Category: Energy

MIL-OSI Canada: Alberta pushes back on illegal U.S. tariffs
As part of its non-tariff retaliatory measures, Alberta is altering its procurement practices to ensure Alberta’s government, as well as agencies, school boards, Crown corporations and Alberta municipalities, purchase their goods and services from Alberta companies, Canadian companies or countries with which Canada has a free trade agreement that is being honoured.

“I will always put the best interests of Alberta and Albertans first. These non-tariff actions are measured, proportionate and put an emphasis on defending Alberta and Canada against these economically destructive tariffs imposed by U.S. President Donald Trump, while breaking down restrictive provincial trade barriers so we can fast-track nation building resource projects and allow for the unrestricted movement of goods, services and labour across the country. I understand this is an uncertain time for many Albertans, and our government will continue to do all it can to prioritize Alberta’s and Canada’s world-class products and businesses as we face this challenge together. I also look forward to working with my provincial counterparts to help unite Canada and ensure free and fair trade throughout our country.”

Danielle Smith, Premier

Alberta’s government has also directed Alberta Gaming, Liquor and Cannabis to suspend the purchase of U.S. alcohol and video lottery terminals (VLTs) from American companies until further notice. This will ensure Alberta and Canadian brands take priority in restaurants, bars and on retail shelves.

“We are committed to putting Canadian businesses first. By suspending the purchase of U.S. produced alcohol, slot machines and VLTs, we are ensuring that Alberta and Canadian brands take priority in our restaurants, bars and retail stores. We will continue to take bold steps to support local industries and strengthen our economy.”

Dale Nally, Minister of Service Alberta and Red Tape Reduction

To encourage the purchase of stock from vendors in Alberta, Canada and other countries with which Canada has a free trade agreement, the government will help all Alberta grocers and other retailers with labelling Canadian products in their stores. In the coming weeks, Alberta’s government will augment these efforts by launching a “Buy Alberta” marketing campaign. Spearheaded by Minister of Agriculture and Irrigation RJ Sigurdson, this campaign will remind Albertans of their options for local food and the importance of supporting Alberta’s agriculture producers and processers.

“Alberta’s agriculture producers and processers are the best in the world. Although these U.S. tariffs are incredibly concerning, this “Buy Alberta” campaign will put a spotlight on Alberta’s farmers, ranchers and agri-food businesses and support Albertans in choosing goods from right here at home.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Building on Alberta’s reputation as a leader in removing barriers to trade within Canada, Alberta’s government will continue to push other provinces to match our ambition in providing full labour mobility and eliminating trade barriers through work like mutual recognition of regulations. This will allow for goods, services and labour from other provinces to flow into and out of Alberta without having to undergo additional regulatory assessments.

“While no one wins in a tariff war, this situation underscores the need to develop Canada’s trade infrastructure and the diversification of our trading partners and could be the catalyst to unlocking Canada’s true potential. As we look at how best to support Albertans and our businesses, we must also work to reduce internal trade and labour mobility barriers while expanding markets for Alberta energy, agricultural and manufactured products into Europe, Asia, the Americas and beyond. Albertans and Canadians are counting on us.”

Matt Jones, Minister of Jobs, Economy and Trade

Alberta’s government is also focused on doubling oil production. With U.S. tariffs in place on Canadian energy products, Alberta is looking elsewhere for additional pipeline infrastructure, including east and west, in order to get our products to new markets.

Alberta’s government will continue to engage with elected officials and industry leaders in the U.S. to reverse these tariffs on Canadian goods and energy and rebuild Canada’s relationship with its largest trading partner and ally.

Quick facts
- On March 4, U.S. President Trump implemented a 25 per cent tariff on all Canadian goods and a 10 per cent tariff on Canadian energy.
- The U.S. is Alberta’s – and Canada’s – largest trading partner.
- Alberta is the second largest provincial exporter to the U.S. after Ontario.
  - In 2024, Alberta’s exports to the U.S. totalled C$162.6 billion, accounting for 88.7 per cent of total provincial exports.
  - Energy products accounted for approximately C$132.8 billion or 82.2 per cent of Alberta’s exports to the U.S. in 2024.
- About 10 per cent of liquor products in stock in Alberta are imported from the United States.
  - U.S. products represent a small minority of the beer and refreshment beverage categories; however, a significant number of wines originate in the U.S.
  - In 2023-24, about $292 million in U.S. liquor products were sold in Alberta.
- Alberta has been a longstanding supporter of reducing barriers to trade within Canada. In 2019, the province removed 21 of 27 exceptions, including all procurement exceptions, and narrowed the scope of two others. Since then, the province has only added 2 exceptions, which allow for the management the legalization of cannabis.
  - Removing party-specific exemptions has helped facilitate even greater access to the Alberta market for Canadian companies in the areas of government tenders, Crown land acquisition, liquor, energy and forest products, among others.
Related information
- Premier Smith’s speaking notes
- Response to U.S. tariffs: Premier Smith
MIL OSI Canada News –
March 6, 2025

MIL-OSI: Amplify Energy Announces Fourth Quarter and Full-Year 2024 Results, Year-End 2024 Proved Reserves, Juniper Capital Acquisition Update and Standalone Full-Year 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 05, 2025 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today its operating and financial results for the fourth quarter and full-year 2024, year-end 2024 proved reserves, Juniper Capital (“Juniper”) acquisition update and full-year 2025 standalone guidance for the Company.

Key Highlights

2025 strategic initiatives include:
- Completing the previously announced transformational combination with certain Juniper portfolio companies which own substantial oil-weighted producing assets and significant leasehold interests in the DJ and Powder River Basins (the “Transaction”) and integrating such assets into our operations
- Continuing the Beta development program with six completions planned for 2025 including the C-48 and the A-45 which were deferred from the 2024 program
- Expanding Magnify Energy Services, a wholly owned subsidiary of Amplify (“Magnify”), to enhance Amplify’s competitive advantage in operating our mature assets located in East Texas and Oklahoma
- Creating incremental value in East Texas by monetizing portions of our portfolio and/or participating in joint development opportunities focused within the Haynesville formation
During the fourth quarter of 2024, the Company:
- Achieved average total production of 18.5 MBoepd
- Generated net cash provided by operating activities of $12.5 million and a net loss of $7.4 million
- Delivered Adjusted EBITDA of $21.8 million and Adjusted Net Income of $5.1 million
- Generated $2.9 million of free cash flow
- Completed the sale of undeveloped Haynesville acreage in East Texas for $1.4 million
For full-year 2024, the Company:
- Achieved average total production of 19.5 MBoepd
- Generated net cash provided by operating activities of $51.3 million and net income of $12.9 million
- Delivered Adjusted EBITDA of $103.0 million and Adjusted Net Income of $35.8 million
- Generated $18.0 million of free cash flow
- Renegotiated prior surety bonds and reduced sinking fund payments by approximately $7.0 million per year
- Initiated development drilling program at Beta, with the completion of two wells, which outperformed type curves
- Generated $3.1 million of Adjusted EBITDA at Magnify
- Renegotiated the iodine contract in Oklahoma, increasing annual Adjusted EBITDA by $2.4 million
Amplify’s year-end 2024 total proved reserves, utilizing Securities and Exchange Commission (“SEC”) pricing of $75.48/Bbl for oil and NGLs and $2.13/MMBtu for natural gas, totaled 93 MMBoe and had a PV-10 value of approximately $736 million
As of December 31, 2024, Amplify had $127.0 million outstanding under the revolving credit facility
- Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.2x¹


	(1)	Net debt as of December 31, 2024, consisting of $127 MM outstanding under its revolving credit facility with ~$0.0 MM of cash and cash equivalents, and LTM Adjusted EBITDA as of the fourth quarter of 2024.

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “In early 2024, we told stakeholders that 2024 had the potential to be a transformative year for the Company, and we believe that we delivered on that expectation throughout the year. The recently announced transaction with Juniper Capital expands our operations into the DJ and Powder River Basins, increases our scale, operating efficiency and margins, improves our inventory of attractive drilling locations, and provides us with a new core area for potential M&A activity. The transaction also resulted in a new long-term partnership with Juniper Capital, who have a long history of delivering substantial value to shareholders. At Beta, we safely and successfully initiated a drilling program, which has increased our confidence regarding the future inventory of the field and has enabled us to expand our development plans for this prolific asset in 2025 and beyond.”

Mr. Willsher continued, “While we have focused our attention and resources on these two significant initiatives, our team has also delivered value to stockholders by pursuing opportunities to reduce operating expenses and maximize the value of our existing asset base. For example, Magnify Energy Services, our wholly owned subsidiary that provides oilfield services to Amplify-operated wells, expanded meaningfully in scope, realizing a significant increase in revenue and efficiency and reducing operating costs in East Texas and Oklahoma. We also renegotiated several existing contracts, like our iodine extraction contract, to receive improved economics. Although smaller in scope, these efforts have demonstrated management’s commitment to identifying areas to improve our operations and deliver value to stockholders. On the value maximizing front, we were able to monetize a portion of our acreage with Haynesville rights for several million dollars, while retaining an interest to realize upside value.”

Mr. Willsher concluded, “We believe that our strategic and operational accomplishments in 2024 set the foundation for Amplify’s future and that in 2025 we will begin to capitalize on the growth potential of this significantly enhanced asset base. By delivering on our 2025 strategic initiatives, we believe we can create immediate and long-term value for Amplify’s stockholders.”

Juniper Capital Rocky Mountain Assets Update

On January 15, 2025, Amplify announced that it has entered into a definitive merger agreement with privately held Juniper to combine with certain Juniper portfolio companies owning assets and leasehold interests in the DJ and Powder River Basins. Such portfolio companies are oil-weighted and include approximately 287,000 net acres. We expect to close the acquisition in the second quarter of 2025. Amplify has provided more information on the portfolio companies and their assets and the value potential of the Transaction in its latest investor presentation, available on its investor relations website.

