6 unchanged sentences
• Critical Accounting Policies and Estimates.
−Removed: The financial information with respect to the three months ended March 31, 2025 and 2024, discussed below, is unaudited.
+Added: The financial information with respect to the three and six months ended June 30, 2025 and 2024, discussed below, is unaudited.
In the opinion of management, this information contains all adjustments, which consist only of normal recurring adjustments unless otherwise disclosed, necessary to state fairly the accompanying unaudited condensed consolidated financial statements.
2 unchanged sentences
Mid-Continent region (“Mid-Con”).
−Removed: The charts below show production by product and percent revenues for the three months ended March 31, 2025 and 2024:
−Removed: Total MBoe production for the three months ended March 31, 2025 was comprised of approximately 16.8% oil, 48.9% natural gas and 34.3% NGL compared to 15.1% oil, 58.2% natural gas and 26.7% NGL in the first quarter of 2024 .
+Added: The charts below show production by product and percent revenues for the three and six months ended June 30, 2025 and 2024:
Tabl e of Contents
−Removed: We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, organic growth projects.
−Removed: Currently, these projects include (1) One rig development in the Cherokee Shale Play (2) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions (3) leasing program that will bolster future development and extend development in our Cherokee assets.
+Added: Total MBoe production for the three months ended June 30, 2025 was comprised of approximately 16.7% oil, 49.4% natural gas and 33.9% NGL compared to 13.6% oil, 54.3% natural gas and 32.1% NGL in the second quarter of 2024.
+Added: Total MBoe production for the six months ended June 30, 2025 was comprised of approximately 16.7% oil, 49.2% natural gas and 34.1% NGL compared to 14.3% oil, 56.3% natural gas and 29.4% NGL in the first half of 2024.
+Added: We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return growth projects.
+Added: Currently, these projects include;
+Added: (1) One rig development in the Cherokee Shale Play (2) Evaluation of accretive merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program (3) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions and (4) A leasing program that will bolster future development and extend development in our Cherokee assets.
Our leaseholds are approximately 95% held by production, which cost-effectively maintains our development option over a reasonable tenor.
1 unchanged sentence
These and other factors, including reasonable reinvestment rates, maintaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for the remainder of the year and beyond.
−Removed: We also remain vigilant in evaluating further merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program.
Consolidated Results of Operations
4 unchanged sentences
Three-month periods ended
−Removed: March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
+Added: June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
NYMEX Oil (per Bbl) $ 64.57 $ 71.78 $ 70.73 $ 76.43 $ 81.81
NYMEX Natural gas (per Mcf) $ 3.31 $ 4.30 $ 2.53 $ 2.19 $ 2.15
+Added: Tabl e of Contents
In order to reduce our exposure to price fluctuations, from time to time we may enter into commodity derivative contracts for a portion of our anticipated future oil, natural gas and NGL production as discussed in “Item 3.
2 unchanged sentences
See “Note 3 — Derivatives” to the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report for additional information regarding our commodity derivatives.
−Removed: Consolidated revenues for the three months ended March 31, 2025 and 2024 are presented in the table below (in thousands):
−Removed: Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: Consolidated revenues for the three and six months ended June 30, 2025 and 2024 are presented in the table below (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
Oil $ 16,956 $ 14,732 $ 2,224 $ 35,836 $ 30,331 $ 5,505
2 unchanged sentences
Total revenues $ 34,531 $ 25,977 $ 8,554 $ 77,135 $ 56,260 $ 20,875
−Removed: Tabl e of Contents
Oil, Natural Gas and NGL Production and Pricing
−Removed: Our production and pricing information for the three months ended March 31, 2025 and 2024 is shown in the table below:
−Removed: Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: Our production and pricing information for the three and six months ended June 30, 2025 and 2024 is shown in the table below:
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
Production data
16 unchanged sentences
(1) Prices represent actual average sales prices for the periods presented and do not include effects of derivative settlements.
