What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-08-13 compared with 2025-05-09 · 48 added, 33 removed, 238 unchanged (25% of the section changed)

99 unchanged sentences

a gain in annual production while reducing the Company’s debt.

Summary - First Quarter 2025 Developments and Highlights

Summary - Second Quarter 2025 Developments and Highlights

and Uncertainties

9 unchanged sentences

gas, petroleum products, and industrial products.

of Operations – For the Three Months Ended March 31, 2025, and 2024

For the Three Months Ended March 31,

of Operations – For the Three and Six Months Ended June 30, 2025, and 2024

the Three Months Ended June 30,

the Six Months Ended June 30,

Lease operating expenses

General & administrative expenses

Depletion and accretion expense

Depletion and accretion on discounted liabilities

Loss from operations

Other expense, net

were $338,222 for the three months ended March 31, 2025, compared to $182,052 for the three months ended March 31, 2024.

in revenue of 85.8% was primarily driven by an increase in production in the Buckley Asset and the Liberty Asset.

Interest expense, net

were $233,624 and $571,847 for the three and six months ended June 30, 2025, compared to $318,007 and $500,060 for the three six

months ended June 30, 2024.

The decrease in revenue of 26.5% for the three months ended June 30, 2025 compared to the same period

in 2024 was primarily driven by a decrease in the average sale price for crude oil.

The increase in revenue of 14.4% for the six

months ended June 30, 2025 compared to the same period in 2024 was primarily driven by production in the Liberty and Pine Grove

Assets during the first quarter of 2025, which were acquired in May 2024 and August 2024, respectively.

Operating Expenses

operating expenses were $97,240 for the three months ended March 31, 2025, compared to $47,341 for the three months ended March

31, 2024, representing an increase of 105.4% or $49,899.

The increase in expense was primarily attributable to the Liberty and

Pine Grove Assets, which were acquired in May 2024 and August 2024, respectively.

operating expenses were $126,385 and $223,625 for the three and six months ended June 30, 2025, compared to $116,142 and $163,483

for the three and six months ended June 30, 2024, representing an increase of 8.8% or $10,243 and 36.8% or $60,142, respectively.

The increase in expense for both periods presented was primarily attributable to the Liberty and Pine Grove Assets.

from Operations

operating loss was $144,323 for the three months ended March 31, 2025, and $303,408 for the three months ended March 31, 2024.

The decreased loss was primarily driven by the $156,170 increase in revenues.

expense, net was $483 for the three months ended March 31, 2025, as compared to $78 for the three months ended March 31, 2024,

due to an increase in interest expense.

a result of the above factors, for the three months ended March 31, 2025, the Company had a net loss of $144,806 as compared to

a net loss of $303,486 for the three months ended March 31, 2024.

operating loss was $203,818 and $74,361 for the three months ended June 30, 2025 and 2024, respectively.

The increased loss was

driven by a decrease in revenues during the second quarter and an increase in lease operating expenses and general and administrative

The change in general and administrative expenses corresponded to an increase in professional service fees.

operating loss was $348,140 and $377,770 for the six months ended June 30, 2025 and 2024, respectively.

The decreased loss was

primarily driven by revenues earned in the first quarter of 2025, lending to a net increase in revenue for the six-month period,

and an increase in lease operating expenses.

These increases were partially offset by a decrease of $46,109 in general and administrative

expenses driven by a reduction in payroll expenses.

expense, net was $243 and $727 for the three and six months ended June 30, 2025, as compared to $77 and $154 for the three and

six months ended June 30, 2024, due to an increase in interest expense.

a result of the above factors, for the three and six months ended June 30, 2025, the Company had a net loss of $204,061 and $348,867

as compared to a net loss of $74,438 and $377,924 for the three and six months ended June 30, 2024.

volumes and commodity prices received

following table presents our sales volumes and received pricing information for the three-month periods ended March 31, 2025,

For the Three Months

Ended March 31,

following table presents our sales volumes and received pricing information for the three and six month periods ended June 30,

2025, and 2024:

the Three Months

Ended June 30,

the Six Months

Ended June 30,

Oil volume (Bbls)

Natural gas volume (Mcf)

Total Production (Boe)

Natural gas volume

Total Production

Average Sales Price:

Oil price (per Bbl)

Gas price (per Mcf)

Total per BOE

price (per Mcf)

and Capital Resources

Company had cash on hand of $77,021 at March 31, 2025, compared to $46,738 at December 31, 2024.

For the three months ended March

31, 2025, the Company had net cash provided by operating activities of $32,796, compared to $4,201 used in operating activities

Company had cash on hand of $63,529 at June 30, 2025 compared to $46,738 at December 31, 2024.

For the six months ended June 30,

2025, the Company had net cash provided by operating activities of $21,822 compared to $45,974 provided by operating activities

for the same period of 2024.

The decrease in cash used in operating activities was driven by the $158,680 decrease of net loss,

offset by the lack of common stock issuances for services and salaries this period.

cash used in investing activities was $0 for the three months ended March 31, 2025, and March 31, 2024.

cash used in financing activities was $2,513 for the three months ended March 31, 2025, compared to net cash used in financing

activities of $2,484 for the same period in 2024.

The decrease in cash provided by operating activities was driven by the lack of common stock issuances

for services and salaries during the period, partially offset by a $29,057 net loss decrease.

cash used in investing activities was $0 for the six months ended June 30, 2025, and June 30, 2024.

cash used in financing activities was $5,031 for the six months ended June 30, 2025, compared to net cash used in financing activities

of $4,977 for the same period in 2024.

Resources for Future Acquisition and Development Opportunities

71 unchanged sentences

These individuals have extensive experience in the energy industry,

as well as expertise in evaluating and analyzing producing oil and natural gas properties and drilling prospects, maximizing production

as well as expertise in evaluating and analysing producing oil and natural gas properties and drilling prospects, maximizing production

from oil and natural gas properties, and developing and executing financing strategies.

42 unchanged sentences

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-Q

Item 2. Management’s Discussion and Analysis