On March 4, 2025, a definitive proxy statement was filed providing additional details on the Transaction. A special meeting of stockholders, to be held virtually, has been scheduled for April 14, 2025, at 9:00 am Central Time, where stockholders of record as of March 3, 2025 can vote to approve the issuance of common stock, par value $0.01 per share (the “Common Stock”) (as described in more detail in the definitive proxy statement) in connection with the Transaction. In order to virtually attend, stockholders must register in advance at www.cesonlineservices.com/ampysm_vm prior to April 13, 2025 at 9:00 a.m. Central Time. More information can be found in the definitive proxy statement on the SEC’s website at www.sec.gov and the Company’s website, www.amplifyenergy.com, under the Investor Relations section. Upon approval from our stockholders of the issuance of Common Stock and the resulting closing of the Transaction, Amplify and Juniper are expected to own approximately 61% and 39%, respectively, of the combined company’s outstanding equity.

In anticipation of closing, Amplify is currently working with Juniper and its portfolio companies on integrating the Juniper assets into the Amplify organization. Furthermore, the Company expects to refinance a substantial portion of its outstanding debt and approximately $133 million in principal amount of the portfolio companies’ outstanding debt prior to closing the Transaction. Amplify intends to update the market with developments of the Transaction as they progress.

East Texas Haynesville Monetization Update

Starting in 2024, several operators expressed increased interest in buying or partnering with Amplify on our East Texas Haynesville interests. In December 2024, Amplify monetized ninety percent (90%) of its interests in certain units with Haynesville rights in Panola and Shelby Counties, while retaining a ten percent (10%) working interest and the ability to participate in any well drilled within the boundary of such units. Upon closing, such transaction generated approximately $1.4 million in proceeds.

In January 2025, Amplify completed a second transaction with a separate counterparty. Amplify sold ninety percent (90%) of its interest in certain units with Haynesville rights in Harrison County, Texas, in addition to 11 gross operated wells. This transaction also established an Area of Mutual Interest (“AMI”) with the counterparty covering 10,000 gross acres. Amplify retained a ten percent (10%) working interest in the units it divested and purchased a ten percent (10%) working interest in the counterparty’s acreage. Amplify generated net proceeds of $6.2 million from these transactions and estimates the AMI has more than 30 potential gross drilling locations.

2024 Year-End Proved Reserve Update

The Company’s estimated proved reserves at SEC pricing for year-end 2024 totaled 93.0 MMBoe, which consisted of 82.2 MMBoe of proved developed reserves and 10.8 MMBoe of proved undeveloped reserves. Proved developed reserves were lower year-over-year, primarily due to lower SEC pricing for oil and natural gas, which fell from $78.22 to $75.48 for oil and from $2.64 to $2.13 for natural gas, and the impact of 2024 production roll-off. Total proved reserves were comprised of 44% oil, 19% NGLs, and 37% natural gas.

At year-end 2024, Amplify’s total proved reserves and proved developed reserves had PV-10 values of approximately $736 million and $507 million, respectively, using SEC pricing. Proved developed reserve value at Bairoil was lower than 2023 due to a combination of SEC pricing, production performance and higher operating cost assumptions due to significant increases in regulated electricity rates. Proved undeveloped reserves have increased materially as a result of the successful 2024 Beta development program, with the Company adding 23 additional locations and approximately $200 million in PV-10 value. The initial production rates for the two Beta wells brought on-line in 2024 exceeded the type-curves included in our year-end reserve report, and Amplify will consider increasing the type curve assumptions for Beta development wells after evaluating results from the 2025 development program. Detail on the Company’s reserves by asset is provided in the table below. Additionally, Amplify has provided more information on its Beta development program and the substantial value potential of the field in its latest investor presentation, available on its investor relations website.

	Estimated Net Reserves¹
Region	MMBoe	% Oil and NGL	Proved Developed PV-10	Proved Undeveloped PV-10	Total Proved PV-10
			(in millions)

Beta	19.1	100%	$144	$214	$358
Oklahoma	27.0	46%	138	–	138
Bairoil	16.4	100%	118	–	118
East Texas/ North Louisiana	28.0	30%	75	4	79
Eagle Ford (Non-op)	2.5	90%	32	11	43

Total	93.0	63%	$507	$229	$736

(1)	Amplify’s year-end 2024 total proved reserves, utilizing SEC pricing of $75.48/Bbl for oil and NGLs and $2.13/MMBtu for natural gas.

Amplify’s reserves estimates were prepared by its third-party independent reserve consultant, Cawley, Gillespie & Associates, Inc.

Key Financial Results

During the fourth quarter of 2024, the Company reported a net loss of approximately $7.4 million. The net loss was primarily attributable to a non-cash unrealized loss on commodity derivatives during the period. Excluding the impact of the non-cash unrealized loss on commodity derivatives in addition to other one-time impacts, Amplify generated Adjusted Net Income of $5.1 million in the fourth quarter of 2024.

Fourth quarter Adjusted EBITDA was $21.8 million, a decrease of approximately $3.7 million from $25.5 million in the prior quarter. The decrease was primarily due to lower realized oil prices (net of hedges) in the fourth quarter compared to the prior quarter.

Free cash flow was $2.9 million for the fourth quarter, a decrease of $0.7 million compared to the prior quarter. Amplify has now generated positive free cash flow in 18 of the last 19 fiscal quarters.

	Fourth Quarter			Third Quarter
$ in millions	2024				2024
Net income (loss)		($7.4	)		$22.7
Net cash provided by operating activities		$12.5			$15.7
Average daily production (MBoe/d)		18.5			19.0
Total revenues excluding hedges		$69.0			$69.9
Adjusted EBITDA (a non-GAAP financial measure)		$21.8			$25.5
Adjusted net income (loss), (a non-GAAP financial measure)		$5.1			$9.8
Total capital		$15.3			$18.2
Free Cash Flow (a non-GAAP financial measure)		$2.9			$3.6

Revolving Credit Facility

As of December 31, 2024, Amplify had $127.0 million outstanding under its revolving credit facility, and net debt to LTM Adjusted EBITDA was 1.2x (net debt as of December 31, 2024 and 4Q24 LTM Adjusted EBITDA). Fourth quarter net debt increased from the prior quarter due to expected changes in working capital and increased development activity, primarily at Beta.

Corporate Production and Pricing

During the fourth quarter of 2024, average daily production was approximately 18.5 Mboepd, a decrease of 0.5 Mboepd from the prior quarter. The decrease in production was driven by gas volumes, which were impacted by gas plant realizations in East Texas. Our oil volumes, although slightly higher compared to the prior quarter, were impacted by platform shutdowns following the completion of the emission reduction and electrification facility projects and several unexpected well failures and subsequent interventions at Beta. With the successful completion of the electrification and emissions reduction project in the fourth quarter 2024 and the intervention projects completed by end of January 2025, we are projecting Beta production to be significantly higher than the fourth quarter, before the impact of the 2025 drilling program. As of March 2, 2025, current 7-day average production rates at Beta were 4,834 gross Bopd (3,635 net Bopd), representing an approximate 9% increase from fourth quarter 2024 volumes, with minimal contribution from the recently completed C48 well, which we continue to draw down since completing in mid-February.

The Company’s product mix for the quarter was 45% crude oil, 17% NGLs, and 38% natural gas.

	Three Months			Three Months
	Ended			Ended
	December 31, 2024			September 30, 2024

Production volumes – MBOE:
Bairoil		293			294
Beta		308			304
Oklahoma		436			454
East Texas / North Louisiana		609			638
Eagle Ford (Non-op)		60			62
Total – MBoe		1,706			1,752
Total – MBoe/d		18.5			19.0
% – Liquids		62	%		60	%

Total oil, natural gas and NGL revenues for the fourth quarter of 2024 were approximately $67.2 million, before the impact of derivatives. The Company realized a net gain on commodity derivatives of $4.1 million during the fourth quarter. Oil, natural gas and NGL revenues, net of realized hedges, decreased $3.3 million for the fourth quarter compared to the prior quarter.

The following table sets forth information regarding average realized sales prices for the periods indicated:

	Crude Oil ($/Bbl)					NGLs ($/Bbl)						Natural Gas ($/Mcf)

	Three Months Ended December 31, 2024		Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Three Months Ended September 30, 2024

Average sales price exclusive of realized derivatives and certain deductions from revenue	$	66.82	$	71.74		$	23.46		$	21.63		$	2.52		$	1.84
Realized derivatives		1.43		(0.24	)		–			–			0.76			1.38

Average sales price with realized derivatives exclusive of certain deductions from revenue	$	68.25	$	71.50		$	23.46		$	21.63		$	3.28		$	3.22
Certain deductions from revenue		–		–			(1.37	)		(1.33	)		(0.01	)		0.00

Average sales price inclusive of realized derivatives and certain deductions from revenue	$	68.25	$	71.50		$	22.09		$	20.30		$	3.27		$	3.22

Costs and Expenses

Lease operating expenses in the fourth quarter of 2024 were approximately $35.1 million, or $20.57 per Boe, a $1.8 million increase compared to the prior quarter. Due to increased well failures in the fourth quarter, Beta lease operating costs were higher compared to the prior quarter. Lease operating expenses do not reflect $0.9 million of income generated by Magnify in the fourth quarter.

Severance and ad valorem taxes in the fourth quarter were approximately $5.4 million, a decrease of $0.6 million compared to $6.0 million in the prior quarter, and in line with expectations. Severance and ad valorem taxes as a percentage of revenue were approximately 8.0% in the fourth quarter.

Amplify incurred $4.5 million, or $2.62 per Boe, of gathering, processing and transportation expenses in the fourth quarter, compared to $4.3 million, or $2.45 per Boe, in the prior quarter.

Cash G&A expenses in the fourth quarter were $6.3 million, an increase of $0.1 million compared to the prior quarter and in-line with expectations.

Depreciation, depletion and amortization expense in the fourth quarter totaled $8.4 million, or $4.93 per Boe, compared to $8.1 million, or $4.62 per Boe, in the prior quarter.

Net interest expense was $3.7 million in the fourth quarter, a decrease of $0.1 million compared to $3.8 million in the prior quarter.