−Removed: Variances in oil, natural gas and NGL revenues attributable to changes in the average prices received for our production and total production volumes sold for the three months ended March 31, 2025 are shown in the table below (in thousands):
−Removed: Three Months Ended March 31, 2025
−Removed: Q1 2024 oil, natural gas and NGL revenues $ 30,283
+Added: Tabl e of Contents
+Added: Variances in oil, natural gas and NGL revenues attributable to changes in the average prices received for our production and total production volumes sold for the three and six months ended June 30, 2025 are shown in the table below (in thousands):
+Added: Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
+Added: 2024 oil, natural gas and NGL revenues $ 25,977 $ 56,260
Change due to production volumes 7,769 15,709
Change due to average prices 785 5,166
−Removed: Q1 2025 oil, natural gas and NGL revenues $ 42,604
−Removed: Tabl e of Contents
+Added: 2025 oil, natural gas and NGL revenues $ 34,531 $ 77,135
Operating Expenses
−Removed: Operating expenses for the three months ended March 31, 2025 and 2024 consisted of the following (in thousands):
−Removed: Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: Operating expenses for the three and six months ended June 30, 2025 and 2024 consisted of the following (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
Lease operating expenses $ 6,556 $ 8,738 $ (2,182) $ 17,473 $ 19,630 $ (2,157)
7 unchanged sentences
Production, ad valorem, and other taxes (% of oil, natural gas and NGL revenue) 6.2 % 7.1 % (0.9) % 6.8 % 6.6 % 0.2 %
−Removed: Lease operating expenses for the three months ended March 31, 2025 were consistent versus the same period in 2024.
−Removed: Lease operating expenses per Boe improved over the same period due to continued efficient operations and increased sales volumes associated with our Cherokee acquisition in 2024.
−Removed: Production, ad valorem, and other taxes for the three months ended March 31, 2025 increased primarily due to higher commodity prices, sales volumes, and related revenues.
−Removed: Production, ad valorem, and other taxes per BOE increased for the three months ended March 31, 2025 primarily due to higher commodity prices.
+Added: Lease operating expenses for the three and six months ended June 30, 2025 decreased in total and per Boe versus the same period in 2024 primarily due to a $2.1 million one-time non-cash adjustment of an operating accrual dating back to the Company’s emergence from bankruptcy (see “Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report for further information), as well as continued efficient operations and increased sales volumes associated with our Cherokee acquisition in 2024 and ongoing development program.
+Added: Production, ad valorem, and other taxes for the three and six months ended June 30, 2025 increased primarily due to higher average commodity prices, sales volumes, and related revenues.
+Added: Production, ad valorem, and other taxes per BOE were consistent for the three months ended June 30, 2025 versus the same period in 2024 and increased for the six months ended June 30, 2025 primarily due to higher average commodity prices.
The increase in depreciation and depletion for oil and natural gas properties was primarily the result of our acquisition in the Cherokee Play of the Mid-Con during the third quarter of 2024 which increased the book value of our proved properties and subsequently our depletion rate.
+Added: Tabl e of Contents
A ceiling limitation calculation is performed at the end of each quarter.
1 unchanged sentence
Calculation of the full cost ceiling test is based on, among other factors, trailing twelve-month first-day-of-the-month index prices (“SEC prices”) as adjusted for price differentials and other contractual arrangements.
−Removed: The SEC prices utilized in the calculation of proved reserves included in the full cost ceiling test at March 31, 2025 were $74.52 per barrel of oil and $2.44 per MMBtu of natural gas, before price differential adjustments.
+Added: The SEC prices utilized in the calculation of proved reserves included in the full cost ceiling test at June 30, 2025 were $70.48 per barrel of oil and $2.86 per MMBtu of natural gas, before price differential adjustments.
The ceiling limitation was not exceeded;
−Removed: therefore, no full cost ceiling limitation impairments were recorded during the three months ended March 31, 2025 or 2024.
−Removed: During certain periods within the past five years, the SEC prices used in the full cost ceiling test have been lower than the SEC prices used for the March 31, 2025 full cost ceiling test and resulted in material ceiling limitation impairments.
+Added: therefore, no full cost ceiling limitation impairments were recorded during the three or six months ended June 30, 2025 or 2024.
+Added: During certain periods within the past five years, the SEC prices used in the full cost ceiling test have been lower than the SEC prices used for the June 30, 2025 full cost ceiling test and resulted in material ceiling limitation impairments.
Full cost pool ceiling limitation impairments have no impact to our cash flow or liquidity.
−Removed: Based on the SEC prices over the trailing ten months ended April 30, 2025, as well as two months of NYMEX strip pricing for May and June of 2025 as of April 30, 2025, we estimate the SEC prices utilized in the June 30, 2025 full cost ceiling test may be $70.13 per barrel of oil and $2.91 per MMBtu of natural gas (the "estimated second quarter prices").
