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  • MIL-OSI USA: Murray, Wyden, Senate Colleagues Slam Social Security for Improperly Declaring Thousands Dead, Call for Watchdog Investigation

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Trump administration abused Death Master File to purge at least 6,300 Social Security numbers–including children and seniors
    ICYMI: Senator Murray on Vote Against Social Security Nominee, Releases New WA State Report on How Trump and Elon Are Breaking the Social Security Administration
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senate Finance Committee Ranking Member Ron Wyden (D-OR), and 10 Senate colleagues in slamming the Social Security Administration (SSA) for transferring thousands of Social Security numbers associated with immigrants to SSA’s Death Master File, marking them as dead to pressure ‘self-deportation’ and demanded the agency’s watchdog launch a full investigation into the decision.
    Exploiting Social Security’s Death Master File to terminate the SSN of living individuals without full due process, violates several federal laws and bedrock constitutional rights. The Trump administration’s actions violate their due process rights enshrined in the Constitution, falsify government records, and violate the Privacy Act, wrote the senators. Even Trump’s lawyers reportedly agreed that Social Security’s actions violated the Privacy Act. 
    “This decision will result in the ‘financial murder’ of living individuals improperly placed in the file, with everything from their credit cards and banking to their ability to access healthcare and housing being ripped out from under them,” the senators wrote in the letters to Acting Social Security Commissioner Leland Dudek and Social Security Assistant Inspector General for Audit Michelle Anderson. 
    The senators also called on the SSA Office of the Inspector General to launch a full investigation into the agency’s decision to begin using the Death Master File for this purpose, including how an individual gets targeted, who at the agency has decision making authority, and how those who have their SSNs nullified through this process can get it fixed if there is a mistake.
    The Trump administration’s abuse of Social Security’s centerpiece role in America’s economy sets a dangerous precedent of allowing the government to rip away workers’ access to their earned Social Security benefits while threatening the security of all Americans.
    “The purpose of SSA is to provide for the welfare of number-holders and their dependents, not to serve as an arm of President Trump’s immigration enforcement agenda. This move degrades the solvency, reliability, and accuracy of SSA systems and programs. It is as cruel as it is thoughtless– the impact will be felt in communities across the country and in the future of SSA programs themselves,” the senators concluded in one of their letters to SSA.
    In addition to Murray and Wyden, the letter was signed by Senators Peter Welch (D-VT), Mazie Hirono (D-HI), Tammy Duckworth (D-IL), Catherine Cortez Masto (D-NV), Bernie Sanders (I-VT), Angus King (I-ME), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Ben Ray Luján (D-NM), and Jeff Merkley (D-OR). 
    A PDF of the letter to SSA Acting Commissioner Dudek is available HERE.
    A PDF of the letter to SSA Assistant Inspector General for Audit Anderson is available HERE.
    Yesterday, Senator Murray released a new report featuring testimonials from Washington state residents—including employees at the Social Security Administration who were recently fired through no fault of their own—and detailing how the Trump administration’s wide-ranging attacks on SSA risk depriving Washingtonians of the Social Security benefits they have earned and deserve. More than 73 million Americans, including 1.4 million—or one in six—people in Washington state rely on Social Security benefits. Half of seniors nationwide rely on Social Security for most of their income, and a quarter of seniors rely on Social Security for at least 90 percent of their income.   
    Senator Murray has an extensive record of protecting Social Security benefits and fighting to secure essential funding for the Social Security Administration—and she has been tirelessly raising the alarm about the threat Elon Musk’s DOGE poses to Americans’ hard-earned benefits. In March, Senator Murray held a press conference to lift up the stories of SSA employees who are being pushed out by Elon Musk through no fault of their own and hear from Washington state residents who rely on Social Security. In February, Murray released a fact sheet warning of the Trump administration’s plans to make it harder for Americans who’ve paid into Social Security to get the benefits they have earned.
    Under Senator Murray’s leadership as Chair last Congress, the Senate Appropriations Committee advanced a draft Fiscal Year 2025 Appropriations Bill that would have provided a $509 million increase for SSA this year. Millions of Americans rely on Social Security and have earned benefits over lifetimes of work. Senator Murray also helped pass the Social Security Fairness Act at the end of 2024, which restored full Social Security benefits for public servants, including firefighters, law enforcement officers, teachers, and other state and local government workers—in January, Murray held a roundtable discussion in Everett with local union members on the implementation of the law.

    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: 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: 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: 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: Progress on the SH1 Belfast to Pegasus Motorway and Woodend Bypass project

    Source: NZ Music Month takes to the streets

    Work is moving at pace on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass project, with geotech work beginning this week, Transport Minister Chris Bishop and Minister for the South Island and Associate Transport Minister James Meager say. 

    “The Government is committed to supporting the fast-growing Waimakariri District. This much needed transport infrastructure will boost economic growth, reduce congestion, improve safety and access to housing growth areas. SH1 approaching Woodend currently carries around 21,500 vehicles per day, of which nine percent is freight. The traffic volume is expected to reach 28,000 vehicles per day by 2048. There have been 280 crashes on SH1 through Woodend between 2014 and 2023, with three fatalities and 25 serious injuries,” Mr Bishop says. 

    “The NZ Transport Agency (NZTA) Board endorsed the investment case for the Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance in November 2024, which proposes: 

    • Widening the southern section of the existing SH1 from two to four lanes.
    • A new four-lane motorway bypass in the northern section.
    • A grade separated interchange at the Williams Street intersection with SH1.
    • Replace the Pegasus roundabout with an overbridge and signalised intersection.
    • Kaiapoi Bridge seismic strengthening and widening.
    • Construction of new bridges over the Cam River and overbridges at Woodend Beach Road and Gladstone Road.
    • Tolling to support the construction and maintenance of the road. 

    “In addition to endorsing the investment case in November last year, the NZTA Board also approved $68.1 million in initial funding to complete detailed design work and advance an early works package, as well as around $37 million for property acquisition. Further funding to begin and complete main construction will be considered by the NZTA Board in due course. 

    “Delivering this project has substantial benefits, including a three-minute travel time saving along the state highway, and up to 10 minutes at peak. It is also expected to reduce traffic through Woodend from 21,000 vehicles per day to 8,000, and a reduction in deaths and serious injuries from 5.6 to 1.25 per year. 

    “The investment case endorsed by the NZTA Board sets an investment envelope between $800 million and $1 billion to design, consent, and construct the project. 

    “The Government Policy Statement on Land Transport 2024 (GPS) requires NZTA to consider tolling for all new RoNS. The investment case confirms tolling is possible and the revenue will support the construction and maintenance of the road. The Government will consider this recommendation and announce next steps of the process in due course.” 

    “NZTA is continuing to move at pace on the project with the detailed design contract awarded to Aurecon and Tonkin + Taylor in March this year. Getting geotech works underway is an essential part of the design phase of the project and will involve drilling around 70 boreholes up to 35 metres deep and digging pits at individual sites within the construction area,” Mr Meager says. 

    “The geotechnical investigations will look at ground conditions, including soil and rock types, groundwater depths and the strength of soil and rock. This work will take around two months to complete. 

    “Once geotechnical data is available, NZTA will confirm the scope and design of an early works package and prepare and lodge consent applications. The early works package will likely begin in early 2026, while main construction is likely to begin later in 2026. The project is expected to take four years to complete. 

    “SH1 is a nationally strategic freight route and provides critical access to Christchurch City, Christchurch International Airport, Lyttelton Port, and the major health, education, commercial and industrial services in the Canterbury region. Delivering the Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance will significantly improve reliability of the corridor and ensure people and freight can get where they need to go, quickly and safely. 

    “I want to thank local Waimakariri MP Matt Doocey, Banks Peninsula MP Vanessa Weenink, Kaikoura MP Stuart Smith and Mayor Dan Gordon who have been a staunch advocates of this project, as well as wider Canterbury MPs Hamish Campbell and Nicola Grigg. I know we’re all looking forward to seeing more progress in the months and years ahead as we move into construction as soon as possible.” 

    For more information about the project, you can visit the NZTA website here: https://www.nzta.govt.nz/projects/sh1-belfast-to-pegasus-motorway-and-woodend-bypass/

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: NZ Treasury – Interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2025

    Source: The New Zealand Treasury

    The Interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2025 were released by the Treasury today. The March results are reported against forecasts based on the Half Year Economic and Fiscal Update 2024 (HYEFU 2024), published on 17 December 2024, and the results for the same period for the previous year.

    The majority of the key fiscal indicators for the nine months ended 31 March 2025 were better than forecast. The Government’s main operating indicator, the operating balance before gains and losses excluding ACC (OBEGALx), showed a deficit of $6.6 billion. This was $0.5 billion smaller than forecast largely due to lower than forecast core Crown expenditure. Net core Crown debt was $2.1 billion lower than forecast at $182.0 billion, or 42.6% of GDP.

    Core Crown tax revenue, at $89.5 billion, was $0.2 billion (0.2%) higher than forecast. While GST and other individuals’ tax were both above forecast by $0.5 billion each, this was broadly offset by source deductions and corporate tax which were below forecast by $0.5 billion and $0.3 billion, respectively.

    Core Crown expenses, at $104.1 billion, were $0.6 billion (0.5%) below forecast. This variance included some significant offsetting variances and was mostly timing in nature. In particular, core government services expenses were $0.6 billion above forecast, while transport and housing expenses were $0.6 billion and $0.3 billion below forecast, respectively. The remaining variance was spread across a range of agencies.

    The OBEGALx was a deficit of $6.6 billion, $0.5 billion less than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $8.4 billion, $0.4 billion less than the forecast deficit.

    The operating balance deficit of $4.5 billion was $0.8 billion higher than the forecast deficit. This reflected net unfavourable valuation movements along with the favourable OBEGAL result. Net gains on financial instruments were $4.0 billion lower than forecast, driven by the performance of the New Zealand Superannuation Fund (NZS Fund) and ACC’s investment portfolios. This unfavourable variance was partly offset by net losses on non-financial instruments being $2.6 billion less than forecast. This was largely owing to a $0.7 billion net actuarial gain on ACC’s outstanding claims liability compared to a forecast net loss of $1.0 billion, and the New Zealand Emissions Trading Scheme with net losses being $0.9 billion lower than forecast.

    The core Crown residual cash deficit of $5.3 billion was $1.7 billion lower than forecast. While net operating cash flows were broadly in line with forecast, net core Crown capital cash outflows were $1.5 billion lower than forecast. This variance is expected to be timing in nature, mainly owing to net purchases of investments and net increases in advances which were both below forecast by $0.6 billion and $0.7 billion, respectively.

    Net core Crown debt at $182.0 billion (42.6% of GDP) was $2.1 billion lower than forecast. This variance was largely due to the variance in core Crown residual cash deficit and the factors not impacting residual cash which improved net core Crown debt. Of these factors, the most significant was foreign exchange movements since the HYEFU 2024 forecast which have resulted in $0.5 billion of net gains improving net core Crown debt without impacting the core Crown residual cash indicator.

    Gross debt at $206.0 billion (48.3% of GDP) was $0.5 billion higher than forecast, largely owing to higher than forecast government stock, partially offset by lower than forecast Treasury bills.

    Net worth at $183.8 billion (43.1% of GDP) was $0.3 billion lower than forecast. The variance to forecast reflects a higher operating balance deficit discussed above, partially offset by net actuarial gains on retirement plan schemes ($0.5 billion). Net worth consisted of total Crown assets of $594.7 billion (in line with forecast) and total Crown liabilities of $410.9 billion ($0.3 billion higher than forecast).


          

      Year to date Full Year
    March
    2025
    Actual1
    $m    		 March 
    2025
    HYEFU 2024
    Forecast1
    $m    		 Variance2
    HYEFU 2024
    $m    		 Variance
    HYEFU 2024
    %    		 June
    2025
    HYEFU 2024
    Forecast3
    $m
    Core Crown tax revenue 89,478 89,278 200 0.2 120,623
    Core Crown revenue 99,124 99,152 (28) –  134,038
    Core Crown expenses 104,088 104,662 574 0.5 144,638
    Core Crown residual cash (5,297) (7,018) 1,721 24.5 (16,610)
    Net core Crown debt4 181,984 184,121 2,137 1.2 192,810
              as a percentage of GDP 42.6% 43.1%     45.1%
    Gross debt 205,997 205,456 (541) (0.3) 206,558
              as a percentage of GDP 48.3% 48.1%     48.3%
    OBEGAL excluding ACC (OBEGALx) (6,589) (7,118) 529 7.4 (12,868)
    OBEGAL (8,370) (8,774) 404 4.6 (17,317)
    Operating balance (excluding minority interests) (4,484) (3,656) (828) (22.6) (10,161)
    Net worth 183,815 184,118 (303) (0.2) 177,492
              as a percentage of GDP 43.1% 43.1%     41.5%
    1. Using the most recently published GDP (for the year ended 31 December 2024) of $426,925 million (Source: Stats NZ).
    2. Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
    3. Using HYEFU 2024 forecast GDP for the year ending 30 June 2025 of $427,252 million (Source: The Treasury).
    4. Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.

    MIL OSI New Zealand 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: Oportun Announces Continued Board Evolution

    Source: GlobeNewswire (MIL-OSI)

    SAN CARLOS, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that its Board of Directors will nominate Carlos Minetti and Raul Vazquez for election at the Company’s 2025 Annual Meeting of Shareholders (the “Annual Meeting”). Scott Parker and R. Neil Williams will not stand for reelection at the Annual Meeting, and the Board will be reduced from ten to eight members at that time. If the Board’s recommended candidates are elected, three of the Board’s seven independent directors will have joined the Board within eighteen months of the Annual Meeting. Following the conclusion of Mr. Williams’ tenure on the Board, the Board will select a new Lead Independent Director.

    “The Board has thoughtfully repositioned Oportun for continued success. As part of that process, we took a comprehensive look at how to maintain the Board’s strength and independence, as well as its diversity of experience and expertise,” said Mr. Williams. “After benchmarking against industry peers and corporate governance best practices, and considering the perspectives of our shareholders, we recognized that a smaller Board would be both more conventional and efficient. I have full confidence the Board will continue to provide effective guidance and hold management accountable as the Company executes its strategic initiatives.”

    “On behalf of the Board, I’d like to thank Scott and Neil for their service and contributions to the Company. We wish them all the best in their future endeavors,” said Ginny Lee, Chair of the Nominating, Governance and Social Responsibility Committee. “Looking ahead, we remain focused on vigorous and independent oversight of the Company’s strategy and execution, with a goal of driving improved operating performance and delivering enhanced shareholder value.”

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to our future performance and financial position, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Additional Information and Where to Find It

    Oportun Financial Corporation (“Oportun”), its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with Oportun’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). Oportun plans to file a proxy statement (the “2025 Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting.

    Jo Ann Barefoot, Mohit Daswani, Ginny Lee, Carlos Minetti, Louis Miramontes, Scott Parker, Sandra A. Smith, Richard Tambor, Raul Vazquez and R. Neil Williams, all of whom are members of Oportun’s board of directors, are participants in Oportun’s solicitation. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the 2025 Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting. Information relating to the foregoing can also be found in Oportun’s definitive proxy statement for its 2024 Annual Meeting of Stockholders (the “2024 Proxy Statement”), which was filed with the SEC on May 13, 2024, and is available here. Particular attention is directed to the sections of the 2024 Proxy Statement captioned “Directors, Executive Officers and Corporate Governance,” “Non-Employee Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” “Executive Compensation” and “Certain Relationships and Related Transactions.” To the extent that holdings of such participants in Oportun’s securities have changed since the amounts printed in the 2024 Proxy Statement, such changes have been reflected on the following filings: for Ms. Barefoot, on June 28, 2024; for Mr. Daswani, on June 28, 2024 and December 13, 2024; for Ms. Lee, on June 28, 2024; for Mr. Minetti, on June 28, 2024 and December 13, 2024; for Mr. Miramontes, on June 28, 2024; for Mr. Parker, on April 25, 2024, June 18, 2024, and June 28, 2024; for Ms. Smith, on June 28, 2024; for Mr. Tambor, on June 28, 2024 and June 28, 2024; for Mr. Vazquez, on June 18, 2024, September 12, 2024, December 2, 2024, March 12, 2025, and April 4, 2025; and for Mr. Williams, on June 28, 2024 and December 11, 2024.

