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  • MIL-OSI USA: Cortez Masto, Crapo Introduce Legislation to Ensure the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Receive the $5 Million They’re Owed

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Mike Crapo (R-Idaho) reintroduced the Shoshone-Paiute Tribes of the Duck Valley Reservation Water Rights Settlement Act. This legislation will allow the Tribes to finally collect over $5 million in interest they are owed for their 2009 water rights settlement. Senators Jacky Rosen (D-Nev.) and Jim Risch (R-Idaho) are cosponsors of this legislation.
    “It is absurd that the Shoshone-Paiute Tribes of the Duck Valley Reservation have had to go nearly two decades without millions of dollars in interest they are owed,” said Senator Cortez Masto. “My commonsense, bipartisan legislation fixes this years-old oversight and secures funding that these Tribes deserve.”
    “This much-needed fix takes the next step in upholding the federal government’s full interest terms of the 2009 settlement with the Duck Valley reservation,” said Senator Crapo.  “The Senate unanimously advanced the measure in the last Congress and must do so again expeditiously.  The House should follow suit so we can correct this error as soon as possible.”
    “The Shoshone-Paiute Tribes of the Duck Valley Reservation deserve the millions of dollars in interest they are owed,” said Senator Rosen. “I’m proud to help introduce this bipartisan legislation to ensure they finally receive this payment after a nearly twenty year delay.”
    “The Shoshone-Paiute Tribes’ water rights settlement mistakenly excluded interest payments, unjustly cutting these communities short,” said Senator Risch. “I’m proud to join my colleagues in introducing legislation to correct this error and provide the Tribes the proper interest they are owed.”
    Senator Cortez Masto has long been a champion for Tribal communities. Last year, the Senate passed both her legislation to make it easier for Indian Health Services to recruit and retain doctors and her legislation to strengthen Tribal public safety. She repeatedly called on the Biden administration to do more to address the epidemic of violence against Native women and girls, including securing federal funding to protect Native communities, urging the administration to draft a plan to address this issue, and requesting the Government Accountability Office (GAO) investigate the federal response to this crisis.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Grassley Reintroduce Bipartisan Legislation to Crack Down on Deadly Fentanyl Additive Xylazine

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Chuck Grassley (R-Iowa) reintroduced their Combating Illicit Xylazine Act. This bill, which would list xylazine as a Schedule III controlled substance while protecting the drug’s legal use by veterinarians, farmers, and ranchers, has bipartisan support from members of Congress in both the Senate and the House of Representatives.
    Xylazine, also known as “tranq,” is an easily accessible veterinary tranquilizer that is being used as a low-cost cutting agent for fentanyl. Cortez Masto’s bipartisan legislation would schedule this dangerous drug and give law enforcement the tools they need to go after traffickers while protecting access for veterinarians, farmers, and ranchers who use xylazine to treat large animals. The bill is endorsed by 39 state attorneys general, major law enforcement organizations, and veterinary organizations.
    “Xylazine poses a growing threat across the Silver State, and our law enforcement officers simply don’t have the tools they need to keep our communities safe from this dangerous drug,” said Senator Cortez Masto. “My bipartisan, bicameral bill would crack down on illegal use of xylazine while protecting its legitimate use by veterinarians and ranchers. It’s time for Congress to act now and pass this life-saving legislation.”
    “Illicit xylazine is contributing to the national drug epidemic and driving up overdose deaths in communities across the country. Our nation’s laws must keep pace with emerging drug trends,” Senator Grassley said. “This bipartisan bill recognizes the lethal threat of xylazine and provides law enforcement new tools to combat its spread, while ensuring veterinarians, ranchers and cattlemen can continue to access the drug for legitimate animal treatment.”
    The Combating Illicit Xylazine Act would:
    Schedule xylazine as Schedule III illicit substance under the Controlled Substances Act; 
    Ensure veterinarians, farmers, and ranchers can still use the drug for its intended purpose by creating a clear definition of “ultimate user” – someone lawfully permitted to possess a controlled substance for legitimate use;
    Enable the DEA to track its manufacturing to ensure it is not diverted to the illicit market; and
    Require a report on prevalence, risks, and recommendations regarding xylazine.
    This legislation is cosponsored by Senators Maggie Hassan (D-N.H.), Kirsten Gillibrand (D-N.Y.), Cindy Hyde-Smith (R-Miss.), Maria Cantwell (D-Wash.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Amy Klobuchar (D-Minn.), Katie Britt (R-Ala.), Shelly Moore Capitol (R-W.Va.), Todd Young (R-Ind.), Mark Kelly (D-Ariz.), Tim Kaine (D-Va.), James Risch (R-Idaho), Jacky Rosen (D-Nev.), and Richard Blumenthal (D-Conn.). It is led in the U.S. House of Representatives by Representatives Jimmy Panetta (D-Calif.-19) and August Pfluger (R-Texas-11).  
    “The Combating Illicit Xylazine Act strikes the right balance of helping address the public health threat of illicit xylazine while maintaining veterinary access to this critical animal sedative,” said Dr. Sandra Faeh, President of the American Veterinary Medical Association. “Strongly endorsed by the AVMA, this legislation is essential to protecting our communities from the grave health and safety risks of illicit xylazine, upholding animal welfare, supporting public health, and ensuring our nation’s veterinarians are equipped with all the necessary resources to provide high-quality veterinary care. We greatly appreciate Senators Catherine Cortez Masto and Chuck Grassley and Representatives Jimmy Panetta and August Pfluger for their leadership on this increasingly important issue. The AVMA looks forward to working with Congress on getting this well-balanced approach enacted into law.”
    Senator Cortez Masto has been working to crack down on illicit drugs since she was first elected Attorney General, when she worked with Nevada’s Republican governor, law enforcement, and Mexican officials to combat the rise of methamphetamine manufacturing and cross-border drug trafficking. In the Senate, she has authored legislation to combat drug trafficking online that was signed into law, and passed critical legislation to eliminate illegal fentanyl supply chains. She also recently cosponsored the HALT Fentanyl Act which just passed the U.S. House of Representatives and will combat illegal fentanyl and keep our communities safe.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto Votes Against Tulsi Gabbard to be Director of National Intelligence

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto voted against the confirmation of Tulsi Gabbard to be the Director of National Intelligence. She also spoke on the Senate floor before the vote to discuss her opposition to Ms. Gabbard, highlighting her repeated justifications of Putin’s illegal war in Ukraine and her statements casting doubt on the U.S. intelligence community’s assessments of the brutal Assad regime in Syria.
    “There should be absolutely no question about the trustworthiness or the judgement of our Director of National Intelligence,” said Senator Cortez Masto on the Senate floor. “The Director of National Intelligence should not sympathize with autocrats, blame our allies for wars of aggression, or parrot Kremlin talking points…I pledge to help keep Nevadans safe by opposing Ms. Gabbard’s confirmation.”

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Risch Renew Push for Bipartisan Legislation to Protect Critical Mineral Production in the West

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) and Jim Risch (R-Idaho) reintroduced the Mining Regulatory Clarity Act to allow critical mineral production to continue in the West. This bill is led in the U.S. House of Representatives by Congressman Mark Amodei (R-Nev.-02).
    “We need to streamline our federal permitting process to unleash the full potential of Nevada’s critical mineral economy,” said Senator Cortez Masto. “I’m continuing my bipartisan push to pass this commonsense bill that will cut red tape, protect mining jobs in Nevada, help support clean energy projects nationwide.”
    “Domestic mineral production is critical to everyday energy, technology, and national security needs,” said Senator Risch. “For too long, Idaho’s minerals have been tied up in red tape, preventing responsible use of our natural resources. The Mining Regulatory Clarity Act ensures mining projects in Idaho and across the West can proceed and provide invaluable support to our communities and country.” 
    “The Rosemont Decision overturned decades of established precedent that allowed our domestic mining operations to flourish, and instead blocked production efforts with excessive red tape,” said Representative Mark Amodei. “Out West, we have an abundance of natural resources that we can responsibly utilize to reduce our reliance on adversaries and strengthen our national security. This bill reverses the damage caused by the misguided Rosemont Decision and restores clarity for critical mining projects to move forward.”
    “The Nevada Mining Association applauds and supports the bipartisan Mining Regulatory Clarity Act,” said Amanda Hilton, President of Nevada Mining Association. “Nevada is a leading producer of critical minerals like copper, lithium, and magnesium, along with more than 20 other materials essential to daily life. This legislation provides necessary stability for Nevada’s modern mining industry, ensuring it can operate efficiently and sustain the high-paying jobs that tens of thousands of Nevada families depend on. We appreciate Senator Cortez Masto’s ongoing leadership in advocating for Nevada’s mining community.”
    “The bipartisan Mining Regulatory Clarity Act is KEY to ensuring the U.S. can use our vast domestic resources to build the essential mineral supply chains we know we must have,” said Rich Nolan, National Mining Association president and CEO. “China’s recent actions to cut off VITAL mineral supply chains underscores the need to strengthen domestic mineral supply chains for manufacturing, energy, national security and other priorities. This legislation ensures the fundamental ability to conduct responsible mining activities on federal lands. Regulatory certainty, or the lack thereof, will either underpin or undermine efforts to meet the extraordinary mineral demand now at our doorstep.”
    “BPC Action is pleased to see Sens. James Risch (R-ID) and Catherine Cortez Masto (D-NV) working together to tackle barriers to expand America’s critical mineral supply. The bipartisan Mining Regulatory Clarity Act provides much needed regulatory certainty for mining projects, strengthening critical mineral supply chains while driving job creation in the sector,” said Michele Stockwell, President of Bipartisan Policy Center Action. 
    “If we’re going to achieve U.S. energy dominance, spur innovation, and support American manufacturing, we need to expand the domestic production of critical minerals. We can do so while supporting workers, communities, and our natural resources through sensible, transparent, and efficient regulations. Advanced Energy United is encouraged to see the “Mining Regulatory Clarity Act,” which should enhance business certainty around our mining rules and regulations,” said Harry Godfrey, Managing Director for Federal Affairs at Advanced Energy United.
    “As demand for electric vehicles continues to grow at home and abroad, the need for mineral commodities, including lithium, cobalt, graphite, and copper will likewise rise dramatically. Mining is essential for the United States to fulfill demand in the electric vehicle and clean energy sectors, not to mention other mineral applications in defense, consumer electronics, and advanced computing. The Mining Regulatory Clarity Act is the result of a years-long, bipartisan effort to reestablish certainty for mineral producers in the United States. ZETA applauds Senators Cortez Masto and Risch for their tireless efforts to advance this critical legislation,” said Albert Gore, Zero Emission Transportation Association (ZETA).
    The Mining Regulatory Clarity Act provides regulatory certainty for mining projects and reaffirms long-held practice that some public land use under a mining claim inherently accompanies exploration and extraction activities for other mining-support activities. This bill creates an optional and voluntary pathway to allow use of public lands for ancillary purposes connected to a mining project that can only be used within an agency-approved Plan of Operations. The bill also creates a new revenue stream from new mill site claims to be dedicated to abandoned mine clean-up efforts. This legislation is cosponsored by Senators Jacky Rosen (D-Nev.), Mike Crapo (R-Idaho), and Lisa Murkowski (R-Alaska).
    Senator Cortez Masto has led efforts in Congress to support Nevada’s mining industry, protecting more than 83,000 local jobs and paving the way for Nevada to power the clean energy economy. She has consistently blocked burdensome taxes on mining and wrote important provisions of the Bipartisan Infrastructure Law to bolster Nevada’s critical mineral supply chain and fund battery recycling programs in the state. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets.

    MIL OSI USA News –

  • MIL-OSI USA: Citing National Security Concerns on Senate Floor, Shaheen Announces Opposition to Tulsi Gabbard’s Confirmation

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen, Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Armed Services Committee, took to the Senate floor to underscore her dire national security concerns ahead of the confirmation of Tulsi Gabbard to be the next Director of National Intelligence (DNI). Specifically, Shaheen highlighted Gabbard’s troubling history of siding with America’s adversaries over our own allies and national security interests, detailing the threat her confirmation would pose to U.S. national security and defense. At the conclusion of her remarks, Shaheen announced that she would oppose Gabbard’s nomination. Click here to watch Senator Shaheen’s full floor speech. 
    Key quotes from Senator Shaheen: 
    “Our adversaries will be thrilled if we confirm Tulsi Gabbard as Director of National Intelligence—no one more so than Russian President Vladimir Putin. Ms. Gabbard has not hidden her positive views of Russia and President Putin. While Ukrainians fight valiantly to protect their homeland and defend freedom and democracy, Tulsi Gabbard cozies up to Putin and publicly defends Russia’s brutal invasion.” 
    “I don’t relish the idea of America’s Director of National Intelligence—a role that includes such sensitive responsibilities such as producing the President’s Daily Brief and setting U.S. Policy for intelligence-sharing with foreign entities—I don’t appreciate the fact that she’s called ‘superwoman’ by a mouthpiece for the Kremlin.” 
    “To talk amiably about a brutal dictator who is openly opposed to American interests and human rights, a dictator like Assad, and like Putin for that matter, shows at best a lack of judgement and at worst allegiance to our adversaries.” 
    “I think this chamber faces a choice. We can choose to defend America’s national security and keep our promise to our constituents to protect their lives and safety and their interests or we can choose to give a gift to Vladimir Putin and our adversaries, to usher them into the inner halls of the American intelligence system. I know which choice I intend to make.” 
    Remarks as delivered can be found below: 
    Mr. President, I come up to the floor this afternoon to join a number of my colleagues because of my concern for the national security of the United States. 
                
    Whether it’s a terror attack, a cyberattack from a non-state actor, whether it is a threat in Russia or China or Iran, we in the United States are the targets of foreign adversaries every single day.  
    But thanks to our intelligence community and the thousands of Americans who dedicate their lives to our security, we’re safe.  
    These brave men and women are counting on us to have their backs. 
    Which is why the nomination of Tulsi Gabbard is so concerning.  
    Our adversaries will be thrilled if we confirm Tulsi Gabbard as Director of National Intelligence—no one more so than Russian President Vladimir Putin.  
    Ms. Gabbard has not hidden her positive views of Russia and President Putin.  
    While Ukrainians fight valiantly to protect their homeland and defend freedom and democracy, Tulsi Gabbard cozies up to Putin and publicly defends Russia’s brutal invasion. 
    The former Congresswoman has parroted Russian propaganda saying that the war could have been avoided if NATO and the Biden Administration had simply, and I’m quoting, “simply acknowledged Russia’s legitimate security concerns.” 
    And we know that a nominee is problematic when the Kremlin has such nice things to say about her.  
    On November 17, 2024, a major Russian state-controlled news agency called Tulsi Gabbard “superwoman” and noted her past appearances on Russian TV.  
    Well, I don’t relish the idea of America’s Director of National Intelligence—a role that includes such sensitive responsibilities such as producing the President’s Daily Brief and setting U.S. Policy for intelligence-sharing with foreign entities—I don’t appreciate the fact that she’s called “superwoman” by a mouthpiece for the Kremlin.  
    Not only does Putin have kind words for Ms. Gabbard, but they also share mutual friends—namely, ousted Syrian dictator Bashar al-Assad. 
    Since her clandestine meeting with Mr. Assad in 2017, a visit that took place while she was serving in Congress, former Congresswoman Gabbard has faced numerous questions about why she went to Syria and arranged this meeting in the first place.  
    She’s answered none of those questions nor has she provided any substantive details on her conversation with Assad.  
    And in fact, Ms. Gabbard has repeatedly refused to call Assad what he is, and that is an enemy of the United States, a brutal dictator who is responsible for the deaths of hundreds of thousands of Syrians. 
    Assad, who’s Putin’s best buddy in the Middle East; Assad, who is backed by Iran, whose regime openly seeks to undermine and destroy American interests and values worldwide.  
    This is the person who co-Presidents Musk and Trump want to lead our intelligence agencies, to spearhead our national security operations.  
    Well, that doesn’t make me comfortable sleeping at night.  
    To talk amiably about a brutal dictator who is openly opposed to American interests and human rights, a dictator like Assad, and like Putin for that matter, shows at best a lack of judgement and at worst allegiance to our adversaries. 
    And even in cases of proven espionage against the American intelligence community—the very organization that she seeks to lead—Tulsi Gabbard instead has sided with criminals.  
    Of course, I’m speaking about her support for Edward Snowden.  
    In 2020, while she was a member of the United States House of Representatives, she introduced a resolution suggesting that the federal government should drop all charges against Edward Snowden.  
    There’s only one other member who cosponsored this resolution, and that was former Congressman Matt Gaetz.  
    Now in 2025, Ms. Gabbard still refuses to call Snowden what he is—a traitor to the United States. 
    When she was asked about that at her hearing, she was given several opportunities to indicate that she understood that Edward Snowden is a traitor who put at risk the lives of thousands of Americans in the intelligence community.  
    She refused to acknowledge that he’s a traitor.  
    With such a track record, how are we supposed to expect that she will properly classify our enemies? 
    How are we to expect that she would label Xi Jinping or Kim Jong Un? As enemies of the United States or simply as foreign leaders, or as friends? Who knows what Ms. Gabbard will do.  
    I think there’s a stark difference between our adversaries who want to undermine the United States and those who are our allies, and it doesn’t appear that Tulsi Gabbard understands the difference.  
    So how can the men and women of the intelligence community trust that Ms. Gabbard will protect their secrets? That she’ll protect our secrets, the secrets of the United States?  
    How many Russians are going to risk their lives to pass along information to our intelligence officers if they’re worried that Ms. Gabbard will sell them out?  
    How much will our allies in NATO, in the Indo-Pacific share with Ms. Gabbard in charge?  
    The work of American covert operations and intelligence-gathering is based on one central principle, and that is trust.  
    I wouldn’t trust Tulsi Gabbard any further than I can throw her.  
    I think this chamber faces a choice.  
    We can choose to defend America’s national security and keep our promise to our constituents to protect their lives and safety and their interests or we can choose to give a gift to Vladimir Putin and our adversaries, to usher them into the inner halls of the American intelligence system.  
    I know which choice I intend to make.  
    I intend to vote no on Tulsi Gabbard, and I hope that my colleagues, particularly those across the aisle, at least some of them, will have the courage to do the same. 
    Thank you, Mr. President. I yield the floor. 
    Senator Shaheen is the top Democrat on the U.S. Senate Foreign Relations Committee and also serves on the U.S. Senate Appropriations Subcommittees on State, Foreign Operations and Related Programs and Defense. In 2018, Shaheen re-established the bipartisan U.S. Senate NATO Observer Group with U.S. Senator Tillis (R-NC). Senator Shaheen believes that a strong and active United States is fundamental to securing our national interests at home and abroad. She also believes that U.S. global leadership is directly tied to the strength of our ideals, our alliances and our diplomacy, and she is constantly working to ensure our national security policies reflect our broader democratic values.  

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Honored by Louisiana Sheriffs’ Association for Repealing WEP, GPO

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – Last week, U.S. Senator Bill Cassidy, M.D. (R-LA) was awarded the Fraternal Order of Police National President’s Advocacy Award for his instrumental role in passing the Social Security Fairness Act, which fully repeals two unfair Social Security provisions known as the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). It was signed into law on January 5, 2024 after Cassidy successfully secured a vote on the Senate floor. Prior to the passage of the Social Security Fairness Act, WEP and GPO unfairly penalized 94,000 state and local public servants in Louisiana, including Louisiana sheriffs.
    “No one should be penalized for serving their communities. For years, I have worked to make sure our police officers and all public servants receive the full Social Security benefits they have earned,” said Dr. Cassidy. “I stand committed to those who protect and serve Louisiana every day. Thank you to the Louisiana Sheriffs’ Association for this honor.” 
    Background
    Last week, Cassidy led his colleagues in sending a letter to acting Social Security Commissioner Michelle King calling for the immediate implementation of the Social Security Fairness Act to provide full Social Security benefits for millions of public servants impacted by WEP and GPO.
    Cassidy played a pivotal role in getting the Social Security Fairness Act signed into law on January 5, 2025. Cassidy successfully demanded a vote on the Social Security Fairness Act. In July 2024 and again in December, Cassidy spoke on the U.S. Senate floor urging Congress to repeal WEP and GPO as part of his “Big Idea” to save, strengthen, and secure America’s retirement system. In June, Cassidy entered a statement into the record urging the repeal of WEP and GPO ahead of the U.S. Senate Finance Subcommittee field hearing on Social Security. 
    Cassidy is a long-time cosponsor of the Social Security Fairness Act in the Senate, being an original cosponsor since he became a Member of Congress in 2009. He led the introduction of the legislation in the 117th and 116th Congress.
    Cassidy led a bipartisan working group to preserve and protect Social Security. He released the inaugural Bill on the Hill video where he asked Capitol Hill visitors from across the country their thoughts on the looming benefit cuts to Social Security and presented his “Big Idea.”
    Last March, Cassidy grilled U.S. Treasury Secretary Janet Yellen on President Biden’s plan to address Social Security, to which Secretary Yellen admitted “the president doesn’t have a plan,” to save Social Security.
    Cassidy has discussed the “Big Idea” at a public forum with AARP on the future of Social Security, outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee, and authored op-eds in the Washington Examiner in July, the Wall Street Journal in March, and State Affairs and Washington Post in May. 

    MIL OSI USA News –

  • MIL-OSI USA: Schatz Introduces Bipartisan Legislation To Protect Post Offices in Hawai’i and Across the Country, Help Ensure Regular Delivery of Mail to Residents

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON — At a time when the United States Postal Service (USPS) is under strain due to a lack of carriers and supply shortages, communities across the country have reported struggles in conveying needs to the USPS and have experienced sudden and surprising post office closures. U.S. Senators Brian Schatz (D-Hawai‘i) and Mike Crapo (R-Idaho) introduced legislation to improve access to local USPS post offices. The Mandating Advisable and Informed Locations and Solutions (MAILS) Act would require more community input before relocating a post office as well as encourage recommendations from municipalities to request additional post offices.

    “In Hawai‘i, where many people live in rural or remote areas, the Postal Service is a lifeline for everything from essential goods to staying connected with loved ones,” said Senator Schatz. “Our bill ensures that people in Hawai‘i and across the country have a voice in decisions about keeping post offices in their communities.”

    Schatz has led efforts in Congress to fully fund and protect post offices in Hawai‘i. In 2020, he included a provision in a government spending bill to ensure post offices across Hawai‘i were funded and remained open for residents.

    The full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI United Nations: US funding cuts threaten global health response, WHO chief warns

    Source: United Nations MIL OSI

    Health

    The World Health Organization (WHO) has expressed deep concern over the impact of US funding cuts on critical global health initiatives, warning they pose a direct threat to public health efforts worldwide.

    In a media briefing on Tuesday, WHO Director-General Tedros Adhanom Ghebreyesus highlighted the consequences of funding suspensions, including disruptions to HIV treatment, setbacks in polio eradication and limited resources for responding to mpox epidemics in Africa.

    “The suspension of funding to PEPFAR, the President’s Emergency Plan for AIDS Relief, caused an immediate stop to HIV treatment, testing and prevention services in the 50 countries,” Tedros said.

