Trump says US to lift Syria sanctions, secures $600 billion Saudi deal

Source: Government of India

Source: Government of India (4)

President Donald Trump kicked off his trip to the Gulf on Tuesday with a surprise announcement that the United States will lift long-standing sanctions on Syria, and a $600 billion commitment from Saudi Arabia to invest in the U.S.

The U.S. agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to the White House which called it the largest “defense cooperation agreement” Washington has ever done.

The end of sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed al-Sharaa toppled President Bashar al-Assad last December.

Speaking at an investment forum in Riyadh at the start of a deals-focused trip that also brought a flurry of diplomacy, Trump said he was acting on a request to scrap the sanctions by Saudi Arabia’s de facto ruler, Prince Mohammed bin Salman.

“Oh what I do for the crown prince,” Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward.

The move represents a major U.S. policy shift. The U.S. declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011.

Syrian Foreign Minister Asaad al-Shibani said on X that the planned move marked a “new start” in Syria’s path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said.

Trump and the Saudi crown prince signed an agreement covering energy, defense, mining and other areas. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran.

The agreement covers deals with more than a dozen U.S. defense companies for areas including air and missile defense, air force and space, maritime security and communications, a White House fact sheet said.

It was not clear whether the deal included Lockheed F-35 jets, which sources say have been discussed. The Saudi prince said the total package could reach $1 trillion when further agreements are reached in the months ahead.

Saudi Arabia is one of the largest customers for U.S. arms, and the two countries have maintained strong ties for decades based on an arrangement in which the kingdom delivers oil and the superpower provides security.

But relations were strained after the 2018 murder of U.S.-based Saudi journalist Jamal Khashoggi by Saudi agents in Istanbul caused a global uproar. U.S. intelligence concluded that bin Salman approved an operation to capture or kill Khashoggi, a prominent critic, but the Saudi government has denied any involvement.

Trump did not mention the incident during his visit and called bin Salman an “incredible man.”

“I really believe we like each other a lot,” Trump said.

Trump will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday in a trip that is focused on investment rather than security matters in the Middle East.

Several U.S. business leaders attended the event, including Elon Musk, the Tesla chief who has led a government-downsizing effort for Trump in Washington; OpenAI CEO Sam Altman; BlackRock CEO Larry Fink and Blackstone CEO Stephen Schwarzman.

Trump was shown speaking with several Saudi officials, including sovereign wealth fund governor Yasir al-Rumayyan, Aramco CEO Amin Nasser and investment minister Khalid al-Falih as he viewed models for the kingdom’s flashy, multi-billion-dollar development projects.

Bin Salman has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes “Giga-projects” such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year.

The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh.

NO VISIT TO ISRAEL, WARNING TO IRAN

Trump has not scheduled a stop in Israel, raising questions about where the close ally stands in Washington’s priorities as Trump presses Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war.

Israel’s military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups’ leaders, have at the same time given Trump more leverage by weakening Tehran and its regional allies.

Trump said it was his “fervent hope” that Saudi Arabia would soon normalize relations with Israel, following other Arab states that did so during his first 2017-2021 term. “But you’ll do it in your own time,” he said.

Netanyahu’s opposition to the creation of a Palestinian state makes progress with the Saudis unlikely, sources told Reuters.

Trump on Tuesday called Iran “the most destructive force” in the Middle East and warned that the U.S. will never allow it to obtain a nuclear weapon. He said he was willing to strike a new deal with the Islamic Republic but only if its leaders changed course.

“I want to make a deal with Iran,” he said. “But if Iran’s leadership rejects this olive branch… we will have no choice but to inflict massive maximum pressure.”

(Reuters)

May 14, 2025

MIL-OSI USA: VIDEO: In Ways and Means Committee Showdown, Rep. Gomez Fights Republican Tax Scam

Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

Gomez to Republicans: “Are you for the babies—or the billionaires?”

Watch Rep. Jimmy Gomez’s remarks blasting the “biggest wealth transfer in American history” HERE.

WASHINGTON, DC – During a House Ways and Means Committee markup, Rep. Jimmy Gomez (CA-34) delivered a sharp rebuke of the Republican tax plan, which slashes Medicaid and food assistance programs to finance trillions of dollars in tax breaks for the ultra-wealthy.

“I didn’t think that Republicans could get any worse. But they are. At this very moment… the American people are a witness to the biggest transfer of wealth in the history of our country,” said Rep. Gomez.

“In the Energy and Commerce Committee, just down the hall, Republicans will vote to slash billions from Medicaid—health care for the working class—in order to hand out trillions in tax breaks to the billionaires, ultra-wealthy, and the largest corporations. It’s literally stealing from the poor to give to the rich,” added the Congressman.

Rep. Gomez outlined the real-world consequences of the proposed cuts, warning that they would fall hardest on the most vulnerable. He also called out what’s missing from the Republican plan: any meaningful effort to lower the cost of child care, provide paid family leave, or make housing more affordable. “We could be doing all of that right now. But this bill does none of it,” Rep. Gomez said.

Rep. Gomez wrapped up his remarks forcing his Republican colleagues to reckon with the stakes of their vote. In a series of pointed questions, he laid bare the moral choice at the heart of the debate: “Are you for the babies or the billionaires? The seniors or the billionaires? The working man or woman trying to get by—or the billionaires? Your words are cheap. It’s your vote that matters.”

MIL OSI USA News –

May 14, 2025

MIL-OSI: Prairie Provident Resources Announces Successful Basal Quartz Drilling Program and First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce strong production results from its three-well Basal Quartz (“BQ”) horizontal drilling program in the Michichi area of Central Alberta during the first quarter of 2025. The Company also announces financial and operating results for the first quarter ended March 31, 2025.

SUCCESSFUL RESULTS FROM BASAL QUARTZ DRILLING PROGRAM

The Company successfully drilled and completed three BQ horizontal wells that are now all on production. The wells were executed within budget and continue to demonstrate the high-quality geological and reservoir characteristics of the Michichi BQ play.

The following table summarizes the initial production (“IP”) rates and key operational details for the three BQ wells drilled during the first quarter of 2025, which were brought on production in April 2025:

Well Identifier	Days from Spud to Rig Release	Lateral Length (metres)	Fracture Stages	IP Period	Medium Crude Oil (bbl/d)⁽¹⁾	Conventional Natural Gas (Mcf/d)⁽¹⁾	Total (boe/d)⁽¹⁾	Peak Oil Rate (bbl/d)⁽¹⁾
100/14-32-029-18W4	7	1,340	49	IP30	275	953	434	357
102/13-32-029-18W4	7	1,319	48	IP21	328	1,052	503	367
100/07-19-030-18W4	8	2,154	78	IP21	389	1,080	569	585

(1)		Initial production rates are based on field estimates at wellhead. See “Advisories – Initial Production Rates” below.

Total Company sales production for the first week of May 2025 averaged 3,467 boe/d (62.9% liquids)¹, of which 1,567 boe/d (69.0% liquids)² was from the three BQ wells drilled during the first quarter of 2025.

These recent three wells validate Prairie Provident’s excitement with the emerging BQ/Ellerslie play on its Michichi lands. Direct offsetting operational activity continues to be strong. Legacy vertical well control, available 3D/2D seismic data, and offset drilling activity are important factors in de-risking the Michichi BQ play. Prairie Provident has identified more than 40 potential drilling opportunities targeting medium crude oil on its Michichi lands. The Company owns and controls key Michichi infrastructure, which provides a competitive advantage for the future development of this play, and has sizeable tax pools, including approximately $330 million of non-capital losses.

_________

Comprised of approximately 2,052 bbl/d of medium crude oil, 7,705 Mcf/d of conventional natural gas and 131 bbl/d of NGLs.
Comprised of approximately 1,013 bbl/d of medium crude oil, 2,909 Mcf/d of conventional natural gas and 69 bbl/d of NGLs.

FIRST QUARTER 2025 FINANCIAL AND OPERATING HIGHLIGHTS

Prairie Provident’s interim financial statements for the first quarter ended March 31, 2025 and related Management’s Discussion and Analysis (MD&A) are available on our website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca. Financial and operating highlights for the period include:

In February and March of 2025, the Company completed a brokered equity financing raising aggregate gross proceeds of $8.67 million to facilitate further development in the BQ formation at Michichi.
In Q1 2025, the Company drilled three gross (3.0 net) new wells in the BQ formation. These wells were completed and brought on production in April 2025.
Production averaged 2,221 boe/d (58% liquids)¹ for Q1 2025, which was 16% or 415 boe/d lower than Q1 2024, primarily due to the sale of the Company’s former Evi CGU in Q1 2024 and natural production declines.
Q1 2025 operating expenses were $29.64 boe/d, a decrease of 17% or $6.15 per boe/d from Q1 2024, principally due to the sale of the Evi CGU and certain Provost properties in Q1 2024 which experienced higher operational costs and partially offset by increases in workover costs.
Q1 2025 operating netback² before the impact of derivatives was $3.7 million ($18.38/boe), and $3.7 million ($18.38/boe) after realized losses on derivatives, a 74% and a 115% increase, respectively, relative to Q1 2024. The increase was a result of slightly higher realized pricing, lower royalties and operating costs and no realized losses on derivatives.
Net loss totaled $6.1 million in Q1 2025, a $1.2 million increase compared to Q1 2024. The increase was due to lower petroleum and natural gas sales, higher G&A expenses, impairment expense and finance costs offset by lower operating expenses.

_________

Comprised of approximately 1,201 bbl/d of medium crude oil, 5,574 Mcf/d of conventional natural gas and 91 bbl/d of NGLs.
Operating netback is a Non-GAAP financial measure and is defined below under “Advisories – Non-GAAP and Other Financial Measures”.

FINANCIAL AND OPERATING SUMMARY

($000s, except per unit amounts or as indicated)	Q1 2025		Q4 2024		Q1 2024
					(Restated)⁽¹⁾
FINANCIAL
Revenue
Petroleum and natural gas sales	11,073		11,111		12,996
Royalties	(1,472	)	(567	)	(1,871	)
Revenue	9,601		10,544		11,125
Realized gain (loss) on derivatives	–		–		(485	)
Unrealized gain (loss) on derivatives	–		–		416
Revenue, net of gains (losses) on derivatives	9,601		10,544		11,056
Net loss⁽¹⁾	(6,137	)	(10,123	)	(4,945	)
$ per share – Basic	–		(0.01	)	(0.01	)
$ per share – Diluted	–		(0.01	)	(0.01	)
Adjusted Funds Flow⁽²⁾	1,782		(192	)	27
$ per share – Basic	–		–		–
$ per share – Diluted	–		–		–
Capital expenditures⁽²⁾	8,023		9,083		578
Net capital expenditures⁽²⁾	8,099		9,023		(23,600	)
Common Shares outstanding (000s)
End of period	1,401,335		1,197,401		716,087
Weighted average – Basic	1,273,892		1,170,310		715,861
Weighted average – Diluted	1,273,892		1,170,310		715,861
OPERATING
Production Volumes
Crude oil and condensate (bbl/d)	1,201		1,298		1,495
Natural gas (Mcf/d)	5,574		6,107		6,498
Natural gas liquids (bbl/d)	91		69		58
Total (boe/d)⁽³⁾	2,221		2,385		2,636
% Liquids	58	%	57	%	59	%
Realized Prices
Crude oil and condensate ($/bbl)	86.88		83.16		80.75
Natural gas ($/Mcf)	2.43		1.49		2.64
Natural gas liquids ($/bbl)	56.53		53.93		85.21
Total ($/boe)⁽³⁾	55.39		50.65		54.17
Operating Netback ($/boe)
Realized price	55.39		50.65		54.17
Royalties	(7.37	)	(2.58	)	(7.80	)
Operating costs⁽¹⁾	(29.64	)	(30.02	)	(35.79	)
Operating netback⁽²⁾	18.38		18.05		10.58
Realized gains (losses) on derivatives	–		–		(2.02	)
Operating netback, after realized gains (losses) on derivatives⁽¹⁾⁽²⁾	18.38		18.05		8.56

(1)		Restated. For further information, refer to the “Restatements” section in the MD&A.
(2)		This is a Non-GAAP financial measure. For further information, refer to “Advisories – Non-GAAP and Other Financial Measures” below.
(3)		The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to “Advisories – Barrels of Oil Equivalent” below.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from its existing assets to fund low-risk development and maintain stable cash flow while limiting its production decline.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: investor@ppr.ca

ADVISORIES

Forward-Looking Statements

This news release contains certain statements (“forward-looking statements”) that constitute forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward- looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

Without limiting the foregoing, this news release contains forward-looking statements pertaining to Basal Quartz drilling opportunities.

Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.

The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, 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 including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident’s products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident’s operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of new or additional tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident’s oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident’s public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident’s current Annual Information Form dated March 31, 2025 as filed with Canadian securities regulators and available from the SEDAR+ website (www.sedarplus.ca) under Prairie Provident’s issuer profile).

The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Oil and Gas Reader Advisories

Barrels of Oil Equivalent

The oil and gas industry commonly expresses production volumes and reserves on a “barrel of oil equivalent” (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may therefore be a misleading measure, particularly if used in isolation. 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 ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value.

Potential Drilling Opportunities vs Booked Locations

This news release refers to potential drilling opportunities and booked locations. Unless otherwise indicated, references to booked locations in this news release are references to proved drilling locations or probable drilling locations, being locations to which Trimble Engineering Associates Ltd. (Trimble), the Company’s independent qualified reserves evaluator, attributed proved or probable reserves in its most recent year-end evaluation of Prairie Provident’s reserves data, effective December 31, 2024. Trimble’s year-end evaluation was in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and, pursuant thereto, the Canadian Oil and Gas Evaluation (COGE) Handbook. References in this news release to potential drilling opportunities are references to locations for which there are no attributed reserves or resources, but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resource information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which Prairie Provident in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not booked locations. Prairie Provident generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production.

Initial Production Rates

This news release discloses initial production (IP) rates for certain wells as indicated. Initial production rates are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during an initial short-term production period, and the difference may be material.

Non-GAAP and Other Financial Measures

This news release discloses certain financial measures that are ‘non-GAAP financial measures’, ‘non-GAAP ratios’ or ‘supplementary financial measures’ within the meaning of applicable Canadian securities laws. Such measures do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS) and, accordingly, may not be comparable to similar financial measures disclosed by other issuers. Non-GAAP and other financial measures are provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes. Readers must not consider Non-GAAP and other financial measures in isolation or as a substitute for analysis of the Company’s financial results as reported under IFRS. For a reconciliation of each non-GAAP measure to its nearest IFRS measure, please refer to the “Non-GAAP and Other Financial Measures” section of the MD&A.

This news release also includes reference to certain metrics commonly used in the oil and gas industry but which do not have a standardized or prescribed meanings under the Canadian Oil and Gas Evaluation (COGE) Handbook or applicable law. Such metrics are similarly provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes.

Following is additional information on non-GAAP and other financial measures and oil and gas metrics used in this news release.

Adjusted Funds Flow (“AFF”) – AFF is a Non-GAAP financial measure calculated based on net cash from operating activities before changes in non-cash working capital, transaction costs, restructuring costs and other non-recurring items. The Company believes that AFF provides a useful measure of the Company’s operational performance on a continuing basis by eliminating certain non-cash charges and charges that are non-recurring or discretionary. Management utilizes the measure to assess the Company’s ability to finance capital expenditures and debt repayments. AFF as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. AFF per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of earnings per share. AFF per share is a Non-GAAP ratio.

