Quantitative and Qualitative Disclosures About Market Risk
−Removed: primary sources of market risk for us include fluctuations in commodity prices and interest rates.
+Added: primary source of market risk for us includes fluctuations in commodity prices and interest rates.
All of our financial instruments are
2 unchanged sentences
credit risk is related to oil and gas production sold to various purchasers and the receivables are generally not collateralized.
−Removed: December 31, 2024, our largest credit risk associated with any single purchaser was $520,794 or 50% of our total oil and gas receivables.
+Added: June 30, 2025, our largest credit risk associated with any single purchaser was $380,192 or 44% of our total oil and gas receivables.
We have not experienced any significant credit losses.
5 unchanged sentences
volatility to continue in the future.
−Removed: capacity constraints and maintenance in the Permian Basin area has contributed to a wider difference between the WaHa Hub and the Henry
−Removed: Hub and at times prices were negative.
+Added: prices for natural gas have been adversely affected by temporary pipeline capacity constraints primarily in the Permian Basin.
that can cause price fluctuations include the level of global demand for petroleum products, foreign and domestic supply of oil and gas,
2 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 $61.73 per bbl in September 2024 to a high of $82.89 per bbl in April 2024.
+Added: a low of $53.11 per bbl in May 2025 to a high of $79.86 per bbl in July 2024.
The Henry Hub Spot Market Price (“Henry Hub”)
−Removed: posted price for natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $3.40 per MMBtu in December 2024.
−Removed: On December 31, 2024, the WTI posted price for crude oil was $67.70 and the Henry Hub posted price for natural gas was $3.40.
−Removed: of Operations above for the Company’s realized prices during the three and nine months.
−Removed: Subsequently, on January 27, 2025, the
−Removed: WTI posted price for crude oil was $69.15 and the Henry Hub posted price for natural gas was $3.71.
+Added: 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.
+Added: On June 30, 2025,
+Added: the WTI posted price for crude oil was $61.09 and the Henry Hub spot price for natural gas was $3.26 per MMBtu.
+Added: See Results of Operations
+Added: above for realized prices.
in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing and operating
11 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: If the average oil price had increased or decreased by ten dollars per barrel for the first nine months of fiscal 2025, our operating
−Removed: revenues would have increased or decreased $616,850.
−Removed: If the average gas price had increased or decreased by one dollar per mcf for the
−Removed: first nine months of fiscal 2025, our operating revenues would have increased or decreased $420,236.
+Added: and natural gas prices do not necessarily fluctuate in direct relationship to each other.
+Added: If the average oil price had increased or decreased
+Added: by ten dollars per barrel for the quarter ended June 30, 2025, our oil sales would have changed by $220,100.
+Added: If the average gas price
+Added: 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
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.