ADDED
On February 27, 2026, 35,298,774 shares of the registrant s Common Stock with $0.001 par value were outstanding.
Our Colombian properties represented 46%, our Canadian properties represented 38%, and our Ecuadorian properties represented 16% of our proved reserves NAR at December 31, 2025 and for the year ended December 31, 2025, 70% (2024 - 93%, 2023 -97%) of our revenue 5 was generated in Colombia, 19% of our revenue was generated in Canada (2024 - 3% and 2023 - nil) and 11% (2024 - 4%, 2023 - 3%) of our revenue was generated in Ecuador.
2025 Operational Highlights During the year ended December 31, 2025, we drilled 22 gross wells (13 development, two service and seven exploration), 12 in Colombia (eight net), four in Ecuador and six in Canada (three net), and incurred capital expenditures of $256.3 million, of which $149.1 million were incurred in Colombia, $62.3 million in Ecuador and $44.1 million in Canada, with the remainder comprised of administrative assets incurred by the corporate entity.
In Colombia, seven wells were drilled in the Suroriente Block, three in the Chaza Block, one in the Llanos-85 Block and one in the Alea 1848-A Block.
In Ecuador, two wells were drilled in the Charapa Block and two in the Iguana Block.
In Canada, we drilled six wells; four in the Simonette area and two in the Clearwater area.
As at December 31, 2025, of the exploration and development wells drilled, sixteen were producing, two were service wells, one well in the Suroriente Block was in-progress and three wells in the Llanos-85 Block, the Alea 1848-A Block and the Suroriente Block in Colombia were dry.
2026 Outlook Our Colombian, Canadian and Ecuadorian development expenditures are expected to represent approximately 60%, 30% and 10% of our 2026 capital program.
The table below shows the break-down of our 2026 capital program: Number of Wells (Gross) Number of Wells (Net) 2026 Capital Budget ($ million) Development - Colombia 4 - 5 2 - 3 70 - 90 Development - Canada 4 - 5 2 - 3 35 - 45 Development - Ecuador 15 - 25 8 - 10 4 - 6 120 - 160 Our base capital program for 2026 is $120 million to $160 million, with over 90% attributed to development activities.
Based on the mid-point of the 2026 guidance, approximately 20% of the development activities included in the 2026 capital program are expected to be directed to facilities to support future production growth and enhance recovery factors.
REMOVED
On February 20, 2025, 35,888,773 shares of the registrant s Common Stock with $0.001 par value were outstanding.
Our Colombian properties represented 47%, our Canadian properties represented 46% and our Ecuadorian properties represented 7% of our proved reserves NAR at December 31, 2024 and for the year ended December 31, 2024, 93% (2023 - 97%, 2022 -100%) of our revenue was generated in Colombia, 3% of our revenue was generated in Canada (2023 and 2022 - nil) and 4% (2023 - 3%, 2022 - nil) of our revenue was generated in Ecuador.
5 On May 5, 2023, the Company completed a 1-for-10 reverse stock split of the Company s Common Stock.
As a result of the reverse stock split, every ten of the Company s issued shares of Common Stock were automatically combined into one issued share of Common Stock, without any change to the par value per share.
All share and per share numbers in this Annual Report on Form 10-K have been adjusted to reflect the reverse stock split.
2024 Operational Highlights During the year ended December 31, 2024, we drilled 30 wells (23 development, and seven exploration), 14 in Colombia, nine in Canada (six net) and seven in Ecuador and incurred capital expenditures of $234.2 million , of which $141.6 million were incurred in Colombia, $79.4 million in Ecuador and $12.5 million in Canada with remainder comprised of administrative assets incurred by the corporate entity.
We drilled seven development and one water injector wells in Midas Block and three development and three water injector wells in Chaza Block in Colombia, seven exploration wells in Ecuador and nine gross (six net) development wells in Canada.
As at December 31, 2024, of the development wells drilled during the year, seven (four net) were in-progress and the remainder were producing.
2025 Outlook Our Colombian, Canadian and Ecuadorian development operations are expected to represent approximately 52 %, 37% and 11% of our 2025 production.
The table below shows the break-down of our 2025 capital program: Number of Wells (Gross) Number of Wells (Net) 2025 Capital Budget ($ million) Development - Colombia 4 - 6 2 - 3 105 - 120 Development - Ecuador 2 2 35 - 45 Development - Canada 4 - 6 2 - 3 35 - 45 Exploration, Colombia and Ecuador 6 - 8 6 - 8 65 - 70 16 - 22 12 - 16 240 - 280 Our base capital program for 2025 is $240 million to $280 million for exploration and development activities.