Significant Production and Revenue Increase
Third quarter production averaged approximately 19 MBoe per day, marking a 12% increase on a Boe basis and 49% on oil. This translated to a 32% increase in revenue and a 54% increase in adjusted EBITDA compared to the same period last year.
Strong Financial Position
The company ended the quarter with approximately $103 million in cash, representing $2.80 per common share, with no debt outstanding.
Successful Cherokee Drilling Program
The company completed and brought online three wells with successful results, including a per well average peak 30-day production rate of approximately 2,000 Boe per day, demonstrating strong recovery trends.
Shareholder Returns and Dividends
The company paid $4.4 million in dividends during the quarter, and since the beginning of 2023, has paid $4.48 per share in dividends. The Board declared a $0.12 per share dividend payable on November 28, 2025.
ESG Commitment and Safety Record
The team achieved four years without a reportable safety incident, highlighting a commitment to employee and contractor safety.