NewzIntel.com

Category: Energy

  • MIL-OSI China: Entrepreneur forum highlights China-UK AI cooperation

    Source: People’s Republic of China – State Council News

    Participants at the 2025 Sino-UK Entrepreneur Forum on Wednesday praised China’s rapid advancements in artificial intelligence (AI) and emphasized the boundless opportunities for deepening cooperation between the two countries.

    The forum, co-organized by The 48 Group in Britain and China Daily, was held under the theme “Smart Decisions for Smart Technologies.”

    Chinese Ambassador to the United Kingdom (UK) Zheng Zeguang highlighted the growing collaboration between the two countries in the AI sector. He noted that both nations have actively participated in bilateral meetings and exchanges, which have yielded tangible benefits on both sides. Zheng underscored the importance of continued science and technology cooperation.

    According to official data, China is home to over 4,500 AI-related enterprises, with the core AI industry valued at nearly 600 billion yuan. In 2024, Chinese entities accounted for more than 61 percent of global AI patent applications, while new industries, business formats, and digital models contributed over 18 percent to China’s gross domestic product (GDP).

    Jack Perry, Chairman of The 48 Group, commended the current high-tech collaboration between China and the UK. He cited successful examples such as BYD’s leadership in electric mobility, Alibaba Cloud’s role in smart infrastructure, and Octopus Energy’s efforts in clean energy transformation. Perry noted that the UK, now attracting more venture capital in AI than any other European country, offers complementary strengths to China’s capabilities.

    Panel discussions featured insights from experts and industry leaders on how AI is transforming a wide range of sectors, including power supply, green growth, finance, language technologies, automotive design, cloud computing, and advertising.

    “China and Britain are two global engines of innovation with deeply complementary strengths,” said Rebecca Yang, editor-in-chief of China Daily Europe. She pointed to the UK’s excellence in fundamental research, fintech, and regulatory frameworks, and China’s expansive market, digital infrastructure, and real-world application capabilities as a foundation for strategic bilateral collaboration. 

    MIL OSI China News –

  • MIL-OSI USA: Crapo Applauds House Committee Markups Advancing President Trump’s Economic Agenda

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) today applauded U.S. House Ways and Means Committee Chairman Jason Smith (R-Missouri) and U.S. House Energy and Commerce Committee Chairman Brett Guthrie (R-Kentucky) on successful committee markups that move Congress one step closer to delivering on President Trump’s economic agenda.
    “We have been working closely with our House counterparts on the Ways and Means Committee, the Energy and Commerce Committee and the Administration on a unified goal: to extend pro-growth tax policy, ensure Americans can keep more of their hard-earned money, provide additional tax relief to those who need it most, and take long-overdue action toward getting our fiscal house in order.  These committees have taken significant steps by passing legislation that builds on the success of the Tax Cuts and Jobs Act and preserves and strengthens federal health care programs, and I commend Chairmen Smith and Guthrie for the progress they have made.  The Senate will continue working through its process to make Trump’s tax cuts permanent and deliver additional tax relief for American workers and families, and I look forward to continued coordination with our House colleagues.  I am confident we can build on this momentum and deliver on our shared vision of restoring economic prosperity and opportunity for all Americans.”

    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Risch Send Letter Backing President Trump’s Call for Full Dismantlement of Iran’s Nuclear Program

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) joined Jim Risch (R-Idaho), chairman of the U.S. Senate Foreign Relations Committee, in sending a letter to President Donald Trump regarding the Administration’s ongoing negotiations with Iran.  The letter calls on the Trump Administration to secure a deal that results in the full dismantlement of the Iranian nuclear program, including permanently ending the regime’s capacity to enrich uranium.  The letter was signed by 51 Senate Republicans.  The letter states:
    “We write to express our strong support for your efforts to secure a deal with Iran that dismantles its nuclear program, and to reinforce the explicit warnings that you and officials in your Administration have issued that the regime must permanently give up any capacity for enrichment.
    “We cannot afford another agreement that enables Iran to play for time, as the JCPOA did.  The Iranian regime should know that the Administration has Congressional backing to ensure their ability to enrich uranium is permanently eliminated,” the letter continues.  “As always we stand ready to provide you and your Administration whatever resources you need to advance American national security interests.”
    The letter was also signed by U.S. Senators Ted Cruz (R-Texas), Tom Cotton (R-Arkansas), Leader John Thune (R-South Dakota) Jim Justice (R-West Virginia), Steve Daines (R-Montana), John Curtis (R-Utah), John Cornyn (R-Texas), Kevin Cramer (R-North Dakota), Chuck Grassley (R-Iowa), Dave McCormick (R-Pennsylvania), James Lankford (R-Oklahoma), Tim Scott (R-South Carolina), Susan Collins (R-Maine), Markwayne Mullin (R-Oklahoma), Tim Sheehy (R-Montana), Rick Scott (R-Florida), Cynthia Lummis (R-Wyoming), Jim Banks (R-Indiana), John Hoeven (R-North Dakota), John Boozman (R-Arkansas), Jon Husted (R-Ohio), John Barrasso (R-Wyoming), Roger Wicker (R-Mississippi), Thom Tillis (R-North Carolina), Shelly Moore Capito (R-West Virginia), Mike Lee (R-Utah), Katie Britt (R-Alabama), Marsha Blackburn (R-Tennessee), Ashley Moody (R-Florida), Ted Budd (R-North Carolina), Mitch McConnell (R-Kentucky), Dan Sullivan (R-Arkansas), Joni Ernst (R-Iowa), Cindy Hyde-Smith (R-Mississippi), Mike Rounds (R-South Dakota), Deb Fischer (R-Nebraska), Bill Cassidy (R-Louisiana), Todd Young (R-Indiana), John Kennedy (R-Louisiana), Tommy Tuberville (R-Alabama), Bernie Moreno (R-Ohio), Jerry Moran (R-Kansas), Lisa Murkowski (R-Alaska), Bill Hagerty (R-Tennessee), Eric Schmitt (R-Missouri), Roger Marshall (R-Kansas), Josh Hawley (R-Missouri), Ron Johnson (R-Wisconsin), and Lindsey Graham (R-South Carolina).
    Read the full letter here or below:
    Dear Mr. Trump:
    We write to express our strong support for your efforts to secure a deal with Iran that dismantles its nuclear program, and to reinforce the explicit warnings that you and officials in your Administration have issued that the regime must permanently give up any capacity for enrichment.
    During your first term you withdrew the United States from the deeply broken Joint Comprehensive Plan of Action (JCPOA) and imposed maximum pressure on the regime.  As you said then, a fatal flaw of the deal was that it “allowed Iran to continue enriching uranium and, over time, reach the brink of a nuclear breakout.”  The JCPOA allowed Iran to sell oil, provided waivers allowing third countries to help Iran build out its nuclear program and included the termination of United Nations sanctions on the regime.  Despite critics claiming your withdrawal from the deal would allow Iran to advance its nuclear ambitions, the Iranian regime remained deterred from making substantial nuclear progress throughout your term because of your maximum pressure campaign.
    Tragically, the Biden Administration systematically undid that pressure, functionally re-implementing the nuclear deal.  They immediately rescinded your decision to reimpose U.N. sanctions, allowed Iran to sell oil at JCPOA-levels and even re-issued waivers allowing Iran to build out its nuclear program.  As you predicted, those policies indeed allowed Iran to reach the brink of nuclear breakout, which is where they are today.  The Biden Administration made those concessions without any reciprocal concessions from Iran, and Iran even ceased providing international inspectors access to significant parts of its nuclear program in the early days of the Biden Administration.
    The scope and breadth of Iran’s nuclear buildout have made it impossible to verify any new deal that allows Iran to continue enriching uranium.  In its most recent report, published on February 26, the International Atomic Energy Agency confirmed that because of Iran’s activities over the last four years, “the Agency has lost continuity of knowledge in relation to the production and current inventory of centrifuges, rotors and bellows, heavy water and UOC, which it will not be possible to restore.”
    You and your Administration have therefore correctly drawn a redline against any deal that allows Iran to retain any enrichment capability.  Your National Security Presidential Memorandum on Iran stated that “Iran’s nuclear program, including its enrichment- and reprocessing-related capabilities and nuclear-capable missiles, poses an existential danger to the United States and the entire civilized world,” and you recently said that only “full dismantlement” of those capabilities would be acceptable.  Special Presidential Envoy Steve Witkoff has made it clear in that context of negotiation that for any final arrangement to work, “Iran must stop and eliminate its nuclear enrichment and weaponization program.”
    We cannot afford another agreement that enables Iran to play for time, as the JCPOA did.  The Iranian regime should know that the Administration has Congressional backing to ensure their ability to enrich uranium is permanently eliminated.
    As always, we stand ready to provide you and your Administration whatever resources you need to advance American national security interests.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Pfluger Secures Big Wins in the “One, Big, Beautiful Bill”

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

    WASHINGTON, DC — Today, the House Energy and Commerce Committee advanced a strong, commonsense reconciliation bill after over twenty-six hours of debate. Upon passage, Rep. Pfluger released the following statement.

    “After over twenty-six hours of Democrat distractions, falsehoods, and baseless debate, Energy and Commerce Republicans stayed focused on delivering real, commonsense results for the American people. We have now completed our part in advancing President Trump’s agenda through the ‘One, Big, Beautiful Bill.’ This package ends wasteful spending on woke Green New Deal-style programs, secures American energy dominance to support the rapid innovation of American industry, and preserves and protects Medicaid for all vulnerable Texans and Americans who truly need it. This legislation also expands rural connectivity through smart spectrum policy while safeguarding national security interests. Through these commonsense policies, we’re building a stronger, more secure America for generations to come.”

    Among the many Republican-backed victories supported by Rep. Pfluger in this legislation, this bill includes several key priorities Rep. Pfluger has specifically championed, which will directly benefit Texans and all Americans alike:

    Energy Wins:

    ·     Expedited LNG Exports (Section 41003) — Expedites approvals by deeming applications to non-free trade countries “in the public interest” upon payment of a $1 million fee, eliminating a previously lengthy review process. This streamlining preserves existing legal and regulatory authorities while potentially reducing approval timelines from years to months. This directly aligns with Rep. Pfluger’s bill to strengthen energy leadership and expand LNG exports.

    ·     Natural Gas Permitting Reform (Section 41005) — Creates a voluntary expedited permitting pathway with guaranteed timelines, requiring agencies to complete reviews within one year of fee payment ($10M or 1% of project cost). If review deadlines are missed, applications are automatically approved, and legal challenges are limited. This provision advances Rep. Pfluger’s permitting reform priority and provides greater certainty for major energy projects.

    ·     Strategic Petroleum Reserve Funding (Section 41008) — Provides a $2 billion appropriation for the Strategic Petroleum Reserve (SPR), including $218 million for cavern repairs, $1.32 billion for oil purchases, and directs the remaining funds to reverse prior mandated sales. This targeted investment strengthens U.S. energy security and reserve readiness and directly supports Rep. Pfluger’s priority to refill the SPR.

    Environment Wins:

    ·     Air Pollution Monitoring Limitation (Section 42105) — Repeals and rescinds unobligated funds from IRA Section 60105, which had allocated $281.5 million to the EPA for expanding air quality monitoring networks. This reduces the EPA’s ability to identify new non-attainment zones, limiting additional regulatory burdens. This acts on Rep. Pfluger’s priority to protect the Permian Basin from costly regulatory designations that could impact energy producers.

    ·     Methane Emissions Program Delay (Section 42113) — Extends the timeline for the Methane Emissions Reduction Program charges by an additional 10 years. This extension reinforces Rep. Pfluger’s success with his legislation that President Trump signed into law earlier this year. It also supports his position against the immediate implementation of the harmful program’s current requirements.

    Healthcare Wins:

    ·     Affordable Care Act Exchange Reforms (Section 44201) — Amends the Affordable Care Act’s (ACA) definition of “lawfully present” to exclude Deferred Action for Childhood Arrivals (DACA) recipients. This change counters the Biden Administration’s May 2024 rule, which expanded ACA eligibility to include DACA recipients, a move with potential legal and financial implications. This aligns with Rep. Pfluger’s previous Congressional Review Act efforts to prevent ACA expansion to DACA recipients.

    WATCH: Rep. Pfluger Dismantled Several Democrat Lies On Key Provisions in the Final Package, Including:

    ·     Lies on the LNG export user fees HERE

    ·     Work requirements for Medicaid benefits HERE

    How this bill protects Medicaid for vulnerable, eligible Americans HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Brownley Introduces Legislation to Improve Federal Government Use of Renewable Energy Certificates

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – Today, Congresswoman Julia Brownley (D-CA) reintroduced the Renewable Energy Certificate Study Act, legislation that directs the Government Accountability Office (GAO) to evaluate how federal agencies use Renewable Energy Certificates (RECs) and their efficacy in advancing our nation’s clean energy goals. While RECs, certifications that one megawatt-hour (MWh) of electricity was generated from a renewable source and delivered to the grid, have become a common tool for meeting renewable energy targets, there is still limited information on whether they are delivering real and measurable climate benefits. Brownley’s bill aims to provide Congress with the data needed to ensure that RECs are being used effectively, transparently, and in a way that maximizes environmental impact.

    “Renewable Energy Certificates were created to help expand and stimulate the growth of the green energy market. Currently, RECs offer federal agencies and other entities a flexible tool to meet statutory and administrative energy procurement requirements, helping reduce emissions without the complexities of procuring renewable energy directly,” said Congresswoman Brownley.

    “As the single largest energy user in the United States, the federal government has a responsibility to use RECs as intended. My bill calls for federal agencies to evaluate the effectiveness of RECs and assess the extent of their use across the federal government, which will provide Congress with critical data to improve federal energy policy.

    “My bill will ensure the wise and effective use of taxpayer funds, while also improving RECs market-wide and helping to build a stronger, more sustainable clean energy future.”

    Under requirements in the Energy Policy Act of 2005 and the Biden Administration’s Executive Order on Catalyzing Clean Energy Industries and Jobs Through Federal Sustainability, federal agencies have worked to increase the percentage of energy they procured from climate-friendly sources. To accomplish these goals, many federal agencies turned to RECs. However, research and reporting have raised concerns that RECs may not be meaningfully reducing emissions as intended. The Renewable Energy Certificate Study Act addresses these concerns by directing the GAO to analyze the effectiveness of RECs in advancing federal clean energy objectives.

    The text of the Renewable Energy Certificate Study Act can be found here.

    ###

    Issues: 119th Congress, Climate Crisis, Energy and Environment

    MIL OSI USA News –

  • MIL-OSI: Questerre reports first quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the quarter ended March 31, 2025.

    Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Three wells at Kakwa North were completed this quarter. Including flush volumes, our daily production has averaged over 3,500 boe per day since the tie-in in early April. We plan to participate in a follow-up three (1.5 net) well program that could begin this fall.”

    He added, “Securing energy supplies and diversifying markets is a priority in Canada following the seismic shift in US trade policy. This is especially true in Quebec where imports account for nearly half their total energy demand. There is a growing consensus in the province that energy infrastructure, including pipelines and LNG export facilities, should be revisited. Our discovery could provide a secure supply of natural gas and help solve their existing electrical energy shortage while reducing Canadian and global emissions.”

    He further added, “We are following the legal process to protect our shareholders’ rights. At a recent hearing, the Justice approved our request to interview several key Government representatives including current and former ministers. The Attorney General is requesting leave to appeal this decision.”

    Highlights

    • Kakwa North wells completed in the quarter and on production in early April bringing production to over 3,500 boe per day
    • Red Leaf completes larger-pilot scale demonstration of technology
    • Average daily production of 1,729 boe per day and net cash flow from operating activities of $3.4 million and adjusted funds flow from operations of $3.5 million

    Production volumes increased marginally in the first quarter of 2025 to 1,729 boe/d from 1,664 boe/d last year. Production volumes will increase further in the second quarter following the tie-in of the three (1.50 net) wells drilled this year at Kakwa North. For the quarter, petroleum and natural gas revenue remained relatively flat and totaled $9.1 million in the period compared to $9.0 million last year. With revenue offsetting expenses, the Company generated no net income for the quarter compared to a loss of $0.2 million last year. Cash flow from operations was $3.4 million (2024: $2.6 million) and adjusted funds flow from operations of $3.5 million (2024: $3 million).

    The Company incurred capital expenditures of $17.9 million for the period (2024: $2.6 million) and reported a working capital surplus of $9.2 million as of March 31, 2025 (2024: $30.2 million).

    The term “adjusted funds flow from operations” and “working capital surplus” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.

    Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.

    Questerre is a believer that the future success of the oil and gas industry depends on the balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

    Advisory Regarding Forward-Looking Statements

    This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s views that securing energy security and market access is a priority in Canada following the shift in US trade policy and that its discovery could provide a secure supply of natural gas to Quebec and help solve their existing electric energy shortage while reducing Canadian and global emissions.

    Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    (1) For the three-month period ended March 31, 2025, liquids production including light crude and natural gas liquids accounted for 998 bbl/d (2024: 978 bbl/d) and natural gas including conventional and shale gas accounted for 4,388 Mcf/d (2024: 4,114 Mcf/d).

    Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    This press release contains the terms “adjusted funds flow from operations” and “working capital surplus” which are non-GAAP terms. Questerre uses these measures to help evaluate its performance.

    As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets.

      Three Months Ended March 31,
    ($ thousands)   2025     2024  
    Net cash used in operating activities $ 3,359   $ 2,628  
    Change in non-cash operating working capital   184     345  
    Adjusted Funds Flow from Operations $ 3,543   $ 2,973  
                 

    Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities.

    The MIL Network –

  • MIL-OSI New Zealand: More jet fuel to be stored near Auckland Airport

    Source: NZ Music Month takes to the streets

    Cabinet has approved regulations that will give fuel companies until 1 November 2026 to increase the jet fuel they hold at or near Auckland Airport to protect New Zealand against unexpected fuel supply disruptions, Associate Energy Minister Shane Jones says.

    “As an island nation far from the rest of the world it is essential New Zealand has uninterrupted access to air travel,” Mr Jones says.

    “In 2019, an inquiry into the 2017 pipeline rupture recommended fuel companies invest in additional storage at or near the Airport ‘without delay’.

    “Since 2019, fuel companies have allowed jet fuel cover to fall below the inquiry’s recommended resilience target of 10 days’ cover at 80 per cent operations, leaving New Zealand susceptible to the impacts of an unexpected fuel supply disruption.

    “The regulations provide the extra impetus fuel companies need to avoid any further delay for investing in additional fuel storage.

    “The 2017 fuel disruption saw almost 300 flights impacted. As our largest and busiest airport, is it essential we have enough jet fuel storage in place near Auckland Airport to help prevent future impacts to air travel in case of unexpected disruptions,” Mr Jones says.

    “Fuel companies have told me they will invest in a new storage tank near Auckland Airport to meet the new requirement. Cabinet’s decision also updates existing rules to ensure fuel companies give government visibility on the amount of readily available jet fuel held near Auckland Airport.

    “Fuel security is a top priority for this Government. This new rule along with our work to develop a fuel security plan will help keep the New Zealand economy moving and connected to the world,” Mr Jones says.

    MIL OSI New Zealand News –

  • MIL-OSI Canada: Judicial appointments increase Albertans access to court

    Albertans deserve to have access to a fair, accessible and transparent justice system. To increase capacity in the courts and improve access to justice for those involved in civil, criminal and family matters, Alberta’s government has made five new judicial appointments to the Alberta Court of Justice.

    “Continuing to fill judicial appointments directly strengthens the capacity of our courts, helping ensure Albertans have timely access to justice. Those newly appointed will serve Albertans well in their respective divisions and I congratulate them on their new roles.”

    Mickey Amery, Minister of Justice and Attorney General

    Alberta’s government has appointed the following individuals to the Alberta Court of Justice:

    • Tracey Bailey, KC, Edmonton Family and Youth Division, effective June 23.
    • Sheri Epp, Calgary Criminal Division and Calgary Region, effective June 2.
    • Karen McGowan, Edmonton Family and Youth Division, effective June 2.
    • Alicia Wendel, Edmonton Region, effective June 2.
    • Colin Wetter, part-time justice of the peace in Edmonton, effective May 14.

    “The Alberta Court of Justice is pleased to welcome and congratulate these new appointments. Access to justice is a fundamental value of our society, ensuring that every individual has the opportunity to be heard, receive fair treatment, and obtain timely, meaningful resolution to their legal challenges. I am confident that their backgrounds and experience will serve Albertans well in achieving these goals.”

    James Hunter, chief justice, Alberta Court of Justice

    Since June 2023, Alberta’s government has made 30 judicial appointments.

    Tracey M. Bailey, KC, received her bachelor of laws degree from the University of Alberta in 1991. She started her career as an articling student, continuing as a lawyer at Milner Fenerty. Following academia, she practiced law at Alberta’s Ministry of Justice and Solicitor General before returning to private practice in 2020 as associate counsel at Miller Thomson, LLP, where Ms. Bailey was made partner in 2025.

    Sheri Epp received her bachelor of laws degree from the University of Alberta in 1997. She began her career as an articling student, and then as a litigation associate at Code Hunter Wittmann/Gowlings. She then gained litigation experience at Code Hunter LLP, Scott Hall LLP, McCarthy Tetrault LLP, and Talisman Energy Inc. Most recently, Ms. Epp was senior counsel, then became assistant vice-president and associate chief counsel of Individual Insurance and Affinity at Manulife.

    Karen McGowan received her bachelor of laws degree from the University of Alberta in 1998. Her focus has always been criminal law, beginning as an articling student at Beresh, Depoe, Cunningham. Since being called to the bar in 1999, she has practiced law for Legal Aid Alberta in the Youth Criminal Defence Office, then as a senior advisory counsel, and finally, in the Criminal Trial Group.

    Alicia Wendel received her bachelor of laws degree from Dalhousie University in 1999. She started her career as an articling student at McAllister and Sinclair, then as a barrister at Fix and Smith. From 2001 to present, she has been a Crown prosecutor in rural jurisdictions, practicing in regional courts with the Alberta Crown Prosecution Service. Currently, Ms. Wendel is a member of the Alberta Justice Restorative Justice Working Group, the Alberta Justice Sexual Violence Working Group, and the Gladue Systemic Change Project Committee.

    Colin Wetter received his bachelor of laws degree from the University of Alberta in 1986. He began his career as an articling student at Howard Mackie in Calgary, then practiced law in the private sector until 1992. He then joined the federal Department of Justice as legal counsel, and –with ever-increasing roles of responsibility – in 2012 became regional director of the Aboriginal Law Services Section (Alberta). Mr. Wetter was regional director of the Tax Law Services Section (Prairie Region) from 2019 to 2022.

    Quick facts

    • Lawyers with at least 10 years at the bar can apply to become a justice with the Alberta Court of Justice. 
    • Lawyers with at least five years at the bar can apply to become a justice of the peace. Justice of the peace appointments are for 10 years.
    • Applications are reviewed by the Alberta Judicial Council and Alberta Judicial Nominating Committee, and then recommended to the minister of justice and cabinet for appointment.

    Related information

    • Alberta’s government is actively recruiting justices and justices of the peace and encourages qualified lawyers to apply. Qualified lawyers who wish to be considered for appointment can access the application form online.

     Related news

    • Ensuring access to justice for Albertans (May 7, 2025)
    • Judicial appointments increase Albertans access to justice (April 9, 2025)
    • Increasing court capacity (Jan. 15, 2025)
    • Strengthening Alberta’s courts (Dec. 4, 2024)

    MIL OSI Canada News –

  • MIL-OSI Canada: Penning a new chapter on mutually beneficial trade

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Griffith Statement on Completed Energy and Commerce Reconciliation Markup

    Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

    The House Committee on Energy and Commerce completed its reconciliation markup hearing on budget recommendations that fall in line with the budget resolution. The House Budget Committee will receive the Energy and Commerce recommendations as they prepare to draft a reconciliation package. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

    “Congressional Democrats and progressive prognosticators shouted day and night that the Energy and Commerce Committee couldn’t make budget recommendations without massive, significant cuts to Medicaid. And yet, House Republicans proved them all wrong. I look forward to working with House Republicans during the next phase of the reconciliation process to produce a bill that carries out a pro-growth, commonsense agenda.”

    BACKGROUND

    On April 10, 2025, the U.S. House of Representatives passed U.S. Senate-amended H. Con. Res. 14, a budget resolution that sets fiscal objectives for House committees to identify potential savings. 

    The resolution instructs the House Committee on Energy and Commerce to identify a target of $880 billion in savings.

    The House Committee on Energy and Commerce started its markup hearing on Tuesday, May 13.

    The Committee’s proposed recommendations must still be considered by the Budget Committee. Changes to the underlying reconciliation bill are still possible and then must be voted on by both chambers of Congress.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Tonko Delivers Final Plea to Republicans to Protect Medicaid for Americans

    Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

    WASHINGTON, D.C. — In his closing remarks, during a 26-hour long markup in the Energy and Commerce Committee on the Republican budget, Congressman Paul D. Tonko (NY-20) shared the story of a local family who relies on Medicaid and who would be hurt by the massive healthcare cuts included in the GOP budget. Throughout the markup, Tonko shared firsthand accounts of constituents across the district who would have their Medicaid coverage ripped away as a result of Republicans’ budget cuts. In his closing remarks today, Tonko highlighted the story of Sara, the mother of a 16-month-old pediatric stroke survivor who relies on Medicaid to get the care he deserves.

    Tonko spoke with Sara directly about the impact of Medicaid in providing support her son. Their conversation can be viewed HERE.

    Tonko’s full remarks can be viewed HERE or read below as prepared for delivery:

    As we wind down this debate, I have a confession to make.

    I’m tired.

    I know we’re all tired too.

    We’ve been at this more than 25 hours now.

    But while I am tired, I am also energized.

    Because I know our cause is just.

    And because I know that these past 25 hours have helped to illuminate the stakes of this debate for the American people.

    And the stakes couldn’t be higher.

    The choices that are made in this room today, and in our House of Representatives will impact the lives of millions of people we will never meet.

    In this moment, I’m thinking of how this might impact one family I have met – Sara and her son Cameron from Niskayuna, New York.

    Cameron is a 16-month-old pediatric stroke survivor. Cam was previously normally developing and healthy, but at 7 months old, he had a rare pediatric stroke that changed everything.

    Sara shared how they quickly found themselves in a community of parents with disabled kids that rely on Medicaid. Her son receives 5 to 6 therapies a week and goes to 2 to 3 doctors’ appointments every month.

    Medicaid is the safety net that supports them to provide things like copays and medical braces, which add up and make a huge difference.

    Sara’s story could be any of our stories. She shared with me:

    “It really hits home for me that Cameron became disabled after his stroke, pretty much overnight, our lives changed. So, I think what people may be missing here is, anyone can become disabled at any moment and therefore you may not have the coverage you once thought you had.”

    Republicans falsely claim that children like Cameron won’t be impacted by their package, but I’ve read the text and that’s simply not true.

    New York State stands to lose billions of dollars in cuts to Medicaid from the reduced federal match, the provider tax provisions and more senseless provisions in this cruel package.

    Again, let me reiterate: when states have to make these massive cuts to their Medicaid programs, where do you think they’re going to look first?

    To the most expensive patients: the elderly, the sick, and the disabled. To the very people that my Republican colleagues claim they are trying to protect.

    Republicans have been offered so many opportunities today to put pen to paper on their claims that this bill won’t hurt people like Cameron.

    They’ve refused to do so.

    When someone shows you who they are, believe them.

    Here’s your last chance.

    Support this amendment and let’s make an ironclad guarantee to folks like Sara and Cameron that we’re going to take care of them.

    Let’s make that ironclad guarantee that lets this family sleep a little easier tonight.

    I’m ready to make that promise. And I urge my colleagues to do the same.

    MIL OSI USA News –

  • MIL-OSI USA: Four Bilirakis Proposals Advance As Part of Reconciliation Package

    Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

    Washington, DC:  Today, the House Energy & Commerce Committee advanced a broad reconciliation bill that implements fiscally-sound policies to end wasteful spending on Green New Deal-style projects, support the rapid innovation and modernization of American Commerce, and protect Medicaid for vulnerable Americans for generations to come by cutting waste, fraud, and abuse.  One of the provisions included in the package, the LIVE Beneficiaries Act, authored by Representative Bilirakis, will help strengthen funding for the Medicaid program and its beneficiaries. This provision requires states to quarterly certify that those enrolled in Medicaid are still living.  Bilirakis filed his bill in response to a recent independent audit of just 14 states in one year that documented $249 million in payments to providers on behalf of deceased individuals.  The reconciliation package also prohibits beneficiaries from being enrolled in Medicaid in multiple states at the same time and prohibits those individuals who are here illegally from participating in Medicaid.  

    “I’m proud of the common-sense approach we’ve put forth to achieve significant savings while preserving benefits and access to care for our most vulnerable individuals,” said Congressman Bilirakis.  “We have a responsibility to ensure taxpayer dollars are used wisely and that includes protecting access to healthcare for low-income children, seniors, pregnant women, and those with disabilities. Despite the fear-mongering rhetoric from my colleagues on the other side of the aisle throughout the hearing – these critical populations will not see any change to their healthcare under our bill.  Instead, we will disallow duplicative reimbursement, payments for deceased individuals, and coverage for illegal aliens. In doing so – we will strengthen and preserve Medicaid for generations to come while helping to restore fiscal responsibility.  

    Congressman Bilirakis, who is the Chairman of the Commerce, Manufacturing and Technology Subcommittee in the House, also spearheaded a measure included in the package that would implement a 10-year moratorium on state and local regulation of AI models.  This moratorium will prevent the failures we have seen from the state-based regulatory morass on internet privacy from infecting the budding AI marketplace led by the United States.

    “Harnessing the potential of AI is not just an opportunity for the United States, it’s an absolute necessity to secure economic leadership, strengthen national security, and ensure that American values shape the future of this transformative technology,” said Chairman Bilirakis.  “We must prevent a fragmented patchwork of rules from each state that could stifle innovation, confuse compliance, and undermine the creation of effective, nationwide standards that protect both progress and the public.  The moratorium included in this package enables us to achieve that goal.”  

    As Co-Chair of the Rare Disease Caucus, Congressman Bilirakis has worked tirelessly for many years to support rare disease patients and families by streamlining FDA processes and encouraging the development of treatments and cures for smaller patient populations.  Two measures co-authored by Bilirakis to help rare disease patients were also included in the reconciliation package that passed out of Committee today.  Children with complex medical needs may not have the specialized care they need within their home state. In these instances, parents must work with health care providers and state Medicaid officials to find out-of-state care. The process is difficult and complex, often delaying children and their families from receiving the care they desperately need – and in some cases blocking access to care all together. The Accelerating Kids’ Access to Care Act addresses this concern by allowing states to streamline the process for out-of-state pediatric care providers to enroll in another state’s Medicaid program, while also safeguarding important program integrity processes. The legislation enables smooth coordination across state lines by clarifying the process by which state Medicaid programs can cover this care regardless of where the child lives and where their care is received.  The Orphan CURES Act is a bipartisan measure that would accelerate the development of new life-saving cures and provide hope to millions of Americans affected by rare diseases. Under current federal law, a drug or treatment that receives approval from the U.S. Food and Drug Administration (FDA) to exclusively treat one rare disease – commonly known as an “orphan drug” – is eligible for certain incentives, including an exemption from Medicare’s drug negotiation program.  Unfortunately, those same incentives do not exist if an orphan drug receives FDA approval to treat two or more rare diseases.  The result is a disincentive for American innovators to invest in the expensive and time-intensive research necessary to determine if an orphan drug could cure or treat additional rare diseases. The ORPHAN Cures Act would remedy these harmful, unintended consequences by honoring the intent of the Orphan Drug Act of 1983 and restoring proven, time-tested incentives to encourage the discovery of new cures for the narrow patient populations affected by rare diseases.

    “Including these two critical provisions in the reconciliation package is a huge win for the rare disease community,”  said Congressman Gus Bilirakis who serves as Co-Chair of the Rare Disease Caucus.  “My colleagues and I will continue to work toward advancing the development of treatments and cures for rare disease patients and removing regulatory barriers that prevent patients from accessing care.”

    MIL OSI USA News –

  • MIL-OSI: Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management’s discussion and analysis for the three month period ended March 31, 2025 (“Q1 2025”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

    Jay Lyons, Chief Executive Officer, commented:

    “Operationally, I am pleased with how Orca has performed in the first quarter of 2025. Despite the marginal reduction in gas deliveries, largely due to factors outside of the Company’s control, production from the Songo Songo gas field remains robust and in line with our expectations. In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward.

    Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.”

    Highlights

    • Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment.
    • To date the Songas Power Plant remains shutdown.
    • Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP’s power generation is currently constrained pending ongoing development of the electricity distribution network, the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector.
    • On April 14, 2023, PanAfrican Energy Tanzania Limited (“PAET”) formally requested Tanzanian Petroleum Development Corporation (“TPDC”) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE”), however, being uneconomic, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, and to date a response has not been received to such letter. There are currently no certainties on the timing, nature and extent of any extension of the License. Until an extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire.
    • On April 15, 2024, contrary to the terms of the gas agreement (“Gas Agreement”) and Production Sharing Agreement (the “PSA”) between PAET, TPDC and the Government of Tanzania (“GoT”), and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas Limited (“Songas”), directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
    • In February 2025, PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. In Q1 2025, TPCPLC fully paid the Company $10.4 million of the receivable previously outstanding as at December 31, 2024.
    • On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against GoT and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, to date we haven’t had a response to the letter.
    • In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and work was due to be completed by the end of 2022; however, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgment applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
    • Net income attributable to shareholders decreased by 89% for Q1 2025 compared to the same prior year period, primarily as a result of higher depletion and general and administrative expenses.
    • Net cash flows from operating activities1 increased to $20.3 million in Q1 2025 compared to net cash flows used in operating activities of $6.2 million for the same prior year period, primarily a result of the higher payment of the 2023 current liability associated with additional profits tax in Q1 2024 and the TPCPLC settlement of the 2024 year end receivable as well as other changes in non-cash working capital.
    • Capital expenditures decreased by 63% for Q1 2025 compared to the same prior year period. The capital expenditures in Q1 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. The capital expenditures in Q1 2024 primarily related to the costs of the planned SS-7 well workover program.
    • The Company exited the period with $26.8 million in working capital1 (December 31, 2024: $21.9 million) and cash and cash equivalents of $70.2 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $64.8 million, as at March 31, 2025 (December 31, 2024: $87.1 million).
    • In February 2025, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding.
    • As at March 31, 2025, the current receivable from the TANESCO was $12.5 million (December 31, 2024: $12.7 million). The TANESCO long- term receivable as at March 31, 2025 and as at December 31, 2024 was $22.0 million and has been fully provided for. Subsequent to March 31, 2025, the Company has invoiced TANESCO $5.4 million for April 2025 gas deliveries and TANESCO has paid the Company $5.7 million to date.
    • On April 15, 2025 PAET signed a settlement agreement with TPDC and TANESCO (“Settlement Agreement”), for TANESCO to pay PAET and TPDC $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field. The Settlement Agreement requires TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO pays the settlement amount when required and in full while remaining current on amounts owed. TANESCO must pay the settlement amount to PAET via weekly instalments and meet monthly total payment amounts, commencing in April 2025 and ending in October 2025. Payments on account of the settlement amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the settlement amount, the Company expects to retain approximately $29.4 million of the settlement amount with TPDC retaining the balance. To date, TANESCO has paid $10.0 million under the Settlement Agreement.

