Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 124,795 $ 109,003
Restricted cash 1,552 1,552
Accounts receivable:    
Oil, natural gas liquids and natural gas sales 57,280 63,558
Joint interest, net of allowance for credit losses of $10,477 and $10,414, respectively 28,118 25,841
Prepaid expenses and other current assets 17,506 18,504
Total current assets 229,251 218,458
Oil and natural gas properties and other, net of accumulated depletion and amortization of $8,444,693 and $8,356,776, respectively 678,671 777,741
Restricted deposits for asset retirement obligations 23,019 22,730
Deferred income taxes   48,808
Other assets 29,685 31,193
Total assets 960,626 1,098,930
Current liabilities:    
Accounts payable 89,438 83,625
Accrued liabilities 18,928 33,271
Undistributed oil and natural gas proceeds 54,582 53,131
Advances from joint interest partners 2,395 2,443
Current portion of asset retirement obligations 34,528 46,326
Current portion of long-term debt, net 8,600 27,288
Total current liabilities 208,471 246,084
Asset retirement obligations 531,493 502,506
Long-term debt, net 341,843 365,935
Other liabilities 17,515 16,182
Commitments and contingencies 33,791 20,800
Shareholders' deficit:    
Preferred stock: $0.00001 par value; 20,000 shares authorized; no shares issued
Common stock: $0.00001 par value; 400,000 shares authorized; 151,642 shares and 150,243 shares issued, respectively 2 2
Additional paid-in capital 603,140 595,407
Retained deficit (751,462) (623,819)
Treasury stock: 2,869 shares, at cost (24,167) (24,167)
Total shareholders' deficit (172,487) (52,577)
Total liabilities and shareholders' deficit $ 960,626 $ 1,098,930