Q3 2025 Highlights
Generated revenue of $189.0 million (an increase of 220% from Q3 2024), net income of $8.5 million (an increase of 175% from Q3 2024) and EBITDA of $92.6 million (an increase of 207% from Q3 2024);
Syndicated our term loan facility to include an additional institutional lender and increase the borrowing capacity by $100 million, borrowed in full upon closing;
Closed our initial public offering of the Series A Cumulative Redeemable Preferred Shares and sold 2,704,023 shares for gross proceeds of $54.1 million;
Became the first operator in the Williston Basin to drill five four-mile lateral wells (the "Nystuen" wells) from a single pad;
Achieved the Company's longest horizontal well to date on the Nystuen 20-17-8-5-1H, with a lateral length of 20,798 feet, or nearly 4 miles.
Financial Results
QTD
YTD
(in thousands)
Q3-25
Q3-24
Q3-25
Q3-24
Total revenues
$
189,021
$
59,040
$
468,602
$
179,550
Net income (loss)
8,488
(11,287
)
32,785
(11,294
)
EBITDA(1)
92,551
30,194
256,512
102,822
(1) EBITDA is a non-GAAP measure. See "Non-GAAP Financial Measures" below for a reconciliation to net income (loss), the most directly comparable financial measure under GAAP.
Net income for the three months ended September 30, 2025 increased $19.8 million, or 175%, as compared to the same period in 2024. The increase was primarily due to increased product sales of $89.8 million generated from our oil and gas operating activities driven by additional wells placed into service, partially offset by a $30.0 million increase in depreciation, depletion, amortization and accretion expense primarily due to increases in our depletable cost bases, a $25.5 million increase in cost of sales primarily associated with our oil and gas operating activities, and a $12.6 million increase in interest expense, net primarily due to increased interest costs associated with our term loan facility and sales of our debt offerings.
Operational Results
QTD
YTD
Q3-25
Q3-24
