{"url_path":"/sec/epm/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-02-11","source_url":"https://www.sec.gov/Archives/edgar/data/1006655/0001104659-26-013382-index.html","accession_number":"0001104659-26-013382","cik":"0001006655","ticker":"EPM","issuer_name":"EVOLUTION PETROLEUM CORP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1006655/0001104659-26-013382-index.html","primary_entity_key":"0001006655","primary_entity_name":"EVOLUTION PETROLEUM CORP"},"word_count":1731,"has_tables":true,"body_markdown":"EVOLUTION PETROLEUM CORP_December 31, 2025\n\nhttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesAndOtherLiabilities0001006655--06-302026Q2http://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesAndOtherLiabilities3433718835003844P1MP1MP3Yhttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesAndOtherLiabilitieshttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesAndOtherLiabilitiesfalse0001006655epm:ShareRepurchaseProgram2022Member2022-09-082024-12-310001006655epm:ShareRepurchaseProgram2022Member2024-12-310001006655us-gaap:TreasuryStockCommonMember2025-10-012025-12-310001006655us-gaap:TreasuryStockCommonMember2025-07-012025-12-310001006655us-gaap:TreasuryStockCommonMember2024-10-012024-12-310001006655us-gaap:TreasuryStockCommonMember2024-07-012024-12-310001006655us-gaap:CommonStockMember2025-10-012025-12-310001006655us-gaap:CommonStockMember2025-07-012025-12-310001006655us-gaap:CommonStockMember2024-10-012024-12-310001006655us-gaap:CommonStockMember2024-07-012024-12-310001006655us-gaap:RetainedEarningsMember2025-12-310001006655us-gaap:AdditionalPaidInCapitalMember2025-12-310001006655us-gaap:RetainedEarningsMember2025-09-300001006655us-gaap:AdditionalPaidInCapitalMember2025-09-3000010066552025-09-300001006655us-gaap:RetainedEarningsMember2025-06-300001006655us-gaap:AdditionalPaidInCapitalMember2025-06-300001006655us-gaap:RetainedEarningsMember2024-12-310001006655us-gaap:AdditionalPaidInCapitalMember2024-12-310001006655us-gaap:RetainedEarningsMember2024-09-300001006655us-gaap:AdditionalPaidInCapitalMember2024-09-3000010066552024-09-300001006655us-gaap:RetainedEarningsMember2024-06-300001006655us-gaap:AdditionalPaidInCapitalMember2024-06-300001006655epm:A2016EquityIncentivePlanMember2025-12-310001006655epm:A2016EquityIncentivePlanMember2025-06-300001006655srt:MaximumMemberepm:A2016EquityIncentivePlanMember2024-12-050001006655epm:A2016EquityIncentivePlanMember2024-12-040001006655srt:MinimumMemberepm:A2016EquityIncentivePlanMember2024-12-052024-12-050001006655srt:MaximumMemberepm:RestrictedStockPerformanceBasedMember2025-07-012025-12-310001006655epm:RestrictedStocksTimeVestedMember2025-12-310001006655epm:PerformanceBasedContingentSharesMember2025-12-310001006655epm:RestrictedStocksTimeVestedMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2025-07-012025-12-310001006655epm:RestrictedStockPerformanceBasedMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2025-07-012025-12-310001006655epm:RestrictedStocksTimeVestedMember2025-07-012025-12-310001006655epm:PerformanceBasedContingentSharesMember2025-07-012025-12-310001006655epm:RestrictedStocksTimeVestedMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-07-012024-12-310001006655epm:RestrictedStockPerformanceBasedMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-07-012024-12-310001006655epm:RestrictedStockAndContingentRestrictedStockMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-07-012024-12-310001006655srt:MinimumMemberepm:RestrictedStocksTimeVestedMember2025-07-012025-12-310001006655srt:MaximumMemberepm:RestrictedStocksTimeVestedMember2025-07-012025-12-310001006655srt:DirectorMember2025-07-012025-12-310001006655epm:RestrictedStockMarketBasedMember2025-07-012025-12-310001006655srt:NaturalGasReservesMember2025-10-012025-12-310001006655srt:NaturalGasLiquidsReservesMember2025-10-012025-12-310001006655srt:CrudeOilMember2025-10-012025-12-310001006655srt:NaturalGasReservesMember2025-07-012025-12-310001006655srt:NaturalGasLiquidsReservesMember2025-07-012025-12-310001006655srt:CrudeOilMember2025-07-012025-12-310001006655srt:NaturalGasReservesMember2024-10-012024-12-310001006655srt:NaturalGasLiquidsReservesMember2024-10-012024-12-310001006655srt:CrudeOilMember2024-10-012024-12-310001006655srt:NaturalGasReservesMember2024-07-012024-12-310001006655srt:NaturalGasLiquidsReservesMember2024-07-012024-12-310001006655srt:CrudeOilMember2024-07-012024-12-310001