5 unchanged sentences
Proved Reserves
−Removed: (MBoe)(1) % of
Total Proved Reserves
−Removed: (MBoe)(2) % of
SEC Proved Reserves:
7 unchanged sentences
Under SEC guidelines, these prices represent the average prices per barrel of oil and per Mcf of natural gas at the beginning of each month in the 12-month period prior to the end of the reporting period, after adjustment to reflect applicable transportation and quality differentials.
−Removed: Estimated net proved reserves at December 31, 2024 were 378,484 MBoe, an 11% increase from estimated net proved reserves of 339,694 MBoe at December 31, 2023.
+Added: Estimated net proved reserves at December 31, 2025 were 384,068 MBoe, a 1% increase from estimated net proved reserves of 378,484 MBoe at December 31, 2024.
The increase was primarily due to the impact of our 2025 acquisitions, as well as organic drilling activities in 2025.
−Removed: As of December 31, 2024 and 2023, we had 146.4 and 146.0 net proved developed wells, respectively, included in our reserves.
+Added: As of December 31, 2025 and 2024, we had 140.8 and 146.4 net proved undeveloped wells, respectively, included in our reserves.
The following table sets forth summary information by reserve category with respect to estimated proved reserves at December 31, 2025:
35 unchanged sentences
(1) The expected tax benefits to be realized from utilization of the net operating loss and tax credit carryforwards are used in the computation of future income tax cash flows.
−Removed: As a result of available net operating loss carryforwards and the remaining tax basis of our assets at December 31, 2024, our future income taxes were significantly reduced.
Uncertainties are inherent in estimating quantities of proved reserves, including many risk factors beyond our control.
11 unchanged sentences
Purchases of Minerals in Place 1,761
−Removed: Removed for 5-Year Rule (11.7)
Revisions (9,085)
2 unchanged sentences
Our development plan for drilling proved undeveloped wells calls for the drilling of 62.9 net wells during 2026 (includes 31.5 net wells spud at December 31, 2025, but classified as proved undeveloped due to internal guidelines which require greater than 50% of total costs to be incurred to be classified as developed), 33.1 net wells during 2027, 24.4 net wells during 2028, 12.8 net wells during 2029, and 7.6 net wells during 2030 for a total of 140.8 net wells.
−Removed: Our proved undeveloped locations were increased from 146.0 net wells at December 31, 2023 to 146.4 net wells at December 31, 2024 due to our 2024 acquisitions and increased development activity.
+Added: Our proved undeveloped locations were decreased from 146.4 net wells at December 31, 2024 to 140.8 net wells at December 31, 2025 due to our 2025 development activity.
We expect that our proved undeveloped reserves will continue to be converted to proved developed producing reserves as additional wells are drilled under our acreage.
−Removed: All locations comprising our remaining proved undeveloped reserves are forecast to be drilled within five years from initially being recorded in accordance with our development plan.
+Added: All locations comprising our remaining proved undeveloped reserves are forecasted to be drilled within five years from initially being recorded in accordance with our development plan.
At December 31, 2025, the PV-10 value of our proved undeveloped reserves amounted to 20% of the PV-10 value of our total proved reserves.
1 unchanged sentence
The development of these reserves is dependent upon a number of factors which include, but are not limited to:
−Removed: financial targets such as drilling within cash flow or reducing debt, drilling of obligatory wells, satisfactory rates of return on proposed drilling projects, and the levels of drilling activities by operators in areas where we hold leasehold
−Removed: During 2024, we increased our capital spending by 2% compared to 2023.
−Removed: With 75% of the PV-10 value of our total proved reserves supported by producing wells, we believe we will have sufficient cash flows and adequate liquidity to execute our development plan.
+Added: financial targets such as drilling within cash flow or reducing debt, drilling of obligatory wells, satisfactory rates of return on proposed drilling projects, and the levels of drilling activities by operators in areas where we hold leasehold interests.
+Added: During 2025, we decreased our capital spending by 38% compared to 2024.
+Added: With 77% of the PV-10 value of our
+Added: total proved reserves supported by producing wells, we believe we will have sufficient cash flows and adequate liquidity to execute our development plan.
At December 31, 2025, we had spent a total of $291.0 million related to the development of proved undeveloped reserves, which resulted in the conversion of 19.2 MMBoe of proved undeveloped reserves as of December 31, 2024 to proved developed reserves as of December 31, 2025.