    1 See Non-GAAP Financial Measures and Ratios.

    Financial and Operating Highlights for the Three Months Ended March 31, 2025          
      Three Months
    ended March 31     		 % Change 
    (Expressed in $’000 unless indicated otherwise) 2025 2024  Q1/25 vs Q1/24 
    OPERATING
    Daily average gas delivered and sold (MMcfd)    		 72.0 74.3   (3 )%
    Industrial 19.1 14.0   36 %
    Power 52.9 60.3   (12 )%
    Average price ($/mcf)          
    Industrial 7.98 8.94   (11 )%
    Power 3.92 3.87   1 %
    Weighted average 4.99 4.82   4 %
    Operating netback ($/mcf)1 2.87 2.79   3 %
    FINANCIAL      
    Revenue 25,391 24,937   2 %
    Net income attributable to shareholders 102 969   (89 )%
    per share – basic and diluted ($) 0.01 0.05   (80 )%
    Net cash flows from / (used in) operating activities 20,264 (6,170 ) n/m
    per share – basic and diluted ($)1 1.03 (0.31 ) n/m
    Capital expenditures1 548 1,470   (63 )%
    Weighted average Class A and Class B shares (‘000) 19,766 19,799   0 %
      March 31, As at December 31,  
      2025 2024  % Change
    Working capital (including cash) 1 26,796 21,904   22 %
    Cash and cash equivalents 70,183 90,076   (22 )%
    Outstanding shares (‘000)      
    Class A 1,750 1,750   0 %
    Class B 18,015 18,022   0 %
    Total shares outstanding 19,765 19,772   0 %

    1 See Non-GAAP Financial Measures and Ratios.

    The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management’s Discussion & Analysis for the three months ended March 31, 2025 may be found on the Company’s website at www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

    Orca Energy Group Inc.

    Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

    The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas” and “Additional Gas”. The Gas Agreement deals further with the parties’ entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.

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

    Abbreviations

    mcf thousand cubic feet
    MMcf million standard cubic feet
    MMcfd million standard cubic feet per day


    Non-GAAP     Financial Measures and Ratios

    In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

    These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (“IFRS”), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

    Non-GAAP Financial Measures

    Capital expenditures

    Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows:

      Three Months ended
    March 31
    $’000 2025 2024 
    Pipelines, well workovers and infrastructure 548 1,169  
    Other capital expenditures – 301  
    Capital expenditures 548 1,470  
    Change in non-cash working capital 7,102 (85 )
    Net cash used by investing activities 7,650 1,385  


    Operating netback

    Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

      Three Months ended March 31
    $’000 2025  2024 
    Revenue 25,391   24,937  
    Production, distribution and transportation expenses (4,203 ) (4,310 )
    Net Production Revenue 21,188   20,627  
    Less current income tax adjustment (recorded in revenue) (2,538 ) (1,726 )
    Operating netback 18,650   18,901  
    Sales volumes MMcf 6,487   6,764  
    Netback $/mcf 2.87   2.79  


    Non-GAAP     Ratios

    Operating netback per mcf

    Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

    Supplementary Financial Measures

    Working capital

    Working capital is defined as current assets less current liabilities, as reported in the Company’s Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

    Net cash flows from operating activities per share

    Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

    Weighted average Class A and Class B Shares

    In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

    Forward-Looking Statements

    This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company’s expectations regarding the demand for natural gas and power supply; assessment by the Company of the merits of the appeal made by the Company pursuant to the Judgment; costs, outcomes and timing in respect to the outcome of the appeal of the Judgement; merit, outcomes, position and timing in respect of the Notice of Dispute; expectations in relation to the Notice of Dispute; extension of the License and the Company’s expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of arrears from TANESCO; and the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

    These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: uncertainties involving the Notice of Dispute and the Judgment; various uncertainties involved in the extension of the License; risk that meetings related to the Notice of Dispute are not held on the anticipated timing; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company’s average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute and/or appeal of the Judgment; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute; uncertainties regarding quantum of damages payable by the Company in respect of the appeal of the Judgment; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company’s various development programs and studies in 2025 are different than expected; risk of damage to the Company’s infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company’s operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; if any payment is eventually required in respect of the Judgment, that it will not be cost recoverable under the PSA; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company’s tax liabilities and the implementation of further legislation and the Company’s interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company’s ability to complete sales of Additional Gas; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risk relating to the Company’s relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company’s assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under “Business Risks” in our management discussion and analysis for the three months ended March 31, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute and the appeal of the Judgment; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company’s relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company’s ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company’s cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company’s ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company’s expectations; accurate assessment by the Company of the merits of appeal brought forward by the Company pursuant to the Judgment; that the amount of damages recoverable by the Company under the Notice of Dispute will be in line with expectations; the Company’s interpretation and prediction of the effects regarding changes to the Company’s tax liabilities and the implementation of further legislation is accurate in all material respects; the Company’s ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters.

    The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    The MIL Network –

  • MIL-OSI: Stardust Power Announces Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., May 14, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the first quarter ended March 31, 2025.  

    First Quarter 2025 Business Updates and Subsequent Events

    Operational highlights for the first quarter of 2025 include:

    • Confirmed with Oklahoma regulators the Muskogee facility will not require an industrial wastewater permit thanks to its closed-loop water system that eliminates discharge and reduces local water use.
    • Executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated substation at the Muskogee refinery site, securing up to 40MW of scalable power and enabling critical pre-construction activities ahead of Final Investment Decision.
    • Appointed Carlos Urquiaga as Senior Advisor to advise on capital-raising efforts; with over $40 billion in transaction experience across top institutions, he brings deep expertise in metals and mining finance to support our path toward Final Investment Decision.

    Roshan Pujari, Founder and CEO of Stardust Power, commented on the Company’s Q1 performance, “Despite ongoing macroeconomic volatility and global market uncertainty, Q1 was a quarter of focused execution for Stardust Power. We continue to advance steadily toward Final Investment Decision, supported by strategic progress across permitting, engineering, and financing. With lithium’s long-term outlook growing stronger, we remain committed to seizing this generational opportunity and building a scalable, U.S.-based refining platform aligned with national critical mineral and supply chain priorities.”

    First Quarter Financial Highlights

    As of March 31, 2025, we had cash and cash equivalents of approximately $1.6 million. As of March 31, 2025, we had zero long term debt. Other financial highlights include:

    • Net Loss of $3.8 million for the first quarter of 2025, compared to $1.4 million for the prior year quarter ended March 31, 2024.
    • Loss per share was $(0.07) for the first quarter of 2025, compared to $(0.04) for the prior year quarter, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans.
    • Net cash used in operating activities totaled $2.9 million for the first quarter of 2025, compared to $0.9 million for the prior year quarter, the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination.
    • Net cash used in investing activities was $1.0 million for the first quarter of 2025, compared to $3 thousand for the prior year quarter, driven by our initial capital investments made in the anticipated building of the refinery.
    • Net cash provided by financing activities was $4.5 million for the first quarter of 2025, compared to $54 thousand for the prior year quarter. The increase was driven primarily by $8.0 million in cash received from public offering and warrant inducements, net of offering cost, offset partially by $3.7 million repayment of short-term loans.

    Conference Call Details

    Stardust Power will host a conference call to discuss the results today, May 14, 2025, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions:
    https://register-conf.media-server.com/register/BI0aeb48ba9a8d4f1b93ee2ec5a2bf0886

    Upon registering at the link you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in:
    https://edge.media-server.com/mmc/p/98ca9vd3

    The earnings call will be available on the Company website following the event.

    About Stardust Power 

    Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit www.stardust-power.com 

    Cautionary Statement Regarding Forward-Looking Statements 

    This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.  

    These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power’s securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power’s need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company’s ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company’s ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company’s operations; the Company’s continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. 

    We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. 

    Stardust Power Contacts 

    For Investors: 

    Johanna Gonzalez 
    investor.relations@stardust-power.com 

    For Media: 

    Michael Thompson 

    media@stardust-power.com 

    The MIL Network –

  • MIL-OSI USA: DeGette Statement Following Marathon Markup of Trump’s ‘One Big, Bogus Bill’

    Source: United States House of Representatives – Congresswoman Diana DeGette (First District of Colorado)

    WASHINGTON, D.C. — Today, Congresswoman Diana DeGette (CO-01) released the following statement after the Energy & Commerce Committee completed a nearly 27 hour-long markup of Trump’s ‘One Big, Bogus Bill’ that would cut $715 billion from Medicaid, kick 13.7 million Americans off their health care, and defund Planned Parenthood to give tax cuts to billionaires.

    “House Republicans held a 27 hour markup, starting debate over the health care provisions at 1 o’clock in the morning, to hide what they are doing from the American people. Throughout the night, they deflected from their true intentions of kicking millions of Americans off their health care. But here’s the truth: you can’t cut $715 billion from Medicaid without kicking eligible recipients off the program. The policies House Republicans want to implement have been tried in states like Georgia and Arkansas, and they have failed miserably, leading to eligible people losing their health care and actually costing the states more money. Make no mistake: this bill will lead to eligible recipients losing their health care, and House Republicans couldn’t care less.

    “Furthermore, they are specifically targeting Planned Parenthood, which serves over 60,000 Coloradans annually, by eliminating their federal funding. That means 1 million Planned Parenthood patients on Medicaid will lose access to care, such as cancer screenings, wellness visits, HIV prevention, and family planning counseling.

    “House Republicans are so focused on appeasing Trump and giving tax cuts to billionaires that they are gutting essential health care programs and providers. I called out their cuts throughout the markup, and I am going to continue to fight to protect Medicaid and access to health care as Republicans try to jam this monstrosity of a bill through Congress.”

    Democrats on the committee offered a number of amendments to stop this bill from taking health care away from hard-working Americans. Republicans voted against every single Democratic amendment, including: 

    • An amendment to require the HHS Secretary to certify that the Trump administration will not cut Medicaid benefits.
    • An amendment to prevent defunding Planned Parenthood.
    • An amendment to prevent the bill from taking effect if any of the provisions result in an increase in mortality rates.
    • An amendment to require 100 percent of savings to be reinvested in medical assistance for eligible Medicaid recipients.
    • An amendment to maintain state flexibility in funding Medicaid.
    • An amendment to require assessments from states on the impact of this bill on uncompensated care and emergency department wait time.
    • An amendment to remove unnecessary and burdensome paperwork requirements.
    • An amendment to require states to provide 12 months postpartum coverage.
    • An amendment to codify a ban on CHIP waiting periods.
    • An amendment noting the Sense of Congress that Americans should not pay more than those in other countries for the exact same prescription drugs.

    An amendment that says none of the provisions of the bill will take effect if any of the provisions result in reduced access to coverage.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: May 9th, 2025 Heinrich, Luján, Vasquez Call on Trump Administration to Crack Down on U.S. Firearms Flowing to Latin American Drug Cartels

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the core bipartisan group of senators who negotiated and passed the Bipartisan Safer Communities Act (BSCA), joined U.S. Senator Ben Ray Luján (D-N.M.) and U.S. Representative Gabe Vasquez (D-N.M.) to urge the Trump Administration to use its recent designation of Latin American cartels as Foreign Terrorist Organizations (FTOs) to take aggressive action to stop the illegal trafficking of American firearms across the Southern Border.
    In a letter addressed to Secretary of Homeland Security Kristi Noem, Secretary of State Marco Rubio, and Attorney General Pam Bondi, the lawmakers called for a coordinated federal response to stem the flow of hundreds of thousands of American firearms that arm violent drug cartels, fuel lawlessness along the Southern Border, and bring drugs into communities across the United States.
    “We were pleased that President Trump agreed to address the outflow of hundreds of thousands of American-made firearms across the southern border when he initially postponed the implementation of tariffs on our ally Mexico. Accordingly, we urge you to utilize the FTO designation to take aggressive action to stem the flow of American guns to the cartels,” the lawmakers wrote.
    Anywhere between 200,000 and 500,000 American firearms are smuggled across U.S. borders into Mexico every year, arming Latin American criminal organizations that have used them to undermine domestic law enforcement and assert control over fentanyl and human trafficking operations back into the United States. 
    “The new FTO designation for these cartels provides additional legal tools to bolster interagency coordination, disrupt their financial networks, and impose stricter penalties on those who provide material support to these criminal enterprises. Specifically, under current statute, it is unlawful to knowingly provide material support or resources to a Foreign Terrorist Organization and those who do so can be fined or imprisoned for up to 20 years,” the lawmakers continued.
    The members urged the administration to effectively and strategically employ the full suite of legal options this new designation enables and offered their assistance to empower it to specifically address the “Iron River” of American firearms that are fueling violence and destruction in communities across the United States and Mexico. 
    “We hope that you move swiftly and use these new legal authorities to combat southbound arms trafficking. We stand ready to assist in this effort in any way we can, including through legislation that expands your programmatic authorities to address this critical issue,” the lawmakers concluded.
    The letter was led by Luján and U.S. Senator Michael Bennet (D-Colo.) in the Senate and U.S. Representatives Dan Goldman (D-N.Y.) and Rob Menendez (D-N.J.) in the House. Alongside Heinrich and Vasquez, the letter was signed by U.S. Senator Catherine Cortez Masto (D-Nev.) and U.S. Representatives Eric Swalwell (D-Calif.), J. Luis Correa (D-Calif.), Seth Magaziner (D-R.I.), Debbie Wasserman Schultz (D-Fla.), Jill Tokuda (D-Hawaii), Timothy Kennedy (D-N.Y.), and Nellie Pou (D-N.J.).
    The full text of the letter is here. 
    Background on Heinrich-Led Gun Trafficking and Straw Purchase Provisions:
    Heinrich-led provisions in the Bipartisan Safer Communities Act increased criminal penalties for straw purchasers and made it a crime, for the first time ever, to traffic firearms out of the United States. Straw purchasers are people who buy guns for those who cannot buy them directly themselves due to their age, felony criminal convictions, or other limitations. By increasing penalties for straw purchasing, Heinrich’s provision is helping to keep guns out of the hands of criminals and those who would use them against our communities. By making it illegal to traffic firearms out of the country, Heinrich’s provision gave law enforcement the tools needed to prosecute and disrupt the flow of firearms to Mexico and the Northern Triangle, fueling the violence that has driven so many to flee their home countries.  
    To date, the Department of Justice has charged more than 600 defendants using BSCA’s gun trafficking and straw purchasing laws, removing hundreds of firearms off the streets in the process. These cases are significant, often preventing and prosecuting highly dangerous activity, such as crimes linked to organized trafficking rings and transnational criminal organizations.  
    For example, in March 2024, the Justice Department charged several defendants with trafficking and straw purchasing over 100 firearms, including many military-grade weapons, that were allegedly intended to be smuggled to a Mexican drug cartel. In April 2024, a defendant was sentenced to 276 months in prison for firearms trafficking and straw purchasing, as well as distribution of fentanyl, where the evidence showed that two of the trafficked firearms had been used in gang-related shootings. In 2o23, a defendant was sentenced to two years in prison for running an illegal gun trafficking enterprise, repeatedly taking money to lie on firearm purchase forms and obtain weapons for convicted felons. 
    In New Mexico, the Office of the United States Attorney for the District of New Mexico has charged 11 defendants with BSCA violations. 
    Heinrich’s Longtime Leadership to Tackle Gun Violence:
    A gun owner and father, Heinrich has long worked to advance and pass bipartisan policies that save lives, protect public safety, and reduce gun violence.
    Heinrich recently co-sponsored the Preventing Illegal Weapons Trafficking Act, legislation to protect communities from gun violence by requiring federal law enforcement to coordinate efforts to prevent the importation and trafficking of machinegun conversion devices including ‘auto-sears’ — illegal gun modification devices that can convert semi-automatic weapons into fully-automatic weapons — and seize all profits that come from the illegal trafficking of these devices.
    Last month, Heinrich introduced his Gas-Operated Semi-Automatic Firearms Exclusion (GOSAFE) Act and bipartisan Banning Unlawful Machinegun Parts (BUMP) Act, commonsense legislation designed to protect communities from gun violence, while safeguarding Americans’ constitutional right to own a firearm for legitimate self-defense, hunting, and sporting purposes.
    Heinrich also convened a press conference in Albuquerque with New Mexicans to Prevent Gun Violence, Everytown, community leaders, and students to announce the introduction of his GOSAFE Act. For photos and videos of that event, click here.
    In October 2024, Heinrich secured critical funding for New Mexico law enforcement to purchase four new NIBIN machines for Las Cruces, Farmington, Gallup, and Roswell. This allows law enforcement to trace firearms used in crimes and hold criminals accountable, all while saving officers valuable time and resources.
    In July 2023, Heinrich cosponsored the bicameral Ghost Guns and Untraceable Firearms Act, legislation to require online and other sellers of gun-making kits to comply with federal firearm safety regulations.     
    In 2017, Heinrich cosponsored the bipartisan Fix NICS Act, which now requires federal and state authorities to produce background check implementation plans and holds federal agencies accountable for reporting relevant criminal records to the National Instant Criminal Background Check System (NICS). Heinrich also led the successful call to repeal the Dickey Amendment, which had previously prevented the Center for Disease Control and Prevention (CDC) from funding research on gun violence and its effects on public health.

    MIL OSI USA News –

  • MIL-OSI Russia: China Internet Civilization Conference to Focus on Young Netizens, Digital Literacy

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, May 14 (Xinhua) — The 2025 China Internet Civilization Conference will be held from June 10 to 11 in Hefei, east China’s Anhui Province. The event will focus on building a cyber civilization among young netizens and improving the nation’s digital literacy, organizers said Wednesday.

    As Yang Jianwen, deputy director of the Office of the Central Cyberspace Commission and the State Internet Information Office of the People’s Republic of China, noted at a press conference in Beijing, the program of the two-day conference, themed “Accumulating the Positive Energy of the Internet and Shaping New Trends of the Era,” will include a grand opening ceremony, a main forum, 14 sub-forums and a series of thematic events designed to showcase scientific and technological achievements and innovations.

    The event will also feature a number of new achievements in the field of building a cyber civilization.

    Young Chinese Internet users, whose number has now reached about 540 million, are an important force in the formation of cyber civilization, Yang Jianwen emphasized, adding that an initiative to develop a youth Internet civilization is planned to be announced during the main forum.

    The conference is held by the Office of the Central Cyberspace Commission and the Office of the CPC Central Committee for Spiritual Culture, jointly with the Party Committee and the People’s Government of Anhui Province. –0–

    MIL OSI Russia News –

  • MIL-OSI: Birchcliff Energy Ltd. Announces Strong Q1 2025 Results and Declares Q2 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its Q1 2025 financial and operational results.

    Chris Carlsen, Birchcliff’s President and Chief Executive Officer, commented: “We are pleased to report strong operational and financial results for the first quarter of 2025, driven by our continued focus on operational excellence and our high-quality asset base. We successfully executed our Q1 capital program, drilling 14 wells and bringing 8 wells onstream, resulting in first quarter average production of 77,363 boe/d. We generated adjusted funds flow(1) of $124.4 million in Q1 2025 (an 88% increase from Q1 2024), driven by increased production and a stronger average realized natural gas sales price, which benefitted from our natural gas market diversification, with approximately 78% of our natural gas volumes realizing U.S. pricing at the Dawn and NYMEX HH markets. We achieved free funds flow(1) of $12.6 million in the first quarter, notwithstanding that approximately 40%(2) of our full-year capital budget was invested in Q1 2025 prior to spring break-up. With a substantial portion of our capital program behind us, we expect to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing our total debt(3) by approximately 28% from year end 2024(4) , after the payment of our base dividend. Our 2025 production guidance and capital program are unchanged and we remain focused on capital efficiency improvements, driving down our costs and strengthening our balance sheet.

    This year marks a significant milestone for Birchcliff as we celebrate our 20th anniversary. We extend our gratitude to our dedicated staff, our board of directors and our shareholders for their support over the years. Together, we look forward to a promising future, leveraging our strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value.”

    Q1 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS

    • Delivered average production of 77,363 boe/d (82% natural gas, 10% NGLs, 6% condensate and 2% light oil), a 3% increase from Q1 2024.
    • Generated adjusted funds flow of $124.4 million, or $0.46 per basic common share(5), an 88% and 84% increase, respectively, from Q1 2024. Cash flow from operating activities was $126.1 million, a 93% increase from Q1 2024.
    • Reported net income to common shareholders of $65.7 million, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
    • Birchcliff’s market diversification contributed to an effective average realized natural gas sales price(5) of $4.89/Mcf in Q1 2025, which represents a 142% premium to the average benchmark AECO 7A Monthly Index price in the quarter.
    • Achieved an operating netback(5) of $17.71/boe, a 38% increase from Q1 2024.
    • Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

    Birchcliff’s unaudited interim condensed financial statements for the three months ended March 31, 2025 and related management’s discussion and analysis will be available on its website at www.birchcliffenergy.com and on SEDAR+ at www.sedarplus.ca. Birchcliff’s updated corporate presentation will be available on its website at www.birchcliffenergy.com on May 14, 2025.

    ______________________________

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

    (2)  Based on the mid-point of Birchcliff’s 2025 capital budget of $260 million to $300 million.

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

    (4)  Based on the mid-point of Birchcliff’s total debt guidance range at year end 2025 of $365 million to $405 million and as compared to Birchcliff’s total debt at year end 2024 of $535.6 million.

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

    DECLARATION OF Q2 2025 QUARTERLY DIVIDEND

    • Birchcliff’s board of directors (the “Board”) has declared a quarterly cash dividend of $0.03 per common share for the quarter ending June 30, 2025.
    • The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 13, 2025. The dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).

    EXTENSION OF CREDIT FACILITIES

    • Subsequent to the end of Q1 2025, Birchcliff’s syndicate of lenders completed its regular semi-annual review of the borrowing base limit under the Corporation’s extendible revolving credit facilities (the “Credit Facilities”).
    • In connection therewith, the agreement governing the Credit Facilities was amended effective May 7, 2025 to extend the maturity dates of each of the syndicated extendible revolving term credit facility and the extendible revolving working capital facility from May 11, 2027 to May 11, 2028. In addition, the lenders confirmed the borrowing base limit at $850 million. The Credit Facilities do not contain any financial maintenance covenants.

    ANNUAL MEETING OF SHAREHOLDERS

    • Birchcliff’s annual meeting of shareholders is scheduled to take place tomorrow, Thursday, May 15, 2025, at 3:00 p.m. (Mountain Daylight Time) in the McMurray Room at the Calgary Petroleum Club, 319 – 5th Avenue S.W., Calgary, Alberta.

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

    Q1 2025 UNAUDITED FINANCIAL AND OPERATIONAL SUMMARY

      Three months ended Three months ended
      March 31, 2025 March 31, 2024
    OPERATING    
    Average production    
    Light oil (bbls/d) 1,795   1,525  
    Condensate (bbls/d) 4,238   4,765  
    NGLs (bbls/d) 7,626   7,397  
    Natural gas (Mcf/d) 382,224   370,288  
    Total (boe/d) 77,363   75,402  
    Average realized sales prices (CDN$)    
    Light oil (per bbl) 95.27   95.24  
    Condensate (per bbl) 97.98   100.26  
    NGLs (per bbl) 27.95   27.59  
    Natural gas (per Mcf) 3.64   2.61  
    Total (per boe) 28.32   23.80  
    NETBACK AND COST ($/boe)    
    Petroleum and natural gas revenue 28.32   23.80  
    Royalty expense (2.16 ) (2.11 )
    Operating expense (3.04 )(1) (3.85 )
    Transportation and other expense(2) (5.41 ) (4.99 )
    Operating netback(2) 17.71   12.85  
    G&A expense, net (1.42 ) (1.28 )
    Interest expense (1.27 ) (1.13 )
    Lease interest expense (0.33 )(1) –  
    Realized gain (loss) on financial instruments 3.18   (0.82 )
    Other cash income –   0.01  
    Adjusted funds flow(2) 17.87   9.63  
    Depletion and depreciation expense (8.99 ) (8.56 )
    Unrealized gain (loss) on financial instruments 3.53   (3.28 )
    Other expenses(3) (0.48 ) (0.52 )
    Deferred income tax (expense) recovery (2.49 ) 0.54  
    Net income (loss) to common shareholders 9.44   (2.19 )
    FINANCIAL    
    Petroleum and natural gas revenue ($000s) 197,188   163,304  
    Cash flow from operating activities ($000s) 126,097   65,255  
    Adjusted funds flow ($000s)(4) 124,413   66,081  
    Per basic common share ($)(2) 0.46   0.25  
    Free funds flow ($000s)(4) 12,594   (36,692 )
    Per basic common share ($)(2) 0.05   (0.14 )
    Net income (loss) to common shareholders ($000s) 65,727   (15,035 )
    Per basic common share ($) 0.24   (0.06 )
    End of period basic common shares (000s) 272,071   268,578  
    Weighted average basic common shares (000s) 271,614   267,905  
    Dividends on common shares ($000s) 8,151   26,857  
    F&D capital expenditures ($000s)(5) 111,819   102,773  
    Total capital expenditures ($000s)(4) 112,473   103,484  
    Revolving term credit facilities ($000s) 518,581   428,566  
    Total debt ($000s)(6) 534,710   443,380  

    (1)  Effective July 1, 2024, Birchcliff assumed operatorship of a third-party natural gas processing facility that resulted in the take-or-pay commitment associated with the underlying processing arrangement (the “Gas Processing Lease”) being classified as a lease under IFRS Accounting Standards. Birchcliff’s operating expense and lease interest expense for the three months ended March 31, 2025 include the financial effects of the Gas Processing Lease.

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

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

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

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

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

    2025 GUIDANCE

    • Birchcliff is reaffirming its 2025 annual average production guidance of 76,000 to 79,000 boe/d and F&D capital expenditures guidance of $260 million to $300 million.
    • As a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025 and revised its guidance for adjusted funds flow, free funds flow and total debt accordingly. In addition, the Corporation has lowered its royalty expense guidance for 2025, primarily due to lower oil prices forecasted for the remainder of the year.
    • Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction. Based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million.
    • The following tables set forth Birchcliff’s updated and previous guidance and commodity price assumptions for 2025, as well as its free funds flow sensitivity:
      Updated 2025 guidance and
    assumptions – May 14, 2025    (1)    		   Previous 2025 guidance and
    assumptions – March 12, 2025
    Production      
    Annual average production (boe/d) 76,000 – 79,000   76,000 – 79,000
    % Light oil 3%   3%
    % Condensate 6%   6%
    % NGLs 9%   9%
    % Natural gas 82%   82%
           
    Average Expenses ($/boe)      
    Royalty $1.90 – $2.10   $2.10 – $2.30
    Operating $2.90 – $3.10   $2.90 – $3.10
    Transportation and other(2) $5.55 – $5.75   $5.55 – $5.75
           
    Adjusted Funds Flow (millions)(3) $480   $580
           
    F&D Capital Expenditures (millions) $260 – $300   $260 – $300
           
    Free Funds Flow (millions)(3) $180 – $220   $280 – $320
           
    Total Debt at Year End (millions)(4) $365 – $405   $265 – $305
           
    Natural Gas Market Exposure      
    AECO exposure as a % of total natural gas production 23%   23%
    Dawn exposure as a % of total natural gas production 41%   41%
    NYMEX HH exposure as a % of total natural gas production 35%   35%
    Alliance exposure as a % of total natural gas production 1%   1%
           
    Commodity Prices      
    Average WTI price (US$/bbl) $61.75(5)   $67.00
    Average WTI-MSW differential (CDN$/bbl) $5.60(5)   $8.80
    Average AECO price (CDN$/GJ) $2.30(5)   $2.20
    Average Dawn price (US$/MMBtu) $3.65(5)   $4.20
    Average NYMEX HH price (US$/MMBtu) $3.95(5)   $4.50
    Exchange rate (CDN$ to US$1) 1.41(5)   1.44
    Forward eight months’ free funds flow sensitivity(5)(6) Estimated change to
    2025 free funds flow (millions)
    Change in WTI US$1.00/bbl $2.6
    Change in NYMEX HH US$0.10/MMBtu $4.5
    Change in Dawn US$0.10/MMBtu $5.5
    Change in AECO CDN$0.10/GJ $2.4
    Change in CDN/US exchange rate CDN$0.01 $3.5

    (1)  Birchcliff’s guidance for its production commodity mix, adjusted funds flow, free funds flow, total debt and natural gas market exposure in 2025 is based on an annual average production rate of 77,500 boe/d in 2025, which is the mid-point of Birchcliff’s annual average production guidance range for 2025. Changes in assumed commodity prices and variances in production forecasts can have an impact on the Corporation’s forecasts of adjusted funds flow and free funds flow and the Corporation’s other guidance, which impact could be material. In addition, any acquisitions or dispositions completed over the course of 2025 could have an impact on Birchcliff’s 2025 guidance and assumptions set forth herein, which impact could be material. For further information regarding the risks and assumptions relating to the Corporation’s guidance, see “Advisories – Forward-Looking Statements”.

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

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

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

    (5)  Birchcliff’s updated commodity price and exchange rate assumptions and free funds flow sensitivity for 2025 are based on anticipated full-year averages using the Corporation’s anticipated forward benchmark commodity prices and the CDN/US exchange rate as of May 5, 2025, which include settled benchmark commodity prices and the CDN/US exchange rate for the period from January 1, 2025 to April 30, 2025.

    (6)  Illustrates the expected impact of changes in commodity prices and the CDN/US exchange rate on the Corporation’s updated forecast of free funds flow for 2025, holding all other variables constant. The sensitivity is based on the updated commodity price and exchange rate assumptions set forth in the table above. The calculated impact on free funds flow is only applicable within the limited range of change indicated. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time and/or when the magnitude of the change increases.

    • The oil and natural gas industry in Canada, along with other industries, has faced considerable uncertainty in respect of the United States’ evolving trade policy. Although Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business, this considerable uncertainty makes it impossible to predict what, if any, impacts there might be on the Corporation’s business. Birchcliff will continue to monitor developments in U.S. trade policy, assess any potential impacts on the Corporation’s business and will update its guidance if, as and when appropriate.

    Q1 2025 FINANCIAL AND OPERATIONAL RESULTS

    Production

    • Birchcliff’s production averaged 77,363 boe/d in Q1 2025, a 3% increase from Q1 2024. The increase was primarily due to the strong performance of the Corporation’s capital program and the successful drilling of new Montney/Doig wells brought on production since Q1 2024, specifically high-rate natural gas wells in liquids-rich zones in Pouce Coupe and light oil and liquids-rich natural gas wells in Gordondale, partially offset by natural production declines.
    • Liquids accounted for 18% of Birchcliff’s total production in both Q1 2025 and Q1 2024.

    Adjusted Funds Flow and Cash Flow From Operating Activities

    • Birchcliff’s adjusted funds flow was $124.4 million in Q1 2025, or $0.46 per basic common share, an 88% and 84% increase, respectively, from Q1 2024.
    • Birchcliff’s cash flow from operating activities was $126.1 million in Q1 2025, a 93% increase from Q1 2024.
    • The increases were primarily due to higher natural gas revenue, which largely resulted from higher natural gas production in Q1 2025 and a 39% increase in the average realized natural gas sales price Birchcliff received for such production as compared to Q1 2024. Adjusted funds flow and cash flow from operating activities were also positively impacted by a realized gain on financial instruments of $22.2 million in Q1 2025 as compared to a realized loss on financial instruments of $5.6 million in Q1 2024.

    Net Income (Loss) to Common Shareholders

    • Birchcliff reported net income to common shareholders of $65.7 million in Q1 2025, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
    • The change to a net income position was primarily due to higher adjusted funds flow and an unrealized gain on financial instruments of $24.6 million in Q1 2025 as compared to an unrealized loss on financial instruments of $22.5 million in Q1 2024, partially offset by a deferred income tax expense of $17.3 million in Q1 2025 as compared to a deferred income tax recovery of $3.7 million in Q1 2024.

    Capital Activities and Investment

    • Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

    Debt and Credit Facilities

    • Total debt at March 31, 2025 was $534.7 million, a 21% increase from March 31, 2024.
    • At March 31, 2025, Birchcliff had a balance outstanding under its Credit Facilities of $522.3 million (March 31, 2024: $430.2 million) from available Credit Facilities of $850.0 million (March 31, 2024: $850.0 million), leaving the Corporation with $327.7 million (39%) of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized deferred financing fees.

    Natural Gas Market Diversification

    • Birchcliff’s physical natural gas sales exposure primarily consists of the AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing.
    • The following table sets forth Birchcliff’s effective sales, production and average realized sales price for its natural gas and liquids for Q1 2025, after taking into account the Corporation’s financial instruments:
    Three months ended March 31, 2025
      Effective
    sales
    (CDN$000s)    		 Percentage
    of total sales
    (%)    		 Effective
    production
    (per day)    		 Percentage of
    total natural gas
    production
    (%)    		 Percentage of
    total corporate
    production
    (%)    		 Effective average
    realized
    sales price
    (CDN$)
    Market            
    AECO(1)(2) 16,210 7 82,553 Mcf 22 18 2.18/Mcf
    Dawn(3) 82,094 34 162,982 Mcf 43 35 5.60/Mcf
    NYMEX HH(1)(4) 69,988 29 136,689 Mcf 35 29 5.69/Mcf
    Total natural gas(1) 168,292 70 382,224 Mcf 100 82 4.89/Mcf
    Light oil 15,391 6 1,795 bbls   2 95.27/bbl
    Condensate 37,371 16 4,238 bbls   6 97.98/bbl
    NGLs 19,183 8 7,626 bbls   10 27.95/bbl
    Total liquids 17,945 30 13,659 bbls   18 58.52/bbl
    Total corporate(1) 240,237 100 77,363 boe   100 34.50/boe

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

    (2)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. All of Birchcliff’s short-term physical Alliance sales and production during Q1 2025 received AECO premium pricing and have therefore been included as effective sales and production in the AECO market.

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

    (4)  NYMEX HH effective sales and production include financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of 147,500 MMBtu/d at an average contract price of NYMEX HH less US$1.088/MMBtu during Q1 2025.

    Birchcliff’s effective average realized sales price for NYMEX HH of CDN$5.69/Mcf (US$3.65/MMBtu) was determined on a gross basis before giving effect to the average NYMEX HH/AECO 7A fixed contract basis differential price of CDN$1.70/Mcf (US$1.088/MMBtu) and includes any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025.

    After giving effect to the NYMEX HH/AECO 7A fixed contract basis differential price and including any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025, Birchcliff’s effective average realized net sales price for NYMEX HH was CDN$3.99/Mcf (US$2.56/MMBtu) in Q1 2025.

    • The following table sets forth Birchcliff’s physical sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments:
    Three months ended March 31, 2025
    Natural
    gas
    market    		 Natural gas
    sales
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (1)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (2)
    (CDN$/Mcf)
    AECO 42,368 34 215,026 56 2.19 0.46 1.73
    Dawn 82,094 65 162,982 43 5.60 1.55 4.05
    Alliance(3) 769 1 4,216 1 2.03 – 2.03
    Total 125,231 100 382,224 100 3.64 0.92 2.72
    Three months ended March 31, 2024
    Natural
    gas
    market    		 Natural gas
    sales
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (1)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (2)
    (CDN$/Mcf)
    AECO 38,639 44 195,141 53 2.19 0.40 1.79
    Dawn 45,198 51 161,667 44 3.07 1.41 1.66
    Alliance(3) 4,185 5 13,480 3 3.41 – 3.41
    Total 88,022 100 370,288 100 2.61 0.83 1.78

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

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

    (3)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. Alliance sales are indexed to the AECO 5A benchmark index price and are recorded net of transportation tolls.

    OPERATIONAL UPDATE

    • Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025. Year-to-date, the Corporation has drilled 15 (15.0 net) wells and brought 12 (12.0 net) wells on production.
    • In the first quarter of 2025, Birchcliff delivered strong execution metrics, building on the operational momentum and key learnings from a successful capital program in 2024. Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management. Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term.

    Pouce Coupe

    • Birchcliff completed the drilling of its 5-well 04-05 pad in December 2024 and the wells were turned over to production through Birchcliff’s permanent facilities in early March 2025. This pad targeted high-rate natural gas wells in the Lower Montney. The wells have shown strong production rates exhibiting low declines as highlighted in the table below, which summarizes the aggregate and average production rates for the wells from the pad:

    5-Well 04-05 Pad IP Rates

      Wells: IP 30(1) Wells: IP 60(1)
    Aggregate production rate (boe/d) 6,130 5,578
      Aggregate natural gas production rate (Mcf/d) 34,691 31,864
      Aggregate condensate production rate (bbls/d) 348 267
    Average per well production rate (boe/d) 1,226 1,116
      Average per well natural gas production rate (Mcf/d) 6,938 6,373
      Average per well condensate production rate (bbls/d) 70 53
    Condensate-to-gas ratio (bbls/MMcf) 10 8

    (1)  Represents the cumulative volumes for each well measured at the wellhead separator for the 30 or 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes. See “Advisories – Initial Production Rates”.

    • Completions operations on Birchcliff’s 3-well 07-10 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in April 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • Completions operations on Birchcliff’s 4-well 05-19 pad were finished in April 2025 and flowback operations were recently completed. The wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities later in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • Completions operations are underway on Birchcliff’s 4-well 03-06 pad and the wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities in June 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • In the second half of April 2025, Birchcliff successfully completed the first phase of its planned turnaround at its Pouce Coupe gas plant. The second phase of the turnaround is well underway and is expected to be completed shortly.

    Gordondale

    • Completions operations on Birchcliff’s 4-well 02-27 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.

    Elmworth

    • As previously disclosed in its March 12, 2025 press release, Birchcliff completed a horizontal Montney land retention well in February 2025 and performed a 10.5 day flow test on the well.
    • Birchcliff continues to progress the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth. In the second half of March 2025, Birchcliff held an open house in the area to discuss its proposed plans for the area with community residents.

    ABBREVIATIONS

    AECO benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta
    bbl barrel
    bbls barrels
    bbls/d barrels per day
    boe barrel of oil equivalent
    boe/d barrel of oil equivalent per day
    condensate pentanes plus (C5+)
    F&D finding and development
    G&A general and administrative
    GAAP generally accepted accounting principles for Canadian public companies, which are currently IFRS Accounting Standards
    GJ gigajoule
    GJ/d gigajoules per day
    HH Henry Hub
    IFRS International Financial Reporting Standards as issued by the International Accounting Standards Board
    IP initial production
    Mcf thousand cubic feet
    Mcf/d thousand cubic feet per day
    MMBtu million British thermal units
    MMBtu/d million British thermal units per day
    MMcf million cubic feet
    MMcf/d million cubic feet per day
    MSW price for mixed sweet crude oil at Edmonton, Alberta
    NGLs natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate
    NYMEX New York Mercantile Exchange
    OPEC Organization of the Petroleum Exporting Countries
    OPEC+ OPEC plus certain other oil-producing countries
    Q quarter
    WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
    000s thousands
    $000s thousands of dollars
       

    NON-GAAP AND OTHER FINANCIAL MEASURES

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

    Non-GAAP Financial Measures

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

    Adjusted Funds Flow and Free Funds Flow

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

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

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

      Three months ended
    		   Twelve months ended  
      March 31,
    		   December 31,  
    ($000s) 2025   2024   2024  
    Cash flow from operating activities 126,097   65,255   203,710  
    Change in non-cash operating working capital (2,194 ) (13,163 ) 17,269  
    Decommissioning expenditures 510   138   1,964  
    Retirement benefit payments –   13,851   13,851  
    Adjusted funds flow 124,413   66,081   236,794  
    F&D capital expenditures (111,819 ) (102,773 ) (273,084 )
    Free funds flow 12,594   (36,692 ) (36,290 )

    Birchcliff has disclosed in this press release forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. See “2025 Guidance”. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended December 31, 2024. Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024. The commodity price assumptions on which the Corporation’s guidance is based are set forth under the heading “2025 Guidance”.

    Transportation and Other Expense

    Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities. The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated:

      Three months ended
    		   Twelve months ended  
      March 31,
    		   December 31,  
    ($000s) 2025   2024   2024  
    Transportation expense 37,519   36,625   149,534  
    Marketing purchases 14,910   7,111   51,496  
    Marketing revenue (14,748 ) (9,468 ) (54,069 )
    Transportation and other expense 37,681   34,268   146,961  


    Operating Netback

    Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations. The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated:

    Three months ended ($000s) March 31, 2025   March 31, 2024  
    P&NG revenue 197,188   163,304  
    Royalty expense (15,039 ) (14,467 )
    Operating expense (21,133 ) (26,427 )
    Transportation and other expense (37,681 ) (34,268 )
    Operating netback 123,335   88,142  


    Total Capital Expenditures

    Birchcliff defines “total capital expenditures” as exploration and development expenditures less dispositions plus acquisitions (if any) and plus administrative assets. Management believes that total capital expenditures assists management and investors in assessing Birchcliff’s overall capital cost structure associated with its petroleum and natural gas activities. The most directly comparable GAAP financial measure to total capital expenditures is exploration and development expenditures. The following table provides a reconciliation of exploration and development expenditures to total capital expenditures for the periods indicated:

    Three months ended ($000s) March 31, 2025 March 31, 2024  
    Exploration and development expenditures(1) 111,819 102,773  
    Dispositions – (109 )
    Administrative assets 654 820  
    Total capital expenditures 112,473 103,484  

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

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

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

    Three months ended ($000s)  March 31, 2025 March 31, 2024  
    Natural gas sales 125,231 88,022  
    Realized gain (loss) on financial instruments 22,167 (5,628 )
    Notional fixed basis costs(1) 20,894 18,477  
    Effective total natural gas sales 168,292 100,871  
    Light oil sales 15,391 13,219  
    Condensate sales 37,371 43,477  
    NGLs sales 19,183 18,568  
    Effective total corporate sales 240,237 176,135  

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

    Non-GAAP Ratios

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

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

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

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

    Free Funds Flow Per Basic Common Share

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

    Transportation and Other Expense Per Boe

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

    Operating Netback Per Boe

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

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

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

    Capital Management Measures

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

    Total Debt

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

    As at ($000s) March 31, 2025   December 31, 2024   March 31, 2024  
    Revolving term credit facilities 518,581   566,857   428,566  
    Working capital (surplus) deficit(1) (67,109 ) (88,953 ) 34,261  
    Fair value of financial instruments – asset(2) 96,623   71,038   240  
    Fair value of financial instruments – liability(2) –   –   (14,550 )
    Other liabilities(2) (13,385 ) (13,385 ) (5,137 )
    Total debt 534,710   535,557   443,380  

    (1)  Current liabilities less current assets.

    (2)  Reflects the current portion only.

    ADVISORIES

    Unaudited Information

    All financial and operational information contained in this press release for the three months ended March 31, 2025 and 2024 is unaudited.

    Currency

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

    Boe Conversions

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

    MMBtu Pricing Conversions

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

    Oil and Gas Metrics

    This press release contains metrics commonly used in the oil and natural gas industry, including operating netback. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon. For additional information regarding operating netback and how such metric is calculated, see “Non-GAAP and Other Financial Measures”.

    Production

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

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

    Initial Production Rates

    Any references in this press release to initial production rates or other short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells. In addition, such rates may also include recovered “load oil” or “load water” fluids used in well completion stimulation. Readers are cautioned not to place undue reliance on such rates in calculating the aggregate production for Birchcliff. Such rates are based on field estimates and may be based on limited data available at this time.

    With respect to the production rates for the Corporation’s 5-well 04-05 pad disclosed herein, such rates represent the cumulative volumes for each well measured at the wellhead separator for the 30 and 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable, divided by 30 or 60 (as applicable), which were then added together to determine the aggregate production rates for the 5-well pad and then divided by 5 to determine the per well average production rates. The production rates excluded the hours and days when the wells did not produce. To-date, no pressure transient or well-test interpretation has been carried out on any of the wells. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes.

    Finding and Development (F&D) Capital Expenditures

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

    Forward-Looking Statements

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

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

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

    • Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: Birchcliff’s continued focus on operational excellence; that with a substantial portion of its capital program behind it, Birchcliff expects to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing its total debt by approximately 28% from year end 2024, after the payment of its base dividend; that Birchcliff’s 2025 production guidance and capital program are unchanged and it remains focused on capital efficiency improvements, driving down its costs and strengthening its balance sheet; and that Birchcliff looks forward to a promising future, leveraging its strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value;
    • the information set forth under the heading “2025 Guidance” and elsewhere in this press release as it relates to Birchcliff’s guidance for 2025, including: that as a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025; that lower oil prices are forecasted for the remainder of the year; that Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction; that based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million; forecasts of annual average production, production commodity mix, average expenses, adjusted funds flow, F&D capital expenditures, free funds flow, total debt at year end, natural gas market exposure and the expected impact of changes in commodity prices and the CDN/US exchange rate on Birchcliff’s forecast of free funds flow; and that Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business;
    • the information set forth under the heading “Operational Update” and elsewhere in this press release regarding Birchcliff’s 2025 capital program and its exploration, production and development activities and plans (including its plans for Elmworth) and the timing thereof, including: that Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025; that Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management; that Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term; the expected timing for wells to be brought on production and the completion of the turnaround at Birchcliff’s Pouce Coupe gas plant; targeted product types; and that Birchcliff is progressing the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth; and
    • that Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024.

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

    • With respect to Birchcliff’s 2025 guidance (as updated on May 14, 2025), such guidance is based on the commodity price, exchange rate and other assumptions set forth under the heading “2025 Guidance”. In addition:
      • Birchcliff’s production guidance assumes that: the 2025 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages that occur will be short in duration or otherwise insignificant; the construction of new infrastructure meets timing and operational expectations; existing wells continue to meet production expectations; and future wells scheduled to come on production meet timing, production and capital expenditure expectations.
      • Birchcliff’s forecast of F&D capital expenditures assumes that the 2025 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials.
      • Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the 2025 capital program will be carried out as currently contemplated and the level of capital spending for 2025 set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecast of adjusted funds flow takes into account its financial basis swap contracts outstanding as at May 5, 2025 and excludes cash incentive payments that have not been approved by the Board.
      • Birchcliff’s forecast of year end total debt assumes that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2025 met and the payment of an annual base dividend of approximately $33 million; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no equity issuances, no further exercises of stock options and no significant acquisitions or dispositions completed by the Corporation during 2025. The forecast of total debt excludes cash incentive payments that have not been approved by the Board.
      • Birchcliff’s forecast of its natural gas market exposure assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; (ii) 147,500 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$1.088/MMBtu; and (iii) 1,200 GJ/d being sold at Alliance on a physical basis at the AECO 5A price plus a premium. Birchcliff’s natural gas market exposure takes into account its financial basis swap contracts outstanding as at May 5, 2025.
    • With respect to statements regarding future wells to be drilled or brought on production, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells.

    Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; volatility of crude oil and natural gas prices; fluctuations in commodity prices and exchange, interest and inflation rates; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s Credit Facilities, including a failure to comply with covenants under the agreement governing the Credit Facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics, geopolitical events and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental and climate change laws (including emissions and “greenwashing”), carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; political uncertainty and uncertainty associated with government policy changes; actions by government authorities; the risk that: (i) the U.S. 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 Corporation, including by decreasing the 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; an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with artificial intelligence; risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate (including the Corporation’s commodity price and exchange rate assumptions for 2025).

    Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in the Corporation’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2024 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.

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

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

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

    ABOUT BIRCHCLIFF:

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

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

    Bruno Geremia – Executive Vice President and Chief Financial Officer

    The MIL Network –

  • MIL-OSI: Epsilon Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 14, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported first quarter 2025 financial and operating results.

    First Quarter 2025 Highlights:

    Epsilon – Q1 2025          
        Q1 2025 Q4 2024 Q1 2024 QoQ% YoY%
    NRI Production            
    Gas MMcf 2,740 1,765 1,666 55 % 64 %
    Oil Mbbl 46 52 37 -12 % 24 %
    NGL Mbbl 16 17 16 -6 % -2 %
    Total Mmcfe 3,108 2,176 1,982 43 % 57 %
                 
    Revenues $M          
    Gas   10,614 3,958 2,963 168 % 258 %
    Oil   3,270 3,537 2,715 -8 % 20 %
    NGL   387 385 373 1 % 4 %
    Midstream1   1,892 1,060 1,936 79 % -2 %
    Total   16,163 8,940 7,987 81 % 102 %
                 
    Realized Prices2            
    Gas $/Mcf 3.87 2.24 1.78 73 % 118 %
    Oil $/Bbl 71.76 68.38 74.13 5 % -3 %
    NGL $/Bbl 24.52 22.98 23.16 7 % 6 %
                 
    Adj. EBITDA $M 10,609 5,335 4,595 99 % 131 %
                 
    Cash + STI3 $M 7,363 6,990 15,447 5 % -52 %
                 
    Capex4 $M 8,035 3,804 21,466 111 % -63 %
                 
    Dividend $M 1,376 1,370 1,370 0 % 0 %
                 
    Share Buybacks $M 0 0 1,199   -100 %
                 
    1) Net of elimination entry for fees paid by Epsilon
    2) Excludes impact of hedge realizations
    3) Includes restricted cash balance
    4) Includes acquisitions


    Operations Update:

    Epsilon’s capital expenditures were $8.0 million for the quarter ended March 31, 2025. These were primarily related to the drilling and completion of 2 gross (0.5 net) Glauconitic wells in the Garrington area of Alberta, Canada (including $4.9 million in drilling carry in favor of the operator to earn a 25% working interest in the large leasehold position).

    Jason Stabell, Epsilon’s Chief Executive Officer, commented, “Our Marcellus business performed very well during the quarter with all delayed turn-in-line wells now on production and the lifting of the curtailments we sustained for most of last year. As a result, total gas volumes were up over 50% quarter over quarter. Realized gas prices also rebounded strongly, with Marcellus cash-flows (revenues less operating expenses) up over 200% quarter over quarter and up over 450% from the first quarter last year. This demonstrates the leverage we have in the basin to incremental development in a strong natural gas market. As mentioned previously, we have meaningful remaining undeveloped inventory there. However, we don’t expect any additional development this year.

    In Texas, current plans call for 2 gross (0.5 net) new wells over the remainder of the year, in line with our development obligations on the leasehold. The Barnett wells are still economic at current oil prices, but any escalation in activity levels will require higher sustained prices.

    Our first two wells in the Alberta JV we entered in October are now on production. Our operating partner is currently evaluating inflow performance and sizing artificial lift and facilities. The current plan is to drill 2 more wells there over the remainder of the year.

    With our diversified assets, commodity mix and balance sheet, we remain in a strong position to take advantage of accretive opportunities.”

    Current Hedge Book:

    NG Hedge Book     Realized – Q125                
    2025   Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
    NYMEX Henry Hub (LD)                        
    Fixed Swaps MMBTUs (232,500 ) (210,000 ) (387,500 ) (255,000 ) (418,500 ) (255,000 ) (263,500 ) (263,500 ) (255,000 ) (263,500 ) (120,000 ) (120,000 )
    Hedges per Day p/day (7,500 ) (7,500 ) (12,500 ) (8,500 ) (13,500 ) (8,500 ) (8,500 ) (8,500 ) (8,500 ) (8,500 ) (4,000 ) (4,000 )
    WA Strike Price $ / MMBTU 3.47   3.47   3.68   3.21   3.12   3.21   3.21   3.21   3.21   3.21   4.66   4.66  
    Tenn Z4 300L Basis                          
    Basis Swaps MMBTUs (232,500 ) (210,000 ) (232,500 ) (255,000 ) (263,500 ) (255,000 ) (263,500 ) (263,500 ) (255,000 ) (263,500 )    
    Hedges per Day p/day (7,500 ) (7,500 ) (7,500 ) (8,500 ) (8,500 ) (8,500 ) (8,500 ) (8,500 ) (8,500 ) (8,500 )    
    WA Strike Price $ / MMBTU (0.74 ) (0.74 ) (0.74 ) (0.95 ) (0.95 ) (0.95 ) (0.95 ) (0.95 ) (0.95 ) (0.95 )    
                               
    Hedged Net Price $ / MMBTU       2.17   2.26   2.26   2.26   2.26   2.26      
    Settlements $M (76.73 ) (94.50 ) (159.50 ) (198.40 ) (28.62 )              
                               
    NG Hedge Book                          
    2026   Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26
    NYMEX Henry Hub (LD)                        
    Fixed Swaps MMBTUs (124,000 ) (112,000 ) (124,000 ) (120,000 ) (124,000 ) (120,000 ) (124,000 ) (124,000 ) (120,000 ) (124,000 )    
    Hedges per Day p/day (4,000 ) (4,000 ) (4,000 ) (4,000 ) (4,000 ) (4,000 ) (4,000 ) (4,000 ) (4,000 ) (4,000 )    
    WA Strike Price $ / MMBTU 4.66   4.66   4.66   4.09   4.09   4.09   4.09   4.09   4.09   4.09      
                               
    Crude Hedge Book   Realized – Q125                  
    2025   Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
    NYMEX WTI CMA                          
    Fixed Swaps Bbls (4,682 ) (4,091 ) (4,389 ) (6,600 ) (6,600 ) (6,200 ) (6,200 ) (6,000 ) (5,600 ) (3,400 ) (3,200 ) (3,200 )
    Hedges per Day BOPD (151 ) (146 ) (142 ) (220 ) (213 ) (207 ) (200 ) (194 ) (187 ) (110 ) (107 ) (103 )
    WA Strike Price $/Bbl 74.34   74.34   74.34   71.73   71.76   71.79   71.07   71.06   71.05   70.20   70.20   70.20  
    Settlements $M (3.55 ) 12.81   28.09   57.86                  


    Earning’s Call:

    The Company will host a conference call to discuss its results on Thursday, May 15, 2025 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

    Interested parties in the United States and Canada may participate toll-free by dialing (833) 816-1385. International parties may participate by dialing (412) 317-0478. Participants should ask to be joined to the “Epsilon Energy First Quarter 2025 Earnings Conference Call.”