Operating Netback – Operating netback is a Non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors to evaluate operating performance. Operating netback included in this report were determined by taking oil and gas revenues less royalties and operating costs. Operating netback, after realized gains (losses) on derivatives, adjusts the operating netback for only the realized portion of gains and losses on derivatives. Operating netback may be expressed in absolute dollar terms or on a per boe basis. Per boe amounts are determined by dividing the absolute value by working interest production. Operating netback per boe and operating netback, after realized gains (losses) on derivatives per boe are Non-GAAP financial ratios.

Capital Expenditures and Net Capital Expenditures – Capital expenditures and net capital expenditures are Non-GAAP financial measures commonly used in the petroleum and natural gas industry, which the Company believes are useful measures to assist management and investors to assess Prairie Provident’s investment in its existing asset base. Capital expenditures is calculated as the sum of property and equipment expenditures and exploration and evaluation expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. Net capital expenditures is calculated as capital expenditures, plus acquisitions from business combinations, which is the outflow cash consideration paid to acquire oil and gas properties, less asset dispositions (net of acquisitions), which is the cash proceeds from the disposition of producing properties and undeveloped lands.

The MIL Network –

May 14, 2025

MIL-OSI USA: Congressman Auchincloss Delivers Remarks at Energy & Commerce Committee Markup of Budget Reconciliation Text

Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

May 13, 2025

Washington, D.C. — Today, Congressman Jake Auchincloss (MA-04) delivered opening remarks at the House Committee on Energy and Commerce Markup of Budget Reconciliation Text, where Republicans will vote to take away healthcare from millions of Americans.

You can find a video of his full remarks here.

“Mr. Chairman, when 13.7 million Americans lose access to healthcare, 13.7 million Americans don’t stop getting sick. What happens instead is, losing access to primary and preventive care, they actually require more healthcare, and they visit the emergency room, and they get care that takes longer and is less comprehensive.

And here’s what that means for everyday Americans, middle class and working class, including those who get access to health insurance through their employer. It means that their health insurance premiums are going to go up, because when hospitals provide care to people through the emergency rooms, they have to cross-subsidize that by raising the cost that they charge to commercial payers.

So it won’t just be the 13.7 million Americans who were kicked off health coverage, who have to pay more out of pocket to get healthcare. It’s going to be all Americans who have health insurance, who will pay more in health insurance premiums. This is after Donald Trump and Republicans promised that they were going to come in and lower prices. Down the road, the middle class and the working class are going to be paying more in taxes and through inflation because of the $7 trillion in debt that Republicans are adding with this tax cut giveaway to the wealthiest Americans, and those Americans who do end up needing Medicaid are now going to find that it cannot meet their needs.

My constituent, Ethan Wang, was critically injured while swimming in the ocean when he was studying abroad in March 2019. The spinal cord injury left him paralyzed, needing immediate life-saving surgeries abroad, followed by a medical evacuation back to his home in Massachusetts. Then, inexplicably, Ethan’s dad, Willis, suffered a major stroke just two years later. He also now has disabilities, but continues to work as best he can.

I’m not sure if he meets the Republicans’ definition of work–but he is working as best as he can. All of this was possible because of Ethan and Willis’ determination and support from the Personal Care Attendant program operated through the Massachusetts Medicaid program known as MassHealth. When these cuts rolled down onto the states, though, the PCA, as well as other flexible programming, will be under threat.

The PCA, which allows people with disabilities to stay in their homes so they do not have to stay in expensive institutions, may come onto the chopping block. Ethan and Willis’ family never thought that they would depend on MassHealth, nor did they seek to. Nor do they want, or ask for, a handout. They had an accident. They got sick, and they needed access to healthcare.

The Wang family is a dual professional household in Newton with three healthy boys. Nobody knows when they will need to rely on Medicaid. But when they do, they need it to be strong and sound so that it can be a reliable system for families when they need it most. Ethan’s mom says it best: “We all live on the razor’s edge of health, and when you need assistance from the state, you see the world and our social safety net through fresh eyes.”

I urge my colleagues on both sides of the aisle to protect Medicaid and the life-saving programs that it supports. I yield back.”

MIL OSI USA News –

May 14, 2025

MIL-OSI USA: Senate and House Republicans Make Strides to Repeal Over a Dozen Biden-Era Regulations to Advance Trump’s America First Agenda

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – In a seismic victory for President Trump’s America First Agenda, U.S. Senator Roger Marshall, M.D. (R-Kansas) today released the following statement on Senate and House Republicans’ efforts to reverse over a dozen of Joe Biden’s nonsensical regulations using the Congressional Review Act (CRA) – a legislative tool allowing Congress to strike down federal rules and regulations with a simple majority vote.
“While the Biden-Harris administration tried to suffocate our nation’s businesses and families with nonsensical regulation after regulation, Senate and House Republicans are tearing down these barriers to unleash American prosperity,” said Senator Marshall. “I am committed to continue working with my colleagues to ensure these CRAs allow us to boldly deliver on President Trump’s promises.”
Among the 13 burdensome Biden-Harris-era regulations that were targeted, Senate Republicans have slashed red tape to unleash American energy, end costly green new scam mandates, strengthen digital finance, and expand personal freedoms. These actions deliver on President Donald Trump’s America First agenda by reducing consumer costs, protecting privacy, and empowering businesses.
Promise Made: Unleash American Energy
Promise Kept:

S.J.Res. 11 – Offshore Oil and Gas Drilling

What It Does: This resolution overturns a Biden-era rule that prevented offshore oil and gas drilling because of the presence of “shipwrecks and cultural resources.”
Why It Matters: By overturning this regulation, we can unleash American energy through expanded production capacity off American shores.
Status: Passed and became law on March 14, 2025.

S.J.Res. 31 – Tailpipe Emissions and Area Pollution

What It Does: This resolution overturns a Biden-era rule that requires sources of persistent and bioaccumulative hazardous air pollutants to comply with certain major source emission standards under the Clean Air Act.
Why It Matters: By eliminating it, we’re lessening regulations and letting American industry flourish without the heavy and misguided hand of activist government bureaucrats holding it back.
Status: Passed the Senate but has not yet passed the House.

Promise Made: End the Green New Scam
Promise Kept:

H.J.Res. 24 – Walk-in Coolers and Freezers

What It Does: This resolution overturns a Biden-era regulation that defines “walk-in coolers” and “walk-in freezers” as refrigerated spaces smaller than 3,000 square feet, which would have increased costs and regulations on manufacturers and restaurants.
Status: Passed, but not yet signed by the President.

H.J.Res. 42 –Appliance Energy Efficiency

What It Does: This resolution overturns a Biden-era Department of Energy (DOE) rule that would have increased the cost of basic appliances.
Status: Passed, but not yet signed by the President.

H.J.Res. 75 –Energy Standards for Freezers and Refrigerators

What It Does: This resolution overturns a Biden-era DOE rule that attempts to amend energy conservation standards for refrigerators, refrigerator-freezers, and freezers, that would have increased the cost of basic appliances. It would also have put financial constraints on any business that uses these appliances, such as restaurants, grocers, and more.
Status: Passed, but not yet signed by the President.

H.J.Res. 20 – Gas Powered Water Heaters

What It Does: This resolution overturns a Biden-era rule that would have placed restrictions and regulations on gas-powered water heaters, which would have resulted in increased costs of tankless water heaters and reduced choice in the market.
Status: Passed, but not yet signed by the President.

H.J.Res. 35 – Waste Emissions Tax for Energy Producers

What It Does: This resolution overturns a Biden-era Environmental Protection Agency (EPA) rule that implemented a Methane Tax on American energy producers, which would have resulted in higher costs passed onto consumers.
Status: Passed and became law on March 14, 2025.

H.J.Res. 61 – Rubber Tire Manufacturer Emissions

What It Does: This resolution overturns a Biden-era EPA rule that attempted to add emissions standards to rubber tire manufacturing, including them in the hazardous air pollutant (HAP) regulation requirements, which would have resulted in higher costs passed onto consumers.
Status: Passed, but not yet signed by the President.

Why They Matter: By passing resolutions to overturn these six specific rules, we’re preventing increased costs from being invariably be passed onto consumers, removing burdensome regulations that could harm businesses large and small, and allowing American families to have more choice in the market and keep more of their hard-earned money.

Promise Made: Strengthen U.S. Leadership in Digital Finance
Promise Kept:

S.J.Res. 3 / H.J.Res. 25 –Crypto IRS Reporting Requirements

What It Does: This resolution overturns a Biden-era rule that mandates that brokers submit information returns and provide payee statements detailing the gross proceeds from digital asset transactions they carry out for their clients.
Why It Matters: With the elimination of this rule, the private financial information of American citizens is further protected.
Status: Passed and became law on April 10, 2025.

S.J.Res. 18 – Overdraft Fee Regulations

What It Does: This resolution overturns an overreaching Biden-era Consumer Financial Protection Bureau (CFPB) rule that limited overdraft fees.
Why It Matters: Overturning this ensures that banks and financial institutions can negotiate their own relationships with customers with limited government interference.
Status: Passed and became law on April 10, 2025.

S.J.Res. 28 – Digital Payment Providers

What It Does: This resolution overturns a burdensome and overreaching Biden-era CFPB rule that would have threatened Americans’ privacy interests.
Why It Matters: The rule, if left intact, could stifle innovation and impose undue burdens on digital payment providers like Venmo or PayPal.
Status: Passed, but not yet signed by the President.

S.J.Res. 13 –Bank Merger Application Review

What It Does: This resolution overturns a Biden-era rule from the Office of the Comptroller of the Currency (OCC) that would have made more stringent the government’s review of bank mergers.
Why It Matters: Overturning this rule will allow American financial institutions to make decisions that work best for their customers.
Status: Passed the Senate but has not yet passed the House.

Promise Made: Eliminate Burdensome Regulations
Promise Kept:

H.J.Res. 60 – Regulations for ATV Usage

What It Does: This resolution will make minor changes to a Biden-era regulation that will result in improved management of motorized uses in the Orange Cliffs Special Management Unit, including:

Prohibiting the use of ORVs and street-legal ATVs on an 8-mile segment of the Poison Spring Loop located on Route 633 proceeding north to Route 730.
Eliminating the superintendent’s authority to potentially allow ORVs and street-legal ATVs on the upper portion of the Flint Trail.

Why It Matters: By improving this regulation, we will give Americans greater freedom to traverse the great outdoors, without the government needlessly telling them how to do it.
Status: Passed, but not yet signed by the President.

MIL OSI USA News –

May 14, 2025

MIL-OSI USA: Congressman Brecheen and Congressman Roy Introduce Energy Freedom Act to End Biden’s Trillion-Dollar “Green New Deal” Tax Subsidies with Senator Mike Lee

Source: US Congressman Josh Brecheen (2nd District)

Congressman Brecheen and Congressman Roy Introduce Energy Freedom Act to End Biden’s Trillion-Dollar “Green New Deal” Tax Subsidies with Senator Mike Lee

Washington, May 13, 2025

Washington, D.C. – Congressman Josh Brecheen and Congressman Chip Roy introduced the Energy Freedom Act. This legislation would repeal the more than 20 green energy tax subsidies created or expanded by the Biden Administration’s Inflation Reduction Act (IRA). Senator Mike Lee is currently leading companion legislation in the Senate.

“The Democrats’ so-called ‘Inflation Reduction Act’, signed into law in 2022, is nothing more than a massive, taxpayer-funded gift to green energy lobbyists and their leftist billionaire employers,” said Congressman Josh Brecheen. “Families in Oklahoma should not have to subsidize unreliable energy that makes their electricity bills more expensive and inflates other costs. By repealing these costly and reckless green energy subsidies, the Energy Freedom Act also brings us back to an energy policy that puts American workers first, and stops enriching battery and solar industries in China.”

Background:

Since its enactment in 2022, the IRA has enacted or expanded the Biden Administration’s green energy tax credits, projected to cost taxpayers between $825 billion (CBO) and over $1 trillion in the next decade (Goldman Sachs), and up to $4.7 trillion by 2050 (CATO). These subsidies entice utilities to overbuild unreliable sources of energy, driving up costs and undermining grid stability.

The Energy Freedom Act would:

Eliminate more than 20 green energy tax credits created or expanded by the IRA for tax years beginning after December 31, 2025.
Save American taxpayers hundreds of billions of dollars over the next decade.
Repeal the Inflation Reduction Act’s petroleum tax.
Protect grid reliability and lower consumer energy costs by creating a level playing field for all energy sources.
Close loopholes that allow entities to monetize green energy subsidies.

What will happen if we don’t repeal these green energy subsidies?

Wind and solar will displace natural gas on the electric grid. In 2024 alone, solar represented 61% of all new electricity generation in our nation, with more expected this year according to the U.S. Energy Information Administration.
The stability and independence of our electric grid will be put in jeopardy. By the end of this year, wind generation in the U.S. is expected to increase 11% from 2023 because of these green energy subsidies.
American jobs and economic growth will be outsourced to China. As of mid-2023, China produced 97 percent of the world’s solar panel silicon wafers.
Estimates project the Inflation Reduction Act will cost between $825 billion—according to the Congressional Budget Office as of January 2025—and over $1 trillion, per analysts at Goldman Sachs, over the next decade.

Representatives Harriet Hageman (R-WY), Scott Perry (R-PA), Warren Davidson (R-OH), Eli Crane (R-AZ), and Barry Moore (R-AL) are the original cosponsors.

Daily Caller wrote an exclusive story on the bill, which you can read here.

Read the full text of this legislation here.

Press Inquiries: darren.dershem@mail.house.gov

###

MIL OSI USA News –

May 14, 2025

MIL-OSI USA: Cantwell Condemns GOP’s Cruel Proposal to Kick Millions Off Medicaid: ‘You’re Going to Make All Those People Go to An Emergency Room?’

US Senate News:

Source: United States Senator for Washington Maria Cantwell
05.13.25
Cantwell Condemns GOP’s Cruel Proposal to Kick Millions Off Medicaid: ‘You’re Going to Make All Those People Go to An Emergency Room?’
GOP proposal would cancel health coverage and drive-up co-pays for hundreds of thousands of Washingtonians
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor condemning the House GOP’s ill-conceived proposal to cut health care by $715 billion to help pay for a tax break for the ultra-rich and corporations, forcing at least 13.7 million Americans off their health insurance.
“House Republicans say that these cuts are about waste, fraud, and abuse — but the real fraud is telling the American people that by implementing these requirements, that somehow these policies are going to save money. The truth is, it’s just making it harder on Americans to stay on Medicaid,” Sen. Cantwell said.
“In 2018 Arkansas tried the same thing that the House of Representatives are now suggesting. They became the first state to establish a work requirement for certain Medicaid enrollees. It took just four months, and the new requirement got 18,000 people kicked off Medicaid. Where do you think those people go? You think they don’t have any health care needs? You don’t think they go to the hospital and cost us all a bunch load more money?” she continued.
“So I ask my colleagues to make sure that we are fighting these cuts to Medicaid. Our communities are demanding it. They are watching.”
Video of her speech is available HERE and a full transcript is HERE.
On Sunday, the Republican leadership of the U.S. House of Representatives released a draft proposal to cut $912 billion from the Energy and Commerce Committee budget — the committee that oversees Medicaid, the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Their proposal would institute new co-pays and onerous work requirements, ultimately blocking access to health care for the people who need it most.
Medicaid, also known as Apple Health in Washington state, covers 1.9 million Washingtonians. On May 2, Sen. Cantwell released a snapshot report highlighting the impact that Medicaid cuts would have on Washington state’s highly-ranked long-term care system for seniors and people with disabilities. In February, she additionally released a snapshot report that demonstrated how cuts would harm health care access in Washington state, and followed up with a report in March that dove into impacts on the Puget Sound region.
Highlights of those snapshot reports include:
In Washington state, WA-04 (Central Washington) and WA-05 (Eastern Washington) have the highest proportions of adults and total population on Medicaid (Apple Health). In District 4, 70% of children are on Medicaid.
In the Puget Sound, children in Seattle’s blue-collar strongholds would feel the deepest pain from Medicaid cuts. More than half of children in Burien, SeaTac, Kent, Federal Way, Auburn, Renton, and Rainier Valley depend on Medicaid.
In an exclusive new survey of 68 WA nursing homes, 67 of 68 would cut services if Medicaid were cut by 5% or more, and 65% would consider closing.
Over the past two months, Sen. Cantwell also took a tour around the state to hear from folks who would be directly impacted by cuts to Medicare. Doctors, patients, and health care providers in Seattle, Spokane, the Tri-Cities, and Wenatchee warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care.
Last week, a coalition of Washington state hospital leaders and Republican elected officials sent a letter opposing any cuts to Medicaid. The group included the CEOs of Skyline Health and Klickitat Valley Hospital, as well as multiple Republican members of the Washington state legislature, leaders of Klickitat County, and councilmembers of White Salmon and Goldendale. The letter emphasized that hospitals in rural areas are especially reliant on Medicaid, and any funding reductions would result in loss of services or even hospital closures. The letter warned, “Any reduction in funding from any source will undoubtedly result in a reduction of services, reduction of access or worse – hospital closures,” and further that “Policy decisions that put a community’s access to healthcare in jeopardy are a sure way to hasten the demise of rural Washington State.”

