What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-03-12 compared with 2025-03-17 · 31 added, 30 removed, 172 unchanged (26% of the section changed)

9 unchanged sentences

Printronix conducts its foreign and domestic operations using leased facilities under non-cancelable operating leases that expire at various dates through 2028.

Printronix's principal executive office is located in Irvine, California, under a lease agreement that expires in 2026.

Printronix's principal executive office is located in Irvine, California, under a lease

agreement that expires in 2028.

Printronix has a manufacturing site located in Malaysia and third-party configuration sites located in the United States, Singapore and Holland, along with sales and support locations around the world to support its global network of users, channel partners and strategic alliances.

1 unchanged sentence

Refer to Note 15 to the consolidated financial statements elsewhere herein for additional information.

Manufacturing Operations

Deflecto’s primary corporate and manufacturing offices are located in Indianapolis.

Deflecto conducts its foreign and domestic operations using leased facilities under non-cancelable operating leases that expire at various dates through 2031.

Deflecto leases other warehouses and manufacturing sites located in the United States, United Kingdom, Canada and China.

We believe that Deflecto’s facilities are adequate, suitable and of sufficient capacity to support its immediate needs.

Energy Operations

The following discussion of our Energy Operations properties should be read in conjunction with the accompanying audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.

Please see the section entitled “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Results of Operations” for information on our production, prices, and production cost.

Our Energy Operations Business consists of the Company’s approximately 73.5% interest in Benchmark.

1 unchanged sentence

Within its operating areas, Benchmark’s assets are prospective for multiple formations, most notably the Cleveland, Granite Wash and Cherokee formations.

As of December 31, 2024, Benchmark’s operated assets consisted of 551 gross (472 net) operated wells, and its non-operated assets consisted of an average working interest of 13% in 64 gross (8 net) wells including the assets acquired in the Revolution Transaction (as defined below).

As of December 31, 2025, Benchmark’s operated assets consisted of 554 gross (474 net) operated wells, and its non-operated assets consisted of an average working interest of 10% in 82 gross (8 net) wells including the assets acquired in the Revolution Transaction.

Production from Benchmark’s operated and non-operated wells during the year ended December 31, 2025 totaled 2,081 Mboe, or an average of 5.7 Mboe per day.

9 unchanged sentences

(2) Represents the average daily production for the year ended December 31, 2025 from Benchmark’s operated and non-operated producing wells.

(3) In connection with our investment in Benchmark in November 2023 and Benchmark’s subsequent acquisition of the Revolution assets in 2024, we commenced an evaluation of the development potential of Benchmark’s unproved properties.

Benchmark had not adopted a long-term development plan as of December 31, 2024 or 2023 and, in accordance with SEC rules, its unproved and unevaluated properties could not be classified as having proved undeveloped reserves for such periods.

As a result, Benchmark’s estimated net proved reserves at December 31, 2024 consist entirely of proved developed reserves.

All proved undeveloped reserves as of December 31, 2025 are part of a development plan adopted by Benchmark in 2025 indicating that such locations are scheduled to be drilled within five years of initial booking.

Oil and Natural Gas Reserves

2 unchanged sentences

In preparing its reports, CGA evaluated properties representing all of Benchmark’s proved developed reserves at December 31, 2025 and 2024 in accordance with current SEC rules and regulations regarding oil and natural gas reserve reporting.

Benchmark’s proved developed reserves accounted for 100% of its total proved reserves for such periods.

The estimated reserves shown are for proved reserves only and do not include any unproved reserves classified as probable or possible reserves that might exist

for Benchmark’s properties, nor do they include any consideration that could be attributable to interests in unproved and unevaluated acreage beyond those tracts for which proved reserves have been estimated.

Benchmark’s proved developed reserves accounted for 68% and 100% of its total proved reserves as of December 31, 2025 and 2024, respectively.

The estimated reserves shown are for proved reserves only and do not include any unproved reserves classified as probable or possible reserves that might exist for Benchmark’s properties, nor do they include any consideration that could be attributable to interests in unproved and unevaluated acreage beyond those tracts for which proved reserves have been estimated.

Estimated Reserves at SEC Pricing (1)

9 unchanged sentences

Non-Producing 465 135

Behind Pipe 51 46

Total 4,874 5,315

2 unchanged sentences

Non-Producing 3,831 1,299

Behind Pipe 678 638

Total 60,709 68,110

1 unchanged sentence

Non-Producing 554 192

Behind Pipe 51 48

Total 7,362 8,613

Total Proved Developed Reserves (MBoe) (2)

22,354 25,279

Estimated Proved Undeveloped Reserves:

1 unchanged sentence

_________________________

(1) Prices for natural gas, oil and NGLs, respectively, used in preparing Benchmark’s estimated proved reserves based on SEC rules and regulations regarding oil and natural gas reserve reporting (i) at December 31, 2024 were $72.01 per Bbl for crude oil, $0.86 per Mcf for natural gas and $25.16 per Bbl for NGLs, and (ii) at December 31, 2023 were $75.73 per Bbl for crude oil, $1.65 per Mcf for natural gas and $28.16 per Bbl for NGLs.

(2) In connection with our investment in Benchmark in November 2023 and Benchmark’s subsequent acquisition of the Revolutions assets in 2024, we commenced an evaluation of the development potential of Benchmark’s undrilled assets.

Benchmark had not adopted a long-term development plan as of December 31, 2024 or 2023 and, in accordance with SEC rules, its undrilled assets could not be classified as having proved undeveloped reserves for such periods.

As a result, Benchmark’s estimated net proved reserves at December 31, 2024 and 2023 consist entirely of proved developed reserves.