    A webcast can be viewed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Ehro2Pgc. A webcast replay will be available on the Company’s website (www.epsilonenergyltd.com) following the call.

    About Epsilon

    Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, Alberta CA, New Mexico, and Oklahoma.

    Forward-Looking Statements

    Certain statements contained in this news release constitute forward looking statements. 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. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Forward-looking statements are based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.

    Contact Information:

    281-670-0002

    Jason Stabell
    Chief Executive Officer
    Jason.Stabell@EpsilonEnergyLTD.com

    Andrew Williamson
    Chief Financial Officer
    Andrew.Williamson@EpsilonEnergyLTD.com

     
    EPSILON ENERGY LTD.
    Unaudited Consolidated Statements of Operations
    (All amounts stated in US$)
                 
        Three months ended March 31,
        2025   2024
    Revenues from contracts with customers:            
    Gas, oil, NGL, and condensate revenue   $ 14,270,790     $ 6,051,045  
    Gas gathering and compression revenue     1,892,350       1,935,698  
    Total revenue     16,163,140       7,986,743  
                 
    Operating costs and expenses:            
    Lease operating expenses     2,755,898       1,768,462  
    Gathering system operating expenses     552,651       552,570  
    Depletion, depreciation, amortization, and accretion     3,475,857       2,380,426  
    Impairment expense     6,669       —  
    General and administrative expenses:            
    Stock based compensation expense     385,838       321,569  
    Other general and administrative expenses     1,818,418       1,559,023  
    Total operating costs and expenses     8,995,331       6,582,050  
    Operating income     7,167,809       1,404,693  
                 
    Other income (expense):            
    Interest income     15,299       266,272  
    Interest expense     (12,211 )     (8,760 )
    Loss on derivative contracts     (1,462,170 )     (100,726 )
    Other expense     (22,499 )     (533 )
    Other (expense) income, net     (1,481,581 )     156,253  
                 
    Net income before income tax expense     5,686,228       1,560,946  
    Income tax expense     1,670,194       54,050  
    NET INCOME   $ 4,016,034     $ 1,506,896  
    Currency translation adjustments     (50,116 )     364  
    Unrealized loss on securities     —       (4,609 )
    NET COMPREHENSIVE INCOME   $ 3,965,918     $ 1,502,651  
                 
    Net income per share, basic   $ 0.18     $ 0.07  
    Net income per share, diluted   $ 0.18     $ 0.07  
    Weighted average number of shares outstanding, basic     22,008,766       21,994,207  
    Weighted average number of shares outstanding, diluted     22,109,819       21,994,207  
                 
    EPSILON ENERGY LTD.
    Unaudited Consolidated Balance Sheets
    (All amounts stated in US$)
     
        March 31,   December 31,
        2025   2024
    ASSETS            
    Current assets            
    Cash and cash equivalents   $ 6,892,735     $ 6,519,793  
    Accounts receivable     8,003,517       5,843,722  
    Prepaid income taxes     —       975,963  
    Other current assets     647,295       792,041  
    Total current assets     15,543,547       14,131,519  
    Non-current assets            
    Property and equipment:            
    Oil and gas properties, successful efforts method            
    Proved properties     194,811,616       191,879,210  
    Unproved properties     33,425,087       28,364,186  
    Accumulated depletion, depreciation, amortization and impairment     (126,370,072 )     (123,281,395 )
      Total oil and gas properties, net     101,866,631       96,962,001  
    Gathering system     43,176,418       43,116,371  
    Accumulated depletion, depreciation, amortization and impairment     (36,777,152 )     (36,449,511 )
      Total gathering system, net     6,399,266       6,666,860  
    Land     637,764       637,764  
    Buildings and other property and equipment, net     246,894       259,335  
    Total property and equipment, net     109,150,555       104,525,960  
    Other assets:            
    Operating lease right-of-use assets, long term     318,604       344,589  
    Restricted cash     470,000       470,000  
    Prepaid drilling costs     22,581       982,717  
    Total non-current assets     109,961,740       106,323,266  
    Total assets   $ 125,505,287     $ 120,454,785  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Current liabilities            
    Accounts payable trade   $ 2,013,172     $ 2,334,732  
    Gathering fees payable     1,651,164       997,016  
    Royalties payable     2,019,819       1,400,976  
    Income taxes payable     924,905       —  
    Accrued capital expenditures     309,630       572,079  
    Accrued compensation     284,905       695,018  
    Other accrued liabilities     481,770       371,503  
    Fair value of derivatives     1,534,675       487,548  
    Operating lease liabilities     121,293       121,135  
      Total current liabilities     9,341,333       6,980,007  
    Non-current liabilities            
    Asset retirement obligations     3,716,029       3,652,296  
    Deferred income taxes     12,417,125       12,738,577  
    Operating lease liabilities, long term     326,527       355,776  
      Total non-current liabilities     16,459,681       16,746,649  
    Total liabilities     25,801,014       23,726,656  
    Commitments and contingencies (Note 11)            
    Shareholders’ equity            
    Preferred shares, no par value, unlimited shares authorized, none issued or outstanding     —       —  
    Common shares, no par value, unlimited shares authorized and 22,008,766 shares issued and outstanding at March 31, 2025 and December 31, 2024     116,081,031       116,081,031  
    Additional paid-in capital     12,504,745       12,118,907  
    Accumulated deficit     (38,864,654 )     (41,505,076 )
    Accumulated other comprehensive income     9,983,151       10,033,267  
      Total shareholders’ equity     99,704,273       96,728,129  
    Total liabilities and shareholders’ equity   $ 125,505,287     $ 120,454,785  
                 
    EPSILON ENERGY LTD.
    Unaudited Consolidated Statements of Cash Flows
    (All amounts stated in US$)
                 
        Three months ended March 31,
        2025   2024
    Cash flows from operating activities:            
    Net income   $ 4,016,034     $ 1,506,896  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depletion, depreciation, amortization, and accretion     3,475,857       2,380,426  
    Impairment expense     6,669       —  
    Accretion of discount on available for sale securities     —       (216,180 )
    Loss on derivative contracts     1,462,170       100,726  
    Settlement (paid) received on derivative contracts     (415,043 )     488,285  
    Settlement of asset retirement obligation     (1,600 )     (1,653 )
    Stock-based compensation expense     385,838       321,569  
    Deferred income tax expense (benefit)     (321,452 )     (22,993 )
    Changes in assets and liabilities:            
    Accounts receivable     (2,159,795 )     953,714  
    Prepaid income taxes     978,542       (68,401 )
    Other assets and liabilities     141,640       146,477  
    Accounts payable, royalties payable, gathering fees payable, and other accrued liabilities     91,390       (1,897,438 )
    Income taxes payable     922,326       —  
    Net cash provided by operating activities     8,582,576       3,691,428  
    Cash flows from investing activities:            
    Additions to unproved oil and gas properties     (5,060,901 )     (3,088,198 )
    Additions to proved oil and gas properties     (2,578,866 )     (17,226,449 )
    Additions to gathering system properties     (104,275 )     (22,650 )
    Additions to land, buildings and property and equipment     —       (7,681 )
    Purchases of short term investments – available for sale     —       (4,045,785 )
    Proceeds from short term investments – held to maturity     —       10,794,285  
    Prepaid drilling costs     960,136       1,813,808  
    Net cash used in investing activities     (6,783,906 )     (11,782,670 )
    Cash flows from financing activities:              
    Buyback of common shares     —       (1,203,708 )
    Dividends paid     (1,375,612 )     (1,370,409 )
    Net cash used in financing activities     (1,375,612 )     (2,574,117 )
    Effect of currency rates on cash, cash equivalents, and restricted cash     (50,116 )     364  
    Decrease in cash, cash equivalents, and restricted cash     372,942       (10,664,995 )
    Cash, cash equivalents, and restricted cash, beginning of period     6,989,793       13,873,628  
    Cash, cash equivalents, and restricted cash, end of period   $ 7,362,735     $ 3,208,633  
                 
    Supplemental cash flow disclosures:            
    Income tax paid – federal   $ 80,000     $ —  
    Income tax paid – state (PA)   $ 5,138     $ —  
    Income tax paid – state (other)   $ 25     $ —  
    Interest paid   $ 657     $ —  
                 
    Non-cash investing activities:            
    Change in proved properties accrued in accounts payable   $ 341,974     $ 2,946,528  
    Change in gathering system accrued in accounts payable   $ (44,228 )   $ (3,624 )
    Asset retirement obligation asset additions and adjustments   $ 18,235     $ 16,372  
        Three months ended March 31,
        2025   2024
    Net income   $ 4,016,034     $ 1,506,896  
    Add Back:            
    Interest income, net     (3,088 )     (257,512 )
    Income tax expense     1,670,194       54,050  
    Depreciation, depletion, amortization, and accretion     3,475,857       2,380,426  
    Impairment expense     6,669       —  
    Stock based compensation expense     385,838       321,569  
    Loss on derivative contracts net of cash received or paid on settlement     1,047,127       589,011  
    Foreign currency translation loss     10,289       570  
    Adjusted EBITDA   $ 10,608,920     $ 4,595,010  

    Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) taxes, (3) depreciation, depletion, amortization and accretion expense, (4) impairments of natural gas and oil properties, (5) non-cash stock compensation expense, (6) gain or loss on derivative contracts net of cash received or paid on settlement, and (7) other income. Adjusted EBITDA is not a measure of financial performance as determined under U.S. GAAP and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity.

    Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Epsilon has included Adjusted EBITDA as a supplemental disclosure because its management believes that EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures. It further provides investors a helpful measure for comparing operating performance on a “normalized” or recurring basis with the performance of other companies, without giving effect to certain non-cash expenses and other items. This provides management, investors and analysts with comparative information for evaluating the Company in relation to other natural gas and oil companies providing corresponding non-U.S. GAAP financial measures or that have different financing and capital structures or tax rates. These non-U.S. GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with U.S. GAAP.

    The MIL Network –

  • MIL-OSI: Nasdaq Announces 2025 Annual Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) has scheduled its 2025 Annual Meeting of Shareholders for June 11, 2025, at 8:00 AM ET. The virtual meeting website can be accessed 15 minutes prior to the meeting start by visiting: www.virtualshareholdermeeting.com/NDAQ2025.  

    Shareholders of record as of April 14, 2025 will be eligible to vote and participate in the Annual Meeting. Nasdaq’s 2025 Proxy Statement and 2024 Annual Report on Form 10-K are available at ir.nasdaq.com or proxyvote.com. The Proxy Statement contains information on voting and virtual attendance procedures. 

    About Nasdaq: 

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com. 

    Media Relations Contacts: 

    Nick Jannuzzi 
    +1.973.760.1741 
    Nicholas.Jannuzzi@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett 
    +1.212.401.8737 
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Battalion Oil Corporation Announces First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 14, 2025 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the first quarter of 2025.

    Key Highlights

    • Generated first quarter 2025 sales volumes of 11,900 barrels of oil equivalent per day (“Boe/d”) (53% oil)
    • Continued to lower capex per well, outperforming AFE estimates
    • AGI facility online and treated 1.6 Bcf for the first quarter of 2025
    • Commenced drilling operations on final two wells of 2025 six-well plan

    Management Comments

    The Company has continued drilling operations as part of its previously announced 2025 six-well activity plan, completing four Monument Draw wells and drilling ahead of schedule on the remaining two wells in the West Quito area. Capital on first well post-TD in West Quito is approximately $1.0 million under AFE and the 10,000 foot lateral well was drilled in record time for the area. The Company is currently in the final stages of drilling operations on the last well. Recently completed wells in the Monument Draw field continue to produce above type curve and are on track to deliver over 1,000,000 barrels of oil ultimate recovery each. Additional permits and drilling pads are being built in Hackberry Draw and the Company is currently planning additional permits and drilling pads in Monument Draw and West Quito.

    During the first quarter 2025, the acid gas injection (“AGI”) facility treated approximately 18 MMcf/d average and returned approximately 15 MMcf/d of sweet gas to the Company for sales to its midstream partner. Daily average volume was lower in the quarter due to facility-related downtime. Subsequent to quarter end, the midstream partner has added equipment and daily rates have reached over 30 MMcf/d.

    Results of Operations

    Average daily net production and total operating revenue during the first quarter of 2025 were 11,900 Boe/d (53% oil) and $47.5 million, respectively, as compared to production and revenue of 12,989 Boe/d (48% oil) and $49.9 million, respectively, during the first quarter of 2024. The decrease in revenues in the first quarter of 2025 as compared to the first quarter of 2024 is primarily attributable to an approximate 1,089 Boe/d decrease in average daily production partially offset by a $2.33 increase in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 97.7% of the average NYMEX oil price during the fourth quarter of 2024. Realized hedge losses totaled approximately $2.5 million during the first quarter of 2025.

    Lease operating and workover expense was $11.01 per Boe in the first quarter of 2025 versus $10.55 per Boe in the first quarter of 2024. The increase in lease operating and workover expense per Boe year-over-year is primarily a result of an inflationary market increase in maintenance, power and chemical costs combined with a decrease in average daily production. Gathering and other expenses were $11.20 per Boe in the first quarter of 2025 versus $14.62 per Boe in the first quarter of 2024. The decrease in gathering and other expenses per Boe is primarily related to a full quarter of volumes being treated by the AGI facility this quarter compared to the prior period as the plant did not come online until March 2024. General and administrative expenses were $4.12 per Boe in the first quarter of 2025 compared to $3.44 per Boe in the first quarter of 2024. The increase in general and administrative expense is primarily due to higher payroll and benefits costs this quarter. Excluding non-recurring charges, general and administrative expenses would have been $3.01 per Boe in the first quarter of 2025 compared to $2.57 per Boe in the first quarter of 2024.

    For the first quarter of 2025, the Company reported a net loss available to common stockholders of $5.8 million and a net loss of $0.35 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the first quarter of 2025 of $16.5 million or an adjusted diluted net loss of $1.00 per common share (see Reconciliation for additional information). Adjusted EBITDA during the first quarter ended March 31, 2025 was $15.1 million as compared to $9.4 million during the quarter ended March 31, 2024 (see Adjusted EBITDA Reconciliation table for additional information).

    Liquidity and Balance Sheet

    As of March 31, 2025, the Company had $225.0 million of term loan indebtedness outstanding and total liquidity made up of cash and cash equivalents of $73.6 million.

    For further discussion on our liquidity and balance sheet, as well as recent developments, refer to Management’s Discussion and Analysis and Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

    Forward Looking Statements

    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. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as “expects”, “believes”, “intends”, “anticipates”, “plans”, “estimates”, “projects,” “potential”, “possible”, or “probable” or statements that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov or through the Company’s website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company’s expectations.

    About Battalion

    Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

    Contact

    Matthew B. Steele
    Chief Executive Officer & Principal Financial Officer
    832-538-0300

    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended
        March 31,
        2025
    		   2024
    Operating revenues:            
    Oil, natural gas and natural gas liquids sales:            
    Oil   $ 39,700     $ 42,429  
    Natural gas     2,823       2,047  
    Natural gas liquids     4,862       5,056  
    Total oil, natural gas and natural gas liquids sales     47,385       49,532  
    Other     90       338  
    Total operating revenues     47,475       49,870  
                 
    Operating expenses:            
    Production:            
    Lease operating     10,358       11,586  
    Workover and other     1,433       888  
    Taxes other than income     2,800       2,991  
    Gathering and other     12,000       17,286  
    General and administrative     4,413       4,071  
    Depletion, depreciation and accretion     13,080       13,025  
    Total operating expenses     44,084       49,847  
    Income from operations     3,391       23  
                 
    Other income (expenses):            
    Net gain (loss) on derivative contracts     9,302       (24,187 )
    Interest expense and other     (6,670 )     (7,039 )
    Total other income (expenses)     2,632       (31,226 )
    Income (loss) income before income taxes     6,023       (31,203 )
    Income tax benefit (provision)     —       —  
    Net income (loss)   $ 6,023     $ (31,203 )
    Preferred dividends     (11,820 )     (5,632 )
    Net income (loss) available to common stockholders   $ (5,797 )   $ (36,835 )
                 
    Net income (loss) per share of common stock available to common stockholders:            
    Basic   $ (0.35 )   $ (2.24 )
    Diluted   $ (0.35 )   $ (2.24 )
    Weighted average common shares outstanding:            
    Basic     16,457       16,457  
    Diluted     16,457       16,457  
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands, except share and per share amounts)
     
        March 31,
    2025    		   December 31,
    2024
    Current assets:            
    Cash and cash equivalents   $ 73,568     $ 19,712  
    Accounts receivable, net     21,177       26,298  
    Assets from derivative contracts     15,706       6,969  
    Restricted cash     91       91  
    Prepaids and other     901       982  
    Total current assets     111,443       54,052  
    Oil and natural gas properties (full cost method):            
    Evaluated     841,213       816,186  
    Unevaluated     49,091       49,091  
    Gross oil and natural gas properties     890,304       865,277  
    Less: accumulated depletion     (509,945 )     (497,272 )
    Net oil and natural gas properties     380,359       368,005  
    Other operating property and equipment:            
    Other operating property and equipment     4,669       4,663  
    Less: accumulated depreciation     (2,589 )     (2,455 )
    Net other operating property and equipment     2,080       2,208  
    Other noncurrent assets:            
    Assets from derivative contracts     8,846       4,052  
    Operating lease right of use assets     298       453  
    Other assets     3,222       2,278  
    Total assets   $ 506,248     $ 431,048  
                 