    He noted that despite a waiver for life-saving services, prevention programmes for at-risk groups remain excluded, clinics have closed, and health workers have been put on leave.

    Tedros urged the US Government to reconsider its funding approach, at least until alternative solutions can be found to maintain essential health services.

    Ebola outbreak in Uganda

    Turning to Uganda, Tedros provided updates on the recently reported Ebola outbreak, with nine confirmed cases, including one death.

    WHO has deployed emergency teams to support surveillance, treatment and infection control measures.

    A vaccine trial, launched just four days after the outbreak was declared, is now underway, while approval for a therapeutics trial is pending.

    To sustain the response, WHO has allocated an additional $2 million from its Contingency Fund for Emergencies, supplementing the $1 million already provided.

    Conflict in DR Congo

    The humanitarian crisis in the Democratic Republic of the Congo is also straining health services, with more than 900 deaths and over 4,000 injuries reported amid escalating violence in the east.

    WHO Africa

    Health workers wearing protective clothing in Uganda.

    “At most, only one-third of people who need health services in North and South Kivu are able to receive them,” Tedros stated, emphasising the risks posed by infectious disease outbreaks such as mpox and cholera.

    Supplies, including medicines and fuel, are running critically low, further complicating WHO’s ability to respond.

    Advancing childhood cancer treatment

    On a more positive note and as UN News reported on Tuesday, WHO announced progress in expanding access to childhood cancer medicines in low and middle-income countries.

    “Yesterday, we began distributing childhood cancer medicines at no cost in the first two countries: Mongolia and Uzbekistan,” said Tedros, adding that shipments are planned for four more countries.

    The programme is facilitated through the Global Initiative on Childhood Cancer, launched in partnership with St. Jude Children’s Research Hospital.

    The initiative aims to reach 120,000 children across 50 countries over the next five to seven years, addressing stark disparities in survival rates between high-income and low-income nations.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: $14 million boost for sports facilities across Tāmaki Makaurau from Auckland Council

    Source: Auckland Council

    A top-of-the-line climbing structure for Auckland tamariki and rangatahi to use and enjoy is one step closer thanks to Auckland Council’s Sport and Recreation Facilities Investment Fund.

    Six sports organisations across Tāmaki Makaurau will receive a slice of more than $14.3 million from the council to help develop their facilities to meet the sport and recreation needs of Aucklanders now and in the future.

    Councillor Angela Dalton, chair of the Community Committee, says she’s pleased the council is able to help sports organisations build for the future.

    “Auckland Council has allocated substantial funding to a variety of sporting organisations across the region, so they can grow and enhance their facilities.

    “Having quality, fit for purpose facilities will ultimately allow Aucklanders from all walks of life to participate in sport and recreation, stay active and connect.

    “Non-council owned facilities are crucial to the Tāmaki Makaurau sport and recreation facility network as they meet the region’s evolving demands for sporting opportunities.”

    Waka Pacific Trust was allocated $250,000 for shading and lighting of the climbing frame to be built at Vector Wero Whitewater Park in Manukau. The galvanised steel structure will rise 16 metres, comprise 78 climbing elements ranging in difficulty levels. It will host up to 100 participants at once, offering a fun and active challenge. The Trust’s school programme which supported 90,000 children free of charge in 2024 – 80 per cent from low-decile schools – aims to provide free access to 15,000 local children in Wero Climb’s first year, with 9,000 already registered to have a go.

    The council has previously contributed $250,000 to this $3.1 million project through the same fund.

    The other organisations allocated funding include Auckland Hockey Association, Highbrook Regional Watersports Centre Trust, Ngāti Whātua Ōrakei Whai Maia, Pakuranga United Rugby Club (to expand their community sports centre), Waka Pacific Trust and West Auckland Riding for the Disabled.

    “It’s fantastic to have these investment decisions made by our elected members,” says Kenneth Aiolupotea, General Manager Community Wellbeing.

    “The next step involves our team working closely with successful grant applicants to build their sports and recreational infrastructure that will benefit our communities across Tāmaki Makaurau. This is very exciting.”

    How funding is allocated

    Six organisations were invited to submit updated information regarding their on-going projects. These projects were identified based on their alignment to the priority criteria for the fund and progress through the project lifecycle.

    Auckland Council staff and an independent review panel considered the submissions and assessed the capability of the organisations, achievability of the project, current project status, and funding status.

    All six of the targeted process projects were recommended to receive grants for a total of $14,348,920. The funding was approved by the council’s Community Committee on 11 February 2025.

    More information on the council’s grants programme that supports Aucklanders’ aspirations for a great city, including the Sport and Recreation Facilities Investment Fund can be found on the Auckland Council website.

    Next funding round

    Applications for the Sport and Recreational Facilities Investment Fund, contestable process opens on 18 February 2025 and closes on 18 March 2025.

    Sport and Recreation Facilities Investment Fund, targeted process 2025/2026

    Recipient

    Project title

    Funding up to:

    Auckland Hockey Association Incorporated

    Lloyd Elsmore Park Hockey Stadium – Turf 2 renewal and LED Flood-light upgrade

    $215,000

    Highbrook Regional Watersport Centre Trust

    Highbrook Watersports Centre Clubhouse building

    $2,200,000

    Ngāti Whātua Ōrakei Whai Maia Limited acting on behalf of Whai Maia Charitable Trust 1

    Ngāti Whātua Ōrakei Sports, Recreation and Hauora Centre

    $5,000,000

    Pakuranga United Rugby Club Incorporated

    Howick Pakuranga Community Sports Centre Facility Expansion

    $5,571,061

    Waka Pacific Trust

    Wero Climb

    $250,000

    West Auckland Riding for the Disabled Association Incorporated

    Covered Riding Facility

    $512,859

                                                                          Total

    $14,348, 920

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Finance – Mortgage advisers alarmed at ComCom proposal that will be “shocking for consumers”

    Source: Finance and Mortgage Advisers Association of New Zealand (FAMNZ)

    The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) has revealed recommendations by the Commerce Commission to supposedly “promote price competition and choice for home loans” would in fact be disastrous for consumers.

    FAMNZ country manager Leigh Hodgetts revealed the commission has requested mortgage advisers to provide clients with a least three “actual offers” to consider and “to submit multiple applications on behalf of their clients”, or face “government intervention.”

    Calling the recommendations a solution looking for a problem, she said any such move would hurt consumers by driving up costs, blowing out application times, and affecting their credit ratings.

    “Let me be clear. They are not requesting three quotes, but three actual applications and offers, something unheard of anywhere in the world that I’m aware of.”

    “Three lenders all processing applications for the same applicant means they will be spending time and resources for loans they know they will likely never get, while other borrowers will be forced to wait and may even miss out on properties,” she explained.

    FAMNZ managing director Peter White AM said it was “bureaucracy gone mad”, and has called on commerce and consumer affairs minister Andrew Bayly to immediately intervene.

    “The crazy thing is that nothing is broken.

    “Mortgage advisers already promote competition, consumers are increasingly choosing to use advisers, and complaints are almost non-existent.”

    He said despite FAMNZ attempting to educate the commission on the way advisers worked for the past year, “they clearly still have no idea and now want to make things worse.

    “Furthermore, this requirement puts at risk clients’ credit records, which is simply unacceptable and I believe unethical.”

    Ms Hodgetts said while advisers could provide multiple choices of lender where possible, only one application should be submitted at once according to the customer’s needs.

    “And in some circumstances, for example with self-employed people, there may only be one option,” she explained.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Tiptonville, Tennessee, Man Sentenced to 10 Years in Prison for Attempted Enticement of a Minor

    Source: Federal Bureau of Investigation (FBI) State Crime News

    PEORIA, Ill. – A Tiptonville, Tennessee, man, Jerry Braddy, 45, was sentenced on February 4, 2025, to ten years in federal prison, to be followed by a five-year term of supervised release, for attempted enticement of a minor. He also must register as a sex offender once he is released.

    At the sentencing hearing before U.S. District Judge Jonathan E. Hawley, the government established that between June 2, 2024, and June 12, 2024, Braddy communicated via an online platform with an individual he believed to be the stepfather of a nine-year-old child. Braddy agreed to meet the child and stepfather in Bloomington, Illinois, in order to engage in a sexual encounter with the minor. Federal law enforcement agents, with assistance from the McLean County Sherriff’s Office, arrested Braddy when he arrived at the location.

    Braddy was charged by criminal complaint in June 2024 and indicted five days later. Braddy pleaded guilty in August 2024. He has remained in the custody of the United States Marshals Service since his arrest.

    The statutory penalties for attempted enticement of a minor are a minimum of ten years to life imprisonment, followed by a minimum of five years to a maximum life term of supervised release.

    The Federal Bureau of Investigation, Springfield Field Office, investigated the case. Assistant U.S. Attorney Melissa P. Ortiz represented the government in the prosecution.

    The case against Braddy was brought as part of Project Safe Childhood, a nationwide initiative by the Department of Justice to combat the epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov

    MIL Security OSI –

  • MIL-OSI Security: Two Pharmacists Convicted for Illegal Distribution of Oxycodone

    Source: Office of United States Attorneys

    Defendants Conspired to Fill Fake Prescriptions for Oxycodone Pills Written by a Doctor’s Receptionist and Distributed to Street Drug Dealers for Cash

    Earlier today, a federal jury in Brooklyn returned guilty verdicts against licensed pharmacists Yousef Ennab and Mohamed Hassan on all counts of a superseding indictment charging them with conspiracies to dispense and distribute oxycodone, as well as distribution and possession with intent to distribute oxycodone.  The verdict followed a three-week trial before United States District Judge Ann M. Donnelly.  When sentenced, the defendants each face up to 60 years in prison.

    John J. Durham, United States Attorney for the Eastern District of New York; Frank A. Tarentino III, Special Agent in Charge, Drug Enforcement Administration, New York Division (DEA); Naomi Gruchacz, Assistant Special Agent in Charge, U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI); Jessica S. Tisch, Commissioner, New York City Police Department (NYPD); Jocelyn E. Strauber, Commissioner, New York City Department of Investigation (DOI); and Dr. James V. McDonald, Commissioner, New York State Department of Health, announced the verdicts.

    “The defendants abused their access to oxycodone and violated the trust placed in them as pharmacists by illegally agreeing to supply drug dealers with tens of thousands of pills to sell on the streets of our district with zero regard for the immense harm this dangerously addictive narcotic has caused,” stated United States Attorney Durham.  “Pharmacists have a responsibility to prevent the illegal flow of drugs from their businesses, but these defendants only cared about lining their pockets with cash. With today’s verdict they will soon learn there is a reckoning for their criminal conduct that has contributed to the opioid epidemic.”

    United States Attorney Durham expressed sincere thanks to his team of prosecutors and paralegals and all of the law enforcement partners whose tireless efforts contributed to the convictions of these defendants and their co-conspirators. They include the Federal Bureau of Investigation, the Office of the New York State Comptroller, the New York Attorney General’s Medicaid Fraud Control Unit and the New York National Guard.

    “Today’s verdict against Yousef Ennab and Mohamed Hassan sends a strong message to anyone in the medical profession willing to betray their patients’ trust,” stated DEA New York Special Agent in Charge Tarentino.  “Pharmacists who abuse their license, a license to help and promote the health and safety of others, will be prosecuted to the fullest extent of the law.  This abuse is a breach of trust that not only undermines public confidence but also causes irreputable harm and erodes the foundation of integrity which the public relies on.  The DEA and our partners will continue to target those individuals who abuse their authority and profit from fueling the national opioid crisis.”  

    “The pharmacists convicted in this case chose to dispense illegally prescribed controlled substances to patients and accept cash kickbacks to do so, which is especially egregious given the ongoing opioid epidemic,” stated HHS-OIG Special Agent in Charge Gruchacz.  “HHS-OIG will continue to work with our law enforcement partners to ensure health care providers involved in schemes that threaten patient safety are held accountable.”

    “These two men used their positions as pharmacists to scheme and cheat the system, filling their pockets with the money of the vulnerable and addicted.  Yousef Ennab and Mohamed Hassan had little regard for the safety and well-being of their clients, and today a jury of their peers found them guilty of their criminal behavior.  This conviction was made possible with the collaborative efforts of our federal and local partners, and now both defendants will soon be faced with sentencing,” stated IRS-CI Special Agent in Charge Chavis.

    “Whether illegal drug transactions occur on a street corner or in brick-and-mortar pharmacies masquerading as legitimate businesses, the pushers are fueling addiction,” stated NYPD Commissioner Tisch.  “The numbers here are staggering—over 1.2 million pills exchanged with a street value of approximately $24 million.  While the full extent of the harm is unquantifiable, the guilty verdicts send a clear message that wherever you illegally distribute drugs, your operation will be shut down and you will go to jail.  I thank the investigators in the NYPD, in the U.S. Attorney’s Office, and across numerous law enforcement agencies for their joint effort to eradicate poison from our streets.”

    “The defendants’ criminal conduct, and that of their co-conspirators, flooded our city with 1.2 million pills of highly addictive oxycodone.  Their convictions make clear that DOI, the U.S. Attorney’s Office for the Eastern District of New York, and all of our partner law enforcement agencies involved in this investigation are committed to bringing to justice those responsible for the distribution of dangerous drugs.” stated DOI Commissioner Strauber.

    “The Department takes professional and medical misconduct very seriously, with the health and safety of New Yorkers and our communities being of utmost concern,” stated New York State Department of Health Commissioner McDonald.  “The State Department of Health’s Bureau of Narcotic Enforcement will continue to remain vigilant and collaborate with law enforcement agencies to protect the public health by combatting diversion and safeguarding the legitimate use of controlled substances in health care.”

    As proven at trial, Hassan and Ennab were licensed pharmacists who participated in a large-scale scheme using illegal medical prescriptions to obtain oxycodone for distribution on the streets of New York City.  Hassan held ownership stakes in more than a dozen pharmacies, where were located in Brooklyn, Queens and Staten Island and did business under the names Nile RX, Nile Ridge, Nile City, Sunset Corner, Prospect Care, Downtown RX and Forest Care, among others.  Ennab was the supervising pharmacist at Forest Care, one of Hassan’s pharmacies in Staten Island.

    The scheme relied on filling illegally issued prescriptions for 30-day supplies of oxycodone 30 mg that were written out of a Brooklyn medical practice operating as a pill mill, often for patients that the resident doctor at the practice had never examined.  Oxycodone 30 pills are high in strength and are prescribed to cancer patients, for instance.  In some cases, the prescriptions were for individuals whose identities had been stolen and were not patients of the practice.  The prescriptions were then filled at pharmacies controlled by Hassan, including the pharmacy where Ennab worked.  Hassan and Ennab conspired with other drug dealers to effect the distribution of the illegally obtained oxycodone.  One of the drug dealers picked up the oxycodone from the pharmacies in exchange for cash payments to Hassan and Ennab.  Hassan and other pharmacist co-conspirators also billed insurance companies for the pills even though they had no legitimate medical purpose. The trial evidence included video footage of Ennab taking a cash payment from one of the drug dealers, Michael Kent, while handing over multiple prescriptions for oxycodone for sham patients. In total, the scheme resulted in the illegal distribution of more than 1.2 million pills of oxycodone worth more than $36 million in retail street value.

    Six co-defendants, including Dr. Somsri Ratanaprasatporn, her receptionist Leticia Smith and pharmacists Bassam Amin and Omar Elsayed, previously pleaded guilty based on their involvement in the scheme and are awaiting sentencing.  A seventh co-defendant, Michael Kent, previously pleaded guilty and was sentenced to nine years’ incarceration.

    These convictions are part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation led by the U.S. Attorney’s Office and the DEA.  OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Assistant United States  Attorneys Laura Zuckerwise, Victor Zapana and Gilbert M. Rein are in charge of the prosecution with assistance from Paralegal Specialists Rachel Friedman and Nadya Osman.  Assistant United States Attorney Claire Kedeshian is handing forfeiture matters.  

    The Defendants:

    YOUSEF ENNAB
    Age:  27
    Brooklyn, New York

    MOHAMED HASSAN
    Age:  34
    Brooklyn, New York

    Co-Defendants Who Pleaded Guilty:

    LETICIA SMITH
    Age:  54
    Brooklyn, New York

    BASSAM AMIN
    Age: 69
    Brooklyn, New York

    OMAR ELSAYED
    Age:  28
    Hackensack, New Jersey

    YOUSEF ENNAB
    Age:  25
    Brooklyn, New York

    MICHAEL KENT
    Age:  49
    Brooklyn, New York

    ANTHONY MATHIS
    Age:  55
    New Windsor, New York

    Dr. SOMSRI RATANAPRASATPORN
    Age:  75
    Staten Island, New York

    RAYMOND WALKER
    Age:  70
    Brooklyn, New York

    E.D.N.Y. Docket No. 22-CR-464 (AMD)

    MIL Security OSI –

  • MIL-OSI Security: 2020 Census Contractor Agrees to Pay $8,000,000 to Settle Fraud Allegations

    Source: Office of United States Attorneys

    Maximus, Inc., a government services contractor based in Virginia, has agreed to pay the United States $8 million to resolve allegations that it misled the United States Census Bureau about the quality of its call handling as a contractor for the 2020 Census. The settlement resolves allegations brought by whistleblowers under the federal False Claims Act.

    Maximus operated several multi-lingual call centers throughout the United States that took incoming calls from individuals with questions about Census operations and made outgoing calls to assist individuals in responding to the Census. Its contract with the United States Census Bureau also required Maximus to perform services to assess the quality and data accuracy of its call center operations. Maximus employed quality monitors to score calls for the accuracy of the call taker’s data input and adherence to standards of professionalism and decorum, based on a set of scoring standards agreed on between Maximus and the Census Bureau. In addition to compensation for its costs incurred, the contract provided that Maximus would receive an “award fee.” An “award fee” is a contract incentive paid to encourage contractors to meet certain contract goals. The Census Bureau used the call quality scores Maximus reported to help determine an appropriate “award fee” to pay Maximus. 

    The United States alleges that Maximus provided the Census Bureau inaccurate or misleading score information to improve the Census Bureau’s impression of the quality of Maximus’s work. While the contract required Maximus

    to score a random sample of calls, the United States alleges that Maximus encouraged its quality monitors to choose which calls to score in a way designed to 
    improve the quality scores reported to the Census Bureau. The United States contends that Maximus did not tell the Census Bureau about these practices, which artificially increased the quality scores and permitted Maximus to receive greater award fees than it would have received with accurate reporting.

    Maximus cooperated with the investigation. The claims asserted against Maximus are allegations only; there was no determination or admission of liability. The lawsuit does not allege that Maximus manipulated any census enumeration data it helped collect.

    The lawsuit arose under the qui tam, or whistleblower, provisions of the False Claims Act. The False Claims Act permits private citizens with knowledge of fraud against the government to bring a lawsuit on behalf of the United States and share in the recovery. The whistleblowers will receive a $1.2 million share of the settlement.        

    “Government contractors must be honest and accurate in their reporting to their government partners. This is particularly true when the information they report affects the amount the government pays them. Our office is committed to holding accountable contractors that enrich themselves by misleading American taxpayers,” said United States Attorney Timothy T. Duax.

    “The U.S. Department of Commerce, Office of Inspector General is dedicated to investigating schemes to defraud U.S. Census Bureau contracts and programs,” said Special Agent-in-Charge Eric Arcand with the United States Department of Commerce Office of Inspector General (Commerce-OIG). “Census data informs policy and decision-making at all levels of government, and fraud affecting any aspect of the Census Bureau’s programs must not be tolerated. We are committed to protecting the Census Bureau’s funding and programs from fraud, waste, and abuse. We also appreciate the Department of Justice and the U.S. Attorney’s Office for the Northern District of Iowa’s efforts toward resolving this matter.”

    The case was handled by Assistant United States Attorneys

    Brandon J. Gray and Brian J. Keogh and investigated by the Department of Commerce-OIG, particularly Assistant Special Agent-in-Charge Judd Leinum.  

    Follow us on X @USAO_NDIA.

    MIL Security OSI –

  • MIL-OSI Security: Repeat Child Sex Offender Sentenced to 270 Months in Federal Prison for Child Exploitation Offenses

    Source: Federal Bureau of Investigation (FBI) State Crime News

    United States Attorney Ronald C. Gathe, Jr. announced that U.S. District Judge Judge Brian A. Jackson sentenced James Tyra Bowman, age 30, of Appleton, Wisconsin, to 270 months in federal prison following his convictions for attempted coercion and enticement of a minor and attempted transfer of obscene material to a minor. The Court further sentenced Bowman to serve five years of supervised release following his term of imprisonment and ordered him to complete sex offender treatment and register as a sex offender upon his release.

    Bowman, while in Wisconsin, used social media applications and the name “Genius_Outlaw” to attempt to convince someone he believed was an 11-year-old girl in Baton Rouge, Louisiana to have an illegal sexual relationship with him.  Bowman offered her gifts to entice her to engage in the sexual acts.  The 11-year-old girl was actually an undercover law enforcement officer.  Bowman also sent the undercover officer a picture of himself and his genitals and demanded that she send him sexually explicit videos and images of herself. Bowman also planned an arrangement to train the supposed 11-year-old girl (undercover officer) in illegal sex acts in Wisconsin.  Bowman was arrested by law enforcement in January of 2024.  Bowman was previously convicted and sentenced for child sexual exploitation crimes in Wisconsin in 2017.

    This matter was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant United States Attorney Edward H. Warner, who also serves as Deputy Criminal Chief.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice.  Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims.  For more information about Project Safe Childhood, please visit http://www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Security: Boston Man Pleads Guilty to Drug Conspiracy

    Source: Federal Bureau of Investigation (FBI) State Crime News

    BOSTON – A member of the violent Boston-based gang, H-Block, has pleaded guilty today in federal court in Boston to drug conspiracy charges.

    Dominique Carpenter-Grady, a/k/a “8 Zipp,” a/k/a “Eight,” “a/k/a “Eighty,” 35, pleaded guilty to one count of conspiracy to distribute and to possess with intent to distribute PCP, MDMB-4en-PINACA and ADB-4en-PINACA. U.S. District Court Judge Indira Talwani scheduled sentencing for Feb. 11, 2026.

    Carpenter-Grady was one of 10 H-Block gang members and associates charged in August 2024 following a multi-year investigation of H-Block beginning in 2021 in response to an uptick in gang-related drug trafficking, shootings and violence. Over 500 grams of cocaine, cocaine base (crack cocaine) and fentanyl, as well as over 20,000 doses of drug-laced paper were seized during the investigation.

    According to the charging documents, the H-Block street gang is one of the most feared and influential city-wide gangs in Boston. Originally formed in the 1980s as the Humboldt Raiders in the Roxbury section of Boston, the gang re-emerged in the 2000s as H-Block. Current members of H-Block have a history of violent confrontation with law enforcement, including an incident in 2015 when a member shot a Boston Police officer at point blank range without warning or provocation.