−Removed: Applying these estimated second quarter prices, and holding all other inputs constant to those used in the calculation of our March 31, 2025 ceiling test, we expect that no full cost ceiling limitation impairment is indicated for the second quarter of 2025.
−Removed: Tabl e of Contents
+Added: Based on the SEC prices over the trailing ten months ended July 31, 2025, as well as two months of NYMEX strip pricing for August and September of 2025 as of July 31, 2025, we estimate the SEC prices utilized in the September 30, 2025 full cost ceiling test may be $67.96 per barrel of oil and $3.13 per MMBtu of natural gas (the "estimated third quarter prices").
+Added: Applying these estimated third quarter prices, and holding all other inputs constant to those used in the calculation of our June 30, 2025 ceiling test, we expect that no full cost ceiling limitation impairment is indicated for the third quarter of 2025.
Any actual full cost ceiling limitation impairment recognized in future quarters may fluctuate significantly from projected amounts based on the outcome of numerous other factors such as declines in the actual trailing twelve-month SEC prices, lower NGL pricing, changes in estimated future development costs and operating expenses, and other adjustments to our levels of proved reserves.
Other Operating Expenses
−Removed: Other operating expenses for the three months ended March 31, 2025 and 2024 consisted of the following (in thousands):
−Removed: Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: Other operating expenses for the three and six months ended June 30, 2025 and 2024 consisted of the following (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
General and administrative $ 3,028 $ 3,050 $ (22) $ 6,881 $ 6,382 $ 499
1 unchanged sentence
(Gain) loss on derivative contracts (6,059) — (6,059) (3,572) — (3,572)
−Removed: Other operating (income) expense, net — (9) 9
Total other operating expenses $ (2,619) $ 3,131 $ (5,750) $ 3,761 $ 6,463 $ (2,702)
−Removed: The increase in general and administrative expenses for the three-month period ended March 31, 2025 was primarily the result of an increase in personnel and other costs.
−Removed: The following table summarizes derivative activity for the three months ended March 31, 2025 and 2024 (in thousands):
−Removed: Three Months Ended March 31,
+Added: General and administrative expenses were consistent for the three months ended June 30, 2025 versus the same period in 2024.
+Added: The increase in general and administrative expenses for the six months ended June 30, 2025 was primarily the result of an increase in personnel and other costs.
+Added: The following table summarizes derivative activity for the three and six months ended June 30, 2025 and 2024 (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 2025 2024
(Gain) loss on derivative contracts $ (6,059) $ — $ (3,572) $ —
Settlement gains (losses) on derivative contracts $ 1,478 $ — $ 1,319 $ —
+Added: Tabl e of Contents
Our derivative contracts were not designated as accounting hedges and, as a result, changes in their fair values were recorded each quarter as a component of operating expenses.
4 unchanged sentences
Other Income (Expense)
−Removed: Our other income (expense) for the three months ended March 31, 2025 and 2024 are presented in the table below (in thousands):
−Removed: Three Months Ended March 31,
+Added: Our other income (expense) for the three and six months ended June 30, 2025 and 2024 are presented in the table below (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 2025 2024
Other income (expense)
2 unchanged sentences
Total other income $ 1,024 $ 2,574 $ 1,884 $ 5,281
−Removed: Interest income, net during the three month periods ended March 31, 2025 and 2024 is primarily comprised of interest income on cash deposits.
+Added: Interest income, net during the three and six month periods ended June 30, 2025 and 2024 is primarily comprised of interest income on cash deposits.
The decrease in interest income, net is due to the Company’s lower cash balance primarily as a result of our acquisitions as well as capital expenditures, share repurchases, and quarterly dividend payments.
−Removed: Tabl e of Contents
Liquidity and Capital Resources
−Removed: As of March 31, 2025, our cash and cash equivalents, including restricted cash was $101.1 million.
+Added: As of June 30, 2025, our cash and cash equivalents, including restricted cash was $104.2 million.
We expect our cash on hand and cash from operations to be adequate to meet our short and long-term liquidity needs.
−Removed: We had no outstanding term or revolving debt obligations as of March 31, 2025.
+Added: We had no outstanding term or revolving debt obligations as of June 30, 2025.
Working Capital and Sources and Uses of Cash
Our principal sources of liquidity for the next year include cash flows from operations and cash on hand.
−Removed: Cash flows from operations was the primary driver in the increase in working capital to $69.4 million at March 31, 2025 compared to $67.1 million at December 31, 2024.
+Added: Cash flows from operations was the primary driver in the increase in working capital to $76.9 million at June 30, 2025 compared to $67.1 million at December 31, 2024.