(1) Net realized prices for natural gas, oil and NGLs, respectively, used in preparing Benchmark’s estimated proved reserves based on SEC rules and regulations regarding oil and natural gas reserve reporting (i) at December 31, 2025 were $63.02 per Bbl for crude oil, $1.96 per Mcf for natural gas and $22.35 per Bbl for NGLs, and (ii) at December 31, 2024 were $72.01 per Bbl for crude oil, $0.86 per Mcf for natural gas and $25.16 per Bbl for NGLs.

(2) In connection with our investment in Benchmark in November 2023 and Benchmark’s subsequent acquisition of the Revolution assets in 2024, we commenced an evaluation of the development potential of Benchmark’s undrilled assets.

Changes in Proved Reserves

3 unchanged sentences

Revisions of previous estimates (1,961)

Extensions and discoveries 9,600

Purchase of reserves 2,166

Balance at December 31, 2025 33,003

_________________________

(1) Benchmark’s estimated net proved reserves at December 31, 2024 and 2023 consist entirely of proved developed reserves.

Benchmark’s estimated proved reserves increased 31% from 25,279 MBoe at December 31, 2024 to 33,003 MBoe at December 31, 2025.

This increase in proved reserves was primarily attributable to the Revolution Acquisition in April 2024, which increased our proved reserves by 22,666 Mboe during 2024.

This increase in proved reserves was primarily attributable to extensions of reserves previously classified as unproved reserves as of December 31, 2024 and are currently presented as proved undeveloped reserve as of December 31, 2025.

This increase was partially offset by production in 2025 of 2,081 Mboe, as well as net downward revisions of prior estimates for proved reserves of 1,961 Mboe.

789 Mboe of the downward revisions are due to price decreases in the trailing 12-month averages for oil, gas and NGLs that was partially offset by 491 Mboe of positive revisions due to the performance of our wells due to the positive impact of our 2024 worker programs.

Standardized Measure

15 unchanged sentences

Brooker meets or exceeds the education, training, and experience requirements set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers;

he is proficient in judiciously applying industry standard practices to engineering and geoscience evaluations as well as applying SEC and other industry reserves definitions and guidelines.

he is proficient in judiciously applying industry standard practices to engineering and geoscience

evaluations as well as applying SEC and other industry reserves definitions and guidelines.

He is a member of the Society of Petroleum Engineers and Society of Petroleum Evaluation Engineers.

3 unchanged sentences

Certain new producing properties were forecast using a combination of production performance and analogy to similar production, both of which are considered to provide a relatively high degree of accuracy.

Non-producing and behind pipe reserve estimates were forecast using either production performance, volumetric or analogy methods, or a combination of each.

Non-producing and behind pipe reserve estimates were forecast using either production performance, analogy methods, or a combination of each.

These methods provide a relatively high degree of accuracy for predicting proved developed non-producing and proved developed behind pipe reserves due to the mature nature of their properties targeted for development and an abundance of subsurface control data.

3 unchanged sentences

Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved reserves must be demonstrated to be economically producible based on existing economic conditions including the prices and costs at which economic productivity from a reservoir is to be determined as of the effective date of the report.

With respect to the property interests we own, production and well tests from examined wells, normal direct costs of operating the wells or leases, other costs such as transportation and/or processing fees, production taxes, recompletion and development costs and product prices are based on the SEC regulations, geological maps, well logs, core analyses, and pressure measurements.

The reserve data set forth in the CGA reports represent only estimates and should not be construed as being exact quantities.

16 unchanged sentences

Benchmark’s reservoir engineering department meets with CGA to review properties and discuss evaluation methods and assumptions used in CGA’s proved reserves estimates, in accordance with Benchmark’s prescribed internal control procedures.

Our controls over reserve estimation include engaging and retaining qualified independent petroleum and

geological firms with respect to reserves information.

Our controls over reserve estimation include engaging and retaining qualified independent petroleum and geological firms with respect to reserves information.

We provide information to our independent reserve engineers about our crude oil, natural gas and NGLs properties which includes, but is not limited to, production profiles, ownership and production sharing rights, prices, costs and future drilling plans.

1 unchanged sentence

The reserves estimates for our assets shown herein have been independently evaluated by CGA.

As discussed in Item 9A, “Controls and Procedures,” we concluded our disclosure controls and procedures related to Benchmark were not effective as of December 31, 2024, resulting in a material weakness over financial reporting related to Benchmark.

While the material weakness affects systems that provide input into the reserves process, there were no identified material misstatements to our current year financial statements, no restatements of prior period financial statements and no changes in previously released financial results required as a result of these control deficiencies, including to Benchmark’s reserve estimations.

Production, Prices and Production Costs

4 unchanged sentences

Due to normal production declines, increases or decreases in drilling activity and the effects of acquisitions or divestitures, the historical information presented below should not be interpreted as being indicative of future results.

Year Ended December 31,

Years Ended December 31,

Net Production (1)

11 unchanged sentences

$ 14.45 $ 12.29

_________________________

(1) All of Benchmark’s production comes from the Anadarko Basin in Texas and Oklahoma.

38 unchanged sentences

While we generally expect to establish production from most of our acreage prior to expiration of the applicable lease terms, there can be no guarantee they can do so.

Manufacturing Operations

Deflecto’s primary corporate and manufacturing offices are located in Indianapolis.

Deflecto conducts its foreign and domestic operations using leased facilities under non-cancelable operating leases that expire at various dates through 2031.

Deflecto leases other warehouses and manufacturing sites located in the United States, United Kingdom, Canada and China.

We believe that Deflecto’s facilities are adequate, suitable and of sufficient capacity to support its immediate needs.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties