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Category: Americas

  • MIL-OSI USA: Rep. Pfluger Delivers Remarks on Confucius Institutes

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    Watch his remarks here or read them as prepared for delivery below.

    Mr. Speaker, I rise in support of my bill, H.R. 881, the DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act. I have long been concerned about the threats the Chinese Communist Party (CCP) poses to our homeland.

    In the Homeland Security Committee and on my Subcommittee on Counterterrorism and Intelligence, we have heard from a wide array of national security experts and law enforcement officials who have continuously raised alarms about the CCP’s increasing subversive activities inside our country through organizations like the CCP’s Confucious Institutes, the Thousand Talents Program, and other CCP-affiliated groups.

    While Confucius Institutes are presented as centers for promoting Chinese language and culture, it is proven that they have been used to steal critical research, recruit talent for Military-Civil fusion enterprises, conduct espionage, commit transnational repression, and influence academic institutions to the benefit of the CCP.

    At their peak, the United States hosted approximately 118 Confucius Institutes, primarily at colleges and universities. There are fewer than 14 active Confucius Institutes today, but the danger remains. Many of these programs have rebranded themselves within universities with the same mission as before: to subvert national security and expand CCP influence operations.

    Another example is the CCP’s Thousand Talents Program, which the FBI has listed as the most prolific sponsor of state-sponsored talent recruitment programs that bring outside knowledge and innovation back to China, often through stealing trade secrets, breaking export control laws, or violating conflict-of-interest policies. These talent recruitment programs are a win-win for China. China wins twice. First, U.S. taxpayers are funding this research, not China. Second, China then uses the research it would not otherwise have to advance its own economic and military interests.

    Today, we are debating H.R. 881, my legislation that would prohibit DHS from funding American universities that host a Confucius Institute or Thousand Talents Program or maintain relationships with Chinese entities of concern. H.R. 881 also ensures that universities prioritize the education of their students over any partnerships with these institutes.

    This legislation passed the House last year with bipartisan support, and this year, H.R. 881 passed through the Committee on Homeland Security with unanimous bipartisan support. I want to thank Chairman Green, Ranking Member Thompson, my counterpart on the Subcommittee on Counterterrorism and Intelligence, Ranking Member Magaziner, and the Committee on Homeland Security staff for moving this critical legislation forward.

    The DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act would play a vital role in protecting our students, intellectualproperty, and national security. Together, this effort demonstrates a unified, bipartisan way to protect our nation from the insidious influence of the CCP and that our students, our intellectual property, and our national security are all protected from the malign influence of the CCP.

    I urge all of my Republican and Democrat colleagues to support this legislation. Thank you, and I reserve the balance of my time.


    Background:

    Confucius Institutes have historically been presented as centers for promoting Chinese language and culture, but unfortunately, they have proven to be far from that. Confucius Institutes have been used to steal critical research, recruit talent for Military-Civil fusion enterprises, conduct espionage, commit transnational repression, and influence academic institutions to the benefit of the CCP.

    At their peak, the United States hosted approximately 118 Confucius Institutes, primarily at colleges and universities. There are fewer than 14 active Confucius Institutes today, but the danger remains. Many of these programs have rebranded themselves within universities with the same mission as before: to subvert national security and expand CCP influence operations.

    Chairman Pfluger has led this legislation since the 117th Congress. Earlier this year, he reintroduced the “DHS Restrictions on Confucius Institutes Act, and held a CTI Subcommittee hearing to combat threats posed by the Chinese Communist Party to U.S. National Security. During the hearing, Chairman Pfluger had experts agree with the need for his legislation, stating that federal funding should be restricted from universities with Confucius institutes.

    Following the hearing, Chairman Pfluger’s legislation passed through the House Committee on Homeland Security’s legislative markup with bipartisan support.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Relief to North Dakota Small Businesses and Private Nonprofits Affected by Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in North Dakota to offset economic losses caused by drought beginning April 15.

    The declaration includes the North Dakota counties of Billings, Burke, Burleigh, Divide, Dunn, Golden Valley, McHenry, McKenzie, McLean, Mercer, Mountrail, Oliver, Sheridan, Slope, Stark, Ward and Williams as well as the Montana counties of Richland, Roosevelt, Sheridan and Wibaux.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.62% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to SBA no later than Dec. 22.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Cameroonian citizen believed to be living in Canada is wanted for elder fraud, money laundering abusing the asylum system

    Source: US Immigration and Customs Enforcement

    LOS ANGELES – An arrest warrant for a Cameroonian citizen involved in a complex money laundering and elder fraud conspiracy was issued April 14, by a federal judge pursuant to a U.S. Immigration and Customs Enforcement investigation in close coordination with the FBI’s Honolulu Field Office, the U.S. Department of State’s Diplomatic Security Service, and the United States Postal Inspection Service.

    Leslie Kibula Bongajum, 34, is charged with one count of conspiracy to commit money laundering and faces a maximum of 20 years in federal prison if convicted.

    Bongajum is the fourth Cameroonian national to be charged in a complex money laundering conspiracy being perpetuated by members of a transnational criminal organization carrying out various elder fraud scams and laundering the money stolen from their victims.

    Three additional Cameroonian nationals and conspirators of Bongajum were arrested in southern California Feb. 27. Sylas Nyuydzene Verdzekov, 38, of Chino Hills, and Lovert Che, 44, of Lomita, Mustapha Nkachiwouo Selly Yamie, 29, of Inglewood are charged with conspiracy to commit money laundering. At the time of their arrest, Bongajum was sought as a person of interest.

    According to the criminal complaint, from at least November 2021 and continuing to the present, Bongajum, Verdzekov, Yamie, and Che, and their co-conspirators, created fake identification documents of fictitious people, including passports and driver’s licenses. Using these fake documents, the defendants and their co-conspirators created at least 36 shell companies in California, which conducted no legitimate business and were created solely to advance their crimes.

    Bongajum, Verdzekov, Yamie, and Che, and their co-conspirators, also opened at least 145 bank accounts and at least 32 private mailboxes across southern California using fake identities and sham businesses.

    In one scheme specifically targeting elderly victims using phone calls and email pop-ups, the defendants and their co-conspirators posed as law enforcement personnel or employees with well-known companies attempting to help the victims maintain the security of their accounts. They then allegedly fabricated claims of victim bank accounts or payment accounts being compromised and needing to be resolved quickly.

    The defendants and their co-conspirators convinced the victims of their purported authority through pictures of fake badges and fake job titles, then requested the victims’ personally identifiable information and bank account information. Victims were told they needed to move money from their corrupted accounts quickly to ensure they kept all their money, and to move it into accounts that Bongajum, Verdzekov, Yamie, and Che and their co-conspirators, fraudulently opened and controlled. Victims typically moved money via electronic bank transfers, money orders, cashier’s checks, or personal checks into these fraudulent bank accounts or mailboxes.

    The defendants and their co-conspirators then deposited the ill-gotten gains into the bank accounts they controlled with the intent of disguising the ownership and control of the funds. Bongajum, Verdzekov, Yamie, and Che and their co-conspirators then withdrew large cash amounts to use the stolen funds on personal expenses, including rental payments.

    In a similar scam, the defendants and their co-conspirators allegedly posed as a real estate owner selling property. Using fake identification and credentials, the defendants deceived victims into believing that they were entering into a legitimate sale of the property and tricked the victims into wiring money or mailing a check to an account or mailbox the defendants and their co-conspirators controlled.

    In total, Bongajum, Verdzekov, Yamie, and Che and their co-conspirators, laundered at least $10 million in funds taken from at least 100 victims.

    Authorities obtained information that Bongajum has fled to Canada after learning authorities had evidence of his involvement in the criminal conspiracy. They also learned that Bongajum falsified information on his application to seek asylum in the United States and was exploiting the United States immigration system to obtain a benefit he was not qualified for.

    To date, four other Cameroonian nationals associated with this criminal organization have been arrested for immigration violations.

    If convicted, Bongajum, Verdzekov, Yamie, and Che face a statutory maximum of 20 years in federal prison.

    Indictments contain allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    To report suspected cybercrime, contact the ICE tip-line at 1-866-DHS-2-ICE or submit the online tip form.

    Learn more about ICE HSI’s mission to protect the U.S. economy in your community on X at @HSILosAngeles.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta and Secretary of State Weber Again Urge Appellate Court to Intervene in Huntington Beach Voter ID Lawsuit

    Source: US State of California

    Wednesday, May 7, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    Appellate court previously expressed reservations about arguments advanced by Huntington Beach

    SACRAMENTO — California Attorney General Rob Bonta and Secretary of State Shirley N. Weber, Ph.D. today requested relief from the California Fourth District Court of Appeal, Division Three concerning the City of Huntington Beach’s voter identification (voter ID) law, Measure A. With scant analysis, the lower court — the Orange County Superior Court — denied on April 7 the State’s petition for writ of mandate, which asserted that state law prohibits and overrides Measure A. According to the lower court, the City’s voter ID rules could be imposed because conflicting state law “do[es] not implicate matters of statewide concern.” Today’s filing asks the appellate court to intervene by setting aside the April 7 order and directing the Orange County Superior Court to grant the State’s petition for writ of mandate.

    “Secretary of State Weber and I continue to believe that the Orange County Superior Court got it wrong. As a result, we’re once again asking the California Fourth District Court of Appeal to step in,” said Attorney General Bonta. “Our elections are already secure, and applicants who register to vote in California are already required to verify their identity during the registration process and at the polls. We remain confident that Measure A will ultimately be struck down, especially because the appellate court previously expressed reservations about Huntington Beach’s argument that it can regulate its elections without any state interference.”  

    “The City’s unapologetic efforts to impose voter identification requirements in its local elections clearly violate state law,” said Secretary of State Weber. “It is an unfortunate continuation of a long line of voter suppression efforts that would disenfranchise its residents and has no place in California.”

    Attorney General Bonta and Secretary of State Weber first requested relief from the California Fourth District Court of Appeal on February 13, asking the court to resolve the whole case on the merits rather than solely on the narrower question of ripeness. A week later, a three-judge panel of the appellate court issued a unanimous order. According to the order, the lower court’s “conclusion that this matter is not ripe for decision is problematic” and the City’s argument that “it had a constitutional right to regulate its own municipal elections free from state interference . . . is also problematic.” The appellate court also instructed the lower court to decide whether it would modify its earlier orders granting the City’s motion to dismiss the case. On February 27, the Orange County Superior Court vacated its earlier orders, concluded that “there is a ripe justiciable controversy,” and set a hearing on the State’s petition for writ of mandate. 

    In this filing, Attorney General Bonta and Secretary of State Weber argue that the appellate court’s intervention is necessary because this case presents an issue of great statewide, public importance with significant implications for the successful administration of upcoming elections, the protection of the right to vote, and the constitutional separation of powers between charter cities and the State.

    A copy of today’s filing can be found here.

    # # #

    MIL OSI USA News –

  • MIL-OSI: Pieridae Releases Q1 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

    CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) announces the release of its first quarter 2025 financial and operating results. The Company produced 22,584 boe/d and generated Net Operating Income1 (“NOI”) of $32.6 million during the first quarter of 2025. Management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes for the quarter ended March 31, 2025 are available at www.pieridaeenergy.com and on SEDAR+ at www.sedarplus.ca.

    “Pieridae continues building momentum this quarter with strong financial results driven, in part, by proactive decision making from our management team,” said Darcy Reding, President and CEO. “During the first quarter, we restarted 1,800 boe/d of previously shut-in dry gas volumes in response to improvements in AECO natural gas prices. We also monetized a portion of our in-the-money 2026 and 2027 natural gas financial hedge position, generating proceeds of $10.2 million which we used to reduce debt, while increasing exposure of our 2026 and 2027 natural gas production to future market prices. Our team remains focused on key milestones and catalysts in 2025, highlighted by continued debt reduction, growth in our third-party gathering and processing business, and the December 31, 2025 expiration of a long-term fixed price sulphur marketing agreement.”

    Q1 2025 HIGHLIGHTS

    • Generated NOI of $32.6 million ($0.11 per basic and fully diluted share).
    • Generated Funds Flow from Operations1 of $21.7 million ($0.07 per basic and fully diluted share).
    • Incurred operating expenses of $44.0 million, down 15% from Q1 2024, reflecting both production shut-ins and the continued reduction of field and facility operating cost structure.
    • Produced 22,584 boe/d (78% natural gas), down 35% from Q1 2024 due to the voluntary shut-in of approximately 9,400 boe/d of uneconomic dry gas production from Q3 2024 through February 2025 and an unplanned outage at the Jumping Pound gas plant from late February to early April.
    • Completed additional routine maintenance during the Q1 Jumping Pound gas plant outage that permitted deferral of the plant’s scheduled 2026 maintenance turnaround by one year to 2027.
    • Restarted approximately 1,800 boe/d shut-in Northeast BC and Northern Alberta production, benefitting from stronger gas prices during Q1.
    • Increased third-party raw gas processing volumes to 81.8 MMcf/d, up 40% from Q1 2024 and highlighted by the Caroline gas plant’s 58.9 MMcf/d contribution, up 122% from Q1 2024.   
    • Executed capital expenditure activity of $6.5 million, primarily on the Super Claus sulphur condenser repair at the Jumping Pound gas plant, along with well and facility optimization projects.
    • Completed a hedge monetization transaction in March 2025 for a portion of 2026 and 2027 natural gas contracts for net proceeds of $10.2 million and repaid a portion of the senior term loan.
    • Reduced Net Debt1 to $185.4 million, a $12.1 million decrease from Q4 2024.
    • Proposed a name change to Cavvy Energy Ltd. in support of our corporate strategy, subject to shareholder approval at the Company’s Annual and Special Meeting of Shareholders on May 8, 2025.