    Carpenter-Grady was a long-time H-Block gang member and one of three members and associates of H Block charged with a conspiracy to smuggle illegal drugs into a Massachusetts prison. Carpenter-Grady facilitated intercepted calls coordinating the smuggling of drugs on saturated papers into the prison where alleged co-conspirators were incarcerated. It is alleged that several sheets of paper containing PCP (Phenylcyclidine) and illegal K2 were seized over the course of the investigation. It is estimated that a single sheet of such paper would be worth as much as $80,000 inside the prison.

    According to court documents, the Massachusetts Department of Correction has seen a significant increase in the smuggling of synthetic cannabinoids, a/k/a “K2,” and other dangerous substances into the prison system. A common method of introducing the drugs is by exploiting the Department of Correction’s inmate mail policies, which prohibit delivery to inmates of original copies of any materials contained in incoming mail except for legal mail, original copies of which are inspected and delivered via the U.S. postal system. Sheets of paper are saturated or sprayed with liquid narcotics, dried, printed with fake legal correspondence, and then mailed to inmates in an envelope marked as legal mail, in the hopes that the drug-laced paper will be delivered undetected.

    Carpenter-Grady is the second defendant to plead guilty in the case.

    The charges of conspiracy to distribute and to possess with intent to distribute PCP, MDMB-4en-PINACA and ADB-4en-PINACA provides for a sentence of up to 20 years in prison, at least three years and up to a lifetime of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
        
    United States Attorney Leah B. Foley; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; Special Agent in Charge Andrew Murphy of the U.S. Secret Service Boston Field Office; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Boston Police Commissioner Michael Cox; and Jonathan Mellone, Special Agent in Charge of the U.S. Department of Labor, Office of Inspector General, Northeast Region made the announcement. The investigation was supported by the Massachusetts State Police; Suffolk County District Attorney’s Office; Massachusetts Department of Corrections; and the Braintree, Quincy, Randolph and Watertown Police Departments. Assistant United States Attorney John T. Dawley of the Organized Crime & Gang Unit and Jeremy Franker of the Justice Department’s Violent Crime & Racketeering Section are prosecuting the cases.

    The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information about Organized Crime Drug Enforcement Task Forces, please visit Justice.gov/OCDETF.

    The details contained in the charging documents are allegations. The remaining defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Marshals Arrest Previously Deported Man for Violation of Sex Offender Registration and Reentry of Deported Alien

    Source: US Marshals Service

    Trenton, TN – Early this morning, the U.S. Marshals led Two Rivers Violent Fugitive Task Force (TRVFTF) in Jackson, Tennessee, and Homeland Security Investigations (HSI) arrested Jose Alfredo Melendez-Hernandez.

    The U.S. Marshals Service (USMS) in the Western District of Tennessee began investigating Melendez-Hernandez, 52, for violation of the Sex Offender Registration and Notification Act (SORNA) after it was determined that he was residing in Gibson County, Tennessee and failed to register as a sex offender.

    Investigators also determined that Melendez-Hernandez was previously deported and removed from the United States in 2009 following a conviction for sexual battery in Texas.

    The investigation further revealed that Melendez-Hernandez was in the United States without having obtained the express consent from the Secretary of Homeland Security to reapply for admission to the United States.

    Melendez-Hernandez was indicted in federal court in the Western District of Tennessee on February 10, 2025, for violation of SORNA and Reentry of Deported Alien.

    On February 12, 2025, the TRVFTF and HSI Agents went to a residence on Cades Loop Road in Trenton, Tennessee. After Melendez-Hernandez failed to comply with commands to come outside, the door was breached by Deputy marshals and task force officers. Melendez-Hernandez was found inside, taken into custody, and transported to the James D. Todd U.S. Courthouse in Jackson.

    The U.S. Marshals Service Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, Tipton, and Gibson County Sheriff’s Deputies, Memphis and Jackson Police Officers, Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured approximately 3,000 violent offenders and sexual predators.

    MIL Security OSI –

  • MIL-OSI Security: Indiana Real Estate Developer and Property Manager Sentenced to 41 Months in Prison for Multimillion-Dollar Ponzi Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    NEWARK, N.J. –  An Indianapolis man was sentenced today to 41 months in prison today for his role in a scheme to defraud real estate investors, Acting U.S. Attorney Vikas Khanna announced.

    Herbert Whalen, a/k/a “Bert Whalen,” 50, of Indianapolis, Indiana, previously pleaded guilty in Newark federal court to conspiracy to commit wire fraud for his role in a multi-million dollar real estate investment scheme that took place in Indiana and New Jersey.  Judge Madeline Cox Arleo imposed the sentence today in Newark federal court.

    According to documents filed in this case and statements made in court:

    From August 2016 to July 2018, Whalen, who operated Oceanpointe Property Management in Indianapolis, engaged in a scheme to obtain money from real estate investors by misrepresenting and concealing the poor condition of properties managed by Oceanpointe and by creating fake leases for unoccupied Oceanpointe properties. Investors were promised that, after repairs and rehabilitations were completed, and tenants rented the properties, investors would receive copies of the leases and begin to receive rent payments as their return on investment. In reality, many Oceanpointe properties were not repaired and rehabilitated, and were not ready for occupancy. To conceal these facts from victim investors, Whalen and a conspirator directed Oceanpointe employees to draft fake leases, making it appear to investors that Oceanpointe properties were rented, when, in fact, the properties remained vacant. Whalen instructed Oceanpointe employees to place fake tenant names on leases to send to Oceanpointe investors.

    Whalen and others commingled tenant rent payments and selected which investors would be paid from the pool of funds in order to silence investors who voiced concerns and evade detection of the fraud. In order to prevent investors from leaving Oceanpointe and exposing his fraudulent conduct, Whalen directed an Oceanpointe employee to create a false identity and falsely claim, on an online real estate message forum, that the Oceanpointe employee was an investor with Oceanpointe and another company, and that Oceanpointe had addressed all of the concerns regarding the investment property. These misrepresentations and others led to millions of dollars in losses to investors, which Whalen used to, among other things, fund his lifestyle.

    In addition to the prison term, Judge Arleo sentenced Whalen to three years of supervised release.

    Acting U.S. Attorney Khanna credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the charge.

    The government is represented by Assistant U.S. Attorneys Caroline Silane of the Economic Crimes Unit and Ari B. Fontecchio, Chief of the Opioid Abuse Prevention and Enforcement Unit.

                                                               ###

    Defense counsel: John L. Tompkins, Tompkins Law, Indianapolis, IN

    MIL Security OSI –

  • MIL-OSI: Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $35.0 million, or $1.29 per diluted share, for the fourth quarter of 2024 compared to net income of $25.9 million, or $1.02 per diluted share, for the fourth quarter of 2023. Adjusted net income(1) was $41.3 million, or $1.52 per diluted share, for the fourth quarter of 2024 as compared to $28.0 million, or $1.11 per diluted share, for the fourth quarter of 2023. 

    Fourth Quarter 2024 Highlights

    • Gross written premiums increased by 23.3% to $373.7 million compared to $303.2 million in the fourth quarter of 2023
    • Net income increased 35.0% to $35.0 million compared to $25.9 million in the fourth quarter of 2023
    • Adjusted net income(1) increased 47.5% to $41.3 million compared to $28.0 million in the fourth quarter of 2023
    • Total loss ratio of 25.7% compared to 19.1% in the fourth quarter of 2023
    • Combined ratio of 75.9% compared to 74.2% in the fourth quarter of 2023
    • Adjusted combined ratio(1) of 71.7% compared to 68.8%, in the fourth quarter of 2023
    • Annualized return on equity of 19.5% compared to 23.2% in the fourth quarter of 2023
    • Annualized adjusted return on equity(1) of 23.1% compared to 25.1% in the fourth quarter of 2023

    Full Year 2024 Highlights

    • Gross written premiums increased by 35.1% to $1.5 billion compared to $1.1 billion in 2023
    • Net income increased 48.4% to $117.6 million compared to $79.2 million in 2023
    • Adjusted net income(1) increased 42.8% to $133.5 million compared to $93.5 million in 2023
    • Total loss ratio of 26.4% compared to 21.0% in 2023
    • Combined ratio of 78.1% compared to 76.6% in 2023
    • Adjusted combined ratio(1) of 73.7% compared to 71.2% in 2023
    • Return on equity of 19.6% compared to 18.5% in 2023
    • Adjusted return on equity(1) of 22.2% compared to 21.9% in 2023

    (1)  See discussion of “Non-GAAP and Key Performance Indicators” below.

    Mac Armstrong, Chairman and Chief Executive Officer, commented, “Palomar’s stellar 2024 was capped off by an exceptional fourth quarter. During the quarter, we generated gross written premiums growth of 23%, 39% when excluding run-off business from our results, adjusted net income growth of 48%, inclusive of $8.1 million of catastrophe losses, and, importantly, an adjusted return on equity of 23%. When looking at the full year we not only generated record gross written premiums and adjusted net income, but we grew our top and bottom-line 35% and 43%, respectively. Additionally, throughout 2024 we made significant investments across the organization that we believe will sustain our earnings base and profitable growth trajectory.”  

    Mr. Armstrong continued, “Beyond the strong financial results of the fourth quarter and 2024, Palomar’s accomplishments were several and notable, highlighted by our AM Best upgrade and the acquisition of First Indemnity of America, our surety operation.  Furthermore, we accomplished a Palomar 2X fundamental strategic objective by doubling our adjusted underwriting income for the 2021 period in a three-year timeframe. We are energized by our prospects to continue this profitable growth in 2025 and thereafter.”  

    Underwriting Results

    Gross written premiums increased 23.3% to $373.7 million compared to $303.2 million in the fourth quarter of 2023, additionally net earned premiums increased 54.6% compared to the prior year’s fourth quarter. 

    Losses and loss adjustment expenses for the fourth quarter were $37.2 million, comprised of $29.1 million of attritional losses and $8.1 million of catastrophe losses primarily related to Hurricane Milton. The loss ratio for the quarter was 25.7%, comprised of an attritional loss ratio of 20.1% and a catastrophe loss ratio of 5.6%, compared to a loss ratio of 19.1% during the same period last year, all comprised of attritional losses.

    Underwriting income(1) for the fourth quarter was $34.9 million resulting in a combined ratio of 75.9% compared to underwriting income of $24.2 million resulting in a combined ratio of 74.2% during the same period last year. The Company’s adjusted underwriting income(1) was $41.0 million resulting in an adjusted combined ratio(1) of 71.7% in the fourth quarter compared to adjusted underwriting income(1) of $29.3 million and an adjusted combined ratio(1) of 68.8% during the same period last year.

    Investment Results
    Net investment income increased by 61.3% to $11.3 million compared to $7.0 million in the prior year’s fourth quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended December 31, 2024 due to cash generated from operations and proceeds from our August 2024 stock offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.04 years at December 31, 2024. Cash and invested assets totaled $1.1 billion at December 31, 2024. During the fourth quarter, the Company recorded net realized and unrealized losses of $1.2 million related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million in last year’s fourth quarter.

    Tax Rate
    The effective tax rate for the three months ended December 31, 2024 was 22.2% compared to 22.6% for the three months ended December 31, 2023. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the non-deductible executive compensation expense, offset by the permanent component of employee stock option exercises.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $729.0 million at December 31, 2024, compared to $471.3 million at December 31, 2023. For the three months ended December 31, 2024, the Company’s annualized return on equity was 19.5% compared to 23.2% for the same period in the prior year while adjusted return on equity(1) was 23.1% compared to 25.1% for the same period in the prior year. 

    Full Year 2025 Outlook
    For the full year 2025, the Company expects to achieve adjusted net income of $180 million to $192 million. This includes an estimate of $8 million to $12 million of catastrophe losses for the year.

    Conference Call
    As previously announced, Palomar will host a conference call Thursday, February 13, 2025, to discuss its fourth quarter 2024 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Fourth Quarter 2024 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on February 13, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13743970. The replay will be available until 11:59 p.m. (Eastern Time) on February 20, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc. (“PIA”), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc (“PUEO”), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best. 

    Non-GAAP and Key Performance Indicators

    Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

    Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

    Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

    Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. The Company calculates the tax impact only on adjustments which would be included in calculating its income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

    Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

    Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

    Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

    Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

    Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

    Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

    Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

    Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses.  See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

    Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

    Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Contact
    Media Inquiries 
    Lindsay Conner 
    1-551-206-6217 
    lconner@plmr.com 

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com
    Source: Palomar Holdings, Inc.

    Summary of Operating Results:

    The following tables summarize the Company’s results for the three months and year ended December 31, 2024 and 2023:

      Three Months Ended                
      December 31,                
      2024   2023   Change   % Change
      ($ in thousands, except per share data)
    Gross written premiums $ 373,723     $ 303,152     $ 70,571       23.3 %
    Ceded written premiums   (204,492 )     (188,742 )     (15,750 )     8.3 %
    Net written premiums   169,231       114,410       54,821       47.9 %
    Net earned premiums   144,890       93,748       51,142       54.6 %
    Commission and other income   750       1,586       (836 )     (52.7 )%
    Total underwriting revenue (1)   145,640       95,334       50,306       52.8 %
    Losses and loss adjustment expenses   37,176       17,896       19,280       107.7 %
    Acquisition expenses, net of ceding commissions and fronting fees   40,585       29,005       11,580       39.9 %
    Other underwriting expenses   32,947       24,210       8,737       36.1 %
    Underwriting income (1)   34,932       24,223       10,709       44.2 %
    Interest expense   (87 )     (824 )     737       (89.4 )%
    Net investment income   11,318       7,015       4,303       61.3 %
    Net realized and unrealized (losses) gains on investments   (1,201 )     3,044       (4,245 )     (139.5 )%
    Income before income taxes   44,962       33,458       11,504       34.4 %
    Income tax expense   9,997       7,564       2,433       32.2 %
    Net income $ 34,965     $ 25,894     $ 9,071       35.0 %
    Adjustments:                              
    Net realized and unrealized losses (gains) on investments   1,201       (3,044 )     4,245       (139.5 )%
    Expenses associated with transactions   922       478       444       92.9 %
    Stock-based compensation expense   4,779       4,176       603       14.4 %
    Amortization of intangibles   389       389       —       — %
    Tax impact   (964 )     103       (1,067 )     NM  
    Adjusted net income (1) $ 41,292     $ 27,996     $ 13,296       47.5 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   19.5 %     23.2 %                
    Annualized adjusted return on equity (1)   23.1 %     25.1 %                
    Loss ratio   25.7 %     19.1 %                
    Expense ratio   50.2 %     55.1 %                
    Combined ratio   75.9 %     74.2 %                
    Adjusted combined ratio (1)   71.7 %     68.8 %                
    Diluted earnings per share $ 1.29     $ 1.02                  
    Diluted adjusted earnings per share (1) $ 1.52     $ 1.11                  
    Catastrophe losses $ 8,122     $ 10                  
    Catastrophe loss ratio (1)   5.6 %     — %                
    Adjusted combined ratio excluding catastrophe losses (1)   66.1 %     68.8 %                
    Adjusted underwriting income (1) $ 41,022     $ 29,266     $ 11,756       40.2 %
    NM – not meaningful                              

    (1)- Indicates Non-GAAP financial measure- see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

                         
      Year Ended                
      December 31,                
      2024   2023   Change   % Change
      ($ in thousands, except per share data)
    Gross written premiums $ 1,541,962     $ 1,141,558     $ 400,404       35.1 %
    Ceded written premiums   (897,111 )     (731,531 )     (165,580 )     22.6 %
    Net written premiums   644,851       410,027       234,824       57.3 %
    Net earned premiums   510,687       345,913       164,774       47.6 %
    Commission and other income   2,784       3,367       (583 )     (17.3 )%
    Total underwriting revenue (1)   513,471       349,280       164,191       47.0 %
    Losses and loss adjustment expenses   134,759       72,592       62,167       85.6 %
    Acquisition expenses, net of ceding commissions and fronting fees   149,657       107,745       41,912       38.9 %
    Other underwriting expenses   117,113       88,172       28,941       32.8 %
    Underwriting income (1)   111,942       80,771       31,171       38.6 %
    Interest expense   (1,138 )     (3,775 )     2,637       (69.9 )%
    Net investment income   35,824       23,705       12,119       51.1 %
    Net realized and unrealized gains on investments   4,568       2,941       1,627       55.3 %
    Income before income taxes   151,196       103,642       47,554       45.9 %
    Income tax expense   33,623       24,441       9,182       37.6 %
    Net income $ 117,573     $ 79,201     $ 38,372       48.4 %
    Adjustments:                              
    Net realized and unrealized gains on investments   (4,568 )     (2,941 )     (1,627 )     55.3 %
    Expenses associated with transactions   1,479       706       773       109.5 %
    Stock-based compensation expense   16,685       14,913       1,772       11.9 %
    Amortization of intangibles   1,558       1,481       77       5.2 %
    Expenses associated with catastrophe bond   2,483       1,640       843       51.4 %
    Tax impact   (1,699 )     (1,480 )     (219 )     14.8 %
    Adjusted net income (1) $ 133,511     $ 93,520     $ 39,991       42.8 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   19.6 %     18.5 %                
    Annualized adjusted return on equity (1)   22.2 %     21.9 %                
    Loss ratio   26.4 %     21.0 %                
    Expense ratio   51.7 %     55.7 %                
    Combined ratio   78.1 %     76.6 %                
    Adjusted combined ratio (1)   73.7 %     71.2 %                
    Diluted earnings per share $ 4.48     $ 3.13                  
    Diluted adjusted earnings per share (1) $ 5.09     $ 3.69                  
    Catastrophe losses $ 27,846     $ 3,442                  
    Catastrophe loss ratio (1)   5.5 %     1.0 %                
    Adjusted combined ratio excluding catastrophe losses (1)   68.3 %     70.2 %                
    Adjusted underwriting income (1) $ 134,147     $ 99,511     $ 34,636       34.8 %
                                   

    Condensed Consolidated Balance sheets

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets (unaudited)

    (in thousands, except shares and par value data)
               
    ​ December 31,
    2024    		   December 31,
    2023
    Assets ​     ​  
    Investments: ​     ​  
    Fixed maturity securities available for sale, at fair value (amortized cost: $973,330 in 2024; $675,130 in 2023) $ 939,046     $ 643,799  
    Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)   40,529       43,160  
    Equity method investment   2,277       2,617  
    Other investments   5,863       —  
    Total investments   987,715       689,576  
    Cash and cash equivalents   80,438       51,546  
    Restricted cash   101       306  
    Accrued investment income   8,440       5,282  
    Premium receivable   305,724       261,972  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees   94,881       60,990  
    Reinsurance recoverable on paid losses and loss adjustment expenses   47,076       32,172  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses   348,083       244,622  
    Ceded unearned premiums   276,237       265,808  
    Prepaid expenses and other assets   91,086       72,941  
    Deferred tax assets, net   8,768       10,119  
    Property and equipment, net   429       373  
    Goodwill and intangible assets, net   13,242       12,315  
    Total assets $ 2,262,220     $ 1,708,022  
    Liabilities and stockholders’ equity              
    Liabilities:              
    Accounts payable and other accrued liabilities $ 70,079     $ 42,376  
    Reserve for losses and loss adjustment expenses   503,382       342,275  
    Unearned premiums   741,692       597,103  
    Ceded premium payable   190,168       181,742  
    Funds held under reinsurance treaty   27,869       13,419  
    Income taxes payable   —       7,255  
    Borrowings from credit agreements   —       52,600  
    Total liabilities   1,533,190       1,236,770  
    Stockholders’ equity:              
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2024 and December 31, 2023, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,529,402 and 24,772,987 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   3       3  
    Additional paid-in capital   493,656       350,597  
    Accumulated other comprehensive loss   (26,845 )     (23,991 )
    Retained earnings   262,216       144,643  
    Total stockholders’ equity   729,030       471,252  
    Total liabilities and stockholders’ equity $ 2,262,220     $ 1,708,022  
                   

    Condensed Consolidated Income Statement

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited)

    (in thousands, except shares and per share data)
               
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
    Revenues:                              
    Gross written premiums $ 373,723     $ 303,152     $ 1,541,962     $ 1,141,558  
    Ceded written premiums   (204,492 )     (188,742 )     (897,111 )     (731,531 )
    Net written premiums   169,231       114,410       644,851       410,027  
    Change in unearned premiums   (24,341 )     (20,662 )     (134,164 )     (64,114 )
    Net earned premiums   144,890       93,748       510,687       345,913  
    Net investment income   11,318       7,015       35,824       23,705  
    Net realized and unrealized (losses) gains on investments   (1,201 )     3,044       4,568       2,941  
    Commission and other income   750       1,586       2,784       3,367  
    Total revenues   155,757       105,393       553,863       375,926  
    Expenses:                              
    Losses and loss adjustment expenses   37,176       17,896       134,759       72,592  
    Acquisition expenses, net of ceding commissions and fronting fees   40,585       29,005       149,657       107,745  
    Other underwriting expenses   32,947       24,210       117,113       88,172  
    Interest expense   87       824       1,138       3,775  
    Total expenses   110,795       71,935       402,667       272,284  
    Income before income taxes   44,962       33,458       151,196       103,642  
    Income tax expense   9,997       7,564       33,623       24,441  
    Net income $ 34,965     $ 25,894     $ 117,573     $ 79,201  
    Other comprehensive income, net:                              
    Net unrealized (losses) gains on securities available for sale   (16,707 )     19,229       (2,854 )     12,524  
    Net comprehensive income $ 18,258     $ 45,123     $ 114,719     $ 91,725  
    Per Share Data:                              
    Basic earnings per share $ 1.32     $ 1.05     $ 4.61     $ 3.19  
    Diluted earnings per share $ 1.29     $ 1.02     $ 4.48     $ 3.13  
                                   
    Weighted-average common shares outstanding:                              
    Basic   26,491,939       24,747,347       25,520,343       24,822,004  
    Diluted   27,206,225       25,272,149       26,223,842       25,327,091  
                                   

    Underwriting Segment Data

    The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

      Three Months Ended December 31,                
      2024   2023                
      ($ in thousands)        
              % of           % of           %
      Amount   GWP   Amount   GWP   Change   Change
    Product (1)                                              
    Earthquake $ 146,757       39.3 %   $ 122,087       40.3 %   $ 24,670       20.2 %
    Inland Marine and other Property   85,396       22.9 %     63,039       20.8 %     22,357       35.5 %
    Casualty   68,484       18.3 %     32,323       10.7 %     36,161       111.9 %
    Fronting   57,418       15.4 %     85,708       28.3 %     (28,290 )     (33.0 )%
    Crop   15,668       4.2 %     (5 )     (0.0 )%     15,673       NM  
    Total Gross Written Premiums $ 373,723       100.0 %   $ 303,152       100.0 %   $ 70,571       23.3 %

    NM- Not meaningful

      Year Ended December 31,                
      2024   2023                
      ($ in thousands)        
              % of           % of           %
      Amount   GWP   Amount   GWP   Change   Change
    Product (1)                                              
    Earthquake $ 522,864       33.9 %   $ 436,896       38.3 %   $ 85,968       19.7 %
    Inland Marine and Other Property   334,079       21.7 %     250,023       21.9 %     84,056       33.6 %
    Fronting   333,188       21.6 %     352,141       30.8 %     (18,953 )     (5.4 )%
    Casualty   235,592       15.3 %     90,388       7.9 %     145,204       160.6 %
    Crop   116,239       7.5 %     12,110       1.1 %     104,129       859.9 %
    Total Gross Written Premiums $ 1,541,962       100.0 %   $ 1,141,558       100.0 %   $ 400,404       35.1 %

