Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
The information required by Item 201 of Regulation S-K is contained in ‘‘ Item 1. Business .’’
On February 18, 2026, the Board authorized a new share repurchase program of up to 3,014,986 common shares, representing 10% of the outstanding common shares of the Company at such time, for an aggregate purchase price of not more than US $15.0 million. The program is pursuant to a normal course issuer bid and conducted in accordance with Rule 10b-18 under the Exchange Act. The program commenced on February 19, 2026 and is set to expire February 18, 2027, unless the maximum amount of common shares is purchased before then or the Board approves earlier termination.
On February 12, 2025, the Board authorized a new share repurchase program of up to 2,200,876 common shares, representing 10% of the outstanding common shares of the Company at such time, for an aggregate purchase price of not more than US $13.0 million. The program was pursuant to a normal course issuer bid and conducted in accordance with Rule 10b-18 under the Exchange Act. The program commenced on February 12, 2025 and expired on February 11, 2026. No shares were repurchased under this program.
On November 14, 2025, after receiving shareholder approval following a special meeting, the Company closed on the acquisition of Peak Exploration and Production LLC and Peak BLM Lease LLC and their subsidiaries (together, “Peak”). As consideration, 7,916,336 common shares were issued to the shareholders of Peak after the satisfaction of the conditions of the contingent share consideration and all closing purchase price adjustments.
On December 31, 2025, our Board made grants to our management, employees, and directors entitling them to receive an aggregate of 488,283 common shares which shall not be issued to the award recipients unless certain time based vesting criteria are met, in which case the vesting will occur in three equal parts on the succeeding periods ending on December 31. Additionally, 47,417 common shares were issued as dividend equivalent rights. The awards were made under the 2020 Equity Incentive plan in accordance with Rule 701 promulgated under the Securities Act.
The Company funds the purchases of its shares out of available cash and does not incur debt to fund the share repurchase program. The shares are accounted for as treasury shares until such a time as they are retired. There were no common share purchases made by the Company during the three months ended December 31, 2025.
ITEM 6. [RESERVED.]
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.