    Current liabilities:            
    Accounts payable and accrued liabilities   $ 58,499     $ 52,682  
    Liabilities from derivative contracts     14,716       12,330  
    Current portion of long-term debt     22,579       12,246  
    Operating lease liabilities     286       406  
    Total current liabilities     96,080       77,664  
    Long-term debt, net     196,833       145,535  
    Other noncurrent liabilities:            
    Liabilities from derivative contracts     6,272       6,954  
    Asset retirement obligations     19,428       19,156  
    Operating lease liabilities     43       84  
    Commitments and contingencies            
    Temporary equity:            
    Redeemable convertible preferred stock: 138,000 shares     189,354       177,535  
    of $0.0001 par value authorized, issued and outstanding            
    at March 31, 2025 and December 31, 2024            
    Stockholders’ equity:            
    Common stock: 100,000,000 shares of $0.0001 par value authorized;            
    16,456,563 shares issued and outstanding at March 31, 2025 and            
    December 31, 2024     2       2  
    Additional paid-in capital     277,088       288,993  
    Accumulated deficit     (278,852 )     (284,875 )
    Total stockholders’ (deficit) equity     (1,762 )     4,120  
    Total liabilities, temporary equity and stockholders’ equity   $ 506,248     $ 431,048  
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
        Three Months Ended
        March 31,
        2025   2024
    Cash flows from operating activities:            
    Net income (loss)   $ 6,023     $ (31,203 )
    Adjustments to reconcile net income (loss) to net cash            
    provided by operating activities:            
    Depletion, depreciation and accretion     13,080       13,025  
    Stock-based compensation, net     (109 )     99  
    Unrealized (gain) loss on derivative contracts     (11,828 )     19,761  
    Amortization/accretion of financing related costs     395       1,701  
    Accrued settlements on derivative contracts     (560 )     1,433  
    Change in fair value of embedded derivative liability     —       (928 )
    Other     53       270  
    Cash flows from operations before changes in working capital     7,054       4,158  
    Changes in working capital     5,677       (242 )
    Net cash provided by operating activities     12,731       3,916  
                 
    Cash flows from investing activities:            
    Oil and natural gas capital expenditures     (19,800 )     (24,599 )
    Contract asset     —       (7,235 )
    Other operating property and equipment capital expenditures     (6 )     (8 )
    Other     (306 )     (6 )
    Net cash used in investing activities     (20,112 )     (31,848 )
                 
    Cash flows from financing activities:            
    Proceeds from borrowings     63,000       —  
    Repayments of borrowings     (26 )     (10,026 )
    Debt issuance costs     (1,737 )     —  
    Payment of debt financing costs     —       (129 )
    Proceeds from issuance of preferred stock     —       19,500  
    Merger deposit     —       10,000  
    Net cash provided by financing activities     61,237       19,345  
                 
    Net increase (decrease) in cash, cash equivalents and restricted cash     53,856       (8,587 )
                 
    Cash, cash equivalents and restricted cash at beginning of period     19,803       57,619  
    Cash, cash equivalents and restricted cash at end of period   $ 73,659     $ 49,032  
    BATTALION OIL CORPORATION
    SELECTED OPERATING DATA (Unaudited)
     
        Three Months Ended
        March 31,
        2025    2024 
    Production volumes:            
    Crude oil (MBbls)     569       566  
    Natural gas (MMcf)     1,799       2,180  
    Natural gas liquids (MBbls)     202       253  
    Total (MBoe)     1,071       1,182  
    Average daily production (Boe/d)     11,900       12,989  
                 
    Average prices:            
    Crude oil (per Bbl)   $ 69.77     $ 74.96  
    Natural gas (per Mcf)     1.57       0.94  
    Natural gas liquids (per Bbl)     24.07       19.98  
    Total per Boe     44.24       41.91  
                 
    Cash effect of derivative contracts:            
    Crude oil (per Bbl)   $ (7.00 )   $ (12.36 )
    Natural gas (per Mcf)     0.81       1.18  
    Natural gas liquids (per Bbl)     —       —  
    Total per Boe     (2.36 )     (3.74 )
                 
    Average prices computed after cash effect of settlement of derivative contracts:            
    Crude oil (per Bbl)   $ 62.77     $ 62.60  
    Natural gas (per Mcf)     2.38       2.12  
    Natural gas liquids (per Bbl)     24.07       19.98  
    Total per Boe     41.88       38.17  
                 
    Average cost per Boe:            
    Production:            
    Lease operating   $ 9.67     $ 9.80  
    Workover and other     1.34       0.75  
    Taxes other than income     2.61       2.53  
    Gathering and other     11.20       14.62  
    General and administrative, as adjusted (1)     3.01       2.57  
    Depletion     11.83       10.68  
                 
    (1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below:
                 
    General and administrative:            
    General and administrative, as reported   $ 4.12     $ 3.44  
    Stock-based compensation:            
    Non-cash     (0.04 )     (0.08 )
    Non-recurring charges and other:            
    Cash     (1.07 )     (0.79 )
    General and administrative, as adjusted(2)   $ 3.01     $ 2.57  
                 
    Total operating costs, as reported   $ 28.94     $ 31.14  
    Total adjusting items     (1.11 )     (0.87 )
    Total operating costs, as adjusted(3)   $ 27.83     $ 30.27  

    ________________________
    (2)   General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods. 
    (3)   Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above.

    BATTALION OIL CORPORATION
    RECONCILIATION (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended
        March 31,
        2025    2024 
    As Reported:            
    Net (loss) income available to common stockholders – diluted (1)   $ (5,797 )   $ (36,835 )
                 
    Impact of Selected Items:            
    Unrealized loss (gain) on derivatives contracts:            
    Crude oil   $ (5,544 )   $ 21,417  
    Natural gas     (6,284 )     (1,656 )
    Total mark-to-market non-cash charge     (11,828 )     19,761  
    Change in fair value of embedded derivative liability     —       (928 )
    Non-recurring charges     1,149       937  
    Selected items, before income taxes     (10,679 )     19,770  
    Income tax effect of selected items     —       —  
    Selected items, net of tax     (10,679 )     19,770  
                 
    Net loss available to common stockholders, as adjusted (2)   $ (16,476 )   $ (17,065 )
                 
    Diluted net income (loss) per common share, as reported   $ (0.35 )   $ (2.24 )
    Impact of selected items     (0.65 )     1.20  
    Diluted net loss per common share, excluding selected items (2)(3)   $ (1.00 )   $ (1.04 )
                 
                 
    Net cash provided by (used in) operating activities   $ 12,731     $ 3,916  
    Changes in working capital     (5,677 )     242  
    Cash flows from operations before changes in working capital     7,054       4,158  
    Cash components of selected items     1,709       (496 )
    Income tax effect of selected items     —       —  
    Cash flows from operations before changes in working capital, adjusted for selected items (1)   $ 8,763     $ 3,662  

    ________________________
    (1)   Amount reflects net (loss) income available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 15, Earnings Per Share in our Form 10-K for the year ended December 31, 2024.
    (2)   Net (loss) income per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management’s belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.
    (3)   The impact of selected items for the three months ended March 31, 2025 and 2024 were calculated based upon weighted average diluted shares of 16.5 million due to the net (loss) income available to common stockholders, excluding selected items.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months Ended
        March 31,
        2025    2024 
                 
    Net income (loss), as reported   $ 6,023     $ (31,203 )
    Impact of adjusting items:            
    Interest expense     7,189       8,391  
    Depletion, depreciation and accretion     13,080       13,025  
    Stock-based compensation     48       99  
    Interest income     (579 )     (701 )
    Unrealized loss (gain) on derivatives contracts     (11,828 )     19,761  
    Change in fair value of embedded derivative liability     —       (928 )
    Non-recurring charges and other     1,149       937  
    Adjusted EBITDA(1)   $ 15,082     $ 9,381  

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months   Three Months   Three Months   Three Months
        Ended   Ended   Ended   Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
                             
    Net income (loss), as reported   $ 6,023     $ (22,202 )   $ 21,628     $ (105 )
    Impact of adjusting items:                        
    Interest expense     7,189       6,135       6,873       7,610  
    Depletion, depreciation and accretion     13,080       14,155       12,533       13,213  
    Impairment of contract asset     —       18,511       —       —  
    Stock-based compensation     48       12       5       36  
    Interest income     (579 )     (278 )     (509 )     (634 )
    Loss (gain) on extinguishment of debt     —       7,489              
    Unrealized loss (gain) on derivatives contracts     (11,828 )     1,648       (28,091 )     (4,434 )
    Change in fair value of embedded derivative liability     —       (761 )     41       (436 )
    Merger Termination Payment     —       (10,000 )     —       —  
    Non-recurring charges (credits) and other     1,149       3,310       978       384  
    Adjusted EBITDA(1)   $ 15,082     $ 18,019     $ 13,458     $ 15,634  
                             
    Adjusted LTM EBITDA(1)   $ 62,193                    

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months   Three Months   Three Months   Three Months
        Ended   Ended   Ended   Ended
        March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   June 30,
    2023
                             
    Net (loss) income, as reported   $ (31,203 )   $ 32,688     $ (53,799 )   $ (4,748 )
    Impact of adjusting items:                        
    Interest expense     8,391       8,917       9,219       9,366  
    Depletion, depreciation and accretion     13,025       12,337       13,426       14,713  
    Stock-based compensation     99       161       (686 )     (772 )
    Interest income     (701 )     (525 )     (293 )     (234 )
    Unrealized loss (gain) on derivatives contracts     19,761       (45,403 )     46,805       (2,332 )
    Change in fair value of embedded derivative liability     (928 )     529       (1,878 )     358  
    Non-recurring charges (credits) and other     937       1,268       831       477  
    Adjusted EBITDA(1)   $ 9,381     $ 9,972     $ 13,625     $ 16,828  
                             
    Adjusted LTM EBITDA(1)   $ 49,806                    

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    The MIL Network –

  • MIL-OSI Security: Director General in Ecuador to Support Nuclear Power Plans, the Galapagos and More

    Source: International Atomic Energy Agency – IAEA

    Alongside energy, the Director General and Foreign Minister Sommerfeld also discussed how IAEA initiatives to promote the benefits of nuclear science are supporting Ecuador’s progress in many key development areas.  

    High on the agenda was cancer care, where IAEA flagship initiative Rays of Hope is increasing  access to radiotherapy in the country. During his trip, Mr Grossi visited Carlos Andrade Marin Hospital where he was pleased to see “how IAEA efforts and local investment in cancer care — including access to radiotherapy — are making a life-changing difference.” 

    Nuclear science is also a powerful tool to boost food security and strengthen food export potential, and the IAEA’s Atoms4Food is helping Ecuador and other countries battle invasive insect pests like Mediterranean Fruit Fly, make banana crops more resilient to disease and map water resources to ensure a sustainable supply. 

    NUTEC Plastics, the IAEA initiative to use nuclear science to monitor and reduce marine plastic pollution, is also of relevance to the coastal country. During his trip, the Director General exchanged on the importance of tackling plastic pollution in valuable ecosystems, such as Antarctica where he recently launched microplastics research, and the Galapagos Islands of Ecuador where the IAEA has helped establish one of the world’s leading laboratories in microplastics. He also met with a range of local partners already working with the IAEA on the archipelago to preserve biodiversity and work for a healthier ocean. 

    MIL Security OSI –

  • MIL-OSI USA: Latta Votes to Strengthen Medicaid, Prioritize American Energy Dominance, and Reduce Fraud and Abuse in Federal Government

    Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

    Latta Votes to Strengthen Medicaid, Prioritize American Energy Dominance, and Reduce Fraud and Abuse in Federal Government

    Today, Congressman Bob Latta (R-OH5) voted in favor of the Energy and Commerce budget reconciliation markup. Congressman Latta released the following statement:  

    “I’m pleased to have joined my Energy and Commerce colleagues in voting to strengthen Medicaid, prioritize American energy dominance, and reduce fraud and abuse in the Federal government through the reconciliation process. This legislation reflects our commitment to advancing fiscally responsible policies that prioritize effective and efficient use of American taxpayer dollars by fortifying the Medicaid system for generations to come, unleashing American energy while opening spectrum for auction, and refilling our strategic petroleum reserve. Not only does this bill support the rapid innovation of American industry, but it also ends spending on the Green New Deal-style waste. The previous administration weakened protections against fraud by limiting states’ ability to remove ineligible individuals from Medicaid and broadening coverage to include able-bodied, unemployed adults, taking away resources from those who truly need it. Our bill corrects Biden’s harmful spending and ensures that taxpayer dollars are prioritized for hard working Americans. I will continue to work with my colleagues and President Trump to use American taxpayer dollars effectively while making life easier, safer, and more affordable in Ohio and across the nation. The American people are counting on us, and we will deliver the results.” 

    NOTE: Reconciliation allows for expedited consideration of certain tax, spending, and debt limit legislation—nowhere in the resolution does it mention cuts to Social Security or Medicare, meaning such claims are misleading and misrepresent the actual intent of the process. In fact, according to the Congressional Budget Act of 1974, under the Byrd Rule, social security cannot be changed through reconciliation.   

    MIL OSI USA News –

  • MIL-OSI USA: Sens. Scott, Coons Reintroduce Legislation to Remove Unnecessary Burdens on Nuclear Licensing

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — Today, U.S. Senators Tim Scott (R-S.C.) and Chris Coons (D-Del.) reintroduced the Efficient Nuclear Licensing Hearings Act, which would boost the efficiency and effectiveness of the Nuclear Regulatory Commission (NRC) by eliminating outdated processes currently required of the NRC when reviewing new nuclear reactor applications. More specifically, the bill removes the NRC’s mandatory hearing requirement created by the Atomic Energy Act of 1954 without limiting opportunities for public engagement.
    “As we work to address efficiency and remove burdensome red tape, refining the NRC’s nuclear reactor license process will ensure South Carolina remains a leader in domestic nuclear energy production while also paving the way for other states to follow our lead,” said Senator Scott. “Our efforts will move us in the right direction for a more secure and robust energy future.”
    “To lower costs for consumers and combat climate change, we have to deliver reliable sources of clean and abundant power, including nuclear energy,” said Senator Coons.“The U.S has only opened a handful of new units in the last three decades, and with electrification and new data centers for artificial intelligence driving tremendous increases in demand for power, we need to remove unnecessary barriers to deploying our world-class nuclear energy technology. This bill takes an important step in cutting red tape that limits the expansion of nuclear construction.”
    “NIA applauds Senators Tim Scott and Chris Coons for introducing the Efficient Nuclear Licensing Hearings Act. This bill removes the duplicative requirement for Nuclear Regulatory Commission hearings on uncontested reactor license applications. The legislation builds on NRC’s ongoing improvements in effectiveness and efficiency, while allowing for robust public engagement. Timely licensing is important to the successful commercialization of new nuclear technologies,” said Judi Greenwald, Executive Director of Nuclear Innovation Alliance. 
    “An efficient and predictable licensing process is key for companies considering new nuclear technologies,” said Niko McMurray, ClearPath Action’s Managing Director of International and Nuclear Policy. “Removing duplicative processes that do not limit opportunities for public engagement or negatively impact public health and safety allows the NRC staff to focus on what is important. The Efficient Nuclear Licensing Hearings Act strikes that balance.”
    “Mandatory hearings increase NRC Staff hours by 5-15% beyond the necessary safety and environmental reviews. Since many of these hearings are uncontested, they often involve merely rehashing already-examined topics and do not result in new findings or improve the protection of the public or the environment. This legislation will provide the NRC with the flexibility it previously requested, allowing it to focus resources on critical efforts while maintaining public engagement and retaining the option to hold a hearing when necessary,” said Adam Stein, Director of Nuclear Energy and Innovation of the Breakthrough Institute.
    “Nuclear energy is a key component to an all-of-the-above strategy. The process to build new nuclear power plants is outdated and must be rethought to ensure rapid deployment,” said Citizens for Responsible Energy Solutions (CRES) President Heather Reams. “CRES is proud to support Sen. Tim Scott’s bipartisan Efficient Nuclear Licensing Hearings Act, a commonsense improvement that will streamline the approval process for nuclear reactors and save taxpayer dollars while still upholding the high licensing standards of the Nuclear Regulatory Commission.”
    The Efficient Nuclear Licensing Hearings Act is also supported by the Nuclear Energy Institute (NEI), Third Way, The Nuclear Company (TNC), and Conservatives for Clean Energy.
    The full text of the bill can be found here.
    Background:
    The NRC is currently required by law to hold a mandatory public hearing on every reactor license application towards the end of the licensing process, even after the NRC conducts statutorily required environmental and safety reviews that leave ample room for public engagement by stakeholders and interested citizens. 
    While these “mandatory hearings” provide the public with an opportunity to petition the NRC to intervene and contest the application, in many cases, the hearings are noncontroversial and go uncontested. In these situations where the applications go uncontested, the NRC is still required by statute to hold the hearing, devoting thousands of manhours to provide a public hearing with negligible impacts on the actual public.
    The original justification for an uncontested mandatory hearing was to provide an open forum in which the details of reactor project applications were aired publicly and debated. In 1957, when the mandatory hearing was created in statute, nuclear energy was undoubtedly in a “developmental” period, as the United States had zero commercial nuclear power reactors in operation. Today, the U.S. has over 90 commercial reactors operating in 54 nuclear power plants in 28 different states.
    Getting rid of this duplicative hearing requirement will create more efficiency at the NRC at a time when the agency’s resources should be streamlined by Congress in order to bring its licensing processes into the 21st century.

    MIL OSI USA News –

  • MIL-OSI Africa: 2025 Civil Society Forum: African Development Bank and Civil Society Reaffirm Alliance for Africa’s Transformation

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, May 14, 2025/APO Group/ —

    The African Development Bank www.AfDB.org has reaffirmed its unwavering commitment to collaborating with African civil society to advance the continent’s development agenda. This was a key message of the 2025 Civil Society Organizations (CSO) Forum, which was successfully held on Thursday, May 8, 2025, in Abidjan.

    The forum, organized under the theme: “Celebrating the Contribution of Civil Society to Africa’s Development,” brought together over 150 participants at the Bank’s headquarters, with thousands more connected online across Africa and the diaspora.

    A Novel Action Plan to Deepen Engagement

    This edition of the CSO Forum marked a pivotal step in reinforcing a solid, transformative, and trust-based partnership between the African Development Bank and civil society organizations. This enduring alliance is essential for collectively serving African populations and achieving impactful development across the continent.