    Promptly after filing its definitive 2025 Proxy Statement with the SEC, Oportun will mail the definitive 2025 Proxy Statement and a GREEN proxy card to each stockholder entitled to vote at the Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE 2025 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT OPORTUN WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, Oportun’s proxy statement (in both preliminary and definitive form), any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting at the SEC’s website, which is located here. Copies of Oportun’s definitive 2025 Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting will also be available, free of charge, at Oportun’s website, which is located here, or by writing to Investor Relations, Oportun Financial Corporation, 2 Circle Star Way, San Carlos, CA 94070. In addition, copies of these materials may be requested, free of charge, from Oportun’s proxy solicitor, Innisfree M&A Incorporated, by calling toll-free to (877) 800-5195.

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Innisfree M&A Incorporated
    Scott Winter / Gabrielle Wolf / Jonathan Kovacs
    (212) 750-5833

    Media Contact
    John Christiansen / Bryan Locke
    FGS Global
    Oportun@fgsglobal.com

    The MIL Network –

  • 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: Sprott Inc. Announces Results of its Annual Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (“Sprott”) (NYSE/TSX: SII) announced today the results of its Annual Meeting of shareholders held on May 7, 2025 (the “Meeting”). Sprott is pleased to announce that all resolutions put forward in the Management Information Circular dated March 18, 2025 (the “Circular”) to its shareholders were approved.

    Results of the matters voted on at the Meeting are set out below.

    Election of Directors

    Sprott’s seven (7) director nominees were elected:

    Nominee Votes For (percent) Votes Withheld (percent)
    Ronald Dewhurst 94.957% 5.043%
    Graham Birch 99.529% 0.471%
    Barbara Connolly Keady 97.844% 2.156%
    Dinaz Dadyburjor 98.813% 1.187%
    Whitney George 98.876% 1.124%
    Judith O’Connell 94.926% 5.074%
    Catherine Raw 95.496% 4.504%


    Appointment of Auditors

    KPMG LLP, Chartered Accountants, was re-appointed as auditor of Sprott and the board of directors of Sprott was authorized to fix the auditors’ remuneration and terms of engagement.

            Votes For (percent): 98.600%

            Votes Withheld (percent): 1.400%

    For further details on each of the above matters, please refer to the Circular available under Sprott’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.com.

    Final voting results on all matters voted on at the Meeting will be filed on SEDAR+ at www.sedarplus.com.

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    Investor contact information:

    Glen Williams
    Senior Managing Partner
    Investor and Institutional Client Relations
    (416) 943-4394
    gwilliams@sprott.com

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Ranked Top Five Nationally by J.D. Power for Credit Union Member Satisfaction

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, May 07, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union ranks among the top five for member satisfaction among the nation’s largest credit unions, according to the 2025 U.S. Credit Union Satisfaction Study by J.D. Power. It is the highest-rated credit union in Utah.

    A Media Snippet accompanying this announcement is available in this link.

    The annual study, released last month, measures member satisfaction across six key factors: trust, people, account offerings, allowing customers to bank how and when they want, helping save time or money, and resolving problems or complaints. The survey, based on responses from thousands of credit union members nationwide, reflects consumer experiences with their financial institutions over the past year.

    “This recognition is a direct reflection of our commitment to putting our members first,” said Sterling Nielsen, president and CEO at Mountain America Credit Union. “Every decision we make is centered around how we can better serve our members, support their goals, and deliver the kind of personal, responsive service they deserve. Being named one of the top five credit unions in the country is an honor and motivates us to keep improving.”

    Mountain America serves more than 1,000,000 members throughout a five-state region with a full range of financial products and services, including savings and checking accounts, home and auto loans, and digital banking tools.

    J.D. Power’s Credit Union Satisfaction Study is considered one of the most comprehensive benchmarks of member satisfaction in the industry. The study evaluates the top 29 largest credit unions and was based on feedback from 9,989 credit union members collected between January 2024 and January 2025.

    For more information about Mountain America visit macu.com.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multi-state region; and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: Altus Group Announces Voting Results of 2025 Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Group” or “the Company”) (TSX: AIF), a leading provider of commercial real estate intelligence, released today final voting results from its annual general meeting of shareholders (the “Meeting”) held virtually earlier today. A total of 39,662,907 common shares were represented at the Meeting, representing 87.84% of the 45,154,806 Common Shares of the Company as at the record date on March 26, 2025.

    Each of the nominees proposed for election as a director as listed in the Company’s Management Information Circular dated March 26, 2025, was elected by a majority of votes to serve until the next annual meeting or until a successor is elected or appointed, as detailed below:

    Name of Nominee Votes For % Votes Withheld %
    Wai-Fong Au 39,098,051 99.14 340,078 0.86
    Will Brennan 39,386,226 99.87 51,903 0.13
    Angela L. Brown 38,462,331 97.53 975,798 2.47
    Colin J. Dyer 38,200,152 96.86 1,237,977 3.14
    Michael J. Gordon 39,313,842 99.68 124,287 0.32
    James V. Hannon 39,317,393 99.69 120,736 0.31
    Anthony W. Long 38,655,371 98.02 782,758 1.98
    Raymond Mikulich 38,406,803 97.38 1,031,326 2.62
    Carolyn M. Schuetz 39,218,970 99.44 219,159 0.56
    Thomas W. Warsop, III 39,156,178 99.29 281,951 0.71
    Janet P. Woodruff 38,173,037 96.79 1,265,092 3.21

    The motion with respect to the appointment of the Company’s auditor, Ernst & Young LLP, was approved by a majority of votes. A total of 39,564,401 (99.77%) votes were cast in favour, with 89,234 (0.23%) votes withheld.

    The advisory vote on approach to executive compensation was supported by a majority of votes, with a total of 38,395,561 (97.36%) votes cast in favour, and 1,042,568 (2.64%) votes against.

    A replay of the Meeting is available through a webcast posted on Altus Group’s website, www.altusgroup.com, under the Company section.  

    About Altus Group

    Altus connects data, analytics, and expertise to deliver the intelligence necessary to drive optimal CRE performance.  The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com. 

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Martin Miasko 
    Sr. Director, Investor Relations and Strategy, Altus Group 
    (416) 204-5136 
    martin.miasko@altusgroup.com 

    The MIL Network –

  • 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: PHILADELPHIA – Governor Shapiro, DCED Secretary Siger to Highlight $30 Million Investment in the Philadelphia Navy Yard to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Source: US State of Pennsylvania

    May 08, 2025 – Philadelphia, PA

    ADVISORY – PHILADELPHIA – Governor Shapiro, DCED Secretary Siger to Highlight $30 Million Investment in the Philadelphia Navy Yard to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Governor Josh Shapiro and Department of Community and Economic Development Secretary Rick Siger will join legislators and local leaders to highlight the Shapiro Administration’s $30 million investment in Philadelphia’s Navy Yard Greenway District through the first round of the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program. The PA SITES program helps to build shovel-ready industrial sites across the Commonwealth to attract businesses, investments, and good-paying jobs.

    WHO:
    Governor Josh Shapiro
    Department of Community and Economic Development Secretary Rick Siger
    Senator Nikil Saval
    Representative Morgan Cephas
    Jodie Harris, President of the Philadelphia Industrial Development Corporation
    Mark Seltzer, Managing Director of Ensemble Investments, LLC
    Mark Lynch, Business Manager and Financial Secretary of IBEW Local 98

    WHEN:
    Thursday, May 8, 2024, at 11:00 AM

    WHERE:
    Philadelphia Navy Yard
    1200 Normandy Place,
    Philadelphia, PA 19112

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Colleagues Celebrate Small Businesses During Small Business Week

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Joni Ernst (R-IA) and 81 Senate colleagues in cosponsoring a resolution declaring the week of May 5th as “National Small Business Week.” The measure recognizes the entrepreneurs and innovators that promote growth and create jobs across America. 
    “Small businesses are the heart and soul of the American economy,” said Sen. Tuberville. “Alabama is proud to be home to more than 420,000 small businesses that feed our families and fuel our economy. As a former small business owner, I know firsthand the tremendous challenges that our small business owners face every day. By cutting red tape and lowering taxes, President Trump was a champion for small businesses during his first term. Congress should work with President Trump to help him usher in the golden age of the American small business economy.”
    “Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Sen. Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
    Read full text of the resolution here.
    BACKGROUND:
    Alabama boasts 422,586 small businesses, which account for more than 99% of Alabama’s businesses and nearly half of the workforce in the state.
    Sen. Tuberville has championed small businesses during his entire tenure in Congress. Earlier this year he reintroduced the Repealing Big Brother Overreach Act, which would overturn the disastrous Corporate Transparency Act (CTA) and protect small businesses. He also joined his colleagues in reintroducing the Main Street Certainty Act to make the 2017 Trump-era 20% pass-through business tax deductions permanent.
    MORE:
    ICYMI: Tuberville Joins “Kudlow” on Fox Business to Discuss Trump Trial, Legislation to Protect Small Businesses
    The Corporate Transparency Act Means Jail Time For Small Business Owners
    Congress needs to save small businesses from Big Brother
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Banking: Open protocols like A2A and MCP are key to enabling the agentic web. With A2A support coming to Copilot Studio and Foundry, customers can build agentic systems that interoperate by design.

    Source: Microsoft

    Headline: Open protocols like A2A and MCP are key to enabling the agentic web. With A2A support coming to Copilot Studio and Foundry, customers can build agentic systems that interoperate by design.

    Today, Microsoft is formalizing our partnership with Google around Agent2Agent (A2A) to contribute to and advance the protocol, including interoperability with Azure AI Foundry and Copilot Studio.   In order for agents to truly be useful, over time they must be able to do more complex work on behalf of users. For that to happen, agents must be able to seamlessly interoperate with Internet services and with other agents. #MCP and #A2A are important steps for the agentic economy.   See more here: aka.ms/a2a  

    MIL OSI Global Banks –

  • MIL-OSI NGOs: Greenpeace calls on Woodside shareholders to reject gas expansion plans at AGM

    Source: Greenpeace Statement –

    PERTH, Thursday 8 May 2025 – Greenpeace Australia Pacific is challenging Woodside on its troubling track record of harming WA’s oceans at its AGM, and urged shareholders to reject Woodside’s plans to drill for gas near Scott Reef. 

    Environment groups and concerned community members will stage a protest outside Woodside’s AGM at the Crown Towers in Perth, and Greenpeace will also directly challenge Woodside’s leadership and its gas expansion plans during the AGM proceedings. 

    Due to participate in Woodside’s AGM as a proxy shareholder, David Ritter, CEO at Greenpeace Australia Pacific said: “For the fourth year, Greenpeace has returned to Woodside’s AGM to expose its shameful environmental track record of harm to marine life, oil and chemical spills, and more. Woodside’s plans pose an unacceptable risk–this is a company that simply can’t be trusted with our oceans. 

    “Woodside’s planned Browse gas field would entail drilling up to 50 wells as close as 2 kilometres from Scott Reef, home to nesting sea turtles, endangered pygmy blue whales and dusky sea snakes. Its new carbon dumping plans involve repeated seismic blasting over the next 39 years, which can deafen whales, near Scott Reef. 

    “Woodside wants to turn Scott Reef into an industrial gas zone. We urge Woodside shareholders not to allow our precious oceans, whales, and turtles to face potentially irreversible harm, and call on Woodside to reconsider its plans. 

    “From leaving its trash in the ocean until Greenpeace pushed it to clean it up to delivering a climate plan that faced unprecedented rejection by shareholders last year, Woodside’s environmental and climate governance under its current leadership is not up to scratch with what shareholders or regulators expect. 

    “To protect the environment, Greenpeace is urging shareholders to vote down the re-election of board director Ann Pickard, who chairs Woodside’s sustainability committee. Between the multiple environmental failures on her watch and her history of leading Shell’s now-abandoned push to destroy the Arctic for oil, she does not inspire any confidence on sustainability. 

    “We are also calling on the newly re-elected Albanese government to listen to the millions of Australians who rejected the Coalition’s gas fast-track plans, and voted for nature protection and a safe climate future powered by renewables. Sentiment for climate action was also clear in WA, with a surge in support for Independent candidates championing the shift away from climate-wrecking gas expansion. 

    “In its second term, the Albanese government has an opportunity to stand up for oceans, marine life and clean energy. It must heed the evidence and reject Woodside’s proposals to extend its North West Shelf gas processing facility, and develop the Browse gas field. Doing so would protect Scott Reef from damage from industrial activity and prevent billions of tonnes of climate-wrecking emissions. 

    “We are halfway through the critical decade for action on climate change, and in the middle of a climate and biodiversity crisis. Corporations, shareholders, and governments alike must put an end to polluting fossil fuel projects, and accelerate the transition to clean, affordable renewable energy.” 

    —ENDS—

    For more information or to arrange an interview please contact Vai Shah on 0452 290 082 or [email protected].

    Photos from the protest and file photos for editorial use will be available here after the protest: Google Drive folder

    MIL OSI NGO –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Guyana

    Source: IMF – News in Russian

    May 7, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Guyana.[1]

    Guyana’s economic transformation is advancing strongly and broadening in scale. Rapidly expanding oil production, strong non-oil output, and large-scale public infrastructure investment supported the highest real GDP growth rate in the world, averaging 47 percent per year since 2022. Real oil GDP increased by nearly 58 percent in 2024, while real non-oil GDP expanded over 13 percent, reflecting a solid broad-based performance across sectors. Inflation reached 2.9 percent by end-2024, from 2 percent at end-2023, driven largely by higher food prices (affected by international food prices and earlier floods). The overall fiscal deficit widened from 5.1 percent of GDP (11.7 percent of non-oil GDP) in 2022 to 7.3 percent of GDP (21 percent of non-oil GDP) in 2024 reflecting a large increase in capital expenditure. Driven by higher oil exports, Guyana’s current account surplus more than doubled in 2024, reaching about 24½ percent of GDP. By end-2024, gross international reserves surpassed US$1 billion, while the Natural Resource Fund (NRF) accumulated over US$1.1 billion in 2024, reaching US$3.1 billion (over 12½ percent of GDP). 

    The economic outlook remains highly favorable. The economy is expected to grow on average 14 percent per year over the next five years, driven by robust oil production and strong non-oil GDP growth. Positive spillovers from the oil sector and improvements in infrastructure, productivity, and resilience are expected to boost the real non-oil GDP growth to an average of 6¾ percent over the medium term, about 3 percentage points higher than the pre-oil decade average. While inflation is projected to edge up to around 4 percent in 2025, the overall fiscal deficit and the current account surplus are expected to narrow in 2025. Over the medium term, the continued expansion of oil production will further strengthen the external position, with substantial savings accumulation in the NRF.

    Risks to the outlook are broadly balanced. On the upside, additional oil discoveries and productivity-enhancing investments, including to strengthen energy resilience would further bolster Guyana’s long-term economic prospects, while expanding construction activity would support higher short-term non-oil GDP growth. Downside risks stem from overheating pressures which, if not contained, would lead to higher inflation and a real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy. Commodity price volatility in a highly uncertain global environment, including from trade policy and climate shocks could also adversely affect inflation and alter the macroeconomic outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Guyana’s remarkable economic progress to attain high-income status, supported by rapidly expanding oil production and robust non-oil growth. They noted that Guyana’s economic outlook remains highly favorable with balanced risks, strong fundamentals, and a strong external position supported by substantial accumulation of oil revenue in the Natural Resource Fund. They commended the authorities’ commitment to balancing development needs with prudent policies to entrench macroeconomic and fiscal stability.

    Directors concurred that the current fiscal stance is appropriate given development needs. They welcomed the authorities’ commitment to eliminate the overall fiscal deficit over the medium term and further narrow the non-oil primary deficit to levels consistent with ensuring intergenerational equity and preserving fiscal and macroeconomic sustainability. They highlighted the need for a comprehensive medium-term fiscal framework with an explicit anchor and an operational target, along with regular assessments of expenditure related to reaching development objectives. They positively noted the authorities’ continued efforts to strengthen public financial management as well as the low risk of debt distress given low public debt.

    Directors considered the monetary policy stance as appropriately tight to help contain inflation, while noting the need for further tightening if inflation risks escalate. They saw merit in enhancing the monetary policy toolkit and deepening financial markets to help strengthen the effectiveness of monetary policy transmission. They emphasized the need for maintaining consistent policies to support the stabilized exchange rate arrangement, which remains appropriate, and saw merit in assessing whether transitioning to a more flexible exchange rate regime over the medium term could be beneficial as Guyana’s economy continues to transform.

    Directors welcomed the authorities’ commitment to maintain financial stability and continue enhancing financial supervision, including monitoring sectoral lending exposures and related-party lending. They supported the authorities’ efforts to further strengthen risk monitoring, strengthen the macroprudential framework, broaden regulatory coverage, and enhance statistics on balance sheets and real estate prices.

    Directors welcomed the authorities’ efforts to foster inclusive growth and economic diversification, improve the business environment, strengthen climate and energy resilience, and enhance labor market skills. They commended progress in strengthening governance, anti-corruption, official statistics, AML/CFT frameworks, fiscal transparency, and transparency in extractive industries, and supported the continued efforts to strengthen them in line with international standards.

    It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle.

    Table 1. Guyana: Selected Social and Economic Indicators

     

    I.  Social Indicators

     

    Population, 2023 (thousands)

       814

    Life expectancy at birth (years), 2022

    66

    		  

    Under-five mortality rate (per 1,000 live births), 2023

    14

    Human Development Index rank, 2022

    95

    II.  Economic Indicators

     

    Prel.

    Proj.

    2023

    2024

    2025

    (Year-over-year percent change)

    Production and Prices

    Real GDP

    33.8

    43.6

    10.3

    Real non-oil GDP

    12.3

    13.1

    12.9

    Real oil GDP

    46.8

    57.7

    9.5

    Consumer prices (end of period)

    2.0

    2.9

    4.2

    (Percent of non-oil GDP)

    Central Government

    Revenue

    39.3

    43.7

    49.9

    Grants

    0.2

    0.2

    0.4

    Expenditure

    52.7

    64.9

    63.4

    Current

    25.1

    28.9

    30.5

    Capital

    27.7

    36.0

    32.9

    Overall balance (after grants)

    -13.3

    -21.0

    -13.2

    Non-oil primary balance (after grants)

    -26.2

    		  

    -38.4

    		  

    -37.5

    (Percent of GDP)

    Revenue

    17.0

    15.3

    18.6

    Grants

    0.1

    0.1

    0.1

    Expenditure

    22.8

    22.6

    23.7

    Current

    10.8

    10.1

    11.4

    Capital

    12.0

    12.6

    12.3

    Overall balance (after grants)

    -5.7

    -7.3

    -4.9

    Total public sector gross debt

    26.7

    24.3

    28.0

    External

    10.5

    9.0

    13.6

    Domestic

    16.2

    15.2

    14.4

     

    Table 1. Guyana: Selected Social and Economic Indicators (Concluded)

    Prel.

    Proj.

    2023

    2024

    2025

    (Year-over-year percent change)

    Money and Credit

    Broad money

    27.6

    25.3

    17.7

    Domestic credit of the banking system

    24.1

    39.7

    4.9

    External Sector

    Current account balance (US$ million)

    1,679.9

    6,067.9

    2,306.2

       (Percent of GDP)

    9.9

    24.6

    8.9

    Gross official reserves (US$ million)

    896.4

    1,010.1

    1,571.4

    (Percent of GDP)

    5.3

    4.1

    6.1

    Crude oil production (million barrels)

    142.3

    225.4

    246.0

    Memorandum Items:

    Nominal GDP (GY$ billion)

    3,527.5

    5,141.3

    5,383.9

    Nominal non-oil GDP (GY$ billion)

    1,524.6

    1,793.7

    2,010.7

    GDP per capita (US$)

    21,307.2

    30,962.3

    32,326.3

    Guyana dollar/U.S. dollar (period average)

    208.5

    208.5 

    … 

    Sources: Guyana’s authorities; UNDP Human Development Report; World Bank; and IMF staff calculations and projections.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Cornyn, Fetterman, Lankford, Gallego Introduce SHIELD Against CCP Act

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX), John Fetterman (D-PA), James Lankford (R-OK), and Ruben Gallego (D-AZ) introduced the SHIELD Against CCP Act, which would create a dedicated working group at the U.S. Department of Homeland Security (DHS) to address threats posed by the Chinese Communist Party (CCP):
    “To effectively counter China, the U.S. must target them from all angles and through all agencies,” said Sen. Cornyn. “This widely supported, commonsense legislation would allow the Department of Homeland Security to arm itself with the tools to protect our sovereignty against the CCP’s malign influence.”
    “The CCP controls everything that happens in China and they will cheat, steal, and poison our communities if it helps them get ahead. They supply the chemicals behind the fentanyl claiming Pennsylvanian lives, rig our immigration rules, and rip off ideas from American companies. Enough is enough,” said Sen. Fetterman. “I’m teaming up with Senators Cornyn, Gallego, and Lankford on the SHIELD Against CCP Act to make sure DHS has the muscle to punch back and keep our people safe.”
    “The Chinese Communist Party threatens our sovereignty—whether it’s flooding our border with illegal immigrants, launching cyberattacks, or pushing deadly fentanyl into our communities,” said Sen. Lankford. “The SHIELD Against CCP Act provides the Department of Homeland Security with the necessary tools to address these challenges directly, safeguard our borders, and protect the American people.”
    “Fentanyl has devastated communities across Arizona for too long, and we need to use every tool available to stop the flow of this deadly drug into our country,” said Sen. Gallego. “This bipartisan bill will help DHS understand how the Chinese Communist Party is exploiting our border and fueling fentanyl trafficking, so we can close those gaps and keep our communities safe.”
    Companion legislation, led by Congressmen Dale Strong (AL-05) and Tom Suozzi (NY-03), overwhelmingly passed the House of Representatives 409-4.
    Background:
    The SHIELD Against CCP Act would establish a working group within the U.S. Department of Homeland Security (DHS) to:
    Examine, assess, and report on efforts by DHS to counter terrorist, cybersecurity, border and port security, and transportation security threats posed to the U.S. by the Chinese Communist Party (CCP), including:
    Exploitation of the U.S. immigration system through identify theft, visa processes, unlawful border crossings, human smuggling, and human trafficking;
    Predatory economic and trade practices, including trafficking of counterfeit and pirated goods, use of forced labor, customs fraud, and IP theft;
    Direct or indirect support of Transnational Criminal Organizations (TCOs) trafficking fentanyl, illicit drug precursors, and other controlled substances through the US border, international mail shipments, or express consignment operations;
    And support for illicit financial activity by Chinese Money Laundering Organizations.

    Review information gathered by federal, state, and local law enforcement relating to threats, and disseminate such information to relevant authorities;
    Submit an annual report on its activities to the Homeland Security, Finance, Judiciary, Foreign Relations, and Banking Committees;
    And sunset seven years post-establishment.
    The bill would also require DHS Science and Technology Directorate to research technologies and techniques to enhance DHS’s security and situational awareness related to countering threats posed to the U.S. by the CCP.
    The SHIELD Against CCP Act is endorsed by the Federal Law Enforcement Officers Association (FLEOA), National Border Patrol Council, National Fusion Center Association, Major County Sheriffs of America, National Narcotics Officers’ Associations’ Coalition, and National HIDTA Director’s Association (NHDA).

    MIL OSI USA News –

  • MIL-OSI Global: Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict

    Source: The Conversation – Canada – By MD Rakib Jahan, PhD Student, Department of Political Studies, International Relations, Queen’s University, Ontario

    In response to the Pahalgam terrorist attack on tourists in Jammu and Kashmir last month,, India has launched “Operation Sindoor,” a series of targeted airstrikes on nine locations in Pakistan and Pakistan-administered Kashmir.

    The killing of 26 tourists in Kashmir’s Baisaran Valley on April 22 did more than shatter a moment of peace in one of South Asia’s most scenic regions. The assault has significantly increased India-Pakistan tensions and generated worries of possible military conflict between two nuclear-armed countries.

    Though Pakistan denies the charges, India has specifically held Pakistan responsible for sheltering terrorist groups.

    In response to the attack, India has taken several actions against Pakistan, including downgrading diplomatic ties, recalling diplomats, suspending participation in a vital water-sharing agreement and closing a significant border crossing.

    This rapidly deteriorating situation underscores the broader consequences of the devastating Pahalgam assault.



    Read more:
    India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

    Human tragedy

    Described by the region’s chief minister, Omar Abdullah, as “much larger than anything we’ve seen directed at civilians in recent years,” the assault in Pahalgam is not only a humanitarian tragedy and a blow to Kashmir’s economy but a flashpoint in an already fragile regional relationship.

    The Pahalgam attack’s timing coincided with United States Vice President JD Vance’s visit to India in April. This mirrors a grim pattern that includes former U.S. president Bill Clinton’s 2000 trip, when militants struck Chittisinghpura in Jammu and Kashmir hours before his arrival.

    By staging violence during diplomatic milestones, militants aim to amplify global attention and send a message to the Indian government. As global attention shifts back to Kashmir, the Baisaran massacre appears to mark a new chapter in the long-fought battle over this territory — one that risks tourism, targets civilians and threatens to unravel regional stability.

    Strategic targeting of Kashmir’s economy

    Though Kashmir has seen warfare for decades, militant groups had mostly avoided targeting visitors because of the the economic significance of tourism to Kashmir.

    The calculated selection of Pahalgam — one of Kashmir’s top tourist sites — reveals a plan to attack the core of Kashmir’s economy. According to counter-terrorism expert Ajai Sahni, the local community and militant groups have an implicit understanding not to compromise the tourism industry.

    By breaking this unwritten rule, the militants have demonstrated a willingness to inflict economic harm on the population.

    Nearly everyone in Kashmir, particularly in the valley, depends on tourism either directly or indirectly. Tourism, which has seen a resurgence since the COVID-19 pandemic, generates thousands of direct and indirect jobs and more than eight per cent of Kashmir’s GDP.

    Experts like Amitabh Mattoo, from the School of International Studies at Jawaharlal Nehru University, warn that Kashmir may experience long-term devastating effects from a drop in tourism. A significant exodus of travellers from Kashmir has already taken place.



    Read more:
    Why are India and Pakistan on the brink of war and how dangerous is the situation? An expert explains

    Challenging India’s post-2019 Kashmir narrative

    The assault also weakens India’s narrative on Kashmir, an area that has been disputed by both Pakistan and India since their independence from Britain in 1947.

    The attack took place as India Prime Minister Narendra Modi was scheduled to open a multi-billion-dollar railway project to the Kashmir Valley, which his government contends will enhance tourism and economic development.

    Modi’s administration has presented the rise in tourism as proof of “normalcy” coming back to Kashmir following India’s removal of special status to Kashmir.

    The intentional targeting of visitors sends a message that the illusion of normalcy is misleading.

    A deadly departure from past tactics

    The Resistance Front (TRF), a rather unknown militant group founded in 2019 and designated as a “terrorist organization” by the Indian government in January 2023, claimed responsibility for the assault via social media. They offered no proof to back their assertion.

    TRF represents a new breed of militant Kashmiri nationalism and resistance. Indian intelligence agencies have connected the group to the Pakistan-based terrorist organization Lashkar-e-Taiba.

    TRF’s communication regarding the assault emphasized resistance to new “outsider” residency rights. This corresponds with worries voiced by some Kashmiris after 2019 modifications permitted non-locals to acquire land and get employment in the area.

    The government disclosed in April 2025 that 83,000 individuals have been given residence certificates under these new standards in the last two years.

    The future of Kashmir’s stability

    Apart from causing obvious human sorrow, the Pahalgam slaughter also endangers years of economic development and could send Jammu and Kashmir back into a cycle of bloodshed and instability.

    Targeting tourists could mean militants are willing to risk Kashmir’s economic core. The assault appears to be an attempt to internationalize the Kashmir problem at a time when worldwide interest had started to fade. It also exploits religious divides, and has succeeded in inciting severe security reactions.

    The future seems more and more uncertain for ordinary Kashmiris caught between security crackdowns and militant brutality. Historical trends indicate that more militancy usually results in more security policies, putting more strain on civilian life.

    For many teenagers and young people in Jammu and Kashmir, the lack of consistent income, mobility limitations and increased monitoring intensifies sensations of marginalization and anger.

    Radical groups can take advantage of these frustrations. To counter this, economic policies must address these inequalities.



    Read more:
    India-Pakistan strikes: 5 essential reads on decades of rivalry and tensions over Kashmir

    A strategy for the way ahead

    The Pahalgam incident calls for a counter-terrorism strategy that balances security with socio-economic stability.

    For example, tourism profit-sharing systems could be implemented and tax advantages or subsidies could be offered to tour businesses, especially those employing young marginalized demographics. This could help to bring some financial respite as well as long-term stability and has been successful in countries like Rwanda.

    The failure to pre-empt the attack despite heightened security during the Vance’s visit and the Hindu pilgrimage season reveals systematic intelligence failures.

    The way ahead calls for tackling both security issues and the underlying complaints still driving militancy in Jammu and Kashmir as the region once again confronts the possibility of violence.

    United Nations Secretary-General António Guterres has urged both nations to de-escalate and return to diplomacy.

    MD Rakib Jahan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict – https://theconversation.com/indian-airstrikes-in-kashmir-following-tourist-attack-raises-fears-of-a-regional-conflict-256166

    MIL OSI – Global Reports –

  • MIL-OSI Canada: New Alberta voice in Washington

    For two decades, Alberta has had strong representation in the United States, advocating for Albertans and building integral relationships with key U.S. legislators, decision makers and investors.

    Through these relationships, Alberta and the U.S. have built a $187.2 billion bilateral trade partnership, with the U.S. accounting for 90 per cent of Alberta’s total exports. To maintain and continue building these ties, it is essential that Alberta has a skilled and experienced representative in D.C.

    To prioritize this work, Alberta’s government has appointed the Honourable Nathan Cooper as Alberta’s official representative to the United States, based at the Alberta Washington Office in the U.S. capital.

    Mr. Cooper will draw on his decades of experience in public service, including his most recent experience as Speaker of the Legislative Assembly of Alberta, to lead this important work, focusing on attracting investment, expanding trade opportunities and maintaining the relationships needed to connect Alberta with key decision makers in the U.S.

    “Alberta has seen a lot of success in building its relationship with U.S. decision makers, and much of that success is thanks to the hard work of James Rajotte as Alberta’s Senior Representative to the U.S. In this evolving landscape, Alberta must maintain and build on our ties with U.S. officials, and Nathan Cooper is the right choice to fill this important role. I look forward to continuing to work closely with Nathan as we advocate for Albertans and for our province’s interests in Washington and across the U.S.”

    Danielle Smith, Premier

    “I’m honoured to be entrusted by Premier Danielle Smith with this critical assignment at such a pivotal time. Now more than ever, I see this as a vital opportunity to strengthen and advance Alberta’s long-standing relationship with the United States, ensuring stability and collaboration amid global uncertainty.”

    Nathan Cooper, Alberta’s senior representative to the United States

    “Having worked closely with Nathan, I’ve seen his unwavering commitment to Alberta’s interests. His ability to bring people together, coupled with his deep understanding of U.S. politics, makes him the ideal representative for Alberta in Washington. I’m confident his leadership will be invaluable as we navigate challenges ahead.”

    Nate Horner, Minister of Finance

    “As Speaker of the Assembly, Mr. Cooper is highly respected for his wisdom, integrity and ability to find common ground across parties. I cannot think of a better representative for Albertans in Washington.”

    Deron Bilous, senior vice-president, Counsel Public Affairs and former NDP Minister

    “Over the past few years, we have had the opportunity to work with Speaker Cooper on the Alberta – Wisconsin relationship and look forward to expanding that in his new role here in the United States. I am confident Nathan’s extensive American connections will serve Alberta well as we seek to maintain our strong bilateral relationship.”

    Robin Vos, Speaker of the Wisconsin state assembly

    “As both a business and community leader, I have full confidence that Nathan will be an invaluable asset to businesses on both sides of the border. Given the complexities of today’s political climate, his ability to bridge divides and foster economic collaboration will prove indispensable.”

    Bob Dhillon, president and CEO, Mainstreet Equity Corp.

    “Team Canada needs a strong Alberta in Washington, and Alberta needs strong representation for our trading interests. There might be some tough days ahead for the relationship between Canada and the United States, but I know Nathan Cooper will work hard for Albertans and a strong Canada.”

    Shannon Phillips, former NDP Minister of Environment and Protected Areas

    Since 2005, Alberta’s presence in the U.S. capital has helped advance the province’s economic objectives with U.S. decision makers. Alberta’s envoys have managed this important relationship from the Alberta Washington Office, which is collocated within the Canadian Embassy.

    Biography for Nathan Cooper

    The Honourable Nathan Cooper served as the member of the legislative assembly for Olds-Didsbury-Three Hills from May 5, 2015 to May 7, 2025.

    On May 21, 2019, he was elected by his fellow MLAs as the 14th Speaker of the Legislative Assembly of Alberta.

    Before his time as an MLA, Mr. Cooper served as chief of staff and director of legislative affairs for the Wildrose caucus and completed two terms as a councillor for the Town of Carstairs. He also brings extensive experience in cross-jurisdictional parliamentary affairs, including:

    • As the longest serving Canadian speaker he became dean of the Canadian Speaker Association in 2025.
    • Leading numerous parliamentary delegations to the United States, with a strong focus on relationship-building.
    • Serving as an international guest speaker at Commonwealth Parliamentary Association conferences in Canada and other Commonwealth nations.

    Mr. Cooper’s proven leadership, deep understanding of parliamentary systems and commitment to building meaningful partnerships make him exceptionally well-suited to advance Alberta’s interests in the United States.

    Quick facts

    • James Rajotte, Alberta’s previous Senior Representative to the U.S. has returned to Edmonton after four and a half years representing Alberta in the United States. He continues to serve as a senior advisor to Premier Smith focused on the U.S. file, working out of Premier Smith’s office in Alberta.
    • The salary for the senior representative to the U.S. is publicly disclosed annually in accordance with the Public Sector Compensation Transparency Act.
    • Alberta has maintained offices abroad for more than 50 years and currently has 17 offices in key markets like the United States, Japan, South Korea, the United Kingdom, Mexico, India, Singapore and the Middle East.

    Related information

    • Alberta’s international offices

    MIL OSI Canada News –

  • MIL-OSI: OTC Markets Group Reports First Quarter 2025 Financial Results Delivering Revenue and Operating Income Growth

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Highlights:

    • Gross revenues of $30.4 million for the quarter, up 10% versus the prior year period
    • Operating income of $7.3 million for the quarter, up 9% versus the prior year period
    • Operating profit margin of 24.7%, versus 25.0% for the prior year period
    • Net income of $6.0 million, up 1% versus the prior year period, and quarterly diluted GAAP EPS of $0.50, up 2%
    • Total cash returned to shareholders during the quarter of $5.1 million, comprised of dividends of $2.2 million and repurchases of common stock of $2.9 million
    • Announcing second quarter 2025 dividend of $0.18 per share
    • 548 OTCQX®and 1,051 OTCQB®companies at quarter end
    • 14 graduates to a national securities exchange during the quarter
    • 116 subscribers to OTC Link ECN as of March 31, 2025, up 4 versus March 31, 2024
    • 141 unique OTC Link subscribers as of March 31, 2025, up 6 versus March 31, 2024
    • Approximately 56,000 average daily trades during the quarter versus approximately 34,000 during the prior year period
    • OTC Markets Group announced that in July 2025, it will launch OTCIDTM– a Basic Reporting Market for companies that meet a minimal current information standard and provide a management certification. The Pink Current Market will cease to exist

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced its financial results for the first quarter of 2025.

    “During the first quarter of 2025, we remained focused on overnight trading and the launch of the OTCID Basic Market,” said R. Cromwell Coulson, President and Chief Executive Officer. “We continued to certify and connect subscribers to MOON ATSTM and OTC OvernightTM, and open distribution channels for our overnight data feeds. We are in constant communication with issuers, advisors, investors and our broker-dealer community as we move towards the July 1st OTCID launch date. We believe these key initiatives will increase the value of our regulated trading platforms for broker-dealers and improve the quality of our markets for investors.”

    “Our first quarter results highlighted the value of our diversified revenue streams and synergistic business lines,” said Antonia Georgieva, Chief Financial Officer. “OTC Link revenues increased, supported by higher trading volume, with price increases and subscriber growth driving Market Data Licensing revenue growth. Our Corporate Services business saw sales improve but experienced a small decline in revenues due to a lower number of companies across our markets. We remain focused on our key initiatives and on driving growth in users and usage of our products.”

    First Quarter 2025 compared to First Quarter 2024

    Financial Highlights

        Three Months Ended March 31,        
    (in thousands, except shares and per share data)     2025       2024     % change   $ change
    OTC Link   $ 6,563     $ 5,397     22 %   1,166  
    Market data licensing     12,783       11,088     15 %   1,695  
    Corporate services     11,080       11,172     (1 %)   ( 92 )
    Gross Revenues     30,426       27,657     10 %   2,769  
    Net revenues     29,432       26,817     10 %   2,615  
    Revenues less transaction-based expenses     27,057       25,309     7 %   1,748  
    Operating expenses     19,783       18,610     6 %   1,173  
    Income from operations     7,274       6,699     9 %   575  
    Operating profit margin     24.7 %     25.0 %        
    Income before provision for income taxes     7,424       6,874     8 %   550  
    Net income   $ 6,040     $ 5,984     1 %   56  
                     
    Diluted earnings per share   $ 0.50     $ 0.49     2 %    
    Adjusted diluted earnings per share   $ 0.81     $ 0.76     7 %    
    Weighted-average shares outstanding, diluted     11,834,071       11,863,089     –      
                     
    • Gross revenues of $30.4 million, up 10% over the prior year quarter. Revenues less transaction-based expenses up 7%.
    • OTC Link revenues up 22%. Transaction-based revenues from OTC Link ECN and OTC Link NQB up 46% due to a higher volume of shares traded on those platforms. Contributing to the overall increase in OTC Link revenues were an increase in certain connectivity revenue due to growth in the number of connection licenses and higher QAP service revenue related to the higher volume of trading activity.
    • Market Data Licensing revenues up 15%. Redistributor-based revenues increased 19%, with professional user revenues increasing 20%, and non-professional user revenues increasing 45% quarter over quarter. Revenues from direct sold licenses increased 22% primarily due to price increases and growth in subscribers as well as certain one-time revenue recognized during the quarter. Revenues from data and compliance solutions declined slightly at 1%, with lower revenue from EDGAR Online partially offset by increases in revenues from data services and our Blue Sky data product.
    • Corporate Services revenues down 1%. Revenues from our OTCQB market declined 2%, reflecting a lower number of companies on the OTCQB market, offsetting price increases effective from the beginning of the year. Revenues from our OTCQX market and our Disclosure & News Service® (“DNS”) product increased 1% and 2%, respectively, in each case due to price increases offsetting a lower number of companies on the OTCQX markets or subscribing to DNS.
    • Operating expenses increased 6%. The increase was primarily driven by a 3% increase in compensation and benefits, 33% increase in professional and consulting fees, and 34% increase in general, administrative and other, primarily due to higher bad debt.
    • Operating income increased 9% and net income increased 1%, to $7.3 million and $6.0 million, respectively.
    • Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 7% to $9.8 million, or $0.81 per adjusted diluted share.

    Dividend Declaration – Quarterly Cash Dividend

    OTC Markets Group announced today that its Board of Directors authorized and approved a quarterly cash dividend of $0.18 per share of Class A Common Stock. The quarterly cash dividend is payable on June 18, 2025, to stockholders of record on June 4, 2025. The ex-dividend date is June 4, 2025.

    Stock Buyback Program

    The Company is authorized to purchase shares from time to time on the open market, from employees and consultants, and through block trades, in compliance with applicable law. During the first quarter of 2025, the Company purchased 55,522 shares at an average price of $52.8575 per share.

    On March 11, 2025, the Board of Directors refreshed the Company’s stock repurchase program, giving the Company authorization to repurchase up to 300,000 shares of the Company’s Class A Common Stock.

    Non-GAAP Financial Measures

    In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company’s current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.

    First Quarter 2025 Conference Call

    The Company will host a conference call and webcast on Thursday, May 8, 2025, at 8:30 a.m. Eastern Time, during which management will discuss the financial results in further detail. The call and webcast may be accessed as follows:

    Webcast:
    The conference webcast and management presentation can be accessed at the following link (replay available until May 7, 2026):

    https://edge.media-server.com/mmc/p/5vwtdq3q

    Live Call:
    Participants intending to ask a question during the live call and Q&A session should also register in advance at:

    https://register-conf.media-server.com/register/BI6b79867bad5f4586a7cd407f82eecd3b

    Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

    The Quarterly Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the corporate website at

    https://www.otcmarkets.com/about/investor-relations.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Investor Contact:

    Antonia Georgieva
    Chief Financial Officer
    Phone: (212) 220-2215
    Email: ir@otcmarkets.com

    Media Contact:

    OTC Markets Group Inc.
    Phone: (212) 896-4428
    Email: media@otcmarkets.com

           
    OTC MARKETS GROUP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (in thousands, except share and per share information)
           
      Three Months Ended March 31,
        2025       2024  
    OTC Link $ 6,563     $ 5,397  
    Market data licensing   12,783       11,088  
    Corporate services   11,080       11,172  
    Gross revenues   30,426       27,657  
    Redistribution fees and rebates   (994 )     (840 )
    Net revenues   29,432       26,817  
    Transaction-based expenses   (2,375 )     (1,508 )
    Revenues less transaction-based expenses   27,057       25,309  
    Operating expenses      
    Compensation and benefits   12,906       12,522  
    IT Infrastructure and information services   2,715       2,699  
    Professional and consulting fees   1,956       1,466  
    Marketing and advertising   343       263  
    Occupancy costs   638       585  
    Depreciation and amortization   660       653  
    General, administrative and other   565       422  
    Total operating expenses   19,783       18,610  
    Income from operations   7,274       6,699  
    Other income      
    Other income   150       175  
    Income before provision for income taxes   7,424       6,874  
    Provision for income taxes   1,384       890  
    Net Income $ 6,040     $ 5,984  
           
    Earnings per share      
    Basic $ 0.50     $ 0.50  
    Diluted $ 0.50     $ 0.49  
           
    Basic weighted average shares outstanding   11,756,815       11,705,383  
    Diluted weighted average shares outstanding   11,834,071       11,863,089  
           
           
    Non-GAAP Reconciliation      
      Three Months Ended March 31,
        2025       2024  
    Net Income $ 6,040     $ 5,984  
    Excluding:      
    Interest expense (income)   (149 )     (175 )
    Provision for income taxes   1,384       890  
    Depreciation and amortization   660       653  
    Stock-based compensation expense   1,881       1,826  
    Adjusted EBITDA $ 9,816     $ 9,178  
           
    Adjusted diluted earnings per share $ 0.81     $ 0.76  
           
    Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results, but are provided to improve overall understanding of the Company’s current financial performance.
           
    OTC MARKETS GROUP INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except share information)
           
      March 31,   December 31,
        2025       2024  
    Assets      
    Current assets      
    Cash and cash equivalents $ 29,016     $ 34,522  
    Short-term investments   3,871       4,513  
    Accounts receivable, net of allowance for credit losses of $462 and $326   9,268       8,097  
    Prepaid income taxes   430       244  
    Prepaid expenses and other current assets   2,771       2,237  
    Total current assets   45,356       49,613  
    Property and equipment, net   6,697       7,096  
    Operating lease right-of-use assets   10,597       10,951  
    Deferred tax assets, net   10,573       10,120  
    Goodwill   3,984       3,984  
    Intangible assets, net   6,684       6,829  
    Long-term restricted cash   1,606       1,606  
    Other assets   553       543  
    Total Assets $ 86,050     $ 90,742  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable $ 854     $ 1,175  
    Income taxes payable   1,457       54  
    Accrued expenses and other current liabilities   7,388       13,425  
    Deferred revenue   27,001       29,084  
    Total current liabilities   36,700       43,738  
    Income tax reserve   962       927  
    Operating lease liabilities   9,964       10,360  
    Total Liabilities   47,626       55,025  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock – par value $0.01 per share      
    Class A – 17,000,000 authorized, 12,904,727 issued, 12,013,295 outstanding at      
    March 31, 2025; 12,815,075 issued, 11,979,165 outstanding at December 31, 2024   129       128  
    Additional paid-in capital   36,889       35,127  
    Retained earnings   27,078       23,200  
    Treasury stock – 891,432 shares at March 31, 2025 and 835,910 shares at December 31, 2024   (25,672 )     (22,738 )
    Total Stockholders’ Equity   38,424       35,717  
    Total Liabilities and Stockholders’ Equity $ 86,050     $ 90,742  

    The MIL Network –

  • MIL-OSI: Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the first quarter ended March 31, 2025. Please note that all amounts referred to in this press release are in Euros unless otherwise stated.

    The following press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025 and the accompanying notes, our Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Annual Consolidated Financial Statements of Topicus.com Inc. for the year ended December 31, 2024, which we prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s website www.topicus.com. Additional information about Topicus.com Inc. is also available on SEDAR+ at www.sedarplus.com.

    Q1 2025 Headlines:

    • Revenue increased 16% (4% organic growth) to €355.6 million compared to €306.6 million in Q1 2024.
    • Net income increased to €38.8 million (€0.30 on a diluted per share basis) from €28.3 million (€0.22 on a diluted per share basis).
    • Acquisitions were completed for aggregate cash consideration of €39.4 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €20.9 million resulting in total consideration of €60.3 million.
    • On January 31, 2025, the Company purchased 8,300,029 shares in Asseco Poland S.A. (“Asseco”) representing approximately 9.99% of the issued shares in Asseco. The shares were acquired at a price of 85 PLN per share for total consideration of €168.0 million. During the three months ended March 31, 2025, the Company recorded a gain of €145.5 million within other comprehensive income reduced by transaction costs of €1.7 million.
    • Cash flows from operations (“CFO”) increased €43.9 million to €271.4 million compared to €227.5 million in Q1 2024 representing an increase of 19%.
    • Free cash flow available to shareholders1 (“FCFA2S”) increased €28.2 million to €161.7 million compared to €133.5 million in Q1 2024 representing an increase of 21%.

    Total revenue for the quarter ended March 31, 2025 was €355.6 million, an increase of 16%, or €49.0 million, compared to €306.6 million for the comparable period in 2024. The increase is primarily attributable to growth from acquisitions as the Company experienced organic growth of 4% in the quarter. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

    Net income for the quarter ended March 31, 2025 increased €10.5 million to €38.8 million compared to €28.3 million for the same period in 2024. On a per share basis, this translated into net income per basic and diluted share of €0.30 in the quarter ended March 31, 2025 compared to €0.22 for the same period in 2024.

    For the quarter ended March 31, 2025, CFO increased €43.9 million to €271.4 million compared to €227.5 million for the same period in 2024 representing an increase of 19%.

    For the quarter ended March 31, 2025, FCFA2S increased €28.2 million to €161.7 million compared to €133.5 million for the same period in 2024 representing an increase of 21%.

    1. See Non-IFRS measures.

    Forward Looking Statements

    Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Topicus or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Topicus assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

    Non-IFRS Measures

    Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate.

    FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

    The following table reconciles FCFA2S to net cash flows from operating activities:

        Three months ended March 31,  
        2025   2024    
      (€ in millions)
             
    Net cash flows from operating activities   271.4   227.5    
    Adjusted for:        
    Interest paid on lease obligations   (0.7 ) (0.5 )  
    Interest paid on other facilities   (4.7 ) (3.2 )  
    Credit facility transaction costs   (0.1 ) –    
    Payments of lease obligations   (6.8 ) (5.8 )  
    Property and equipment purchased   (2.9 ) (2.7 )  
    Interest and dividends received   0.3   –    
             
        256.5   215.4    
    Less amount attributable to        
    non-controlling interests   (94.8 ) (81.9 )  
             
    Free cash flow available to shareholders   161.7   133.5    
             
    Due to rounding, certain totals may not foot.        
     

    About Topicus.com Inc.

    Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.

    About Constellation Software Inc.

    Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation acquires, manages and builds vertical market software businesses.

    For further information:
    Jamal Baksh
    Chief Financial Officer
    (416) 861-9677
    info@topicus.com
    www.topicus.com

    SOURCE: TOPICUS.COM INC.

    NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    Topicus.com Inc.  
    Condensed Consolidated Interim Statements of Financial Position        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                           
    Unaudited                  
                      March 31, 2025 December 31, 2024 March 31, 2024
                           
    Assets                  
                           
    Current assets:                  
      Cash             296,307 206,157 254,599
      Accounts receivable           171,142 142,791 175,767
      Unbilled revenue           56,532 45,415 49,454
      Inventories             5,539 4,930 4,516
      Other assets             72,597 55,107 63,845
                      602,117 454,400 548,181
                           
    Non-current assets:                
      Property and equipment           24,913 23,245 21,363
      Right of use assets           79,736 75,666 63,054
      Deferred income taxes           17,961 19,905 20,326
      Equity securities           313,441 – –
      Other assets             11,026 11,983 13,437
      Intangible assets 992,114 950,670 947,417
                      1,439,190 1,081,470 1,065,598
                           
    Total assets             2,041,307 1,535,870 1,613,779
                           
    Liabilities and Shareholders’ Equity              
                           
    Current liabilities:                  
      Topicus Revolving Credit Facility and current portion of term and other loans 258,927 225,718 265,221
      Accounts payable and accrued liabilities         289,077 250,361 227,130
      Deferred revenue           378,732 166,593 343,430
      Provisions             2,381 2,582 1,535
      Acquisition holdback payables           17,353 13,073 13,808
      Lease obligations           25,042 23,629 21,338
      Income taxes payable           24,483 18,233 23,102
                      995,994 700,189 895,563
                           
    Non-current liabilities:                
      Term and other loans           53,140 49,300 62,973
      Deferred income taxes           153,437 145,911 148,142
      Acquisition holdback payables           14,750 10,061 7,690
      Lease obligations           55,895 53,188 42,748
      Other liabilities           52,734 45,825 36,017
                      329,957 304,285 297,570
                           
    Total liabilities             1,325,951 1,004,474 1,193,133
                           
                           
    Shareholders’ Equity:                
      Capital stock             39,412 39,412 39,412
      Accumulated other comprehensive income (loss)       98,780 5,584 3,016
      Retained earnings           291,061 266,281 192,136
      Non-controlling interests           286,103 220,119 186,082
                      715,356 531,396 420,646
                           
                           
                           
    Total liabilities and shareholders’ equity         2,041,307 1,535,870 1,613,779
                           
    Topicus.com Inc.            
    Condensed Consolidated Interim Statements of Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                         
             
    Unaudited                
                    Three months ended March 31,
                    2025     2024  
                         
    Revenue                
    License           9,396     9,165  
    Professional services         82,305     75,005  
    Hardware and other         7,319     5,551  
    Maintenance and other recurring       256,575     216,848  
                    355,595     306,568  
    Expenses                
    Staff             197,889     173,116  
    Hardware           4,125     4,620  
    Third party license, maintenance and professional services   28,422     23,352  
    Occupancy           2,958     2,710  
    Travel, telecommunications, supplies, software and equipment   14,592     11,983  
    Professional fees           7,608     5,092  
    Other, net           5,626     4,305  
    Depreciation           9,376     8,012  
    Amortization of intangible assets       36,852     31,672  
                    307,448     264,861  
                         
    Impairment of intangible and other non-financial assets   –     633  
    Bargain purchase (gain)         –     (323 )
    Finance and other (income) expenses       (5,257 )   (473 )
    Finance costs           6,189     5,471  
                    931     5,309  
                         
    Income (loss) before income taxes       47,216     36,398  
                         
    Current income tax expense (recovery)       17,326     15,083  
    Deferred income tax expense (recovery)       (8,871 )   (6,998 )
    Income tax expense (recovery)         8,456     8,085  
                         
    Net income (loss)           38,761     28,314  
                         
    Net income (loss) attributable to:            
    Equity holders of Topicus         24,743     18,089  
    Non-controlling interests         14,018     10,225  
    Net income (loss)           38,761     28,314  
                         
    Weighted average shares              
      Basic shares outstanding         83,068,874     82,195,644  
      Diluted shares outstanding       129,841,819     129,841,819  
                         
    Earnings (loss) per common share of Topicus          
      Basic           0.30     0.22  
      Diluted           0.30     0.22  
                         
                         
    Topicus.com Inc.            
    Condensed Consolidated Interim Statements of Comprehensive Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                         
             
    Unaudited        
                    Three months ended March 31,
                    2025   2024
                         
    Net income (loss)           38,761   28,314
                         
    Items that are or may be reclassified subsequently to net income (loss):        
                         
    Foreign currency translation differences from foreign operations and other   1,296   1,926
                         
    Items that will not be reclassified to net income (loss):        
                         
    Changes in the fair value of equity investments at FVOCI   143,886   –
                         
    Other comprehensive (loss) income for the period, net of income tax   145,182   1,926
                         
    Total comprehensive income (loss) for the period   183,942   30,240
                         
    Total other comprehensive income (loss) attributable to:        
    Equity holders of Topicus         93,197   625
    Non-controlling interests         51,985   1,301
    Total other comprehensive income (loss)       145,182   1,926
                         
    Total comprehensive income (loss) attributable to:        
    Equity holders of Topicus         117,940   18,714
    Non-controlling interests         66,003   11,526
    Total comprehensive income (loss)       183,942   30,240
    Topicus.com Inc.              
    Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity (Deficiency)          
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)  
                       
    Unaudited                
    Three months ended March 31, 2025              
                 
          Capital Stock Accumulated other comprehensive (loss) income Retained earnings Total Non-controlling interests Total equity  
                       
    Balance at January 1, 2025 39,412 5,584   266,281 311,277 220,119   531,396    
                       
    Total comprehensive income (loss) for the period:              
                       
    Net income (loss) – –   24,743 24,743 14,018   38,761    
                       
    Foreign currency translation differences from              
      foreign operations and other, net of income tax and              
      changes in the fair value of equity investments at FVOCI – 93,197   – 93,197 51,985   145,182    
                       
    Total other comprehensive income (loss)              
      for the period – 93,197   – 93,197 51,985   145,182    
                       
    Total comprehensive income (loss) for the period – 93,197   24,743 117,940 66,003   183,942    
                       
    Transactions with owners, recorded directly in equity              
                       
      Other movements in non-controlling interests and equity – (0 ) 37 37 18   55    
                       
      Dividends paid to non-controlling interests – –   – – (38 ) (38 )  
                       
    Balance at March 31, 2025 39,412 98,780   291,061 429,253 286,103   715,356    
                       
    Topicus.com Inc.            
    Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity (Deficiency)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                     
    Unaudited              
    Three months ended March 31, 2024            
                     
               
          Capital Stock Accumulated other comprehensive (loss) income Retained earnings Total Non-controlling interests Total equity
                     
    Balance at January 1, 2024 39,412 2,390 297,382   339,185   253,299   592,483  
                     
    Total comprehensive income (loss) for the period:            
                     
    Net income (loss) – – 18,089   18,089   10,225   28,314  
                     
    Other comprehensive income (loss)            
                     
    Foreign currency translation differences from            
      foreign operations and other, net of income tax – 625 –   625   1,301   1,926  
                     
    Total other comprehensive income (loss) for the period – 625 –   625   1,301   1,926  
                     
    Total comprehensive income (loss) for the period – 625 18,089   18,714   11,526   30,240  
                     
                     
    Transactions with owners, recorded directly in equity            
                     
      Other movements in non-controlling interests and equity – – 72   72   31   103  
                     
      Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus – – 4,235   4,235   (4,235 ) –  
                     
      Dividends paid to shareholders of the Company – – (127,641 ) (127,641 ) –   (127,641 )
                     
      Dividends paid to non-controlling interests – – –   –   (74,539 ) (74,539 )
                     
    Balance at March 31, 2024 39,412 3,016 192,136   234,565   186,082   420,646  
                     
    Topicus.com Inc.            
    Condensed Consolidated Interim Statements of Cash Flows          
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)  
                             
               
    Unaudited                    
                      Three months ended March 31,  
                      2025     2024    
                             
    Cash flows from (used in) operating activities:          
      Net income (loss)       38,761     28,314    
      Adjustments for:              
        Depreciation         9,376     8,012    
        Amortization of intangible assets   36,852     31,672    
        Impairment of intangible and other non-financial assets     –     633    
        Bargain purchase (gain)       –     (323 )  
        Finance and other expenses (income)     (5,257 )   (473 )  
        Finance costs       6,189     5,471    
        Income tax expense (recovery)   8,456     8,085    
      Change in non-cash operating assets and liabilities          
        exclusive of effects of business combinations   190,533     155,008    
      Transaction costs associated with equity securities classified as FVOCI     (1,659 )   –    
      Income taxes (paid) received   (11,803 )   (8,901 )  
      Net cash flows from (used in) operating activities   271,446     227,497    
                             
    Cash flows from (used in) financing activities:          
      Interest paid on lease obligations     (663 )   (457 )  
      Interest paid on other facilities     (4,708 )   (3,161 )  
      Net increase (decrease) in Topicus Revolving Credit Facility   30,000     105,000    
      Proceeds from issuance of term and other loans   18,010     816    
      Repayments of term and other loans   (10,585 )   (3,684 )  
      Credit facility transaction costs   (91 )   –    
      Payments of lease obligations     (6,828 )   (5,817 )  
      Dividends paid to non-controlling interests     (38 )   (74,539 )  
      Dividends paid to shareholders of the Company     –     (127,641 )  
      Net cash flows from (used in) in financing activities   25,098     (109,483 )  
                             
    Cash flows from (used in) investing activities:          
      Acquisition of businesses   (39,413 )   (36,542 )  
      Cash obtained with acquired businesses     7,934     7,024    
      Post-acquisition settlement payments, net of receipts   (6,299 )   (4,214 )  
      Purchase of equity securities of Asseco Poland S.A.     (167,977 )   –    
      (Increase) decrease in restricted cash     (425 )   (6,000 )  
      Interest, dividends and other proceeds received   255     –    
      Property and equipment purchased   (2,898 )   (2,655 )  
      Net cash flows from (used in) investing activities   (208,823 )   (42,386 )  
                             
    Effect of foreign currency on          
      cash and cash equivalents   2,428     (88 )  
                             
    Increase (decrease) in cash   90,150     75,540    
                             
    Cash, beginning of period   206,157     179,059    
                             
    Cash, end of period   296,307     254,599    
                             

    The MIL Network –

  • MIL-OSI: Kneat Announces Record Revenue for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, May 07, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three months ended March 31, 2025. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $14.7 million in the first quarter, an increase of 37% year over year
    • Annual Recurring Revenue (ARR)1 at March 31, 2025, reaches $63.5 million, an increase of 51% year over year
    • Gross profit and operating expense grow 38% and 21% respectively year over year as progress toward profitability continues

    “Kneat is off to a solid start in 2025, both in terms of continued strong growth and progress toward profitability.  We are encouraged by our customers’ continued intention to orchestrate their validation processes enterprise-wide; and we are committed to enhancing the Kneat Gx platform to help them complete their vision for efficiency, speed and trust in their validation processes.”

    – Eddie Ryan, Chief Executive Officer of Kneat. 

    Q1 2025 Highlights

    • Total revenues increased 37% to $14.7 million in the first quarter of 2025, compared to $10.8 million for the first quarter of 2024. 
    • SaaS revenue for the first quarter of 2025 grew 42% to $13.8 million, versus $9.7 million for the first quarter of 2024.
    • First-quarter 2025 gross profit was $10.9 million, up 38% from $7.9 million in gross profit for the first quarter of 2024.
    • Gross margin in the first quarter of 2025 was 74%, as it was in the first quarter of 2024. 
    • EBITDA1 in the first quarter of 2025 was $5.9 million, compared with ($0.5) million for the first quarter of 2024.
    • Adjusted EBITDA1 in the first quarter of 2025 was $2.3 million, compared with $0.6 million for the first quarter of 2024.
    • Total ARR1 was $63.5 million at March 31, 2025, an increase of 51% from $42.1 million at March 31, 2024.

    1 ARR is a supplementary measure. EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Recent Business Highlights

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat for commissioning, qualification and validation of its manufacturing equipment and facilities.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.
    • In April 2025, Kneat announced that a multinational producer of generic pharmaceuticals signed a Services Agreement with Kneat to digitalize its drawing management process.
    • In May 2025, Kneat saw record attendance at VALIDATE, its annual event convening validation and quality professionals from around the world.  One of the world’s largest events for validation experts to discover, share and apply validation technologies, regulations, and best practices, VALIDATE enabled participants to witness the power of the Kneat Gx platform.
    • Also in May 2025, Kneat announced the expansion of its executive leadership team with the addition of a Chief Innovation Officer Role. Co-founder and Chief Product Officer Kevin Fitzgerald will transition out of his current role and into the Chief Innovation Officer role on June 9. Donal O’Sullivan, an executive with extensive software development and product management leadership, will join Kneat at that time as Chief Product Officer.

    “Kneat closed the quarter with ample cash and a strong balance sheet. Our high-retention customer base continues to grow, and we remain confident in our financial outlook.”

    – Hugh Kavanagh, Chief Financial Officer of Kneat. 

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s first quarter of 2025 results and hold a Q&A session for analysts and investors via webcast on May 08, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    Kneat management use ARR to evaluate and assess the Company’s performance, identify trends affecting its business, formulate financial projections and make financial decisions. The Company believes that ARR is a useful metric for investors as it provides a measure of the value of the recurring revenue at a point in time (end date of the relevant quarter). ARR is based on signed agreements and indicates the level of recurring revenue that the Company would anticipate reporting in a 12-month period based on the full agreed annual SaaS and maintenance fees for existing customers. In specific circumstances, the Company may utilize pricing incentives for limited contract periods. ARR is used by Kneat to assess the expected recurring revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated using the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange gain (loss) and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated May 7, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

     
    Unaudited Condensed Interim Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)
                 
        Three-month
    period ended
    March 31, 2025    		     Three-month
    period ended
    March 31, 2024    		  
        $     $  
    Revenue        
    SaaS license fees   13,805,973     9,718,501  
    Maintenance fees   22,095     70,589  
    Professional services and other   919,573     977,910  
    Total Revenue   14,747,641     10,767,000  
             
    Cost of revenue   (3,823,145 )   (2,834,015 )
    Gross profit   10,924,496     7,932,985  
    Gross margin   74%     74%  
             
    Expenses        
    Research and development   (4,698,665 )   (4,045,548 )
    Sales and marketing   (5,116,477 )   (4,031,684 )
    General and administrative   (2,511,629 )   (2,105,589 )
    Total Expenses   (12,326,771 )   (10,182,821 )
             
    Operating loss   (1,402,275 )   (2,249,836 )
             
    Finance expense   (888,545 )   (867,451 )
    Interest income   198,639     35,076  
    Foreign exchange gain (loss)   4,262,600     (238,763 )
    Income (loss) before income taxes   2,170,419     (3,320,974 )
    Income tax expense   (24,430 )   (15,887 )
    Net income (loss) for the period   2,145,989     (3,336,861 )
             
    Other comprehensive (loss) income        
    Foreign currency translation adjustment to presentation currency   (1,998,521 )   190,894  
    Comprehensive income (loss) for the period   147,468     (3,145,967 )
    Earnings (loss) per share: Basic and diluted   0.02     (0.04 )
             
    Weighted-average number of common shares outstanding:        
    Basic   94,221,072     81,005,029  
    Diluted   97,738,261     81,005,029  
             
    Reconciliation:        
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Finance expense   888,545     867,451  
    Interest income   (198,639 )   (35,076 )
    Income tax expense   24,430     15,887  
    Depreciation charge   177,001     191,221  
    Amortization of intangible assets charge   2,846,747     1,834,211  
    EBITDA   5,884,073     (463,167 )
             
    Adjustments to EBITDA        
    Foreign exchange gain/loss   (4,262,600 )   238,763  
    Stock based compensation   697,019     812,173  
    Adjusted EBITDA   2,318,492     587,769  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statements of Financial Position
                 
        March 31, 2025     December 31, 2024  
        $     $  
    Assets            
                 
    Current assets            
    Cash   74,132,378     58,889,572  
    Amounts receivable   10,958,849     18,377,009  
    Prepayments   2,081,208     1,870,095  
                 
        87,172,435     79,136,676  
    Non-current assets            
    Amounts receivable   3,544,947     2,368,006  
    Property and equipment   6,914,606     6,782,179  
    Intangible asset   39,158,433     36,290,869  
                 
    Total Assets   136,790,421     124,577,730  
                 
    Liabilities            
                 
    Current liabilities            
    Accounts payable and accrued liabilities   9,080,206     8,580,104  
    Contract liabilities   31,037,419     21,631,416  
    Loan payable   5,122,755     4,116,723  
    Lease liabilities   386,207     434,096  
                 
        45,626,587     34,762,339  
    Non-current liabilities            
    Contract liabilities   42,339     33,393  
    Loan payable and accrued interest   18,384,423     19,038,203  
    Lease liabilities   5,800,955     5,671,952  
                 
                 
    Total Liabilities   69,854,304     59,505,887  
                 
    Equity            
    Shareholders’ equity   66,936,117     65,071,843  
                 
    Total Liabilities and Equity   136,790,421     124,577,730  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statement of Cash Flows
                 
        Three-month
    period ended
    March 31, 2025    		     Three-month
    period ended
    March 31, 2024    		  
    Operating activities   $     $  
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Charges to loss not involving cash:        
    Depreciation of property and equipment   177,001     191,221  
    Share-based compensation   697,019     812,173  
    Interest expense   842,563     867,451  
    Tax expense   24,430     15,887  
    Amortization of the intangible asset   2,846,747     1,834,211  
    Amortization of loan issuance costs   45,982     36,957  
    Foreign exchange (gain) loss   (4,262,600 )   238,763  
    Increase in non-current contract liabilities   7,553     58,319  
    Net change in non-cash operating working capital related to operations   14,951,929     7,684,397  
             
    Net cash provided by operating activities   17,476,613     8,402,518  
             
    Financing activities        
    Proceeds received from public equity financing   –     20,000,110  
    Share issuance costs associated with public equity financing   –     (1,626,257 )
    Payment of principal and interest on loans payable   (1,348,282 )   (621,996 )
    Proceeds from the exercise of stock options   774,591     641,700  
    Repayment of lease liabilities   (192,894 )   (181,158 )
             
    Net cash (used in)/provided by financing activities   (766,585 )   18,212,399  
             
    Investing activities        
    Additions to the intangible asset   (5,157,268 )   (4,515,850 )
    Additions to property and equipment   (62,917 )   (8,163 )
    Collection of research and development tax credits   1,850,702     –  
             
    Net cash used in investing activities   (3,369,483 )   (4,524,013 )
             
    Effects of foreign exchange rates on cash   1,902,261     164,519  
             
    Net change in cash during the period   15,242,806     22,255,423  
             
    Cash – Beginning of period   58,889,572     15,252,526  
             
    Cash – End of period   74,132,378     37,507,949  
                 

    The MIL Network –

  • MIL-OSI: Ring Energy Announces First Quarter 2025 Results and Provides Updated 2025 Outlook

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, May 07, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for first quarter 2025 and provided updated guidance for the second half of the year.

    First Quarter 2025 Highlights

    • Sold 12,074 barrels of oil per day (“Bo/d”) (> high end of guidance) and 18,392 barrels of oil equivalent per day (“Boe/d”) (> mid point of guidance);
    • Reported net income of $9.1 million, or $0.05 per diluted share, and Adjusted Net Income1 of $10.7 million, or $0.05 per diluted share;
    • Recorded Adjusted EBITDA1 of $46.4 million and Lease Operating Expense (“LOE”) of $11.89 per Boe (< mid point of guidance);
    • Invested $32.5 million in capital expenditures (within guidance, excluding acquisitions) that was 14% lower than 4Q 2024
    • Generated Adjusted Cash Flow from Operations1 of $38.2 million and Adjusted Free Cash Flow (“AFCF”)1 of $5.8 million;
    • Remained cash flow positive for the 22nd consecutive quarter and had liquidity of $141.1 million at the end of the period;
    • Completed highly-accretive acquisition of Central Basin Platform (“CBP”) assets from Lime Rock Resources IV, LP (“Lime Rock’) on March 31, 2025 with operations to date exceeding expectations; and
    • Provided updated guidance for the remainder of 2025, which reflects more than a 47% decrease in capital spending from original guidance for time period 2Q to 4Q 2025.

    Management Commentary

    Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We’re excited to kick off 2025 with a strong first quarter, showcasing the flexibility, resilience, and strength of our proven, value-focused strategy amid fluctuating oil prices. Our performance met or surpassed all guidance targets, driven by exceptional oil sales volumes. As shared earlier, this success stemmed from the outperformance of our newly drilled wells and the tireless dedication of our operations team, who kept our PDP assets running at peak efficiency. On the final day of the quarter, we closed the highly accretive acquisition of Lime Rock’s CBP assets, which are outperforming the forecasts originally used to value them, adding more value to our portfolio. To set the stage for this synergistic transaction, we strategically adjusted the timing of our drilling program and capital spending initiatives, optimizing our financial position and reinforcing our balance sheet. With this strong foundation, we’re poised to continue delivering value to our stockholders despite the uncertainties currently facing our industry.”

    Mr. McKinney concluded, “We have been looking forward to sharing more about our proactive approach to navigating the recent dip in oil prices, showcasing the strength of our value-focused strategy. As previously announced, we’ve strategically reduced our second quarter capital spending by over 50%, while maintaining our sales volume guidance. Looking ahead, our updated full-year guidance reflects a 36% reduction in capital spending with only a 5% reduction to sales volumes, made possible by the exceptional performance of both our existing and newly acquired assets so far this year. This represents a 2% increase of year-over-year total sales. Should oil prices rise later in the year, we’re positioned to accelerate our debt reduction efforts, channeling the benefits of higher prices into strengthening our balance sheet. This disciplined approach highlights our proven strategy. We’re committed to delivering value for our stockholders and are deeply grateful for your trust and investment in Ring Energy as we build a brighter, more resilient future together.”

    Summary Results and Additional Key Items

      Q1 2025 Q4 2024 Q1 2025
    to Q    4 2024
    % Change    		 Q1 2024 Q1 2025
    to Q    1 2024
    % Change
    Average Daily Sales Volumes (Boe/d) 18,392 19,658 (6)% 19,034 (3)%
    Crude Oil (Bo/d) 12,074 12,916 (7)% 13,394 (10)%
    Net Sales (MBoe) 1,655.3 1,808.5 (8)% 1,732.1 (4)%
    Realized Price – All Products ($/Boe) $47.78 $46.14 4% $54.56 (12)%
    Realized Price – Crude Oil ($/Bo) $70.40 $68.98 2% $75.72 (7)%
    Revenues ($MM) $79.1 $83.4 (5)% $94.5 (16)%
    Net Income ($MM) $9.1 $5.7 60% $5.5 65%
    Adjusted Net Income1 ($MM) $10.7 $12.3 (13)% $20.3 (47)%
    Adjusted EBITDA1 ($MM) $46.4 $50.9 (9)% $62.0 (25)%
    Capital Expenditures ($MM) $32.5 $37.6 (14)% $36.3 (10)%
    Adjusted Free Cash Flow1 ($MM) $5.8 $4.7 23% $15.6 (63)%


    Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow     are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.” In addition, see section titled “Condensed Operating Data” for additional details concerning costs and expenses discussed below.

    Sales volumes for 1Q 2025 were 18,392 Boe/d (66% oil, 18% natural gas liquids (“NGLs”) and 16% natural gas) versus 4Q 2024 sales volumes of 19,658 Boe/d (66% oil, 19% NGLs and 15% natural gas) and 1Q 2024 sales volumes of 19,034 Boe/d (70% oil, 15% NGLs and 15% natural gas).

    Average realized sales prices for 1Q 2025 were $70.40 per barrel of crude oil, $(0.19) per Mcf of natural gas, and $9.65 per barrel of NGLs. The realized natural gas and NGL prices were impacted by increased fees resulting in lower realized prices. The weighted average natural gas price per Mcf was $1.86 and the weighted average fee per Mcf was $(2.05); the weighted average NGL price per barrel was $22.64 offset by a weighted average fee per barrel of $(12.99). The weighted average natural gas price for 1Q 2025 reflects continued natural gas product takeaway constraints, which are being alleviated through additional third-party pipeline capacity. The average oil price differential the Company experienced from NYMEX WTI (“West Texas Intermediate”) futures pricing in 1Q 2025 was a negative $0.89 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $3.81 per Mcf.

    Revenues were $79.1 million for 1Q 2025 compared to $83.4 million for 4Q 2024 and $94.5 million for 1Q 2024. The 5% decrease in 1Q 2025 revenues from 4Q 2024 was driven by a negative $7.3 million volume variance offset by a positive $3.0 million price variance.

    Select Expenses and Other Items

      Q1 2025 Q4 2024 Q1 2025
    to Q    4 2024
    % Change    		 Q1 2024 Q1 2025
    to Q    1 2024
    % Change
    Lease operating expenses (“LOE”) ($MM) $19.7 $20.3 (3)% $18.4 7%
    Lease operating expenses ($/BOE) (1) $11.89 $11.24 6% $10.60 12%
    Depreciation, depletion and amortization ($MM) $22.6 $24.5 (8)% $23.8 (5)%
    Depreciation, depletion and amortization ($/BOE) $13.66 $13.57 1% $13.74 (1)%
    General and administrative expenses (“G&A”) ($MM) $8.6 $8.0 8% $7.5 15%
    General and administrative expenses ($/BOE) $5.21 $4.44 17% $4.31 21%
    G&A excluding share-based compensation ($MM) $6.9 $6.4 8% $5.7 (21)%
    G&A excluding share-based compensation ($/BOE) $4.19 $3.52 19% $3.32 26%
    G&A excluding share-based compensation & transaction costs ($MM) $6.9 $6.3 10% $5.7 21%
    G&A excluding share-based compensation & transaction costs ($/BOE) $4.18 $3.51 19% $3.32 26%
    Interest expense ($MM) (2) $9.5 $10.1 (6)% $11.5 (17)%
    Interest expense ($/BOE) $5.74 $5.59 3% $6.64 (14)%
    Gain (loss) on derivative contracts ($MM) (3) $(0.9) $(6.3) 85% $(19.0) 95%
    Realized gain (loss) on derivative contracts ($MM) $(0.5) $0.7 (171)% $(1.4) 64%
    Unrealized gain (loss) on derivative contracts ($MM) $(0.4) $(7.0) 94% $(17.6) 98%

    (1) LOE was within the Company’s guidance of $11.75 to $12.25 per Boe for 1Q 2025.

    (2) The decline in interest expense from prior quarters was due to lower interest rates and reduced borrowings on the credit facility.

    (3) A summary listing of the Company’s outstanding derivative positions at March 31, 2025 is included in the tables shown later in this release. For the remainder (April through December) of 2025, the Company has approximately 1.7 million barrels of oil (approximately 47% of oil sales guidance midpoint) hedged at an average downside protection price of $64.44 and approximately 2.0 billion cubic feet of natural gas (approximately 37% of natural gas sales guidance midpoint) hedged at an average downside protection of $3.43.

    Capital Investment

    During 1Q 2025, capital expenditures for the Company’s drilling and development activities were $32.5 million, which was within the Company’s guidance of $26 million to $34 million. Ring also invested approximately $70.9 million for the Lime Rock Acquisition that closed on March 31, 2025 (including the $63.6 million cash payment at closing, the $5.0 million deposit payment made in February, and $2.3 million in direct transaction costs).

    Drilling and Development

    Ring drilled, completed, and placed on production seven wells. In the Northwest Shelf in Yoakum County, Ring drilled and completed three 1-mile horizontal wells and one 1.25-mile horizontal well, all with a working interest of 75%. In the CBP in Ector County, the Company drilled and completed three vertical wells, all with a working interest of 100%.

    Quarter   Area   Wells Drilled   Wells Completed
                 
    1Q 2025   Northwest Shelf (Horizontal)   4   4
        Central Basin Platform (Horizontal)   —   —
        Central Basin Platform (Vertical)   3   3
        Total   7   7


    Acquisition – CBP Assets of Lime Rock

    During 1Q 2025, Ring completed the acquisition of CBP assets from Lime Rock. Those properties are located in the Permian Basin in Andrews County, Texas, and are focused on the development of approximately 17,700 net acres where the majority are similar to Ring’s existing CBP assets in the Shafter Lake area, and the remaining acreage exposes the Company to new active plays.

    The key transaction highlights include:

    • Highly Accretive: ~2,300 Boe/d (>75% oil) of low-decline net production from ~101 gross wells;
    • Increased Scale and Operational Synergies: ~17,700 net acres (100% HBP) mostly contiguous to Ring’s existing footprint;
    • Meaningful AFCF Generation: Supported by $121 million of oil-weighted reserves (based on NYMEX strip pricing as of February 19, 2025; and
    • Strengthens High-Return Inventory Portfolio: >40 gross locations that immediately compete for capital.

    After taking into account preliminary purchase price adjustments, consideration for the acquisition consisted of:

    • A cash payment of approximately $63.6 million net of the $5.0 million deposit payment made in February;
    • $10.0 million deferred cash payment due on or about December 31, 2025; and
    • The issuance of approximately 6.5 million shares of common stock.

    The cash payment at closing on March 31, 2025 was funded with cash on hand and borrowings under Ring’s senior revolving credit facility.

    Balance Sheet and Liquidity

    Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at March 31, 2025 was approximately $141.1 million, consisting of $140.0 million of availability under Ring’s revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $1.1 million in cash and cash equivalents. On March 31, 2025, the Company had $460 million in borrowings outstanding on its credit facility that has a current borrowing base of $600 million and reflects the draw on the revolving credit facility to fund the Lime Rock Acquisition. The Company is targeting continued debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

    Second Half of 2025 Sales Volumes, Capital Investment and Operating Expense Guidance

    Ring’s 2025 development program has been updated to reflect a reduction in capital spending in response to the weakened price environment. For full year 2025, Ring now expects total capital spending of $85 million to $113 million (versus $138 million to $170 million previously disclosed). In addition to wells that the Company plans to drill and complete, the full year capital spending program includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, reactivations, and leasing costs, as well as non-operated drilling, completion, capital workovers, and facility improvements.

    All projects and estimates are based on assumed WTI oil prices of $50 to $70 per barrel and Henry Hub prices of $3.00 to $4.00 per Mcf. As in the past, Ring has designed its spending program with flexibility to respond to changes in commodity prices and other market conditions as appropriate.

    Based on the $99 million midpoint of spending guidance, the Company continues to expect the following estimated allocation of capital, including:

    • 61% for drilling, completion, and related infrastructure;
    • 33% for recompletions and capital workovers;
    • 4% for facility improvements (environmental and emission reducing upgrades); and
    • 2% for land, non-operated capital, and other.

    The guidance in the table below represents the Company’s current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the “Safe Harbor Statement” section.

        Q2 2H
        2025 2025
    Sales Volumes:      
    Total Oil (Bo/d)   13,700 – 14,700 12,500 – 14,000
    Midpoint (Bo/d)   14,200 13,250
    Total (Boe/d)   20,500 – 22,500 19,000 – 21,000
    Midpoint (Boe/d)   21,500 20,000
    Oil (%)   66% 66%
    NGLs (%)   18% 18%
    Gas (%)   16% 16%
           
    Capital Program:      
    Capital spending(1) (millions)   $14 – $22 $38 – $58
    Midpoint (millions)   $18 $48
    New Hz and vertical wells (2)   2 – 3 11 – 13
    Recompletions and CTRs   6 – 8 17 – 22
           
    Operating Expenses:      
    LOE (per Boe)   $11.50 – $12.50 $11.50 – $12.50
    Midpoint (per Boe)   $12.00 $12.00


    (1)     In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements.
    (2) Includes wells drilled, completed, and placed online.

    Conference Call Information

    Ring will hold a conference call on Thursday, May 8, 2025 at 12:00 p.m. ET (11 a.m. CT) to discuss its 1Q 2025 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

    To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 1Q 2025 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

    About Ring Energy, Inc.

    Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com. 

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, expected benefits to the Company and its stockholders from the Lime Rock Acquisition, and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for second quarter and full year 2025 guidance for sales volumes, oil mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

    Contact Information

    Al Petrie Advisors
    Al Petrie, Senior Partner
    Phone: 281-975-2146
    Email: apetrie@ringenergy.com

     
    RING ENERGY, INC. 
    Condensed Statements of Operations 
    (Unaudited)
     
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Oil, Natural Gas, and Natural Gas Liquids Revenues   $ 79,091,207     $ 83,440,546     $ 94,503,136  
                 
    Costs and Operating Expenses            
    Lease operating expenses     19,677,552       20,326,216       18,360,434  
    Gathering, transportation and processing costs     203,612       130,230       166,054  
    Ad valorem taxes     1,532,108       2,421,595       2,145,631  
    Oil and natural gas production taxes     3,584,455       3,857,147       4,428,303  
    Depreciation, depletion and amortization     22,615,983       24,548,849       23,792,450  
    Asset retirement obligation accretion     326,549       323,085       350,834  
    Operating lease expense     175,091       175,090       175,091  
    General and administrative expense     8,619,976       8,035,977       7,469,222  
                 
    Total Costs and Operating Expenses     56,735,326       59,818,189       56,888,019  
                 
    Income from Operations     22,355,881       23,622,357       37,615,117  
                 
    Other Income (Expense)            
    Interest income     90,058       124,765       78,544  
    Interest (expense)     (9,498,786 )     (10,112,496 )     (11,498,944 )
    Gain (loss) on derivative contracts     (928,790 )     (6,254,448 )     (19,014,495 )
    Gain (loss) on disposal of assets     124,610       —       38,355  
    Other income     8,942       80,970       25,686  
    Net Other Income (Expense)     (10,203,966 )     (16,161,209 )     (30,370,854 )
                 
    Income Before Benefit from (Provision for) Income Taxes     12,151,915       7,461,148       7,244,263  
                 
    Benefit from (Provision for) Income Taxes     (3,041,177 )     (1,803,629 )     (1,728,886 )
                 
    Net Income (Loss)   $ 9,110,738     $ 5,657,519     $ 5,515,377  
                 
    Basic Earnings (Loss) per Share   $ 0.05     $ 0.03     $ 0.03  
    Diluted Earnings (Loss) per Share   $ 0.05     $ 0.03     $ 0.03  
                 
    Basic Weighted-Average Shares Outstanding     199,314,182       198,166,543       197,389,782  
    Diluted Weighted-Average Shares Outstanding     201,072,594       200,886,010       199,305,150  
                             
    RING ENERGY, INC.
    Condensed Operating Data
    (Unaudited)
     
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Net sales volumes:            
    Oil (Bbls)     1,086,694       1,188,272       1,218,837  
    Natural gas (Mcf)     1,615,196       1,683,793       1,496,507  
    Natural gas liquids (Bbls)     299,366       339,589       263,802  
    Total oil, natural gas and natural gas liquids (Boe)(1)     1,655,259       1,808,493       1,732,057  
                 
    % Oil     66 %     66 %     70 %
    % Natural Gas     16 %     15 %     15 %
    % Natural Gas Liquids     18 %     19 %     15 %
                 
    Average daily sales volumes:            
    Oil (Bbls/d)     12,074       12,916       13,394  
    Natural gas (Mcf/d)     17,947       18,302       16,445  
    Natural gas liquids (Bbls/d)     3,326       3,691       2,899  
    Average daily equivalent sales (Boe/d)     18,392       19,658       19,034  
                 
    Average realized sales prices:            
    Oil ($/Bbl)   $ 70.40     $ 68.98     $ 75.72  
    Natural gas ($/Mcf)     (0.19 )     (0.96 )     (0.55 )
    Natural gas liquids ($/Bbls)     9.65       9.08       11.47  
    Barrel of oil equivalent ($/Boe)   $ 47.78     $ 46.14     $ 54.56  
                 
    Average costs and expenses per Boe ($/Boe):            
    Lease operating expenses   $ 11.89     $ 11.24     $ 10.60  
    Gathering, transportation and processing costs     0.12       0.07       0.10  
    Ad valorem taxes     0.93       1.34       1.24  
    Oil and natural gas production taxes     2.17       2.13       2.56  
    Depreciation, depletion and amortization     13.66       13.57       13.74  
    Asset retirement obligation accretion     0.20       0.18       0.20  
    Operating lease expense     0.11       0.10       0.10  
    G&A (including share-based compensation)     5.21       4.44       4.31  
    G&A (excluding share-based compensation)     4.19       3.52       3.32  
    G&A (excluding share-based compensation and transaction costs)     4.18       3.51       3.32  
                             

    (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly.

     
    RING ENERGY, INC.
    Condensed Balance Sheet 
    (Unaudited)
        As of
        March 31, 2025   December 31, 2024
    ASSETS        
    Current Assets        
    Cash and cash equivalents   $ 1,100,851     $ 1,866,395  
    Accounts receivable     35,680,686       36,172,316  
    Joint interest billing receivables, net     2,121,035       1,083,164  
    Derivative assets     5,309,892       5,497,057  
    Inventory     3,300,755       4,047,819  
    Prepaid expenses and other assets     1,156,529       1,781,341  
    Total Current Assets     48,669,748       50,448,092  
    Properties and Equipment        
    Oil and natural gas properties, full cost method     1,932,616,777       1,809,309,848  
    Financing lease asset subject to depreciation     4,272,259       4,634,556  
    Fixed assets subject to depreciation     3,359,292       3,389,907  
    Total Properties and Equipment     1,940,248,328       1,817,334,311  
    Accumulated depreciation, depletion and amortization     (496,993,139 )     (475,212,325 )
    Net Properties and Equipment     1,443,255,189       1,342,121,986  
    Operating lease asset     1,753,693       1,906,264  
    Derivative assets     5,020,380       5,473,375  
    Deferred financing costs     6,911,264       8,149,757  
    Total Assets   $ 1,505,610,274     $ 1,408,099,474  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current Liabilities        
    Accounts payable   $ 86,417,436     $ 95,729,261  
    Income tax liability     537,591       328,985  
    Financing lease liability     846,380       906,119  
    Operating lease liability     661,487       648,204  
    Derivative liabilities     5,426,195       6,410,547  
    Notes payable     —       496,397  
    Deferred cash payment     9,415,066       —  
    Asset retirement obligations     441,611       517,674  
    Total Current Liabilities     103,745,766       105,037,187  
             
    Non-current Liabilities        
    Deferred income taxes     31,496,585       28,591,802  
    Revolving line of credit     460,000,000       385,000,000  
    Financing lease liability, less current portion     708,304       647,078  
    Operating lease liability, less current portion     1,234,690       1,405,837  
    Derivative liabilities     3,632,133       2,912,745  
    Asset retirement obligations     28,826,738       25,864,843  
    Total Liabilities     629,644,216       549,459,492  
    Commitments and contingencies        
    Stockholders’ Equity        
    Preferred stock – $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding     —       —  
    Common stock – $0.001 par value; 450,000,000 shares authorized; 206,509,126 shares and 198,561,378 shares issued and outstanding, respectively     206,509       198,561  
    Additional paid-in capital     808,627,109       800,419,719  
    Retained earnings (Accumulated deficit)     67,132,440       58,021,702  
    Total Stockholders’ Equity     875,966,058       858,639,982  
    Total Liabilities and Stockholders’ Equity   $ 1,505,610,274     $ 1,408,099,474  
     
    RING ENERGY, INC.
    Condensed Statements of Cash Flows 
    (Unaudited)
     
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
    Cash Flows From Operating Activities            
    Net income   $ 9,110,738     $ 5,657,519     $ 5,515,377  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation, depletion and amortization     22,615,983       24,548,849       23,792,450  
    Asset retirement obligation accretion     326,549       323,085       350,834  
    Amortization of deferred financing costs     1,238,493       1,299,078       1,221,607  
    Share-based compensation     1,690,958       1,672,320       1,723,832  
    Credit loss expense     17,917       (26,747 )     163,840  
    (Gain) loss on disposal of assets     (124,610 )     —       —  
    Deferred income tax expense (benefit)     2,805,346       1,723,338       1,585,445  
    Excess tax expense (benefit) related to share-based compensation     99,437       9,011       40,808  
    (Gain) loss on derivative contracts     928,790       6,254,448       19,014,495  
    Cash received (paid) for derivative settlements, net     (553,594 )     745,104       (1,461,515 )
    Changes in operating assets and liabilities:            
    Accounts receivable     (564,158 )     349,474       (5,240,487 )
    Inventory     747,064       580,161       171,416  
    Prepaid expenses and other assets     624,812       295,555       503,704  
    Accounts payable     (10,385,137 )     4,462,089       (1,601,276 )
    Settlement of asset retirement obligation     (207,580 )     (613,603 )     (591,361 )
    Net Cash Provided by Operating Activities     28,371,008       47,279,681       45,189,169  
                 
    Cash Flows From Investing Activities            
    Payments for the Lime Rock Acquisition     (70,859,769 )     —       —  
    Payments to purchase oil and natural gas properties     (647,106 )     (1,423,483 )     (475,858 )
    Payments to develop oil and natural gas properties     (31,083,507 )     (36,386,055 )     (38,904,808 )
    Payments to acquire or improve fixed assets subject to depreciation     (34,275 )     —       (124,937 )
    Proceeds from sale of fixed assets subject to depreciation     17,360       —       —  
    Proceeds from divestiture of equipment for oil and natural gas properties     —       121,232       —  
    Net Cash Used in Investing Activities     (102,607,297 )     (37,688,306 )     (39,505,603 )
                 
    Cash Flows From Financing Activities            
    Proceeds from revolving line of credit     114,000,000       22,000,000       51,500,000  
    Payments on revolving line of credit     (39,000,000 )     (29,000,000 )     (54,500,000 )
    Payments for taxes withheld on vested restricted shares, net     (896,431 )     —       (814,985 )
    Proceeds from notes payable     —       58,774       —  
    Payments on notes payable     (496,397 )     (475,196 )     (533,734 )
    Payment of deferred financing costs     —       (42,746 )     —  
    Reduction of financing lease liabilities     (136,427 )     (265,812 )     (255,156 )
    Net Cash Provided by (Used in) Financing Activities     73,470,745       (7,724,980 )     (4,603,875 )
                 
    Net Increase (Decrease) in Cash     (765,544 )     1,866,395       1,079,691  
    Cash at Beginning of Period     1,866,395       —       296,384  
    Cash at End of Period   $ 1,100,851     $ 1,866,395     $ 1,376,075  
     
    RING ENERGY, INC.
    Financial Commodity Derivative Positions 
    As of March 31, 2025
     
    The following tables reflect the details of current derivative contracts as of March 31, 2025 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):
     
        Oil Hedges (WTI)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    Swaps:                                
    Hedged volume (Bbl)     151,763     351,917     141,755     477,350     457,101     59,400     423,000     381,500
    Weighted average swap price   $ 68.53   $ 71.41   $ 69.13   $ 70.16   $ 69.38   $ 66.70   $ 66.70   $ 63.80
                                     
    Two-way collars:                                
    Hedged volume (Bbl)     464,100     225,400     404,800     —     —     379,685     —     —
    Weighted average put price   $ 60.00   $ 65.00   $ 60.00   $ —   $ —   $ 60.00   $ —   $ —
    Weighted average call price   $ 69.85   $ 78.91   $ 75.68   $ —   $ —   $ 72.50   $ —   $ —
        Gas Hedges (Henry Hub)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    NYMEX Swaps:                                
    Hedged volume (MMBtu)     513,900     455,250     128,400     140,600     662,300     121,400     613,300     —
    Weighted average swap price   $ 3.60   $ 3.88   $ 4.25   $ 4.20   $ 3.54   $ 4.22   $ 3.83   $ —
                                     
    Two-way collars:                                
    Hedged volume (MMBtu)     18,300     308,200     598,000     553,500     —     515,728     —     700,000
    Weighted average put price   $ 3.00   $ 3.00   $ 3.00   $ 3.50   $ —   $ 3.00   $ —   $ 4.00
    Weighted average call price   $ 4.15   $ 4.75   $ 4.15   $ 5.03   $ —   $ 3.93   $ —   $ 5.20
        Oil Hedges (basis differential)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    Argus basis swaps:                                
    Hedged volume (Bbl)     183,000     276,000     276,000     —     —     —     —     —
    Weighted average spread price (1)   $ 1.00   $ 1.00   $ 1.00   $ —   $ —   $ —   $ —   $ —
                                     
        Gas Hedges (basis differential)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    El Paso Permian Basin basis swaps:                                
    Hedged volume (MMBtu)     —     —     —     —     —     —     —     700,000
    Weighted average spread price (2)   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ 0.74
                                                     

    (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude.

    (2) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.

