Evolution Petroleum Corporation (EPM): Business Model Canvas [Dec-2025 Updated]

You're digging into Evolution Petroleum Corporation (EPM)'s business model to see how they navigate today's energy landscape, and frankly, their setup is a disciplined, contrarian play that focuses on cash generation over pure growth. Instead of chasing massive operated acreage, EPM zeroes in on acquiring discounted, non-operated oil and gas interests across the US, which keeps their day-to-day operational burden low while relying on partners like Denbury. This strategy helped them pull in $85.84 million in total revenue for Fiscal Year 2025 and supports their main value proposition: a consistent quarterly cash dividend of $0.12 per share. It's a model built for stability through commodity cycles, so let's look at the nine building blocks to see precisely how Evolution Petroleum Corporation (EPM) structures this low-decline, income-focused machine.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Evolution Petroleum Corporation (EPM) relies on to execute its non-operated investment strategy. These partnerships are crucial because EPM's model centers on acquiring interests and letting experienced operators handle the heavy lifting-the daily production management and capital deployment.

Field Operating Partners and Asset Management

Evolution Petroleum Corporation's portfolio is built on non-operated interests, meaning partners manage the day-to-day operations and capital calls. The beauty of this model is that EPM avoids the General and Administrative (G&A) burden of running field operations. For instance, EPM holds non-operated interests in the SCOOP and STACK plays where operators include Continental Resources, Inc. and Ovintiv USA Inc.. For its TexMex assets, the operator is Texian Operating Company. EPM's operations at the Delhi Field in Louisiana saw CO₂ purchases resume in October 2024.

Strategic Joint Development with PEDEVCO Corp.

The strategic joint development with PEDEVCO Corp. for the Chaveroo field in the Permian Basin is a major component. This partnership covers approximately 16,000 acres. Evolution will farm-in for an average 50% Working Interest (WI) in future horizontal drilling locations, while PEDEVCO remains the operator. The Chaveroo field is estimated to have an Original Oil In Place (OOIP) of over 700 million barrels, with less than five percent recovered to date.

Financial Institutions and Credit Facility

Access to capital is secured through financial institutions. As of June 30, 2025, Evolution Petroleum Corporation entered into a syndicated, amended, and restated senior secured reserve-based credit facility with MidFirst as the administrative agent. This facility has a maximum capacity of $200.0 million, subject to borrowing base redeterminations.

Here's the quick math on the facility as of the fiscal year-end 2025:

The facility is secured by substantially all of EPM's oil and natural gas properties.

Reserve Certification and Reporting

While specific engineering firms like CG&A or D&M aren't detailed in the latest filings, the results of these certifications are public. Proved oil equivalent reserves for Evolution Petroleum Corporation as of June 30, 2025, were reported at 27.1 MMBOE. This represented a 14.8% decrease from the prior year's 31.8 MMBOE. Proved Undeveloped (PUD) reserves included 4.4 MMBOE as of that same date, primarily associated with properties like the Chaveroo Field.

The company's portfolio includes:

• 45% Proved Reserves in Oil.
• 38% Proved Reserves in Natural Gas.
• 17% Proved Reserves in NGLs.
• 83.7% of reserves classified as Proved Developed.

These figures are the output of the required technical evaluations. Finance: draft 13-week cash view by Friday.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Key Activities

You're looking at the core actions Evolution Petroleum Corporation (EPM) takes to run its business, grounded in the numbers from late 2025. These aren't just ideas; they are the daily, quarterly, and annual tasks that drive their financial results.

Disciplined acquisition of discounted, non-operated oil and gas assets.

Evolution Petroleum Corporation (EPM) focuses on buying non-operated interests, which means they own a piece of the production without the day-to-day operational burden. This strategy is clearly visible in their recent capital deployment.

Here are the acquisition numbers:

The Minerals Acquisition in the SCOOP/STACK area is key; it provides ownership in over 650 future drilling locations and is immediately accretive to cash flow per share. That's how you buy future production without spending more capital right away.

Managing a diversified portfolio across multiple US onshore basins.

The company manages a portfolio that spans several US onshore plays, which helps balance revenue streams when one commodity or basin faces headwinds. The production mix shows this diversification in action.