Amplify recorded a current income tax benefit of $2.1 million in the fourth quarter.

Fourth Quarter and Full-Year Capital Investments

Cash capital investment during the fourth quarter of 2024 was approximately $15.3 million. During the fourth quarter, the Company’s capital allocation was approximately 65% for Beta development drilling and facility projects, with the remainder distributed across the Company’s other assets.

The following table details Amplify’s capital invested during the fourth quarter of 2024:

	Fourth Quarter		Full-Year
	2024 Capital		2024 Capital
	($ MM)		($ MM)
Bairoil	$	0.2	$	2.9
Beta	$	10.0	$	53.7
Oklahoma	$	0.1	$	3.2
East Texas / North Louisiana	$	2.8	$	5.6
Eagle Ford (Non-op)	$	2.1	$	4.1
Magnify Energy Services	$	0.1	$	1.1
Total Capital Invested	$	15.3	$	70.6

2025 Operations & Development Plan

The following table details Amplify’s 2025 projected capital investments of $70 – $80 million:

Capital Investment by Type (% of Total):
Beta Development	41	%
Beta Facility	16	%
Workovers & Other Facilities	25	%
Non-op Development	18	%
Total Capital Investments:	100	%

Amplify’s 2025 operations and development plan is designed to continue unlocking the underlying value of the Company’s assets. To achieve this goal, we intend to 1) continue our development program at Beta, 2) execute on low-cost, high-return workover projects, and 3) reduce operating costs by increasing activity at Magnify.

At Beta, Amplify intends to complete six wells in 2025. The C48 well, the first of the six wells to be completed in 2025, was drilled in the fourth quarter of 2024 and completed in mid-February. Similar to the A50 and C59 wells drilled in 2024, the completion of the C48 well was initially designed to target the D-sand. However, drilling conditions encountered in the D-sand and the quality of the C-Sand observed while drilling through the formation, led the team to alter the completion design and target the C-sand instead. The C48 will be the first test of the horizontal potential of the C-sand and we will share the results of the C48 well after obtaining sufficient initial production data.

In 2024 Amplify brought online two new wells at Beta, the A50 well (brought online in June) and the C59 well (brought online in October), both of which exceeded internal projections and increased Beta’s overall production approximately 15% in January 2025 compared to January of 2024. Similarly, the six Beta completions planned in 2025 are expected to significantly increase Amplify’s oil production year-over-year. Additional information regarding the Beta development plan can be found in the investor presentation on the Company’s investor relations website.

In addition to drilling and completing the six wells, Amplify intends to make continued investments in Beta’s facilities. In 2025, the Company expects to invest approximately $8 million to upgrade a 2-mile pipeline that ships all produced fluid from platform Eureka to platform Elly.

At Bairoil, we continue to focus on enhancing water-alternating-gas injection performance through targeted well recompletions and conversions, which helps offset the asset’s nominal production declines. Our plan also includes an investment at our CO₂ gas plant intended to reduce overall power usage and lease operating expenses in the second half of 2025.

Amplify’s operating strategy in Oklahoma remains focused on prioritizing a stable free cash flow profile by managing production through an active workover program, artificial lift enhancements, extending well run-times and continuing to reduce operating costs.

In East Texas, we are participating in the completion of four non-operated development projects, which we expect to be online by mid-year. The Company also continues to focus on prudent management of the field, such as optimizing field compression, artificial lift enhancement, and equipment insourcing, which is expected to improve the production profile and lower lease operating costs.

In late 2023, we formed Magnify to in-source specific oilfield services to improve service reliability and to reduce overall operating expenses for the Company. Since its inception, Magnify has generated $3.7 million of Adjusted EBITDA with a capital investment of only $1.7 million. In 2025, we expect to invest an additional $1.4 million of capital in Magnify and project 2025 Adjusted EBITDA of approximately $5 million (with an annualized run rate of $6 million by year-end). We are evaluating additional accretive services for Magnify to service Amplify operated assets.

In the Eagle Ford, we are participating in 14 gross (0.7 net) new development wells and two gross (0.4 net) recompletion projects. These non-operated wells, with highly accretive returns, are currently scheduled to be completed in the first half of 2025.

Full-Year 2025 Guidance

The following standalone guidance is subject to the cautionary statements and limitations described under the “Forward-Looking Statements” caption at the end of this press release. Amplify’s 2025 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of $71/Bbl (WTI) and natural gas of $3.75/MMBtu (Henry Hub), and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products. Additionally, the Company expects to invest approximately 90% of its capital in the first three quarters of the year primarily in connection with the Beta development program. Upon closing of the Transaction with Juniper, the Company will provide updated guidance to include the acquired assets.

A summary of the standalone guidance is presented below:

	FY 2025E

	Low		High

Net Average Daily Production
Oil (MBbls/d)	8.5	–	9.4
NGL (MBbls/d)	3.0	–	3.3
Natural Gas (MMcf/d)	45.0	–	51.0
Total (MBoe/d)	19.0	–	21.0

Commodity Price Differential / Realizations (Unhedged)
Oil Differential ($ / Bbl)	($3.25)	–	($4.25)
NGL Realized Price (% of WTI NYMEX)	27%	–	31%
Natural Gas Realized Price (% of Henry Hub)	85%	–	92%

Other Revenue
Magnify Energy Services ($ MM)	$4	–	$6
Other ($ MM)	$2	–	$3
Total ($ MM)	$6	–	$9

Gathering, Processing and Transportation Costs
Oil ($ / Bbl)	$0.65	–	$0.85
NGL ($ / Bbl)	$2.75	–	$4.00
Natural Gas ($ / Mcf)	$0.55	–	$0.75
Total ($ / Boe)	$2.25	–	$2.85

Average Costs
Lease Operating ($ / Boe)	$18.50	–	$20.50
Taxes (% of Revenue) ⁽¹⁾	6.0%	–	7.0%
Cash General and Administrative ($ / Boe) ⁽²⁾⁽³⁾	$3.40	–	$3.90

Adjusted EBITDA ($ MM) ⁽²⁾⁽³⁾	$100	–	$120
Cash Interest Expense ($ MM)	$12	–	$18
Capital Expenditures ($ MM)	$70	–	$80
Free Cash Flow ($ MM) ⁽²⁾⁽³⁾	$10	–	$30

⁽¹⁾ Includes production, ad valorem and franchise taxes
⁽²⁾ Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of Cash G&A, Adjusted EBITDA and free cash flow, non-GAAP measures (cash income taxes, which are not included in free cash flow, are expected to range between $0 – $2 million for the year)
⁽³⁾ Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.

Hedging

Recently, the Company took advantage of volatility in the futures market to add to its hedge position, further protecting future cash flows. Amplify executed crude oil swaps covering the second half of 2025 through year-end 2026 at a weighted average price of $68.10. The Company also added natural gas collars for a portion of 2027 with a weighted average floor of $3.63 per MMBtu and a weighted average ceiling of $3.98 per MMBtu.

The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed floor and ceiling prices at which production is hedged for January 2025 through December 2027, as of March 4, 2025:

		2025		2026		2027

Natural Gas Swaps:
Average Monthly Volume (MMBtu)		585,000		500,000		87,500
Weighted Average Fixed Price ($)	$	3.75	$	3.79	$	3.76

Natural Gas Collars:
Two-way collars
Average Monthly Volume (MMBtu)		500,000		500,000		87,500
Weighted Average Ceiling Price ($)	$	3.90	$	4.06	$	4.20
Weighted Average Floor Price ($)	$	3.50	$	3.55	$	3.50

Oil Swaps:
Average Monthly Volume (Bbls)		128,583		72,750
Weighted Average Fixed Price ($)	$	70.85	$	69.19

Oil Collars:
Two-way collars
Average Monthly Volume (Bbls)		59,500
Weighted Average Ceiling Price ($)	$	80.20
Weighted Average Floor Price ($)	$	70.00

Amplify has posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.

Annual Report on Form 10-K

Amplify’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which Amplify expects to file with the SEC on March 5, 2025.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

Conference Call

Amplify will host an investor teleconference tomorrow at 10 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (888) 999-5318 at least 15 minutes before the call begins and providing the Conference ID: AEC4Q24. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Access Code: 71724906. A transcript and a recorded replay of the call will also be available on our website after the call.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s ability to successfully complete the proposed business combination between the Company and certain of Juniper’s portfolio companies, or the “Mergers”; the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; and the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing, and the current administration’s potential reversal thereof. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

No Offer or Solicitation

A portion of this press release relates to a proposed business combination transaction between the Company and certain Juniper portfolio companies. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed business combination transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Important Additional Information Regarding the Mergers Will Be Filed With the SEC

In connection with the proposed transaction, the Company has filed a definitive proxy statement. The definitive proxy statement will be sent to the stockholders of the Company. The Company may also file other documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS OF AMPLIFY ARE ADVISED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS, THE PARTIES TO THE MERGERS AND THE RISKS ASSOCIATED WITH THE MERGERS. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed by Amplify with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by (1) directing your written request to: 500 Dallas Street, Suite 1700, Houston, Texas or (2) contacting our Investor Relations department by telephone at (832) 219-9044 or (832) 219-9051. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at http://www.amplifyenergy.com.

Participants in the Solicitation

Amplify and certain of its respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Amplify in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed with the SEC. Additional information regarding the Company’s directors and executive officers is also included in Amplify’s Notice of Annual Meeting of Stockholders and 2024 Proxy Statement, which was filed with the SEC on April 5, 2024. These documents are available free of charge as described above.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted net income, free cash flow, net debt, PV-10 and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.

Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense; Income tax expense (benefit); DD&A; Impairment of goodwill and long-lived assets (including oil and natural gas properties); Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of assets and other, net; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related expenses; Reorganization items, net; Severance payments; and Other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.

Adjusted Net Income. Amplify defines Adjusted Net Income as net income (loss) adjusted for loss (gain) on commodity derivative instruments, acquisition & divestiture related expenses, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including derivative gains and losses. This measure is not meant to disassociate these items from management’s performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP.

Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.

Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company’s capital structure and financial leverage.