    (1) – Beginning in 2024, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)
              % of           % of           % of           % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    State                                                              
    California $ 157,786       42.2 %   $ 165,342       54.5 %   $ 668,635       43.4 %   $ 600,791       52.6 %
    Texas   28,002       7.5 %     22,740       7.5 %     124,416       8.1 %     95,517       8.4 %
    Hawaii   18,636       5.0 %     11,562       3.8 %     72,558       4.7 %     47,388       4.2 %
    Washington   16,007       4.3 %     14,124       4.7 %     57,900       3.8 %     49,494       4.3 %
    New York   14,756       3.9 %     6,775       2.2 %     38,919       2.5 %     18,424       1.6 %
    Florida   8,855       2.4 %     11,286       3.7 %     67,008       4.3 %     47,595       4.2 %
    Oregon   8,298       2.2 %     6,307       2.1 %     29,550       1.9 %     23,220       2.0 %
    Illinois   7,176       1.9 %     6,697       2.2 %     20,901       1.4 %     22,340       2.0 %
    Other   114,207       30.6 %     58,319       19.2 %     462,075       30.0 %     236,789       20.7 %
    Total Gross Written Premiums $ 373,723       100.0 %   $ 303,152       100.0 %   $ 1,541,962       100.0 %   $ 1,141,558       100.0 %
                                                                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)
              % of           % of           % of           % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    Subsidiary                                                              
    PSIC $ 170,275       45.6 %   $ 156,590       51.7 %   $ 823,263       53.4 %   $ 653,809       57.3 %
    PESIC   188,496       50.4 %     146,562       48.3 %     661,404       42.9 %     487,749       42.7 %
    Laulima   14,952       4.0 %     —       — %     57,295       3.7 %     —       — %
    Total Gross Written Premiums $ 373,723       100.0 %   $ 303,152       100.0 %   $ 1,541,962       100.0 %   $ 1,141,558       100.0 %
                                                                   

    Gross and net earned premiums

    The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

      Three Months Ended                   Year Ended                
      December 31,                   December 31,                
      2024   2023   Change   % Change   2024   2023   Change   % Change
      ($ in thousands)   ($ in thousands)
    Gross earned premiums $ 371,654     $ 276,502     $ 95,152       34.4 %   $ 1,397,369     $ 1,015,722     $ 381,647       37.6 %
    Ceded earned premiums   (226,764 )     (182,754 )     (44,010 )     24.1 %     (886,682 )     (669,809 )     (216,873 )     32.4 %
    Net earned premiums $ 144,890     $ 93,748     $ 51,142       54.6 %   $ 510,687     $ 345,913     $ 164,774       47.6 %
                                                                   
    Net earned premium ratio   39.0 %     33.9 %                     36.5 %     34.1 %                
                                                                   

    Loss detail

      Three Months Ended                   Year Ended                
      December 31,                   December 31,                
      2024   2023   Change   % Change   2024   2023   Change   % Change
      ($ in thousands)   ($ in thousands)
    Catastrophe losses $ 8,122     $ 10     $ 8,112       NM     $ 27,846     $ 3,442     $ 24,404       NM  
    Non-catastrophe losses   29,054       17,886       11,168       62.4 %     106,913       69,150       37,763       54.6 %
    Total losses and loss adjustment expenses $ 37,176     $ 17,896     $ 19,280       107.7 %   $ 134,759     $ 72,592     $ 62,167       85.6 %
                                                                   
    Catastrophe loss ratio   5.6 %     0.0 %                     5.5 %     1.0 %                
    Non-catastrophe loss ratio   20.1 %     19.1 %                     20.9 %     20.0 %                
    Total loss ratio   25.7 %     19.1 %                     26.4 %     21.0 %                
    NM-Not meaningful                                                              
                                                                   

    The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

      Three Months Ended
    December 31,    		   Year Ended December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 137,274     $ 92,178     $ 97,653     $ 77,520  
    Add: Incurred losses and LAE, net of reinsurance, related to:                              
    Current year   37,575       19,409       137,798       70,363  
    Prior years   (399 )     (1,513 )     (3,039 )     2,229  
    Total incurred   37,176       17,896       134,759       72,592  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                              
    Current year   15,675       5,417       43,582       19,631  
    Prior years   3,476       7,004       33,531       32,828  
    Total payments   19,151       12,421       77,113       52,459  
    Reserve for losses and LAE net of reinsurance recoverables at end of period   155,299       97,653       155,299       97,653  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period   348,083       244,622       348,083       244,622  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 503,382     $ 342,275     $ 503,382     $ 342,275  
                                   

    Reconciliation of Non-GAAP Financial Measures

    For the three months and year ended December 31, 2024 and 2023, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Total revenue $ 155,757     $ 105,393     $ 553,863     $ 375,926  
    Net investment income   (11,318 )     (7,015 )     (35,824 )     (23,705 )
    Net realized and unrealized (gains) losses on investments   1,201       (3,044 )     (4,568 )     (2,941 )
    Underwriting revenue $ 145,640     $ 95,334     $ 513,471     $ 349,280  
                                   

    Underwriting income and adjusted underwriting income

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Income before income taxes $ 44,962     $ 33,458     $ 151,196     $ 103,642  
    Net investment income   (11,318 )     (7,015 )     (35,824 )     (23,705 )
    Net realized and unrealized losses (gains) on investments   1,201       (3,044 )     (4,568 )     (2,941 )
    Interest expense   87       824       1,138       3,775  
    Underwriting income $ 34,932     $ 24,223     $ 111,942     $ 80,771  
    Expenses associated with transactions   922       478       1,479       706  
    Stock-based compensation expense   4,779       4,176       16,685       14,913  
    Amortization of intangibles   389       389       1,558       1,481  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Adjusted underwriting income $ 41,022     $ 29,266     $ 134,147     $ 99,511  
                                   

    Adjusted net income

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Net income $ 34,965     $ 25,894     $ 117,573     $ 79,201  
    Adjustments:                              
    Net realized and unrealized losses (gains) on investments   1,201       (3,044 )     (4,568 )     (2,941 )
    Expenses associated with transactions   922       478       1,479       706  
    Stock-based compensation expense   4,779       4,176       16,685       14,913  
    Amortization of intangibles   389       389       1,558       1,481  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Tax impact   (964 )     103       (1,699 )     (1,480 )
    Adjusted net income $ 41,292     $ 27,996     $ 133,511     $ 93,520  
                                   

    Annualized adjusted return on equity

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
                                   
    Annualized adjusted net income $ 165,168     $ 111,984     $ 133,511     $ 93,520  
    Average stockholders’ equity $ 716,171     $ 446,293     $ 600,140     $ 428,002  
    Annualized adjusted return on equity   23.1 %     25.1 %     22.2 %     21.9 %
                                   

    Adjusted combined ratio

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 109,958     $ 69,525     $ 398,745     $ 265,142  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Combined ratio   75.9 %     74.2 %     78.1 %     76.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (922 )   $ (478 )   $ (1,479 )   $ (706 )
    Stock-based compensation expense   (4,779 )     (4,176 )     (16,685 )     (14,913 )
    Amortization of intangibles   (389 )     (389 )     (1,558 )     (1,481 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Adjusted combined ratio   71.7 %     68.8 %     73.7 %     71.2 %
                                   

    Diluted adjusted earnings per share

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands, except per share data)   (in thousands, except per share data)
                                   
    Adjusted net income $ 41,292     $ 27,996     $ 133,511     $ 93,520  
    Weighted-average common shares outstanding, diluted   27,206,225       25,272,149       26,223,842       25,327,091  
    Diluted adjusted earnings per share $ 1.52     $ 1.11     $ 5.09     $ 3.69  
                                   

    Catastrophe loss ratio

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Losses and loss adjustment expenses $ 37,176     $ 17,896     $ 134,759     $ 72,592  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Loss ratio   25.7 %     19.1 %     26.4 %     21.0 %
                                   
    Numerator: Catastrophe losses $ 8,122     $ 10     $ 27,846     $ 3,442  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Catastrophe loss ratio   5.6 %     0.0 %     5.5 %     1.0 %
                                   

    Adjusted combined ratio excluding catastrophe losses

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 109,958     $ 69,525     $ 398,745     $ 265,142  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Combined ratio   75.9 %     74.2 %     78.1 %     76.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (922 )   $ (478 )   $ (1,479 )   $ (706 )
    Stock-based compensation expense   (4,779 )     (4,176 )     (16,685 )     (14,913 )
    Amortization of intangibles   (389 )     (389 )     (1,558 )     (1,481 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Catastrophe losses   (8,122 )     (10 )     (27,846 )     (3,442 )
    Adjusted combined ratio excluding catastrophe losses   66.1 %     68.8 %     68.3 %     70.2 %
                                   

    Tangible Stockholders’ equity

      December 31,   December 31,
      2024   2023
      (in thousands)
    Stockholders’ equity $ 729,030     $ 471,252  
    Goodwill and intangible assets   (13,242 )     (12,315 )
    Tangible stockholders’ equity $ 715,788     $ 458,937  
                   

    The MIL Network –

  • MIL-OSI: QXO Proposes Full Slate of Independent Directors for Election at Beacon Roofing Supply’s 2025 Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 12, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) announced today that it has informed Beacon Roofing Supply, Inc. (Nasdaq: BECN) that it will propose 10 independent director nominees at Beacon’s 2025 Annual Meeting of Shareholders to replace Beacon’s Board of Directors.

    The slate of independent nominees includes current and former senior executives and directors of leading global companies who were selected for their deep expertise with large-scale corporate transformations, extensive knowledge of the building products and distribution sectors, and track records of unlocking shareholder value.

    “We are proposing a slate of high-caliber, independent director nominees who are astute at delivering value to shareholders of large public companies,” said Brad Jacobs, chairman and chief executive officer of QXO. “If elected, our nominees would give Beacon’s shareholders a direct voice in advocating for an independent evaluation of QXO’s proposal.”  

    On January 27, 2025, QXO commenced a tender offer to purchase all outstanding shares of Beacon for $124.25 per share in cash for an aggregate enterprise value of approximately $11 billion, representing a 37% premium to Beacon’s 90-day unaffected volume-weighted average price per share as of November 15, 2024, when news of QXO’s offer was first brought to public attention. QXO’s offer price of $124.25 per share is higher than Beacon’s shares have ever traded. QXO’s tender offer will be outstanding until 12:00 midnight (New York City time) at the end of February 24, 2025. QXO has received antitrust clearance for the acquisition in both the U.S. and Canada and is prepared to complete it shortly after the offer expires, subject to the terms of the offer.

    QXO intends to solicit proxies from Beacon stockholders by filing a proxy statement and universal WHITE proxy voting card for Beacon’s 2025 Annual Meeting. Beacon stockholders can choose to replace Beacon’s current directors and elect the 10 new directors proposed by QXO by voting “FOR” on the universal WHITE proxy card. Stockholders can cast their vote prior to or at Beacon’s 2025 Annual Meeting, which is expected to be held in May.

    Nominees

    QXO’s independent nominees for Beacon’s Board of Directors are:

    Sheree Bargabos: Sheree Bargabos served as president, roofing and asphalt for over a decade with Owens Corning (NYSE: OC), a global manufacturer of building and composite material systems. During her 37-year tenure with the company, she held a variety of leadership roles, including vice president, customer experience, roofing. More recently, Ms. Bargabos was a non-executive director of the board and member of the governance committee of PGT Innovations, Inc. (formerly NYSE: PGTI), a manufacturer of high-performance windows and doors, until the company was acquired by MITER Brands in 2024. Since 2018, she has served on the board of Steel Dynamics, Inc. (Nasdaq: STLD), a leading steel producer in the U.S., where she sits on the audit and compensation committees.

    Paul Camuti: Paul Camuti is the former executive vice president and chief technology and sustainability officer of Trane Technologies plc (NYSE: TT), a global leader in HVAC and refrigeration solutions for residential, commercial, and industrial markets, which separated from Ingersoll Rand, Inc. (NYSE: IR) in 2020. Prior to that, Mr. Camuti served as chief technology officer, corporate sustainability, and senior vice president, innovation, at Ingersoll Rand for nine years. Earlier, he spent 13 years at Siemens AG (OTC: SIEGY), holding various divisional executive leadership roles. Mr. Camuti currently serves on the board of Garrett Motion, Inc. (Nasdaq: GTX) and previously served on the board of The ExOne Company (formerly Nasdaq: XONE).

    Karel Czanderna: Karel Czanderna is the former president, chief executive officer and a board director of Flexsteel Industries, Inc. (Nasdaq: FLXS), a global leader in the design and production of residential furniture. Prior to Flexsteel, she was group president of the building materials division of Owens Corning (NYSE: OC) and earlier held divisional executive leadership roles with Whirlpool Corp. (NYSE: WHR). Ms. Czanderna serves on the boards of Cibo Vita, Inc. and Soteria Flexibles, and previously served on the board of BlueLinx Holdings Inc. (NYSE: BXC), a wholesale distributor of building and industrial products.

    Jonathan Foster: Jonathan Foster is the founder and a managing director of Current Capital Partners, an independent advisory and merchant banking firm. His 35-year career in financial and investment services includes 10 years with Lazard, Inc. (NYSE: LAZ), where he rose to managing director. He has served on more than 40 corporate boards, including current roles on the boards of Berry Global Group, Inc. (NYSE: BERY), Five Point Holdings, LLC (NYSE: FPH), and Lear Corp. (NYSE: LEA). Previously, he was a director and the audit committee chair of door manufacturer Masonite International Corp. for 15 years and served on the special transaction committee during the company’s sale to Owens Corning (NYSE: OC).

    Mauro Gregorio: Mauro Gregorio is the former president of Performance Materials & Coatings at Dow Inc. (NYSE: DOW), a global leader in materials science. He previously served as chief executive officer of Dow Silicones Corp., formerly Dow Corning, and president of Dow Consumer Solutions. Mr. Gregorio serves on the board of Eagle Materials, Inc. (NYSE: EXP), a construction products manufacturer, and sits on the audit and corporate governance, nominating and sustainability committees. Mr. Gregorio also serves on the board of Radius Recycling, Inc. (Nasdaq: RDUS), formerly Schnitzer Steel Industries, Inc., and sits on the audit and compensation and human resources committees.

    Michael Lenz: Michael Lenz is the former chief financial officer of FedEx Corp. (NYSE: FDX), overseeing all financial functions within its portfolio of transportation, e-commerce and supply chain management services. He held a variety of senior roles during his 18-year tenure with FedEx, including senior vice president and treasurer. Prior to FedEx, he was with American Airlines Group, Inc. (NYSE: AAL) for 11 years in investor relations, international network, and strategic planning roles. Mr. Lenz serves on the board of Methodist Le Bonheur Healthcare.

    Teresa May: Teresa May is the president and owner of H+G Advisory, LLC and an advisor for portfolio operations at private equity firm KPS Capital Partners. Her 25-year career as an international growth and strategic marketing executive includes prior positions as chief marketing officer for American Woodmark Corp. (Nasdaq: AMWD), head of global strategic marketing for Owens Corning (NYSE: OC), and president of healthcare and chief strategy officer of security solutions for Stanley Black & Decker, Inc. (NYSE: SWK). Ms. May is a member of the board of Fluidmaster, Inc., a global leader in water management, and previously served on the boards of American Woodmark and Transcendia, Inc.

    Stephen Newlin: Stephen Newlin is the former president, chief executive officer and chairman of the board of Univar Solutions, Inc. (NYSE: UNVR), a global chemicals distributor. Prior to Univar, he was president, chief executive officer and chairman of PolyOne Corp., now Avient Corp. (NYSE: AVNT), a specialty polymer manufacturer and distributor. Mr. Newlin is currently chairman of the board of Oshkosh Corp. (NYSE: OSK), a global equipment manufacturer, where he also sits on the audit, governance, and human resource committees. He previously served on the boards of The Chemours Company (NYSE: CC) and Valspar Corp (NYSE: VAL), prior to its acquisition by Sherwin Williams in 2017.

    Joseph Reitmeier: Joseph Reitmeier is the former chief financial officer of Lennox International, Inc. (NYSE: LII), a global manufacturer of residential and commercial climate control solutions and refrigeration systems. Since 2016, he has served on the board of Watts Water Technologies, Inc. (NYSE: WTS), a global leader of water quality solutions. Mr. Reitmeier currently sits on the board’s audit committee, the governance and sustainability committees, and previously served on the nominating and corporate governance committee.

    Wendy Whiteash: Wendy Whiteash is the former executive vice president, integration and strategic priorities, for US LBM Holdings, LLC, a leading distributor of roofing, siding, windows, doors, decking, and engineered components. Earlier, she served as US LBM’s chief human resources officer. Ms. Whiteash spent the first 17 years of her career with Ferguson Enterprises, Inc. (NYSE: FERG), the largest U.S. value-added distributor of plumbing, heating, ventilation, air conditioning and MRO solutions, where she held various roles in finance, operations and human resources.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit www.qxo.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s Board of Directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 Annual Meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca, Sheree Bargabos, Paul Camuti, Karel Czanderna, Jonathan Foster, Mauro Gregorio, Michael Lenz, Teresa May, Stephen Newlin, Joseph Reitmeier and Wendy Whiteash. As of the date of this communication, QXO owns 100 shares of common stock of Beacon in record name and Ms. Czanderna may be deemed to beneficially own 10 shares of common stock of Beacon held in a trust, for which Ms. Czanderna’s husband serves as trustee. As of the date of this communication, none of the other participants has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts

    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts

    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    The MIL Network –

  • MIL-OSI Economics: The Apple TV app is now available on Android

    Source: Apple

    Headline: The Apple TV app is now available on Android

    UPDATE February 12, 2025

    Android customers can download the Apple TV app to subscribe to Apple TV+ and MLS Season Pass

    The Apple TV app is now available to download from Google Play on Android mobile devices — including phones, tablets, and foldables — offering Android users access to hit, award-winning Apple Original series and films on Apple TV+, along with MLS Season Pass, the home of Major League Soccer.

    Available around the world,1 the Apple TV app for Android was built from the ground up to deliver Android users a familiar and intuitive interface. Android users can subscribe to Apple TV+ and MLS Season Pass using their Google Play account on Android mobile and Google TV devices. Apple TV+ also offers a seven-day free trial.

    The Apple TV app on Android includes key features like Continue Watching to pick up where a user left off across all their devices, and Watchlist to keep track of everything they want to watch in the future. The app streams seamlessly over Wi-Fi or a cellular connection, and includes the ability to download to watch offline.

    With the Apple TV app on Android, Android users can now subscribe to Apple TV+, which offers compelling drama and comedy series, feature films, groundbreaking documentaries, and kids and family entertainment. The service’s hit titles include series like Severance, Slow Horses, The Morning Show, Presumed Innocent, Shrinking, Hijack, Loot, Palm Royale, Masters of the Air, and Ted Lasso. Subscribers can also access Apple Original films like Wolfs, The Instigators, The Family Plan, Killers of the Flower Moon, CODA, and more.

    Just in time for Major League Soccer’s 2025 season, Android users can also subscribe to MLS Season Pass. Available through the Apple TV app, the subscription service offers fans every MLS match in one dedicated location with no blackouts, plus an array of exclusive content, in-depth coverage, and analysis. All 30 MLS clubs will be in action as the league kicks off its 30th season the weekend of February 22.

    Apple TV+ is also the home of Friday Night Baseball — a weekly Major League Baseball double-header with no local broadcast restrictions. New for 2025, Apple TV+ subscribers can also enjoy Sunday Night Soccer, a weekly primetime standalone match showcasing MLS’s most compelling matchups.

    Following its launch on November 1, 2019, Apple TV+ became the first all-original streaming service to launch around the world, and has premiered more original hits and received more award recognitions faster than any other streaming service in its debut. To date, Apple Original films, documentaries, and series have been honored with 538 wins and 2,553 award nominations and counting, including multi-Emmy Award-winning comedy Ted Lasso and historic Oscar Best Picture winner CODA.

    1. Availability may vary by region.

    MIL OSI Economics –

  • MIL-OSI USA: Senator Wicker Appointed Chairman of the U.S. Helsinki Commission for the 119th Congress

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON — The Presiding Officer, on behalf of the Vice President, last week announced the appointment of U.S. Senator Roger Wicker, R-Miss., as chairman of the Commission on Security and Cooperation in Europe, also known as the U.S. Helsinki Commission, for the 119th Congress.
    “I am honored to be named chairman of the Helsinki Commission. European security is always good for the United States. For nearly fifty years, the Helsinki Commission has protected human rights, advanced democracy, and increased economic cooperation across the globe,” said Senator Wicker. “Today’s challenges are no less urgent. I look forward to working on a bicameral, bipartisan basis to seek a just end to Russia’s war on Ukraine, a stronger NATO alliance, and an international order that serves our national interest.”
    Senator Wicker assumes the chairmanship at a pivotal moment for transatlantic security. Russia is waging the largest land war in Europe since World War II, threatening not only Ukraine’s future and independence, but also the security and sovereignty of U.S. allies and partners in Europe. In the South Caucasus, Armenia and Azerbaijan have a generational opportunity to reach a durable peace agreement after decades of violence and upheaval. Meanwhile, the republic of Georgia’s democracy stands at a crossroads as the Georgian Dream party attempts to drag the country towards Russia and away from their chosen path of Euro-Atlantic integration. As we approach the 30th anniversary of the signing of the Dayton Peace Accords, Bosnia and Herzegovina and the broader Western Balkans region must chart a way through the dangers of violent division and toward greater alignment and integration with Western institutions. At this historic juncture, the United States has an opportunity to pursue policies that promote regional stability and strengthen the rules-based international order so that it continues to safeguard American security and prosperity.
    Senator Roger Wicker has served on the U.S. Helsinki Commission since 2009, where he has consistently championed democratic values, the rule of law, and peace and security in the OSCE region. He served as a Vice President of the OSCE Parliamentary Assembly (OSCE PA) from 2017 to 2024. From November 2014 to July 2017, Senator Wicker chaired the OSCE PA Committee on Political Affairs and Security, where his work centered on sustaining constructive security dialogue among all participating states and ensuring compliance with international commitments.
    Senator Wicker is currently the Chairman of the Senate Armed Services Committee and serves as a member of the U.S. Merchant Marine Academy Congressional Board of Visitors. He has also served as Chairman and Ranking Member of the Senate Committee on Commerce, Science, and Transportation.
    Senator Wicker served on active duty in the U.S. Air Force and then joined the Air Force Reserve. He retired from the Reserve in 2004 with the rank of lieutenant colonel.
    A native of Pontotoc, Mississippi, Senator Wicker received his B.A. and law degrees from the University of Mississippi. He is married to the former Gayle Long of Tupelo. They have three children and eight grandchildren.

    MIL OSI USA News –

  • MIL-OSI USA: Graham Statement on Gabbard Confirmation

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham

    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after voting to confirm Tulsi Gabbard as the next Director of National Intelligence (DNI). Gabbard was confirmed by a vote of 52-48.