Capital expenditures of $22.0 million, $5.9 million in repurchases of our common stock, dividend payments to shareholders of $8.2 million, and $4.4 million in cash payments for acquisitions of oil and gas properties partially offset the increase.
1 unchanged sentence
Cash flows from operations are also affected by timing of cash receipts and disbursements and changes in other working capital assets and liabilities.
−Removed: Our cash flows for the three months ended March 31, 2025 and 2024 are presented in the following table and discussed below (in thousands):
−Removed: Three Months Ended March 31,
+Added: Our cash flows for the six months ended June 30, 2025 and 2024 are presented in the following table and discussed below (in thousands):
+Added: Six Months Ended June 30,
Cash flows provided by operating activities $ 43,181 $ 27,093
3 unchanged sentences
Net (decrease) increase in cash and cash equivalents and restricted cash $ 4,688 $ (42,652)
+Added: Tabl e of Contents
__________________
−Removed: (1) Includes $4.1 million and $59.7 million in dividend payments for the three months ended March 31, 2025 and 2024, respectively.
+Added: (1) Includes $8.2 million and $64.0 million in dividend payments for the six months ended June 30, 2025 and 2024, respectively.
Cash Flows from Operating Activities
−Removed: The increase in cash flows from operations for the three months ended March 31, 2025 compared to the same period in 2024 is primarily due to an increase in revenues from higher average commodity prices and higher sales volumes from our 2024 acquisition in the Cherokee Play of the Mid-Con.
+Added: The increase in cash flows from operations for the six months ended June 30, 2025 compared to the same period in 2024 is primarily due to an increase in revenues from higher average commodity prices and higher sales volumes from our 2024 acquisition in the Cherokee Play of the Mid-Con.
Cash Flows from Investing Activities
−Removed: Capital expenditures and acquisitions of oil and gas properties for the three months ended March 31, 2025 and 2024 are summarized below (in thousands):
−Removed: Three Months Ended March 31,
+Added: Capital expenditures and acquisitions of oil and gas properties for the six months ended June 30, 2025 and 2024 are summarized below (in thousands):
+Added: Six Months Ended June 30,
Capital Expenditures
7 unchanged sentences
Total cash paid for capital expenditures $ 26,438 $ 5,678
−Removed: Tabl e of Contents
Cash Flows from Financing Activities
−Removed: Cash used in financing activities for the three months ended March 31, 2025 consisted primarily of $5.0 million in repurchases of common stock, $4.1 million in cash dividends, $0.1 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.2 million.
+Added: Cash used in financing activities for the six months ended June 30, 2025 consisted of $5.9 million in repurchases of common stock, $8.2 million in cash dividends, $0.2 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.4 million.
Since 2023, the Company has paid cash dividends totaling $162.0 million, which represents $3.50 per share in special dividends and $0.86 per share in quarterly dividends for a total of $4.36 per share in cash dividends.
−Removed: Cash used in financing activities for the three months ended March 31, 2024 consisted primarily of $59.7 million in cash dividends, $0.1 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.2 million.
+Added: Cash used in financing activities for the six months ended June 30, 2024 consisted primarily of $64.0 million in cash dividends, $0.2 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.4 million.
Net exercises of stock awards allows the holder of a stock award to tender back to us a number of shares at fair value upon the vesting of such stock award, that equals the employee payroll tax obligation due.
1 unchanged sentence
Contractual Obligations and Off-Balance Sheet Arrangements
−Removed: At March 31, 2025, our contractual obligations included asset retirement obligations, leases and other individually insignificant obligations.
+Added: At June 30, 2025, our contractual obligations included asset retirement obligations, leases and other individually insignificant obligations.
Additionally, we have certain financial instruments representing potential commitments that were incurred in the normal course of business to support our operations, including surety bonds.
2 unchanged sentences
There were no other significant changes in total contractual obligations and off-balance sheet arrangements from those reported in the 2024 Form 10-K.
+Added: Tabl e of Contents
Critical Accounting Policies and Estimates
2 unchanged sentences
For a discussion of recent accounting pronouncements, newly adopted and recent accounting pronouncements not yet adopted, see “Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report.
−Removed: We did not have any material changes in critical accounting policies, estimates, judgments and assumptions during the first three months of 2025.
+Added: We did not have any material changes in critical accounting policies, estimates, judgments and assumptions during the first six months of 2025.
Tabl e of Contents
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.