    ________________

    1Refer to the “non-GAAP measures” section of the Company’s MD&A.

           
      2025 2024 2023
    ($ 000s unless otherwise noted) Q1   Q4   Q3   Q2   Q1   Q4   Q3   Q2  
    Production                                
    Natural gas (Mcf/d) 105,338   111,787   115,196   157,077   175,356   174,211   155,763   159,427  
    Condensate (bbl/d) 2,454   2,149   2,191   2,472   2,781   2,384   2,020   2,300  
    NGLs (bbl/d) 2,574   1,788   1,726   2,210   2,613   1,921   2,273   2,216  
    Sulphur (tonne/d) 1,076   968   1,444   1,376   1,491   1,284   1,124   1,362  
    Total production (boe/d) (1) 22,584   22,568   23,116   30,861   34,620   33,340   30,253   31,087  
    Third-party volumes processed (Mcf/d raw) (2) 81,777   71,497   66,518   52,410   58,423   67,350   57,363   51,973  
    Financial                                
    Natural gas price ($/Mcf)                                
    Realized before Risk Management Contracts (3) 2.24   1.55   0.77   1.14   2.53   2.32   2.65   2.39  
    Realized after Risk Management Contracts (3) 3.58   3.36   3.43   2.71   3.21   3.12   3.25   3.03  
    Benchmark natural gas price 2.14   1.46   0.68   1.17   2.48   2.29   2.59   2.40  
    Condensate price ($/bbl)                                
    Realized before Risk Management Contracts (3) 95.15   94.87   92.13   99.96   91.18   97.15   97.47   84.81  
    Realized after Risk Management Contracts (3) 88.29   90.61   84.61   87.75   84.49   86.34   80.49   105.84  
    Benchmark condensate price ($/bbl) 100.24   98.85   97.10   105.62   98.43   104.30   106.30   93.25  
    Sulphur price ($/tonne)                                
    Realized sulphur price (4) 17.00   12.09   8.86   18.43   14.49   22.54   13.34   22.78  
    Benchmark sulphur price 246.36   180.54   128.47   103.19   94.84   118.29   107.09   114.92  
    Net income (loss) 2,666   (20,921 ) 7,496   (19,196 ) (6,284 ) 7,414   (16,254 ) 4,182  
    Net income (loss) $ per share, basic 0.01   (0.08 ) 0.04   (0.12 ) (0.04 ) 0.05   (0.11 ) 0.03  
    Net income (loss) $ per share, diluted 0.01   (0.08 ) 0.04   (0.12 ) (0.04 ) 0.03   (0.11 ) 0.03  
    Net operating income (5) 32,550   13,720   19,818   7,652   23,418   25,441   11,650   43,843  
    Cashflow provided by (used in) operating activities 22,612   (592 ) 2,260   (1,555 ) 7,049   31,983   7,577   27,533  
    Funds flow from operations (5) 21,707   2,824   8,234   (4,874 ) 12,044   14,269   (1,422 ) 35,432  
    Total assets 571,470   612,423   615,040   585,940   590,531   638,541   564,921   575,849  
    Adjusted working capital deficit (5) (30,540 ) (29,777 ) (42,658 ) (37,986 ) (31,671 ) (31,830 ) (21,454 ) (6,258 )
    Net debt (5) (185,438 ) (197,564 ) (206,779 ) (219,204 ) (209,964 ) (204,046 ) (205,536 ) (181,670 )
    Capital expenditures (6) 6,538   5,800   10,002   5,003   4,897   9,306   16,363   9,384  
    (1)  Total production excludes sulphur.
    (2)  Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals.
    (3)  Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, (together “Risk Management Contracts”). The realized natural gas price after Risk Management Contracts shown above is normalized to exclude the impact of the hedge monetization.
    (4)  Realized sulphur price is net of customary deductions such as transportation, market and storage fees.
    (5)  Refer to the “Net Operating Income”, “Capital Resources”, “Funds Flow from Operations” and “Working Capital and Capital Strategy” sections of the Company’s MD&A for reference to non-GAAP measures.
    (6)  Excludes reclamation and abandonment activities.
     

    OUTLOOK

    Pieridae’s priority remains strengthening our balance sheet while safely sustaining production, increasing the utilization of the Company’s gas processing facilities by attracting incremental third-party volumes, implementing cost reduction initiatives, optimizing infrastructure, and executing non-core asset dispositions to maintain profitability during all periods of the commodity cycle.

    The Company’s 2025 guidance remains unchanged as follows:

        2025 Guidance
    ($ 000s unless otherwise noted)   Low   High
    Total production (boe/d) (1)   23,000   25,000
    Net operating income (2)(4)(5)   75,000   95,000
    Operating netback ($/boe) (3)(4)(5)   9.00   11.00
    Capital expenditures   25,000   30,000
    (1)  2025 production guidance assumes persistence of previously announced shut-ins in Central AB through 2025
    (2)  Refer to the “Net Operating Income” section of the Company’s MD&A for reference to non-GAAP measures.
    (3)  Refer to “Operating Netback” section of the Company’s MD&A for reference to non-GAAP measures.
    (4)  Assumes unhedged average 2025 AECO price of $2.45/GJ and average 2025 WTI price of US$ 63.97/bbl.
    (5)  Accounts for impact of hedge contracts in place at May 7, 2025.
     

    Specific priorities for 2025 remain:

    • Sustain a safe and regulatory compliant business
    • Minimize facility outages to maximize sales and processing revenue
    • Further grow the third-party gathering and processing business at our operated facilities
    • Meaningfully reduce operating expenses to improve corporate netback
    • Deliver attractive ROI on value adding optimization projects included in the 2025 capital program
    • Reduce long term debt to improve financial flexibility

    During the second and third quarters of 2024, several low margin, dry gas properties in Northern AB, Northeast BC, and Central AB, all producing to non-operated facilities, were shut-in due to low AECO natural gas prices and high variable operating costs. Since these decisions were made, AECO pricing has improved. As a result, approximately 1,000 boe/d of production in Northern AB and 800 boe/d of production in Northeast BC was re-started in February and March 2025, respectively, but may be shut-in once again if sustained AECO pricing does not justify ongoing production. Currently, shut-in production in Central AB representing approximately 8,000 boe/d, or 24% of the Company’s production capability, is expected to remain shut-in throughout 2025, which is reflected in the 2025 production guidance of 23,000 to 25,000 boe/d.

    An ongoing strategic priority is to continue to grow third-party gathering and processing revenues at our operated facilities. Management believes there is strong upside potential for cash flow growth from the third-party gathering and processing business, particularly in the Caroline region where the Company has increased raw third-party volumes by 122% over the last four quarters as area producers continue to bring on new production.

    The Company has 110,000 GJ/d of its 2025 natural gas production hedged at a weighted average fixed price of $3.32/GJ, and 1,679 bbl/d of its 2025 condensate production hedged with a weighted average floor price of CAD$84.42/bbl and a weighted average ceiling price of CAD$92.32/bbl. The Company’s aggregate hedge position for 2025 totals 19,055 boe/d, or approximately 80% of the above production guidance range.

    Pieridae’s legacy fixed price sulphur contract, which was entered into in 2019, expires on December 31, 2025. Under this contract, the Company receives a net fixed price of approximately $6/tonne for the majority of its sulphur production capability of approximately 1,400 tonnes per day. Beginning January 1, 2026, the Company will receive market price for all sulphur production, less normal deductions for transportation, handling, and marketing, representing a significant potential revenue opportunity. As of May 7, 2025, the spot west coast sulphur price was approximately US$270/tonne, prior to royalties, transportation and marketing costs.

    The $25.0 to $30.0 million 2025 capital guidance includes approximately $10.0 million of high-impact well and facility optimization expenditures funded with the equity raised during Q4 2024. These high return, short payout capital projects are expected to increase sales revenue, improve facility efficiency, reduce operating cost and fuel gas consumption, and lower GHG compliance costs. Spending on this program commenced in Q4 2024 and will continue throughout 2025. The remainder of the 2025 capital program is focused on routine capital maintenance, field operating technology upgrades, and site closure / decommissioning expenditures in Alberta and BC. Notably, Pieridae has not scheduled major maintenance turnaround activity at any of the Company’s deep-cut, sour gas processing facilities during 2025 given the successful completion of gas plant turnarounds and other maintenance projects in 2023, 2024 and Q1 2025.  The next major maintenance turnaround is scheduled for 2026.

    Due to the current outlook for North American natural gas prices, Pieridae is not planning to resume drilling operations in 2025. The Company will only exploit its portfolio of high impact conventional Foothills drilling opportunities once natural gas prices sustainably recover and the Company has achieved its deleveraging target.

    HEDGE POSITION

    Pieridae hedges to mitigate commodity price, interest rate and foreign exchange volatility to protect the cash flow required to fund the Company’s operations, capital requirements and debt service obligations, while allowing the Company to participate in future commodity price upside. Pieridae continues to execute its risk management program governed by its hedge policy and in compliance with the thresholds required by senior secured lenders. As of March 31, 2025, the Company is hedged in accordance with the requirements of the senior loan agreement. The discounted unrealized gain on the Company’s hedge portfolio at May 7, 2025 was approximately $39.8 million using the forward strip on May 7, 2025.

    The tables below summarize Pieridae’s hedge portfolio for natural gas, condensate (“C5+”) and power as of May 7, 2025:

    2025-2026 Hedge Portfolio(1) Q125 Q225 Q325 Q425 2025 Q126 Q226 Q326 Q426 2026
    AECO Natural Gas Sales                    
    Total Hedged (GJ/d) 110,000 110,000 110,000 110,000 110,000 78,502 71,855 58,340 55,025 65,845
    Avg Hedge Price (C$/GJ) $3.32 $3.32 $3.32 $3.32 $3.32 $3.32 $3.34 $3.39 $3.40 $3.36
    WTI / C5+ Sales                    
    Total Hedged (bbl/d) 1,721 1,692 1,663 1,641 1,679 1,622 1,529 1,364 1,350 1,465
    Avg Collar Cap Price (C$/bbl) $92.73 $92.45 $92.03 $92.05 $92.32 $91.69 $90.94 $91.67 $91.68 $91.48
    Avg Collar Floor Price (C$/bbl) $84.14 $84.25 $84.61 $84.67 $84.42 $84.09 $83.83 $85.64 $85.70 $84.82
    Power Purchases                    
    Total Hedged (MW) 55 55 55 55 55 45 45 45 45 45
    Avg Hedge Price (C$/MWh) $79.22 $79.10 $79.07 $79.08 $79.12 $75.87 $75.88 $75.88 $75.88 $75.88
    2027-2028 Hedge Portfolio(1) Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028
    AECO Natural Gas Sales                    
    Total Hedged (GJ/d) 53,340 28,154 – – 20,172 – – – – –
    Avg Hedge Price (C$/GJ) $3.40 $3.40     $3.40         –
    WTI / C5+ Sales                    
    Total Hedged (bbl/d) 1,171 1,151 1,125 1,125 1,143 785 750 – – 382
    Avg Collar Cap Price (C$/bbl) $91.40 $88.80 $90.05 $90.05 $90.08 $90.40 $86.50 – – $88.50
    Avg Collar Floor Price (C$/bbl) $84.37 $84.08 $90.05 $90.05 $87.14 $90.40 $86.50 – – $88.49
    Power Purchases                    
    Total Hedged (MW) 25 25 25 25 25         –
    Avg Hedge Price (C$/MWh) $70.19 $70.19 $70.19 $70.19 $70.19         –
    (1) Includes forward physical sales contracts and financial derivative contracts as of May 7, 2025
     

    CONFERENCE CALL DETAILS

    A conference call and webcast to discuss the results will be held on Thursday, May 8, 2025, at 1:30 p.m. MDT / 3:30 p.m. EDT, following the formal business conducted at the Annual General and Special Meeting of Shareholders. To participate in the webcast or conference call, you are asked to register using one of the links provided below.

    To register to participate via webcast please follow this link:     

    https://edge.media-server.com/mmc/p/xk53vcfn

    Alternatively, to register to participate by telephone please follow this link:

    https://register-conf.media-server.com/register/BIf4a11631ac334142b7d1671fbf810fbb

    A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above.

    ABOUT PIERIDAE

    Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares trade on the TSX under the symbol “PEA”.

    For further information, visit www.pieridaeenergy.com, or please contact:

    Darcy Reding, President & Chief Executive Officer Adam Gray, Chief Financial Officer
    Telephone: (403) 261-5900 Telephone: (403) 261-5900
       
    Investor Relations  
    investors@pieridaeenergy.com   
       

    Forward-Looking Statements
    Certain of the statements contained herein including, without limitation, management plans and assessments of future plans and operations, Pieridae’s outlook, strategy and vision, intentions with respect to future acquisitions, dispositions and other opportunities, including exploration and development activities, Pieridae’s ability to market its assets, plans and timing for development of undeveloped and probable resources, Pieridae’s goals with respect to the environment, relations with Indigenous people and promoting equity, diversity and inclusion, estimated abandonment and reclamation costs, plans regarding hedging, plans regarding the payment of dividends, wells to be drilled, the weighting of commodity expenses, expected production and performance of oil and natural gas properties, results and timing of projects, access to adequate pipeline capacity and third-party infrastructure, growth expectations, supply and demand for oil, natural gas liquids and natural gas, industry conditions, government regulations and regimes, capital expenditures and the nature of capital expenditures and the timing and method of financing thereof, may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”). Words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “continue”, “focus”, “endeavor”, “commit”, “shall”, “propose”, “might”, “project”, “predict”, “vision”, “opportunity”, “strategy”, “objective”, “potential”, “forecast”, “estimate”, “goal”, “target”, “growth”, “future”, and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.

    Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources and the risk factors outlined under “Risk Factors” and elsewhere herein. The recovery and resources estimate of Pieridae’s reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

    Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Pieridae operates; the timely receipt of any required regulatory approvals; the ability of Pieridae to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Pieridae has an interest in to operate the field in a safe, efficient and effective manner; the ability of Pieridae to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Pieridae to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Pieridae operates; timing and amount of capital expenditures; future sources of funding; production levels; weather conditions; success of exploration and development activities; access to gathering, processing and pipeline systems; advancing technologies; and the ability of Pieridae to successfully market its oil and natural gas products.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Pieridae’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca), and at Pieridae’s website (www.pieridaeenergy.com).

    Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.

    Forward-looking statements contained herein concerning the oil and gas industry and Pieridae’s general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Pieridae believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Pieridae is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.

    Additional Reader Advisories
    Barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

    Abbreviations

    Natural Gas Liquids
    Mcf thousand cubic feet bbl/d barrels per day
    Mcf/d thousand cubic feet per day boe/d barrels of oil equivalent per day
    MMcf/d million cubic feet per day WTI West Texas Intermediate
    AECO Alberta benchmark price for natural gas Mbbl Thousand barrels
    GJ Gigajoule MMbbl Million barrels
    Power   MMboe Million barrels of oil equivalent
    MW Megawatt C2 Ethane
    MWh Megawatt hour C3 Propane
        C4 Butane
        C5/C5+ Condensate / Pentane

    Neither TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release

    The MIL Network –

  • MIL-OSI USA: Rosen Statement on Rep. Amodei’s Flawed Proposal That Would Make Nevada Lose Out on Millions of Dollars in Public Land Sales to Pay for More Tax Cuts for Billionaires

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) released the following statement after Congressman Mark Amodei (R-NV-02) and House Republicans snuck in a hastily-drafted proposal to sell off Nevada public lands to pay for more tax cuts for billionaires. 
    “I am outraged that Congressman Amodei sold out Nevadans in the dead of night by passing a flawed, hastily-drafted proposal that undermines the careful balance struck in the Washoe County Lands Bill and would result in our state losing out on much-needed funding. For years, I’ve worked in good faith with a wide array of stakeholders to craft a balanced bill that makes more land available for housing and economic development in Washoe County, while at the same time conserving precious public lands and advancing Tribal priorities,” said Senator Rosen. “While I will always support taking steps to address Nevada’s housing crisis, I will not support a Washington-drafted proposal that will lead to Nevada losing out on millions of dollars in funding for our local priorities like education and restoration around the Truckee River, all so Republicans in Washington can pay for more tax cuts for billionaires.”
    Without consulting Senator Rosen or the rest of the Nevada delegation, Congressman Amodei proposed and passed a flawed amendment in the House Natural Resources Committee that would sell off nearly 16,000 acres of public lands in Washoe County and hundreds of thousands of acres of public lands in Pershing County to pay for Congressional Republicans’ budget reconciliation proposal. This proposal abandons key provisions in the Truckee Meadows Public Lands Management Act, also known as the Washoe County Lands Bill, and directs funds from public land sales in Nevada to the U.S. Treasury, instead of keeping the funding in Nevada. It also ignores the balance struck in Senator Rosen’s Pershing County Economic Development and Conservation Act.
    Senator Rosen’s Truckee Meadows Public Lands Management Act would: 
    Permanently protect a million acres of public lands, which Congressman Amodei cut in his proposal.
    Promote sustainable growth and economic development by directing over 15,200 acres of public lands to be made eligible for sale, all of which must be assessed for its suitability for new affordable housing. An additional 33 acres are set aside to only be sold for affordable housing. Any land sold for affordable housing would have to be sold at less than fair market value.
    Support local Tribal communities by expanding land held in trust by more than 8,400 acres for the Reno-Sparks Indian Colony, 11,300 acres for the Pyramid Lake Paiute Tribe, and over 1,000 acres for the Washoe Tribe of Nevada and California, none of which is in the Amodei proposal.
    Provide local governments over 3,700 acres for public purposes such as parks, water treatment facilities, and schools, all of which is excluded from the Amodei proposal. Land is specifically conveyed to Washoe County, the City of Reno, the City of Sparks, the Incline Village General Improvement District, the Gerlach General Improvement District, the State of Nevada, the Truckee River Flood Management Authority, the Washoe County School District, and the University of Nevada, Reno.
    Keep proceeds from land sales in Nevada for priorities like education and restoration around the Truckee River, unlike the Amodei proposal that sends money from land sales to the federal government in Washington, D.C.
    For years, Senator Rosen has worked closely with a wide range of stakeholders across Washoe County to develop this comprehensive legislation. In 2023, she unveiled a working draft of the bill and collected feedback from hundreds of Nevadans during a public comment period, which she then incorporated into this legislation, which was previously introduced last year with the support of local government officials, conservation advocates, and business leaders.

    MIL OSI USA News –

  • MIL-OSI USA: Warner, Kaine, Colleagues Introduce Bipartisan Bill to Boost America’s Businesses and Economic Competitiveness

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) and 34 of their Senate colleagues introduced the bipartisan American Innovation and Jobs Act, legislation that will expand and strengthen research and development (R&D) by small businesses and startups throughout the United States by extending and making permanent an expired tax cut that allowed businesses investing in R&D to claim tax credits and deductions when filing federal taxes.
    “Research and development is critical to the success and competitiveness of American businesses and to protecting our status as a global leader in innovation and tech—especially as adversaries like China race to catch up,” said the senators. “At a time when President Trump is slashing federal funding for important research initiatives in everything from medicine to technology, we’re committed to doing all that we can to fight back. That includes introducing this bipartisan legislation to provide tax incentives to support the research and development investments we need to create jobs and stay on top.”
    The American Innovation and Jobs Act would extend and make permanent the ability of small businesses and startups that invest in R&D to claim a tax credit or deduct their investments when filing federal taxes. It would also permanently restore full expensing of R&D costs while allowing businesses to retroactively take advantage of the deduction for the tax years during which full expensing had expired.
    Specifically, the American Innovation and Jobs Act would:
    Expand support for innovative startups by:
    Immediately doubling the cap on the refundable R&D tax credit from $250,000 to $500,000, and ultimately raising it to $750,000 over ten years.
    Expanding access to the R&D tax credit for startups by lowering certain threshold needed to qualify.

    Expand the number of startups eligible to use the refundable R&D credit by:
    Increasing the eligibility threshold from $5 million to $15 million in gross receipts.
    Increasing the period during which startups can claim the credit from 5 years to 8 years after beginning to generate at least $25,000 in revenue.

    The legislation is endorsed by the R&D Coalition, which includes companies of all sizes and many trade associations, including the U.S. Chamber of Commerce, the Business Roundtable, the National Association of Manufacturers, and the Information Technology Industry Council.
    In addition to Warner and Kaine, the legislation is cosponsored by U.S. Senators Todd Young (R-IN), Maggie Hassan (D-NH), James Lankford (R-OK), Jeanne Shaheen (D-NH), Steve Daines (R-MT), John Barrasso (R-WY), Jacky Rosen (D-NV), Thom Tillis (R-NC), Gary Peters (D-MI), Roger Marshall (R-KS), Alex Padilla (D-CA), Tommy Tuberville (R-AL), Patty Murray (D-WA), John Kennedy (R-LA), Amy Klobuchar (D-MN), Pete Ricketts (R-NE), Mark Kelly (D-AZ), Katie Britt (R-AL), Shelley Moore Capito (R-WV), Catherine Cortez Masto (D-NV), Deb Fischer (R-NE), Tammy Baldwin (D-WI), Jerry Moran (R-KS), Ben Ray Luján (D-NM), Bill Hagerty (R-TN), Chris Coons (D-DE), Markwayne Mullin (R-OK), Elissa Slotkin (D-MI), Roger Wicker (R-MS), Angus King (I-ME), Ted Budd (R-NC), Jon Ossoff (D-GA), Jon Husted (R-OH), and Martin Heinrich (D-NM).
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Kaine, Colleagues Introduce Bipartisan, Bicameral Bill to Strengthen Civilian Defense Workforce

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senators Tim Kaine (D-VA), Jeanne Shaheen (D-NH), Mike Rounds (R-SD), Kevin Cramer (R-ND), and Angus King (I-ME), all members of the U.S. Senate Armed Services Committee (SASC), led the introduction of the Defense Workforce Integration Act, bipartisan, bicameral legislation that seeks to bolster the civilian defense and national security workforce. The bipartisan bill would leverage existing programs and best practices within the Department of Defense (DoD) to retain the talent and motivation of those who desire to serve in uniform but are found to be medically disqualified to address persistent workforce shortages. Companion legislation is being led in the U.S. House of Representatives by Jen Kiggans (R-VA-02), Joe Courtney (D-CT-02), Jimmy Panetta (D-CA-19), and Don Bacon (R-NE-02).
    “I often hear from shipbuilders and other defense contractors in Virginia about how they need more skilled workers. That’s why I’ve been focused on expanding our national security and maritime industrial base workforce, including by helping talented young people who’ve been medically disqualified find other opportunities to serve their country,” said Kaine. “This bipartisan, bicameral legislation would encourage these individuals to enter alternative career pathways to support the defense industrial base and expand awareness of civilian defense roles for transitioning servicemembers. That’s a win-win for workers and our national security.”   
    As defense workforce shortages grow in crucial areas like manufacturing, cybersecurity, and defense logistics, the Defense Workforce Integration Act would activate a pool of candidates who are ineligible for military service to fill vacant positions that contribute to America’s national security.  
    For applicants who cannot join the military, the legislation directs DoD to enable military personnel managers to provide individuals that are medically disqualified with information about civilian employment opportunities in the following areas: the defense industrial base, cybersecurity, intelligence, research and development of defense technologies, national emergency and disaster preparedness and any other non-military role the Secretary of Defense considers in the national security interest. 
    For servicemembers disqualified early in their careers, the legislation expands on existing Air Force best practices by establishing Army and Navy personnel management programs to execute “warm hand-offs” to DoD civilian hiring authorities for personnel who become medically disqualified during their initial accession and training pipelines. 
    For personnel leaving the military after serving honorably, the legislation leverages existing Navy transition assistance programs to expand awareness of critical civilian roles at Military Sealift Command and workforce training programs for shipbuilders to enhance our civilian maritime workforce. 
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts Statement on Trump Administration’s Plan to Rescind Biden AI Diffusion Rule

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    May 7, 2025

    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) released the following statement after it was announced that the Trump administration plans to rescind the Biden administration’s AI Diffusion rule (AIDR):
    “I am pleased to hear that the Trump administration plans to rescind Biden’s AI Diffusion rule. I look forward to working with the administration to propose a new rule that grows America’s AI leadership and promotes partnership with our friends and allies. We must prevent Communist China from capturing the world market and taking the lead on this technology. We must also make America the world capital of AI.”
    Ricketts recently led a letter to Commerce Secretary Howard Lutnick regarding the need to withdraw this rule before the May 15th compliance deadline.

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    MIL OSI USA News –

  • MIL-OSI New Zealand: World must meet 1.5°C goal or risk “unprecedented” exposure

    Source: Save The Children

    Ahead of the 10th anniversary of the Paris Agreement, research released by Save the Children and Vrije Universiteit Brussel (VUB) found that under current climate commitments – which will likely see a global temperature rise of 2.7°C above pre-industrial levels – about 100 million of the estimated 120 million children born in 2020, or 83%, will face “unprecedented” lifetime exposure to extreme heat. 
    However, if the world limits warming to the 1.5°C Paris Agreement target, this would reduce the number of five-year-olds impacted to 62 million – a difference of 38 million – highlighting the urgency to protect children through rapidly phasing out the use and subsidy of fossil fuels. Dangerous heat is deadly for children, taking an immense toll on their physical and mental health, disrupting access to food and clean water and forcing schools to close . 
    Researchers defined an “unprecedented” life as an exposure to climate extremes that someone would have less than a 1 in 10,000 chance of experiencing during their life in a world without human-induced climate change. The research, published in the report Born into the Climate Crisis 2. An Unprecedented Life: Protecting Children’s Rights in a Changing Climate also found that meeting the 1.5°C target would protect millions of children born in 2020 from the severest impacts of other climate related disasters such as crop failures, floods, tropical cyclones, droughts and wildfires.
    The report found that, for children born in 2020, if global temperature rise is limited to 1.5°C rather than reaching 2.7°C above pre-industrial levels:

    About 38 million would be spared from facing unprecedented lifetime exposure to heatwaves;
    About 8 million would avoid unprecedented lifetime exposure to crop failures;
    About 5 million would be spared from unprecedented lifetime exposure to river floods;
    About 5 million would avoid unprecedented lifetime exposure to tropical cyclones;
    About 2 million would avoid unprecedented lifetime exposure to droughts;
    About 1.5 million children would be spared unprecedented lifetime exposure to wildfires.

    Climate extremes – which are becoming more frequent and severe due to climate change – are increasingly harming children, forcing them from their homes, putting food out of reach, damaging schools and increasing risks like child marriage as they are forced out of education and into poverty and food shortages.

    Denise-, 16, and her family were forced from their home in Brazil when the country’s worst floods in 80 years devastated their community last year. Their home, including Denise’s bedroom, was severely damaged, and she was out of school for nearly two months. 
    She said: “It really affected me mentally, and academically too. Catching up on all my grades to pass secondary school was really tough, especially at a state school. It massively impacted my schoolwork. My grades dropped significantly after the floods.” 
    Children impacted by inequality and discrimination and those in lower-and middle-income countries, are often worst affected . Meanwhile they have fewer resources to cope with climate shocks and are already at far greater risk from vector and waterborne diseases, hunger, and malnutrition, and their homes are often more vulnerable to increased risks from floods, cyclones and other extreme weather events.  
    Haruka, 16, whose poem is featured in the report, is from Vanuatu, which recently experienced three of the most severe types of cyclone in just a year.  
    She said: “Cyclones are scary. For me, they continue to destroy my home, every year – we don’t even bother trying to fix the ceiling anymore. “The past few years, I’ve seen ceaseless destruction and constant rebuilding. This seemingly never-ending cycle has become our reality, and most people aren’t even aware that it’s not just nature doing its thing, but it’s us bearing the brunt of a crisis that we did not cause.”  
    As well as comparing conditions under 1.5°C and 2.7°C scenarios, the report also examines a scenario in which global temperatures rise to 3.5°C by 2100, which will lead to about 92% of children born in 2020 – about 111 million children [5] – living with unprecedented heatwave exposure over their lifetime. While we need a rapid phase-out of the use and subsidy of fossil fuels to stick to the 1.5°C target, we must not lose sight of solutions, Save the Children said. 
    The report highlights initiatives like increased climate finance, child-centred and locally led adaptation and increasing the participation of children in shaping climate action. 
    Inger Ashing, CEO of Save the Children International, said: “Across the world, children are forced to bear the brunt of a crisis they are not responsible for. Dangerous heat that puts their health and learning at risk; cyclones that batter their homes and schools; creeping droughts that shrivel up crops and shrink what’s on their plates. “Amid this daily drumbeat of disasters, children plead with us not to switch off. This new research shows there is still hope, but only if we act urgently and ambitiously to rapidly limit warming temperatures to 1.5°C , and truly put children front and centre of our response to climate change at every level.”  
    As the world’s leading independent child rights organisation, Save the Children works in about 110 countries, tackling climate across everything we do. 
    Save the Children supports children and their communities globally in preventing, preparing for, adapting to, and recovering from climate disasters and gradual climate change. We have set up floating schools, rebuilt destroyed homes and provided cash grants to families hit by disasters. We also work to influence governments and other key stakeholders on climate policies, including at the UNFCCC COP summits, giving children a platform for their voices to be heard. 
    READ FULL REPORT HERE.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: ACCP to lead research into European child abuse responses

    Source:

    08 May 2025

    ACCP researcher Dr James Herbert will lead the project to analyse the Barnahus model .

    UniSA’s Australian Centre for Child Protection (ACCP) will lead research into the effectiveness of a multidisciplinary and child friendly response to child sexual abuse in Europe.

    ACCP has been awarded a $910,000 Oak Foundation grant to help evaluate the impact of the Barnahus response to child abuse.

    The Barnahus model (translates to ‘Children’s House’ in Icelandic) is a multidisciplinary and child friendly response to child sexual abuse in Europe that aims to bring together all relevant professionals under one roof, creating a safe and child-centred environment for investigation and support.

    Dr James Herbert will lead the million-dollar research project with partners in the United Kingdom and Germany to better understand the variations in how countries implement Barnahus and how to measure the impact of these different models for children.

    “The project will evaluate the impact of Barnahus in Europe and look at the evidence,” says Dr Herbert.

    “An Australian being awarded this grant for a project in Europe is a really important recognition of the work that ACCP has done to date in advancing research into multidisciplinary responses like Children’s Advocacy Centres (CAC) and Barnahus.”

    Along with research into multi-disciplinary models in Australia, Dr Herbert has a strong track record of international collaboration.

    This has included a national survey of CACs in the United States to identify the scale of resources they had to support children, contributing to a review of medical services at the Chicago CAC, supervising a research project in Canada into the alignment of multi-disciplinary teams, and serving on the international evaluation advisory committee for the Scottish ‘Bairns Hoose’.

    The research team will work closely with the Barnahus Network and their membership on the project across 28 countries in Europe.

     “The Barnahus approach is an excellent example of what systems change can look like and what’s possible when we put children at the centre of our considerations,” Dr Herbert says. “Long term, I’m hoping that we will be able to bring the learning and experience from this work back to Australia.”

    The ACCP has received the Oak Foundation grant under their Prevent Child Sexual Abuse Programme.

    The ACCP is Australia’s premier research centre for the prevention of child abuse and neglect; the Director is currently Professor Leah Bromfield (2025 Australian of the Year for SA). It was established by the Commonwealth Government in partnership with the University of South Australia in 2004 to better prevent and respond to child abuse and neglect by helping to not only grow the evidence base but also translate it into practice.

    …………………………………………………………………………………………………………………………

    Contact for interview: Dr James Herbert M: +61 402 298 734 E: james.herbert@unisa.edu.au

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI USA: Chairwoman McClain and Rep. Pfluger Applaud House Passage of Bill to Block CCP Influence on American Campuses

    Source: US House of Representatives Republicans

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    WASHINGTON — House Republican Chairwoman Lisa McClain (R-Mich.) and Rep. August Pfluger (R-Texas) issued the following statements after the U.S. House passed H.R. 881—the DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act— aiming at preventing the Chinese Communist Party (CCP) from influencing U.S. college campuses.

    “There’s no place for Chinese propaganda in America. House Republicans are ending CCP influence on college campuses and ensuring taxpayer dollars are not funding foreign agendas,” Chairwoman McClain said. “My colleague Rep. Pfluger has done a great job getting this bill to the finish line, and I’m proud to have voted YES to pass this bill and defend our students from harmful CCP influence.”

    “The CCP has proven to be an untrustworthy, adversarial actor by continually undermining American interests at every turn – in no world should they have a front-row seat in our classrooms funded by our own taxpayer dollars,” Rep. Pfluger said.“The passage of my legislation today sends a clear message: America’s universities and research labs will no longer be used to steal critical research, recruit talent for Military-Civil fusion enterprises, conduct espionage, commit transnational repression, and influence academic institutions to the benefit of the CCP. This is a victory for our national security and for the future generations of Americans.”

    H.R. 881 prohibits the Department of Homeland Security (DHS) from providing funds to any higher education institution that hosts Confucius Institutes, which are nonprofit cultural and educational centers funded by the Chinese government used to spread influence and propaganda.

    MIL OSI USA News –

  • MIL-OSI USA: Texas Man Convicted of Making Threats to Kill Nashville District Attorney Glenn Funk

    Source: US State of North Dakota

    David Aaron Bloyed, 60, of Frost, Texas, was found guilty today by a federal jury of one count of communicating a threat in interstate commerce to lynch and kill Glenn Funk, the elected District Attorney General (DA) for Nashville and Davidson County, Tennessee.

    “The defendant’s heinous threats strike at the heart of our justice system and the safety of those who have chosen to serve. As today’s verdict demonstrates, violent threats and intimidation against government officials and law enforcement will not be tolerated,” said Sue J. Bai, Head of the Justice Department’s National Security Division. “I am grateful to our law enforcement partners and prosecution team for their swift and determined work to bring justice in this case.”

    “Antisemitic hate has no place in Nashville or anywhere, and this verdict shows these hateful threats for what they are: a crime,” said Acting U.S. Attorney Robert E. McGuire for the Middle District of Tennessee. “Our office will do whatever it takes to defend our community, and the prosecutors who serve it, from being threatened by these hatemongers.”

    “The conviction of David Bloyed is yet another example of the FBI’s commitment to holding those accountable who threaten public officials and the Jewish community,” said Assistant Director in Charge David J. Scott of the FBI’s Counterterrorism Division. “This criminal behavior and these disgusting threats will not be tolerated. The FBI will continue to work with our partners across the nation to investigate, identify, and hold those accountable who threaten violence and harm to specific communities and people.”

    According to court documents, on July 14, 2024, members of the Goyim Defense League (GDL) – a national and international network of antisemitic provocateurs who espouse vitriolic antisemitism via the internet, through propaganda distributions and in street actions – were protesting in downtown Nashville on their “Name the Nose Tour” where its members travel to cities across the country to protest in the vicinity of synagogues and walk through the downtown hubs of cities with Nazi flags and yell antisemitic slurs at any individuals they encounter. GDL members encountered an employee of a local bar and a fight broke out. A GDL member was arrested and charged with aggravated assault for hitting the bar employee repeatedly using a metal flagpole with a swastika affixed to the top.

    While in Nashville, GDL members routinely posted about their activities on various social media platforms, including Telegram. Following the arrest of the GDL member, a Telegram user associated with GDL posted threats against DA Funk that included a photograph of DA Funk with the caption, “Getting the rope,” and an emoji finger pointed towards Funk’s image. 

    The posts also included a photograph of a person hanging by the neck from a gallows, with the phrases, “The ‘Rope List’ grew by a few more Nashville jews today,” and “Will you survive the day of the rope?” 

    Law enforcement subsequently identified another social media account with an almost identical username, belonging to Bloyed and containing threats nearly identical to those posted on the Telegram account.

    At sentencing, Bloyed faces up to five years in federal prison.

    The FBI Nashville Field Office and the Metropolitan Nashville Police Department are investigating the case.

    MIL OSI USA News –

  • MIL-OSI Security: Secretary Noem Puts Sanctuary City Leaders on Notice: Time to Put Americans First

    Source: US Department of Homeland Security

     The Secretary blasted sanctuary jurisdictions for failing to uphold federal law and called on leaders to stand up for Americans who have been victimized by reckless sanctuary policies

    SPRINGFIELD, IL – Department of Homeland Security Secretary Kristi Noem today held a press conference highlighting the devastation sanctuary policies have caused in Illinois and across America with Angel families who shared their tragic stories of their loved ones lost because of illegal alien crime. The Secretary also called out Illinois Governor Pritzker for shielding law breakers.

    “As Secretary of Homeland Security, I’m going to uphold our federal immigration laws,” said Secretary Kristi Noem. “I’m going to draw attention to people who are breaking the law and violating our Constitution. I’m going to fight for the victims every single day and draw attention to them as long as we can. And President Trump will continue to do that as well. We should be united as a country around bringing violent criminals to justice and getting them out of the United States of America.”

    To watch the full press conference, click here.

    Some of the Angel Families who attended the press conference include: 

    • Jim Walden, Angel Father of Lance Corporal James Ray “Jimmy” Walden III. Jimmy was killed by a twice-deported illegal alien who crashed into Jimmy’s motorcycle. He was killed in Maryland, but his father lives in Illinois.
    • Kathy Zander, Angel Mother of John Zander. Four days before his 23rd birthday, John was convinced by his best friend to snort cocaine, not knowing that his friend had spiked it with fentanyl. John died from fentanyl poisoning.
    • Brian McCann, Angel Brother of Dennis “Denny” McCann. Denny was crossing the street when he was hit by a car in Chicago’s Logan Square neighborhood and dragged to his death by an illegal alien. The driver was charged in the fatal crash, but after being released on bond, he disappeared.   
    • Nancy Platania Angel Mother of Nick Platania who tragically lost his life to a fentanyl overdose. Nick worked to get others clean from drugs and started his own business before his life was tragically taken by deadly drugs funneled into American communities. 

    There are more than 200 sanctuary jurisdictions across the nation. The following headlines are only a handful of examples of sanctuary leaders refusing to work with federal law enforcement to protect Americans. 

    New York Governor Kathy Hochul:

    Wisconsin Governor Tony Evers:

    Nashville Mayor Freddie O’Connell:

    Portland Police Chief Bob Day:

    Los Angeles Police Chief Jim McDonnell:

    Boston Police Department Commissioner Michael Cox:

    On April 28, 2025, President Donald Trump signed the Protecting American Communities from Criminal Aliens Executive Order. Under the President’s order, the Secretary of Homeland Security and the Attorney General are directed to publish a list of states and local jurisdictions that obstruct the enforcement of federal immigration laws.

    Under President Trump’s leadership, DHS will work with DOJ to end violations of federal immigration law and bring jurisdictions into compliance with the laws of the United States.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Cramer, Gallego Introduce Bipartisan Legislation to Improve Home Appraisal Process

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. – U.S. Senators Kevin Cramer (R-ND) and Ruben Gallego (D-AZ) introduced their bipartisan Appraisal Industry Improvement Act to improve access to housing in rural communities. This legislation comes as rural housing markets experience a shortage of trained appraisers and an aging appraiser workforce. Two thirds of appraisers are older than 51, while only 13% are younger than 35. These dynamics contribute to worker shortages, resulting in delays for appraisals and extending the homebuying process for purchasers and sellers. North Dakotans have experienced an average wait time of 21 days for home appraisals, while the national average is between six to nine days.
    To support the home appraisal workforce and speed up the appraisal process, the bill will add state credentialed trainee appraisers to the national Appraiser Registry run by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council as well as add representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service. It also allows ASC grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs. The legislation authorizes ASC to decrease annual registry fees if they determine the fees adversely impact functions and renews licensed residential appraisers’ ability to conduct appraisals on FHA properties. 
    “Housing markets, and especially rural markets like the ones we see across North Dakota, are negatively impacted by a shortage of trained appraisers,”said Cramer. “Our economy has a labor crunch and appraisers are no exception. Adding state-licensed appraisers to the national registry and supporting training and education efforts are solutions to speeding up the homebuying process. This bill improves access to the housing market without decreasing the quality of appraisals.”
    “Appraisals are a critical part of the home buying and selling process, but right now a shortage of licensed appraisers is delaying home purchases and raising costs for Arizonans, particularly in rural and tribal areas,” said Gallego. “As I work to ensure the dream of homeownership is within reach for every hardworking family, I’m proud to help introduce this commonsense, bipartisan bill to boost the appraisals workforce and improve service to underserved areas.”
    Click here for bill text. 

    MIL OSI USA News –

  • MIL-OSI USA: CONGRESSWOMAN HAGEMAN INTRODUCES NO STUDENT VISAS FOR SANCTUARY CITIES ACT

    Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

    Washington, D.C. – Earlier today Congresswoman Hageman introduced the No Student Visas for Sanctuary Cities Act, an action which will hold sanctuary cities accountable for their violation of federal law and for their aiding of illegal aliens. The bill seeks to amend the Immigration and Nationality Act to prohibit student visas for educational institutions in sanctuary jurisdictions. 

    “Leftist proponents of open borders, or no borders at all, have infiltrated many of our states, cities, and counties and caused the so- called leaders within them to completely undermine the rule of law. Instead of protecting their citizens, sanctuary city officials have chosen those here unlawfully – many of them members of international cartels and other transnational criminal organizations – over their constituents.” She stated. “Prohibiting student visas is an accountability measure to pressure obstructors of justice to take action in complying with the rules set forth by Congressional representatives of the American people.”  

    Original co-sponsors of the bill include Brandon Gill (TX-26), Paul Gosar, (AZ-9), and Troy Nehls, (TX-22).  

    This legislation fortifies the President’s Executive Order issued last week holding sanctuary cities liable for obstruction of justice.  

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Valadao Joins Bipartisan Group of Members to Reintroduce the Farm Workforce Modernization Act

    Source: United States House of Representatives – Congressman David G. Valadao (California)

    WASHINGTON – Today, Congressman David Valadao (CA-22) joined Reps. Zoe Lofgren (CA-18), Dan Newhouse (WA-04), Mike Simpson (ID-02), Jim Costa (CA-21), and Adam Gray (CA-13) to reintroduce the Farm Workforce Modernization Act. This bill, which passed the House of Representatives with strong bipartisan support in the 116th and 117th Congresses, updates the H-2A agricultural guest worker program and is a compromise solution that provides needed stability for farmers and farmworkers. Congressman Valadao was a co-lead of the bill in the 118th Congress and a co-sponsor in the 117th Congress.

    “Central Valley farmers are the backbone of our nation’s agricultural industry, but they continue to face serious challenges finding and retaining a reliable workforce,” said Congressman Valadao. “The current H-2A program doesn’t meet the labor needs of many producers, but the Farm Workforce Modernization Act is a positive step to addressing our agriculture workforce needs and securing our food supply chain. Food security is national security, and I look forward to continuing to work with my colleagues on both sides of the aisle to find long-term solutions that support our farmers and strengthen our food supply chain.”

    “The men and women who work America’s farms feed the nation. However, in the past few years, we’ve seen labor shortages contribute to high food prices,” said Rep. Lofgren. “As economic chaos and confusion continues, it is essential we provide stability to this critical workforce. The Farm Workforce Modernization Act would do so, which will protect the future of our farms and our food supply. It is well-past time we get this bipartisan legislation twice passed by the House of Representatives to the President’s desk.”

    “The workforce crisis has come to a boiling point for farmers across the country. Reintroducing the Farm Workforce Modernization Act sends a clear message to farmers that we are working hard to find solutions that ease the burdens brought on by the current state of the H-2A program. This legislation is necessary to lay the groundwork for continued negotiations, and I am committed to working closely with my colleagues to enact long-term, durable reforms to our agriculture guest worker programs. This issue has been, and remains, my top priority and unified Republican government is an opportunity to deliver for our farmers and ranchers,” said Rep. Newhouse.

    “The workforce crisis is the most important issue facing agriculture in our country,” said Rep. Simpson. “Supporting American agriculture means providing a stable, reliable, and legal workforce, and this legislative solution addresses one of the most pressing concerns our farmers and ranchers face. Now that we finally have an administration taking the border crisis seriously, Congress must address this issue and enact necessary reforms. It is well past time we solve this problem. I look forward to working with my colleagues and getting this critical legislation across the finish line to President Trump’s desk for his signature.”

    “American agriculture depends on a reliable workforce and nowhere is that more true than in California’s San Joaquin Valley, where farmworkers are the backbone of our economy. This legislation is a common-sense, bipartisan solution that provides stability for our farmers and dignity for the workers who feed America. If President Trump is serious about fixing our broken immigration system, he should work with us to get this bill across the finish line,” said Congressman Costa. 

    “Farm workers and the larger agricultural community are the backbone of the Central Valley’s economy,” said Congressman Gray. “Labor shortages on our farms could lead to higher food prices across the country and the Valley cannot afford to be shorthanded. This commonsense bipartisan bill would stabilize our vital workforce and make sure Valley farmers can continue to feed families across the country.”

    The Farm Workforce Modernization Act would:

    • Reform the H-2A program to provide more flexibility for employers, while ensuring critical protections for workers.
    • Establish a program for agricultural workers in the United States to choose to earn legal status through continued agricultural employment and contribution to the U.S. agricultural economy.
    • Focus on modification to make the program more responsive and user-friendly for employers and provides access to the program for industries with year-round labor needs.

    Read the full bill here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: AG Brown co-leads states suing to stop illegal termination of federal electric vehicle infrastructure funding

    Source: Washington State News

    SEATTLE — Washington is co-leading a lawsuit to stop the Trump administration from illegally terminating billions in congressionally approved funding for electric vehicle infrastructure – including a combined $1 billion in the plaintiff states, Attorney General Nick Brown announced today. Unless the courts check the president’s overreach, Washington stands to lose over $71 million in electric vehicle infrastructure funding.

    “The president’s illegal claw-backs aren’t spending reductions – they’re cash grabs that rob taxpayers, steamroll Congress, and stifle critical economic development,” Brown said. “Washingtonians are switching to electric vehicles at one of the highest rates in the nation. They deserve safe, reliable infrastructure to get their families from Point A to B.”

    The 2021 Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, passed by Congress appropriated $5 billion for the National Electric Vehicle Infrastructure Formula Program, or the NEVI program, to fund states’ nationwide deployment of electric vehicle charging infrastructure to improve reliability and accessibility for the public.

    On Jan. 20, President Trump mandated federal agencies pause disbursement of all funds appropriated under the IIJA and the Inflation Reduction Act, including NEVI program funding. Despite being mandated by Congress to fund the NEVI program, the Federal Highway Administration notified states in February the agency was unlawfully revoking previous state plan approvals and withholding or withdrawing NEVI program funds from the states.

    Washington is a national leader in electric vehicle use, remaining in the top five states for electric vehicle adoption for more than a decade. The electric vehicle transition is critical to the success of Washington’s plans to cut transportation-related pollution.

    Transportation is the largest source of carbon pollution in Washington. Vehicle pollution causes health problems, such as cancer and asthma, and contributes to climate change. To combat climate change and protect the health of its residents, Washington has adopted zero-emission vehicle standards that require a percentage of the vehicles sold in Washington to be zero emission, starting with the 2025 model year.

    The state also has vehicle emissions standards that require all new passenger cars, light-duty trucks, and medium-duty vehicles sold in Washington be zero emission by 2035. The state has proactively invested in EV charging infrastructure for many years, but Washington’s ability to make this transition and meet its own statutory requirements is significantly hampered by the FHWA’s indefinite withholding of the NEVI program funds Congress directed to the state.

    The lawsuit filed today by Brown and 16 other attorneys general seeks a court order against FHWA’s unlawful actions, and a restoration of the electric vehicle infrastructure funding for the states.

    Brown is co-leading this lawsuit with California and Colorado. They are joined by the attorneys general of Arizona, Delaware, the District of Columbia, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Wisconsin.

    A copy of the complaint is available here and a copy of the motion for a preliminary injunction is here.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties.

    Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI: Petrus Resources Announces First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2025.

    Q1 2025 HIGHLIGHTS:

    • Capital Activity – Invested $17.3 million in capital during the quarter. Approximately 60% was directed toward the drilling, completing and tie-in of 7 gross (4.1 net) wells. Most of the remaining capital expenditures went to the construction of a 12-kilometer expansion of the North Ferrier pipeline, an infrastructure investment designed to enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant. Of the wells drilled in the quarter, 5 will flow through the North Ferrier pipeline.
    • Production – Average production was 8,929 boe/d(1) in the first quarter of 2025, relatively flat compared to 9,066 boe/d in the fourth quarter of 2024.
    • Commodity Prices – Total realized price was $29.35/boe, up 11% from $26.45/boe in the fourth quarter of 2024, primarily due to improved natural gas pricing.
    • Funds Flow(2)– Generated funds flow of $12.5 million ($0.10 per share(3)) in the first quarter of 2025, solidifying the gains realized in the fourth quarter of 2024.
    • Dividends – Paid regular monthly dividend of $0.01 per share, for a total of $3.8 million, during the first quarter of 2025. Shareholders chose to reinvest $2.6 million under the Company’s dividend reinvestment plan resulting in the issue of 2,005,522 common shares.
    • Net Debt(2)– Net debt increased to $66.0 million as at March 31, 2025, and net debt to annualized funds flow ratio(3) increased to 1.3x. This increase was due to high capital spending in Q1, which was required to take advantage of time-sensitive strategic opportunities. Net debt is expected to decline in the second half of the year and is forecast to return to our 2025 guidance target of $60 million by year-end.

    OUTLOOK(4)

    The 2025 capital program began early in the year and remains on schedule. Drilling operations are continuing through spring breakup. Completion activities on the remaining uncompleted first quarter wells are under way and production is expected to come online later in May. The 12 kilometer North Ferrier pipeline extension is expected to be operational in May with both Petrus and third-party volumes flowing to the Ferrier gas plant.

    For the remainder of 2025, Petrus has hedged approximately 56% of its forecasted production at an average price of $2.67/GJ for natural gas and CAD$94.75/bbl for oil. This strategic approach positions the Company to achieve its guidance targets and maintain financial stability. As always, Petrus is prepared to adapt its capital program in response to market dynamics, remaining focused on delivering sustainable returns to shareholders.

    FIRST QUARTER 2025 CONFERENCE CALL

    Date and Time: May 8, 2025, 11:00 a.m. (Mountain Time)
    Please refer to the events page on Petrus’ website for conference call details and links: www.petrusresources.com/events

    ANNUAL GENERAL MEETING
    The Company’s Annual General Meeting will be held at Suite #1110, 240 4th Ave SW Calgary, Alberta, on Wednesday May 21, 2025 at 1:30 p.m. (Mountain Time).
    Please refer to the events page on Petrus’ website for AGM details and links: www.petrusresources.com/events

    An updated corporate presentation can be found on the Company’s website at www.petrusresources.com

    For further information, please contact:
    Ken Gray, P.Eng.
    President and Chief Executive Officer
    T: (403) 930-0889
    E: kgray@petrusresources.com

    (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.
    (2)Non-GAAP financial measure. Refer to “Non-GAAP and Other Financial Measures”.
    (3)Non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.
    (4)Refer to “Advisories – Forward-Looking Statements”.

    SELECTED FINANCIAL INFORMATION

    OPERATIONS Three months ended

    Mar. 31, 2025

    		 Three months ended

    Mar. 31, 2024

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024
    Average Production          
    Natural gas (mcf/d) 35,689   40,174   36,178   37,368   38,908  
    Oil and condensate(1) (bbl/d) 1,202   1,529   1,226   1,522   1,322  
    NGLs (bbl/d) 1,777   1,557   1,810   1,464   1,664  
    Total (boe/d) 8,929   9,783   9,066   9,215   9,471  
    Total (boe)(1) 803,498   890,267   834,111   847,760   861,838  
    Liquids weighting 33 % 32 % 33 % 32 % 32 %
    Realized Prices          
    Natural gas ($/mcf) 2.25   2.54   1.61   0.80   1.41  
    Oil and condensate(1)($/bbl) 92.73   90.38   93.60   90.80   103.77  
    NGLs ($/bbl) 39.54   43.09   36.90   36.81   37.25  
    Total realized price ($/boe) 29.35   31.42   26.45   24.07   26.81  
    Royalty income 0.06   0.07   0.03   0.05   0.05  
    Royalty expense (3.36 ) (3.89 ) (3.85 ) (3.06 ) (3.83 )
    Net oil and natural gas revenue ($/boe) 26.05   27.60   22.63   21.06   23.03  
    Operating expense (6.76 ) (6.76 ) (5.89 ) (6.10 ) (4.96 )
    Transportation expense (1.65 ) (1.81 ) (1.44 ) (1.46 ) (1.46 )
    Operating netback(2)($/boe) 17.64   19.03   15.30   13.50   16.61  
    Realized gain (loss) on financial derivatives 1.14   2.90   3.04   2.49   (0.36 )
    Other income (cash) 0.02   0.05   1.19   0.09   0.05  
    General & administrative expense (1.41 ) (1.32 ) (2.10 ) (1.43 ) (1.34 )
    Cash finance expense (1.68 ) (1.78 ) (1.83 ) (1.95 ) (1.91 )
    Decommissioning expenditures (0.19 ) (0.61 ) (0.61 ) (0.12 ) (0.72 )
    Funds flow & corporate netback ($/boe)(2) 15.52   18.27   14.99   12.58   12.33  
               
    FINANCIAL (000s except $ per share) Three months ended

    Mar. 31, 2025

    		 Three months ended

    Mar. 31, 2024

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024
    Oil and natural gas sales 23,630   28,039   22,085   20,446   23,150  
    Net income (loss) (3,088 ) (5,333 ) (4,004 ) 5,302   2,789  
    Net income (loss) per share          
    Basic (0.02 ) (0.04 ) (0.03 ) 0.04   0.02  
    Fully diluted (0.02 ) (0.04 ) (0.03 ) 0.04   0.02  
    Funds flow(2) 12,467   16,272   12,493   10,665   10,628  
    Funds flow per share(2)          
    Basic 0.10   0.13   0.10   0.09   0.09  
    Fully diluted 0.10   0.13   0.10   0.08   0.08  
    Capital expenditures 17,279   12,343   7,705   4,859   6,907  
    Weighted average shares outstanding          
    Basic 126,043   124,299   124,497   124,372   124,290  
    Fully diluted 126,043   124,299   124,497   126,686   126,559  
    As at period end          
    Common shares outstanding          
    Basic 127,469   124,259   125,113   124,372   124,372  
    Fully diluted 138,501   134,484   134,919   134,952   134,919  
    Total assets 427,955   427,574   420,124   421,196   419,584  
    Non-current liabilities 68,176   59,995   65,475   62,869   59,511  
    Net debt(2) 66,009   63,114   60,080   60,423   61,848  

    (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.
    (2)Non-GAAP ratio or non-GAAP financial measure. Refer to “Non-GAAP and Other Financial Measures”.

    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release makes reference to the terms “operating netback” (on an absolute and $/boe basis), “corporate netback” (on an absolute and $/boe basis), “funds flow” (on an absolute, per share (basic and fully diluted) and $/boe basis), “net debt” and “net debt to annualized funds flow ratio”. These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

    Operating Netback
    Operating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, operating expenses and transportation expenses, plus or minus the gain (loss) on risk management activities. See below for a reconciliation of operating netback to oil and natural gas sales.

    Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.

    Corporate Netback and Funds Flow
    Corporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute value and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, less cash finance expense, less decommissioning expenditures, plus or minus other income (cash) and plus or minus the net realized gain (loss) on financial derivatives . See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.

    Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.

    Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding.

      Three months ended

     March 31, 2025

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024

    		 Three months ended

    March 31, 2024
      $000s $/boe $000s $/boe $000s $/boe $000s $/boe $000s $/boe
    Oil and natural gas sales 23,630   29.41   22,085   26.48   20,446   24.12   23,150   26.86   28,039   31.50  
    Royalty expense (2,703 ) (3.36 ) (3,212 ) (3.85 ) (2,593 ) (3.06 ) (3,305 ) (3.83 ) (3,461 ) (3.89 )
    Net oil and natural gas revenue 20,927   26.05   18,873   22.63   17,853   21.06   19,845   23.03   24,578   27.61  
    Transportation expense (1,324 ) (1.65 ) (1,203 ) (1.44 ) (1,239 ) (1.46 ) (1,259 ) (1.46 ) (1,615 ) (1.81 )
    Operating expense (5,429 ) (6.76 ) (4,915 ) (5.89 ) (5,172 ) (6.10 ) (4,271 ) (4.96 ) (6,018 ) (6.76 )
    Operating netback 14,174   17.64   12,755   15.30   11,442   13.50   14,315   16.61   16,945   19.03  
    Realized gain (loss) on financial derivatives 912   1.14   2,539   3.04   2,115   2.49   (307 ) (0.36 ) 2,583   2.90  
    Other income(1) 17   0.02   991   1.19   77   0.09   40   0.05   48   0.05  
    General & administrative expense (1,133 ) (1.41 ) (1,752 ) (2.10 ) (1,209 ) (1.43 ) (1,152 ) (1.34 ) (1,178 ) (1.32 )
    Cash finance expense (1,351 ) (1.68 ) (1,530 ) (1.83 ) (1,657 ) (1.95 ) (1,650 ) (1.91 ) (1,581 ) (1.78 )
    Decommissioning expenditures (152 ) (0.19 ) (510 ) (0.61 ) (103 ) (0.12 ) (618 ) (0.72 ) (545 ) (0.61 )
    Funds flow and corporate netback 12,467   15.52   12,493   14.99   10,665   12.58   10,628   12.33   16,272   18.27  

    (1)Excludes non-cash government grant related to decommissioning expenditures.

    Net Debt

    Net debt is a non-GAAP financial measure and is calculated as the sum of long term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.

    ($000s) As at March 31, 2025 As at Dec. 31, 2024 As at Sept. 30, 2024 As at Jun. 30, 2024 As at Mar. 31, 2024
    Long-term debt 25,000   25,000   25,000   25,000   25,000  
    Current assets (15,763 ) (17,583 ) (20,258 ) (16,333 ) (21,081 )
    Current liabilities 59,788   51,268   48,458   52,379   61,099  
    Current financial derivatives (1,779 ) 2,632   7,690   1,276   (716 )
    Current portion of lease obligation (164 ) (164 ) (230 ) (237 ) (263 )
    Current portion of decommissioning liabilities (1,073 ) (1,073 ) (237 ) (237 ) (925 )
    Net debt 66,009   60,080   60,423   61,848   63,114  


    Net Debt to annualized funds flow ratio

    Net debt to annualized funds flow ratio is a non-GAAP ratio because each of its components is a non-GAAP financial measure. This non-GAAP ratio is used by management as a key indicator of our leverage and the strength of our balance sheet. It is calculated by dividing our net debt at the end of the quarter by the funds flow for the quarter after it is annualized by multiplying it by four. Net debt to annualized fund flow ratio is not a standardized measure and, therefore, may not be comparable with the calculation of similar measures by other entities.

    ADVISORIES

    Basis of Presentation
    Financial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the year ended December 31, 2024. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.

    Forward-Looking Statements
    Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.

    In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to: that the investment in the 12-kilometer expansion of the North Ferrier pipeline will enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant; that 5 of the wells drilled in the quarter will flow through the North Ferrier pipeline; that the completion activities on the uncompleted first quarter wells will begin in May and the anticipated timing of production coming on line; that the 12 kilometer North Ferrier pipeline extension will be operational in May and the anticipated timing and benefits therefrom; that our net debt is expected to decline in the second half of the year and is forecasted to return to our 2025 guidance target of $60 million by year-end; that with our current hedges for 2025, we are positioned to achieve guidance targets and maintain financial stability; that we are able to adjust our capital program in response to market dynamics; and that we are able to remain focused on delivering sustainable returns to shareholders.

    These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our most recently filed annual information form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

    This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation, that our net debt is expected to decline in the second half of the year and is forecasted to return to our 2025 guidance target of $60 million by year-end, and the percentage of our forecast production for 2025 that is hedged, which are 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 and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.

    These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    BOE Presentation
    The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

    Production and Product Type Information

    References to crude oil (or oil), natural gas liquids (“NGLs”), natural gas and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 (“NI 51-101”), except as noted below.

    NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

    Dividend Advisory

    The Company’s future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance that the Company will pay dividends in the future.

    Abbreviations

    $000’s thousand dollars
    $/bbl dollars per barrel
    $/boe dollars per barrel of oil equivalent
    $/GJ dollars per gigajoule
    $/mcf dollars per thousand cubic feet
    bbl barrel
    mbbl thousand barrels
    bbl/d barrels per day
    boe barrel of oil equivalent
    mboe thousand barrel of oil equivalent
    mmboe million barrel of oil equivalent
    boe/d barrel of oil equivalent per day
    GJ gigajoule
    GJ/d gigajoules per day
    mcf thousand cubic feet
    mcf/d thousand cubic feet per day
    mmcf/d million cubic feet per day
    bcf billion cubic feet
    NGLs natural gas liquids
    WTI West Texas Intermediate

    The MIL Network –

  • MIL-OSI: The Keg Royalties Income Fund Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. News wire services or dissemination in the U.S.

    VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce its financial results for the three months ended March 31, 2025 (the “quarter”).

    HIGHLIGHTS

    • Royalty Pool Sales(1) up 6.9% to $193.8 million for the quarter
    • KRL Average Sales per Operating Week(1) up 7.5% to $144,000 per Operating Week(1) for the quarter
    • KRL Same Store Sales(1) up 9.2% for the quarter
    • Distributable Cash(1) down 10.9% to $0.365/Fund unit for the quarter
    • Paid a special cash distribution of $0.04/Fund unit on January 31, 2025
    • Payout Ratio(2) was up to 77.7% for the quarter

    Royalty Pool Sales reported by the 104 Keg restaurants in the Royalty Pool(1) were $193,776,000 for the first quarter of 2025, an increase of $12,527,000 or 6.9% from the comparable quarter of the prior year. The increase in Royalty Pool Sales during the first quarter of 2025 was primarily due to the increase in Same Store Sales.

    Royalty income increased by $501,000 or 6.9% from $7,250,000 in the three months ended March 31, 2024 to $7,751,000 in the three months ended March 31, 2025.

    Distributable Cash available to pay distributions to public unitholders decreased by $505,000 in the first quarter of 2025 from $4,652,000 ($0.410/Fund unit) to $4,147,000 ($0.365/Fund unit). During the first quarter of 2025, regular cash distributions of $3,222,000 ($0.284/Fund unit) were paid to Fund unitholders, which remained the same as the first quarter of 2024. Additionally, a special cash distribution of $454,000 ($0.04/Fund unit) was declared in December 2024, and was paid to Fund unitholders during the first quarter of 2025, compared to a special cash distribution declared in December 2023 of $908,000 ($0.08/Fund unit), and paid to Fund unitholders in the first quarter of 2024.

    In any reporting period, the Fund’s Distributable Cash is affected, both positively and negatively, by any changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities(1) balances recognized in that reporting period. The decrease in the Fund’s Distributable Cash in the first quarter of 2025, was primarily attributable to the negative effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balances during the first quarter of 2025.

    The Payout Ratio was 77.7% for the first quarter of 2025, compared to 69.3% for the first quarter of 2024.

    The Fund remains financially well positioned with cash on hand of $2,443,000 and a positive Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balance of $4,132,000 as at March 31, 2025.

    “We are pleased with the financial results of the Fund in the first quarter of 2025, despite the continued challenges facing the full-service restaurant category, including the uncertainty related to potential tariffs,” said Kip Woodward, Chairman of the Fund. “KRL management continues to focus on delivering the best guest dining experience, and we are encouraged by the Keg’s long-term guest loyalty which we always endeavor to earn.”

    “We are pleased with KRL’s sales performance during the first quarter of 2025. Same Store Sales increased 9.2% versus the comparable quarter of 2024,” said Nick Dean, President of KRL. “We believe this is a result of remaining focused on delivering the Keg’s renowned hospitality and providing significant value to our guests,” he concluded.

    (1) This is a non-IFRS supplementary financial measure. Please refer to the “non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.
    (2) This is a non-IFRS ratio. Please refer to the “non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.

    NON-GAAP AND OTHER FINANCIAL MEASURES DISCLOSURE (“NI 52-112”)

    NI 52-112 prescribes disclosure requirements that apply to certain Non-IFRS measures known as “specified financial measures”. This press release makes reference to certain non-IFRS measures which provides important information regarding the Fund’s financial performance and ability to pay distributions to unitholders. By considering these non-IFRS measures in combination with IFRS measures, the Fund believes that readers are provided with additional and more useful information about the Fund’s financial performance as opposed to considering IFRS measures alone. The terms “System Sales”, “Royalty Pool”, “Royalty Pool Sales”, “Same Store Sales”, “Operating Weeks”, “Distributable Cash Before SIFT Tax”, “Distributable Cash”, “Payout Ratio”, “Average Sales per Operating Week” and “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” are non-IFRS measures and non-IFRS ratios. These non-IFRS measures and ratios reported by the Fund do not have standardized meanings as prescribed by IFRS, and the Fund’s method of calculating these measures may differ and may not be comparable to similar measures reported by other issuers.

    “System Sales” is a non-IFRS supplementary financial measure representing the gross sales of all corporate restaurants owned by Keg Restaurants Ltd. (“KRL”), and the gross sales reported to KRL by franchise restaurants without independent audit, in any period. The total System Sales of KRL are of interest to readers as it best reflects KRL’s overall sales performance.

    “Royalty Pool” is a non-IFRS supplementary financial measure representing a specific pool of Keg restaurants for which System Sales is calculated, obligating KRL to make monthly royalty payments to the Partnership equal to 4% of these gross sales.