PV-10. PV-10 is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and natural gas reserves that are calculated using the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months, less future development and operating costs, discounted at 10% per annum to reflect the timing of future cash flows. The most directly comparable GAAP measure to PV-10 is standardized measure. PV-10 differs from standardized measure in its treatment of estimated future income taxes, which are excluded from PV-10. Amplify believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not intended to represent the current market value of our estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP.

Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses.

Contacts

Jim Frew — Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.frew@amplifyenergy.com

Michael Jordan — Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com

Selected Operating and Financial Data (Tables)

Amplify Energy Corp.
Selected Financial Data – Unaudited
Statements of Operations Data

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			September 30, 2024

Revenues:
Oil and natural gas sales	$	67,189		$	68,135
Other revenues		1,832			1,723
Total revenues		69,021			69,858

Costs and Expenses:
Lease operating expense		35,100			33,255
Pipeline incident loss		2,405			247
Gathering, processing and transportation		4,468			4,290
Exploration		10			–
Taxes other than income		5,356			5,997
Depreciation, depletion and amortization		8,418			8,102
General and administrative expense		9,486			8,251
Accretion of asset retirement obligations		2,156			2,125
Realized (gain) loss on commodity derivatives		(4,052	)		(6,375	)
Unrealized (gain) loss on commodity derivatives		13,357			(18,672	)
(Gain) loss on sale of properties		(1,367	)		–
Other, net		334			38
Total costs and expenses		75,671			37,258

Operating Income (loss)		(6,650	)		32,600

Other Income (Expense):
Interest expense, net		(3,684	)		(3,756	)
Other income (expense)		(113	)		(130	)
Total other income (expense)		(3,797	)		(3,886	)

Income (loss) before reorganization items, net and income taxes		(10,447	)		28,714

Income tax benefit (expense) – current		2,132			(412	)
Income tax benefit (expense) – deferred		886			(5,650	)

Net income (loss)	$	(7,429	)	$	22,652

Earnings per share:
Basic and diluted earnings (loss) per share	$	(0.19	)	$	0.54

Selected Financial Data – Unaudited
Operating Statistics

	Three Months		Three Months
	Ended		Ended
(Amounts in $000s, except per unit data)	December 31, 2024		September 30, 2024

Oil and natural gas revenue:
Oil Sales	$	50,817	$	54,353
NGL Sales		6,602		6,096
Natural Gas Sales		9,770		7,686
Total oil and natural gas sales – Unhedged	$	67,189	$	68,135

Production volumes:
Oil Sales – MBbls		760		758
NGL Sales – MBbls		299		301
Natural Gas Sales – MMcf		3,883		4,165
Total – MBoe		1,706		1,752
Total – MBoe/d		18.5		19.0

Average sales price (excluding commodity derivatives):
Oil – per Bbl	$	66.82	$	71.74
NGL – per Bbl	$	22.09	$	20.29
Natural gas – per Mcf	$	2.52	$	1.85
Total – per Boe	$	39.37	$	38.88

Average unit costs per Boe:
Lease operating expense	$	20.57	$	18.98
Gathering, processing and transportation	$	2.62	$	2.45
Taxes other than income	$	3.14	$	3.42
General and administrative expense	$	5.56	$	4.71
Realized gain/(loss) on commodity derivatives	$	2.38	$	3.64
Depletion, depreciation, and amortization	$	4.93	$	4.62

Selected Financial Data – Unaudited
Asset Operating Statistics

	Three Months			Three Months
	Ended			Ended
	December 31, 2024			September 30, 2024

Production volumes – MBOE:
Bairoil		293			294
Beta		308			304
Oklahoma		436			454
East Texas / North Louisiana		609			638
Eagle Ford (Non-op)		60			62
Total – MBoe		1,706			1,752
Total – MBoe/d		18.5			19.0
% – Liquids		62	%		60	%

Lease operating expense – $M:
Bairoil	$	11,800		$	13,164
Beta		12,113			9,520
Oklahoma		3,948			3,644
East Texas / North Louisiana		5,887			5,592
Eagle Ford (Non-op)		1,351			1,335
Total Lease operating expense:	$	35,099		$	33,255

Capital expenditures – $M:
Bairoil	$	190		$	1,224
Beta		10,001			12,047
Oklahoma		168			1,449
East Texas / North Louisiana		2,758			2,303
Eagle Ford (Non-op)		2,125			1,157
Magnify Energy Services		82			44
Total Capital expenditures:	$	15,324		$	18,224

Selected Financial Data – Unaudited
Balance Sheet Data

(Amounts in $000s)	December 31, 2024			September 30, 2024

Assets
Cash and Cash Equivalents	$	–		$	–
Accounts Receivable		39,713			32,295
Other Current Assets		32,064			37,862
Total Current Assets	$	71,777		$	70,157

Net Oil and Gas Properties	$	386,218		$	378,871
Other Long-Term Assets		289,081			290,188
Total Assets	$	747,076		$	739,216

Liabilities
Accounts Payable	$	13,231		$	18,107
Accrued Liabilities		43,413			36,699
Other Current Liabilities		11,494			11,362
Total Current Liabilities	$	68,138		$	66,168

Long-Term Debt	$	127,000		$	120,000
Asset Retirement Obligation		129,700			127,556
Other Long-Term Liabilities		13,326			10,822
Total Liabilities	$	338,164		$	324,546

Shareholders’ Equity
Common Stock & APIC	$	440,380		$	438,709
Accumulated Earnings (Deficit)		(31,468	)		(24,039	)
Total Shareholders’ Equity	$	408,912		$	414,670

Selected Financial Data – Unaudited
Statements of Cash Flows Data

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s)	December 31, 2024			September 30, 2024


Net cash provided by (used in) operating activities	$	12,455		$	15,737
Net cash provided by (used in) investing activities		(19,379	)		(18,078	)
Net cash provided by (used in) financing activities		6,924			1,839

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s)	December 31, 2024			September 30, 2024

Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities:
Net cash provided by operating activities	$	12,455		$	15,737
Changes in working capital		4,770			5,937
Interest expense, net		3,684			3,756
Cash settlements received on terminated commodity derivatives		–			(793	)
Amortization of gain associated with terminated commodity derivatives		159			–
Amortization and write-off of deferred financing fees		(315	)		(310	)
Exploration costs		10			–
Acquisition and divestiture related costs		1,424			186
Plugging and abandonment cost		754			372
Current income tax expense (benefit)		(2,132	)		412
Pipeline incident loss		2,405			247
(Gain) loss on sale of properties		(1,367	)		–
Adjusted EBITDA:	$	21,847		$	25,544

Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:
Adjusted EBITDA:	$	21,847		$	25,544
Less: Cash interest expense		3,598			3,721
Less: Capital expenditures		15,324			18,224
Free Cash Flow:	$	2,925		$	3,599

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow


	Twelve Months			Twelve Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			December 31, 2023

Reconciliation of Adjusted EBITDA¹to Net Cash Provided from Operating Activities:
Net cash provided by operating activities	$	51,293		$	141,590
Changes in working capital		32,272			(8,517	)
Interest expense, net		14,599			17,719
Cash settlements received on terminated commodity derivatives		(793	)		(658	)
Amortization of gain associated with terminated commodity derivatives		159			658
Amortization and write-off of deferred financing fees		(1,233	)		(1,980	)
Exploration costs		61			57
Acquisition and divestiture related costs		1,633			219
Plugging and abandonment cost		1,640			2,239
Current income tax expense (benefit)		232			4,817
Pipeline incident loss		3,859			19,981
(Gain) loss on sale of properties		(1,367	)		–
LOPI – timing differences		–			(4,636	)
Litigation settlement		–			(84,875	)
Other		686			1,418
Adjusted EBITDA:	$	103,041		$	88,032

Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:
Adjusted EBITDA¹:	$	103,041		$	88,032
Less: Cash interest expense		14,438			16,263
Less: Capital expenditures		70,644			33,744
Free Cash Flow:	$	17,959		$	38,025

	(1)	Adjusted EBITDA includes a revenue suspense release of $8.4 million for the twelve months ended December 31, 2024. See “Revenue Payables in Suspense” table for additional information.

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA¹ and Free Cash Flow

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s)	December 31, 2024			September 30, 2024

Reconciliation of Adjusted EBITDA to Net Income (Loss):
Net income (loss)	$	(7,429	)	$	22,652
Interest expense, net		3,684			3,756
Income tax expense (benefit) – current		(2,132	)		412
Income tax expense (benefit) – deferred		(886	)		5,650
Depreciation, depletion and amortization		8,418			8,102
Accretion of asset retirement obligations		2,156			2,125
(Gains) losses on commodity derivatives		9,305			(25,047	)
Cash settlements received (paid) on expired commodity derivative instruments		4,052			5,582
Amortization of gain associated with terminated commodity derivatives		159			–
Acquisition and divestiture related costs		1,424			186
Share-based compensation expense		1,686			1,815
(Gain) loss on sale of properties		(1,367	)		–
Exploration costs		10			–
Loss on settlement of AROs		334			38
Bad debt expense		28			26
Pipeline incident loss		2,405			247
Adjusted EBITDA¹:	$	21,847		$	25,544

Reconciliation of Free Cash Flow to Net Income (Loss):
Adjusted EBITDA:	$	21,847		$	25,544
Less: Cash interest expense		3,598			3,721
Less: Capital expenditures		15,324			18,224
Free Cash Flow:	$	2,925		$	3,599

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow


	Twelve Months			Twelve Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			December 31, 2023


Reconciliation of Adjusted EBITDA¹to Net Income (Loss):
Net income (loss)	$	12,946		$	392,750
Interest expense, net		14,599			17,719
Income tax expense (benefit) – current		232			4,817
Income tax expense (benefit) – deferred		2,196			(253,796	)
Depreciation, depletion and amortization		32,586			28,004
Accretion of asset retirement obligations		8,438			7,951
(Gains) losses on commodity derivatives		2,047			(40,343	)
Cash settlements received (paid) on expired commodity derivative instruments		17,617			(8,273	)
Amortization of gain associated with terminated commodity derivatives		159			658
Acquisition and divestiture related costs		1,633			219
Share-based compensation expense		6,799			5,280
(Gain) loss on sale of properties		(1,367	)		–
Exploration costs		61			57
Loss on settlement of AROs		470			1,003
Bad debt expense		80			98
Pipeline incident loss		3,859			19,981
LOPI – timing differences		–			(4,636	)
Litigation settlement		–			(84,875	)
Other		686			1,418
Adjusted EBITDA:	$	103,041		$	88,032

Reconciliation of Free Cash Flow to Net Income (Loss):
Adjusted EBITDA¹:	$	103,041		$	88,032
Less: Cash interest expense		14,438			16,263
Less: Capital expenditures		70,644			33,744
Free Cash Flow:	$	17,959		$	38,025

	(1)	Adjusted EBITDA includes a revenue suspense release of $8.4 million for the twelve months ended December 31, 2024. See “Revenue Payables in Suspense” table for additional information.

