- Revenue: $21.288 million in Q1 2026, vs. $21.9 million year-ago; QoQ decline driven by lower oil/NGL prices, offset by +43% gas price uplift. YoY revenue growth 0.29%, QoQ change -5.64%.
- Composition: Revenue mix 60% oil, 28% natural gas, 12% NGLs; average realized price $31.63/BOE.
- Profitability: Gross profit $8.201 million; gross margin 38.5%; operating income -$0.085 million; EBITDA $7.058 million (EBITDA margin ~37.85%); net income $0.824 million (net margin ~3.87%); basic/diluted EPS $0.02.
- Cash flow: Cash provided by operating activities $7.805 million; capex (drilling & completion) $1.9 million; operating cash flow $7.805 million; free cash flow -$12.881 million (reflects timing of capex/working capital; guidance for free cash flow to be more favorable as assets scale).
- Balance sheet and liquidity: Cash at period end $0.714 million; revolver borrowings $53.0 million; letters of credit $0.8 million; total liquidity ~ $11.9 million; total assets $169.131 million; total liabilities $100.0 million; stockholders’ equity $69.131 million.
- Dividends and shareholder returns: Cash dividends declared/payments of $0.12 per share, totaling $4.157 million in the quarter; cumulative shareholder returns ~ $139 million ($4.17 per share).
- Hedging: Hedge program remains >50% hedged, closer to ~70% for the next year; floors in the $3.50–$3.60 per MMBtu range for gas, ceilings up to about $5.00+; hedging designed to protect cash flow and dividend sustainability.