006655epm:TexmexAcquisitionMember2025-04-142025-04-140001006655epm:AtmSalesAgreementMember2025-07-012025-12-3100010066552013-12-012025-12-310001006655us-gaap:RestrictedStockMember2025-12-310001006655epm:ContingentRestrictedStockGrantsMember2025-12-310001006655us-gaap:RestrictedStockMember2025-06-300001006655epm:ContingentRestrictedStockGrantsMember2025-06-300001006655us-gaap:RestrictedStockMember2025-07-012025-12-310001006655epm:ContingentRestrictedStockGrantsMember2025-07-012025-12-310001006655us-gaap:RestrictedStockMember2024-07-012025-06-300001006655epm:ContingentRestrictedStockGrantsMember2024-07-012025-06-300001006655us-gaap:RetainedEarningsMember2025-10-012025-12-310001006655us-gaap:RetainedEarningsMember2025-07-012025-12-310001006655us-gaap:RetainedEarningsMember2024-10-012024-12-310001006655us-gaap:RetainedEarningsMember2024-07-012024-12-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapJanuary2027ToJanuary2027Memberus-gaap:SubsequentEventMember2026-01-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapFebruary2026ToMarch2026Memberus-gaap:SubsequentEventMember2026-01-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasFixedPriceSwapJanuary2027ToDecember2027Member2025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasFixedPriceSwapJanuary2026ToDecember2026Member2025-12-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapJanuary2027ToJanuary2027Member2025-12-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapJanuary2026ToSeptember2026Member2025-12-310001006655srt:CrudeOilMemberepm:CrudeOilTwoWayCollarJanuary2027ToMarch2027Memberus-gaap:SubsequentEventMember2026-01-012026-01-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapJanuary2027ToJanuary2027Memberus-gaap:SubsequentEventMember2026-01-012026-01-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapFebruary2026ToMarch2026Memberus-gaap:SubsequentEventMember2026-01-012026-01-310001006655srt:CrudeOilMemberepm:CrudeOilTwoWayCollarJanuary2026ToDecember2026Member2025-07-012025-12-310001006655srt:CrudeOilMemberepm:CrudeOilThreeWayCollarSeptember2026ToDecember2026Member2025-07-012025-12-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapJanuary2027ToJanuary2027Member2025-07-012025-12-310001006655srt:CrudeOilMemberepm:CrudeOilFixedPriceSwapJanuary2026ToSeptember2026Member2025-07-012025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasTwoWayCollarJanuary2027ToFebruary2027Memberus-gaap:SubsequentEventMember2026-01-012026-01-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasTwoWayCollarJanuary2027ToMarch2027Member2025-07-012025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasTwoWayCollarJanuary2026ToDecember2026Member2025-07-012025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasFixedPriceSwapJanuary2027ToDecember2027Member2025-07-012025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasFixedPriceSwapJanuary2026ToDecember2026Member2025-07-012025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasTwoWayCollarJanuary2027ToFebruary2027Memberus-gaap:SubsequentEventMember2026-01-310001006655srt:CrudeOilMemberepm:CrudeOilTwoWayCollarJanuary2027ToMarch2027Memberus-gaap:SubsequentEventMember2026-01-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasTwoWayCollarJanuary2027ToMarch2027Member2025-12-310001006655srt:NaturalGasPerThousandCubicFeetMemberepm:NaturalGasTwoWayCollarJanuary2026ToDecember2026Member2025-12-310001006655srt:CrudeOilMemberepm:CrudeOilTwoWayCollarJanuary2026ToDecember2026Member2025-12-310001006655us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-12-310001006655us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-06-300001006655us-gaap:NondesignatedMember2025-12-310001006655us-gaap:FairValueInputsLevel2Member2025-12-310001006655us-gaap:NondesignatedMember2025-06-300001006655us-gaap:FairValueInputsLevel2Member2025-06-300001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-06-302025-06-300001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:PrimeRateMember2025-06-302025-06-300001006655us-gaap:CommonStockMember2025-12-310001006655us-gaap:CommonStockMember2025-09-300001006655us-gaap:CommonStockMember2025-06-300001006655us-gaap:CommonStockMember2024-12-310001006655us-gaap:CommonStockMember2024-09-300001006655us-gaap:CommonStockMember2024-06-300001006655epm:O2026Q3DividendsMemberus-gaap:SubsequentEventMember2026-01-012026-02-090001006655epm:O2026Q2DividendsMember2025-10-012025-12-310001006655epm:O2026Q1DividendsMember2025-07-012025-09-300001006655epm:O2025Q2DividendsMember2024-10-012024-12-310001006655epm:O2025Q1DividendsMember2024-07-012024-09-3000010066552024-12-3100010066552024-06-300001006655epm:MineralsAcquisitionMember2025-08-040001006655us-gaap:RestrictedStockUnitsRSUMember2025-10-012025-12-310001006655us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-12-310001006655us-gaap:RestrictedStockUnitsRSUMember2024-10-012024-12-310001006655us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-12-310001006655us-gaap:GeneralAndAdministrativeExpenseMember2025-10-012025-12-310001006655us-gaap:GeneralAndAdministrativeExpenseMember2025-07-012025-12-310001006655us-gaap:GeneralAndAdministrativeExpenseMember2024-10-012024-12-310001006655us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-12-310001006655us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310001006655us-gaap:AdditionalPaidInCapitalMember2025-07-012025-12-310001006655us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310001006655us-gaap:AdditionalPaidInCapitalMember2024-07-012024-12-310001006655epm:ShareRepurchaseProgram2022Member2022-09-080001006655srt:NaturalGasPerThousandCubicFeetMember2025-07-012025-12-310001006655srt:NaturalGasPerThousandCubicFeetMember2024-07-012024-12-310001006655srt:MinimumMember2025-07-012025-12-310001006655srt:MaximumMember2025-07-012025-12-310001006655srt:CrudeOilMember2025-12-310001006655srt:CrudeOilMember2024-12-310001006655srt:NaturalGasPerThousandCubicFeetMember2025-12-310001006655srt:NaturalGasPerThousandCubicFeetMember2024-12-310001006655epm:AtmSalesAgreementMember2024-10-210001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMember2025-11-2800010066552024-10-012024-12-310001006655srt:CrudeOilMemberepm:CrudeOilThreeWayCollarSeptember2026ToDecember2026Member2025-12-310001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001006655srt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-06-3000010066552016-04-110001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-302025-06-300001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMember2016-04-110001006655us-gaap:RevolvingCreditFacilityMemberepm:SeniorSecuredReserveBasedCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-300001006655epm:MineralsAcquisitionMember2025-07-012025-12-310001006655epm:MineralsAcquisitionMember2025-08-042025-08-040001006655epm:TexmexAcquisitionMember2025-04-1400010066552024-07-012024-12-3100010066552025-12-3100010066552025-06-3000010066552025-10-012025-12-3100010066552026-02-0600010066552025-07-012025-12-31utr:MMBTUutr:bblepm:segmentxbrli:sharesiso4217:USDxbrli:pureutr:acreepm:itemepm:agreementiso4217:USDutr:bbliso4217:USDutr:MMBTUiso4217:USDxbrli:shares\n\n[Table of Contents](#TOC)\n\n**no**\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n​\n\n​\n\n​\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****December 31, 2025**\n\n​\n\n​\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from                to**\n\n**Commission File Number ****001-32942**\n\n**EVOLUTION PETROLEUM CORP****ORATION**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**Nevada**\n\n**  ​ ​ ​**\n\n**41-1781991**\n\n(State or other jurisdiction of\nincorporation or organization)\n\n​\n\n(IRS Employer\n\nIdentification No.)\n\n​\n\n**1155 Dairy Ashford Road****,****Suite 425****,****Houston****,****Texas********77079**\n\n(Address of principal executive offices and zip code)\n\n**(****713****) ****935-0122**\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Title of Each Class**\n\n  ​ ​\n\n**Trading Symbol(s)**\n\n  ​ ​\n\n**Name of Each Exchange On Which Registered**\n\nCommon Stock, $0.001 par value\n\n​\n\nEPM\n\n​\n\nNYSE American\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒    No: ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes: ☒    No: ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of \"large accelerated filer\", \"accelerated filer\", \"smaller reporting company\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer \n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company  \n\n☒\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEmerging growth company\n\n☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). Yes: ☐    No: ☒\n\nAt February 6, 2026, 35,003,844 shares of the Registrant’s Common Stock, $0.001 par value per share, were outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nEVOLUTION PETROLEUM CORPORATION\n​\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n​\n\n[**Forward-Looking Statements**](#FORWARDLOOKINGSTATEMENTS_262188)\n\n2\n\n[**PART I**](#Part_I_Financial_Information)**.