MIL OSI USA News –

May 14, 2025

MIL-OSI United Kingdom: Community Energy Generation Growth Fund opens

Source: Scottish Government

£8 million for community renewable projects.

Communities across Scotland seeking to set up renewable energy generation projects can bid for support from an £8 million government fund which has reopened for applications.

The Community Energy Generation Growth Fund supports local communities to install wind turbines and solar panels or develop other types of renewable energy generation, such as hydro, to meet local needs.

Successful applicants will also be able to earn money from their projects by, for example, allowing them to sell excess energy generated.

The expanded Scottish Government fund, which includes £4 million from Great British Energy, is part of the Scottish Government’s Community and Renewable Energy Scheme (CARES) and builds on last year’s support.

Since its inception, CARES has advised over 1,300 organisations and provided over £67 million in funding to communities throughout Scotland, supporting over 990 projects.

Deputy First Minister Kate Forbes is set to announce the reopening of the fund at the All Energy Scotland conference in Glasgow this morning (Wednesday).

Speaking ahead of the conference, Ms Forbes said: “Scotland is fast becoming a global renewable energy powerhouse, and it is vital that communities share in the benefits from this transition.

“This funding, for stand-alone generation projects, responds to the needs of local groups – has the potential to lever in significant funds for communities. It will also play a key role in our delivery of a just transition – supporting a greener, fairer future for Scots.

“It is also welcome that Great British Energy recognise the valuable role that communities play in our green transition and have provided support for the fund – helping to significantly increase the amount of support available to communities – and providing a catalyst for growth within the community energy sector.

“We will continue to work with our partners to grow the community energy sector to ensure that the delivery of renewable energy comes with benefits for people in Scotland, as well as supporting progress towards net zero.”

Chris Morris from Local Energy Scotland said: “We’re pleased to be building on the success of last year’s Community Energy Generation Growth Fund pilot to support more Scottish communities looking to take the next steps in their renewable energy projects and play an active part in the nation’s transition to net zero.

“Scottish communities demonstrated an appetite to develop new projects during the pilot phase and ideas taken forward include partnering with local authorities to install solar panels on schools, getting approvals for new solar farms and building wind turbines.

We’re looking forward to supporting communities and helping even more of these inspiring projects be realised. For Scottish communities interested, the Local Energy Scotland team is here to help with information and case studies.”

Background

More information on how to apply

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI United Kingdom: Great British Energy funding boost for Scottish communities

Source: United Kingdom – Government Statements

Press release

Great British Energy funding boost for Scottish communities

£4m Great British Energy funding scheme to target clean energy projects in Scottish communities.

Community-owned energy projects in Scotland to get access to funding from Great British Energy
new investment will help communities install clean power projects to cut bills and provide energy security
joint fund with the Scottish Government will give communities a stake in their local energy supply

Communities across Scotland can today apply for new funding from a £4 million Great British Energy scheme.

The funding targets local clean energy projects – from community-led onshore wind, to solar on rooftops and hydropower in rivers – generating profits which could be reinvested into community projects or take money off people’s bills.

Great British Energy, the government’s publicly-owned clean power company, is giving communities a stake in generating their own energy so people can reinvest profits where it really matters.

Great British Energy’s £4 million funding is part of the £8 million Community Energy Generation Growth Fund, with the remaining funding coming from the Scottish Government.

Minister for Energy Michael Shanks said:

This is our clean energy superpower mission in action – putting communities in the driving seat of energy generation and making sure people profit.

Great British Energy wants to kickstart a community energy revolution, empowering our towns and villages to become mini energy producers and reinvest profits back into the local community.

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI: Peyto Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto” or the “Company”) is pleased to report operating and financial results for the first quarter of 2025.

Q1 2025 Highlights:

Peyto reported $225.2 million in funds from operations¹^,² (“FFO”), or $1.12/diluted share, and generated $120.2 million of free funds flow³ in the quarter. Strong FFO was driven by a realized natural gas price after hedging of $4.17/Mcf, 89% higher than the AECO 7A monthly benchmark, and the Company’s industry-leading low cash costs⁴.
Earnings for the quarter totaled $114.1 million, or $0.57/diluted share, and Peyto returned $65.7 million as dividends to shareholders.
Net debt⁵ was reduced by $65.7 million from December 31, 2024 to $1.28 billion at the end of the quarter.
First quarter production volumes averaged 133,883 boe/d (710.5 MMcf/d of natural gas, 15,473 bbls/d of NGLs), a 7% increase year over year (5% on a per share basis), driven by strong well results from the Company’s capital program.
Recorded $50.8 million in realized hedging gains and exited the quarter with a hedge position protecting approximately 489 MMcf/d and 406 MMcf/d of natural gas production for Q2–Q4 2025 and 2026, respectively, at approximately $4/Mcf. Peyto’s natural gas and liquid hedging has secured approximately $875 million of revenue for 2025 and $605 million for 2026.
Cash costs totaled $1.42/Mcfe for the quarter, including royalties of $0.25/Mcfe, operating expense of $0.53/Mcfe, transportation of $0.29/Mcfe, G&A of $0.06/Mcfe and interest expense of $0.29/Mcfe. Peyto continues to have the lowest cash costs of Canadian producers in the oil and natural gas industry.
Total capital expenditures⁶ of $102.1 million in the quarter. Peyto drilled 19 wells (18.2 net), completed 13 wells (13.0 net), and brought 14 wells (14.0 net) on production.
Peyto delivered a solid operating margin⁷ of 71% and profit margin⁸ of 32%, resulting in a 10% return on capital employed⁹ (“ROCE”) and an 11% return on equity⁹ (“ROE”), on a trailing 12-month basis.

First Quarter 2025 in Review

Peyto was active in the quarter with four drilling rigs in the Greater Sundance and Brazeau areas, as well as with pipeline and compression projects that expanded the existing gathering systems to accommodate incremental production volumes. Natural gas prices recovered in the quarter due to large draws on storage inventories from a relatively cold North American winter, coupled with increased U.S. LNG feed gas demand. The AECO 7A monthly gas price rose 39% from Q4 2024 and averaged $1.92/GJ. Peyto’s realized gas price, before hedging, averaged $3.34/Mcf ($2.90/GJ), 51% higher than AECO 7A, driven by the Company’s diversification to premium demand markets in the US and Canada. Additionally, the Company recorded $0.83/Mcf of realized hedging gains on its gas volumes in the quarter from its mechanistic risk management strategy. All in, Peyto’s realized gas price after hedging totaled $4.17/Mcf or 89% higher than AECO 7A monthly price. The increased realized gas price, combined with Peyto’s low cost structure, boosted FFO by 13% from Q4 2024 to $225.2 million, which funded $102.1 million of capital expenditures, $65.7 million of shareholder dividends and allowed for a $65.7 million reduction in net debt in the quarter.

_________________________________________________

¹This press release contains certain non-GAAP and other financial measures to analyze financial performance, financial position, and cash flow including, but not limited to “operating margin”, “profit margin”, “return on capital”, “return on equity”, “netback”, “funds from operations”, “free funds flow”, “total cash costs”, and “net debt”. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as earnings, cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance. See “Non-GAAP and Other Financial Measures” included at the end of this press release and in Peyto’s most recently filed MD&A for an explanation of these financial measures and reconciliation to the most directly comparable financial measure under IFRS.
²Funds from operations is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
³Free funds flow is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁴Cash costs is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release.
⁵Net debt a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁶Total capital expenditures is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁷Operating Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
⁸Profit Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
⁹Return on capital employed and return on equity are non-GAAP financial ratios. See “non-GAAP and Other Financial Measures” in this news release.

	Three Months Ended Mar 31		%
	2025	2024	Change
Operations
Production
Natural gas (Mcf/d)	710,459	647,234	10%
NGLs (bbl/d)	15,473	17,145	-10%
Thousand cubic feet equivalent (Mcfe/d @ 1:6)	803,299	750,105	7%
Barrels of oil equivalent (boe/d @ 6:1)	133,883	125,018	7%
Production per million common shares (boe/d)	673	643	5%
Product prices
Realized natural gas price – after hedging and diversification ($/Mcf)	4.17	4.05	3%
Realized NGL price – after hedging ($/bbl)	62.97	60.36	4%
Net sales price⁽²⁾($/Mcfe)	4.90	4.87	1%
Royalties ($/Mcfe)	0.25	0.24	4%
Operating ($/Mcfe)	0.53	0.55	-4%
Transportation ($/Mcfe)	0.29	0.30	-3%
Field netback⁽¹⁾($/Mcfe)	3.88	3.82	2%
General & administrative expenses ($/Mcfe)	0.06	0.06	0%
Interest expense ($/Mcfe)	0.29	0.36	-19%
Financial ($000, except per share)
Natural gas and NGL sales including realized hedging gains⁽²⁾	354,268	332,541	7%
Funds from operations⁽¹⁾	225,218	204,622	10%
Funds from operations per share – basic⁽¹⁾	1.13	1.05	8%
Funds from operations per share – diluted⁽¹⁾	1.12	1.05	7%
Total dividends	65,676	64,158	2%
Total dividends per share	0.33	0.33	0%
Earnings	114,117	99,875	14%
Earnings per share – basic	0.57	0.51	12%
Earnings per share – diluted	0.57	0.51	12%
Total capital expenditures⁽¹⁾	102,129	113,762	-10%
Decommissioning expenditures	2,872	4,206	-32%
Total payout ratio⁽¹⁾	76%	89%	-15%
Weighted average common shares outstanding – basic	199,017,749	194,416,710	2%
Weighted average common shares outstanding – diluted	200,359,842	195,159,389	3%

Net debt⁽¹⁾	1,282,891	1,339,558	-4%
Shareholders’ equity	2,593,128	2,683,990	-3%
Total assets	5,356,226	5,373,202	0%

(1) This is a Non-GAAP financial measure or ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A
(2) Excludes marketing revenue and other income

Capital Expenditures

Peyto drilled 19 gross (18.2 net) horizontal wells in the first quarter including 10 Wilrich, 1 Falher, 4 Notikewin, 3 Dunvegan, and 1 Cardium well in the core Brazeau and Sundance areas. The Company also completed 13 gross (13.0 net) wells and brought 14 gross (14.0 net) wells on production in the quarter resulting in total well-related capital expenditures of $85.6 million. Additionally, Peyto invested $15.5 million in gathering and processing facilities that included optimization projects and a pipeline to connect third-party volumes to Peyto’s Brazeau plant for long-term fee income. First quarter average drilling costs were slightly higher than the prior quarter, which was attributed to both cold weather operations and the execution of a uniquely over-pressured three-well pad in the Edson area. This was offset by lower completion costs, which fell 6% on a per-well basis from Q4 2024.

	2017	2018	2019	2020	2021	2022	2023	2024	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1⁽¹⁾
Gross Hz Spuds	135	70	61	64	95	95	72	75	18	20	21	16	19
Measured Depth (m)	4,229	4,020	3,848	4,247	4,453	4,611	4891	5,092	5,220	5,364	4,804	4,987	4,976

Drilling ($MM/well)	$1.90	$1.71	$1.62	$1.68	$1.89	$2.56	$2.85	$2.90	$3.05	$2.89	$2.81	$2.85	$3.01
$ per meter	$450	$425	$420	$396	$424	$555	$582	$569	$585	$539	$585	$572	$605

Completion ($MM/well)	$1.00	$1.13	$1.01⁽²⁾	$0.94	$1.00	$1.35	$1.54	$1.70	$1.80	$1.75	$1.56	$1.66	$1.56
Hz Length (m)	1,241	1,348	1,484	1,682	1,612	1,661	1,969	2,184	2,223	2,350	2,224	1,989	1,961
$ per Hz Length (m)	$803	$751	$679	$560	$620	$813	$781	$776	$809	$744	$703	$834	$793
$ ‘000 per Stage	$81	$51	$38	$36	$37	$47	$52	$52	$55	$49	$48	$56	$56

(1) Based on field estimates and may be subject to minor adjustments going forward.
(2) Peyto’s Montney well is excluded from drilling and completion cost comparison.

Peyto also spent $0.8 million during the quarter on acquiring mineral rights, seismic, and minor acquisitions.

Commodity Prices and Realizations

In the first quarter, Peyto realized a natural gas price after hedging and diversification of $4.17/Mcf, or $3.63/GJ, 89% higher than the average AECO 7A monthly benchmark of $1.92/GJ due to realized hedging gains and the Company’s market diversification to non-AECO hubs. Peyto’s natural gas hedging activity resulted in a realized gain of $0.83/Mcf ($53.0 million) in the quarter.

Condensate and pentanes averaged $90.88/bbl for the quarter, down 1% year over year, while Canadian dollar WTI (“WTI CAD”) decreased 1% to $102.49/bbl over the same period. Other NGL volumes were sold at an average price of $32.41/bbl, or 32% of WTI CAD, up 3% from $31.37/bbl in Q1 2024. Peyto’s combined realized NGL price in the quarter was $64.56/bbl before hedging, and $62.97/bbl including a hedging loss of $1.59/bbl.

Netbacks

The Company’s realized natural gas and NGL sales yielded a combined revenue stream of $4.20/Mcfe before hedging gains of $0.70/Mcfe, resulting in a quarterly net sales price of $4.90/Mcfe, consistent with $4.87/Mcfe realized in Q1 2024. Cash costs totaled $1.42/Mcfe in the quarter, 6% lower than $1.51/Mcfe in Q1 2024 due to lower operating, transportation and interest costs. Operating costs are typically highest in the colder, first quarter and Peyto expects per-unit operating costs to trend downward throughout 2025. Peyto’s cash netback (net sales price including other income, net marketing revenue, realized gain on foreign exchange, less total cash costs) was $3.53/Mcfe, the highest since Q1 2023, driving a solid 71% operating margin. Historical cash costs and operating margins are shown in the following table:

	2022				2023				2024				2025
($/Mcfe)	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4⁽²⁾	Q1	Q2	Q3	Q4	Q1
Revenue⁽¹⁾	5.25	5.48	5.01	5.74	5.10	4.07	4.32	4.83	4.92	3.97	3.99	4.34	4.95
Royalties	0.60	0.95	0.70	0.72	0.53	0.18	0.29	0.30	0.24	0.26	0.18	0.21	0.25

Op Costs	0.41	0.39	0.38	0.41	0.50	0.47	0.44	0.55	0.55	0.52	0.54	0.50	0.53
Transportation	0.28	0.27	0.26	0.22	0.24	0.29	0.29	0.26	0.30	0.30	0.31	0.27	0.29
G&A	0.03	0.02	0.02	0.02	0.03	0.05	0.04	0.06	0.06	0.06	0.03	0.05	0.06
Interest	0.21	0.20	0.21	0.21	0.22	0.22	0.28	0.40	0.36	0.36	0.38	0.33	0.29
Cash cost pre-royalty	0.93	0.88	0.87	0.86	0.99	1.03	1.05	1.27	1.27	1.24	1.26	1.15	1.17

Total Cash Costs¹⁰	1.53	1.83	1.57	1.58	1.52	1.21	1.34	1.57	1.51	1.50	1.44	1.36	1.42
Cash Netback¹¹	3.72	3.65	3.44	4.16	3.58	2.86	2.98	3.26	3.41	2.47	2.55	2.98	3.53
Operating Margin	71%	67%	69%	72%	71%	70%	69%	67%	69%	62%	64%	69%	71%

(1) Revenue includes other income, net marketing revenue and realized gains on foreign exchange.
(2) First quarter of Repsol assets included in Peyto’s results

Depletion, depreciation, and amortization charges of $1.34/Mcfe, along with provisions for current tax, deferred tax, performance-based compensation and stock-based compensation resulted in earnings of $1.58 /Mcfe, or a 32% profit margin. Dividends to shareholders totaled $0.91/Mcfe.