For the fiscal first quarter ended September 30, 2025 (Q1 2026), the average production was 7,315 average barrels of oil equivalent per day (BOEPD). That total breaks down like this:

• Crude oil: 2,250 barrels per day (BOPD)
• Natural gas: 3,891 BOEPD
• Natural Gas Liquids (NGLs): 1,174 BOEPD

Oil and NGLs together accounted for 72% of revenue in that quarter. The company's portfolio includes interests in the SCOOP/STACK plays, Chaveroo field, Jonah Field, Williston Basin, Barnett Shale, and the Delhi Holt-Bryant Unit. They are actively developing assets; at SCOOP/STACK, they brought online 13 gross wells fiscal year-to-date (as of September 16, 2025), with an additional five wells in progress.

Hedging commodity price risk to assure positive cash flow.

Managing price volatility is a core activity, especially for non-operated owners. Evolution Petroleum Corporation (EPM) uses hedging to lock in prices, which supports their capital commitments, like the dividend.

As of the Q3 2025 report, the company stated they remained well hedged on oil. Specifically, approximately 40% of their oil volumes were hedged at prices above $70 through the fiscal year-end. This hedging strategy provides a strong safety net.

Selective participation in low-risk development drilling (e.g., SCOOP/STACK).

Evolution Petroleum Corporation (EPM) selectively participates in drilling, often as a non-operator, which keeps their capital expenditure (CapEx) exposure controlled while gaining upside. Their activity in the SCOOP/STACK area is a prime example of this focus on low-risk upside.

In the fiscal first quarter of 2026 (ended September 30, 2025), CapEx related to drilling and completion activities at SCOOP/STACK and a lift conversion program at Chaveroo totaled $1.9 million. This spending is aimed at maximizing returns from their non-operated positions in these key basins.

Returning capital to shareholders via a consistent dividend program.

A major activity is the reliable return of capital. Evolution Petroleum Corporation (EPM) has a long-standing commitment to its quarterly dividend, which is a central part of its value proposition to investors.

The dividend consistency is impressive:

• Declared dividend for fiscal Q4 2025 (paid September 30, 2025): $0.12 per share.
• Dividend declared in November 2025 for fiscal Q2 2026 (payable December 31, 2025): $0.12 per share.
• This November 2025 declaration marks the 49th consecutive quarterly cash dividend payment.
• The annualized dividend per share is $0.48.
• Total returned to stockholders in common stock dividends to date is approximately $130.7 million, or $3.93 per share.

In the fiscal first quarter of 2026, the company returned $4.2 million to shareholders in the form of these cash dividends. Finance: draft 13-week cash view by Friday.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Key Resources

You're looking at the core assets Evolution Petroleum Corporation (EPM) uses to generate revenue and support its dividend policy. These are the tangible and intangible things the company owns that are critical to its business.

The foundation of Evolution Petroleum Corporation's Key Resources is its portfolio of long-life, low-decline onshore oil and gas properties across the US. This strategy emphasizes assets that require less immediate capital expenditure (capex) to maintain production levels, which helps support consistent cash flow.

The company's asset base is geographically diverse, spanning several key US regions. This diversification is a key resource in managing commodity price volatility.

• Jonah Field, Wyoming (Acquired Nov'19, ~950 Net Acres)
• Williston Basin, North Dakota (Acquired Jan'22, ~41,300 Net Acres)
• Barnett Shale, Texas (Acquired May'21, ~21,000 Net Acres)
• Hamilton Dome Field, Wyoming (Acquired Nov'19, ~1,400 Net Acres)
• Delhi Field, Louisiana (Legacy, ~3,200 Net Acres)
• Chaveroo Oilfield (Entered Sep'23, ~2,300 Net Acres)

The reported value for the company's Total Long-Term Assets as of September 2025 stands at $156.62 million.

To enhance that, the Standardized Measure for proved reserves, calculated using SEC pricing as of June 30, 2025, was $155.2 million, showing a 6.8% decrease from the prior year due to production and reserve revisions. Proved reserves as of that date were 27.1 MMBOE.

A significant portion of the Key Resources comes from non-operated working interests and high-margin mineral/royalty interests. The non-operated model means Evolution Petroleum Corporation doesn't bear the full burden of day-to-day operational costs, which is a structural advantage.