3 unchanged sentences
We added an additional 1.8 MMBoe from our acquisitions.
−Removed: The SEC-prescribed commodity prices (after adjustment for transportation, quality and basis differentials) were $4.91 lower per barrel of oil and $1.08 lower per Mcf of natural gas at year-end 2024 as compared to year-end 2023.
−Removed: Additionally, we had positive revisions of 15.4 MMBoe primarily due to continued development in already proven areas.
−Removed: We also removed 11.7 MMBoe of proved undeveloped reserves primarily due to the SEC-prescribed 5-year rule.
+Added: The SEC-prescribed commodity prices (after adjustment for transportation, quality and basis differentials) were $10.88 lower per barrel of oil and $1.16 higher per Mcf of natural gas at year-end 2025 as compared to year-end 2024.
+Added: Additionally, we had negative revisions of 9.1 MMBoe primarily due to the significant downward trend in oil commodity prices.
Proved Reserves Sensitivity by Price Scenario
68 unchanged sentences
Our executive internal reserve engineer has a B.S.
−Removed: in petroleum engineering from Montana Tech, has over nineteen years of oil and gas experience on the reservoir side, and has experience working for large independents on projects and acquisitions.
+Added: in petroleum engineering from Montana Tech, has over twenty years of oil and gas experience on the reservoir side, and has experience working for large independents on projects and acquisitions.
In addition, we utilize a third-party reservoir engineering firm as our independent reserves auditor for 100% of our reserves base.
29 unchanged sentences
Oil (per Bbl) (1)
+Added: $ 59.20 $ 71.59 $ 74.78
Effect of Loss on Settled Oil Derivatives on Average Price (per Bbl) 5.15 (0.11) (0.90)
Oil, Net of Settled Oil Derivatives (per Bbl) (1)
+Added: 64.35 71.48 73.88
Natural Gas and NGLs (per Mcf) (1) (2)
+Added: 2.87 2.24 2.98
Effect of Gain on Settled Natural Gas Derivatives on Average Price (per Mcf) 0.45 0.76 0.92
Natural Gas and NGLs, Net of Settled Natural Gas and NGL Derivatives (per Mcf) (1) (2)
+Added: 3.32 3.00 3.90
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives (1) (2)
+Added: 40.74 47.38 52.61
Effect of Gain on Settled Commodity Derivatives on Average Price (per Boe) 4.08 1.83 1.61
Realized Price on a Boe Basis Including Settled Commodity Derivatives (1) (2)
+Added: 44.82 49.21 54.22
Average Costs:
Production Expenses (per Boe) $ 9.61 $ 9.46 $ 9.62
+Added: _________________
+Added: (1) Excludes the impact of certain non-cash adjustments to revenues
+Added: (2) Excludes the impact of a legal settlement (See Note 2 to our financial statements)
The following table sets forth our production results for the years ended December 31, 2025, 2024 and 2023 in total and for each of our basins of operations.
54 unchanged sentences
Uinta Basin 225,422 14,470 56,487 1,706 281,909 16,176
−Removed: 1,446,007 247,112 226,663 45,388 1,672,670 292,500
+Added: Total 1,413,968 250,213 226,595 51,585 1,640,563 301,797
As of December 31, 2025, approximately 83% of our total acreage was developed.
24 unchanged sentences
We believe that the expired acreage was not material to our capital deployed.
−Removed: As of December 31, 2024, we estimate that less th an 1% of our proved undeveloped reserves were attributable to locations scheduled to be drilled after lease expiration.
+Added: As of December 31, 2025, we estimate that less than 1% of our proved undeveloped reserves were attributable to locations scheduled to be drilled after lease expiration.
Unproved Properties
17 unchanged sentences
Delivery Commitments
−Removed: For our properties in the Appalachian Basin, we have contractually agreed to deliver firm quantities of natural gas to certain unaffiliated third parties, which we seek to fulfill with production from existing reserves.
−Removed: In the event we are not able to meet these firm commitments, we are subject to deficiency payments.
−Removed: As a non-operator, we have limited control over the drilling of new wells and primarily rely on our third-party operating partners in this regard.
−Removed: The following table summarizes our total net commitments as of December 31, 2024.
−Removed: (in Bcf) Commitment Volumes
+Added: The Company does not have any outstanding delivery commitments as of December 31, 2025.
Legal Proceedings
2 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.