Hedging and Marketing

The Company has been active in hedging future production with financial and physical fixed price contracts to protect a portion of its future revenue from commodity price and foreign exchange volatility. The following table summarizes Peyto’s hedge position for Q2–Q4 2025, calendar 2026, and calendar 2027.

	Q2 2025	Q3 2025	Q4 2025	2026	2027
Natural Gas
Volume (MMcf/d)	510	510	447	406	61
Average Fixed Price⁽¹⁾($/Mcf)	3.90	3.90	4.32	3.99	4.05
WTI Swaps
Volume (bbls/d)	5,000	3,800	2,400	745	–
Average Fixed Price ($/bbl)	98.94	95.51	93.14	86.19	–
WTI Collars
Volume (bbls/d)	500	500	500	248	–
Put–Call ($/bbl)	90.00–100.25	90.00–110.00	90.00–100.50	87.50–100.25	–
Propane
Volume (bbls/d)	500	500	500	123	–
Average Fixed Price (US$/bbl)	33.60	33.60	33.60	33.60	–
USD FX Contracts
Amount sold (USD 000s)	69,000	63,000	47,000	112,500	–
Rate (CAD/USD)	1.352	1.352	1.355	1.355	–

(1) At 1.39 CAD/USD FX rate for USD contracts

The Company’s fixed price contracts combined with its diversification to multiple hubs in North America allow for revenue security and support Peyto’s capital expenditure program, continued shareholder returns through dividends, and debt reduction. Details of Peyto’s ongoing marketing and diversification efforts are available on Peyto’s website at https://www.peyto.com/Marketing.aspx.

_________________________________________________

¹⁰Total Cash costs is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
¹¹Cash netback is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.

Activity Update

Since the start of the second quarter, Peyto has continued with an active drilling program across all core areas with 8 wells (6.7 net) drilled, 11 wells (9.4 net) completed, and 12 wells (12.0 net) brought on production. The Company intends to continue with a steady capital program through spring break-up and the rest of 2025.

Last month, Peyto completed a third Falher well in Sundance, as a follow-up to the two wells that discovered a new channel last year. The results to date from these wells have demonstrated top decile internal rate of returns and the team has identified at least 20 additional locations on Peyto lands. The Company plans to drill three more wells in the channel before the end of the year, which will help further delineate the trend and prove up productivity.

Recently, the Company applied an alternate drilling technique and liner design on two low working-interest Cardium wells. This technique, which targets drilling just below the Cardium sand, allowed Peyto to achieve significantly longer laterals while reducing per unit drill costs below historical levels in the area. A cemented ball drop system allowed for the deployment of 60 stages in each well—a new record for Peyto. Early results from these wells are encouraging and the Company plans to follow up with additional wells this year to further test the design. With continued success, Peyto sees the opportunity to apply the new design to other Cardium inventory which comprises approximately 25% of the Company’s undrilled, booked reserves volumes.

Beginning in April, Peyto commissioned a new pipeline to accept approximately 8 MMcf/d of natural gas from a third party at its Brazeau gas plant, relating to a multi-year gas processing agreement which utilizes spare capacity at the facility. This new pipeline also provides a future opportunity to serve other third-party volumes.

Outlook

While the recent weakness in oil prices has a minimal effect on Peyto’s cash flow, it could be constructive to natural gas prices if the fall in oil prices lowers oil activity and associated gas production in the US. The Company remains bullish on forward natural gas prices with the recent start-up of US LNG export facilities and the ramp up of LNG Canada throughout 2025, combined with continued natural gas demand for AI driven data centres in North America. Further, Peyto is well-positioned with its hedge book and market diversification to provide shareholders with both revenue security and exposure to commodity price upside. Over the next several years, the Company has significant volumes exposed to premium demand markets in the US and Canada, which offer a superior price above the current AECO market.

Despite the political volatility and global economic uncertainty, Peyto remains committed to its 2025 capital guidance of $450 to $500 million. The program is designed with flexibility in the back half of the year to adjust to changing commodity prices and the business environment. Peyto will manage production to minimize exposure to weaker priced markets, when necessary, while the Company’s systematic hedging and market diversification programs secure revenues to support future dividends and further strengthen the balance sheet.

Conference Call and Webcast

A conference call will be held with senior management of Peyto to answer questions with respect to the Company’s Q1 2025 results on Wednesday, May 14, 2025, at 9:00 a.m. Mountain Time (MT), or 11:00 a.m. Eastern Time (ET).

Access to the webcast can be found at: https://edge.media-server.com/mmc/p/svumnnnm. To participate in the call, please register for the event at: Participant Call Link. Participants will be issued a dial in number and PIN to join the conference call and ask questions. Alternatively, questions can be submitted prior to the call at info@peyto.com. The conference call will be available on the Peyto Exploration & Development website at www.peyto.com.

Annual and Special Meeting

Peyto’s Annual and Special Meeting of Shareholders is scheduled for 3:00 p.m. on Thursday, May 22, 2025, at the Eau Claire Tower, +15 level, 600 – 3rd Avenue SW, Calgary, Alberta. Shareholders are encouraged to read the Information Circular and vote in advance of the proxy voting deadline of Tuesday, May 20 at 3:00 p.m. (Calgary time) and attend this in-person meeting. Leading independent proxy advisory firms have recommended Peyto shareholders (“Shareholders”) vote “FOR” all the proposed resolutions. Shareholders who have questions or need assistance with voting their shares should contact Peyto’s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. Shareholders who do not wish to attend are encouraged to visit the Peyto website at www.peyto.com where there is a wealth of information designed to inform and educate investors and where a copy of the AGM presentation will be posted. A monthly report from the President can also be found on the website which follows the progress of the capital program and the ensuing production growth.

Management’s Discussion and Analysis

A copy of the first quarter report to shareholders, including the MD&A, unaudited consolidated financial statements and related notes, is available at http://www.peyto.com/Files/Financials/2025/Q12025FS.pdf and at http://www.peyto.com/Files/Financials/2025/Q12025MDA.pdf and will be filed at SEDAR+, www.sedarplus.com at a later date.

Jean-Paul Lachance
President & Chief Executive Officer
May 13, 2025

Phone: (403) 261-6081
Fax: (403) 451-4100
info@peyto.com

Cautionary Statements

Forward-Looking Statements

This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Peyto’s control. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: macro-economic conditions, including public health concerns and other geopolitical risks, the condition of the global economy and, specifically, the condition of the crude oil and natural gas industry, and the ongoing significant volatility in world markets; other industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in other commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. Management of the Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peyto will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: management’s assessment of Peyto’s future plans and operations, including the 2025 capital expenditure program, drilling plans relating to the Falher discovery at Sundance and the additional wells planned using the alternate drilling technique in the Cardium; the expectation that per-unit operating costs will trend lower in 2025; the expectation that recent weakness in oil prices will have minimal effect on Peyto and could be constructive if lower oil activity decreases associated gas; LNG and AI data centres increasing natural gas demand and setting up a bullish price environment; the sustainability of the Company’s dividend; the effectiveness of the Company’s hedging program at securing revenue; the timing of Peyto’s annual general meeting; and the Company’s overall strategy and focus.

The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Peyto’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: continued changes and volatility in general global economic conditions including, without limitations, the economic conditions in North America and public health concerns; continued fluctuations and volatility in commodity prices, foreign exchange or interest rates; continued stock market volatility; imprecision of reserves estimates; competition from other industry participants; failure to secure required equipment; increased competition; the lack of availability of qualified operating or management personnel; environmental risks; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws, tariffs, and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; and the ability to access sufficient capital from internal and external sources. In addition, to the extent that any forward-looking statements presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of Peyto and has been presented to provide management’s expectations used for budgeting and planning purposes and for providing clarity with respect to Peyto’s strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose. Readers are encouraged to review the material risks discussed in Peyto’s latest annual information form under the heading “Risk Factors” and in Peyto’s annual management’s discussion and analysis under the heading “Risk Factors”.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Peyto will derive there from. The forward-looking statements, including any future-oriented financial information or financial outlook, contained in this news release speak only as of the date hereof and Peyto does not assume any obligation to publicly update or revise them to reflect new information, future events or circumstances or otherwise, except as may be required pursuant to applicable securities laws.

Barrels of Oil Equivalent

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). Peyto uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Thousand Cubic Feet Equivalent (Mcfe)

Natural gas volumes recorded in thousand cubic feet (mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas liquids and oil volumes in barrel of oil (bbl) are converted to thousand cubic feet equivalent (Mcfe) using a ratio of one (1) barrel of oil to six (6) thousand cubic feet. This could be misleading, particularly if used in isolation as it is based on an energy equivalency conversion method primarily applied at the burner tip and does not represent a value equivalency at the wellhead.

Non-GAAP and Other Financial Measures

Throughout this press release, Peyto employs certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance.

Non-GAAP Financial Measures

Funds from Operations
“Funds from operations” is a non-GAAP measure which represents cash flows from operating activities before changes in non-cash operating working capital, decommissioning expenditure, provision for performance-based compensation and transaction costs. Management considers funds from operations and per share calculations of funds from operations to be key measures as they demonstrate the Company’s ability to generate the cash necessary to pay dividends, repay debt and make capital investments. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds from operations provides a useful measure of Peyto’s ability to generate cash that is not subject to short-term movements in operating working capital. The most directly comparable GAAP measure is cash flows from operating activities.

	*Three Months Ended March 31*
($000)	*2025*	2024
Cash flows from operating activities	*219,116*	196,829
Change in non-cash working capital	*730*	3,587
Decommissioning expenditures	*2,872*	4,206
Performance-based compensation	*2,500*	–
Funds from operations	*225,218*	204,622

Free Funds Flow
Peyto uses “free funds flow” as an indicator of the efficiency and liquidity of Peyto’s business, measuring its funds after capital investment available to manage debt levels, pay dividends, and return capital to shareholders through activities such as share repurchases. Peyto calculates free funds flow as cash flows from operating activities before changes in non-cash operating working capital, provision for performance-based compensation, and transaction costs, less total capital expenditures, allowing Management to monitor its free funds flow to inform its capital allocation decisions. The most directly comparable GAAP measure to free funds flow is cash from operating activities. The following table details the calculation of free funds flow and the reconciliation from cash flow from operating activities to free funds flow.

	*Three Months Ended March 31*
($000)	*2025*	2024
Cash flows from operating activities	*219,116*	196,829
Change in non-cash working capital	*730*	3,587
Performance-based compensation	*2,500*	–
Total capital expenditures	*(102,129*)	(113,762)
Free funds flow	*120,217*	86,654

Total Capital Expenditures
Peyto uses the term “total capital expenditures” as a measure of capital investment in exploration and production activity, as well as property acquisitions and divestitures, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable GAAP measure for total capital expenditures is cash flow used in investing activities. The following table details the calculation of cash flow used in investing activities to total capital expenditures.

	*Three Months Ended March 31*
		*2025*	2024
Cash flows used in investing activities		*103,321*	97,634
Change in prepaid capital		*(431*)	(4,653)
Change in non-cash working capital relating to investing activities		*(761*)	20,781
Total capital expenditures		*102,129*	113,762

Net Debt
“Net debt” is a non-GAAP financial measure that is the sum of long-term debt and working capital excluding the current financial derivative instruments, current portion of lease obligations and current portion of decommissioning provision. It is used by management to analyze the financial position and leverage of the Company. Net debt is reconciled to long-term debt which is the most directly comparable GAAP measure.

($000)	*March 31, 2025*	December 31, 2024	March 31, 2024
Long-term debt	*1,171,497*	1,295,238	1,296,844
Current assets	*(269,336*)	(394,517)	(403,467)
Current liabilities	*361,267*	269,609	260,380
Financial derivative instruments – current	*29,913*	188,136	194,917
Current portion of lease obligation	*(950*)	(936)	(1,322)
Decommissioning provision – current	*(9,500*)	(8,956)	(7,794)
Net debt	*1,282,891*	1,348,574	1,339,558

Net marketing revenue
Peyto uses the term “net marketing revenue” to evaluate the profitability of products purchased from third parties that are resold. Net marketing revenue is calculated as marketing revenue less marketing purchases.

	*Three Months Ended March 31*
($000)	*2025*	2024
Marketing revenue	*8,342*	25,851
Marketing purchases	*(7,283*)	(26,238)
Net marketing revenue	*1,059*	(387)

Non-GAAP Financial Ratios

Funds from Operations per Share
Peyto presents funds from operations per share by dividing funds from operations by the Company’s diluted or basic weighted average common shares outstanding. “Funds from operations” is a non-GAAP financial measure. Management believes that funds from operations per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder’s equity position.

Netback per MCFE and BOE
“Netback” is a non-GAAP measure that represents the profit margin associated with the production and sale of petroleum and natural gas. Peyto computes “field netback per Mcfe” as commodity sales from production, plus net marketing revenue, if any, plus other income, less royalties, operating, and transportation expenses, divided by production. “Cash netback” is calculated as “field netback” less interest, less general and administration expense and plus or minus realized gain on foreign exchange, divided by production. “After-tax cash netback” is calculated as “cash netback” less current tax, divided by production. Netbacks are per-unit-of-production measures used to assess Peyto’s performance and efficiency.

	*Three Months Ended March 31*
($/Mcfe)	*2025*	2024
Gross sale price	*4.20*	3.50
Realized hedging gain	*0.70*	1.37
Net sale price	*4.90*	4.87
Net marketing revenue	*0.02*	(0.01)
Other income	*0.03*	0.05
Royalties	*(0.25*)	(0.24)
Operating costs	*(0.53*)	(0.55)
Transportation	*(0.29*)	(0.30)
Field netback	*3.88*	3.82
Net general and administrative	*(0.06*)	(0.06)
Interest and financing	*(0.29*)	(0.36)
Realized gain on foreign exchange	–	0.01
Cash netback ($/Mcfe)	*3.53*	3.41
Current tax ($/Mcfe)	*(0.41*)	(0.42)
After-tax cash netback ($/Mcfe)	*3.12*	2.99
After-tax cash netback ($/boe)	*18.69*	17.99

Net marketing revenue per Mcfe
“Net marketing revenue per Mcfe” is comprised of marketing revenue less marketing purchases, as determined in accordance with IFRS, divided by the Company’s total production.

Total Payout Ratio
“Total payout ratio” is a non-GAAP measure which is calculated as the sum of dividends declared plus total capital expenditures plus decommissioning expenditures, divided by funds from operations. This ratio represents the percentage of the capital expenditures and dividends that is funded by cashflow. Management uses this measure, among others, to assess the sustainability of Peyto’s dividend and capital program.