Recent strategic moves have focused on boosting the royalty segment, which carries no lifting costs. For instance, in August 2025, Evolution Petroleum Corporation closed on its largest minerals transaction to date in the SCOOP/STACK area of Oklahoma, valued at approximately $17.0 million, adding about 5,500 Net Royalty Acres. This acquisition is expected to provide ownership in over 650 future drilling locations.

The final critical resource is Financial liquidity, which provides the necessary cushion for operations and dividend payments. As of September 30, 2025 (fiscal Q1 2026), Evolution Petroleum Corporation reported $11.9 million in total liquidity. This figure is composed of cash and cash equivalents of $0.7 million, outstanding borrowings of $53.0 million on its Senior Secured Credit Facility, and $0.8 million in letters of credit outstanding, resulting in $11.2 million in availability under the facility.

Here's a quick breakdown of the financial position supporting these assets as of that date:

The company also has a Senior Secured Credit Facility with a maximum capacity of $200.0 million and a current borrowing base of $65.0 million, which matures on June 30, 2028. That facility secures substantially all of the oil and natural gas properties.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors stick with Evolution Petroleum Corporation (EPM), especially given the volatility in the energy sector. It boils down to a disciplined approach to asset ownership and shareholder returns.

Stable, reliable cash flow generation throughout commodity cycles.

Evolution Petroleum Corporation (EPM) focuses on assets designed for longevity and stability. The company reported net cash provided by operating activities of $10.5 million for its fiscal fourth quarter ended June 30, 2025. For the quarter reported around November 2025, cash provided by operating activities was $7.8 million, with total revenue at $21.3 million. The revenue mix for that same quarter was approximately 60% oil, 28% natural gas, and 12% NGLs.

Here are some key financial metrics from the fiscal fourth quarter of 2025:

The company returned $16.3 million to shareholders in the form of cash dividends for the entire fiscal year 2025.

Consistent quarterly cash dividend of $0.12 per share.

Evolution Petroleum Corporation (EPM) has a clear commitment to its dividend policy. The Board declared a cash dividend of $0.12 per share for its fiscal 2026 first quarter, payable on September 30, 2025, to stockholders of record as of September 22, 2025. This marked the 48th consecutive payment of quarterly dividends. The annualized dividend per share is $0.48.

The dividend yield as of late 2025 has been reported around 11.88% to 12.21%. However, the payout ratio has been high, reported at 4,800.0% or -4800.00% based on past year earnings per share of $0.02, suggesting reliance on the balance sheet to cover payments.

The dividend history shows consistency:

• Fiscal 2026 Q1 Dividend: $0.12 per share
• Fiscal 2025 Q4 Dividend: $0.12 per share
• Fiscal 2025 Q3 Dividend: $0.12 per share
• Fiscal 2025 Q2 Dividend: $0.12 per share

Exposure to long-life reserves with a low-decline production profile.

The assets Evolution Petroleum Corporation (EPM) targets are characterized by their long life and slow production drop-off. A March 2025 acquisition added approximately 440 net BOEPD of stable, low-decline production. These Proved Developed Producing (PDP) properties specifically feature an annual base decline of sub-7%.

Production levels demonstrate this stability:

• Fiscal Q4 2025 Average BOEPD: 7,198
• Fiscal Q4 2024 Average BOEPD: 7,209
• Fiscal Q3 2025 Average BOEPD: 6,667

The company also noted that its total production for fiscal year 2025 averaged 7,074 BOEPD, which was up 4% from fiscal 2024.

Value creation through a contrarian strategy of buying assets cheaply.

Evolution Petroleum Corporation (EPM) actively buys small interests in acreage when commodity prices weaken, aiming to repay debt during the subsequent cyclical recovery. This strategy was evident in the March 2025 acquisition of assets in New Mexico, Texas, and Louisiana for a purchase price of $9.0 million.

The valuation metrics for that March 2025 deal highlight the cheap entry point:

Following the fiscal year-end, the company borrowed another $15 million to complete a subsequent acquisition. Furthermore, management highlighted a recent shift to capital-light minerals and royalties acquisitions, which carry minimal operating expenses and no future capital commitments.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Customer Relationships

You're looking at how Evolution Petroleum Corporation (EPM) manages the people who provide its cash flow-the operators who run the wells and the investors who fund the enterprise. It's a mix of hands-on engagement for investors and strictly business dealings with the field partners.