**\n\n[**FINANCIAL INFORMATION**](#Part_I_Financial_Information)\n\n4\n\n[Item 1.](#Item_1_Condensed_Consolidated_Financial)\n\n[Condensed Consolidated Financial Statements (Unaudited)](#Item_1_Condensed_Consolidated_Financial)\n\n4\n\n​\n\n[Condensed Consolidated Balance Sheets (Unaudited) as of December 31, 2025 and June 30, 2025](#ConsolidatedCondensedBalanceSheets)\n\n4\n\n​\n\n[Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended December 31, 2025 and 2024](#ConsolidatedCondensedStatementsofOperati)\n\n5\n\n​\n\n[Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2025 and 2024](#ConsolidatedCondensedStatementsofCashFlo)\n\n6\n\n​\n\n[Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the three and six months ended December 31, 2025 and 2024](#ConsolidatedCondensedStatementsofSHE)\n\n7\n\n​\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#Note_to_Unaudited_Condensed)\n\n8\n\n[Item 2.](#Item_2_MDA)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item_2_MDA)\n\n25\n\n[Item 3.](#Item_3_Quantitative)\n\n[Quantitative and Qualitative Disclosures about Market Risks](#Item_3_Quantitative)\n\n37\n\n[Item 4.](#Item4ControlsandProcedures)\n\n[Controls and Procedures](#Item4ControlsandProcedures)\n\n37\n\n[**PART II. OTHER INFORMATION**](#Part_II_OTHER_INFORMATION)\n\n38\n\n[Item 1.](#Item1LegalProceedings)\n\n[Legal Proceedings](#Item1LegalProceedings)\n\n38\n\n[Item 1A.](#Item1ARiskFactors_401633)\n\n[Risk Factors](#Item1ARiskFactors_401633)\n\n38\n\n[Item 2.](#Item2UnregisteredSalesofEquitySecurities)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n39\n\n[Item 3.](#Item3DefaultsUponSeniorSecurities)\n\n[Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities)\n\n39\n\n[Item 4.](#Item4MineSafetyDisclosures_798178)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_798178)\n\n39\n\n[Item 5.](#Item5OtherInformation)\n\n[Other Information](#Item5OtherInformation)\n\n39\n\n[Item 6.](#Item6Exhibits)\n\n[Exhibits](#Item6Exhibits)\n\n40\n\n​\n\n[Signatures](#SIGNATURES_679961)\n\n41\n\n​\n\n*We use the terms, “EPM,*”*“Company,*”*“we,*” “*us,*”*and “our*”*to refer to Evolution Petroleum Corporation, and unless the context otherwise requires, its wholly-owned subsidiaries.*\n\n​\n\n1\n\n[Table of Contents](#TOC)\n\nFORWARD-LOOKING STATEMENTS\n\nThis Form 10-Q and the information referenced herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, except for statements of historical fact, are forward-looking statements. The words “plan,” “expect,” “project,” “estimate,” “may,” “assume,” “believe,” “anticipate,” “intend,” “budget,” “forecast,” “predict” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. These statements appear in a number of places and include statements regarding our plans, beliefs or current expectations, including the plans, beliefs and expectations of our officers and directors, which may include, but are not limited to, the following:\n\n●our expectations of plans, strategies and objectives, including anticipated development activity and capital spending;\n\n●our capital allocation strategy, capital structure, anticipated sources of funding, growth in long-term shareholder value and ability to preserve balance sheet strength;\n\n●our ability to complete future acquisitions and the need for additional capital to complete future acquisitions;\n\n●the benefits of our multi-basin portfolio, including operational and commodity flexibility;\n\n●our ability to maximize cash flow and the application of excess cash flows to pay dividends;\n\n●estimates of our oil, natural gas and NGLs production and commodity mix;\n\n●anticipated oil, natural gas and NGL prices;\n\n●anticipated drilling and completions activity;\n\n●drilling and operational risks by our third-party operators, including accidents, equipment failures, fires, and releases of toxic or hazardous materials;\n\n●estimates of our oil, natural gas and NGL reserves and recoverable quantities;\n\n●our ability to access credit facilities and the availability of other sources of liquidity to meet financial obligations throughout commodity price cycles;\n\n●limitations on our ability to obtain funding based on environmental, social, and corporate governance performance;\n\n●future