	*Three Months Ended March 31*
($000, except total payout ratio)	*2025*	2024
Total dividends declared	*65,676*	64,158
Total capital expenditures	*102,129*	113,762
Decommissioning expenditures	*2,872*	4,206
Total payout	*170,677*	182,126
Funds from operations	*225,218*	204,622
Total payout ratio (%)	76%	89%

Operating Margin
Operating Margin is a non-GAAP financial ratio defined as funds from operations, before current tax, divided by revenue before royalties but including realized hedging gains/losses other income and third-party sales net of purchases.

Profit Margin
Profit Margin is a non-GAAP financial ratio defined as net earnings divided by revenue before royalties but including realized hedging gains/losses, other income and third-party sales net of purchases.

Cash Costs
Cash costs is a non-GAAP financial ratio defined as the sum of royalties, operating expenses, transportation expenses, G&A and interest, on a per Mcfe basis. Peyto uses total cash costs to assess operating margin and profit margin.

The MIL Network –

May 14, 2025

MIL-OSI: Freehold Royalties Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2025.

First Quarter 2025 Highlights

$91 million in revenue;
$68 million in funds from operations ($0.42/share) ⁽¹⁾⁽³⁾;
$44 million in dividends paid ($0.27/share)⁽²⁾;
10,635 bbls/d of total liquids production, an 8% increase from previous quarter driven by continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
16,248 boe/d of total production, a 6% increase from previous quarter with a 65% weighting to oil and natural gas liquids (NGLs), an increase from 63% in Q1-2024;
Gross drilling of 322 wells, up 12% from Q4-2024;
Robust leasing with 25 new leases signed (14 in Canada; 11 in the U.S.) contributing $3.9 million in revenue with the U.S. contributing a record $3.3 million in lease bonus; and
$59.29/boe average realized price ($72.64/boe in the U.S. and $49.26/boe in Canada);
- 47% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs to get product to market.

President’s Message

Freehold’s Q1-2025 production of 16,248 boe/d is at the highest levels in our corporate history, in step with the high quality acquisition work completed in late 2024. The deliberate and strategic build out of our North American royalty portfolio has resulted in a balanced revenue base with Canada contributing 46% of revenue in Q1-2025 and the U.S. contributing 54%. On a volume basis the U.S. represented 43% of our production with premium pricing and higher liquids weighting driving an outsized revenue contribution. Our focus on acquiring mineral title interests in prospect rich basins has contributed to the record level of leasing this quarter in our core U.S. operating areas.

Freehold’s oil weighted portfolio, underpinned by premium operators in select basins across North America, delivered significant value to the Company and our shareholders with $68 million of funds from operations⁽³⁾ in the quarter, or $0.42/share. Included in our funds from operations was record leasing results with $3.9 million in revenue, including $3.3 million in U.S. leasing revenue. Notably, the majority of the U.S. leases signed in Q1-2025 are targeting the deeper Barnett formation of the Permian basin that is in the early stages of development.

Liquids production increased 8% over Q4-2024 and 15% compared to Q1-2024. The increase is largely attributed to the December 2024 Midland basin acquisition and continued growth in our heavy oil portfolio which grew 7% over Q4-2024 and is up 19% compared to Q1-2024. Our U.S. portfolio continues to be led by consistent drilling activity by some of the highest quality payors in North America who are executing on their multi-year growth plans.

We are maintaining our production guidance range of 15,800 boe/d to 17,000 boe/d for 2025E. The global macro environment has shifted since the end of the first quarter and how that may impact operator plans for the remainder of 2025 is unknown at this point. The industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years. Contributing to this is our positioning in the lowest break-even plays across North America under investment grade operators who take a long term, measured view to capital planning.

David M. Spyker, President and Chief Executive Officer

Dividend Announcement

The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on June 16, 2025, to shareholders of record on May 30, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Operating and Financial Highlights

	Three Months Ended
FINANCIAL ($ millions, except as noted)	Q1-2025		Q4-2024		Q1-2024
West Texas Intermediate (US$/bbl)	71.42		70.27		76.96
AECO 7A Monthly Index (Cdn$/Mcf)	2.02		1.46		2.07
Royalty and other revenue	91.1		76.9		74.3
Funds from operations ⁽³⁾	68.1		61.3		54.4
Funds from operations per share, basic ($) ⁽¹⁾⁽³⁾	0.42		0.40		0.36
Dividends paid per share ($) ⁽²⁾	0.27		0.27		0.27
Dividend payout ratio (%) ⁽³⁾	65	%	66	%	75	%
Long-term debt	294.3		300.9		223.6
Net debt ⁽⁵⁾⁽⁶⁾	272.2		282.3		210.5
Net debt to trailing funds from operations (times) ⁽⁵⁾	1.1x		1.2x		0.9x
OPERATING
Total production (boe/d) ⁽⁴⁾	16,248		15,306		14,714
Canadian production (boe/d)⁽⁴⁾	9,278		9,437		9,593
U.S. production (boe/d)⁽⁴⁾	6,970		5,869		5,121
Oil and NGL (%)	65	%	65	%	63	%
Petroleum and natural gas realized price ($/boe) ⁽⁴⁾	59.29		53.80		54.81
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.00		5.93		7.19
Netback ($/boe) ^{(3) (4)}	53.01		47.25		46.62
ROYALTY INTEREST DRILLING (gross / net)
Canada	92 / 3.9		110 / 3.6		132 / 5.9
U.S.	230 / 0.8		178 / 0.6		168 / 0.5

(1) Calculated based on the basic weighted average number of shares outstanding during the period
(2) Based on the number of shares issued and outstanding at each record date
(3) See Non-GAAP and Other Financial Measures
(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
(5) Net debt and net debt to trailing funds from operations are capital management measures

First Quarter Summary

Average production of 16,248 boe/d, an increase of 10% over the first quarter of 2024 with year-over-year liquids growth of 15% to 10,635 bbls/d:
- Light and medium oil was up 13% over Q1-2024 to 6,880 bbls/d, largely due to the high quality, oil weighted U.S. acquisitions completed in 2024; and
- Heavy oil was up 19% over Q1-2024 to 1,552 bbls/d as Mannville Stack and Clearwater production on Freehold’s lands hit record highs in the first quarter.

Royalty and other revenue totalled $91.1 million, up 18% over the prior quarter and 23% year-over-year. Other revenue included $3.9 million in lease bonus consideration and lease rental revenue, a quarterly record for Freehold.
Freehold’s corporate realized price was $59.29/boe, an increase of 9% compared to Q4-2024 and 8% from Q1-2024 due to higher commodity prices and higher weighting to liquids production.
Funds from operations totalled $68.1 million ($0.42 per share)⁽¹⁾.
Freehold closed $13.8 million of land purchases in the first quarter, including $11 million of high quality undeveloped mineral title lands in our core Midland and Delaware basin properties.
Dividends declared for Q1-2025 of $44.3 million ($0.27 per share). Freehold’s dividend payout ratio⁽¹⁾ was 65% for Q1-2025. Freehold’s dividend remains sustainable at oil and natural gas prices well below current commodity price levels.
Net debt⁽¹⁾⁽²⁾ of $272.2 million at the end of Q1-2025 was reduced by $10.1 million compared to year end 2024, representing 1.1 times trailing funds from operations⁽²⁾ during the period. Freehold remains conservatively levered.

(1) See Non-GAAP and Other Financial Measures
(2) Net debt and net debt to trailing funds from operations are capital management measures

Q1-2025 Drilling and Leasing Activity

In total, 322 gross wells (4.7 net wells) were drilled on Freehold’s royalty lands in Q1-2025, a 12% increase (12% on a net basis) compared to the previous quarter. The increase in drilling reflects the expansion of the Company’s U.S. asset base and the positioning of our assets in areas across North America that continue to attract drilling capital.

On a gross basis, essentially all drilling was oil focused. Approximately 29% of gross wells drilled in Q1-2025 were in Canada and 71% targeted Freehold’s U.S. royalty acreage.

	Three Months Ended
	Q1-2025		Q4-2024		Q1-2024
	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾
Canada	92	3.9	110	3.6	132	5.9
United States	230	0.8	178	0.6	168	0.5
Total	322	4.7	288	4.2	300	6.4

^{(1) Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.}

Canada

Canadian net drilling was up over the previous quarter despite the decline on a gross basis as higher interest wells in the Viking and mineral title drilling in southeast Saskatchewan and the Mannville Stack made up a higher percentage. Q1-2025 drilling in Canada was led again by oil weighted plays including Viking (33 gross wells), southeast Saskatchewan (12 gross wells) and Mannville Stack (9 gross wells).

During Q1-2025, Freehold entered into 14 new leases with seven counterparties totalling approximately $0.6 million in bonus and lease rental revenue. The majority of the new leasing was focused in southeast Saskatchewan and the Mannville Stack.

U.S.

During Q1-2025, 230 gross (0.8 net) wells were drilled on our U.S. lands, up 29% on a gross basis and 33% on a net basis from previous quarter due to a larger footprint in the Midland basin following the December 2024 acquisition and increased activity in the Eagle Ford basin. Approximately 90% of Q1-2025 drilling was focused in the Permian basin and 10% in the Eagle Ford basin.

U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more valuable in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada.

In Q1-2025, Freehold entered into 11 new U.S. leases with four counterparties, totalling $3.3 million of bonus and lease rental revenue. Leasing activity was predominantly focused on Freehold’s mineral title interests in the Midland and Delaware basins with one lease in the Haynesville basin.

Normal Course Issuer Bid (NCIB) Application

The Company plans to implement an NCIB, pursuant to which Freehold would be permitted to acquire up to 10% of its issued and outstanding common shares that comprise the public float (less common shares held by directors, executive officers and principal securityholders (holders holding greater than 10% of the issued and outstanding Shares) of the Company), through the facilities, rules and regulations of the TSX.

The NCIB will be subject to receipt of certain approvals, including acceptance of the notice of intention to commence an NCIB by the TSX. The NCIB will commence following receipt of all such approvals and will continue until the earlier of: (i) a period of up to one-year; or (ii) the date on which the Company has acquired all common shares sought pursuant to the NCIB. Further particulars of the NCIB will be described in a subsequent press release when approved by the TSX.

Freehold believes establishing a NCIB as part of its capital management strategy is in the best interests of the Company and provides an opportunity to deliver value to shareholders. Decisions regarding utilizing the NCIB will be based on market conditions, share price, best use of funds from operations and other factors including debt repayment and options to expand our portfolio of royalty assets.

Annual Meeting of Shareholders

Freehold’s annual meeting of shareholders (the AGM) will be conducted in person and via live audio webcast at 3:00 PM (MDT) on Wednesday May 14, 2025 at the Calgary Petroleum Club. Further details are available on our website at https://freeholdroyalties.com/investors/events-and-presentations.

Conference Call Details

A webcast to discuss financial and operational results for the period ended March 31, 2025, will be held for the investment community on Wednesday May 14, 2025, beginning at 7:00 AM MT (9:00 AM ET).

A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6y39yhx4.

A dial-in option is also available and can be accessed by dialing 1-800-952-5114 (toll-free in North America) participant passcode is 5153824#.

For further information contact

Freehold Royalties Ltd.
Todd McBride, CPA, CMA
Investor Relations
t. 403.221.0833
e. tmcbride@freeholdroyalties.com

Nick Thomson, CFA
Investor Relations & Capital Markets
t. 403.221.0874
e. nthomson@freeholdroyalties.com

Select Quarterly Information
	2025		2024									2023
Financial ($millions, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4			Q3		Q2
Royalty and other revenue	91.1		76.9		73.9		84.5		74.3		80.1			84.2		73.7
Net Income (loss)	37.3		51.1		25.0		39.3		34.0		34.3			42.3		24.3
Per share, basic ($) ⁽¹⁾	0.23		0.33		0.17		0.26		0.23		0.23			0.28		0.16
Cash flows from operations	62.9		59.1		64.1		47.6		52.5		70.7			53.7		49.9
Funds from operations	68.1		61.3		55.7		59.6		54.4		62.8			65.3		53.0
Per share, basic ($) ⁽¹⁾⁽³⁾	0.42		0.40		0.37		0.40		0.36		0.42			0.43		0.35
Acquisitions & related expenditures	13.9		277.0		1.8		11.5		121.5		2.1			1.2		3.2
Dividends paid	44.3		40.7		40.7		40.7		40.7		40.7			40.7		40.7
Per share ($) ⁽²⁾	0.27		0.27		0.27		0.27		0.27		0.27			0.27		0.27
Dividends declared	44.3		41.9		40.7		40.7		40.7		40.7			40.7		40.7
Per share ($) ⁽²⁾	0.27		0.27		0.27		0.27		0.27		0.27			0.27		0.27
Dividend payout ratio (%) ⁽³⁾	65	%	66	%	73	%	68	%	75	%	65		%	62	%	77	%
Long-term debt	294.3		300.9		205.8		228.0		223.6		123.0			141.2		152.0
Net debt ⁽⁵⁾	272.2		282.3		187.1		199.1		210.5		100.9			113.4		136.9
Shares outstanding, period end (000s)	164.0		164.0		150.7		150.7		150.7		150.7			150.7		150.7
Average shares outstanding, basic (000s) ⁽⁶⁾	164.0		153.4		150.7		150.7		150.7		150.7			150.7		150.7
Operating
Light and medium oil (bbl/d)	6,880		6,296		6,080		6,551		6,094		6,308			6,325		6,093
Heavy oil (bbl/d)	1,552		1,516		1,315		1,348		1,300		1,182			1,127		1,167
NGL (bbl/d)	2,203		2,066		1,972		1,902		1,884		1,878			1,678		1,845
Total liquids (bbl/d)	10,635		9,878		9,367		9,801		9,278		9,368			9,130		9,105
Natural gas (Mcf/d)	33,678		32,564		31,447		32,524		32,617		32,968			32,851		33,372
Total production (boe/d) ⁽⁴⁾	16,248		15,306		14,608		15,221		14,714		14,863			14,605		14,667
Oil and NGL (%)	65	%	65	%	64	%	64	%	63	%	63		%	63	%	62	%
Petroleum & natural gas realized price ($/boe) ⁽⁴⁾	59.29		53.80		54.36		59.74		54.81		57.94			61.55		54.05
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.00		5.93		5.42		9.80		7.19		4.73			5.10		7.19
Netback ($/boe) ⁽³⁾⁽⁴⁾	53.01		47.25		47.78		49.44		46.62		52.59			55.63		46.07
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	71.42		70.27		75.09		80.57		76.96		78.32			82.26		73.78
Exchange rate (Cdn$/US$)	1.43		1.40		1.37		1.37		1.35		1.36			1.34		1.34
Edmonton Light Sweet crude oil (Cdn$/bbl)	95.32		94.90		97.85		105.29		92.14		99.69			107.89		94.97
Western Canadian Select crude oil (Cdn$/bbl)	84.30		80.75		83.95		91.63		77.77		76.96			93.05		78.76
Nymex natural gas (US$/Mcf)	3.79		2.86		2.24		1.96		2.33		2.98			2.64		2.17
AECO 7A Monthly Index (Cdn$/Mcf)	2.02		1.46		0.81		1.44		2.07		2.70			2.42		2.40

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) Based on the number of shares issued and outstanding at each record date}
^{(3) See Non-GAAP and Other Financial Measures}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)}
^{(6) Weighted average number of shares outstanding during the period, basic}

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of March 12, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

2025 production guidance;
our expectation regarding continued growth of our total liquid production through continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
our expectation that our U.S. portfolio will continue to be led by consistent drilling activity by the highest quality payors in North America who are executing on their multi-year growth plans;
our expectation that the industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years;
our expectation that while some growth directed capital may be pared down, there will not be a slow down in core activity on our lands;
our expectation Freehold’s dividend remains sustainable at oil and natural gas prices materially below current commodity price levels;
our expectation that the positioning of our assets in areas across North America will continue to attract drilling capital despite volatility in commodity prices;
our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada;
our expectations that we will apply for an commence a NCIB once approval is granted; and
other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Israeli-Hamas-Hezbollah and potentially the broader Middle-East region, and Russia-Ukraine wars and any associated sanctions as well as OPEC+ curtailments on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)
To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP and Other Financial Measures
Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended March 31, 2025.

Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and the Netback:

$/boe	Q1-2025		Q4-2024		Q1-2024
Royalty and other revenue		62.29		54.59		55.47
Production and ad valorem taxes		(2.28)		(1.41)		(1.66)
Net revenue	$60.01		$53.18		$53.81
Less:
General and administrative expense		(3.41)		(3.02)		(3.58)
Operating expense		(0.13)		(0.19)		(0.15)
Interest and financing cash expense		(3.31)		(2.67)		(2.79)
Management fee-cash settled		(0.05)		(0.05)		(0.06)
Cash payout on share-based compensation		(0.10)		–		(0.61)
Cash costs		(7.00)		(5.93)		(7.19)
Netback	$53.01		$47.25		$46.62

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.


($000s, except as noted)	Q1-2025		Q4-2024		Q1-2024
Dividends paid	$44,269		$40,687		$40,686
Funds from operations	$68,050		$61,332		$54,362
Dividend payout ratio (%)		65%		66%		75%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

The MIL Network –

May 14, 2025

MIL-OSI USA: Burlison and Grothman Announce Hearing on the Inflation Reduction Act’s Harm to American Energy and Medicine

Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

WASHINGTON—Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Eric Burlison (R-Mo.) and Subcommittee on Health Care and Financial Services Chairman Glenn Grothman (R-Wis.) announced a joint hearing on “Mandates, Meddling, and Mismanagement: The IRA’s Threat to Energy and Medicine.” This hearing will highlight how the Biden Administration used the Inflation Reduction Act (IRA) as a tool to raise taxes on businesses, increase environmental spending, and imperil Medicare premiums. The IRA politicized spending to fund the partisan “Green New Deal” and subsidized the “green” energy purchases of wealthy households while the Biden Administration overlooked waste, fraud, and abuse in funding streams to left-wing groups.

“The IRA has wasted billions of taxpayer funds to advance the Democrats’ radical climate agenda and restrict Medicare plan choices for Americans who need it most. The IRA’s energy subsidies and Medicare premium hikes could now cost American taxpayers trillions over the next 10 years unless Congress takes action to stop it. This hearing will expose wasteful spending under the IRA and investigate the ways Congress can protect taxpayer dollars from being spent on misguided, partisan priorities,” said the lawmakers.

WHAT: Hearing on “Mandates, Meddling, and Mismanagement: The IRA’s Threat to Energy and Medicine”

DATE: May 20, 2025

TIME: 10:00 a.m. ET

LOCATION: HVC-210, U.S. Capitol Visitor Center

WITNESSES:

Mr. Ben Lieberman, Senior Fellow, Competitive Enterprise Institute
Dr. Erin Trish, Ph.D., Co-Director, USC Schaeffer Center and Associate Professor, Department of Pharmaceutical and Health Economics, USC Mann School of Pharmacy
Dr. William McBride, Ph.D., Chief Economist and Stephen J. Entin Fellow in Economics, Tax Foundation

WATCH: The hearing will be livestreamed here.

###

MIL OSI USA News –

May 14, 2025

Markets decline over 1% on profit booking after record rally

Source: Government of India

Source: Government of India (4)

The Indian stock markets declined on Tuesday as investors opted to book profits following a sharp rally in the previous session. Concerns over the progress of US-China trade talks also contributed to the cautious sentiment, pulling down the benchmark indices after their best performance in over four years.

The BSE Sensex closed 1,281.68 points, or 1.5 per cent, lower at 81,148.22. The NSE Nifty also slipped, ending the day at 24,578.35, down 346.35 points or 1.39 per cent. The correction came a day after markets soared nearly 4 per cent on easing geopolitical tensions between India and Pakistan. Analysts noted that much of Monday’s gains were driven by short covering, leading to profit booking on Tuesday.

Despite the weakness in headline indices, broader market indices managed to hold firm. The BSE Midcap index edged up 0.17 per cent, while the BSE Smallcap index rose 0.99 per cent, suggesting some resilience in mid- and small-cap stocks.

Sectoral performance, however, was mixed. Major indices such as Nifty Auto, Financial Services, FMCG, and IT ended with losses of over 1 per cent. Other segments including Nifty Bank, Metal, Oil and Gas, Realty, and Consumer Durables also ended lower. In contrast, indices tracking PSU banks, media, pharma, and healthcare sectors posted gains, with the Nifty PSU Bank index rising as much as 1.66 per cent.

Among the Sensex constituents, Infosys was the top laggard, falling 3.57 per cent. Eternal, Power Grid, HCL Technologies and TCS also registered losses ranging between 2.88 per cent and 3.4 per cent. On the other hand, Sun Pharmaceutical, Adani Ports, Bajaj Finance, State Bank of India and Tech Mahindra closed with modest gains of up to 1 per cent.

Market volatility eased slightly, with the India VIX dipping 1.05 per cent to 18.20. Analysts noted that geopolitical uncertainties remained on investors’ radar, with the fragile ceasefire between India and Pakistan keeping participants cautious.

“Geopolitical tensions remained in focus as market participants monitored the fragile ceasefire between India and Pakistan, adding to the cautious sentiment,” said Sundar Kewat of Ashika Institutional Equity.

Ajit Mishra, SVP at Religare Broking Ltd, said the decline reflected a sense of caution despite stable global cues and easing regional tensions. “However, we expect the overall tone to remain positive, given the noticeable support in the 24,400–24,600 zone. The focus should remain on identifying key sectors and themes showing relative strength and using intermediate pauses to accumulate quality stocks,” he added.

— IANS

May 14, 2025

MIL-OSI: Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated

HIGHLIGHTS

Production in Uzbekistan for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024.
Uzbekistan natural gas and condensate sales for the first quarter of 2025 was $22.26 million, which is a 6% increase from sales of $20.93 million for the fourth quarter of 2024.
On May 6, 2025, the Company purchased a modular LNG facility (the “First Facility”) capable of producing 48,000 gallons (80 MT) of LNG per day with LNG production planned to commence in the second quarter of 2026.
On April 15, 2025, the Company secured its third natural gas allocation in Kazakhstan for LNG feed gas, a portion of which will be allocated to the First Facility.
On February 24, 2025, Condor was awarded a second critical minerals mining license in Kazakhstan for a 100% working interest in the exploration rights for mining solid minerals for a six-year term.
The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025 that will target multiple play types to further increase production rates.

MESSAGE FROM CONDOR’S CEO

Don Streu, President and CEO of Condor commented: ”We have continued to make significant progress in creating value from a diverse portfolio of first-mover energy initiatives which include our Uzbekistan producing gas fields, Kazakhstan modular LNG development and Kazakhstan critical minerals licenses.

In Uzbekistan, production and revenue growth of six percent quarter-on-quarter reflects the highly capital efficient and repeatable successes of applying Canadian technologies and learnings to increase natural gas production despite historical natural production declines that exceeded twenty percent annually. Production will be further increased by a vertical, horizontal and multi-lateral well drilling campaign that is scheduled to commence in the third quarter of 2025.

In Kazakhstan, the purchase of our first modular LNG facility will enable us to initiate Central Asia’s first LNG production by the second quarter of 2026. The three LNG feed gas allocations that Condor has secured thus far will allow us to fabricate and operate several additional LNG facilities to ensure sustainable cash flow growth. These facilities are critical to supporting the fuel needs of Kazakhstan’s rapidly expanding transportation networks.

Also in Kazakhstan, Condor has now been awarded two critical minerals licenses which grant us subsurface exploration rights for solid minerals, including lithium and copper, and these concessions are located in very close proximity to some of the world’s largest mining companies that are actively exploring in the region.

Condor has truly assembled a diverse portfolio with a strong foundation for cashflow growth that we are now actively developing to realize material value”.

Production in Uzbekistan

The Company operates under a production enhancement services contract with JSC Uzbekneftegaz in Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the “PEC Project”). Production for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024. Since assuming operations in March 2024, the Company has flattened the natural production decline rates, which previously exceeded twenty percent annually.

The Company’s multi-well workover campaign continued during the first quarter of 2025 within the eight gas fields. The highly capital efficient workover activities include perforating newly identified pay intervals, installing proven artificial lift equipment, performing downhole stimulation treatments, and installing new production tubing. Three recent workovers generated a combined production increase of 1,950 boe/d, based upon initial seven-day production rates.

The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in the third quarter of 2025 that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. Wells are planned to be completed with modern stimulation techniques to further increase production rates.

In the fourth quarter of 2024, the Company commissioned Uzbekistan’s first in-field flowline water separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This reduces pipeline flow pressure that can lead to higher reservoir flow rates. Three additional separation units have since been installed and are being commissioned. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks.

LNG in Kazakhstan

Condor is constructing Kazakhstan’s first LNG facilities to produce, distribute, and sell LNG to offset industrial diesel usage in the country. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other countries.

In May 2025, the Company purchased a modular LNG facility (the “First Facility”) for its Saryozek plant site, capable of producing 48,000 gallons (80 MT) of LNG per day. The purchase price of USD $6.5 million (CAD $9.3 million) is due as to USD $1.6 million (CAD $2.3 million) within ten business days and the remaining payments are due in a combination of time and milestone-based instalments until the First Facility is commissioned. Construction of the First Facility is ongoing, and fabrication works are expected to be completed in the fourth quarter of 2025. The First Facility and supporting equipment will then be shipped to Saryozek, Kazakhstan for assembly and commissioning with LNG production expected in the second quarter of 2026. The estimated additional cost to complete the First Facility construction and commissioning is USD $18.6 million (CAD $26.7 million). The Company is finalizing LNG off-taker agreements and advancing several financing solutions for the First Facility.

In April 2025, the Company secured its third natural gas allocation that will provide LNG feed gas for the First Facility. Two additional 48,000 gallon modular LNG facilities are planned to be constructed at the First Facility site to fully utilize the third natural gas allocation.

Concurrently, engineering design continues for additional modular LNG facilities that will utilize the two other existing natural gas allocations for the Alga and Kuryk sites. The final investment decision for the first Alga site LNG facility is planned for the fourth quarter of 2025 with Alga LNG production of 100,000 gallons (168 MT) of LNG per day planned to commence in the second quarter of 2027. Timing for the first Kuryk site LNG facility, which is targeting 125,000 gallons (210 MT) of LNG per day, is being evaluated. Based on the Company’s three feed gas allocations, the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO₂ emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually.

Condor’s modular LNG facilities will be instrumental to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route (“TITR”) expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and Kazakhstan’s national railroad are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.

Critical Minerals Licenses in Kazakhstan

The Company holds a 100% working interest in two contiguous critical minerals mining licenses which provide subsurface exploration rights for solid minerals, including lithium and copper, for respective six-year terms. The 37,300- hectare Sayakbay license was awarded in July 2023 and the nearby 6,800-hectare Kolkuduk license was awarded in February 2025.

A prior well drilled in the Kolkuduk license territory for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1,000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. At Sayakbay, a prior legacy well drilled for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Other critical minerals identified at the Kolkuduk and Sayakbay licenses include rubidium, strontium and cesium.

The Company is not treating these historical estimates as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in either area being delineated as a mineral resource or reserve. The historical lithium concentration estimates should not be relied upon as indicative of the actual lithium concentration or the likelihood that the Company will be able to achieve similar production results.

The initial development plan for Sayakbay includes drilling and testing two wells to verify deliverability rates, confirming the lateral extension and concentrations of lithium in the tested and untested intervals, conducting preliminary engineering for the production facilities, and preparing a mineral resource or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The initial development plan for the Kolkuduk license acquired in February 2025 has yet to be determined.

RESULTS OF OPERATIONS

Production – Uzbekistan
Total Production	Three months ended March 31, 2025		One month ended March 31, 2024*	Change Volume
Natural gas (Mcf)	5,842,516		2,027,905	3,814,611
Natural gas (boe)	973,753		337,984	635,769
Condensate (barrels)	32,443		8,190	24,253
Total (boe)	1,006,196		346,174	660,022


Per Unit Production	Three months ended March 31, 2025	One month ended March 31, 2024*		Change %
Natural gas (Mcf/d)	64,917	65,416		(0.8	%)
Natural gas (boe/d)	10,819	10,903		(0.8	%)
Condensate (bopd)	360	264		36.4	%
Total (boe/d)	11,179	11,167		0.1	%

^{* Production commenced on March 1, 2024. Production volumes and per unit calculations stated in Mcf/d, boe/d and bopd for 2024 are for 31 days.}

Operating Netback for Uzbekistan

Operating netback for Natural Gas ¹^,2	Natural Gas
Operating netback for Natural Gas ¹^,2	Q1 2025		Q1 2024
Sales ($000’s)	19,982		6,566
Royalties ($000’s)	(3,661	)	(1,203	)
Production costs ($000’s)	(8,692	)	(2,288	)
Transportation and selling ($000’s)	(690	)	(228	)
Operating netback ($000’s)¹^,2	6,939		2,847

Sales volume (Mcf)	5,462,313		1,888,789

Sales ($/Mcf)	3.66		3.48
Royalties ($/Mcf)	(0.67	)	(0.64	)
Production costs ($/Mcf)	(1.59	)	(1.21	)
Transportation and selling ($/Mcf)	(0.13	)	(0.12	)
Operating netback ($/Mcf)¹^,2	1.27		1.51

Operating netback for Condensate ¹^,2	Condensate
Operating netback for Condensate ¹^,2	Q1 2025		Q1 2024
Sales ($000’s)	2,280		646
Royalties ($000’s)	(451	)	(128	)
Production costs ($000’s)	(215	)	(37	)
Transportation and selling ($000’s)	(12	)	(3	)
Operating netback ($000’s)¹^,2	1,602		478

Sales volume (bbl)	32,317		8,187

Sales ($/bbl)	70.57		78.91
Royalties ($/bbl)	(13.96	)	(15.63	)
Production costs ($/bbl)	(6.65	)	(4.52	)
Transportation and selling ($/bbl)	(0.39	)	(0.37	)
Operating netback ($/bbl)¹^,2	49.57		58.39

¹^{Operating netback is a non-GAAP measure and is a term with no standardized meaning as prescribed by GAAP and may}^not^{be comparable with similar measures presented by other issuers. See “Non-GAAP Financial Measures” in this}^{news release}^{. The}^{calculation of operating netback is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook.}
²^{Amounts and per unit measures are only presented for the Uzbekistan segment.}

NON-GAAP FINANCIAL MEASURES

The Company refers to “operating netback” in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Operating netback is calculated as sales less royalties, production costs and transportation and selling on a dollar basis and divided by the sales volume for the period on a per Mcf basis for natural gas and per boe basis for condensate. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operating performance against prior periods on a comparable basis and has been presented to provide an additional measure to analyze the Company’s sales on a per unit basis and the Company’s ability to generate funds.