    “I am very glad to support Tulsi Gabbard to be the next Director of National Intelligence. Tulsi is an Army officer who has served our country faithfully and well for over two decades. I’ve known her for a long time, and we served in the same Capitol Hill reserve unit,” said Senator Graham. “Every president deserves their team. Tulsi has the trust of President Trump, and I’m sure she will serve him well.”

    MIL OSI USA News –

  • MIL-OSI Canada: New appointments to Agricultural Products Marketing Council

    The council is a public agency that oversees agricultural marketing boards and commissions to ensure they are implementing governance best practices, provides policy advice to the minister of Agriculture and Irrigation, and administers legislation for the agricultural industry and government.

    “This is an important board, whose membership includes people with excellent agricultural credentials and experience. It provides the government with advice to ensure our ag industry remains competitive and innovative, while attracting investment, creating jobs and putting food on the tables of Alberta families and families across the country and around the world.”

    RJ Sigurdson, Minister of Agriculture and Irrigation

    Three appointees are returning for a second term, including the new council chair, John Buckley, and vice-chair, Henricus Bos. The new chair and vice-chair will assume their executive positions effective March 21, 2025. The third appointment for a second term is council member John Guelly.

    Susan Novak continues to serve as the government’s representative.

    “I am honoured to be appointed chair of the Marketing Council board. I’ve enjoyed the past three years on council, particularly helping amalgamate the former wheat and barley commissions and our continued focus on marketing board and commission bylaws. I look forward to working with my fellow council members, our boards and commissions and Minister Sigurdson to help ensure agriculture remains a strong and thriving sector in Alberta.”

    John Buckley, chair of the Alberta Agricultural Products Marketing Council

    Three other members are either completing their terms or have decided to resign due to other priorities. They will be replaced by three new council members, who will infuse new ideas and perspectives into the council. They are:

    • Ian Chitwood
    • Susan Schafers
    • David Moss

    The new council members will start their first term on March 21, 2025.

    The government appoints council members using an open and competitive application and members are chosen based on experience and credentials.

    Quick facts

    • The Alberta Agricultural Products Marketing Council is established under the Marketing of Agricultural Products Act. The council currently has seven members, including a Government of Alberta representative.
    • Council members can serve a maximum of two consecutive terms (one term is three years) and are appointed by an order-in-council.

    Related information – Biographies

    John Buckley: John and his wife operate a cow-calf operation southwest of Cochrane. John has 40 years of experience in the livestock industry. John has been active in his community and industry and continues to be involved with a number of organizations and groups. His passion for rangelands, specifically grasslands, fuels his desire to operate in such a way that leaves the land in a better state than when he started operating on it, creating opportunity for future generations.

    Henricus Bos: Hennie is a farmer, on-farm processor and industry leader. He has filled many leadership roles in the Alberta and Canadian dairy industry as director and chair of Alberta Milk, as well as commissioner at the Canadian Dairy Commission. Being involved provincially and nationally in the dairy industry, combined with Bles-Wold yogurt processing experience, Hennie knows the industry and supply management well. Hennie holds a bachelor of science in dairy science and has completed several governance and business courses.

    John Guelly: John is a third-generation grain and oilseed farmer from north-central Alberta. He, his wife and two children have been farming for more than 30 years. John was a regional director for Alberta Canola from 2015-2021 (chair from 2019-2021), and has served on numerous other local, provincial, and national boards and committees in the agricultural industry. John graduated from the University of Alberta with a B.Sc. in agricultural engineering and previously worked full-time in manufacturing, as well as consulting while operating the farm.

    Ian Chitwood: Ian is a farmer and a professor who works with students to advance agriculture. Ian has extensive board experience with Alberta Canola, Agsafe Alberta and Verb Theatre. Ian has a PhD in business from Athabasca University, a MBA, a M.A., and a B.Comm from the University of Alberta.

    Susan Schafers: Susan is a second-generation pullet and cattle farmer who is past chair for Egg Farmers of Alberta and current chair for Parkland County’s Agricultural Service Board. Susan has broad experience serving on local, provincial and national boards as well as various committees. She has strong governance training and experience in facilitation and consensus building. She holds a B.Sc. in agriculture and food business management from the University of Alberta.

    David Moss: David is the director of business development (Animal Agriculture) for TELUS Agriculture. Previously, he was the general manager of the Canadian Cattle Association where he led the animal health file and worked closely with the Government of Canada and the Canadian Food Inspection Agency on numerous files, including co-chairing the working group responsible for Canada regaining negligible-risk status for bovine spongiform encephalopathy (BSE) by the World Organization for Animal Health. He was co-founder and vice-president of AgriClear LP, an enterprise level online agri-business marketplace joint venture with the TMX Group. He has also held executive roles at ITS Global and Livestock Identification Services. An entrepreneur by nature, David has been in the agriculture industry his entire career. He helped build ranch-to-retail alliances in the United States, Australia and South America and brings a focus on innovation, data technology, and international business knowledge and experience. David holds a master of arts in Leadership Studies from the University of Guelph, a bachelor of management from the University of Lethbridge, and a master’s certificate in project management from York University. He serves on numerous industry committees and is an active volunteer in his Okotoks community.

    Susan Novak: Susan has a wealth of experience in leading policy, programs and people. She received her PhD in animal science from the University of Alberta and completed a post-doctoral fellowship at Laval University. Susan started her career at Agriculture and Irrigation as the provincial horse specialist, and now is the executive director of the animal health and assurance branch. She also has a wealth of experience delivering agriculture research funding programming to support a competitive and sustainable agriculture industry in Alberta.

    Frank Robinson: Frank has a PhD from the University of Guelph and has been a University of Alberta professor for 35 years. He has worked with broiler breeder chickens to improve reproductive fitness. He has taught introductory animal science classes to more than 1,000 students with a focus on experiential learning. Frank has served as vice-provost and dean of students at the University of Alberta. He has fulfilled leadership roles in several agricultural and academic boards and associations. He was inducted into the Alberta Agriculture Hall of Fame in 2006.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Release: Homelessness growing under National

    Source: New Zealand Labour Party

    Housing is going in the wrong direction under National, despite promises to build more houses and reduce the social housing waitlist.

    “The Salvation Army State of the Nation 2025 report shows Labour was making good progress in public housing, but that it has ground to a halt under this Government,” Labour housing spokesperson Kieran McAnulty said.

    “The Salvation Army today gave the example of a pregnant woman who sleeps not in a social house or in emergency housing, but in the doorway of the Salvation Army’s Rotorua base – that is a damning indictment of this Government’s housing policies.

    “Chris Bishop promised to ‘build enough state and social houses so that there is no social housing waitlist’. Tama Potaka promised to ‘build more social houses than the Labour Government’.

    Nicola Willis signed a pledge to increase the number of state houses in Auckland by 1000 a year, which the Prime Minister wrongly said was on track today.

    “According to a Letter of Expectation the Housing Minister and Finance Minister sent in August last year, Auckland will lose a net 199 homes in the year to June 2026.  

    “It is now clear these promises were never intended to be kept. They’re all full of it.

    “The Wellington City Mission says this is the worst they have seen things in living memory.

    “Frontline providers say people in genuine need are being prevented from accessing Emergency Housing, just to make the numbers look good.

    “To make things worse, we have today learnt the Government has cancelled transitional housing contracts, with no additional funding post June 2025. Ten families in Upper Hutt will soon have nowhere to live.

    “It is heartless and cruel for Bishop and Potaka to crow about the money they have saved from their changes to Emergency Housing when pregnant women and families are living on the street.

    “This isn’t just about those people who are directly affected. When homelessness goes up the whole country suffers – there is more demand on health services, people are forced into unsafe situations, and kids struggle to learn in school,” Kieran McAnulty said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: NSW Government appoints first statutory Agriculture Commissioner

    Source: New South Wales Premiere

    Published: 13 February 2025

    Released by: Minister for Agriculture

    The Minns Labor Government is continuing work to ensure the New South Wales farmers and agriculture industry are safeguarded into the future with the appointment of Alison Stone as the state’s first statutory Agriculture Commissioner.

    Committed to during the state election and legislated last year, the Commissioner will provide independent advice, conduct reviews and make recommendations to the NSW Government on agricultural matters, including productivity, land use conflict and food security.

    Commissioner Stone has over 40 years of experience across primary industries equipping her to provide informed advice to the NSW Government on future proofing this vital industry.

    This experience has included 25 years as a farmer, policy experience across Land, Natural Resources, Foresty, Heritage and Wildlife Roles and experience in disaster resilience, response and recovery having led the codesign process for the Disaster Wise Communities Network.

    Further, the Commissioner served on the NSW Government’s cornerstone Regional Advisory Council, the Victorian Fisheries Co-Management Council and the Commonwealth Government’s Forest Industry Advisory Council.

    As Agriculture Commissioner, Ms Stone will serve an initial three-year term with work to include:

    • Assisting the NSW Government in developing an ongoing system for defining, identifying, and mapping agricultural lands throughout the State
    • Progressing the pilot of a Farm Practices Panel, which will look at ways to reduce conflict between agricultural producers and neighbours on a broader scale
    • Providing input and advice to address challenges related to critical renewable energy infrastructure to support our energy transition and the impact it can have on landholders
    • Promoting a coordinated and collaborative approach across the Commonwealth Government, the NSW Government and local government in relation to agricultural matters
    • Work with the Net Zero Commissioner promoting a cohesive approach to policy making.

    The appointment of the state’s first Statutory Agriculture Commissioner is part of the Minns Labor Government’s ongoing work to ensure regional communities and farmers can thrive. This work has included the following:

    • The appointment of the state’s first Independent Biosecurity Commissioner Dr Marion Healy
    • The creation of the $450 million Regional Development Trust Fund to deliver sustainable and strategic investment that make a real difference to regional communities
    • A historic investment of $947 million in biosecurity protection and enforcement.

    NSW Minister for Agriculture Tara Moriarty said:

    “The Minns Government has delivered another key election commitment by ensuring farmers and the agricultural sector has a dedicated and independent Agriculture Commissioner to advise me and the Government on best options for matters such as land planning in regional NSW.

    “Ms Stone’s extensive career across both the public and private sectors has made her a respected leader in agriculture and the Government is endorsing her for this role because she has a proven track record of resolving complex and contentious issues in areas such as land management reform.

    “With 25 years of hands-on experience as a livestock farmer, she also understands the realities of rural life and the challenges faced by our farming communities.

    “The appointment of a statutory Agricultural Commissioner marks an exciting new chapter for agriculture in NSW, and I look forward to working alongside Ms Stone to champion our farmers, protect valuable agricultural land, and build a stronger, more resilient agricultural sector.

    Ms Alison Stone, endorsed to be the first statutory NSW Agriculture Commissioner said:

    “Agriculture is the backbone of our state, and my role is to collaborate with government, landowners and industry leaders to drive tangible, on-the-ground  outcomes and practices to ensure NSW has a strong and prosperous agriculture sector.”

    “NSW’s primary industries sector is one of the most diverse in the country, with a wide range of agricultural commodities and farming systems. While this presents challenges, it also creates valuable opportunities for growth and innovation.

    “One of my key priorities is helping government to protect and support our agricultural land, ensuring productivity remains on the government’s agenda alongside its priorities for renewable energy and housing.

    “I am honoured to be endorsed by the NSW Government for the first statutory Agriculture Commissioner and to work alongside Minister Moriarty and the farming sector to build a more resilient and prosperous future.

    MIL OSI News –

  • MIL-OSI Australia: NSW Government rebuilding TAFE with multi-year pay deal

    Source: New South Wales Premiere

    Published: 13 February 2025

    Released by: Minister for Industrial Relations, Minister for Skills, TAFE and Tertiary Education

    The Minns Labor Government has secured a multi-year pay deal with TAFE NSW teachers, benefiting nearly 9,000 teaching staff. Over 90 per cent of teaching staff, backed by the NSW Teachers Federation, voted to accept the government’s 10.5% baseline pay offer, higher than ever offered under the former government.

    This comes after a decade long wages cap by the former Liberal-National Government that left thousands of teachers underpaid and in insecure employment.  

    Nearly two thirds of NSW Public sector workers and their union have now signed wage agreements with the NSW Government.

    The deal, which delivers on the Government’s election commitment to rebuild TAFE NSW, consists of:

    • A 3.5% pay rise, plus a 0.5% superannuation boost for 2024-25;
    • A 3% pay rise annually in both 2025-26 and 2026-27, plus a further 0.5% increase to super in 2025-26.

    Additionally, the Government will undertake reforms within 12 months to remove TAFE NSW from the former Government’s “Smart and Skilled” competitive market, a key recommendation of the NSW VET Review.

    This means TAFE NSW will no longer compete with the private training providers for funding and instead will have a more predictable annual budget.

    These changes will slash red tape and give teachers more time to focus on the actual teaching of students.

    In addition, the Minns Labor Government has transitioned more than 1700 casual teachers and delivery support staff from the beginning of this semester into permanent roles, providing long-overdue job security and stability for staff who have endured years of uncertainty.

    80% of the TAFE NSW teaching workforce now enjoy greater job security, ensuring a stable, experienced workforce to deliver training in priority industries such as construction, manufacturing, and healthcare.

    Minister for Industrial Relations, Sophie Cotsis said:

    “This pay agreement with TAFE NSW teaching staff reaffirms the Minns Labor Government’s industrial relations framework is working.

    “It recognises not only the important service our teachers and educators provide but acknowledges and rewards their efforts.

    “This is a good step forward but there is always more work to do to ensure we have the best public service in the world.”

    Minister for Skills, TAFE and Tertiary Education, Steve Whan said:    

    “I’m delighted that the TAFE NSW teaching staff have agreed to the Government’s offer, recognising their contribution to the state. Our teachers are on the front line of delivering the skills education to fill shortages in our critical industries and we value them.”  

    “We’ve heard from teachers that they want to see reform in TAFE NSW, and alongside the increase in pay, this agreement builds on reform by no longer requiring TAFE NSW to compete with private training providers for funding.

    “Removing TAFE NSW from the competitive (Smart and Skilled) market was a key recommendation of the Government’s VET Review.  It will result in a major reduction in administrative burden for TAFE NSW, but more importantly it enhances the recognition that TAFE NSW is the core provider of vocational training in NSW.  

    “Funding certainty and a stable and secure vocational training workforce are crucial to meeting the increasing demand for skilled workers across several critical industries NSW communities rely on every day.” 

    NSW Teachers Federation President, Henry Rajendra said:  

    “The Federation enthusiastically welcomes the strengthening of TAFE NSW, with more than 1700 teachers transitioning from casual to permanent role starting earlier this term.

    We also commend the removal of the constraints of the contestable funding market on TAFE NSW, and the introduction of a new three-year enterprise agreement that delivers solid pay increases to some of the most essential educators in NSW.  

    “These are a clear demonstration of the NSW Government’s commitment to rebuilding a strong and stable TAFE NSW. 

    “As the heart of the vocational education and training sector in Australia, TAFE NSW is critical to delivering the education and skills for our students, communities and economy across NSW. 

    “TAFE NSW has a proven track record of excellence, delivering dependable public education that meets individual, industry and community needs.” 

    MIL OSI News –

  • MIL-OSI Security: Northfield Man Sentenced to 72 Months in Federal Prison for Attempting to Receive Two Pounds of Methamphetamine Through the United States Postal Service

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    CONCORD – A Northfield man was sentenced today in federal court for his attempt to receive two packages of methamphetamine in New Hampshire through the United States Postal Service (USPS), Acting U.S. Attorney Jay McCormack announces.

    Joseph Crawford, of Northfield, age 33, was sentenced by U.S. District Court Judge Landya McCafferty to 72 months in federal prison and 3 years of supervised release.  On October 30, 2024, Crawford pleaded guilty to two counts of attempted possession with intent to distribute methamphetamine.

    “Joseph Crawford used the United States Postal Service in an attempt to smuggle dangerous drugs across state lines into the Granite State,” said Acting United States Attorney Jay McCormack. “Individuals using the mail as an avenue to traffic illegal narcotics to New Hampshire will be prosecuted and significantly punished.”

    “Joseph Crawford has repeatedly demonstrated a blatant disregard for the law and yesterday’s sentence puts him out of business and behind bars for receiving significant quantities of meth through the mail while on parole for two prior state drug convictions,” said Jodi Cohen, Special Agent in Charge of the FBI Boston Division.  “The FBI will continue to work with our law enforcement partners to prevent illegal drugs from hitting the streets in order to make our cities safer.”

    “As methamphetamine seizures are on the rise, DEA stands committed to keeping this highly addictive drug out of New Hampshire,” said Acting DEA Special Agent in Charge Stephen Belleau, New England Field Division.  “Today’s sentence not only holds Mr. Crawford accountable for his crimes but serves as a warning to those who attempt to bring this poison to the Granite State.”

    “The U.S. Postal Inspection Service and our law enforcement partners will continue to dedicate the resources necessary to keep methamphetamine producers and traffickers out of our communities,” said Inspector in Charge Ketty Larco-Ward, U.S. Postal Inspection Service. “Today’s sentencing is a result of a coordinated effort of our local and state law enforcement partners to keep methamphetamine and other drugs out of our communities.”

    On July 5 and July 19, 2023, the United States Postal Inspection Service (“USPIS”) flagged suspicious packages addressed to Joseph Crawford at an address in Northfield, New Hampshire, sent from California. USPIS obtained search warrants for both packages, which contained over two pounds of methamphetamine in total. 

    The United States Postal Inspection Service Boston Division, the Federal Bureau of Investigation, and the Drug Enforcement Administration led the investigation. The New Hampshire State Police, Claremont Police Department, and the Lebanon Police Department provided valuable assistance. Assistant United States Attorney Heather A. Cherniske prosecuted the case.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    ###

    MIL Security OSI –

  • MIL-OSI: Diginex Limited Engages Lambert and SPRG to Drive Global Investor Relations and Shareholder Communications Program

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 12, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, has engaged international investor relations specialists Lambert by LLYC (Lambert) and its partner—Hong Kong-based Strategic Public Relations Group Ltd. (SPRG)—to lead a global investor relations and financial communications initiative to help broaden Diginex’s shareholder base. This collaboration underscores Diginex’s commitment to enhancing its visibility and investor engagement across key global markets.

    Working closely with Diginex’s leadership, Lambert and SPRG will execute an aggressive strategic investor relations program aimed at strengthening the Company’s presence within the global investment community. The initiative will emphasize how Diginex’s innovative, technology-driven solutions empower enterprises with comprehensive tools, empower enterprises with comprehensive tools to navigate the evolving and rapidly expanding sustainability landscape.

    Diginex recently completed a $10.61 million initial public offering (IPO), including the full exercise of the underwriters’ over-allotment option. The successful IPO and subsequent healthy market reaction reflect growing investor confidence in sustainability compliance technology and Diginex’s mission to democratize sustainability through innovative technology, dramatically reducing the cost of compliance with their tailored suite of platforms.

    Led by Lambert, the IR partnership will provide strategic guidance to Diginex, ensuring global investor outreach, enhanced shareholder engagement, and expanded visibility among institutional and retail investors.

    “This is an exciting time for Diginex as we accelerate investor engagement across a broad and diverse range of investor pools globally, strengthening and diversifying the shareholder base while increasing investor and marketplace familiarity with our brand and products” said Miles Pelham, Chairman of Diginex Limited. “Our partnership with Lambert and SPRG strengthens our presence in key financial markets and reinforces our leadership in ESG and sustainability technology. We remain committed to driving innovation and helping enterprises achieve their sustainability goals, ultimately striving to leave the world in a better place.”

    “With our successful public offering on the Nasdaq stock exchange, we look forward to working with Lambert and SPRG to speed-up and broaden our investor outreach,” said Mark Blick, Chief Executive Officer of Diginex Limited. “As demand for ESG solutions grows, we are focused on accelerating our global presence and delivering long-term value to our shareholders.”

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: Birchcliff Energy Ltd. Announces Unaudited 2024 Full-Year and Fourth Quarter Results and 2024 Reserves Highlights

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its unaudited 2024 full-year and fourth quarter financial and operational results and highlights from its independent reserves evaluation effective December 31, 2024.

    “Due to the success of our 2024 capital program and driven by our improved capital efficiencies, we delivered annual average production of 76,695 boe/d and adjusted funds flow(1) of $236.8 million and returned $107.8 million to shareholders through common share dividends in 2024,” commented Chris Carlsen, President and Chief Executive Officer of Birchcliff. “The 27 wells we brought on production as part of the 2024 capital program delivered strong PDP reserves additions of 34.1 MMboe, which highlights the quality of our assets. We believe that there is significant intrinsic shareholder value embedded in Birchcliff’s asset base that is not reflected in our current share price, as demonstrated by our PDP reserves net asset value per common share(2) of $6.35 and $13.79 and $18.09 for our proved and proved plus probable reserves, respectively.(3) In addition, our Elmworth asset, which is largely unbooked from a reserves basis, provides us with significant inventory and a large potential future development area consisting of approximately 145 net sections of Montney lands.”

    “Our strategy for 2025 builds off of the operational momentum from 2024, maintaining our focus on capital efficiency improvements and further driving down costs. Our 2025 capital program has been designed to ensure that our capital is strategically deployed throughout the year, providing us with the flexibility to adjust our capital spending if necessary in response to the commodity price volatility we expect during 2025, including as a result of the potential for U.S. and Canadian tariffs and the start-up of LNG Canada.”

    2024 Financial and Operational Highlights

    • Delivered annual average production of 76,695 boe/d (82% natural gas and 18% liquids) in 2024 and quarterly average production of 77,623 boe/d (82% natural gas and 18% liquids) in Q4 2024.
    • Generated annual adjusted funds flow of $236.8 million in 2024 and quarterly adjusted funds flow of $71.8 million in Q4 2024. Cash flow from operating activities was $203.7 million in 2024 and $45.6 million in Q4 2024.
    • Reported annual net income to common shareholders of $56.1 million in 2024 and quarterly net income to common shareholders of $35.2 million in Q4 2024.
    • F&D capital expenditures were $273.1 million in 2024 and $58.3 million in Q4 2024. Birchcliff drilled 29 (29.0 net) wells and brought 27 (27.0 net) wells on production in 2024.
    • Returned $107.8 million to shareholders in 2024 through common share dividends.

