| For the Nine Months Ended September 30, | For the Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2023 | 2022 (As Restated) | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Revenues | ||||||||||||||||
| Mineral and royalty revenues | $ | 119,931 | $ | 69,759 | $ | 118,088 | $ | 54,554 | ||||||||
| Product sales | 57,913 | 675 | — | — | ||||||||||||
| Water services | 1,632 | — | — | — | ||||||||||||
| Other revenue | 74 | 2 | 17 | — | ||||||||||||
| Total revenues | $ | 179,550 | $ | 70,436 | $ | 118,105 | $ | 54,554 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of sales | $ | 40,334 | $ | 12,214 | $ | 19,733 | $ | 9,573 | ||||||||
| Depreciation, depletion, amortization, and accretion | 53,316 | 16,653 | 34,228 | 12,144 | ||||||||||||
| Advertising and marketing | 350 | 2,800 | 4,136 | 1,353 | ||||||||||||
| Selling, general, and administrative | 22,052 | 8,583 | 14,314 | 5,563 | ||||||||||||
| Payroll and payroll-related expenses | 15,662 | 7,300 | 12,733 | 6,023 | ||||||||||||
| Loss on sale of assets | 564 | — | — | — | ||||||||||||
| Impairment expense | 528 | — | 974 | — | ||||||||||||
| Total operating expenses | $ | 132,806 | $ | 47,550 | $ | 86,118 | $ | 34,656 | ||||||||
| Income (loss) from operations | $ | 46,744 | $ | 22,886 | $ | 31,987 | $ | 19,898 | ||||||||
| Other expenses | ||||||||||||||||
| Interest income | $ | 316 | $ | — | $ | 66 | $ | — | ||||||||
| Interest expense | (61,116) | (27,086) | (47,882) | (11,893) | ||||||||||||
| Gain (loss) on financial derivatives | 3,630 | 44 | (32) | (2,239) | ||||||||||||
| Loss on debt extinguishment | (868) | (225) | (328) | (92) | ||||||||||||
| Total other expenses | $ | (58,038) | $ | (27,267) | $ | (48,176) | $ | (14,224) | ||||||||
| Net income (loss) | $ | (11,294) | $ | (4,381) | $ | (16,189) | $ | 5,674 | ||||||||
| For the Nine Months Ended September 30, | For the Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2023 | 2022 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Net income (loss) | $ | (11,294) | $ | (4,381) | $ | (16,189) | $ | 5,674 | ||||||||
| Interest income | (316) | — | (66) | — | ||||||||||||
| Interest expense | 61,116 | 27,086 | 47,882 | 11,893 | ||||||||||||
| Depreciation, depletion, amortization, and accretion expense | 53,316 | 16,653 | 34,228 | 12,144 | ||||||||||||
| EBITDA | $ | 102,822 | $ | 39,358 | $ | 65,855 | $ | 29,711 | ||||||||
| Nine Months Ended | ||||||||||||||||
| September 30, | Change | |||||||||||||||
| (in thousands) | 2024 | 2023 | $ | % | ||||||||||||
| Revenues | ||||||||||||||||
| Mineral and royalty revenues | $ | 119,931 | $ | 69,759 | $ | 50,172 | 72% | |||||||||
| Product sales | 57,913 | 675 | 57,238 | 8480% | ||||||||||||
| Water services | 1,632 | — | 1,632 | NM | ||||||||||||
| Other revenues | 74 | 2 | 72 | 3600% | ||||||||||||
| Total revenues | 179,550 | 70,436 | 109,114 | 155% | ||||||||||||
| Operating expenses | ||||||||||||||||
| Cost of sales | 40,334 | 12,214 | 28,120 | 230% | ||||||||||||
| Depreciation, depletion, amortization, and accretion | 53,316 | 16,653 | 36,663 | 220% | ||||||||||||
| Advertising and marketing | 350 | 2,800 | (2,450) | (88)% | ||||||||||||
| Selling, general, and administrative | 22,052 | 8,583 | 13,469 | 157% | ||||||||||||
| Payroll and payroll-related | 15,662 | 7,300 | 8,362 | 115% | ||||||||||||
| Loss on sale of assets | 564 | — | 564 | NM | ||||||||||||
| Impairment expense | 528 | — | 528 | NM | ||||||||||||
| Total operating expenses | 132,806 | 47,550 | 85,256 | 179% | ||||||||||||
| Income from operations | 46,744 | 22,886 | 23,858 | (104)% | ||||||||||||
| Other expenses | ||||||||||||||||
| Interest income | 316 | — | 316 | NM | ||||||||||||
| Interest expense, net | (61,116) | (27,086) | (34,030) | (126)% | ||||||||||||
| Gain on derivatives | 3,630 | 44 | 3,586 | 8150% | ||||||||||||
| Loss on debt extinguishment | (868) | (225) | (643) | 286% | ||||||||||||
| Total other expenses | (58,038) | (27,267) | (30,771) | (113)% | ||||||||||||
| Net loss | $ | (11,294) | $ | (4,381) | $ | (6,913) | (158)% | |||||||||
| Net Mineral Acres | ||||||||||||
| Basin | Developed Acreage | Undeveloped Acreage | Total Acreage | |||||||||
| Bakken/Williston Basin | 24,504 | 120,405 | 144,908 | |||||||||
| DJ Basin/Rockies/Niobrara/PRB | 3,242 | 29,793 | 33,035 | |||||||||
| Permian Basin/Other | 1,435 | 252,049 | 253,484 | |||||||||
| Total Net Mineral Acres | 29,181 | 402,247 | 431,428 | |||||||||
| Name of Beneficial Holder | Class A Units(1) | Class A Unit Percentage | Class B Units(2) | Class B Unit Percentage | ||||||||||||
| 5% Holders | ||||||||||||||||
| Lion of Judah Capital, LLC(3) | 1,100,000 | 55.0 | % | 4,186,100 | 59.8 | % | ||||||||||
| Managers and Named Executive Officers | ||||||||||||||||
| Adam Ferrari(3) | — | — | % | — | — | % | ||||||||||
| Curtis Allen | 525,010 | 26.3 | % | 192,490 | 2.7 | % | ||||||||||
| Sean Goodnight | 53,570 | 2.7 | % | 210,930 | 3.0 | % | ||||||||||
| All executive officers and managers as a group (seven individuals) | 739,290 | 40.0 | % | 1,222,210 | 17.5 | % | ||||||||||