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Net Income (Loss) to Adjusted Net Income (Loss)

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			September 30, 2024

Reconciliation of Adjusted Net Income (Loss):
Net income (loss)	$	(7,429	)	$	22,652
Unrealized (gain) loss on commodity derivatives		13,357			(18,672	)
Acquisition and divestiture related costs		1,424			186
Non-recurring costs:
Income tax expense (benefit) – deferred		(886	)		5,650
Gain on sale of properties		(1,367	)		–
Litigation settlement		–			–
Tax effect of adjustments		(12	)		(39	)
Adjusted net income (loss)	$	5,087		$	9,777

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Net Income (Loss) to Adjusted Net Income (Loss)

	Twelve Months			Twelve Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			December 31, 2023

Reconciliation of Adjusted Net Income (Loss):
Net income (loss)	$	12,946		$	392,750
Unrealized (gain) loss on commodity derivatives		20,457			(47,958	)
Acquisition and divestiture related costs		1,633			219
Non-recurring costs:
Income tax expense (benefit) – deferred¹		2,196			(253,796	)
Gain on sale of properties		(1,367	)		–
Litigation settlement²		–			(84,875	)
Tax effect of adjustments³		(56	)		17,778
Adjusted net income (loss)	$	35,809		$	24,118

	(1)	In 2023, we achieved three years of cumulative book income which resulted in the release of our valuation allowance of $284.9 million.
	(2)	In 2023, non-recurring costs included a litigation settlement with the shipping companies and the containerships whose anchors struck the Company’s pipeline.
	(3)	The federal statutory rates were utilized for all periods presented.

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Cash General and Administrative Expenses

	Three Months		Three Months
	Ended		Ended
(Amounts in $000s)	December 31, 2024		September 30, 2024

General and administrative expense	$	9,486	$	8,251
Less: Share-based compensation expense		1,686		1,815
Less: Acquisition and divestiture costs		1,424		186
Less: Bad debt expense		28		26
Less: Severance payments		—		—
Total Cash General and Administrative Expense	$	6,348	$	6,224

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Cash General and Administrative Expenses

	Twelve Months		Twelve Months
	Ended		Ended
(Amounts in $000s)	December 31, 2024		December 31, 2023

General and administrative expense	$	35,895	$	32,984
Less: Share-based compensation expense		6,799		5,280
Less: Acquisition and divestiture costs		1,633		219
Less: Bad debt expense		80		98
Less: Severance payments		344		965
Total Cash General and Administrative Expense	$	27,039	$	26,422

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Revenue Payables in Suspense

	Three Months		Twelve Months
	Ended		Ended
(Amounts in $000s)	December 31, 2024		December 31, 2024


Oil and natural gas sales	$	–	$	4,023
Other revenues		–		4,829
Severance tax and other deducts		–		(433	)
Total net revenue	$	–	$	8,419

Production volumes:
Oil (MBbls)		–		33
NGLs (MBbls)		–		31
Natural gas (MMcf)		–		441
Total (Mboe)		–		138
Total (Mboe/d)		–		0.38

	As of	As of
	December 31,	December 31,
	2024	2023
Standardized measure of future net cash flows, discounted at 10% ($ M)	$608,239	$626,131
Add: PV of future income tax, discounted at 10% ($ M)	$127,526	$130,882
PV-10 ($ M)	$735,765	$757,013

The MIL Network –

March 6, 2025

MIL-OSI Asia-Pac: Union Minister for Environment, Forest and Climate Change Sh. Bhupender Yadav addresses Inaugural Session at World Sustainable Development Summit, 2025

Source: Government of India

Union Minister for Environment, Forest and Climate Change Sh. Bhupender Yadav addresses Inaugural Session at World Sustainable Development Summit, 2025

The Global South is driving the climate agenda, and the world now looks to India as a leader, says Union Minister Sh. Bhupender Yadav

Posted On: 05 MAR 2025 7:22PM by PIB Delhi

“The Global South is driving the climate agenda, and the world now looks to India as a leader. In 2020 alone, India slashed its GHG emissions by 7.93%—a testament to its commitment to climate action,” said Union Minister for Environment, Forest and Climate Change, Sh. Bhupender Yadav in his inaugural address today at the World Sustainable Development Summit 2025. The summit was organized by The Energy and Resources Institute (TERI) with the theme “Partnerships for Accelerating Sustainable Development and Climate Solutions.” Prime Minister of Guyana, HE Brigadier Mark Phillip and HE Ms. Marina Silva, Minister of Environment and Climate Change, Brazil were present on this occasion.

[embedded content]

Speaking on the occasion, Union Minister Sh. Yadav underscored the critical role of the Global South in the fight against climate change, calling for increased collaboration, ambition, and action at the international level. He reaffirmed India’s commitment to global sustainability under the guidance of Prime Minister Shri Narendra Modi, who has spearheaded transformative global initiatives, including the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), and Mission Lifestyle for Environment (LiFE).

Union Minister reiterated the need to confront the issue of speciesism, which, like racism, prioritizes human interests over the well-being of other species and ecosystems. He emphasized that true sustainability can only be achieved when all forms of life are considered equally important and when environmental policies account for the protection and restoration of wildlife and biodiversity.

Sh. Yadav observed India’s role as a global climate leader, committed to ensuring that climate action remains inclusive, ambitious, and collaborative. He emphasized that the Global South, including India, is essential in shaping climate discourse, as it faces the brunt of climate change impacts while also offering solutions rooted in sustainable development practices. He called on developed countries to honour their financial and technological commitments, especially in fulfilling their obligations under the Paris Agreement. He also underscored the need for enhanced international cooperation in strengthening Nationally Determined Contributions (NDCs), ensuring they address both the challenges and opportunities of climate action.

Union Minister Sh. Yadav addressed the pressing need for increased climate adaptation finance. He referenced the UNEP Adaptation Gap Report, which highlights the urgent need to scale up adaptation efforts to cope with rising climate impacts. He called for more robust financial support for adaptation, ensuring that the most vulnerable regions are able to implement solutions that build resilience and safeguard livelihoods.

Union Minister Sh. Bhupender Yadav outlined India’s long-term vision to become a Viksit Bharat by 2047, with a target of achieving net-zero emissions by 2070. He highlighted India’s progress, including the 36% reduction in emission intensity of GDP between 2005 and 2020 compared to the 45% target for 2030, and the Union Budget of 2025’s emphasis on energy security, expanding clean energy capacity, and fostering domestic manufacturing of green technologies. He emphasized that the fight against climate change cannot be fragmented. He emphasized on the importance of integrating climate action with the broader Sustainable Development Goals (SDGs) and called for strong global partnerships to address interconnected challenges such as poverty, inequality, and environmental degradation. The Minister called for reforms in global governance, urging the international community to place equity and justice at the heart of climate negotiations.

Union Minister Sh. Yadav also praised the leadership of TERI in uniting the Global South on climate action and reiterated the need for multi-sectoral partnerships to accelerate progress toward a sustainable, low-carbon future.

The summit was attended by Sh. Nitin Desai, Chairman, TERI, Dr Vibha Dhawan, Director General, TERI, subject experts and diginitaries.

***

Gaurav Sharma

(Release ID: 2108582) Visitor Counter : 100

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: Dr. Jitendra Singh Highlights ₹20,000 Cr Boost for Research & Innovation, Says India Emerging as Global R&D Leader

Source: Government of India (2)

Dr. Jitendra Singh Highlights ₹20,000 Cr Boost for Research & Innovation, Says India Emerging as Global R&D Leader

India achieved Global Rank 3 in StartUps in last one decade

India Ranks 3rd in Scientific Research, Global Innovation Index Rises from Rank 81 to 39, Patent Grants Surge 17-Fold: Dr. Jitendra Singh

Govt’s Innovation Drive to Propel Deep-Tech, Sunrise Sectors, and Triple PM Research Fellowships

Dr. Jitendra Singh in Post Budget Webinar: India to Strengthen Crop Security with National Enlarged Gene bank Replica

Posted On: 05 MAR 2025 5:52PM by PIB Delhi

Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that India achieved global Rank 3 in StartUps in last one decade and reaffirmed the Union Government’s commitment to making India a global innovation hub, highlighting the ₹20,000 crore allocation in Budget 2025-26 for the Research, Development, and Innovation initiative.

He explained that the initiative aims to boost research and innovation in the private sector, with a strong focus on expanding efforts in sunrise industries. Speaking at the concluding session of the Post Budget Webinar 2025 on “Investing in Innovation,” he emphasized that this funding would drive cutting-edge research and technological advancements, particularly in deep-tech sectors.

The announcement builds on the ₹1 lakh crore corpus introduced in Budget 2024-25 to accelerate research and development (R&D) in the private sector, with a strong focus on sunrise technologies. Dr. Jitendra Singh underscored that these initiatives would strengthen India’s innovation ecosystem and encourage private sector investments in critical domains like semiconductor manufacturing, artificial intelligence, 5G, and quantum computing.

“India has made significant strides in innovation, with patent grants increasing 17 times since 2014 and our position in the Global Innovation Index rising from 81th to 39th among 133 economies. Today, we rank third globally as a leading contributor to scientific research,” Dr. Jitendra Singh stated.