interest expense;\n\n●our ability to manage debt and financial ratios, finance growth and comply with financial covenants;\n\n●the implementation and outcomes of risk management programs, including exposure to commodity price and interest rate fluctuations, the volume of oil and natural gas production hedged, and the markets or physical sales locations hedged;\n\n●the possible impact of changes in federal, state, provincial and local, rules and regulations;\n\n●anticipated compliance with current or proposed environmental requirements, including the costs thereof;\n\n●the impact of greenhouse gas (“GHG”) emissions limitations and renewable energy incentives;\n\n●adequacy of provisions for abandonment and site reclamation costs;\n\n●our operational and financial flexibility, discipline and ability to respond to evolving market conditions;\n\n●the declaration and payment of future dividends and any anticipated repurchase of our outstanding common shares;\n\n●the adequacy of our provision for taxes and legal claims;\n\n●our ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses;\n\n●our competitiveness relative to our peers, including with respect to capital, materials, people, assets and production;\n\n●oil, natural gas and NGL inventories and global demand for oil, natural gas and NGLs;\n\n●the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment;\n\n●adverse weather events;\n\n●anticipated staffing levels;\n\n2\n\n[Table of Contents](#TOC)\n\n●anticipated payments related to our commitments, obligations and contingencies, and the ability to satisfy the same; and\n\n●the possible impact of accounting and tax pronouncements, rule changes and standards.\n\n​\n\nReaders are cautioned against unduly relying on forward-looking statements which, by their nature, involve numerous assumptions and are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause actual events or results to differ materially and/or adversely from those expressed or implied, which include, but are not limited to, the following assumptions:\n\n●future commodity prices and basis differentials;\n\n●our ability to access credit facilities and shelf prospectuses;\n\n●assumptions contained in our corporate guidance;\n\n●the availability of attractive commodity or financial hedges and the enforceability of risk management programs;\n\n●expectations that counterparties will fulfill their obligations pursuant to gathering, processing, transportation and marketing agreements;\n\n●access to adequate gathering, transportation, processing and storage facilities;\n\n●assumed tax, royalty and regulatory regimes;\n\n●expectations and projections made in light of, and generally consistent with, our historical experience and our perception of historical industry trends; and\n\n●the other assumptions contained herein.\n\n​\n\nReaders are cautioned that the assumptions, risks and uncertainties referenced above, and in the other documents incorporated herein by reference (if any), are not exhaustive. Although we believe the expectations represented by our forward-looking statements are reasonable based on the information available to us as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct.\n\nWhen considering any forward-looking statement, the reader should keep in mind the risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil, natural gas and NGLs, third-party operating risks and other risk factors as described under the *Risk Factors* section of our previously filed Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as well as the other disclosures contained herein, therein, and as also may be described from time to time in future reports we file with the Securities and Exchange Commission (“SEC”). Readers should also consider such information in conjunction with our condensed consolidated financial statements and related notes and Item 2.*Management’s Discussion and Analysis of Financial Condition and Results of Operations* in this report. There also may be other factors that we cannot anticipate or that are not described in this report, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations.\n\nForward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. Readers are advised, however, to review any further disclosures we make on related subjects in our filings with the SEC.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nPart I. FINANCIAL INFORMATION"}