BARRELS OF OIL EQUIVALENT ADVISORY

References herein to barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mcf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given 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 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “expect”, “plan”, “estimate”, “may”, “will”, “should”, “could”, “would”, “ongoing”, “project”, “expect”, “intend”, “seek”, “future”, “forecast”, “continue”, or other similar wording. Forward-looking information in this MD&A includes, but is not limited to, information concerning: the timing and ability to execute the Company’s growth and sustainability strategies including the financing for these growth and sustainability strategies; the timing and ability of the Company to finalize a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025; the timing and ability of the Company to complete a multi-well drilling program in Uzbekistan with modern stimulation techniques and further increase production rates; the timing and ability to approve the final investment decision for the first Alga LNG facility during the fourth quarter of 2025; the Company’s expectation that Alga LNG production will commence in the second quarter of 2027; the Company’s expectation that the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually; the timing and ability of the Company to operate and increase production and overall recovery rates at eight gas fields in Uzbekistan; the timing and ability to deliver repeatable, capital efficient production gains from future workovers; the timing and ability of the Company to increase the number of in-field flowline water separation systems; the timing and ability to realize multiple revenue streams that remain robust across varying economic conditions and geo-political priorities; the timing and ability to increase production by implementing artificial lift, workover and drilling programs; the timing and ability to reprocess 3-D seismic data and conduct a 3-D seismic program; the timing and ability for the 3D seismic data to provide higher resolutions, more accurately characterize the reservoirs and identify new targets; the timing and ability of the Company to evaluate existing pipeline and facilities infrastructure for optimization of water handling, field compression and the in-field gathering network; the timing and ability to use the two natural gas allocations for the Alga and Kuryk sites as feed gas for the Company’s planned modular LNG production facilities; the timing and ability to liquefy natural gas to produce LNG; the timing and ability to conduct detailed engineering; the timing and ability to confirm LNG volume commitments with end-users; the Company’s expectations in respect of the future uses of LNG; the timing and ability to acquire, transport and construct modular LNG production facilities; the timing and ability to obtain funding and proceed with construction of modular LNG production facilities; the timing and ability of the Company to commission the First Facility during the second quarter of 2026; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to finalize LNG off-taker agreements for the First Facility; the timing and ability of the Company to construct two additional modular LNG facilities capable of producing 48,000 gallons (80 MT) of LNG per day at the First Facility site; the potential for the Sayakbay and Kolkuduk licenses to contain commercial deposits; the timing and ability of the Company to fund, permit and complete planned activities at Sayakbay including drilling two additional wells and conducting preliminary engineering for the production facilities; the timing and ability to optimize the planned method for direct lithium extraction; the timing and ability of the Company to generate a report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects; the timing and ability to commence exploration mining activities to evaluate the potential for commercial lithium brine deposits; projections and timing with respect to natural gas and condensate production; expected markets, prices and costs for future natural gas and condensate sales; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the timing and ability to access natural gas pipelines; the timing and ability to access domestic and export sales markets; anticipated capital expenditures; forecasted capital and operating budgets and cashflows; anticipated working capital; sources and availability of financing for potential budgeting shortfalls; the timing and ability to obtain future funding on favourable terms, if at all; the potential for additional contractual work commitments to be significant; the ability to satisfy and fund the contractual work commitments; projections relating to the adequacy of the Company’s provision for taxes; the expected reporting impacts of adopting amendments to IFRS accounting policies; and treatment under governmental regulatory regimes and tax laws.

This news release also includes forward-looking information regarding health risk management including, but not limited to: travel restrictions including shelter in place orders, curfews and lockdowns which may impact the timing and ability of Company personnel, suppliers and contractors to travel internationally, travel domestically and to access or deliver services, goods and equipment to the fields of operation; the risk of shutting in or reducing production due to travel restrictions, Government orders, crew illness, and the availability of goods, works and essential services for the fields of operations; decreases in the demand for oil and gas; decreases in the prices of natural gas, condensate and crude oil; potential for gas pipeline or sales market interruptions; the risk of changes to foreign currency controls, availability of foreign currencies, availability of hard currency, and currency controls or banking restrictions which restrict or prevent the repatriation of funds from or to foreign jurisdiction in which the Company operates; the Company’s financial condition, results of operations and cash flows; access to capital and borrowings to fund operations and new business projects on terms acceptable to the Company; the timing and ability to meet financial and other reporting deadlines; and the inherent increased risk of information technology failures and cyber-attacks.

By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs, support services, and off-taker agreements in a timely manner; the engineering design and final investment decisions for additional LNG facilities will proceed as planned; the Government of Kazakhstan will continue to invest in infrastructure supporting the TITR expansion; additional drilling and testing will be successful in verifying deliverability rates and confirming mineral concentrations; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other arrangements; the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes; the timing of regulatory approvals; the risk that actual minimum work programs will exceed the initially estimated amounts; the results of exploration and development drilling and related activities; the risk that prior lithium testing results may not be indicative of future testing results or actual results; imprecision of reserves estimates and ultimate recovery of reserves; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; general economic, market and business conditions; industry capacity; uncertainty related to marketing and transportation; competitive action by other companies; fluctuations in oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility that government approvals may be delayed or withheld; changes in environmental and other regulations; risks associated with oil and gas operations, both domestic and international; international political events; and other factors, many of which are beyond the control of Condor.

These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent Annual Information Form, which may be accessed through the SEDAR+ website (www.sedarplus.ca).

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

ABBREVIATIONS

The following is a summary of abbreviations used in this news release:

3-D		Three dimensional
Mcf		Thousands of standard cubic feet
Mcf/d		Thousands of standard cubic feet per day
MMcf		Millions of standard cubic feet
bbl		Barrels of oil
bopd		Barrels of oil per day
boe		Barrels of oil equivalent
boe/d		Barrels of oil equivalent per day
MT		Metric tonnes
LNG		Liquefied Natural Gas
EV		Electric Vehicle
Kazakhstan		Republic of Kazakhstan
Uzbekistan		Republic of Uzbekistan

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

The MIL Network –

May 14, 2025

MIL-OSI USA: Hageman’s Expedited Appeals Review Act Passes the House of Representatives

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

Washington, D.C. – Today, Congresswoman Hageman’s Expedited Appeals Review Act (EARA) passed the House of Representatives. The bill will provide those individuals and businesses appealing before the Department of the Interior’s Board of Land Appeals (IBLA) the opportunity to file for an expedited review so they can quickly go to court in front of a neutral arbiter.

Under current law, challengers of an agency decision within the Department of Interior (DOI), must appeal to the IBLA, an administrative court that is also housed within the DOI itself. The use of administrative courts poses a variety of constitutional issues, including in relation to the separation of powers, as the agencies who adopt the regulations then pursue enforcement of them through their own in-house court system, such as the IBLA. This system tips the scale in favor of the agency who enjoy outsized success before their own courts, with the DOI winning 98% of the challenges that are filed before the IBLA and decided on the merits.

“After spending three decades practicing law and witnessing cases argued before agency-appointed judges on numerous occasions, and then being forced to wait as the IBLA delayed issuing a decision, it is fulfilling to see this bill to move forward,” Hageman stated. “The government works for the people, not the other way around. The EARA creates an alternative path for expedited review, allowing stakeholders to request an accelerated decision of their appeals within six months of the request. It gives parties the opportunity to expedite the process and pursue an impartial route in circumstances where the IBLA is failing to timely address matters under its review.”

House Natural Resource Committee Chairman Bruce Westerman (AR-04) said in support of the bill, “As of today, there are more than 650 backlogged appeals before the Interior Board of Land Appeals, some a decade old. Ms. Hageman’s bill will revive the process and ensure appellants get their day in court by requiring the board to issue final decisions in a timely manner. I thank her for her work on this bill.”

The Expedited Appeals Review Act ensures that if IBLA fails to make a decision within 18 months of the appeal being filed, the applicant can demand an expedited review. The IBLA then has six months to resolve the case. Failure to do so allows for the non-agency party to proceed to an Article III district court where they will be granted the opportunity to conduct discovery and develop the administrative record.

Background:

The IBLA is a regulatorily constructed, pseudo-judicial, administrative court within the Department of the Interior. It oversees appeals of agency actions, including those from the Bureau of Land Management, Bureau of Ocean Energy Management, Bureau of Safety and Environmental Enforcement, Office of Natural Resources Revenue, and Office of Surface Mining Reclamation and Enforcement.
The IBLA currently has a backlog of over 650 pending appeals dating back to 2014. The IBLA receives, on average, 290 appeals per fiscal year. Of those cases that are not resolved on jurisdictional or procedural grounds, only 2 percent are decided in favor of the appellant.
During an appeal, the agency establishes the administrative record. Frequently, the record is heavily redacted and purposefully excludes documents that favor the appellant. In fact, IBLA judges have explicitly found that the Department compiled administrative records in bad faith and in a biased manner.
As a member of the House Judiciary Committee, last year Rep. Hageman spearheaded an oversight hearing titled “Reining in the Administrative State: Agency Adjudication and Other Agency Action” which exposed the unconstitutionality of administrative courts. She has also introduced the Seventh Amendment Restoration Act to enact broader reforms for all administrative courts.
Prior to taking office as Wyoming’s lone congressional member, Harriet Hageman was an attorney defending individuals and entities against government agencies, winning cases against several of the agencies that are within the Department of Interior.

###

MIL OSI USA News –

May 14, 2025

MIL-OSI USA: Risch, Luján Introduce Legislation to Improve AI Testing and Evaluation Systems

US Senate News:

Source: United States Senator for Idaho James E Risch

WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and Ben Ray Luján (D-N.M.) introduced the Testing and Evaluation Systems for Trusted Artificial Intelligence (TEST) AI Act of 2025.

This legislation would improve the federal government’s ability to test and evaluate Artificial Intelligence (AI) systems to drive innovation, protect national security, and build trust in these technologies.

“While AI offers an opportunity to revolutionize American research and innovation, we must be cognizant of bad actors and potential threats to privacy and national security,” said Risch. “The Idaho National Laboratory is already a leader in AI, national security, and cybersecurity, and the TEST AI Act will use the National Labs’ capabilities to establish safeguards to prevent misuse of this growing technology.”

“AI has reached every sector in our country and driven innovation, but we cannot ignore the vulnerabilities and risks that come with it. While these systems have the power to change lives, they can also fall short – providing inaccurate or biased data – and are at risk of malicious attacks or misuse by our adversaries,” said Luján. “The TEST AI Actaddresses these shortcomings by creating government testbeds to better evaluate AI systems. This will help leverage the talent of our National Laboratories and strengthen the federal government’s ability to implement responsible guardrails that protect our national security and the American people.”

Risch and Luján were joined by U.S. Senators Marsha Blackburn (R-Tenn.), Dick Durbin (D-Ill.), and Peter Welch (D-V.T.) in introducing the TEST AI Act.

The TEST AI Act directs the National Institute for Standards and Technology (NIST) to collaborate with the Department of Energy (DOE) to establish a testbed pilot program to develop and refine standards for evaluating AI systems. By laying the groundwork for broader national evaluation standards through a transparent and collaborative approach, the TEST AI Act would ensure that AI systems used by federal agencies are trustworthy, secure, and objective.

The TEST AI Act would:

Codify collaboration between NIST and DOE to evaluate AI models;
Improve public-private partnerships through an AI Testing Working Group to develop standards for performance, reliability, security, privacy, and bias; and
Create a public strategy for testing and the construction of testbeds, and a report to Congress on the results and recommendations for future standards development.

Senators Risch, Luján, Blackburn, and Durbin co-lead the Senate National Labs Caucus, which identifies legislative opportunities to elevate the National Labs’ visibility and meet national energy and security objectives while solidifying U.S. leadership in critical scientific sectors. ?

MIL OSI USA News –

May 14, 2025

MIL-OSI Economics: STATEMENT: CanREA eager to work with new federal Cabinet to advance wind energy, solar energy and energy storage

Source: – Press Release/Statement:

Headline: STATEMENT: CanREA eager to work with new federal Cabinet to advance wind energy, solar energy and energy storage

CanREA ready to help Canada’s newly appointed Ministers deliver on key election promises that will advance clean-energy initiatives nationwide.

Ottawa, Ontario, May 13, 2025—The Canadian Renewable Energy Association (CanREA) congratulates Canada’s new federal Cabinet Ministers and Secretaries of State on their appointment to Cabinet. The Ministers were sworn in today by Her Excellency the Right Honourable Mary Simon, C.C., C.M.M., C.O.M, C.D., Governor General of Canada.

CanREA looks forward to supporting their delivery of an ambitious agenda for the clean-energy industry, helping Canada meet its economic and environmental goals.

Specifically, CanREA would like to congratulate:

The Hon. François-Philippe Champagne P.C. M.P., Minister of Finance and National Revenue
The Hon. Dominic LeBlanc P.C., M.P., President of the King’s Privy Council for Canada and Minister Responsible for Canada-U.S. Trade, Intergovernmental Affairs and One Canadian Economy
The Hon. Shafqat Ali P.C. M.P., President of the Treasury Board
The Hon. Tim Hodgson P.C. M.P., Minister of Energy and Natural Resources
The Hon. Julie Dabrusin P.C. M.P., Minister of Environment and Climate Change
The Hon. Mélanie Joly, P.C., M.P., Minister of Industry
The Hon. Rebecca Ally P.C., M.P. Minister of Crown-Indigenous Relations
The Hon. Mandy Gull-Masty P.C., M.P., Minister of Indigenous Services

“Over the past number of years, the CanREA team has developed a strong working relationship with the federal government,” said Vittoria Bellissimo, CanREA’s President and CEO. “My team and I are committed to advancing wind, solar and energy storage and we will work closely with Canada’s newly appointed ministers to shape and support federal policies that will be essential to our industry as we plan, finance and build clean-energy projects that benefit Canadians.”

During the recent election campaign, the Liberal Party committed to a suite of proposals that support the rapid deployment of clean energy, as described in this recent CanREA statement. These policies include:

Finalizing the Clean Economy Investment Tax Credits (ITCs), policies that have already galvanized private sector investment in Canada’s renewable energy and energy storage industry. Getting the remaining ITCs passed into law, particularly the Clean Electricity ITC, will secure Canada’s position as a competitive and safe place for the private sector to invest. These will also help lower the cost of electricity to Canadian ratepayers.
Reducing the barriers to accessing capital faced by Indigenous companies and communities, by expanding the kinds of projects the Canada Infrastructure Bank can support to be more in line with First Nation, Inuit and Métis priorities. The Liberals also committed to exploring options for an Indigenous Infrastructure Bank to further address this gap.
Offering support for Canadians entering the trades, while also helping to reduce barriers that these skilled workers face when working in another province.
Creating a new First and Last Mile Fund that will move more electricity and goods from where they are produced to where they are needed, creating a more integrated and accessible Canadian economy.
Signing new Cooperation and Substitution Agreements with all willing provinces, territories and Indigenous Governing Bodies within six months, ensuring that projects go through only one review that upholds environmental standards and Indigenous consultation.
Cementing the signal for electrification by maintaining the industrial carbon price. During his leadership campaign, Mr. Carney even promised to set a pricing schedule out to 2035—this would be a strong signal upon which Canada’s renewable energy and energy storage industry could rely.

Across the country, more than 18,000 MW of clean-energy procurements, representing more than $34 B, are being planned or currently taking place, all of which will benefit from these federal policies.

“The federal ITCs, along with increased Indigenous access to capital and new interprovincial interconnections, will allow Canada to maintain its competitive edge in the global race for renewable energy and energy storage investment,” said Fernando Melo, CanREA’s Federal Director of Policy and Government Affairs.

“Putting these in place will be no small feat, but CanREA is committed to collaborating with the federal government to get these groundbreaking policies across the finish line.”

Quotes

“Over the past number of years, the CanREA team has developed a strong working relationship with the federal government. My team and I are committed to advancing wind, solar and energy storage and we will work closely with Canada’s newly appointed ministers to shape and support federal policies that will be essential to our industry as we plan, finance and build clean-energy projects that benefit Canadians.”
—Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)

“The federal ITCs, along with increased Indigenous access to capital and new interprovincial interconnections, will allow Canada to maintain its competitive edge in the global race for renewable energy and energy storage investment. Putting these in place will be no small feat, but CanREA is committed to collaborating with the federal government to get these groundbreaking policies across the finish line.”
—Fernando Melo, Federal Director, Canadian Renewable Energy Association (CanREA)

For interview opportunities, please contact:

Bridget Wayland, Senior Director of Communications Canadian Renewable Energy Association communications@renewablesassociation.ca

About CanREA

The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca.

