Production Increase
Production for the second quarter averaged just under 19,000 barrels of oil equivalent per day, marking an increase of 27% from the first quarter.
Successful Legal Settlement
Settled a multiyear lawsuit with a key operating partner, resulting in a one-time cash payment of $24 million and new long-term gas agreements.
Debt Reduction
Decreased total debt to $106 million, achieving a net debt to adjusted annualized EBITDA ratio of 0.4x.
Dividend Declaration
Board declared a third-quarter dividend at an annual rate of $2.25 per share.
Effective Hedging Strategy
For 2025, approximately 71% of remaining oil production is hedged at $69.83 per barrel, and nearly half of remaining natural gas production is hedged with favorable collars.