Investor Relations team managing one-on-one meetings with institutional investors.

Evolution Petroleum Corporation actively seeks out direct engagement with institutional investors through scheduled meetings at industry conferences. This allows for detailed, private discussions about strategy, which is key for a company focused on maximizing total shareholder return through acquisitions and development. For instance, management hosted one-on-one meetings with institutional investors during A.G.P.'s Virtual Energy Conference on April 2, 2025. Furthermore, the team conducted one-on-one meetings with attending investment professionals at the 2025 Louisiana Energy Conference between May 27-29, 2025. More recently, management held one-on-one meetings with investors on October 20-21, 2025, during the LD Micro Main Event XIX in San Diego, CA.

The frequency and nature of these interactions are documented in their schedule of investor events:

• Water Tower Research Fireside Chat: March 26, 2025.
• A.G.P.'s Virtual Energy Conference: One-on-one meetings on April 2, 2025.
• 2025 Louisiana Energy Conference: One-on-one meetings, May 27-29, 2025.
• Water Tower Research Fireside Chat: September 24, 2025.
• LD Micro Main Event XIX: One-on-one meetings, October 20-21, 2025.

Transactional relationship with operators and commodity purchasers.

Evolution Petroleum Corporation employs a non-operated business model, meaning its relationship with the operators who manage the day-to-day production activities is primarily transactional. The company relies on these operators to remit payments for production volumes. Specifically, differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser as remitted to Evolution Petroleum Corporation by field operators. This relationship is critical for the company's reported production figures, such as the 6,667 net BOEPD reported for the third quarter of fiscal 2025.

The commodity mix sold, which dictates the revenue stream from these transactions, was detailed for Q3 Fiscal 2025 as follows:

High-touch communication with shareholders via earnings calls and presentations.

The company maintains a high-touch cadence for all shareholders, not just institutional ones, through scheduled public events. The President and CEO, Kelly Loyd, along with the CFO, Ryan Stash, and COO, Mark Bunch, lead these discussions. You can see the regular schedule of these calls, which are a primary touchpoint:

• Fiscal Q2 2025 Earnings Call: February 12, 2025.
• Fiscal Q3 2025 Earnings Call: May 14, 2025, at 10:00 a.m. Central Time.
• Fiscal Q4 2025 Earnings Call: September 17, 2025, at 10:00 AM CDT.
• Fiscal Q1 2026 Earnings Call: November 11, 2025, at 10:00 AM EST.

These calls are supported by investor presentations, such as the one available in November 2025.

Commitment to a stable dividend, which builds shareholder loyalty.

The commitment to returning capital is a cornerstone of the relationship, evidenced by a long history of consistent payouts. Evolution Petroleum Corporation has consecutively paid dividends since 2013. The company paid approximately $126.6 million, or $3.81 per share, back to shareholders in common stock dividends to date. For the fiscal third quarter of 2025, the company paid $4.1 million in common stock dividends.

The current dividend policy aims for stability, which is crucial for long-term holders. The annualized dividend per share has been maintained at $0.48 per share for the last twelve months. The latest declared quarterly cash dividend was $0.12 per share, with an ex-date of September 22, 2025, and a payment date of September 30, 2025. The next expected ex-dividend date is December 15, 2025. This translates to an expected dividend yield for the next 12 months of approximately 11.88%, or about 11.0% based on the stock price as of October 31, 2025.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Channels

You're looking at how Evolution Petroleum Corporation (EPM) gets its produced commodities-oil, natural gas, and NGLs-to the market, which is a mix of direct sales and public market access for capital.

The primary channel for product off-take is direct sales of oil, natural gas, and NGLs into the commodity markets. This is where the physical product moves from the wellhead, often via third-party midstream partners, to buyers based on prevailing spot or indexed prices. The revenue mix shows how these different commodities flow through this channel. For instance, in the fiscal fourth quarter ended June 30, 2025, oil sales were the dominant component, accounting for approximately 61% of revenue, while natural gas contributed 27%, and NGLs made up the remaining 12%. This contrasts with the fiscal third quarter ended March 31, 2025, where oil was 52%, natural gas was 35%, and NGLs were 13%.