    The forum provided an opportunity for the Bank to present its Civil Society Engagement Action Plan (2024–2028), reaffirming its commitment to an inclusive and participatory development process.

    Zeneb Touré, Manager of the Civil Society and Community Engagement Division, presented the strategic framework to Beth Dunford, the African Development Bank Group’s Vice-President for Agriculture, Human, and Social Development, who accepted it on behalf of the institution’s President, Akinwumi Adesina.

    Demonstrating the Bank’s commitment to a diverse and inclusive partnership, Dunford shared the Action Plan with representatives of key civil society components: the Bank-Civil Society Committee, the Climate and Energy Coalition, and a continental network of women entrepreneurs’ associations.

    Augustine Njamnshi, a prominent voice in the civil society climate and energy movement, welcomed its adoption: “The approval of this Action Plan marks a historic turning point in our collaboration with the African Development Bank Group. Born from a shared vision, this document becomes our collective legacy. We express our sincere gratitude to the Bank for this profound act of trust.”

    Highlighting the essential role of civil society as an integral part of Africa’s progress, Kolyang Palebele, representative of the Platform of Farmers’ Organizations of Africa, expressed the spirit of collaboration, praising “the Bank’s unique power to unite the continent’s driving forces around a common vision of improving the lives of African people.” “Civil society is not on the margins of development dynamics; it is the very essence, its living memory and its engine for change,” Mr. Palebele stated.

    “Over the years, civil society engagement has become a cornerstone of the African Development Bank’s work. What was once an aspiration has become evolved into a structured, institutionalized, and results-oriented collaboration partnership.” Ms. Dunford emphasized.

    Empowering Communities Through Decentralized Engagement

    During the forum, an important session highlighted the progress made in decentralizing the Bank’s engagement with civil society. Successful experiences from the five regions of Africa were presented. This localized approach was strongly commended by the Vice-President for Regional Development, Integration and Service Delivery, Nnenna Nwabufo, who appreciated a transformative cross-border initiative between the Central African Republic and the Democratic Republic of Congo. The project has provided over 2.4 million people with access to clean water, sanitation, and hygiene, while strengthening community resilience and fostering cooperation.

    Fostering Mutual Accountability Through Open Dialogue

    The forum culminated in an unprecedented and frank dialogue between senior representatives from seven strategic departments of the Bank and leaders of civil society organizations. Discussions focused on crucial areas such as access to information, environmental and social safeguards, climate action, agriculture, gender equality, youth empowerment, and grievance mechanisms. This essential interaction highlighted a shared commitment to transparency, responsiveness, and mutual accountability in the pursuit of sustainable development outcomes.

    MIL OSI Africa –

  • MIL-OSI NGOs: The Amazon can wait no longer

    Source: Amnesty International –

    By Warriors for the Amazon (Guerreras por la Amazonía)

    Throughout our lives, we have witnessed the suffering and devastation wrought on the Amazon region by oil extraction. We, the young women who today call ourselves “Warriors for the Amazon“, are part of a movement that, together with the Union of People Affected by Texaco’s Oil Operations (UDAPT), the “Eliminen los Mecheros, Enciendan la Vida” (Remove the flares, Ignite life) collective and our communities and families, is fighting for the present and future of the Amazon and against oil pollution.

    We grew up alongside the gas flares, those fire monsters used for oil extraction that pollute our air and our water. Every single flame from the monsters represents more pollution, more suffering and more sickness for our people, as well as more destruction for the home we share with thousands of species. We watch every day as insects and animals are burned in the flames. Pollution is killing our loved ones: our mothers, fathers, grandparents, neighbours and friends, who are falling prone to diseases such as cancer. Many of them face long journeys to Quito or other cities to seek specialist medical care. Some do not survive this unjust reality.

    The flares are also time bombs, releasing methane and other pollutants that heat our atmosphere and contribute to climate disasters that disproportionately affect those of us already suffering from pollution.

    Despite all this, the Ecuadorian state continues to allow these flares to operate and multiply unchecked. Together with UDAPT, other collectives, our families and our communities, since 2020 we have been bringing legal action calling for the flares to be eliminated. After a long and exhausting battle, in July 2021 the courts ruled in our favour. And yet the state has ignored us for more than three years now. The number of flares has increased, from 447 in 2019 to 486 in 2023. This situation is unsustainable and constitutes a violation of our human rights.

    We are not asking for the flares to be turned off. Rather, as ordered by the court, we are demanding the removal of all the flares that affect our lives, nature and other communities. The Ecuadorian state, and all other countries in which flares are used, must undertake not only to remove them, but also to repair the damage already done. We cannot allow oil extraction to continue destroying lives.

    We call upon Ecuador’s president-elect, Daniel Noboa, to acknowledge that he has a duty not only to govern, but also to protect life, health and nature. During 50 years of oil exploitation, no president has taken meaningful action on human rights and environmental justice because these issues have not been a priority for them. In regions such as the Amazon or Esmeraldas, which were recently hit by a devastating oil spill caused by negligence on the part of Petroecuador, the Ecuadorian state continues to extract oil wealth at the expense of people’s land and rights. For those of us who live in these sacrifice zones, all that remains is pollution and death. Our fight is not only against the flares, but also to bring to an end the violation of our rights and the rights of those affected by the oil industry and climate change.

    We cannot allow the Ecuadorian government to continue to ignore the harsh reality facing communities in the country’s Amazon region or those affected by oil extraction. It must stop putting money before health or life. In the context of the climate crisis, urgent action can no longer be put off. Our struggle, which should be shared by the entire country, is a struggle for a future in which our families can live in peace, breathe clean air and drink water that is not polluted.

    This is not a message of despair, but rather one of hope for change. We know we are not alone. Every day, more and more people join our cause from both within and outside Ecuador, recognizing that our struggle is a fight for life itself. At this critical juncture, we urge presidential candidates to avoid empty rhetoric and take concrete action instead. The time has come to build a true common home for us and for those who will come after us.

    MIL OSI NGO –

  • MIL-OSI USA: ICYMI: Senator Reverend Warnock Takes Fight to Protect Georgia’s Clean Energy Jobs to Savannah

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    ICYMI: Senator Reverend Warnock Takes Fight to Protect Georgia’s Clean Energy Jobs to Savannah

    Senator Reverend Warnock returned to his hometown to continue his public pressure campaign urging Congressional Republicans to protect clean energy tax credits fueling an expected 42,000 Georgia clean energy jobs
    Senator Warnock released a comprehensive report on how Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the Inflation Reduction Act’s (IRA) Clean Energy Tax Credits

    Senator Warnock was instrumental in securing these clean energy tax credits which supercharged the clean energy economy and is expected to create tens of thousands of good-paying jobs in Georgia

    Since the tax credits were put into place, 51 clean energy projects worth over $28 billion have come to Georgia, largely centered in rural communities
    These jobs and investments are under threat from a Republican-controlled Washington

    Uncertainty over the IRA’s future and its incentives could lead to billions of lost investments and thousands of lost jobs, hurting Georgia’s workers, families, and economy

    ICYMI from Savannah Morning News: U.S. Senator Warnock takes fight for clean energy tax credits to Savannah

    Above: Senator Reverend Warnock uplifts his new report on Georgia’s clean energy economy during a press conference in Savannah
    Photo credit: Richard Burkhart, Savannah Morning News
    Savannah, GA – This week, U.S. Senator Reverend Raphael Warnock (D-GA) brought the fight to protect up to 42,000 good-paying Georgia jobs to his hometown of Savannah, Georgia. The Senator continued to speak out against Congressional Republicans’ attempts to claw back clean energy tax credits, which would put thousands of jobs and billions in investments at risk.
    Senator Warnock held a press conference at the Georgia Ports Authority headquarters to uplift his new report that details how Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the Inflation Reduction Act’s (IRA) Clean Energy Tax Credits. The report found Georgia’s clean energy economy has led the nation following the 2022 passage of these tax credits while also providing a stark warning on the risks posed to Georgia’s clean energy jobs and project investments amid the economic uncertainty being fueled by the reckless actions and threats of the Trump administration and Congressional Republicans.
    The report and Savannah press conference comes as House Republicans laid out plans on Monday to phase out clean energy tax credits, slash spending on electric vehicles and renewable energy, and claw back other climate-related funds as part of the Washington Republicans’ attempt to pass a broad tax bill that would cut federal investments in our nation’s clean energy economy, alongside other cuts across the federal government, in order to offset a tax cut for the wealthiest earners in America. 
    Senator Warnock’s leadership was critical in crafting and passing the landmark climate legislation in 2022. Since these tax credits were signed into law, clean energy jobs and investments exploded across the country, but nowhere was that growth more potent than in Georgia. In less than three years, clean energy businesses have announced 51 new projects worth over $28 billion in Georgia. Investment in clean energy manufacturing, including batteries, solar panels, and electric vehicles has increased by a factor of ten. All these gains are at risk if Washington Republicans repeal the Clean Energy Tax Credits.
    Coverage of Senator Warnock’s Savannah press conference can be found below:
    Savannah Morning News: U.S. Senator Warnock takes fight for clean energy tax credits to Savannah
    U.S. Sen. Raphael Warnock took his fight to save clean energy tax credits from the Inflation Reduction Act to Savannah on Monday, holding a press conference touting the impacts of IRA credits to Georgia’s economy.
    Warnock’s office released a report last week that claimed the state is at risk of losing as many as 42,000 jobs and nearly $28 billion in investment if IRA credits were cut. The senator’s push comes as the U.S. Congress works through its budget reconciliation process, where some tax credits may face repeal.
    During the press conference Monday, which was held at the Georgia Ports Authority headquarters, Warnock put the onus on Georgia’s federal Republicans to fight for the credits.
    “Now it’s up to Georgia’s congressional Republicans to protect these clean energy credits,” Warnock said. “Let’s choose the people over politics. Let’s choose jobs over the games that so often get played in Washington, D.C. Let’s protect these jobs and protect these investments.”
    Select House Republicans sent a letter to the House Ways and Means Committee leadership in early March advocating for “targeted and pragmatic” changes to energy-related tax code. Rep. Buddy Carter, who represents Georgia’s coast and recently announced a bid for the U.S. Senate, signed onto the letter.
    Warnock said Monday that he is fighting to retain all of the IRA’s credits, citing statistics from his office’s report that every $1 in federal investment from the IRA yields another $4.50 in private investment. “We ought to keep all of them,” Warnock said. “Who are we compromising with, ourselves?”
    Savannah Morning News: U.S. Senator Warnock’s report says manufacturing jobs at risk if IRA is repealed
    Sen. Raphael Warnock wants the entire U.S. to know that Georgia has shown that “the future is green, the future is clean.”
    Unless, that is, the U.S. republican-led Congress decides to cut clean energy tax credits created by the President Joe Biden-era Inflation Reduction Act (IRA). Congress is set to go through its budget reconciliation process in coming months and Warnock has sounded the alarm with a report issued last week stating Georgia could be at risk of losing as many as 42,000 jobs and nearly $28 billion in investment if IRA credits were cut.
    Warnock believes Georgia has shown his republican colleagues that the U.S. does not have to “decide between the economy and the environment, that you can work on both of those things.”
    Warnock feels that his office’s report clearly outlines the consequences if the tax credits were to go away, especially for Georgia, which he called “the big winner” from the IRA. 
    A statement from his office’s report reads, “Overall post-IRA business investment in Georgia clean energy manufacturing has totaled nearly $16.4 billion, which is over 10 times greater than clean energy manufacturing investment in the previous two years.”
    WTOC: Senator Warnock pushes back against proposed repeal of clean energy tax credit 
    Congressional Republicans are considering repealing Clean Energy tax credits as a part of their proposed budget package. According to a new report by Georgia Democratic Senator Raphael Warnock, nearly 42,000 jobs could be lost statewide if this happens.
    “I‘m here in my hometown of Savannah, Georgia to speak out about efforts to eliminate up to 42,000 good-paying jobs right here in Georgia. That includes 7,400 jobs right here…,” said Senator Raphael Warnock. The Senator said that without them, Georgia workers, families, and the economy would all take a hit.
    “It’s a job killer. It’s pure and simple. And, you know, I just hope we will center the people rather than the politics because the economics is clear,” said Senator Warnock. 
    Congress passed the Inflation Reduction Act in 2022. It was meant to create and expand clean energy programs statewide.
    According to the senator’s report, Georgia has been the top beneficiary of the IRA’s clean energy incentives. He’s calling out his republican colleagues in Congress, who are looking to repeal these tax credits.
    “Georgia Republicans have a choice to make. These credits have benefited their districts more than blue districts. And I think the people of Georgia are waiting to see if they are going to stand up for them,” said Senator Warnock. 

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – NECCA’s mismanagement of environmental resources to the benefit of Nea Dimokratia’s propaganda team revealed – E-001806/2025

    Source: European Parliament

    Question for written answer  E-001806/2025
    to the Commission
    Rule 144
    Nikolas Farantouris (The Left)

    Greece’s Natural Environmental and Climate Change Agency (NECCA), which is supervised by the Ministry of the Environment and Energy, was established in 2020 following the transposition into Greek law of Directive (EU) 2018/844 and Directive (EU) 2019/692 of the European Parliament and of the Council. The agency is responsible for coordinating national environmental and biodiversity protection policy.

    Recent reports from Greek and European media outlets have denounced that NECCA awarded contracts for communication services[1] worth more than EUR 1 million to companies owned by persons with ties to the ruling Nea Dimokratia party – namely Thomas Varvitsiotis and Yiannis Olympios[2]. The reports reveal that one of these companies, Blue Skies, employs staff that in fact work for the Nea Dimokratia party propaganda team, ‘Team Truth’, raising serious questions about the possible diversion of national and European environmental funds for party purposes[3].

    At the same time, civil society organisations complain[4] that NECCA is failing to manage protected areas, secure funding and fulfil the country’s obligations under EU law.

    In light of the above, can the Commission say:

    • 1.Is the Commission aware of these complaints, which may call into question Greece’s compliance with environmental protection obligations?
    • 2.Does the Commission intend to investigate whether funds earmarked for environmental protection are being misused to fund the ruling group’s political propaganda machine?

    Submitted: 5.5.2025

    • [1] https://www.in.gr/2025/04/26/politics/politiki-grammateia/symvaseis-xiliadon-eyro-metaksy-dimosiou-kai-etaireion-pou-idrysan-galazia-paidia-misthodotoumena-apo-tin-blue-skies-kai-ergazomena-se-nd-maksimou/
    • [2] https://www.politico.eu/article/financing-scandal-rocks-greece-ruling-party-new-democracy/
    • [3] https://insidestory.gr/article/poia-einai-i-etaireia-poy-stegazei-kentrika-prosopa-toy-mihanismoy-propagandas-tis-nd
    • [4] https://www.topontiki.gr/2025/04/23/ofipeka-afthono-chrima-stin-omada-alithias-pliris-adiaforia-gia-tin-parnitha-ti-katangelloun-ethelontes/
    Last updated: 14 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Impact of the Green Deal on European competitiveness and industry – E-001067/2025(ASW)

    Source: European Parliament

    The European Green Deal[1] aims at putting Europe on a pathway to a climate-neutral continent. The Commission remains committed to the EU’s decarbonisation objectives, which will also allow the economy to become more resilient, while boosting industrial competitiveness.

    The Clean Industrial Deal[2] presents concrete initiatives to strengthen the business case for competitiveness, decarbonisation and circularity in Europe. It responds to clear demands of EU industry[3] for an industrial deal based on energy and materials security, and an effective market for net zero, low carbon and circular products. It therefore includes actions to improve access to affordable energy, lead markets, materials and circularity, funding and skills, as well as to an international level playing field. The Commission is also simplifying EU rules and their implementation to reduce burdens for businesses, including when it comes to sustainability reporting[4].

    The Commission notes that high energy costs have recently been caused by high fossil fuel prices. The Commission adopted the Affordable Energy Action Plan[5], aimed at lowering energy bills while promoting decarbonisation. It will also propose an Industrial Decarbonisation Accelerator Act, with measures to ease permitting for industrial access to energy and decarbonisation.

    The EU is committed to implementing critical raw materials policies[6] by diversifying supply chains, improving access to funding for strategic projects as well as boosting circular business models. Moreover, a Critical Raw Materials Centre will coordinate joint raw material purchases on behalf of interested companies. Regarding energy supply, the Commission calls for swift adoption of the extension of the gas storage rules[7].

    • [1] https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en .
    • [2] https://commission.europa.eu/topics/eu-competitiveness/clean-industrial-deal_en .
    • [3] The Antwerp Declaration for a European Industrial Deal: https://antwerp-declaration.eu/ .
    • [4] Sustainability Omnibus: https://finance.ec.europa.eu/publications/commission-simplifies-rules-sustainability-and-eu-investments-delivering-over-eu6-billion_en .
    • [5] https://energy.ec.europa.eu/strategy/affordable-energy_en .
    • [6] See namely the Critical Raw Materials Act: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202401252 .
    • [7] An update to the Security of Supply Framework is foreseen for 2026.
    Last updated: 14 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Exclusion of small hydropower plants from renewables acceleration areas under the Renewable Energy Directive – E-000944/2025(ASW)

    Source: European Parliament

    The reference to the possibility to exclude biomass combustion and hydropower plants from the designation of renewables acceleration areas was not part of the Commission’s proposal[1]. It was added by the co-legislators during the legislative process. It should be noted that under Article 15c, paragraph 1 of the revised Directive[2], Member States are not obliged to designate renewables acceleration areas for more than one technology.

    The Commission has not identified inconsistencies between Article 15b (1) and Article 16 of the revised Directive.

    Small hydropower plants constitute a renewable energy source and, thus, benefit from the supporting policies and measures accelerating renewable energy development across the EU of the Renewable Energy Directive.

    • [1]  COM(2022)0222 final.
    • [2]  https://eur-lex.europa.eu/eli/dir/2023/2413/oj/eng.
    Last updated: 14 May 2025

    MIL OSI Europe News –