    2024 Reserves Highlights(4)

    • Birchcliff brought 27 new wells on production as part of its 2024 F&D capital program with strong PDP reserves additions of 34.1 MMboe (1.26 MMboe per well) and delivered PDP F&D costs(5) of $8.01/boe, resulting in a PDP F&D operating netback recycle ratio(2) of 1.4x in 2024 on such additions.
    • Birchcliff added an aggregate of 23.7 MMboe of PDP reserves on an F&D basis in 2024, after adding back 2024 actual production of 28.1 MMboe(6) and including all other applicable PDP reserves adjustments in 2024. Birchcliff’s PDP reserves totalled 217.1 MMboe at December 31, 2024.
    • Birchcliff delivered PDP F&D costs of $11.52/boe and a PDP F&D operating netback recycle ratio of 1.0x on its aggregate 23.7 MMboe of PDP reserves additions, notwithstanding $18.8 million in F&D capital expenditures spent on strategic priorities in Elmworth for which there was no production or reserves assigned at year-end 2024.
    • At December 31, 2024, the net present value of future net revenue (before income taxes, discounted at 10%) was $2.3 billion for Birchcliff’s PDP reserves, $4.4 billion for its proved reserves and $5.6 billion for its proved plus probable reserves.
    • The net asset value per common share of Birchcliff’s PDP, proved and proved plus probable reserves at December 31, 2024 was $6.35, $13.79 and $18.09, respectively, which is 9%, 136% and 210% higher than the closing price of its common shares on the TSX on February 10, 2025 of $5.84.
    • Reserves life index(5) at December 31, 2024 of 7.7 years on a PDP basis, 23.6 years on a proved basis and 34.3 years on a proved plus probable basis.

    Birchcliff anticipates filing its annual information form and audited financial statements and related management’s discussion and analysis for the year ended December 31, 2024 on March 12, 2025.

    This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements”. With respect to the disclosure of Birchcliff’s reserves and related reserves metrics contained in this press release, see “2024 Year-End Reserves”, “Presentation of Oil and Gas Reserves” and “Advisories – Oil and Gas Metrics”. With respect to the disclosure of Birchcliff’s production contained in this press release, unless otherwise stated herein, production volumes have been disclosed on a “gross” basis as such term is defined in National Instrument 51-101– Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). For further information regarding the disclosure of Birchcliff’s production contained herein, see “Advisories – Production”. In addition, this press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and might not be comparable to similar financial measures disclosed by other issuers. For further information regarding the non-GAAP and other financial measures used in this press release, see “Non-GAAP and Other Financial Measures”.

    ______________________________

    (1)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  Net asset value per common share is at December 31, 2024 and before income taxes (discounted at 10%). See “2024 Year-End Reserves – Net Asset Value”.

    (4)  Deloitte LLP (“Deloitte”) prepared an independent evaluation of the Corporation’s reserves effective December 31, 2024 as contained in their report dated February 12, 2025 (the “Deloitte Report”). The forecast commodity prices, inflation and exchange rates utilized in the Deloitte Report were computed using the average of forecasts from Deloitte, McDaniel & Associates Consultants Ltd. (“McDaniel”), GLJ Ltd. (“GLJ”) and Sproule Associates Limited (“Sproule”) effective January 1, 2025 (the “2024 Price Forecast”). See “2024 Year-End Reserves” and “Presentation of Oil and Gas Reserves”.

    (5)  See “Advisories – Oil and Gas Metrics”.

    (6)  Consists of 738.2 Mbbls of light oil, 1,619.6 Mbbls of condensate, 2,591.3 Mbbls of NGLs and 138,728.6 MMcf of natural gas.

    2024 UNAUDITED FINANCIAL AND OPERATIONAL SUMMARY

      Three months ended
    December 31,
    		   Twelve months ended
    December 31,
    		  
      2024   2023   2024   2023  
    OPERATING        
    Average production        
    Light oil (bbls/d) 1,993   1,649   2,017   1,849  
    Condensate (bbls/d) 4,310   5,145   4,425   5,202  
    NGLs (bbls/d) 7,748   7,653   7,080   6,306  
    Natural gas (Mcf/d) 381,433   372,594   379,040   374,052  
    Total (boe/d) 77,623   76,546   76,695   75,699  
    Average realized sales prices (CDN$)(1)        
    Light oil (per bbl) 95.18   100.07   98.90   99.07  
    Condensate (per bbl) 95.79   103.80   99.66   103.76  
    NGLs (per bbl) 26.20   26.95   26.37   26.92  
    Natural gas (per Mcf) 2.27   2.92   2.05   3.03  
    Total (per boe) 21.53   26.02   20.90   26.79  
             
    NETBACK AND COST ($/boe)        
    Petroleum and natural gas revenue(1) 21.53   26.03   20.91   26.80  
    Royalty expense (1.26 ) (2.75 ) (1.41 ) (2.54 )
    Operating expense (2.91 ) (3.81 ) (3.24 ) (3.83 )
    Transportation and other expense(2) (5.26 ) (5.53 ) (5.24 ) (5.69 )
    Operating netback(2) 12.10   13.94   11.02   14.74  
    G&A expense, net (2.00 ) (1.80 ) (1.45 ) (1.52 )
    Interest expense (1.40 ) (0.95 ) (1.31 ) (0.74 )
    Lease interest expense (0.33 ) –   (0.16 ) –  
    Realized gain (loss) on financial instruments 1.68   (0.38 ) 0.33   (1.35 )
    Other cash income (expense) 0.01   0.01   0.01   (0.03 )
    Adjusted funds flow(2) 10.06   10.82   8.44   11.10  
    Depletion and depreciation expense (8.96 ) (8.44 ) (8.79 ) (8.20 )
    Unrealized gain (loss) on financial instruments 5.95   (1.58 ) 3.51   (1.38 )
    Other expenses(3) (0.75 ) (1.88 ) (0.52 ) (0.95 )
    Deferred income tax (expense) recovery (1.37 ) 0.29   (0.64 ) (0.22 )
    Net income (loss) to common shareholders 4.93   (0.79 ) 2.00   0.35  
             
    FINANCIAL        
    Petroleum and natural gas revenue ($000s)(1) 153,741   183,295   586,856   740,359  
    Cash flow from operating activities ($000s) 45,641   79,006   203,710   320,529  
    Adjusted funds flow ($000s)(4) 71,838   76,215   236,794   306,827  
    Per basic common share ($)(2) 0.27   0.29   0.88   1.15  
    Free funds flow ($000s)(4) 13,528   18,049   (36,290 ) 2,190  
    Per basic common share ($)(2) 0.05   0.07   (0.13 ) 0.01  
    Net income (loss) to common shareholders ($000s) 35,216   (5,533 ) 56,100   9,780  
    Per basic common share ($) 0.13   (0.02 ) 0.21   0.04  
    End of period basic common shares (000s) 271,304   267,156   271,304   267,156  
    Weighted average basic common shares (000s) 270,185   266,667   269,081   266,465  
    Dividends on common shares ($000s) 27,126   53,390   107,833   213,344  
    F&D capital expenditures ($000s)(5) 58,310   58,166   273,084   304,637  
    Total capital expenditures ($000s)(4) 66,673   59,541   282,745   307,916  
    Revolving term credit facilities ($000s) 566,857   372,097   566,857   372,097  
    Total debt ($000s)(6) 535,557   382,306   535,557   382,306  

    (1)  Excludes the effects of financial instruments but includes the effects of any physical delivery contracts.

    (2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  Includes non-cash items such as compensation, accretion, amortization of deferred financing fees and other gains and losses.

    (4)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (5)  See “Advisories – F&D Capital Expenditures”.

    (6)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    FULL-YEAR AND Q4 2024 UNAUDITED FINANCIAL AND OPERATIONAL RESULTS

    Production

    • Birchcliff’s production averaged 76,695 boe/d in 2024, a 1% increase from 2023. Production averaged 77,623 boe/d in Q4 2024, a 1% increase from Q4 2023. Birchcliff’s annual average production for 2024 was at the high-end of its guidance range of 75,000 to 77,000 boe/d.
    • The increases were primarily due to the strong performance of the Corporation’s capital program and the successful drilling of new Montney/Doig wells brought on production, partially offset by natural production declines. Full-year production in 2023 was negatively impacted by an unplanned system outage on Pembina’s Northern Pipeline system, which reduced the Corporation’s NGLs sales volumes in 2023.
    • Liquids accounted for 18% of Birchcliff’s total production in both 2024 and 2023, which was in line with Birchcliff’s guidance of 19%. Liquids accounted for 18% of Birchcliff’s total production in Q4 2024 as compared to 19% in Q4 2023.

    Adjusted Funds Flow and Cash Flow From Operating Activities

    • Birchcliff generated adjusted funds flow of $236.8 million in 2024, or $0.88 per basic common share, both of which decreased by 23% from 2023. Adjusted funds flow was $71.8 million in Q4 2024, or $0.27 per basic common share, a 6% and 7% decrease from Q4 2023, respectively. Birchcliff’s full-year adjusted funds flow in 2024 was higher than its guidance of $230 million primarily due to lower than expected royalty and G&A expenses.
    • Birchcliff’s cash flow from operating activities was $203.7 million in 2024, a 36% decrease from 2023. Cash flow from operating activities was $45.6 million in Q4 2024, a 42% decrease from Q4 2023.
    • The decreases in adjusted funds flow and cash flow from operating activities were primarily due to lower natural gas revenue, which was largely the result of a 32% and 22% decrease in the average realized sales price Birchcliff received for its natural gas production in the full-year and Q4 2024, respectively, as compared to 2023, and higher interest expenses. Birchcliff’s adjusted funds flow and cash flow from operating activities were positively impacted by lower royalty expenses and realized gains on financial instruments of $9.3 million and $12.0 million in the full-year and Q4 2024, respectively, as compared to realized losses on financial instruments of $37.3 million and $2.6 million in 2023.

    Net Income (Loss) to Common Shareholders

    • Birchcliff earned net income to common shareholders of $56.1 million in 2024, or $0.21 per basic common share, as compared to $9.8 million and $0.04 per basic common share in 2023. The increases were primarily due to an unrealized mark-to-market gain on financial instruments of $98.6 million in 2024 as compared to an unrealized mark-to-market loss on financial instruments of $38.2 million in 2023, partially offset by lower adjusted funds flow in 2024.
    • Birchcliff earned net income to common shareholders of $35.2 million in Q4 2024, or $0.13 per basic common share, as compared to a net loss to common shareholders of $5.5 million and $0.02 per basic common share in Q4 2023. The change to a net income position was primarily due to an unrealized mark-to-market gain on financial instruments of $42.5 million in Q4 2024 as compared to an unrealized mark-to-market loss on financial instruments of $11.1 million in Q4 2023.

    Debt and Credit Facilities

    • Total debt at December 31, 2024 was $535.6 million, a 40% increase from December 31, 2023. Birchcliff’s 2024 year-end total debt was at the high-end of its guidance range of $515 million to $535 million.
    • At December 31, 2024, Birchcliff had a balance outstanding under its extendible revolving credit facilities (the “Credit Facilities”) of $570.9 million (December 31, 2023: $374.1 million) from available Credit Facilities of $850.0 million (December 31, 2023: $850.0 million), leaving the Corporation with $279.1 million (33%) of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized deferred financing fees. This unutilized credit capacity provides Birchcliff with significant financial flexibility and available capital resources. The Credit Facilities have a maturity date of May 11, 2027 and do not contain any financial maintenance covenants.

    Marketing and Natural Gas Market Diversification

    • Birchcliff’s physical natural gas sales exposure primarily consists of the AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing.

    The following table sets forth Birchcliff’s effective sales, production and average realized sales price for natural gas and liquids for Q4 2024, after taking into account the Corporation’s financial instruments:

    Three months ended December 31, 2024
      Effective
    sales
    (CDN$000s)    		 Percentage of total sales
    (%)    		 Effective
    production
    (per day)    		 Percentage of
    total natural gas production
    (%)    		 Percentage of
    total corporate production
    (%)    		 Effective average realized
    sales price
    (CDN$)
    Market            
    AECO(1)(2) 11,831 6 82,345 Mcf 21 18 1.56/Mcf
    Dawn(3) 48,281 26 162,555 Mcf 43 35 3.23/Mcf
    NYMEX HH(1)(4) 53,015 28 136,533 Mcf 36 29 4.22/Mcf
    Total natural gas(1) 113,127 60 381,433 Mcf 100 82 3.22/Mcf
    Light oil 17,450 10 1,993 bbls   3 95.18/bbl
    Condensate 37,985 20 4,310 bbls   5 95.79/bbl
    NGLs 18,679 10 7,748 bbls   10 26.20/bbl
    Total liquids 74,114 40 14,051 bbls   18 57.33/bbl
    Total corporate(1) 187,241 100 77,623 boe   100 26.22/boe

    (1)  Effective sales and effective average realized sales price on a total natural gas and total corporate basis and for the AECO and NYMEX HH markets are non-GAAP financial measures and non-GAAP ratios, respectively. See “Non-GAAP and Other Financial Measures”.

    (2)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. All of Birchcliff’s short-term physical Alliance sales and production during Q4 2024 received AECO premium pricing and have therefore been included as effective sales and production in the AECO market.

    (3)  Birchcliff has agreements for the firm service transportation of an aggregate of 175,000 GJ/d of natural gas on TransCanada PipeLines’ Canadian Mainline, whereby natural gas is transported to the Dawn trading hub in Southern Ontario.

    (4)  NYMEX HH effective sales and production include financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of 147,500 MMBtu/d at an average contract price of NYMEX HH less US$1.12/MMBtu during Q4 2024.
    Birchcliff’s effective average realized sales price for NYMEX HH of CDN$4.22/Mcf (US$2.76/MMBtu) was determined on a gross basis before giving effect to the average NYMEX HH/AECO 7A fixed contract basis differential price of CDN$1.71/Mcf (US$1.12/MMBtu) and includes any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q4 2024.
    After giving effect to the NYMEX HH/AECO 7A fixed contract basis differential price and including any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q4 2024, Birchcliff’s effective average realized net sales price for NYMEX HH was CDN$2.51/Mcf (US$1.64/MMBtu) in Q4 2024.

    The following table sets forth Birchcliff’s physical sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments:

    Three months ended December 31, 2024
    Natural
    gas
    market    		 Natural gas
    sales(1)
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price(1)
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (2)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (3)
    (CDN$/Mcf)
    AECO 31,027 39 216,321 57 1.57 0.38 1.19
    Dawn 48,281 60 162,555 42 3.23 1.43 1.80
    Alliance(4) 307 1 2,557 1 1.30 – 1.30
    Total 79,615 100 381,433 100 2.27 0.83 1.44
    Three months ended December 31, 2023
    Natural
    gas
    market    		 Natural gas
    sales(1)
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price(1)
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (2)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (3)
    (CDN$/Mcf)
    AECO 50,508 51 203,024 55 2.72 0.38 2.33
    Dawn 47,433 47 161,119 43 3.20 1.42 1.78
    Alliance(4) 2,016 2 8,451 2 2.59 – 2.59
    Total 99,957 100 372,594 100 2.92 0.83 2.09

    (1)  Excludes the effects of financial instruments but includes the effects of any physical delivery contracts.

    (2)  Reflects costs to transport natural gas from the field receipt point to the delivery sales trading hub.

    (3)  Natural gas sales netback denotes the average realized natural gas sales price less natural gas transportation costs.

    (4)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. Alliance sales are recorded net of transportation tolls.

    Capital Activities and Investment

    • F&D capital expenditures were $273.1 million in 2024, as compared to Birchcliff’s guidance of $250 million to $270 million.
    • In 2024, the Corporation achieved a significant year-over-year improvement in capital efficiency(7) for its wells of approximately 24% compared to 2023. The following table sets forth the wells that were drilled and brought on production in 2024:
      Number of wells
    drilled in 2024(1)    		 Number of wells brought
    on production in 2024
    Pouce Coupe    
         
      04-30 (5-well pad) Montney D1 0(2) 5
             
      16-17 (5-well pad) BD/UM 1 1
        Montney D1 3 3
        Montney D4 1 1
             
      16-15 (6-well pad) Montney D1 6 6
             
      10-22 (5-well pad) Montney D1 5 5
             
      04-05 (5-well pad) Montney D1 5 0(3)
             
    Gordondale    
         
      02-27 (2-well pad) Montney D1 1 1
        Montney D2 1 1
             
      01-10 (4-well pad) Montney D1 4 4
             
    Elmworth    
             
      13-09 vertical Montney 1 0
             
      01-28 horizontal Montney 1 0
           
    TOTAL 29 27

    (1)  All wells are natural gas wells, except for the 4-well 01-10 pad, which are light oil wells.

    (2)  The five wells drilled on the 04-30 pad were drilled in December 2023.

    (3)  The five wells drilled on the 04-05 pad are scheduled to come on production later in February 2025.

    ______________________________

    (7)  See “Advisories – Oil and Gas Metrics”.

    UPDATE ON 2025 CAPITAL PROGRAM

    • As disclosed in Birchcliff’s press release dated January 22, 2025, the Corporation’s board of directors (the “Board”) approved a disciplined F&D capital budget of $260 million to $300 million for 2025. Benefitting from the learnings gained from the Corporation’s 2024 capital program, the wells in Birchcliff’s 2025 capital program are expected to yield strong production, using the Corporation’s latest field development practices and wellbore design, which incorporates longer lateral lengths, reduced cluster spacing and increased proppant loading where appropriate.
    • The Corporation successfully completed drilling its 5-well 04-05 pad in Pouce Coupe in December 2024. Completions operations are currently underway on the pad, with the wells scheduled to come on production later in February 2025. The pad was drilled in the Lower Montney targeting high-rate natural gas wells.
    • The Corporation is currently drilling its 3-well 07-10 pad in Pouce Coupe. The pad is targeting condensate-rich natural gas wells in the Lower Montney. The wells are anticipated to be brought on production at the end of Q1 2025.
    • The Corporation successfully completed drilling its 4-well 02-27 pad in Gordondale in February 2025, with completions operations scheduled to begin in March 2025. The pad is targeting condensate-rich natural gas wells in the Lower Montney. The wells are anticipated to be brought on production in early Q2 2025.
    • In Elmworth, the Corporation completed a horizontal land retention well and has commenced a short clean-up test. As disclosed in the Corporation’s press release on January 22, 2025, this well is not currently planned to be tied in.

    U.S. AND CANADIAN TARIFFS

    • While Birchcliff hopes that there will not be a trade dispute between the United States and Canada, the Corporation believes that Canada’s over-reliance on exporting its energy into the U.S. must be addressed through the reduction of red tape and government interference in the construction of critical infrastructure such as oil and gas pipelines to the east and west coasts of Canada, LNG terminals on each coast and an increase in refining capacity within Canada, in order to diversify Canada’s energy export market. The Corporation continues to actively monitor this situation.
    • Birchcliff believes that its ongoing strategy of maintaining significant natural gas market diversification for 2025 will continue to protect the Corporation from volatility in the North American natural gas pricing environment, including as it relates to potential tariffs. Approximately 41% of Birchcliff’s natural gas production is physically delivered to the Dawn trading hub in Ontario, which is priced in U.S. dollars, and the Corporation also has U.S. denominated financial contracts that expose approximately 35% of its natural gas production to NYMEX HH pricing on a financial basis, without physical delivery into the United States.

    2024 YEAR-END RESERVES

    The reserves data set forth below at December 31, 2024 is based upon the Deloitte Report, which has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”) and NI 51-101.

    The reserves data provided in this press release presents only a portion of the disclosure required under NI 51-101. The disclosure required under NI 51-101 will be contained in Birchcliff’s annual information form for the year ended December 31, 2024, which is expected to be filed on SEDAR+ (www.sedarplus.ca) on March 12, 2025.

    In some of the tables below, numbers may not add due to rounding. The estimates of future net revenue contained herein do not represent fair market value. For additional information regarding the presentation of Birchcliff’s reserves disclosure contained herein, see “Presentation of Oil and Gas Reserves” and “Advisories” in this press release.

    Reserves Summary

    The following table summarizes the estimates of Birchcliff’s gross reserves at December 31, 2024 and December 31, 2023, estimated using the forecast price and cost assumptions in effect as at the effective date of the applicable reserves evaluation:

    Reserves Category December 31, 2024
    (Mboe)    		   December 31, 2023(1)
    (Mboe)    		   % Change  
    Proved Developed Producing 217,076   220,536   (2)  
    Total Proved 667,390   691,886   (4)  
    Total Proved Plus Probable 969,636   993,897   (2)  

    (1)  Deloitte prepared an independent evaluation of the Corporation’s reserves effective December 31, 2023 as contained in their report dated February 14, 2024 (the “2023 Deloitte Report”). The forecast commodity prices, inflation and exchange rates utilized in the 2023 Deloitte Report were computed using the average of forecasts from Deloitte, McDaniel, GLJ and Sproule effective January 1, 2024 (the “2023 Price Forecast”).

    The following table sets forth Birchcliff’s light crude oil and medium crude oil, conventional natural gas, shale gas and NGLs reserves at December 31, 2024, estimated using the 2024 Price Forecast:

    Reserves Category Light Crude Oil and
    Medium Crude Oil    		 Conventional
    Natural Gas    		 Shale Gas NGLs(1) Total Oil Equivalent
    Gross
    (Mbbls)    		 Net
    (Mbbls)    		 Gross
    (MMcf)    		 Net
    (MMcf)    		 Gross
    (MMcf)    		 Net
    (MMcf)    		 Gross
    (Mbbls)    		 Net
    (Mbbls)    		 Gross
    (Mboe)    		 Net
    (Mboe)
    Proved                  
      Developed Producing 4,889 3,946 6,051 5,707 1,053,238 971,102 35,639 29,058 217,076 195,805
      Developed Non-Producing 9 9 0 0 4,840 4,537 239 203 1,054 968
      Undeveloped 7,089 5,747 2,858 2,625 2,320,235 2,094,569 54,988 42,966 449,259 398,246
    Total Proved 11,987 9,701 8,909 8,332 3,378,312 3,070,208 90,866 72,227 667,390 595,019
    Total Probable 9,083 6,933 5,270 4,911 1,442,846 1,272,820 51,811 39,640 302,246 259,529
    Total Proved Plus Probable 21,070 16,635 14,179 13,243 4,821,158 4,343,028 142,676 111,868 969,636 854,547

    (1)  NGLs includes condensate.

    Net Present Values of Future Net Revenue

    The following table sets forth the net present values of future net revenue attributable to Birchcliff’s reserves at December 31, 2024, estimated using the 2024 Price Forecast, before deducting future income tax expenses and calculated at various discount rates:

    Reserves Category Before Income Taxes Discounted At (%/year)   Unit Value
    Discounted
    at 10%/year
    ($/boe)(1)
    0
    ($000s)    		 5
    ($000s)    		 10
    ($000s)    		 15
    ($000s)    		 20
    ($000s)    		  
    Proved              
    Developed Producing 3,670,971 2,851,081 2,277,750 1,892,104 1,621,811   11.63
    Developed Non-Producing 13,717 9,900 7,499 5,888 4,750   7.75
    Undeveloped 7,083,864 3,707,943 2,073,919 1,199,557 694,944   5.21
    Total Proved 10,768,552 6,568,924 4,359,168 3,097,549 2,321,504   7.33
    Total Probable 6,210,051 2,553,082 1,204,663 632,630 361,133   4.64
    Total Proved Plus Probable 16,978,602 9,122,005 5,563,831 3,730,179 2,682,638   6.51

    (1)   Unit values are based on net reserves volumes.

    Net Asset Value

    Net asset value reflects the estimated long-term fair value of Birchcliff’s underlying reserves assets after settling its outstanding financial obligations at a point in time. The net present value of the Corporation’s reserves can vary significantly depending on the oil and natural gas price assumptions used by Deloitte and assumes only the reserves identified in the applicable reserves report, with no further acquisitions or incremental development.