    “Royalty Pool Sales” is a non-IFRS supplementary financial measure representing the total gross sales reported by Keg restaurants included in a specified Royalty Pool, for which the Fund receives a royalty of 4% on these reported gross sales in any period.

    “Same Store Sales” is a non-IFRS supplementary financial measure representing the overall increase or decrease in gross sales from a group of Keg restaurants (those restaurants that operated during the entire period of both the current and prior years), compared to gross sales for the same group of restaurants for the same period of the prior year.

    “Operating Weeks” is a non-IFRS supplementary financial measure representing the number of weeks a restaurant is open for in-store dining, without significant capacity restrictions, during a respective period.

    “Distributable Cash Before SIFT Tax” is a non-IFRS supplementary financial measure and is defined as the periodic cash flows from operating activities as reported in the IFRS unaudited condensed consolidated interim financial statements, including the effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities, plus the Specified Investment Flow-through Trust tax (“SIFT” tax) paid (including current year instalments), less interest and financing fees paid on the term loan, less the Partnership distributions attributable to KRL through its ownership of Class A, B, and D Exchangeable Partnership units (“Exchangeable Partnership units” or “Exchangeable units”) and Class C Partnership units held by KRL.

    “Distributable Cash” is a non-IFRS supplementary financial measure and is defined as the amount of cash available for distribution to the Fund’s public unitholders and is calculated as Distributable Cash Before SIFT Tax, less current year SIFT tax expense. The Fund believes that Distributable Cash, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders.

    “Payout Ratio” is a non-IFRS ratio and is computed as the ratio of aggregate cash distributions paid during the period plus any special distributions declared or paid during the same period (numerator) to the aggregate Distributable Cash of the period (denominator).

    “Average Sales per Operating Week” is a non-IFRS supplementary financial measure and is defined as the sales generated by an average restaurant during those operating weeks when restaurants were fully open for in-store dining, during a respective period. This metric is calculated by dividing total System Sales for any financial period by the total Operating Weeks open during the same financial period.

    “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” is a non-IFRS supplementary financial measure and is defined as the Fund’s current assets less current liabilities before Class C and Exchangeable Partnership units. The Fund believes this metric provides useful information to readers as Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities represents the Fund’s current working capital amounts expected to be settled for cash within the next twelve months.

    FINANCIAL HIGHLIGHTS

        Three months ended
        March 31,   March 31,
    ($000’s expect per unit amounts – unaudited)   2025   2024
             
    Restaurants in the Royalty Pool     104     105
    Royalty Pool Sales   $ 193,776   $ 181,249
    Royalty income (1)   $ 7,751   $ 7,250
    Interest income (2)     1,070     1,089
    Total income   $ 8,821   $ 8,339
    Administrative expenses (3)     (177)     (113)
    Interest and financing expenses (4)     (194)     (265)
    Operating income   $ 8,450   $ 7,961
    Distributions to KRL(5)     (3,467)     (3,297)
    Profit before fair value gain (loss) and income taxes   $ 4,983   $ 4,664
    Fair value gain (loss) (6)     5,341     (5,069)
    Income tax expense (7)     (1,381)     (1,246)
    Profit (loss) and comprehensive income (loss)   $ 8,943   $ (1,651)
    Distributable Cash Before SIFT Tax   $ 5,482   $ 5,900
    Distributable Cash   $ 4,147   $ 4,652
    Distributions to Fund unitholders (8)   $ 3,222   $ 3,222
    Payout Ratio     77.7%     69.3%
             
    Per Fund unit information (9)        
    Profit before fair value gain (loss) and income taxes   $ 0.439   $ 0.411
    Profit (loss) and comprehensive income (loss)   $ 0.788   $ (0.145)
    Distributable Cash Before SIFT Tax   $ 0.483   $ 0.520
    Distributable Cash   $ 0.365   $ 0.410
    Distributions to Fund unitholders (8)   $ 0.284   $ 0.284

    Notes:
    (1) The Fund, indirectly through The Keg Rights Limited Partnership (the “Partnership”), earns royalty income equal to 4% of gross sales of Keg restaurants in the Royalty Pool.
    (2) The Fund directly earns interest income on the $57.0 million loan to KRL (the “Keg Loan”), with interest income accruing at 7.5% per annum, payable monthly.
    (3) The Fund, indirectly through the Partnership, incurs administrative expenses and interest on the operating line of credit, to the extent utilized.
    (4) The Fund, indirectly through The Keg Holdings Trust (“KHT”), incurs interest expense on the $14.0 million term loan and amortization of deferred financing charges.
    (5) Represents the distributions of the Partnership attributable to KRL during the respective periods on the Exchangeable Partnership units and Class C Partnership units held by KRL. The Exchangeable Partnership units are exchangeable into Fund units on a one-for-one basis. These distributions are presented as interest expense in the unaudited condensed consolidated interim financial statements.
    (6) Fair value gain (loss) is the non-cash decrease or increase in the market value of the Exchangeable units held by KRL during the respective period. Exchangeable units are classified as a financial liability under IFRS.
    (7) Income taxes include the SIFT tax expense, and either a non-cash deferred tax expense or deferred tax recovery. The deferred tax expense or recovery primarily results from differences in income recognition between the Fund’s accounting methods and enacted tax laws. It is also partially due to temporary differences between accounting and tax bases of the Keg Rights owned by the Partnership.
    (8) Distributions to Fund unitholders include all regular monthly cash distributions paid to Fund unitholders during a period and any special distributions declared, but not paid, to Fund unitholders in the same period.
    (9) All per unit amounts are calculated based on the weighted average number of Fund units outstanding, which are those units held by public unitholders during the respective period. The weighted average number of Fund units outstanding for the three months ended March 31, 2025 and 2024 were 11,353,500.

    The Fund (TSX: KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the Royalty Pool.

    With approximately 10,000 employees, over 100 restaurants and annual System Sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

    This press release may contain certain “forward looking” statements reflecting The Keg Royalties Income Fund’s current expectations in the casual dining segment of the restaurant food industry. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those relating to the Keg’s ability to continue to realize historical same store sales growth, changes in market and existing competition, new competitive developments, and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the Fund’s financial results are detailed in documents filed from time to time with the provincial securities commissions in Canada.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Fund units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Keg Royalties Income Fund units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirement under U.S. securities laws.

    The Trustees of the Fund have approved the contents of this press release.

    The MIL Network –

  • MIL-OSI Submissions: Fintec – Visa and Whish Money Announce a Strategic Alliance that is Set to Revolutionize Digital Payments and Financial Services Regionally and Globally

    Source: Whish Money

    Beirut, Lebanon, May 6, 2025 – Visa, a global payments technology leader, and Whish Money SAL, a leading regional fintech, are pleased to announce one of the most strategic partnerships in the region. This partnership will enable Whish to leverage Visa’s advanced services and technology for payments and money movement, while allowing Visa to expand its service offerings to over 1 million Whish app users. A signing ceremony was held to commemorate this significant collaboration, marking a new chapter in the fintech landscape of the region.

    Leila Serhan, Senior Vice President at Visa and Group Country Manager for the North Africa, Levant and Pakistan (NALP) region, commented on the partnership: “This strategic partnership between Visa and Whish is the first in the levant region with an e-wallet and money transfer company, and we align with Whish on multiple pillars, most of which, trust and innovation. This partnership will enable us to bring our advanced payment technologies to a broader audience, facilitating seamless and secure money movement across the world. And as Whish is already present globally and is further expanding its reach, we can further facilitate the international growth through our presence in over 200 countries.”

    Toufic Koussa, CEO and Co-Founder of Whish Money, added: “We are excited to embark on this new collaboration with Visa which marks a significant milestone for Whish Money. By integrating Visa’s cutting-edge technology and services, we are poised to enhance our payment solutions and provide even more secure and efficient financial services to our customers. This partnership underscores our commitment to innovation and excellence in the fintech industry and is a testament to the thorough and careful due diligence Visa undertakes while engaging in such an affiliation given their high compliance standards. Our commitment to compliance and security has enabled us to achieve this unique partnership in the region.”

    This strategic alliance between Visa and Whish Money is set to revolutionize the fintech sector, bringing unparalleled advancements to digital payments and financial services regionally and globally. As both entities leverage their strengths and innovative technologies, the partnership will not only drive economic growth but also set a new benchmark for excellence and security in the industry.

    About Visa:

    Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com .

    About Whish Money:

    Whish Money is part of Talaco Group that was established in 2004, specializing in technology, telecom, software development, money remittance, digital payments and logistics industries. Whish has been one of the first global fintech platforms disrupting the distribution of telecom, ISP, gaming, and gift card vouchers, in addition to the digitization of financial services to corporates, retailers, and end users. With over 1,200 agents in Lebanon and 3,000 points of sale in the UAE, Whish Money continues to expand its reach and impact. Today, Whish has offices in Lebanon, UAE, and the USA serving more than 1 million users in over 110 countries.

    As a licensed and regulated company by the Central Bank of Lebanon, Whish Money adheres strictly to all local and international laws, regulations, and best practices including stringent Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) measures. Whish works closely with local and international authorities to detect and prevent financial crime. Its robust compliance framework, backed by advanced technology and experienced professionals, ensures that every transaction is screened against local and international watch lists, and is scrutinized to identify and mitigate potential risks, enabling it to provide secure and reliable financial services to its customers.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Grassley, Hassan Lead Legislation to Aid Victims of Identity Theft

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Download broadcast quality video HERE
    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, and Sen. Maggie Hassan (D-N.H.), a fellow Finance Committee member, reintroduced the Improving Social Security’s Service to Victims of Identity Theft Act to provide efficient help for Americans whose social security numbers have been stolen.
    “Millions of Americans suffer from identity theft each year, and Social Security numbers are a top target. Unfortunately, when a victim calls up the Social Security Administration, they can be jerked around from one contact to another, having to reexplain the situation each time. Our bill will help streamline the process by providing a victim of identity theft with a single point of contact at the agency, easing this frustrating and stressful process,” Grassley said.
    “Victims of identity theft whose Social Security numbers have been stolen shouldn’t have to deal with a cumbersome and frustrating process to get help from the Social Security Administration,” Hassan said. “This bipartisan legislation is an important way to ensure that Americans whose identities are stolen can access support through a streamlined process and a single point of contact at the Social Security Administration. This is one of the many common-sense proposals in Congress to combat waste, fraud, and abuse of taxpayer funds without making it harder for people to access their hard-earned benefits.”
    Background:
    Misuse of Social Security numbers is a large problem, and victims who are affected by identity theft face hurdles when trying to resolve issues with large, multi-office agencies such as the Social Security Administration (SSA).
    Currently, a victim may have to engage in multiple procedures and work with numerous representatives at SSA to resolve Social Security related identity-theft issues. The Grassley-Hassan Improving Social Security’s Service to Victims of Identity Theft Act provides a single, focal point of contact at SSA to provide efficient resolution of an identity-theft victim’s issues.
    Additional cosponsors include Sens. Mike Crapo (R-Idaho), Catherine Cortez Masto (D-N.V.), Bill Cassidy (R-La.), Ron Wyden (D-Ore.), Todd Young (R-Ind.), Angus King (I-Maine), Bernie Sanders (I-Vt.) and James Lankford (R-Okla.).
    The legislation has the endorsement of numerous groups, including: AARP, Social Security Works, the National Committee to Preserve Social Security and Medicare (NCPSSM) and the National Organization of Social Security Claimants’ Representatives (NOSSCR).
    Full text of the bill can be found HERE.
    Download broadcast quality video of Grassley discussing the legislation HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Duckworth, Klobuchar Raise Privacy Concerns About New DOGE Scrutiny of Farmer Finances With USDA Loans

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 07, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), a member of the Senate Committee on Agriculture, Nutrition, and Forestry, and U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senator Amy Klobuchar (D-MN) in pressing the U.S. Department of Agriculture (USDA) for more information about reports that farm loans and loan guarantees must be inspected and cleared by Elon Musk’s Department of Government Efficiency (DOGE) employees.
    “We write to express concern about a reported memorandum from the Farm Service Agency (FSA) to require certain farm loans and loan guarantees to be cleared through Department of Government Efficiency (DOGE) employees,” wrote the Senators.
    “In addition to raising privacy questions, this change could create delays in FSA loans for qualified borrowers,” the Senators continued. “At a time when financial uncertainty is rising for America’s families and farmers, creating more red tape for customers who often have no other options for credit could prevent farmers from getting crops in the ground, animals fed, or cause a beginning farmer to miss out on the purchase of their first parcel of land.”
    Along with Durbin, Duckworth, and Klobuchar, the letter was signed by U.S. Senators Ron Wyden (D-OR), Mark Warner (D-VA), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Angus King (I-ME), Tina Smith (D-MN), Ben Ray Luján (D-NM), Jon Ossoff (D-GA), Raphael Warnock (D-GA), John Fetterman (D-PA), Adam Schiff (D-CA), and Elissa Slotkin (D-MI).
    The full letter is available here and below:
    May 6, 2025
    Dear Secretary Rollins, 
    We write to express concern about a reported memorandum from the Farm Service Agency (FSA) to require certain farm loans and loan guarantees to be cleared through Department of Government Efficiency (DOGE) employees. In addition to raising privacy questions, this change could create delays in FSA loans for qualified borrowers. At a time when financial uncertainty is rising for America’s families and farmers, creating more red tape for customers who often have no other options for credit could prevent farmers from getting crops in the ground, animals fed, or cause a beginning farmer to miss out on the purchase of their first parcel of land.  
    The April 29, 2025 memo reportedly requires that farm loans and loan guarantees exceeding $500,000 as well as any loans or guarantees to “formal entities” such as an LLC must be “reviewed and cleared” not only by the USDA Chief Financial Officer (CFO) but also by DOGE employees. Because most farming operations are structured as some type of entity, this requirement could impact a large number of loans and loan guarantees. 
    USDA’s Farm Service Agency has recently made improvements to farm loan program procedures to create more efficiency, cut red tape, and streamline application processes to ease the burden on farmers. The Agency has simplified the direct farm loan application to reduce paperwork from 29 pages to 13 pages and implemented a “fast track” expedited review process for farm loan applications. We are concerned this new review could undermine the improvements made by USDA to reduce delays for applicants. 
    We request answers to the following questions by May 13th, 2025. 
      Please provide a copy of the memo directing this new policy and any supporting guidance provided to USDA employees. 
    What is the purpose and the legal basis of this new layer of review? 
     What role, if any, will artificial intelligence systems play in this review? 
    If artificial intelligence systems are used for this review, what systems will be used, and what parameters or instructions will guide the process? 

    Please provide a description of the guardrails that are in place to ensure that any information shared with and used by DOGE will protect the privacy of loan recipients.  
    Please provide a detailed description of all specific farm loan categories the new review policy does or does not apply to.  
       What, if any, is the time limitation for the review? 
    Was any analysis performed about the effect on the applicants of the potential delay or denials as a result of this new policy, and if so, what was the conclusion? 
    The memorandum referenced an Executive Order covering “discretionary spending through Federal contracts, grants, loans, and related instruments” and was not specific to FSA farm loans.  
    Are there similar new procedures in place or being planned for other assistance to agricultural producers either through FSA farm programs or other agencies? If so, what are those procedures? If not, what makes farm loans trigger this review and not the other assistance to the same set of entities? 

      
    We look forward to working with you to ensure that our farmers and ranchers have access to the credit they need. 
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Durbin Requests Probe Into Justice Department Use Of Aircraft For Personal Or Political Purposes

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 07, 2025
    Request for a GAO review comes amid public reporting of Kash Patel’s repeated travel on government aircraft that raises questions about proper reimbursement and oversight compliance
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today requested a review of the Department of Justice’s (DOJ) use of government-owned aircraft by senior executives, in light of concerns about compliance with federal regulations that restrict nonmission-related travel and require reimbursement for personal or political use.
    In a letter to the Government Accountability Office (GAO), Durbin began by asserting his request, writing: “I write to request that the Government Accountability Office (GAO) conduct a comprehensive review of the Department of Justice’s (DOJ) use of government-owned aircraft by senior executives.”
    Durbin continued by outlining policies and procedures for executive air travel, writing: “Multiple components within DOJ—including the Federal Bureau of Investigation (FBI), Drug Enforcement Administration (DEA), and United States Marshals Service (USMS)—own, lease, and operate a fleet of aircraft primarily to support mission-critical DOJ operations such as counterterrorism, criminal surveillance, and interdiction of illicit drug trafficking. While use of government aircraft for nonmission-related needs is generally prohibited by federal regulations, such aircraft can be made available regardless of the trip’s purpose for ‘required use travel,’ which is travel that ‘requires use of a [g]overnment aircraft to meet bona fide communications needs (e.g., 24-hour secure communications), security requirements (e.g., highly unusual circumstances that present a clear and present danger), or exceptional scheduling requirements… of an executive agency.’ The President has typically designated two executives within DOJ as ‘required use’ travelers—the Attorney General and the FBI Director—due to their need for special protective security measures and secure communications while in flight. However, federal guidance requires that such travelers reimburse the government for any travel that is for political or personal reasons.”
    Durbin then cited recent reporting that FBI Director Kash Patel’s recent travel raises compliance questions, writing: “Some of these flights appear to coincide with official business,  but it is not clear whether all travel was mission-related or personal in nature. Nonetheless, this reporting underscores the need for clarity on whether DOJ executives—including the FBI Director—are complying with applicable regulations and reimbursement requirements for nonmission-related travel and whether DOJ has sufficient internal controls to track and enforce those obligations.”
    Durbin concluded with a request to update its 2013 report into the matter, writing: “Given these developments, I request that GAO review the circumstances in which DOJ aircraft are being used to transport executives for nonmission purposes, including the costs of these flights… This review is critical to ensuring the appropriate use of taxpayer resources and maintaining public trust in DOJ’s operations and use of taxpayer dollars.”
    For a PDF of the letter to GAO, click here.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Bergman Bills to Support Veterans and Strengthen VA Accountability Pass VA Committee

    Source: United States House of Representatives – Congressman Jack Bergman (MI-1)

    Rep. Jack Bergman announced today that two of his legislative initiatives—the CHOICE for Veterans Act and the VA Budget Shortfall Accountability Act—successfully passed out of the House Committee on Veterans’ Affairs yesterday.

    “These bills reflect months of collaboration and feedback from Veterans, advocates, and oversight bodies,” said Rep. Bergman. “I’m grateful to my colleagues on the committee for recognizing the importance of protecting Veterans and ensuring the VA is operating with transparency and accountability.”

    The CHOICE for Veterans Act reinstates penalties for unaccredited individuals who charge Veterans for help with filing disability claims. It also permits accredited agents and attorneys to charge fees for initial claim filings—capped at the lesser of $12,500 or five times the Veteran’s monthly benefit increase—while implementing strong guardrails to prevent abuse.

    Key provisions include:

    • Informing Veterans of free services available through Veterans Service Organizations (VSOs).
    • Requiring clear, upfront fee disclosures and allowing Veterans to pay in installments.
    • Enhancing oversight through a public VA website listing accredited representatives and enabling the reporting of unaccredited actors.
    • Protecting data and privacy by requiring HIPAA-compliant systems and banning overseas call centers.
    • Preventing unethical practices such as double billing or charging recently separated service members.

    Additionally, Bergman’s VA Budget Shortfall Accountability Act addresses concerns stemming from the VA’s 2024 budget request, in which the department cited a $3 billion shortfall. Despite that request, the VA ultimately carried over $5 billion in unspent funds.

    “This legislation is about accountability and ensuring Congress has accurate, timely information to support Veterans effectively. By requiring annual reviews of the VA’s budget practices for the next five years, we’re taking meaningful steps to prevent future confusion and protect taxpayer dollars.”

    MIL OSI USA News –

  • MIL-OSI USA: House Republicans Combat Chinese Propaganda at American Universities

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Speaker Johnson and Rep. Pfluger (R-TX) released the following statements after the House passed H.R. 881, The Department of Homeland Security Restrictions on Confucius Institutes and Chinese Entities of Concern Act.

    “House Republicans will not tolerate adversarial regimes, like the Chinese Communist Party, using propaganda to manipulate students, undermine academic institutions, and compromise national security. Higher education in America must remain free from foreign malign influence,” said Speaker Johnson. “I commend Rep. Pfluger for his leadership in protecting students and ensuring taxpayer dollars are not used to fund institutions that host Confucius Institutes or maintain ties to Chinese entities supporting CCP interests.”

    “The Chinese Communist Party (CCP) has proven to be an untrustworthy, adversarial actor by continually undermining American interests at every turn – in no world should they have a front-row seat in our classrooms funded by our own taxpayer dollars,” said Representative Pfluger. “The passage of my legislation today sends a clear message: America’s universities and research labs will no longer be used to steal critical research, recruit talent for Military-Civil fusion enterprises, conduct espionage, commit transnational repression, and influence academic institutions to the benefit of the CCP. This is a victory for our national security and for the future generations of Americans.”

    ###

    MIL OSI USA News –

  • MIL-OSI Video: The Week at State – Week of April 28, 2025

    Source: United States of America – Department of State (video statements)

    This week at State, we celebrated the first 100 days of the Trump Administration.

    Hear more from Spokesperson Tammy Bruce on how President Trump and Secretary Rubio have driven a focused America First foreign policy agenda.

    https://www.youtube.com/watch?v=RdwIJBzTAR4

    MIL OSI Video –

  • MIL-OSI USA: Hawley Urges DOJ to ‘Reconsider’ Stance in Missouri Mifepristone Case

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Today, Senator Hawley (R-Mo.) sent a letter to Attorney General Pam Bondi, urging the Justice Department to reconsider its defense of the Biden Administration’s policy on mifepristone, which allows women to receive the abortion drug with virtually no safeguards. The case is currently pending before a federal district court. 

    A bombshell new study found that more than 1 in 10 women who use mifepristone experience sepsis, infection, hemorrhaging, an emergency room visit, or another serious adverse event within 45 days. The report exposes just how essential reestablishing these guardrails are for women’s health. 

    “While the grounds for dismissal sought are mostly procedural in nature, I am troubled by the fact that the Justice Department has sided with the Biden administration’s position, especially considering new data showing the harms of chemical abortion for women,” Hawley wrote. “I urge you to reconsider.”

    Senator Hawley recently published an op-ed about the health risks of mifepristone and called on the Trump administration to restore the safety regulations on mifepristone without delay. 

    Read the letter here or below.  

    May 7, 2025

    The Honorable Pam Bondi Attorney General
    U.S. Department of Justice 
    950 Pennsylvania Avenue NW
    Washington DC 20530

    Attorney General Bondi:

    Yesterday, your department sought the dismissal of three intervenor state plaintiffs—led by my home state of Missouri—in abortion drug litigation pending before a federal district court. While the grounds for dismissal sought are mostly procedural in nature, I am troubled by the fact that the Justice Department has sided with the Biden administration’s position, especially considering new data showing the harms of chemical abortion for women. I urge you to reconsider.

    Missouri, joined by Idaho and Kansas, is seeking to restore safeguards for the chemical abortion drug, mifepristone, that the Biden administration eliminated. The states have argued their interest in protecting their citizens against the adverse health consequences of the drug—a point which was recently underscored by a landmark new study of mifepristone. That study found that more than 1 in 10 women who use mifepristone experience sepsis, infection, hemorrhaging, an emergency room visit, or another serious adverse event within 45 days. This rate is far greater than the rate reported on the FDA-approved drug label for mifepristone. Despite these severe safety risks, the Biden administration allowed mifepristone to be delivered via mail and without any medical supervision whatsoever. Missouri’s litigation aims to reverse that policy and protect women.

    The Biden administration’s mail-order abortion policy poses a grave threat to the health and safety of American women. I strongly urge you to reconsider the Justice Department’s defense of this policy in court.

    Thank you for your attention to this matter.

    Sincerely,

    Josh Hawley
    United States Senator

    MIL OSI USA News –

  • MIL-OSI USA: Senators Ricketts, Coons Lead Tabletop Exercise on Hypothetical Chinese Energy Quarantine Against Taiwan

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE), Chairman of the Senate Foreign Relations Subcommittee on East Asia, organized a tabletop exercise with Senator Chris Coons (D-DE) and other senators. The two-hour exercise tasked the participating senators with responding to a simulated Chinese campaign designed to strangle Taiwan’s energy imports. The exercise was led by the Foundation for Defense of Democracies (FDD). FDD plans to convene a follow-on simulation this summer in Taipei with Taiwanese officials, including members of Taiwan’s National Security Council. After the exercise completed, Senator Ricketts gave the following comments:
    “This exercise reflected the real risk that a Chinese energy quarantine presents to Taiwan,” said Ricketts. “Beijing would like nothing more than to force unification without war. However, Congress can play a decisive role in supporting our Taiwanese partners while also complicating Xi Jinping’s plans to coerce Taiwan into capitulation.”
    Senate Foreign Relations Committee East Asia Subcommittee’s Tabletop exercise in Washington, DC on May 6, 2025. (Official U.S. Senate photo by Erin Sutherland)Ricketts also underscored the threat posed by Communist China’s dictator Xi Jinping, who has signaled his military to be ready to seize Taiwan by 2027.
    “We seek peace and stability across the Taiwan Strait,” said Ricketts. “Increasing aggression from Communist China continues to threaten this long-standing status quo. Simulations and exercises like the one we did today are important for understanding the real-world impact of policy decisions. By working through potential actions by Communist China and planning an American response, we can take the steps necessary to deter this aggression.”
    “As Senator Ricketts and I saw on our travel to East Asia last month, Taiwan plays a central role in ensuring a free and open Indo-Pacific in the face of Chinese aggression,” said Senator Coons. “This exercise made clear the sheer number of tools China has at its disposal to threaten Taiwan and the many steps the United States and our partners and allies should take to prepare. It also demonstrated that Congress will have a clear role to play in shaping our nation’s response to any crisis in the Indo-Pacific region. Unified, bipartisan support for Taiwan in Congress is more important today than ever before.”
    BACKGROUND
    Last month, Senator Ricketts led a congressional delegation (CODEL) trip to Taiwan and the Philippines with Senators Coons and Ted Budd (R-NC). During the trip, the three senators met with senior Taiwanese officials including President Lai and Vice President Hsaio.
    This tabletop exercise continues the work that Senators Ricketts and Coons are doing as chairman and ranking member of the Senate Foreign Relations East Asia Subcommittee to foster bipartisan agreement around the island of Taiwan.

    MIL OSI USA News –