Here's a quick look at that commodity flow channel:

Evolution Petroleum Corporation accesses equity capital and investors through stock exchanges. The ticker symbol is EPM, trading on the NYSE American. As of early December 2025, the stock price was around $3.95, with a reported market capitalization of approximately $144.66 million. The company maintains a consistent shareholder return channel via dividends; the Board declared its 49th consecutive quarterly cash dividend of $0.12 per common share, payable on December 31, 2025, for the fiscal 2026 first quarter. This commitment to the dividend is a key channel for communicating stability to income-focused investors.

Communication of financial performance to the broader investment community relies heavily on formal disclosures and direct engagement. This includes investor presentations and SEC filings. For example, the fiscal third quarter 2025 results were released on May 13, 2025, followed by a conference call on May 14, 2025. More recently, the fiscal first quarter 2026 results were announced on November 11, 2025. Key SEC filings channel recent activity; for instance, a [10-Q] Quarterly Earnings Report was filed on November 12, 2025, and an [8-K] Report of Material Event was filed on November 4, 2025. The company's long-term debt channel is managed through its credit facility, which, as of September 30, 2025, had outstanding borrowings of $53.0 million, with total liquidity at $11.9 million.

The physical movement and sale of produced commodities are facilitated through relationships with operating partners who physically transport and sell the produced commodities. While EPM holds non-operated interests, the performance of these assets is crucial. Strategic acquisitions act as a channel to bolster production capacity and secure future sales. The TexMex acquisition, which closed around April 14, 2025, added approximately 440 net BOEPD. Furthermore, the Minerals Acquisition, closed in August 2025, provides ownership in assets requiring no additional capital expenditure and is expected to be immediately accretive to cash flow per share. These partnerships and acquisitions directly influence the volume and composition of product flowing through the direct sales channel.

• The company's operational team, including COO Mark Bunch, reviews results with investors.
• The Board declared its 47th consecutive quarterly dividend of $0.12 per share for fiscal Q4 2025.
• The company's market capitalization as of early December 2025 was near $145M.
• The stock trades on the NYSE American under the ticker EPM.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Customer Segments

You're looking at the core groups Evolution Petroleum Corporation (EPM) serves to generate its revenue, which is heavily influenced by its strategy of acquiring non-operated assets.

Shareholders and institutional investors seeking dividend yield and total return

This segment is crucial, as Evolution Petroleum Corporation emphasizes returning capital to them. The company declared its 45th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 second quarter.

For the fiscal fourth quarter of 2025, Evolution Petroleum distributed $4.1 million in cash dividends, contributing to a total of $16.3 million for the fiscal year 2025.

The annualized dividend per share is $0.48. Based on a recent close, this translates to a dividend yield around 12.21%, which is significantly higher than the Energy sector average of 4.6%.

Ownership structure data for this segment shows:

• % of Institutional Shareholders: 60.07%
• % of Insider Shareholders: 10.50%

The next expected dividend was declared as $0.12 per share, payable on December 31, 2025, with an ex-dividend date of December 15, 2025.

Commodity purchasers (refiners, utilities, processors) buying crude oil and gas

These customers purchase the output from Evolution Petroleum Corporation's diverse portfolio of onshore oil and gas properties. The revenue mix shows the relative importance of each commodity type to these purchasers.

For the fiscal fourth quarter ended June 30, 2025, the revenue breakdown from commodity sales was:

Looking at the first quarter of fiscal 2025, liquids production generated 80% of revenue.

Realized commodity prices for the fourth quarter of fiscal 2025 were:

In the first quarter of fiscal 2026, natural gas prices saw a significant increase, rising 43% compared to the year-ago quarter.

Sellers of small, discounted, non-operated oil and gas interests

Evolution Petroleum Corporation actively targets this segment through its acquisition strategy, focusing on non-operated assets to build its portfolio. Acquisitions year-to-date 2025 totaled $26 million.

A key transaction was the TexMex acquisition, which closed on April 14, 2025, adding approximately 440 net BOEPD (with 60% oil and 40% gas).

The company also closed its largest minerals-only acquisition to date in August 2025, adding approximately 5,500 net royalty acres in the SCOOP/STACK area.