    The following table sets forth Birchcliff’s net asset value for its PDP, total proved and total proved plus probable reserves for the periods indicated:

    ($000s, except per share amounts) Proved Developed Producing Total Proved Total Proved Plus Probable
    As at December 31,   2024     2023     2024     2023     2024     2023  
    Reserves, NPV10%(1)   2,277,750     2,620,064     4,359,168     5,405,617     5,563,831     6,835,417  
    Total debt(2)   (535,557 )   (382,306 )   (535,557 )   (382,306 )   (535,557 )   (382,306 )
    Unexercised securities(3)   34,961     16,717     34,961     16,717     34,961     16,717  
    Net asset value(4)(5)   1,777,154     2,254,475     3,858,572     5,040,028     5,063,235     6,469,828  
    Net asset value (per common share)(4)(5)(6) $6.35   $8.22   $13.79   $18.38   $18.09   $23.60  

    (1)  Represents the net present value of the future net revenue (before income taxes, discounted at 10%) of Birchcliff’s PDP, total proved and total proved plus probable reserves, as applicable, as estimated by Deloitte effective December 31, 2024 and December 31, 2023, using forecast prices and costs.

    (2)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    (3)  Represents the value of unexercised in-the-money stock options and performance warrants outstanding at the end of the year. The closing trading price on the TSX of Birchcliff’s common shares on December 31, 2024 and December 29, 2023 was $5.42 and $5.78, respectively.

    (4)  Excludes any value from undeveloped land and seismic.

    (5)  Net asset value is a non-GAAP financial measure and net asset value per common share is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (6) For 2024, based on 279.9 million common shares, which includes 271.3 million basic common shares outstanding at December 31, 2024 and 8.6 million dilutive common shares from unexercised in-the-money stock options and performance warrants outstanding at December 31, 2024. For 2023, based on 274.2 million common shares, which includes 267.2 million basic common shares outstanding at December 31, 2023 and 7.0 million dilutive common shares from unexercised in-the-money stock options and performance warrants outstanding at December 31, 2023.

    Net asset value decreased in all categories of reserves in 2024 as compared to 2023 primarily due to lower forecast prices in the 2024 Price Forecast compared to the 2023 Price Forecast, including an AECO price decrease of approximately 20% for 2025 through 2027 and approximately 11% thereafter.

    Pricing Assumptions

    The following table sets forth the 2024 Price Forecast used in the Deloitte Report:

    Year Crude Oil
    		   Natural Gas(1)
    		   NGLs
    		 Currency Exchange Rate (US$/CDN$) Price and Cost Inflation Rates
    (%)
                                       
    WTI at Cushing Oklahoma (US$/bbl) Edmonton City Gate (CDN$/bbl) Alberta AECO
    Average Price
    (CDN$/Mcf)    		 Ontario Dawn
    Reference Point
    (CDN$/Mcf)    		 NYMEX Henry Hub
    (US$/Mcf)    		 Edmonton Ethane
    (CDN$/bbl)    		 Edmonton Propane (CDN$/bbl) Edmonton Butane (CDN$/bbl) Edmonton Pentanes + Condensate (CDN$/bbl)
    2025 71.19   94.00   2.35   4.28   3.30   7.27   32.05   48.68   98.02   0.714 0.0
    2026 73.20   94.84   3.32   4.83   3.76   10.40   31.19   47.43   97.60   0.731 2.0
    2027 74.54   95.28   3.52   4.94   3.93   11.04   31.28   47.63   97.43   0.736 2.0
    2028 76.28   96.40   3.69   5.05   4.01   11.61   31.70   48.26   98.60   0.758 2.0
    2029 77.81   98.33   3.77   5.14   4.10   11.85   32.33   49.22   100.58   0.758 2.0
    2030 79.37   100.30   3.84   5.25   4.17   12.08   32.98   50.20   102.57   0.758 2.0
    2031 80.96   102.31   3.92   5.34   4.25   12.34   33.64   51.21   104.63   0.758 2.0
    2032 82.57   104.36   3.99   5.46   4.34   12.58   34.31   52.24   106.73   0.758 2.0
    2033 84.22   106.44   4.08   5.58   4.43   12.85   35.00   53.27   108.86   0.758 2.0
    2034 85.91   108.57   4.16   5.68   4.52   13.10   35.69   54.35   111.04   0.758 2.0
    2035 87.63   110.74   4.24   5.80   4.61   13.37   36.41   55.43   113.27   0.758 2.0
    2036 89.38   112.95   4.33   5.93   4.69   13.64   37.14   56.54   115.52   0.758 2.0
    2037 91.17   115.21   4.42   6.03   4.79   13.91   37.88   57.67   117.84   0.758 2.0
    2038 92.99   117.51   4.51   6.14   4.88   14.19   38.63   58.83   120.20   0.758 2.0
    2039 94.85   119.86   4.59   6.28   4.99   14.47   39.41   60.00   122.60   0.758 2.0
    2040 96.75   122.26   4.68   6.41   5.09   14.76   40.20   61.20   125.05   0.758 2.0
    2041 98.69   124.71   4.78   6.54   5.19   15.05   41.00   62.43   127.56   0.758 2.0
    2042 100.66   127.20   4.87   6.67   5.29   15.35   41.82   63.68   130.10   0.758 2.0
    2043 102.67   129.75   4.97   6.81   5.39   15.66   42.66   64.94   132.71   0.758 2.0
    2044 104.72   132.34   5.07   6.93   5.51   15.98   43.51   66.24   135.36   0.758 2.0
    2044+ 2.0%   2.0%   2.0%   2.0%   2.0%   2.0%   2.0%   2.0%   2.0%   0.758 2.0

    (1)  1 Mcf = 1 MMBtu.

    Reconciliation of Changes in Reserves

    The following table sets forth the reconciliation of Birchcliff’s gross reserves at December 31, 2024 as set forth in the Deloitte Report, estimated using the 2024 Price Forecast, to Birchcliff’s gross reserves at December 31, 2023:

    Factors Light Crude Oil
    and
    Medium Crude
    Oil
    (Mbbls)    		 Conventional
    Natural Gas
    (MMcf)    		 Shale Gas
    (MMcf)    		 NGLs(8)
    (Mbbls)    		 Oil Equivalent
    (Mboe)
    GROSS TOTAL PROVED          
    Opening balance December 31, 2023 14,460   10,251   3,493,022   93,547   691,886  
    Extensions and Improved Recovery(1) 0   0   58,875   2,287   12,099  
    Technical Revisions(2) (1,724 ) 2,244   (37,966 ) (2,022 ) (9,699 )
    Discoveries(3) 0   0   0   0   0  
    Acquisitions(4) 0   0   18,193   1,633   4,665  
    Dispositions(5) 0   0   0   0   0  
    Economic Factors(6) (12 ) (2,746 ) (15,923 ) (367 ) (3,491 )
    Production(7) (738 ) (840 ) (137,889 ) (4,211 ) (28,070 )
    Closing balance December 31, 2024 11,987   8,909   3,378,312   90,866   667,390  
    GROSS TOTAL PROBABLE
    Opening balance December 31, 2023 10,088   5,666   1,438,587   51,213   302,011  
    Extensions and Improved Recovery(1) 0   0   9,320   1,602   3,155  
    Technical Revisions(2) (1,003 ) (2,604 ) (33,104 ) (3,347 ) (10,301 )
    Discoveries(3) 0   0   0   0   0  
    Acquisitions(4) 0   0   24,508   2,296   6,381  
    Dispositions(5) 0   0   0   0   0  
    Economic Factors(6) (2 ) 2,208   3,535   45   1,000  
    Production(7) 0   0   0   0   0  
    Closing balance December 31, 2024 9,083   5,270   1,442,846   51,811   302,246  
    GROSS TOTAL PROVED PLUS PROBABLE
    Opening balance December 31, 2023 24,549   15,917   4,931,609   144,760   993,897  
    Extensions and Improved Recovery(1) 0   0   68,195   3,888   15,254  
    Technical Revisions(2) (2,727 ) (361 ) (71,069 ) (5,369 ) (20,000 )
    Discoveries(3) 0   0   0   0   0  
    Acquisitions(4) 0   0   42,701   3,929   11,046  
    Dispositions(5) 0   0   0   0   0  
    Economic Factors(6) (14 ) (538 ) (12,389 ) (322 ) (2,490 )
    Production(7) (738 ) (840 ) (137,889 ) (4,211 ) (28,070 )
    Closing balance December 31, 2024 21,070   14,179   4,821,158   142,676   969,636  

    (1)  Additions to volumes resulting from capital expenditures for: (i) step-out drilling in previously discovered reservoirs; (ii) infill drilling in previously discovered reservoirs that were not drilled as part of an enhanced recovery scheme; and (iii) the installation of improved recovery schemes.

    (2)  Positive or negative volume revisions to an estimate resulting from new technical data or revised interpretations on previously assigned volumes, performance and operating costs. This category also includes revisions resulting from well locations combined or removed as part of an updated development plan.

    (3)  Additions to volumes in reservoirs where no reserves were previously booked.

    (4)  Positive additions to volume estimates because of purchasing interests in oil and gas properties.

    (5)  Reductions in volume estimates because of selling all or a portion of an interest in oil and gas properties.

    (6)  Changes to volumes resulting from different price forecasts, inflation rates and regulatory changes.

    (7)  Reductions in the volume estimates due to actual production.

    (8)  NGLs includes condensate.

    Key highlights include the following:

    • Extensions and Improved Recovery
      • Reserves were added from 27 wells brought on production pursuant to the Corporation’s successful 2024 capital program. The 2024 program was focused in Birchcliff’s core areas in Pouce Coupe and Gordondale, converting proved and probable undeveloped reserves into PDP reserves.
    • Technical Revisions
      • The technical revisions in all reserves categories for light crude oil and medium crude oil were primarily the result of: (i) higher gas-to-oil ratios for existing producing oil wells in the southeast area in Gordondale; and (ii) potential future drilling location adjustments based on offsetting well performance.
      • The technical revisions in all reserves categories for conventional natural gas were primarily the result of existing well performance.
      • The technical revisions in all reserves categories for shale gas were primarily the result of:

    (i) an updated reserves forecast for existing wells based on historical performance, which included a reduction in the reserves attributable to 56 existing high-density producing wells that were drilled from 2019 to 2023. The Corporation does not expect that the technical revisions relating to these wells will negatively impact future reserves booked for other existing or future wells;

    (ii) an updated full-field development plan, which included the combining or removal of multiple proved and probable potential future drilling locations, resulting in the removal of 10 proved undeveloped locations and 3 probable locations; and

    (iii) an updated reserves forecast for various potential future drilling locations in the Lower Montney in Gordondale as a result of an increase in the reserves attributable to such future locations due to the continued outperformance of existing wells in the area.

    • The technical revisions in all reserves categories for NGLs were primarily the result of: (i) a reduction in shale gas volumes; and (ii) reduced NGLs recoveries at the Corporation’s owned and/or operated natural gas processing plants in Pouce Coupe and Gordondale. The reduced NGLs recoveries were partially offset by reduced natural gas shrinkage.
    • Acquisitions
      • Changes were the result of various accretive acquisitions completed by Birchcliff in the Pouce Coupe and Gordondale areas in 2024.
    • Economic Factors
      • The forecast prices for each product type were generally lower in the 2024 Price Forecast than the 2023 Price Forecast, which resulted in the economic limit at the end of a well’s life being achieved earlier and therefore a reduction of the reserves volumes in the total proved and total proved plus probable categories.

    Future Development Costs

    Future development costs (“FDC”) reflect Deloitte’s best estimate of what it will cost to bring the proved and proved plus probable reserves on production. Changes in forecast FDC occur annually as a result of development activities, acquisition and disposition activities and capital cost estimates. The following table sets forth development costs deducted in the estimation of Birchcliff’s future net revenue attributable to the reserves categories noted below, estimated using the 2024 Price Forecast:

    Year Proved
    ($000s)    		 Proved Plus Probable
    ($000s)
    2025 198,395 215,960
    2026 355,662 374,083
    2027 424,921 455,059
    2028 895,366 895,366
    2029 644,546 645,166
    Thereafter 849,599 2,299,368
    Total undiscounted 3,368,489 4,885,002

    FDC for proved reserves on an FD&A basis decreased to $3.37 billion at December 31, 2024 from $3.46 billion at December 31, 2023. FDC for proved plus probable reserves on an FD&A basis decreased to $4.89 billion at December 31, 2024 from $4.97 billion at December 31, 2023. The FDC to drill, case, complete, equip and tie-in for future locations in Birchcliff’s Pouce Coupe and Gordondale areas ($5.9 million per well) did not change from December 31, 2023 to December 31, 2024.

    The FDC for both proved and proved plus probable reserves are primarily the capital costs required to drill, case, complete, equip and tie-in the net undeveloped locations. The estimates of FDC on a proved and proved plus probable basis also include approximately $320 million (unescalated) for the continued expansion of the Pouce Coupe Gas Plant from the existing 340 MMcf/d to 660 MMcf/d of total throughput. The FDC for the expansion of the Pouce Coupe Gas Plant also include the costs of the related gathering pipelines and maintenance capital.

    F&D and FD&A Costs

    The following table sets forth Birchcliff’s F&D and FD&A costs for its PDP, total proved and total proved plus probable reserves for the three previous financial years, including FDC:

      2024(2) 2023 2022 3-Year Average
    F&D costs ($/boe)(1)        
    Proved Developed Producing 11.52(3) 13.16 10.24 11.43
    Total Proved n/a(4) 16.02 82.02 29.43
    Total Proved Plus Probable n/a(4) 24.90 n/a(5) 110.72
    FD&A costs ($/boe)(1)        
    Proved Developed Producing 11.42(6) 13.06 10.25 11.38
    Total Proved 53.86(7) 13.79 78.96 23.24
    Total Proved Plus Probable 50.39(8) 20.97 n/a(5) 49.27

    (1)  See “Advisories – Oil and Gas Metrics” for a description of the methodology used to calculate F&D and FD&A costs.

    (2)  Birchcliff’s F&D and FD&A capital expenditures were $273.1 million and $281.0 million, respectively, in 2024. Birchcliff’s F&D and FD&A capital expenditures included $18.8 million spent on strategics priorities in the Corporation’s Elmworth area for which there was no production or reserves assigned at year-end 2024.

    (3)  Birchcliff added 23.7 MMboe of PDP reserves in 2024, after adding back 2024 actual production of 28.1 MMboe and including all other PDP reserves adjustments in 2024, excluding acquisitions and dispositions.

    (4)  Birchcliff’s proved and proved plus probable reserves decreased in 2024, after adding back 2024 actual production of 28.1 MMboe. As a result of the year-over-year decrease in proved and proved plus probable reserves, the calculation for F&D costs for these reserves categories was not applicable in 2024.

    (5)  Birchcliff’s proved plus probable reserves decreased in 2022, after adding back 2022 actual production of 28.1 MMboe. As a result of the year-over-year decrease in proved plus probable reserves, the calculations for F&D and FD&A costs for this reserves category were not applicable in 2022.

    (6)  Birchcliff added 24.6 MMboe of PDP reserves in 2024, after adding back 2024 actual production of 28.1 MMboe and including all other PDP reserves adjustments in 2024.

    (7)  Includes the 2024 decrease in FDC from 2023 of $88.5 million on a proved basis. Birchcliff added 3.6 MMboe of proved reserves in 2024, after adding back 2024 actual production of 28.1 MMboe and including all other proved reserves adjustments in 2024.

    (8)  Includes the 2024 decrease in FDC from 2023 of $89.0 million on a proved plus probable basis. Birchcliff added 3.8 MMboe of proved plus probable reserves in 2024, after adding back 2024 actual production of 28.1 MMboe and including all other proved plus probable reserves adjustments in 2024.

    Recycle Ratios

    The following table sets forth Birchcliff’s F&D and FD&A operating netback recycle ratios for its PDP, total proved and total proved plus probable reserves for the three previous financial years, including FDC:

      2024 2023 2022 3-Year Average
    F&D operating netback recycle ratio(1)(2)        
    Proved Developed Producing 1.0x 1.1x 3.2x 1.7x
    Total Proved n/a(3) 0.9x 0.4x 0.7x
    Total Proved Plus Probable n/a(3) 0.6x n/a(4) 0.2x
    FD&A operating netback recycle ratio(1)(2)        
    Proved Developed Producing 1.0x 1.1x 3.2x 1.7x
    Total Proved 0.2x 1.1x 0.4x 0.8x
    Total Proved Plus Probable 0.2x 0.7x n/a(4) 0.4x

    (1)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (2)  Birchcliff’s operating netback was $11.02/boe in 2024 as compared to $14.74/boe in 2023 and $32.85/boe in 2022. Operating netback is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  As a result of the year-over-year decrease in proved and proved plus probable reserves, the calculation for F&D operating netback recycle ratio for these reserves categories was not applicable in 2024.

    (4)  As a result of the year-over-year decrease in proved plus probable reserves, the calculations for F&D and FD&A operating netback recycle ratio for this reserves category were not applicable in 2022.

    Reserves Replacement

    The following table sets forth Birchcliff’s 2024 reserves replacement on an F&D and FD&A basis for its PDP, total proved and total proved plus probable reserves:

    Reserves Category 2024 F&D Reserves Replacement(1)  2024 FD&A Reserves Replacement(1) 
    Proved Developed Producing 84 % 88 %
    Total Proved n/a(2) 13 %
    Total Proved Plus Probable n/a(2) 14 %

    (1)  See “Advisories – Oil and Gas Metrics” for a description of the methodology used to calculate reserves replacement.

    (2)  As a result of the 1.1 MMboe and 7.2 MMboe decrease in Birchcliff’s proved and proved plus probable reserves, respectively, in 2024, after adding back 2024 actual production of 28.1 MMboe, the calculation for F&D reserves replacement for theses reserves categories was not applicable in 2024.

    Reserves Life Index

    The following table sets forth Birchcliff’s reserves life index for its PDP, total proved and total proved plus probable reserves at December 31, 2024:

    Reserves Category Reserves Life Index(1)  
    Proved Developed Producing 7.7 years  
    Total Proved 23.6 years  
    Total Proved Plus Probable 34.3 years  

    (1)  See “Advisories – Oil and Gas Metrics” for a description of the methodology used to calculate reserves life index.

    ABBREVIATIONS

    AECO benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta
    bbl barrel
    bbls barrels
    bbls/d barrels per day
    BD/UM Basal Doig/Upper Montney
    boe barrel of oil equivalent
    boe/d barrel of oil equivalent per day
    condensate pentanes plus (C5+)
    F&D finding and development
    FD&A finding, development and acquisition
    G&A general and administrative
    GAAP generally accepted accounting principles for Canadian public companies, which are currently International Financial Reporting Standards as issued by the International Accounting Standards Board
    GJ/d gigajoules per day
    HH Henry Hub
    IP initial production
    LNG liquefied natural gas
    Mbbls thousand barrels
    Mboe thousand barrels of oil equivalent
    Mcf thousand cubic feet
    Mcf/d thousand cubic feet per day
    MMboe million barrels of oil equivalent
    MMBtu million British thermal units
    MMBtu/d million British thermal units per day
    MMcf million cubic feet
    MMcf/d million cubic feet per day
    NGLs natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and, except where otherwise noted, excludes condensate
    NPV net present value
    NYMEX New York Mercantile Exchange
    OPEC Organization of the Petroleum Exporting Countries
    PDP proved developed producing
    Q quarter
    TSX Toronto Stock Exchange
    WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
    000s thousands
    $000s thousands of dollars
       

    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below.

    Non-GAAP Financial Measures

    NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation. The non-GAAP financial measures used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP financial measures as indicators of Birchcliff’s performance. Set forth below is a description of the non-GAAP financial measures used in this press release.

    Adjusted Funds Flow and Free Funds Flow

    Birchcliff defines “adjusted funds flow” as cash flow from operating activities before the effects of decommissioning expenditures, retirement benefit payments and changes in non-cash operating working capital. Birchcliff eliminates settlements of decommissioning expenditures from cash flow from operating activities as the amounts can be discretionary and may vary from period to period depending on its capital programs and the maturity of its operating areas. The settlement of decommissioning expenditures is managed with Birchcliff’s capital budgeting process which considers available adjusted funds flow. Birchcliff eliminates retirement benefit payments from cash flow from operating activities as such payments reflect costs for past service and contributions made by eligible executives under the Corporation’s post-employment benefit plan, which are not indicative of the current period. Changes in non-cash operating working capital are eliminated in the determination of adjusted funds flow as the timing of collection and payment are variable and by excluding them from the calculation, the Corporation believes that it is able to provide a more meaningful measure of its operations and ability to generate cash on a continuing basis. Management believes that adjusted funds flow assists management and investors in assessing Birchcliff’s financial performance after deducting all operating and corporate cash costs, as well as its ability to generate the cash necessary to fund sustaining and/or growth capital expenditures, repay debt, settle decommissioning obligations, buy back common shares and pay dividends.

    Birchcliff defines “free funds flow” as adjusted funds flow less F&D capital expenditures. Management believes that free funds flow assists management and investors in assessing Birchcliff’s ability to generate shareholder value and returns through a number of initiatives, including but not limited to, debt repayment, common share buybacks, the payment of common share dividends, acquisitions and other opportunities that would complement or otherwise improve the Corporation’s business and enhance long-term shareholder value.

    The most directly comparable GAAP financial measure to adjusted funds flow and free funds flow is cash flow from operating activities. The following table provides a reconciliation of cash flow from operating activities to adjusted funds flow and free funds flow for the periods indicated:

      Three months ended
    December 31,
    		    Twelve months ended
    December 31,
    		  
    ($000s) 2024   2023   2024   2023  
    Cash flow from operating activities 45,641   79,006   203,710   320,529  
    Change in non-cash operating working capital 25,278   (6,248 ) 17,269   (19,477 )
    Decommissioning expenditures 919   1,457   1,964   3,775  
    Retirement benefit payments –   2,000   13,851   2,000  
    Adjusted funds flow 71,838   76,215   236,794   306,827  
    F&D capital expenditures (58,310 ) (58,166 ) (273,084 ) (304,637 )
    Free funds flow 13,528   18,049   (36,290 ) 2,190  

    Transportation and Other Expense

    Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities.

    The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated:

      Three months ended
    December 31,
    		   Twelve months ended
    December 31,
    		  
    ($000s) 2024   2023   2024   2023  
    Transportation expense 36,722   38,509   149,534   152,828  
    Marketing purchases 14,905   8,928   51,496   34,772  
    Marketing revenue (14,083 ) (8,532 ) (54,069 ) (30,521 )
    Transportation and other expense 37,544   38,905   146,961   157,079  

    Operating Netback

    Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations.

