ADDED
As of February 23, 2026, the registrant had 97,294,661 shares of common stock issued and outstanding.
You should consider carefully the statements in the section entitled Item 1A.
Across these operators, no single operator represented more than 11% of our fourth quarter 2025 oil and natural gas sales.
Our acquisition activities were a significant driver of our 6% production growth from 131,777 Boe per day in the fourth quarter of 2024 to 140,064 Boe per day in the fourth quarter of 2025.
As of December 31, 2025 Net Acres Productive Wells Average Daily Production (1) (MBoe per day) Proved Reserves (MBoe) % Oil % Proved Developed Gross Net Williston Basin 177,656 8,573 682.5 41.3 104,403 68 % 84 % Permian Basin 45,767 2,229 349.6 58.5 146,008 56 70 Appalachian Basin 62,198 518 114.2 29.6 99,623 1 80 Uinta Basin 16,176 382 49.1 10.7 34,034 90 40 Total 301,797 11,702 1,195.4 140.1 384,068 48 % 74 % __________________ (1) Represents the average daily production over the three months ended December 31, 2025.
As of December 31, 2025, we have participated in 11,702 gross (1,195 net) producing wells with an average working interest of 10.2% in each gross well, with more than 100 experienced operating partners.
For the three months ended December 31, 2025, 42% of our production was from the Permian Basin, 30% was from the Williston Basin, 21% was from the Appalachian Basin and 7% was from the Uinta Basin.
Fish and Wildlife Service and National Marine Fisheries Service proposed to redefine harm to mean affirmative acts that are directed immediately and intentionally against a particular animal, excluding acts or omissions that indirectly cause injury.
Additionally, in November 2025, the Trump Administration proposed several rules that would significantly alter ESA protections for plants and animals.
One proposed rule would rescind a rule that automatically extends protections for endangered species to threatened species.
REMOVED
As of February 18, 2025, the registrant had 99,113,645 shares of common stock issued and outstanding.
We have based any forward-looking statements on our current expectations and assumptions about future events.
Any payment of future dividends will be at the discretion of our board of directors and will depend on, among other things, our earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends and other considerations.
Additional crude oil, NGLs, and natural gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery are included in proved developed reserves only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.
Across these operators, no single operator represented more than 14% of our fourth quarter 2024 oil and natural gas sales.
Our acquisition activities were a significant driver of our 15% production growth from 114,363 Boe per day in the fourth quarter of 2023 to 131,777 Boe per day in the fourth quarter of 2024.
As of December 31, 2024 Net Acres Productive Wells Average Daily Production (1) (MBoe per day) Proved Reserves (MBoe) % Oil % Proved Developed Gross Net Williston Basin 179,209 8,278 664.0 45 118,158 68 % 85 % Permian Basin 44,241 1,895 302.3 63 154,749 59 65 Appalachian Basin 53,142 424 104.3 15 79,285 82 Uinta Basin 15,908 271 37.4 8 26,293 87 48 Total 292,500 10,868 1,108.0 132 378,484 52 % 74 % __________________ (1) Represents the average daily production over the three months ended December 31, 2024.
As of December 31, 2024, we have participated in 10,868 gross (1,108 net) producing wells with an average working interest of 10.2% in each gross well, with more than 90 experienced operating partners.
For the three months ended December 31, 2024, 48% of our production was from the Permian Basin, 34% was from the Williston Basin, 12% was from the Appalachian Basin and 6% was from the Uinta Basin.
The recent trend in environmental legislation and regulation generally is toward stricter standards, and this trend will likely continue.