The portfolio includes non-operated interests in fields such as CO2 enhanced oil recovery in Louisiana, secondary recovery production in Wyoming, and shale gas reservoirs in Texas and North Dakota.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Cost Structure

When you look at Evolution Petroleum Corporation (EPM)'s cost structure as of late 2025, you see a clear focus on managing operational efficiency while funding growth through debt and selective capital deployment. The cost base is heavily influenced by the underlying commodity prices and the nature of their non-operated asset base.

The primary recurring operational cost is the Lease Operating Expense (LOE). For the fiscal fourth quarter of 2025, the LOE came in at $17.35 per BOE. This figure reflects the costs associated with running the wells, which in Q4 2025 included higher workover expenses at Chaveroo and Hamilton Dome, plus plant maintenance at Delhi, partially offset by a benefit from the Barnett joint-interest audit. You'll note that Evolution Petroleum Corporation (EPM) is focused on keeping this metric tight, as seen by the slight decrease from $17.39 per BOE in the year-ago quarter.

Financing costs are now a more prominent part of the structure following recent activity. As of September 30, 2025, the borrowings outstanding under the Senior Secured Credit Facility stood at $53.0 million, which directly relates to the interest expense component of the cost structure. This is a shift from their historical debt-free profile, which definitely raises the risk profile during periods of weaker oil pricing.

General and Administrative (G&A) expenses, excluding stock-based compensation, are managed tightly, which makes sense for a non-operator model. For the fiscal first quarter of 2026, which ended September 30, 2025, G&A expenses were $1.8 million. This was an improvement from the $2.0 million reported in the fiscal fourth quarter of 2025. The decrease in Q1 2026 was primarily due to a decline in professional fees.

Capital expenditures (CapEx) are selective, focusing on development drilling and strategic acquisitions rather than large-scale, high-cost development programs. You can see the spending pattern across the recent quarters:

• Fiscal Q4 2025 capital expenditures for oil and natural gas properties totaled $4.7 million.
• Fiscal Q1 2026 capital expenditures, related to drilling and completion activities at SCOOP/STACK and the lift conversion program at Chaveroo, were $1.9 million.
• Fiscal 2025 saw significant acquisition spending: $9 million for the TexMex acquisition and approximately $17 million for the largest minerals-only acquisition in the SCOOP/STACK.

Here's a quick look at how some of these key cost and related balance sheet items stacked up for the most recent reported periods:

The company is definitely managing its operational costs well on a per-unit basis, but the fixed costs associated with the debt load mean that commodity price swings, especially in oil where realized prices dropped 20% year-over-year in Q4 2025, hit the bottom line harder now. Finance: draft 13-week cash view by Friday.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Evolution Petroleum Corporation (EPM) as of late 2025. The streams are straightforward: selling hydrocarbons.

The total annual revenue for Evolution Petroleum Corporation (EPM) for the Fiscal Year ending June 30, 2025, was reported as $85.84 million. This figure represents the top-line sales for the full year.

Looking at the start of the next fiscal period, the revenue for Fiscal Q1 2026 was $21.288 million. This quarterly number is down about 3% year-over-year from Q1 2025's $21.896 million.

The composition of that revenue stream shows a clear dependence on crude oil, though natural gas provides a necessary offset. For instance, in the fourth quarter of fiscal 2025 (Q4 2025), sales of crude oil accounted for 61% of total revenue. The remaining revenue came from sales of natural gas and natural gas liquids (NGLs).

Here's how the revenue mix looked across the last reported quarter of FY2025 and the first quarter of FY2026, showing the shift in commodity contribution:

The natural gas component showed strength in the most recent quarter. Natural gas revenue in Fiscal Q1 2026 increased 38% to $5.9 million compared to the year-ago period. This was helped by a 43% increase in realized natural gas prices in Q1 2026.

You can see the key revenue metrics side-by-side:

• Total annual revenue for Fiscal Year 2025: $85.84 million.
• Fiscal Q1 2026 revenue: $21.288 million.
• Crude oil revenue share in Fiscal Q4 2025: 61%.
• Natural gas revenue in Fiscal Q1 2026: $5.9 million.

The company is definitely focused on maintaining this diversified stream, especially given the acquisition activity in the SCOOP/STACK area, which brings ownership in assets with expected upside. Finance: draft 13-week cash view by Friday.