    RING ENERGY, INC.
    Non-GAAP Financial Information

    Certain financial information included in this release are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding Share-Based Compensation,” “G&A Excluding Share-Based Compensation and Transaction Costs,” “Leverage Ratio,” “All-In Cash Operating Costs,” and “Cash Operating Margin.” Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

    Reconciliation of Net income to Adjusted Net Income

    “Adjusted Net Income” is calculated as net income minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for executed acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare Ring’s results with its peers.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
        Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted
    Net income   $ 9,110,738     $ 0.05     $ 5,657,519     $ 0.03     $ 5,515,377     $ 0.03  
                             
    Share-based compensation     1,690,958       0.01       1,672,320       0.01       1,723,832       0.01  
    Unrealized loss (gain) on change in fair value of derivatives     375,196       —       6,999,552       0.03       17,552,980       0.08  
    Transaction costs – executed A&D     1,776       —       21,017       —       3,539       —  
    Tax impact on adjusted items     (500,646 )     (0.01 )     (2,008,740 )     (0.01 )     (4,447,977 )     (0.02 )
                             
    Adjusted Net Income   $ 10,678,022     $ 0.05     $ 12,341,668     $ 0.06     $ 20,347,751     $ 0.10  
                             
    Diluted Weighted-Average Shares Outstanding     201,072,594           200,886,010           199,305,150      
                             
    Adjusted Net Income per Diluted Share   $ 0.05         $ 0.06         $ 0.10      


    Reconciliation of     Net income to Adjusted EBITDA

    The Company defines “Adjusted EBITDA” as net income plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
    Net income   $ 9,110,738     $ 5,657,519     $ 5,515,377  
                 
    Interest expense, net     9,408,728       9,987,731       11,420,400  
    Unrealized loss (gain) on change in fair value of derivatives     375,196       6,999,552       17,552,980  
    Income tax (benefit) expense     3,041,177       1,803,629       1,728,886  
    Depreciation, depletion and amortization     22,615,983       24,548,849       23,792,450  
    Asset retirement obligation accretion     326,549       323,085       350,834  
    Transaction costs – executed A&D     1,776       21,017       3,539  
    Share-based compensation     1,690,958       1,672,320       1,723,832  
    Loss (gain) on disposal of assets     (124,610 )     —       (38,355 )
    Other income     (8,942 )     (80,970 )     (25,686 )
                 
    Adjusted EBITDA   $ 46,437,553     $ 50,932,732     $ 62,024,257  
                 
    Adjusted EBITDA Margin     59 %     61 %     66 %
                             

    Reconciliations of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA to Adjusted Free Cash Flow

    The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on Ring’s Condensed Statements of Cash Flows), plus transaction costs for executed acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in Ring’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Net Cash Provided by Operating Activities   $ 28,371,008     $ 47,279,681     $ 45,189,169  
    Adjustments – Condensed Statements of Cash Flows            
    Changes in operating assets and liabilities     9,784,999       (5,073,676 )     6,758,004  
    Transaction costs – executed A&D     1,776       21,017       3,539  
    Income tax expense (benefit) – current     136,393       71,280       102,633  
    Capital expenditures     (32,451,531 )     (37,633,168 )     (36,261,008 )
    Proceeds from divestiture of equipment for oil and natural gas properties     —       121,232       —  
    Credit loss expense     (17,917 )     26,747       (163,840 )
    Loss (gain) on disposal of assets     —       —       (38,355 )
    Other income     (8,942 )     (80,970 )     (25,686 )
                 
    Adjusted Free Cash Flow   $ 5,815,786     $ 4,732,143     $ 15,564,456  
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Adjusted EBITDA   $ 46,437,553     $ 50,932,732     $ 62,024,257  
                 
    Net interest expense (excluding amortization of deferred financing costs)     (8,170,235 )     (8,688,653 )     (10,198,793 )
    Capital expenditures     (32,451,531 )     (37,633,168 )     (36,261,008 )
    Proceeds from divestiture of equipment for oil and natural gas properties     —       121,232       —  
                 
    Adjusted Free Cash Flow   $ 5,815,787     $ 4,732,143     $ 15,564,456  


    Reconciliation of Net Cash Provided by Operating Activities to Adjusted Cash Flow from Operations

    The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in Ring’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non-GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025     2024       2024
                 
    Net Cash Provided by Operating Activities   $ 28,371,008   $ 47,279,681     $ 45,189,169
                 
    Changes in operating assets and liabilities     9,784,999     (5,073,676 )     6,758,004
                 
    Adjusted Cash Flow from Operations   $ 38,156,007   $ 42,206,005     $ 51,947,173


    Reconciliation of General and Administrative Expense (G&A) to G&A Excluding Share-Based Compensation and Transaction Costs

    The following table presents a reconciliation of General and Administrative Expense (“G&A”), a GAAP measure, to G&A excluding share-based compensation, and G&A excluding share-based compensation and transaction costs for executed acquisitions and divestitures (A&D).

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025     2024     2024
                 
    General and administrative expense (G&A)   $ 8,619,976   $ 8,035,977   $ 7,469,222
    Shared-based compensation     1,690,958     1,672,320     1,723,832
    G&A excluding share-based compensation     6,929,018     6,363,657     5,745,390
    Transaction costs – executed A&D     1,776     21,017     3,539
    G&A excluding share-based compensation and transaction costs   $ 6,927,242   $ 6,342,640   $ 5,741,851


    Calculation of Leverage Ratio

    “Leverage” or the “Leverage Ratio” is calculated under the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated total debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the Company’s existing senior revolving credit facility.

    The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility that means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to Ring’s senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants, to the extent that during such period the Company shall have consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets so acquired or disposed of.

    Also set forth in Ring’s existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The following tables show the leverage ratio calculations for the quarters ended March 31, 2025 and March 31, 2024.

     
        (Unaudited)
        Three Months Ended    
        June 30,   September 30,   December 31,   March 31,   Last Four
    Quarters
          2024       2024       2024     2025  
    Consolidated EBITDAX Calculation:                    
    Net Income (Loss)   $ 22,418,994     $ 33,878,424     $ 5,657,519   $ 9,110,738   $ 71,065,675  
    Plus: Consolidated interest expense     10,801,194       10,610,539       9,987,731     9,408,728     40,808,192  
    Plus: Income tax provision (benefit)     6,820,485       10,087,954       1,803,629     3,041,177     21,753,245  
    Plus: Depreciation, depletion and amortization     24,699,421       25,662,123       24,548,849     22,615,983     97,526,376  
    Plus: non-cash charges acceptable to Administrative Agent     1,664,064       (26,228,108 )     8,994,957     2,392,703     (13,176,384 )
    Consolidated EBITDAX   $ 66,404,158     $ 54,010,932     $ 50,992,685   $ 46,569,329   $ 217,977,104  
    Plus: Pro Forma Acquired Consolidated EBITDAX     10,329,116       7,838,163       5,244,078     7,392,359     30,803,716  
    Less: Pro Forma Divested Consolidated EBITDAX     (469,376 )     (600,460 )     77,819     8,855     (983,162 )
    Pro Forma Consolidated EBITDAX   $ 76,263,898     $ 61,248,635     $ 56,314,582   $ 53,970,543   $ 247,797,658  
                         
    Non-cash charges acceptable to Administrative Agent:                    
    Asset retirement obligation accretion   $ 352,184     $ 354,195     $ 323,085   $ 326,549    
    Unrealized loss (gain) on derivative assets     (765,898 )     (26,614,390 )     6,999,552     375,196    
    Share-based compensation     2,077,778       32,087       1,672,320     1,690,958    
    Total non-cash charges acceptable to Administrative Agent   $ 1,664,064     $ (26,228,108 )   $ 8,994,957   $ 2,392,703    
                         
        As of                
        March 31,   Corresponding            
          2025     Leverage Ratio            
    Leverage Ratio Covenant:                    
    Revolving line of credit   $ 460,000,000       1.86              
    Lime Rock deferred payment     10,000,000       0.04              
    Consolidated Total Debt   $ 470,000,000       1.90              
    Pro Forma Consolidated EBITDAX     247,797,658                  
    Leverage Ratio     1.90                  
    Maximum Allowed     ≤ 3.00x                  
                             
        (Unaudited)
        Three Months Ended    
        June 30,   September 30,   December 31,   March 31,   Last Four
    Quarters
          2023       2023       2023       2024  
    Consolidated EBITDAX Calculation:                    
    Net Income (Loss)   $ 28,791,605     $ (7,539,222 )   $ 50,896,479     $ 5,515,377   $ 77,664,239  
    Plus: Consolidated interest expense     10,471,062       11,301,328       11,506,908       11,420,400     44,699,698  
    Plus: Income tax provision (benefit)     (6,356,295 )     (3,411,336 )     7,862,930       1,728,886     (175,815 )
    Plus: Depreciation, depletion and amortization     20,792,932       21,989,034       24,556,654       23,792,450     91,131,070  
    Plus: non-cash charges acceptable to Administrative Agent     (470,875 )     36,396,867       (29,695,076 )     19,627,646     25,858,562  
    Consolidated EBITDAX   $ 53,228,429     $ 58,736,671     $ 65,127,895     $ 62,084,759   $ 239,177,754  
    Plus: Pro Forma Acquired Consolidated EBITDAX     9,542,529       4,810,123       —       —     14,352,652  
    Less: Pro Forma Divested Consolidated EBITDAX     (357,122 )     (672,113 )     (66,463 )     40,474     (1,055,224 )
    Pro Forma Consolidated EBITDAX   $ 62,413,836     $ 62,874,681     $ 65,061,432     $ 62,125,233   $ 252,475,182  
                         
    Non-cash charges acceptable to Administrative Agent:                    
    Asset retirement obligation accretion   $ 353,878     $ 354,175     $ 351,786     $ 350,834    
    Unrealized loss (gain) on derivative assets     (3,085,065 )     33,871,957       (32,505,544 )     17,552,980    
    Share-based compensation     2,260,312       2,170,735       2,458,682       1,723,832    
    Total non-cash charges acceptable to Administrative Agent   $ (470,875 )   $ 36,396,867     $ (29,695,076 )   $ 19,627,646    
                         
        As of                
        March 31,                
          2024                  
    Leverage Ratio Covenant:                    
    Revolving line of credit   $ 422,000,000                  
    Pro Forma Consolidated EBITDAX     252,475,182                  
    Leverage Ratio     1.67                  
    Maximum Allowed     ≤ 3.00x                  
                             

    All-In Cash Operating Costs

    The Company defines All-In Cash Operating Costs, a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025     2024     2024
    All-In Cash Operating Costs:            
    Lease operating expenses (including workovers)   $ 19,677,552   $ 20,326,216   $ 18,360,434
    G&A excluding share-based compensation     6,929,018     6,363,657     5,745,390
    Net interest expense (excluding amortization of deferred financing costs)     8,170,235     8,688,653     10,198,793
    Operating lease expense     175,091     175,090     175,091
    Oil and natural gas production taxes     3,584,455     3,857,147     4,428,303
    Ad valorem taxes     1,532,108     2,421,595     2,145,631
    Gathering, transportation and processing costs     203,612     130,230     166,054
    All-in cash operating costs   $ 40,272,071   $ 41,962,588   $ 41,219,696
                 
    Boe     1,655,259     1,808,493     1,732,057
                 
    All-in cash operating costs per Boe   $ 24.33   $ 23.20   $ 23.80


    Cash Operating Margin

    The Company defines Cash Operating Margin, a non-GAAP financial measure, as realized revenues per Boe less all-in cash operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
         2025    2024    2024
    Cash Operating Margin            
    Realized revenues per Boe   $ 47.78   $ 46.14   $ 54.56
    All-in cash operating costs per Boe     24.33     23.20     23.80
    Cash Operating Margin per Boe   $ 23.45   $ 22.94   $ 30.76
     

    ______________________________________
    1     A non-GAAP financial measure; see the “Non-GAAP Financial Information” section in this release for more information including reconciliations to the most comparable GAAP measures.

    The MIL Network –

  • MIL-OSI USA: Ernst’s “Made in America” Bill Earns Support of Iowans

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) and House Small Business Committee Chairman Roger Williams’ (R-Texas) newly unveiled initiative to continue the domestic manufacturing explosion happening under President Trump has earned widespread praise.
    Business leaders in Iowa and across the country have applauded the bipartisan Made in America Manufacturing Finance Act that doubles the loan limit for Small Business Administration (SBA) manufacturing loans to bring back “Made in America.”
    What They Are Saying About the Made in America Manufacturing Finance Act:
    Iowa Association of Business and Industry
    “Iowa’s manufacturers are ready to grow, invest, and lead in the future of American manufacturing – but access to capital is critical,” said Nicole Crain, President. “The Made in America Manufacturing Finance Act is a commonsense solution that will empower small manufacturers to invest in the tools, technology, and facilities they need to compete globally. ABI applauds Senator Ernst and Chairman Williams for their leadership and commitment to strengthening U.S. manufacturing.”
    Iowa Bankers Association
    “The Iowa Bankers Association thanks Senator Joni Ernst for her leadership in proposing the Made in America Manufacturing Finance Act,” said Adam Gregg, President. “Bank leaders in Iowa have advocated for increasing the loan limits in these SBA programs with the goal of driving more investment in communities across the state of Iowa.  Manufacturing is an important piece of Iowa’s economy, and Iowa banks are proud partners in helping small businesses grow and expand.  This proposed legislation will make the work of our Iowa banks even more impactful.”
    Cedar Rapids Metro Economic Alliance
    “Manufacturing is a cornerstone of our region’s economic vitality,” said Barbra Solberg. “By increasing access to capital for small manufacturers, the Made in America Manufacturing Finance Act empowers businesses to expand, innovate and compete globally—while reinforcing our domestic supply chains. We commend Senator Ernst for her leadership as Chair of the Senate Small Business Committee and her commitment to addressing the financial needs of small manufacturers in today’s economy.”
    Greater Burlington Partnership
    “Increasing loan limits for small manufacturers strengthens the backbone of our local economy,” said Amy O’Brien, CEO. “This bipartisan effort will give more Iowa businesses the tools they need to expand operations, invest in new technology, and create quality jobs right here at home. As the cost of doing business continues to rise, we support the recommended increases in borrowing to accommodate our manufacturing businesses.”
    Job Creators Network
    “Senate Small Business Committee Chair Joni Ernst and House Small Business Committee Chairman Roger Williams are standing up for American small businesses by introducing the Made in America Manufacturing Finance Act,” said Alfredo Ortiz, CEO. “This legislation significantly expands access to credit for American manufacturers under the Small Business Administration’s 7(a) and 504 loan programs, providing American manufacturers with the funds they need to invest, expand, and create good manufacturing jobs. This legislation is especially important during this period of high interest rates and scarce access to capital. It will significantly help grow the productive economy and contribute to President Trump’s goal of reshoring critical manufacturing capacity. All legislators on both sides of the aisle should vigorously support it.”
    Small Business & Entrepreneurship Council
    “Increasing the SBA’s 7(a) and 504 loan program limits to $10 million for small manufacturers is a pragmatic reform that will provide entrepreneurs with a modernized level of resources needed to build, transform, or expand manufacturing facilities and capabilities in support of advanced U.S.-based manufacturing,” said Karen Kerrigan, President & CEO. “Small, entrepreneurial firms dominate U.S. manufacturing, and if our goal is to support their competitiveness, growth and innovative capacity, access to appropriate levels of capital is necessary. Leveling up these proven SBA loan programs will help to fuel manufacturing activity and innovation, which is so vital to U.S. economic growth, opportunity, and our global competitiveness. SBE Council strongly supports the Made in America Manufacturing Finance Act.”
    National Small Business Association
    “While the demand for broader access to capital is generalized across the entire small business ecosystem, capital-intensive industries, including manufacturing, face unique challenges,” said Todd McCracken, President & CEO. “Initial investments in these industries, as well as long term development costs and diversification are appreciably more capital intensive than other businesses, as even a small change could result in significant retooling and related costs. Commonsense changes to existing federal support programs for small manufacturers would go a long way to leveling the playing field and allowing American entrepreneurs to invest in the United States. That is why we are pleased to support the Made in America Manufacturing Finance Act of 2025, which would increase the maximum loans small manufacturing companies are eligible for under the existing 7(a) and 504 loan programs.”
    National Association of Development Companies
    “The time is now to increase the 504 manufacturing loan size and foster expansion opportunities for our nation’s small manufacturers,” said Rhonda Pointon, President & CEO. “The National Association of Development Companies (NADCO) and CDCs across the country strongly support the Made in America Manufacturing Finance Act (MAMFA). This legislation would raise the 504 manufacturing loan limit to $10 million – empowering small manufacturers to scale, strengthen domestic production, and create high-quality jobs.”
    National Association of Government Guaranteed Lenders
    “Often, manufacturers need large facilities and/or specialty equipment that can exceed the current SBA loan size limitations,” said Anthony Wilkinson, President & CEO. “Therefore, especially since it has been 15 years since the 7(a) Program maximum loan size was increased to $5 million, we believe that it would be appropriate to consider increasing that maximum to $10 million for loans to small business manufacturers as proposed in your legislation.”

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