Recognizing the need to nurture world-class research talent, the government has tripled the intake under the Prime Minister’s Research Fellowship (PMRF) Scheme. Originally launched in 2018, the scheme has so far supported 3,688 scholars. The latest Budget expands its reach to 10,000 fellowships over the next five years, offering more opportunities for young scientists to pursue groundbreaking research at India’s premier institutions.

“The PMRF is not just about financial assistance; it is about fostering an ecosystem where academic excellence and intellectual curiosity thrive,” the Minister remarked.

Underscoring the significance of geospatial technology for economic growth and infrastructure planning, Dr. Jitendra Singh highlighted the National Geospatial Mission, an initiative launched under the 2022 National Geospatial Policy. “This mission is critical for India’s transition to a developed nation by 2047,” he said, citing its applications in urban planning, disaster management, and precision agriculture.

India’s agricultural security is also receiving a boost with the establishment of a National Enlarged Gene bank Replica. “India’s National Gene bank is the second largest globally, preserving over 4.7 lakh accessions of 2,147 species, including traditional crops. The new initiative will further safeguard our crop diversity and ensure long-term food security,” Dr. Jitendra Singh explained.

In an ambitious effort to protect India’s vast manuscript heritage, the Gyan Bharatam Mission has been launched to digitize over one crore ancient manuscripts and create a National Digital Repository. “India has an unparalleled intellectual and cultural wealth, much of which is fragile and inaccessible. This initiative will ensure its preservation and accessibility for scholars and researchers worldwide,” the Minister emphasized.

Concluding the session, Dr. Jitendra Singh reiterated that these initiatives align with the government’s broader vision of ‘Viksit Bharat 2047’, a roadmap for India’s transformation into a developed nation. “Investment in innovation is not just about economic growth—it is about empowering young minds, strengthening our technological sovereignty, and securing India’s future on the global stage,” he said.

With bold investments in research fellowships, deep-tech, and digital infrastructure, the government is making a decisive push to position India as a global leader in science and technology.

*****

NKR/PSM

(Release ID: 2108546) Visitor Counter : 81

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Global: The US energy market has its troubles, though it may not be a ‘national emergency’

Source: The Conversation – USA – By Seth Blumsack, Professor of Energy and Environmental Economics and International Affairs, Penn State

This Montana refinery processes crude oil imported from Canada. AP Photo/Matthew Brown

President Donald Trump’s declaration of a “national energy emergency” on his first day in office – and which he reiterated during his address to Congress on March 4, 2025 – might have seemed to echo other national emergencies, like those presidents declared in the wake of the Sept. 11, 2001, terrorist attacks and to deal with the COVID-19 pandemic in 2020.

But there has never before been a national energy emergency. During the energy crises of the 1970s, President Jimmy Carter declared local or regional energy emergencies in a handful of states. These actions suspended some environmental regulations, such as air-pollution limits for coal-fired power plants, for very short periods to make sure those states’ residents had enough electricity.

When a president declares a national emergency, he claims significant powers under the National Emergencies Act, which allow him to take steps to solve the emergency. In this situation, Trump might seek to override environmental regulations, order utility companies to buy power from particular power plants, or invoke the Defense Production Act to secure materials needed for power plant construction.

A natural gas well pad in Washington County, Pa., is one of many sites around the nation where fracking has boosted U.S. energy production.
Rebecca Droke/AFP via Getty Images

Six weeks into his presidency, Trump had not taken any action to address this emergency, though during his speech to Congress he said he wants to increase drilling and build a new natural gas pipeline in Alaska. And Trump’s discussion of energy policy has not directly referred to the consumer price hikes expected as a result of the 10% tariffs he imposed on Canadian oil, gas and electricity starting on March 4, 2025.

Critics of the president’s declaration have described it as a “giveaway” to the fossil fuel industry in the form of looser regulations and measures to make it easier to drill for oil on government-owned land. In fact, the executive order’s definition of “energy” excludes energy generated from wind and solar, as well as efforts to conserve energy – all of which were major parts of the Biden administration’s energy strategy.

As someone who has studied energy markets for decades, I have seen several events that might qualify as energy-related emergencies, such as meltdowns at nuclear power plants around the world, shortages of electricity and natural gas, and massive power blackouts.

But over the past 15 years, the United States has become a global energy superpower even without any emergency declarations. The advent of hydraulic fracturing unleashed a wave of oil and gas production, even as U.S. energy demand barely budged. In a time of such energy abundance, there is no clear emergency on the scale of the energy crises of the 1970s. But there are some causes for concern.

Big increases in domestic production

One goal Trump’s declaration sets out is to increase what the executive order calls the nation’s “energy security.” Usually that phrase refers to an ability to operate using energy produced within the U.S. rather than overseas – particularly from countries that have long-standing conflicts or disagreements with the United States.

Based on raw numbers, however, the U.S. is already quite energy secure. In 2023, the nation produced nearly 13 million barrels of oil per day, which is more than any country has ever produced in the history of the oil business. Since 2015, when a federal ban on oil exports was lifted, the U.S. has been increasing the amount of oil it exports every year. And for the past several years, the U.S. has been the world’s leading exporter of gasoline, sending 10% of its total annual production to other countries.

Since the start of the shale-fracking boom in the mid-2000s, U.S. production of natural gas has also been increasing. The country’s natural gas exports have also risen over the past 10 years, though they have been limited by the number of ports that can handle liquefied natural gas cargo.

Still a net importer of oil

The U.S. produces plenty of oil to meet its demands, but not the kinds of oil that American refineries are designed to process into useful fuels.

Therefore, despite the increases in domestic production, the U.S. is still a net importer of crude oil. In 2023, the U.S. imported almost twice as much oil as it exported.

And U.S. refineries’ output of gasoline and heating oil depends on imported oil. Most oil refineries in the U.S. are quite old and were engineered to process so-called “heavy” crude oil produced in countries such as Canada, which is historically the United States’ biggest source of imported oil.

Most of the recent increase in U.S. oil production comes from hydraulic fracturing of shale and is so-called “light” crude oil. Refining light crude would require new refineries or a major reengineering of existing refineries, with new equipment, expanded capacity or both.

Making those changes would be very expensive. So refinery owners are hesitant to make these kinds of investments because there is a risk that the investments won’t pay off. Because U.S. refineries produce so much gasoline and have limited capacity, the U.S. also continues to import some refined petroleum fuels such as jet fuel.

A liquefied natural gas tanker ship moves toward Cameron Pass near Cameron, La.
Washington Post via Getty Images

A fragile power grid

Concern over the nation’s aging electric power grid is another focus of Trump’s energy emergency declaration. Experts have been issuing warnings for years. A 2024 study on the national transmission grid commissioned by the U.S. Department of Energy has concluded the U.S. needs to double the size of the grid in the next couple of decades.

For the first time in nearly half a century, the U.S. is facing the prospect of rapidly increasing electricity demand. The demand for power has always gone up and down a bit with population and the health of the economy, but this time is different. Growth in electricity demand is now driven by the construction of massive data centers and by electrification of cars and heating and cooling systems. The Department of Energy reports that data center electricity use in particular has tripled in the past 10 years and could easily double in the next few years. At that rate, data centers could account for over 10% of all electricity demand in the country before 2030.

The U.S. supply of power generation in many regions is not ready for this surge in demand. Many power plants – particularly the older ones and those that burn coal – have shut down in the past several years, driven by a combination of economic pressures and environmental regulations. Building new power plants in many parts of the U.S. has become bogged down in regulatory red tape, public opposition and economic uncertainty. The North American Electric Reliability Corp., which develops standards for grid reliability, has placed over half of U.S. states at some level of risk for not having enough power generation to meet anticipated future demand.

A study has found that the nation’s electricity grid is expected to need significant investment to handle rising demand.
Paul Bersebach/MediaNews Group/Orange County Register via Getty Images

Will declaring an emergency help?

Under Trump’s energy emergency declaration, the administration seems likely to take actions that will make it easier to drill for more oil and gas. And the federal government may also make it easier to build power plants that run on coal, natural gas and possibly nuclear fuel.

But expanded fracking, in and of itself, will probably not address any energy security issues in the U.S., unless there are major investments in refineries to handle the increased oil production. Reducing the barriers to building power plants addresses a much more pressing problem, but the country would still need to expand the transmission grid itself, which does not get as much attention in the president’s declaration.

Time will tell whether the energy emergency declaration will be used to solve real problems in the nation’s energy supplies, or whether it will be used to further bolster oil and gas producers that have already made the U.S. a global energy powerhouse.

Seth Blumsack receives funding from the U.S. National Science Foundation, Department of Energy, NASA, the Alfred P. Sloan Foundation and the Heising Simons Foundation.

– ref. The US energy market has its troubles, though it may not be a ‘national emergency’ – https://theconversation.com/the-us-energy-market-has-its-troubles-though-it-may-not-be-a-national-emergency-249336

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI USA: Senator Markey Statement on Trump’s Joint Address to Congress

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (March 4, 2025) – Senator Edward J. Markey (D-Mass.) released the following statement tonight in response to Donald Trump’s 2025 Joint Address to Congress. Senator Markey attended the address with his guest, Chrissy Lynch, President of the Massachusetts charter of the American Federation of Labor – Congress of Industrial Organizations (AFL-CIO).

“Instead of fighting for working people, Trump is selling them out to give billionaires tax breaks. He wants to gut Medicare, Medicaid, and the Affordable Care Act, and put that money in the pockets of Elon Musk and his ultra wealthy donors. Trump doesn’t stand with we, the people – he stands with we, the billionaires. Tonight, I brought Chrissy Lynch as my guest because she is a champion for workers in Massachusetts and throughout the country, and I will continue to be with her and the labor movement to fight for an economy that works for everyone.

“Tonight, Trump promised to cut the environmental and climate programs that keep our communities thriving, healthy, and safe from polluters and lower energy costs – all to make good on his campaign promise to Big Oil. His ongoing illegal, unconstitutional freeze of federal climate funding meant to go to red and blue communities is an attack on working families, small businesses, and job creation across the country.

