Oil and natural gas properties, successful efforts method of accounting including 101,499 and 57,897 excluded from depletable base as of june 30, 2026 and december 31, 2025, respectively
1,007,985
912,615
852,732
806,955
Other property and equipment
21,604
21,349
21,067
20,881
Less accumulated depreciation, depletion, and amortization
82,098
65,110
49,343
30,780
Total property and equipment, net
947,491
868,854
824,456
797,056
Deferred tax asset
-
16,742
-
-
Derivative assets, net
0
0
24,627
6,523
Debt issuance costs, net
12,688
11,679
12,642
13,495
Operating lease assets
2,966
2,997
2,966
1,604
Other noncurrent assets
167
133
133
133
Total assets
1,005,213
958,754
944,546
939,788
Accounts payable and accrued expenses
92,729
104,642
62,792
81,952
Oil, natural gas, and ngl revenue payable
21,115
34,026
30,300
35,181
Ad valorem and production taxes payable
35,074
30,352
31,385
27,128
Senior convertible note, at fair value
-
-
0
0
Derivative liabilities, net
16,954
68,988
0
0
Operating lease liabilities
1,543
1,363
1,300
749
Total current liabilities
167,415
239,371
125,777
145,010
Credit facility
436,000
361,500
366,000
417,000
Subordinated note related party
1,458
1,458
1,458
1,458
Subordinated note warrants, at fair value related party
-
725
316
300
Series f convertible preferred stock embedded derivatives, at fair value
12,262
15,806
15,853
11,596
Series f convertible preferred stock warrants, at fair value
9,492
114,433
90,134
62,776
Sepa, at fair value
-
-
0
0
Incremental share right liability, at fair value
15,264
-
-
-
Derivative liabilities, net
14,711
40,457
0
0
Oil, natural gas, and ngl revenue payable
39,582
24,831
27,402
20,869
Ad valorem and production taxes payable
33,411
31,259
22,751
15,720
Deferred tax liability
3,072
0
21,652
-
Asset retirement obligation
3,781
3,657
4,019
3,185
Operating lease liabilities
1,544
1,756
1,792
989
Other long-term liabilities
1,026
1,042
1,082
361
Total longterm liabilities
571,603
596,924
552,459
534,254
Total liabilities
739,018
836,295
678,236
679,264
Series f convertible preferred stock 0.01 par value 50,000,000 shares authorized, and 78,000 and 121,050 shares issued and outstanding as of june 30, 2026 and december 31, 2025, respectively
43,224
122,059
136,146
158,687
Preferred stock value
-
-
0
-
Common stock 0.01 par value 500,000,000 shares authorized, and 105,828,010 and 62,499,375 shares issued and outstanding as of june 30, 2026 and december 31, 2025, respectively
1,060
854
625
540
Treasury stock, at cost 715,955 and 111,357 shares issued and outstanding as of june 30, 2026 and december 31, 2025, respectively
1,778
1,719
531
442
Additional paidin capital
355,060
241,653
217,785
187,152
Accumulated deficit
-131,371
-240,388
-87,715
-85,413
Total stockholders equity
222,971
400
130,164
101,837
Total liabilities, mezzanine equity, and stockholders equity
1,005,213
958,754
944,546
939,788
Unit: Thousand (K) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.
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