5 unchanged sentences
credit risk is related to oil and gas production sold to various purchasers and the receivables are generally not collateralized.
−Removed: June 30, 2025, our largest credit risk associated with any single purchaser was $380,192 or 44% of our total oil and gas receivables.
+Added: September 30, 2025, our largest credit risk associated with any single purchaser was $295,461 or 34% of our total oil and gas receivables.
We have not experienced any significant credit losses.
3 unchanged sentences
and natural gas.
−Removed: Prices for oil and natural gas production has been volatile and unpredictable for several years, and we expect this
+Added: Pricing for oil and natural gas production has been volatile and unpredictable for several years, and we expect this
volatility to continue in the future.
4 unchanged sentences
example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from
−Removed: a low of $53.11 per bbl in May 2025 to a high of $79.86 per bbl in July 2024.
+Added: a low of $53.11 per bbl in May 2025 to a high of $76.02 per bbl in January 2025.
The Henry Hub Spot Market Price (“Henry Hub”)
−Removed: for natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $9.86 per MMBtu in January 2025.
−Removed: On June 30, 2025,
+Added: for natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $7.15 per MMBtu in February 2025.
30, 2025, the WTI posted price for crude oil was $58.35 and the Henry Hub spot price for natural gas was $3.12 per MMBtu.
−Removed: See Results of Operations
−Removed: above for realized prices.
+Added: of Operations below for realized prices.
+Added: Pipeline capacity constraints and maintenance in the Permian Basin area has contributed to a
+Added: wider difference between the WaHa Hub and the Henry Hub and at times prices were negative.
in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing, and operating
4 unchanged sentences
and development activities.
−Removed: In addition, a noncash write-down of our oil and gas properties could be required under full cost accounting
+Added: In addition, a non-cash write-down of our oil and gas properties could be required under full cost accounting
rules if prices declined significantly, even if it is only for a short period of time.
4 unchanged sentences
any improvements in oil and gas prices can have a favorable impact on our financial condition, results of operations and capital resources.
−Removed: and natural gas prices do not necessarily fluctuate in direct relationship to each other.
−Removed: If the average oil price had increased or decreased
−Removed: by ten dollars per barrel for the quarter ended June 30, 2025, our oil sales would have changed by $220,100.
−Removed: If the average gas price
−Removed: had increased or decreased by one dollar per mcf for the quarter ended June 30, 2025, our natural gas sales would have increased or decreased
+Added: Oil and natural gas prices do not necessarily fluctuate in direct relationship to each other.
+Added: If the average oil price had increased
+Added: or decreased by ten dollars per barrel for the first six months of fiscal 2026, our operating revenues would have increased or decreased
+Added: If the average gas price had increased or decreased by one dollar per mcf for the first six months of fiscal 2026, our operating
+Added: revenues would have increased or decreased by $340,963.
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.