Increased Production and Revenue
Production increased by 10% quarter-over-quarter to 33,500 barrels of oil equivalent per day, within the company's guidance range.
Successful Workovers
Nine low-cost, low-risk workovers exceeded expectations, positively impacting production and revenue.
Improved Financial Metrics
Adjusted EBITDA grew by 9% to $35 million compared to the first quarter of 2025. Unrestricted cash increased to over $120 million while net debt was lowered by about $15 million to under $230 million.
Enhanced Liquidity and Credit Ratings
Successful closure of a $350 million offering of new second lien notes that decreased the interest rate by 100 basis points. A new $50 million revolving credit facility was also entered.
Positive Legal Outcomes
Reached positive settlements with surety providers and secured favorable court decisions, preventing unjustified collateral demands.