
Restricted cash 91 91
Prepaids and other 569 982
Total current assets 83,462 54,052
Oil and natural gas properties (full cost method):    
Evaluated 876,736 816,186
Unevaluated 49,091 49,091
Gross oil and natural gas properties 925,827 865,277
Less: accumulated depletion (523,500) (497,272)
Net oil and natural gas properties 402,327 368,005
Other operating property and equipment:    
Other operating property and equipment 4,677 4,663
Less: accumulated depreciation (2,696) (2,455)
Net other operating property and equipment 1,981 2,208
Other noncurrent assets:    
Assets from derivative contracts 6,344 4,052
Operating lease right of use assets 1,000 453
Other assets 3,667 2,278
Total assets 498,781 431,048
Current liabilities:    
Accounts payable and accrued liabilities 62,286 52,682
Liabilities from derivative contracts 4,483 12,330
Current portion of long-term debt 22,553 12,246
Operating lease liabilities 720 406
Total current liabilities 90,042 77,664
Long-term debt, net 191,467 145,535
Other noncurrent liabilities:    
Liabilities from derivative contracts 4,764 6,954
Asset retirement obligations 19,812 19,156
Operating lease liabilities 307 84
Commitments and contingencies (Note 9)
Temporary equity:    
Redeemable convertible preferred stock: 138,000 shares of $0.0001 par value authorized, issued and outstanding at June 30, 2025 and December 31, 2024 197,625 177,535
Stockholders' equity:    
Common stock: 100,000,000 shares of $0.0001 par value authorized; 16,456,563 shares issued and outstanding at June 30, 2025 and December 31, 2024 2 2
Additional paid-in capital 268,818 288,993
Accumulated deficit (274,056) (284,875)
Total stockholders' (deficit) equity (5,236) 4,120
Total liabilities, temporary equity and stockholders' equity $ 498,781 $ 431,048