“Trump used this address to attack immigrants and trans children. He traded American democracy for Russian dictatorship. He spread lies and hatred – all because he has no plan to make life healthier or safer for everyday Americans.

“The American people are facing real challenges and want real solutions – lower costs, better health care, cleaner water and air, more affordable housing, safer communities. We need to stand up to Trump, Musk, and fight to expand the Affordable Care Act, Medicaid, Medicare, and Social Security. Fight to protect rights to contraception and abortion. Fight for comprehensive immigration reform, for our Dreamers, and a pathway to citizenship. And fight for clean energy, environmental justice, and a Green New Deal to combat the climate crisis.

“We cannot give in to the dark, hate-filled future in Trump’s address. Together, we must organize to protect our democracy and ensure a better, brighter future for America’s families.”

MIL OSI USA News –

March 6, 2025
MIL-OSI Europe: Written question – Replacement of Ukraine with Türkiye as Russian gas transit hub – E-000818/2025
Source: European Parliament
Question for written answer E-000818/2025
to the Commission
Rule 144
Emmanouil Fragkos (ECR)

In January, Russia exported record volumes of natural gas to Europe via the TurkStream pipeline, exceeding 50 million cubic metres (mcm) a day, following the closure of the gas corridor through Ukraine. Türkiye is now the only transit route for Russian gas to Europe after the five-year transit agreement between Russia and Ukraine expired on 1 January and was not renewed. According to data from the European Network of Transmission System Operators for Gas (ENTSOG), in January, Russian gas exports via the TurkStream pipeline increased by 26.8 % year on year. They now stand at 50.6 mcm/day, up from 39.9 mcm/day in January 2024. According to Gazprom data and Reuters calculations, Russia supplied Europe with a total of around 63.8 billion cubic metres (bcm) of natural gas via various routes in 2022. This dropped to 28.3 bcm in 2023 before rising again to around 32 bcm in 2024.

Türkiye is a dictatorial country that is illegally occupying the northern part of the Republic of Cyprus, it attacks neighbouring countries and is responsible for the ethnic cleansing of Christians and Kurds.

In view of the above, can the Commission answer the following:

1.Was it its intention from the start to give Türkiye a strategic boost?

2.Does it not consider that the non-renewal of routes for the transit of Russian natural gas through Ukraine has harmed the Ukrainian economy?

Submitted: 23.2.2025
Last updated: 5 March 2025
MIL OSI Europe News –
March 6, 2025
MIL-OSI Europe: Answer to a written question – Electricity grid / Ukraine – E-000029/2025(ASW)
Source: European Parliament
On 28 June 2017, the transmission system operators (TSOs) of Continental Europe signed with their respective counterparts Ukrenergo and Moldelectrica the agreements to interconnect the power systems under the auspices of ENTSO-E (European Network of Transmission System Operators for Electricity).

Following the start of Russia’s full-scale war of aggression and responding to an urgent request by Ukrenergo and Moldelectrica, on 11 March 2022 Continental Europe TSOs concluded that the conditions for an emergency synchronisation were met.

Subsequently, the trial synchronisation was completed on 16 March 2022[1]. The TSOs acted in the context of political support expressed at the extraordinary Energy Council meeting of 28 February 2022.

The European Council meeting of 24 March 2022 endorsed the emergency synchronisation as ‘a remarkable achievement’.

Ukrenergo has since completed the permanent synchronisation project as confirmed by the Continental Europe TSOs on 28 November 2023.

[1] https://www.entsoe.eu/news/2022/03/16/continental-europe-successful-synchronisation-with-ukraine-and-moldova-power-systems/
Last updated: 5 March 2025
MIL OSI Europe News –
March 6, 2025
MIL-OSI Europe: Answer to a written question – Ensuring housing as a fundamental right – P-000269/2025(ASW)
Source: European Parliament
The Commission shares the Honourable Member’s view that housing affordability has deteriorated over the last years. Most Member States are suffering critical housing shortages, and citizens in many Member States consider access to affordable housing a major priority.

The Commission President’s decision to appoint an EU Commissioner responsible for housing reflects the strong commitment of the Commission to contribute to solutions.

The Commission has established a Task Force for Housing to coordinate effectively the work strands across the Commission services, and support the Commissioner for Energy and Housing in putting forward the first-ever European Affordable Housing Plan.

This plan will inter alia reflect on the work of the European Parliament’s Special Committee and aims to address structural drivers of housing crisis and help unlock the public and private investment needed.

The Commission has started working with the European Investment Bank to establish a pan-European investment platform for affordable and sustainable housing, engaging also with international financial institutions, national promotional banks and institutions and other stakeholders.

In addition, the Commission plans to tackle systemic issues with short-term accommodation rentals and the inefficient use of the current housing stock. As a first step, the EU has adopted a regulation[1].

The Commission is also examining how state aid rules for housing could be revised to enable housing support measures for affordable housing and energy efficiency.

This assessment will take into account among others, the necessity to avoid undue distortions in the commercial housing market and a detrimental effect on social housing, which supports the more vulnerable.

[1] Regulation (EU) 2024/1028 of the European Parliament and of the Council of 11 April 2024 on data collection and sharing relating to short-term accommodation rental services (OJ L, 2024/1028, 29.4.2024 https://eur-lex.europa.eu/eli/reg/2024/1028/oj/eng) will apply from 20 May 2026 and aims to increase transparency and obtain data from platforms on short-term accommodation rental services supporting national and local governments in taking evidence-based decisions.
Last updated: 5 March 2025
MIL OSI Europe News –
March 6, 2025
MIL-OSI Europe: Answer to a written question – Global coal use at an all-time high as China tops international coal consumption rankings – P-000033/2025(ASW)
Source: European Parliament

The decarbonisation of energy systems is a key element of greenhouse gas emissions (GHG) reductions. At COP28 in 2023 in Dubai[1], parties agreed, among others, to transition away from fossil fuels in energy systems.

In the EU, the electricity used to power electric vehicles is increasingly produced from renewable sources. As a result, the amount of GHG emitted per unit of electricity has halved between 1990 and 2023, and emissions are set to decrease further. These developments will be reflected in the carbon footprint of products, as required by EU legislation[2].

The EU does not have a trade agreement with China. The Comprehensive Agreement on Investment (CAI) concluded in principle in 2020 is put on hold.

The Commission decided not to put the agreement to ratification when China sanctioned Members of the European Parliament, the Subcommittee on human rights, think tanks, and the Political and Security Committee of the Council.

Those sanctions are still in place. To encourage China to decarbonise swiftly and peak their emissions before 2030, the EU continues to engage bilaterally under the High-Level Environment and Climate Dialogue, and the Energy Dialogue.

On 26 February 2025, the Commission adopted a Clean Industrial Deal[3] to accelerate the decarbonisation of EU industry while strengthening its competitiveness. In addition, the Affordable Energy Action Plan[4] will help reduce energy costs while strengthening EU’s industrial base.

Further, the Global Energy Transition Forum[5], launched by the President of the Commission in 2025 in Davos, seeks to unlock new clean energy investments opportunities for EU business abroad.

In parallel, the Commission works to ensure that the EU continues playing a leading role in energy and climate diplomacy.
- [1] Conference of the Parties to the United Nations Framework Convention on Climate Change.
- [2] As required by Regulation (EU) 2023/1542 of the European Parliament and of the Council of 12 July 2023 concerning batteries and waste batteries, amending Directive 2008/98/EC and Regulation (EU) 2019/1020 and repealing Directive 2006/66/EC, http://data.europa.eu/eli/reg/2023/1542/oj; or by implementing legislation under Regulation (EU) 2024/1781 of the European Parliament and of the Council of 13 June 2024 establishing a framework for the setting of ecodesign requirements for sustainable products, amending Directive (EU) 2020/1828 and Regulation (EU) 2023/1542 and repealing Directive 2009/125/EC (Text with EEA relevance), http://data.europa.eu/eli/reg/2024/1781/oj
- [3] https://commission.europa.eu/document/download/9db1c5c8-9e82-467b-ab6a-905feeb4b6b0_en?filename=Communication%20-%20Clean%20Industrial%20Deal_en.pdf
- [4] The Plan has been announced most recently in the EU Competitiveness Compass: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_339
- [5] https://energy.ec.europa.eu/news/president-von-der-leyen-launches-global-energy-transition-forum-davos-2025-01-23_en
MIL OSI Europe News –
March 6, 2025
MIL-OSI Europe: Answer to a written question – Approval of State aid for Solar Package I – E-000231/2025(ASW)

Source: European Parliament

The Commission has been in contact with the German authorities with regard to the Solar Package I amendments to the German Renewable Energy Law, EEG 2023.

In this case, the Commission decision approving the EEG 2023 (SA. 102084) and the state aid guidelines are relevant for the assessment of the Solar package I amendments to ensure that they are in line with the important safeguards set out in state aid rules.

In general, the duration of the contacts with the respective Member State usually depends on a number of factors, including the timing and quality of information submitted by the relevant Member State, or the complexity of the measure.

Given the confidential nature of discussions between the Commission and the Member States, the Commission cannot comment on the details of any particular notification, nor predict the outcome or timing.

Last updated: 5 March 2025

MIL OSI Europe News –

March 6, 2025
MIL-OSI Europe: Germany: INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
Source: European Investment Bank

Ineratec
- INERATEC agrees up to €40 million venture debt loan with the European Investment Bank and up to €30 million grant from Breakthrough Energy Catalyst to scale-up its e-Fuel production capabilities
- Landmark investment follows EU-Catalyst Partnership initiated in 2021 and supported by the Innovation Fund through the InvestEU Programme.
- Backing demonstrates European commitment to clean energy innovation and follows earlier Horizon 2020 support
Sustainable e-Fuel production pioneer INERATEC today formally agreed a €40 million venture debt loan with the European Investment Bank (EIB) and €30 million grant with Breakthrough Energy Catalyst. The combined €70 million backing will finance construction of Europe`s largest sustainable e-Fuel production plant in Frankfurt and e-Fuel research and development of future, key steps in decarbonising aviation.