The post STATEMENT: CanREA eager to work with new federal Cabinet to advance wind energy, solar energy and energy storage appeared first on Canadian Renewable Energy Association.

MIL OSI Economics –

May 14, 2025

MIL-OSI USA: Rep. Peters Urges Fiscal Responsibility and Against Healthcare Cuts in Republican Tax Plan Committee Consideration

Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

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Washington D.C. – Today, at an Energy & Commerce Committee meeting on the Republican tax plan, Representative Scott Peters (CA-50) urged his colleagues to not go through with their extreme cuts to Medicaid and the Affordable Care Act to pay for tax cuts to wealthy individuals and corporations that do not need them. The Republican plan, which will not reduce the federal debt or deficit, would kick 13.7 million people off of their health insurance according to a new analysis by the non-partisan Congressional Budget Office.

During his remarks, Rep. Peters also shared the story of his constituent, Jesus Acosta, who is an in-home care provider for his mother who was disabled after being hit by a car. Without Medicaid funding, Jesus would no longer be able to provide this care and pay the bills that keep their family together in their home.

Rep. Peters began his remarks by stating, “This Committee has no jurisdiction over taxes, but let’s be honest with the American people. Taxes are the real reason we’re here. Over in the Ways & Means Committee, they are marking up what will be one of the most expensive tax bills in history. When Republicans originally passed the 2017 Tax Cuts and Jobs Act, they designed many of the individual and some business tax provisions to expire this year. That’s because even back then, Republicans knew making the tax cuts permanent would cost the United States trillions in revenue we desperately need to pay our expenses. Making those tax cuts permanent now is no less costly.

He continued, “The bill before us will decimate Medicaid, which provides health insurance to nearly 72 million people nationwide. In every congressional district across the country, Medicaid supports health care for children, Americans with disabilities, and working people who are already struggling to keep up. Cutting health coverage for our most vulnerable neighbors will not make America healthier, it will make us sicker.”

And he concluded, “Don’t buy their fiscal responsibility act. Republicans are proposing these painful cuts to programs that help everyday Americans not to lower our debt but just so President Trump can follow through on his campaign promise to give his donors, who he himself said were already “rich as hell,” even more money in tax cuts. When the government borrows more, inflation goes up and working people suffer at the grocery store, gas pump, and when they pay for utilities. Higher federal borrowing drives up interest rates and makes it harder for people to buy a home, start a business, or pay down credit cards. All this now in addition to depriving so many Americans of basic health care.”

CA-50 Medicaid Facts:

156,100 people in the district rely on Medicaid for health coverage—that’s 20 percent of all district residents.

34,700 children in the district are covered by Medicaid.
17,700 seniors in the district are covered by Medicaid.
64,900 adults in the district have Medicaid coverage through Medicaid expansion—that includes pregnant women who are able to access prenatal care sooner because of Medicaid expansion, parents, caretakers, veterans, people with substance use disorder and mental health treatment needs, and people with chronic conditions and disabilities.

At least five hospitals in the district had negative operating margins in 2022. These hospitals would be especially hard-hit by cuts to Medicaid. For example:

Scripps Mercy Hospital had a negative 25.3 percent operating margin—and nearly 22 percent of its revenue came from Medicaid.
Sharp Coronado Hospital had a negative 3.5 percent operating margin—and over 36 percent of its revenue came from Medicaid.
University of California San Diego Medical Center had a negative 2.4 percent operating margin—and nearly 19 percent of its revenue came from Medicaid.

There are 54 health center delivery sites in the district that serve 529,944 patients.
Those health centers and patients rely on Medicaid—statewide, 69 percent of health center patients rely on Medicaid for coverage.
Health centers will not be able to stay open and provide the same care that they do today, with more uninsured and underinsured patients. They are already operating on thin margins—in 2023, nationally, nearly half of health centers had negative operating margins.
Medicaid cuts put health centers at risk, including:

Family Health Centers of San Diego
Neighborhood Healthcare
North County Health Project
San Diego American Indian Health Centers
St. Vincent De Paul Village

Jesus’s Story:

Jesus Acosta is a home care provider and member of United Domestic Workers, UDW/AFSCME, in San Diego. Jesus became a care provider after his mother was tragically hit by a car, leaving her disabled. She was a single mother who worked hard to provide for Jesus and his siblings. After her accident, Jesus felt it was his responsibility to care for the woman who always cared for him — and he’s proud to do it.

Jesus became his mother’s full time care provider in 2016. The responsibilities that come with her care — medication management, feeding her, bathing her, taking her to doctor’s appointments, helping her with her physical therapy and to live a fulfilling life with her family — has made it difficult for Jesus to maintain full-time employment. But he is able to take care of himself and pay the bills for his family thanks to Medicaid. The program also pays for his mother’s wheelchair and doctors’ visits. Without Medicaid funding, Jesus and his family would likely have to move out of their home and they would be separated

Rep. Peters’ Full Remarks as Prepared for Delivery:

Jesus is one of my constituents from San Diego. His mother was tragically hit by a car, leaving her disabled.

Jesus became his mother’s full time care provider in 2016. He manages her medications, feeds her, bathes her, takes her to doctor appointments, and helps with her physical therapy.

If these Medicaid cuts take effect, this work – this very had work — will not meet the so-called work requirements Republicans want to impose. Jesus and his family would likely have to move out of their home and live separated, and they will lose their health care.

Mr. Chairman, this Committee has no jurisdiction over taxes, but let’s be honest with the American people. Taxes are the real reason we’re here.

Over in the Ways & Means Committee, they are marking up what will be one of the most expensive tax bills in history.

When Republicans originally passed the 2017 Tax Cuts and Jobs Act, they designed many of the individual and some business tax provisions to expire this year.

That’s because even back then, Republicans knew making the tax cuts permanent would cost the United States trillions in revenue we desperately need to pay our expenses. Making those tax cuts permanent now is no less costly.

Yet, that’s what we are being asked to do today. The Budget Committee instructed the Ways and Means Committee to cut taxes by $4.5 trillion and has asked our committee to come up with $880 billion in cuts to make up the shortfall. That’s it. That’s what this is about.

To do that, the bill before us will decimate Medicaid, which provides health insurance to nearly 72 million people nationwide.

In every congressional district across the country, Medicaid supports health care for children, Americans with disabilities, and working people who are already struggling to keep up.

Cutting health coverage for our most vulnerable neighbors will not make America healthier, it will make us sicker.

At home I hear from people concerned about national debt and deficits and they say to me, “hey Scott we have to make cuts to address the deficit.” But that is not what is happening here. Because Republicans will continue to run $2 trillion annual budget deficits and we will see the national debt grow from 36 to 38 to 40 to 42 trillion. And they will vote for a $5 trillion increase in the debt limit to make this borrowing possible, even though many of them swore a blood oath that they’d never vote to increase the debt. They will enact a budget that according to the Committee for a Responsible Federal Budget will increase the federal debt by $37 trillion over 30 years.

Don’t buy their fiscal responsibility act. Republicans are proposing these painful cuts to programs that help everyday Americans not to lower our debt but just so President Trump can follow through on his campaign promise to give his donors, who he himself said were already “rich as hell,” even more money in tax cuts.

When the government borrows more, inflation goes up and working people suffer at the grocery store, gas pump, and when they pay for utilities. Higher federal borrowing drives up interest rates and makes it harder for people to buy a home, start a business, or pay down credit cards. All this now in addition to depriving so many Americans of basic health care.

I urge my colleagues to vote no.

Thank you, I yield back.

###

MIL OSI USA News –

May 14, 2025

MIL-OSI Europe: Answer to a written question – State of the automotive industry in Europe – E-002579/2024(ASW)

Source: European Parliament

The Commission undertook a thorough analysis of the economic, social and environmental impacts before proposing amendments to the CO₂ emission standards for cars and vans in 2021[1] and considered the developments in other regions of the world, including China. The Commission continues to monitor the progress towards zero-emission road mobility and it will submit its first biennial report by the end of 2025.

On 5 March 2025, the Commission put forward an Action Plan for the European automotive sector[2], which builds on a Strategic Dialogue launched by the President of the Commission[3]. The action plan includes a package of measures to further support the EU battery industry, including financing under the Innovation Fund, looking into direct production support to companies producing batteries and non-price criteria for components such as resilience requirements. This complements the existing public support, which has been essential to the development of the EU battery industry, including the two battery-related Important Projects of Common European Interest[4], alongside the support provided by Member States through the Temporary Crisis and Transition Framework[5].

During his hearing, the Commissioner for Energy and Housing highlighted the role of nuclear energy in supporting decarbonisation and competitiveness in Europe. Nuclear energy is, and will continue to be, an integrated part of the EU energy mix. The planned EU Clean Energy Investment Strategy will address the investment needs for nuclear energy and will be underpinned by a Nuclear Illustrative Programme. Moreover, the Commission facilitates the development and deployment of small modular reactors in Europe within the dedicated Industrial Alliance[6].

[1] Impact assessment accompanying Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2019/631 as regards strengthening the CO₂ emission performance standards for new passenger cars and new light commercial vehicles in line with the EU’s increased climate ambition.
[2] https://transport.ec.europa.eu/document/download/89b3143e-09b6-4ae6-a826-932b90ed0816_en?filename=Communication%20-%20Action%20Plan.pdf .
[3] https://ec.europa.eu/commission/presscorner/detail/en/ip_25_378 .
[4] https://www.ipcei-batteries.eu/.
[5] https://competition-policy.ec.europa.eu/state-aid/temporary-crisis-and-transition-framework_en.
[6] https://single-market-economy.ec.europa.eu/industry/industrial-alliances/european-industrial-alliance-small-modular-reactors_en.

Last updated: 13 May 2025

MIL OSI Europe News –

May 14, 2025

MIL-OSI USA: Tonko Spotlights NY-20 Family’s Medicaid Story During Markup of GOP Budget

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

WASHINGTON, D.C. — During an Energy and Commerce Committee Markup on the Republican budget today, which includes massive cuts to health care for millions of Americans, Congressman Paul D. Tonko (NY-20) shared the story of a local Albany family in their own words about what Medicaid means to them.

Tonko spoke directly with parents Noëlle and Nathan about the impact of Medicaid in providing support for their 12-year-old daughter, Isla. Their conversation can be viewed HERE.

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

I’m here today fighting for people like Noëlle and Nathan, constituents of mine who are raising their family in Albany, New York. Their 12-year-old daughter Isla has a rare genetic disorder and has received healthcare through Medicaid for almost eight years because of her disabilities.

Through Medicaid, Isla is in a program where she has self-directed care, which means she has a budget for a caregiver, classes, respite care and more to best support Isla and her family.

Noëlle and Nathan shared with me that one of their first reactions when they heard about Republicans plans was fear of how it would impact Isla’s care.

In Noëlle’s words, “Medicaid changed our life. I can’t imagine what our life would be like without Medicaid. It is not only the direct impact it has on Isla’s quality of life but our entire family’s quality of life. I know our story is just one of millions of families who would be devastated by the loss of Medicaid.

Nathan added, “on the human level it has been life changing for us. On an economic level it allows us to work.

To lose it would be awful not only for our family but also for all the people we serve through our work.”

They explained to me that when you have a child with complex medical needs and disabilities you are constantly navigating systems to advocate for your child in educations settings, in healthcare settings and in dealing with insurance.

Noëlle described how as a parent of a child with disabilities you are often pushing through all the red tape for your child’s needs to be respected.

Let’s not add more red tape for this family.

Noëlle also described how Medicaid provides Nathan and her with a breath of relief of thinking about these supports for Isla as she gets older and enters adulthood.

Noëlle’s shared a friend’s sentiment that Isla doesn’t need to change for the world, the world needs to change for Isla. I could not agree more.

Noëlle asked Members of this Committee to rethink these devastating cuts and instead provide respect and dignity for families and individuals living with disabilities.

On behalf of Isla and her family and families like hers across my district, New York State and the nation, I demand that we reverse course on all the cuts to Medicaid and additional red tape that would hurt so many people.

With that, let’s say ‘NO’ to lining the pockets of billionaires and ‘YES’ to providing access to affordable healthcare via Medicaid for so many.

MIL OSI USA News –

May 14, 2025

MIL-OSI Europe: Text adopted – Discharge 2023: Joint Undertakings – P10_TA(2025)0089 – Wednesday, 7 May 2025 – Strasbourg

Source: European Parliament

Texts adopted

296k

91k

Wednesday, 7 May 2025 – Strasbourg

Discharge 2023: Joint Undertakings

1. European Parliament decision of 7 May 2025 on discharge in respect of the implementation of the budget of the Clean Aviation Joint Undertaking for the financial year 2023 (2024/2031(DEC))

The European Parliament,

– having regard to the final annual accounts of the Clean Aviation Joint Undertaking for the financial year 2023,

– having regard to the Court of Auditors’ annual report on the EU Joint Undertakings for the financial year 2023, together with the Joint Undertakings’ replies(1),

– having regard to the statement of assurance(2) as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2023, pursuant to Article 287 of the Treaty on the Functioning of the European Union,

– having regard to the Council’s recommendation of 17 February 2025 on discharge to be given to the Joint Undertaking in respect of the implementation of the budget for the financial year 2023 (05757/2025 – C10‑0025/2025),

– having regard to Article 319 of the Treaty on the Functioning of the European Union,

– having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012(3), and in particular Article 71 thereof,

– having regard to Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union(4), and in particular Article 71 thereof,

– having regard to Council Regulation (EU) 2021/2085 of 19 November 2021 establishing the Joint Undertakings under Horizon Europe and repealing Regulations (EC) No 219/2007, (EU) No 557/2014, (EU) No 558/2014, (EU) No 559/2014, (EU) No 560/2014, (EU) No 561/2014 and (EU) No 642/2014(5), and in particular Article 26 thereof,

– having regard to Commission Delegated Regulation (EU) 2019/887 of 13 March 2019 on the model financial regulation for public-private partnership bodies referred to in Article 71 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council(6),

– having regard to Rule 102 of and Annex V to its Rules of Procedure,

– having regard to the opinion of the Committee on Transport and Tourism,

– having regard to the report of the Committee on Budgetary Control (A10-0056/2025),

1. Grants the Executive Director of the Clean Aviation Joint Undertaking discharge in respect of the implementation of the Joint Undertaking’s budget for the financial year 2023;

2. Sets out its observations in the resolution below;

3. Instructs its President to forward this decision and the resolution forming an integral part of it to the Executive Director of the Clean Aviation Joint Undertaking, the Council, the Commission and the Court of Auditors, and to arrange for their publication in the Official Journal of the European Union (L series).

(1)	OJ C, C/2024/6841, 13.11.2024, ELI: http://data.europa.eu/eli/C/2024/6841/oj.
(2)	OJ C, C/2024/6041, 10.10.2024, ELI: http://data.europa.eu/eli/C/2024/6041/oj.
(3)	OJ L 193, 30.7.2018, p. 1, ELI: http://data.europa.eu/eli/reg/2018/1046/oj.
(4)	OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj.
(5)	OJ L 427, 30.11.2021, p. 17, ELI: http://data.europa.eu/eli/reg/2021/2085/oj.
(6)	OJ L 142, 29.5.2019, p. 16, ELI: http://data.europa.eu/eli/reg_del/2019/887/oj.

2. European Parliament decision of 7 May 2025 on the closure of the accounts of the Clean Aviation Joint Undertaking for the financial year 2023 (2024/2031(DEC))