    The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated:

      Three months ended
    		   Twelve months ended
    		  
      December 31,
    		   December 31,
    		  
    ($000s) 2024   2023   2024   2023   2022  
    Petroleum and natural gas revenue 153,741   183,295   586,856   740,359   1,340,180  
    Royalty expense (9,033 ) (19,400 ) (39,608 ) (70,257 ) (161,226 )
    Operating expense (20,758 ) (26,808 ) (90,890 ) (105,809 ) (101,581 )
    Transportation and other expense (37,544 ) (38,905 ) (146,961 ) (157,079 ) (154,924 )
    Operating netback 86,406   98,182   309,397   407,214   922,449  

    FD&A and Total Capital Expenditures

    Birchcliff defines “FD&A capital expenditures” as exploration and development expenditures, less dispositions, plus acquisitions (if any). Birchcliff defines “total capital expenditures” as FD&A capital expenditures plus administrative assets. Management believes that FD&A capital expenditures and total capital expenditures assist management and investors in assessing Birchcliff’s overall capital cost structure associated with its petroleum and natural gas activities.

    The most directly comparable GAAP financial measure to FD&A capital expenditures and total capital expenditures is exploration and development expenditures. The following table provides a reconciliation of exploration and development expenditures to FD&A capital expenditures and total capital expenditures for the periods indicated:

      Three months ended
    		   Twelve months ended
    		  
      December 31,
    		   December 31,
    		  
    ($000s) 2024   2023   2024   2023  
    Exploration and development expenditures(1) 58,310   58,166   273,084   304,637  
    Acquisitions 8,076   2   8,169   190  
    Dispositions (100 ) (10 ) (258 ) (87 )
    FD&A capital expenditures 66,286   58,158   280,995   304,740  
    Administrative assets 387   1,383   1,750   3,176  
    Total capital expenditures 66,673   59,541   282,745   307,916  

    (1)  Disclosed as F&D capital expenditures elsewhere in this press release. See “Advisories – F&D Capital Expenditures”.

    Net Asset Value

    Birchcliff defines “net asset value” as property, plant and equipment, plus reserves premium adjustment (less reserves discount adjustment) for its PDP, total proved and total proved plus probable reserves (as the case may be), less total debt and plus the value of unexercised in-the-money stock options and performance warrants outstanding at the end of the period. Management believes that net asset value assists management and investors in assessing the long-term fair value of Birchcliff’s underlying reserves assets after settling its outstanding financial obligations.

    The most directly comparable GAAP financial measure to net asset value is property, plant and equipment. The following table provides a reconciliation of property, plant and equipment to net asset value for the periods indicated:

      Proved Developed Producing Total Proved Total Proved Plus Probable
    As at December 31, ($000s) 2024   2023   2024   2023   2024   2023  
    Property, plant and equipment 3,218,506   3,055,958   3,218,506   3,055,958   3,218,506   3,055,958  
    Reserves premium (discount) adjustment(1) (940,756 ) (435,894 ) 1,140,662   2,349,659   2,345,325   3,779,459  
    Total debt (535,557 ) (382,306 ) (535,557 ) (382,306 ) (535,557 ) (382,306 )
    Unexercised securities 34,961   16,717   34,961   16,717   34,961   16,717  
    Net asset value 1,777,154   2,254,475   3,858,572   5,040,028   5,063,235   6,469,828  

    (1)  Represents the premium or discount, as the case may be, between the net present value of future net revenue (before income taxes, discounted at 10%) of Birchcliff’s PDP, total proved and total proved plus probable reserves, as the case may be, and the property, plant and equipment disclosed on the financial statements.

    Effective Sales – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

    Birchcliff defines “effective sales” in the AECO market and NYMEX HH market as the sales amount received from the production of natural gas that is effectively attributed to the AECO and NYMEX HH market pricing, respectively, and does not consider the physical sales delivery point in each case. Effective sales in the NYMEX HH market includes realized gains and losses on financial instruments and excludes the notional fixed basis costs associated with the underlying financial contract in the period. Birchcliff defines “effective total natural gas sales” as the aggregate of the effective sales amount received in each natural gas market. Birchcliff defines “effective total corporate sales” as the aggregate of the effective total natural gas sales and the sales amount received from the production of light oil, condensate and NGLs. Management believes that disclosing the effective sales for each natural gas market assists management and investors in assessing Birchcliff’s natural gas diversification and commodity price exposure to each market.

    The most directly comparable GAAP financial measure to effective total natural gas sales and effective total corporate sales is natural gas sales. The following table provides a reconciliation of natural gas sales to effective total natural gas sales and effective total corporate sales for the periods indicated:

      Three months ended
    		  
      December 31,
    		  
    ($000s) 2024 2023  
    Natural gas sales 79,615 99,957  
    Realized gain (loss) on financial instruments 12,022 (2,583 )
    Notional fixed basis costs(1) 21,490 20,802  
    Effective total natural gas sales 113,127 118,176  
    Light oil sales 17,450 15,180  
    Condensate sales 37,985 49,135  
    NGLs sales 18,679 18,977  
    Effective total corporate sales 187,241 201,468  

    (1)  Reflects the aggregate notional fixed basis cost associated with Birchcliff’s financial and physical NYMEX HH/AECO 7A basis swap contracts in the period.

    Non-GAAP Ratios

    NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. The non-GAAP ratios used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Set forth below is a description of the non-GAAP ratios used in this press release.

    Adjusted Funds Flow Per Boe and Adjusted Funds Flow Per Basic Common Share

    Birchcliff calculates “adjusted funds flow per boe” as aggregate adjusted funds flow in the period divided by the production (boe) in the period. Management believes that adjusted funds flow per boe assists management and investors in assessing Birchcliff’s financial profitability and sustainability on a cash basis by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Birchcliff calculates “adjusted funds flow per basic common share” as aggregate adjusted funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that adjusted funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength on a per common share basis.

    Free Funds Flow Per Basic Common Share

    Birchcliff calculates “free funds flow per basic common share” as aggregate free funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that free funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength and its ability to deliver shareholder returns on a per common share basis.

    Transportation and Other Expense Per Boe

    Birchcliff calculates “transportation and other expense per boe” as aggregate transportation and other expense in the period divided by the production (boe) in the period. Management believes that transportation and other expense per boe assists management and investors in assessing Birchcliff’s cost structure as it relates to its transportation and marketing activities by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Operating Netback Per Boe

    Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback per boe assists management and investors in assessing Birchcliff’s operating profitability and sustainability by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Operating Netback Recycle Ratio

    Birchcliff calculates “operating netback recycle ratio” as operating netback per boe in the period divided by F&D or FD&A costs, as the case may be, for its PDP, proved and proved plus probable reserves, as the case may be, in the period. Management believes that operating netback recycle ratio assists management and investors in assessing Birchcliff’s ability to profitably find and develop its PDP, proved and proved plus probable reserves.

    Net Asset Value Per Common Share

    Birchcliff calculates “net asset value per common share” as the net asset value in each category of reserves divided by the aggregate of the basic common shares outstanding and in-the-money dilutive common shares attributable to stock options and performance warrants outstanding at the end of the period. Management believes that net asset value per common share assists management and investors in comparing Birchcliff’s common share trading price to the underlying fair market value of its net assets on a per common share basis.

    Effective Average Realized Sales Price – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

    Birchcliff calculates “effective average realized sales price” as effective sales, in each of total corporate, total natural gas, AECO market and NYMEX HH market, as the case may be, divided by the effective production in each of the markets during the period. Management believes that disclosing the effective average realized sales price for each natural gas market assists management and investors in comparing Birchcliff’s commodity price realizations in each natural gas market on a per unit basis.

    Capital Management Measures

    NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Set forth below is a description of the capital management measure used in this press release.

    Total Debt

    Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s Credit Facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments less the fair value of the current liability portion of financial instruments and less the current portion of other liabilities discounted to the end of the period. The current portion of other liabilities has been excluded from total debt as these amounts have not been incurred and reflect future commitments in the normal course of operations. Management believes that total debt assists management and investors in assessing Birchcliff’s overall liquidity and financial position at the end of the period. The following table provides a reconciliation of the amount outstanding under the Credit Facilities, as determined in accordance with GAAP, to total debt for the periods indicated:

    As at December 31, ($000s) 2024   2023  
    Revolving term credit facilities 566,857   372,097  
    Working capital deficit (surplus)(1) (88,953 ) 10,522  
    Fair value of financial instruments – asset(2) 71,038   3,588  
    Fair value of financial instruments – liability(2) –   (1,394 )
    Other liabilities(2) (13,385 ) (2,507 )
    Total debt 535,557   382,306  

    (1)  Current liabilities less current assets.

    (2)  Reflects the current portion only.

    PRESENTATION OF OIL AND GAS RESERVES

    Deloitte prepared the Deloitte Report and the 2023 Deloitte Report. In addition, Deloitte prepared a reserves evaluation in respect of Birchcliff’s oil and natural gas properties effective December 31, 2022. Such evaluations were prepared in accordance with the standards contained in NI 51-101 and the COGE Handbook that were in effect at the relevant time. Reserves estimates stated herein are extracted from the relevant evaluation.

    There are numerous uncertainties inherent in estimating quantities of oil, natural gas and NGLs (including condensate) reserves and the future net revenue attributed to such reserves. The reserves and associated future net revenue information set forth in this press release are estimates only. In general, estimates of economically recoverable oil, natural gas and NGLs reserves and the future net revenue therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserves recovery, the timing and amount of capital expenditures, marketability of oil, natural gas and NGLs, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially from actual results. For these reasons, estimates of the economically recoverable oil, natural gas and NGLs reserves attributable to any particular group of properties, the classification of such reserves based on risk of recovery and estimates of future net revenue associated with reserves prepared by different engineers, or by the same engineer at different times, may vary. Birchcliff’s actual production, revenue, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material.

    It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Corporation’s reserves estimated by the Corporation’s independent qualified reserves evaluator represent the fair market value of those reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. Actual oil, natural gas and NGLs reserves may be greater than or less than the estimates provided herein and variances could be material.

    In this press release, unless otherwise stated all references to “reserves” are to Birchcliff’s gross company reserves, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff.

    The information set forth in this press release relating to the reserves, future net revenue and future development costs of Birchcliff constitutes forward-looking statements and is subject to certain risks and uncertainties. See “Advisories – Forward-Looking Statements”.

    Certain terms used herein but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGE Handbook and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGE Handbook, as the case may be.

    ADVISORIES

    Unaudited Information

    All financial information contained in this press release for the fourth quarter and year ended December 31, 2024 is based on unaudited estimated financial information which has been disclosed in accordance with GAAP. These estimated results have not been reviewed by the Corporation’s auditor and are subject to change upon completion of the audited financial statements for the year ended December 31, 2024, and changes could be material. Birchcliff anticipates filing its audited financial statements and related management’s discussion and analysis for the year ended December 31, 2024 on SEDAR+ on March 12, 2025.

    Currency

    Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to “$” and “CDN$” are to Canadian dollars and all references to “US$” are to United States dollars.

    Boe Conversions

    Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    MMBtu Pricing Conversions

    $1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf.

    Oil and Gas Metrics

    This press release contains metrics commonly used in the oil and natural gas industry, including F&D costs, FD&A costs, reserves replacement, reserves life index, capital efficiency, operating netback, operating netback recycle ratio, net asset value and net asset value per common share, which have been determined by Birchcliff as set out below. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon.

    • With respect to F&D and FD&A costs:
      • F&D costs for PDP, proved or proved plus probable reserves, as the case may be, are calculated by taking the sum of: (i) exploration and development expenditures (F&D capital expenditures) incurred in the period; and (ii) where appropriate, the change during the period in FDC for the reserves category; divided by the applicable additions to the reserves category after adding back production in the period. F&D costs exclude the effects of acquisitions and dispositions.
      • FD&A costs for PDP, proved or proved plus probable reserves, as the case may be, are calculated by taking the sum of: (i) FD&A capital expenditures incurred in the period; and (ii) where appropriate, the change during the period in FDC for the reserves category; divided by the applicable additions to the reserves category after adding back production in the period.
      • In determining the F&D and FD&A costs for PDP, proved or proved plus probable reserves, as the case may be, the estimated reserves additions during the period and the change during the period in estimated FDC are based upon the evaluations of Birchcliff’s reserves prepared by its independent qualified reserves evaluator effective December 31 of such year.
      • The aggregate of the F&D and FD&A capital expenditures incurred in the most recent financial year and the change during that year in estimated FDC generally will not reflect total F&D and FD&A costs related to reserves additions for that year.
      • F&D and FD&A costs may be used as a measure of the Corporation’s efficiency with respect to finding and developing its reserves.
    • Reserves replacement on an F&D basis is calculated by dividing PDP, proved or proved plus probable reserves additions, as the case may be, before production by the total annual production in the applicable period. Reserves replacement on an FD&A basis is calculated in the same manner as F&D reserves replacement, but include the effects of acquisitions and dispositions. Reserves replacement may be used as a measure of the Corporation’s sustainability and its ability to replace its PDP, proved or proved plus probable reserves, as the case may be.
    • Reserves life index is calculated by dividing PDP, proved or proved plus probable reserves, as the case may be, estimated by Deloitte at December 31, 2024, by 77,500 boe/d (which represents the mid-point of Birchcliff’s annual average production guidance range for 2025) determined on an annualized basis. Reserves life index may be used as a measure of the Corporation’s sustainability.
    • Capital efficiency is calculated on an average well basis as drill, case, complete and equip capital expenditures divided by the IP365 boe/d for the applicable well(s). Birchcliff defines “IP365 boe/d” as the estimated average daily field production in the first 365 days a well is on-stream. Where field production data is not available for a well, Birchcliff uses the forecasted production data for that well. Capital efficiency is determined at the individual well level and then aggregated and averaged for the year. Management believes that capital efficiency assists management and investors in assessing Birchcliff’s asset performance, execution and ability to generate shareholder value.
    • For information regarding operating netback, operating netback recycle ratio, net asset value and net asset value per common share and how such metrics are calculated, see “Non-GAAP and Other Financial Measures”.

    Production

    With respect to the disclosure of Birchcliff’s production contained in this press release: (i) references to “light oil” mean “light crude oil and medium crude oil” as such term is defined in NI 51-101; (ii) references to “liquids” mean “light crude oil and medium crude oil” and “natural gas liquids” (including condensate) as such terms are defined in NI 51-101; and (iii) references to “natural gas” mean “shale gas”, which also includes an immaterial amount of “conventional natural gas”, as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. In certain cases, Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom.

    With respect to the disclosure of Birchcliff’s production contained in this press release, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff.

    F&D Capital Expenditures

    Unless otherwise stated, references in this press release to “F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP, and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized G&A costs and excludes any acquisitions, dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board. Management believes that F&D capital expenditures assists management and investors in assessing Birchcliff’s capital cost outlay associated with its exploration and development activities for the purposes of finding and developing its reserves.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward‐looking statements and forward-looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this press release relate to future events or Birchcliff’s future plans, strategy, operations, performance or financial position and are based on Birchcliff’s current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such forward‐looking statements are often, but not always, identified by the use of words such as “seek”, “plan”, “focus”, “future”, “outlook”, “position”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “guidance”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should”, “would”, “on track”, “maintain”, “deliver” and other similar words and expressions.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

    In particular, this press release contains forward‐looking statements relating to:

    • Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: Birchcliff’s belief that there is significant intrinsic shareholder value embedded in Birchcliff’s asset base that is not reflected in its current share price, as demonstrated by its PDP reserves net asset value per common share of $6.35 and $13.79 and $18.09 per share for its proved and proved plus probable reserves, respectively; that Birchcliff’s Elmworth asset provides Birchcliff with significant inventory and a large potential future development area; that Birchcliff’s strategy for 2025 builds off of the operational momentum from 2024, maintaining the Corporation’s focus on capital efficiency improvements and further driving down costs; that the Corporation’s 2025 capital program has been designed to ensure that its capital is strategically deployed throughout the year, providing it with the flexibility to adjust its capital spending if necessary in response to the commodity price volatility expected during 2025, including as a result of the potential for U.S. and Canadian tariffs and the start-up of LNG Canada; that the unutilized credit capacity under its Credit Facilities provides Birchcliff with significant financial flexibility and available capital resources; that Birchcliff believes its ongoing strategy of maintaining significant natural gas market diversification for 2025 will continue to protect the Corporation from volatility in the North American natural gas pricing environment, including as it relates to potential tariffs; and estimates of Birchcliff’s 2025 market diversification (including that approximately 41% of Birchcliff’s natural gas production is physically delivered to the Dawn trading hub in Ontario and that Birchcliff has U.S. denominated financial contracts that expose approximately 35% of its natural gas production to NYMEX HH pricing on a financial basis);
    • the information set forth under the heading “Update on 2025 Capital Program” and elsewhere in this press release regarding Birchcliff’s 2025 capital program and its exploration, production and development activities and the timing thereof, including: estimates of the Corporation’s 2025 F&D capital expenditures; that the wells in Birchcliff’s 2025 capital program are expected to yield strong production, using the Corporation’s latest field development practices and wellbore design, which incorporates longer lateral lengths, reduced stage spacing and increased proppant loading where appropriate; that the land retention well drilled and completed by the Corporation in Elmworth is not currently planned to be tied in; the targeted product types; and the expected timing for wells to be drilled, completed and brought on production;
    • statements regarding U.S. and Canadian tariffs, including that the Corporation believes that Canada’s over-reliance on exporting its energy into the U.S. must be addressed through the reduction of red tape and government interference in the construction of critical infrastructure such as oil and gas pipelines to the east and west coasts of Canada, LNG terminals on each coast and an increase in refining capacity within Canada, in order to diversify Canada’s energy export market; and that the Corporation continues to actively monitor this situation;
    • the information set forth under the heading “2024 Year-End Reserves” and elsewhere in this press release regarding the Corporation’s reserves, including: estimates of reserves; estimates of the net present values of future net revenue associated with Birchcliff’s reserves; forecasts of prices, inflation and exchange rates; FDC; reserves life index; and that the Corporation does not expect that the technical revisions relating to the 56 high-density wells drilled from 2019 to 2023 will negatively impact future reserves booked for other existing or future wells;
    • the performance and other characteristics of Birchcliff’s oil and natural gas properties and expected results from its assets, including statements regarding the potential or prospectivity of Birchcliff’s properties; and
    • that Birchcliff anticipates filing its annual information form and audited financial statements and related management’s discussion and analysis for the year ended December 31, 2024 on March 12, 2025.

    Information relating to reserves is forward-looking as it involves the implied assessment, based on certain estimates and assumptions, that the reserves exist in the quantities predicted or estimated and that the reserves can profitably be produced in the future. See “Presentation of Oil and Gas Reserves”.

    With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: prevailing and future commodity prices and differentials, exchange rates, interest rates, inflation rates, royalty rates and tax rates; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; the regulatory framework regarding royalties, taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future laws; future cash flow, debt and dividend levels; future operating, transportation, G&A and other expenses; Birchcliff’s ability to access capital and obtain financing on acceptable terms; the timing and amount of capital expenditures and the sources of funding for capital expenditures and other activities; the sufficiency of budgeted capital expenditures to carry out planned operations; the successful and timely implementation of capital projects and the timing, location and extent of future drilling and other operations; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; the performance of existing and future wells; reserves volumes and Birchcliff’s ability to replace and expand reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; the approval of the Board of future dividends; the ability to obtain any necessary regulatory or other approvals in a timely manner; the satisfaction by third parties of their obligations to Birchcliff; the ability of Birchcliff to secure adequate processing and transportation for its products; Birchcliff’s ability to successfully market natural gas and liquids; the results of the Corporation’s risk management and market diversification activities; and Birchcliff’s natural gas market exposure. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking statements contained in this press release:

    • Birchcliff’s forecast of F&D capital expenditures assumes that the Corporation’s 2025 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials.
    • With respect to estimates of reserves volumes and the net present values of future net revenue associated with Birchcliff’s reserves, the key assumption is the validity of the data used by Deloitte in the Deloitte Report.
    • With respect to statements regarding future wells to be drilled or brought on production, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells.

    Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; volatility of crude oil and natural gas prices; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; fluctuations in exchange and interest rates; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s Credit Facilities, including a failure to comply with covenants under the agreement governing the Credit Facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; uncertainties related to Birchcliff’s future potential drilling locations; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major producers of crude oil and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental laws, climate change laws, carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry (including uncertainty with respect to the interpretation of Bill C-59 and the related amendments to the Competition Act (Canada)); political uncertainty and uncertainty associated with government policy changes, including the risk of U.S. tariffs on goods exported from Canada and any retaliatory tariffs implemented; actions by government authorities; an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry and fossil fuels; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate.

    Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in Birchcliff’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2023 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.

    This press release contains information that may constitute future-oriented financial information or financial outlook information (collectively, “FOFI”) about Birchcliff’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Birchcliff’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Birchcliff has included FOFI in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that such information may not be appropriate for other purposes.

    Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that this information may not be appropriate for other purposes.

    The forward-looking statements and FOFI contained in this press release are expressly qualified by the foregoing cautionary statements. The forward-looking statements and FOFI contained herein are made as of the date of this press release. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.

    ABOUT BIRCHCLIFF:

    Birchcliff is an intermediate oil and natural gas company based in Calgary, Alberta with operations focused on the Montney/Doig Resource Play in Alberta. Birchcliff’s common shares are listed for trading on the TSX under the symbol “BIR”.

    For further information, please contact:
    Birchcliff Energy Ltd.
    Suite 1000, 600 – 3rd Avenue S.W.
    Calgary, Alberta T2P 0G5
    Telephone: (403) 261-6401
    Email: birinfo@birchcliffenergy.com
    www.birchcliffenergy.com    		   Chris Carlsen – President and Chief Executive Officer

    Bruno Geremia – Executive Vice President and Chief Financial Officer

    The MIL Network –

  • MIL-OSI: ConnectM Raises Q4 ‘24 Revenue Guidance to $9M, Up 102% Year-over-Year, Surpassing Prior Estimates by $2M

    Source: GlobeNewswire (MIL-OSI)

    ~Revised FY2024 revenue guidance is $26.3M instead of previous guidance of $24M

    ~Company expects to provide Q1 ‘25 guidance in the next two weeks~

    MARLBOROUGH, Mass., Feb. 12, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced a significant upward revision to its previously announced Q4 2024 preliminary revenue guidance of $7 million. The Company now anticipates Q4 2024 revenue of approximately $9 million, a 102% increase compared to $4.5 million revenue in Q4 2023.

    The revised Q4 ’24 guidance elevates ConnectM’s full-year 2024 revenue projection to $26.3 million, reflecting 33% year-over-year growth compared to full-year 2023. This performance underscores the Company’s accelerating momentum in delivering innovative technology solutions and capturing market share across its core verticals.

    Strategic Drivers of Growth
    ConnectM attributes this exceptional growth to increased demand for its proprietary technology platforms, expanded customer acquisitions, and operational efficiencies. The Company’s ability to exceed previous forecasts highlights the success of its strategic focus on customer-centric solutions.

    Bhaskar Panigrahi, Chairman and CEO of ConnectM, stated: “Today’s upward revision is a testament to the relentless execution of our team and the scalability of our solutions in a dynamic market environment. Achieving 102% year-over-year growth in Q4—surpassing our initial expectations—demonstrates the power of our innovation and the trust our customers place in ConnectM. As we close out 2024, we are not only celebrating a record year but also laying the groundwork for sustained growth and value creation for our stockholders in 2025 and beyond.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.  

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    The MIL Network –