Achieved sequential production growth throughout 2025, rising from 30,500 BOE/d in Q1 to 36,200 BOE/d in Q4, driven by high-return production enhancement projects.

Successfully integrated 2024 acquisitions by completing major facility projects and bringing assets up to internal operating standards to maximize cash flow.

Prioritized capital discipline by forgoing new drilling in favor of 34 workovers and four recompletions, focusing on low-risk, high-margin conventional assets.

Strengthened the balance sheet by reducing net debt by $74,000,000 and increasing cash reserves by $31,000,000 to approximately $141,000,000 through strategic refinancing and non-core asset sales.

Improved operational efficiency by reducing Q4 Lease Operating Expenses (LOE) to $22.4 per BOE, a 4% year-over-year decrease achieved through logistics optimization.

Attributed a $279,000,000 increase in Proved Developed Producing (PDP) PV-10 to the successful reclassification of reserves following 2025 capital investments.

Maintained a simple strategic framework centered on free cash flow generation and opportunistic, accretive acquisitions rather than high-risk exploration.

Projects 2026 production to average approximately 35,000 BOE/d, accounting for early-year downtime from winter freezes and natural field declines.

Plans a significant reduction in capital expenditures for 2026, with the $22,000,000 midpoint representing less than half of 2025 spending levels.

Anticipates lower full-year LOE in 2026 compared to 2025, driven by the completion of one-time facility upgrades and realized synergies from recent acquisitions.

Expects the $20,000,000 West Delta 73 pipeline project completed in late 2025 to improve net realized pricing and operational performance throughout 2026.

Maintains a focus on inorganic growth, targeting producing properties that generate immediate free cash flow and offer cost-reduction opportunities.

Highlighted proposed Department of Interior changes that could roll back $6,900,000,000 in supplemental financial assurance requirements, potentially freeing up significant industry capital.

Received a $58,000,000 cash insurance settlement related to the Mobile Bay 78-1 well, significantly boosting year-end liquidity.

Successfully issued $350,000,000 in new second-lien notes, reducing interest rates by 100 basis points and, alongside other transactions, decreasing total debt by $39,000,000.

Divested a non-core interest in Garden Banks for $12,000,000, consistent with the strategy of pruning the portfolio to focus on core high-value assets.

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Management stated that efforts are better placed in making acquisitions rather than drilling in the current environment, as most organic prospects are already held by production.

Confirmed confidence in securing a 'fair share' of available Gulf of Mexico acquisitions over the next one to two years to replenish reserves.

Management expects insurance premium costs to decrease as new regulations better align financial assurance with actual decommissioning risks.

Argued that previous bonding requirements 'sucked capital' out of the basin, and the rollback will allow for more reinvestment into asset integrity and production.

The COO highlighted ongoing stimulation projects at Mobile Bay and deepwater recompletions as key drivers to flatten natural decline curves.

Noted that these low-cost projects, including recompletions and facility work, are the primary reason for the projected year-over-year production increase based on 2026 guidance.

Management emphasized that the Gulf's water-drive reservoirs provide a natural pressure mechanism that helps realize 'probable' (2P) reserves without extra CapEx.

Estimated approximately $750,000,000 of additional cash flow potential from these reserves that is not captured in standard SEC 1P filings.

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