The new e-Fuel financing was announced at the EIB-Group-Forum taking place this week in Luxembourg and underscores the strategic importance of e-Fuels in decarbonizing hard-to-abate sectors such as aviation. The new investment will enable INERATEC to scale up production capacity and commercialize its innovative reactor technology, which converts green hydrogen and CO₂ into synthetic aviation fuel. The committed project funding, confirmed earlier this year, represents a significant step in commercialisation of INERATEC’s Power-to-Liquid technology, accelerating the transition towards a net-zero future.

Transforming the Energy Landscape with e-Fuels

INERATEC’s production process uses hydrogen, which is then combined with CO₂ from biogenic sources like biogas plants or industrial emissions, using INERATEC’s Power-to-Liquid technology. This approach enables the production of synthetic crude oil, which can be processed into a range of synthetic fuels, including Sustainable Aviation Fuel (SAF), marine fuels and e-Diesel. The use of CO₂, which would otherwise be released into the atmosphere, reduces the carbon-footprint of the fuel and will help to cut carbon emissions.

At the production site outside Frankfurt, the main feedstock is supplied from the industrial park: the CO₂ comes from a biogas plant that recycles waste, and the hydrogen is a by-product from an existing chlorine production facility. By utilizing compact and modular production units, INERATEC’s approach ensures efficient scalability and adaptability to different production sites.

Beyond sustainable fuels for aviation, the synthetic oil that INERATEC produces can also be used as a base chemical for different sustainable products like plastics. This extends the contribution of INERATEC’s technology to sustainable supply for the chemical industry.

Scaling Up to Meet Market Demand

After building and operating plants at demonstration and industrial pilot scale, INERATEC now focuses on scaling up production and optimizing commercial deployment. The funding commitment backed by the EIB and Breakthrough Energy Catalyst will enable the company to deliver commercial-scale production, ensuring a steady supply of e-Fuels to meet increasing market demand and is critical in making synthetic fuels economically viable.

The plant will produce up to 2,500 tons of e-Fuel annually that will be delivered to the aviation sector, among others. One long haul flight between Frankfurt and New York uses 80 tons of kerosene. e-SAF from INERATEC could make flying on this route more sustainable by replacing fossil kerosene fully or partially on many flights. This clearly shows the importance of increasing the e-SAF production capacities beyond a pioneer plant.

The political requirement to shift to more sustainable forms of energy is supported by the European ReFuelEU Aviation-regulation which requires Airlines to use a minimum e-SAF blend of 1.2% by 2030, creating market opportunities.

Bridging Innovation and Climate Goals

The collaboration between INERATEC and the EU-Catalyst Partnership demonstrates how public and private sector partnerships can drive the commercialization of innovative and clean climate technologies. By building on past EU grant support and leveraging new investment mechanisms, this partnership provides a blueprint for scaling up other clean energy solutions.

Accordingly, it shows the EU’s commitment to support innovative technologies that will help EU industry becoming cleaner and stay competitive. The lending by the EIB is made possible thanks to the support of the InvestEU programme, which is backed by an Innovation Fund top-up guarantee. The Innovation Fund is financed by the EU Emissions Trading System.

The transformation of the European industry to clean technologies is being driven by a number of technological innovations, including the efficient production of hydrogen. EIB supports the latter by also funding an electrolysis-project by the Dresden-based start-up Sunfire. Sunfire and INERATEC were partners in a research project in 2019, when both enterprises for the first time demonstrated the production of sustainable e-Fuels from air-captured CO2 and solar power in a fully integrated plant.

EIB Vice-President Nicola Beer said: “The EIB is committed to a competitive net-zero economy, especially in hard-to-decarbonize sectors like aviation. Through partnerships such as the EU-Breakthrough Catalyst initiative, we’re enabling a green transition for transport and are ultimately contributing to making prices of e-Fuels more economical.”

Mario Fernandez, Head of Breakthrough Energy Catalyst: “INERATEC is on a promising path towards demonstrating that e-fuels can be economically produced at scale with the support of catalytic funding. Decarbonizing aviation requires real-world projects to drive down costs and crowd in investment. Breakthrough Energy Catalyst is proud to partner with INERATEC to accelerate deployment and unlock the potential to make e-fuels a reality.”

INERATEC CEO Dr. Tim Boeltken commented: “This funding marks a new era for INERATEC. With the funding commitment from the EIB and Breakthrough Energy Catalyst, we are accelerating the industrialization of e-Fuel production. This will make a tangible impact in reducing CO₂ emissions in sectors where direct electrification is not feasible. The focus now is on scaling up and deploying our technology where it is needed most.”

Background information

The EU-Catalyst partnership was launched in 2021 at COP26 in Glasgow by EU-President Ursula von der Leyen, EIB-President Werner Hoyer and Bill Gates, with the aim to develop large-scale green tech projects based in Europe and boost investments in critical climate technologies. The Partnership creates a blueprint for public-private support for clean tech innovative technologies.

The European Investment Bank, as implementing partner of the Commission under InvestEU, has been tasked to deploy for the benefit of this partnership up to €420 million, made available from both Horizon Europe (EUR 200 million), and the Innovation Fund, which has committed EUR220 million. Breakthrough Energy Catalyst mobilizes equivalent private capital and philanthropic grants to fund the selected projects. The EU-Catalyst Partnership does not exclude potential additional contributions from EU Member States or other private partners that decide to further support the projects. Interested projects can apply for support through the Breakthrough Energy Catalyst website.

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

High-quality, up-to-date photos of our headquarters for media use are available here.

Breakthrough Energy is committed to accelerating the world’s journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage.

Breakthrough Energy Catalyst is a novel platform that funds and invests in first-of-a-kind commercial projects for emerging climate technologies. By investing in these opportunities, Catalyst seeks to accelerate the adoption of these technologies worldwide and reduce their costs.

Catalyst currently focuses on five technology areas: clean hydrogen, sustainable aviation fuel, direct air capture, long-duration energy storage, and manufacturing decarbonization. In addition to capital, Catalyst leverages the team’s energy-infrastructure-investing and project-development expertise to work with innovators on advancing their projects from the development stage to funding and ultimately, to construction. Learn more about Breakthrough Energy and Catalyst at breakthroughenergy.org.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds to mobilise private investments for the European Union’s policy priorities, such as the European Green Deal. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects leveraging the EU budget guarantee of €26.2 billion. To this amount, further guarantees have been added from the EU’s Horizon programme and the Innovation Fund to support initiatives such as the EU-Catalyst partnership.

The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deep-tech and life sciences sectors.

The Innovation Fund: With an estimated revenue of €40 billion from the EU Emissions Trading System between 2020 and 2030, the Innovation Fund aims to support innovative net-zero technologies and support Europe’s transition to climate neutrality. The Innovation Fund contributes a €220 million top-up guarantee to the InvestEU Programme for the EU Catalyst Partnership, having enabled until now more than €100 million in lending from EIB.

INERATEC is committed to defossilizing and decarbonizing the world. The company produces e-Fuels and e-chemicals: carbon-neutral fossil fuel substitutes for use in the aviation, shipping and chemical industries.

Its modular, scalable plants use renewable hydrogen and biogenic CO₂ to produce synthetic kerosene, gasoline, diesel, waxes, methanol or natural gas. It is building what will be the world’s largest e-fuels plant to date, in Frankfurt, which will produce up to 2,500 tonnes of ultra-low-carbon aviation fuel per year. The company is based in Karlsruhe, Germany and backed by diverse international investors.

Ineratec Power-To-X (IEU GT2) – Catalyst
INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
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INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
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INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt
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MIL OSI Europe News –
March 6, 2025
MIL-OSI United Kingdom: NPT Safeguards Agreement with Iran: Quad statement to the IAEA Board, March 2025

Source: United Kingdom – Executive Government & Departments 3

Speech

NPT Safeguards Agreement with Iran: Quad statement to the IAEA Board, March 2025

UK Ambassador Corinne Kitsell’s statement on behalf of France, Germany, the UK and United States (the Quad) to the International Atomic Energy Agency (IAEA) Board meeting about Iran’s implementation of its obligations under its Nuclear Non-Proliferation Treaty (NPT) Safeguards Agreement

Chair,

France, Germany, the United Kingdom and the United States commend the Agency for its continued efforts to engage Iran to clarify the outstanding issues related to the implementation of Iran’s NPT-required Safeguards Agreement. We thank the Director General for his report on these issues, which are critical to understanding the nature of Iran’s nuclear programme.

We deeply regret that, for more than five years, Iran has refused to provide required clarifications regarding nuclear material detected at multiple undeclared locations in Iran. The Director General and the Board have made clear repeatedly that Iran is legally required to provide this cooperation. Iran has failed to do so despite the concerted efforts of the Director General and this Board to provide Iran every opportunity. As a result of Iran’s longstanding denials, the Agency is still unable to provide critical assurances that Iran’s nuclear programme is exclusively peaceful and that there are no undeclared nuclear materials or activities in Iran. These issues are fundamental to Iran’s safeguards obligations and the broader non-proliferation regime. No State can be allowed to violate its safeguards obligations with impunity. Iran must fully cooperate, or the Board must be prepared to find Iran in noncompliance. Until now, Iran has made its choice. Let us be clear: unless Iran changes course, it will force the Board to make its own choice. Time is not on Iran’s side.

This report recalls the IAEA’s assessment of some of the deeply concerning activities that Iran did not declare, at Turquzabad, Varamin, Marivan and Lavisan-Shian. It is of significant concern that due to the lack of information being provided by Iran, the IAEA concluded it would be unable to continue its efforts to resolve the safeguards issues at Lavisan-Shian. We note that the IAEA’s technical assessment of the activities at Marivan has not changed, that Iran has not provided technically credible information, and therefore the issue remains unresolved. We also want to highlight the lack of progress towards resolving the discrepancy issue at Jaber Ibn Hayan Laboratory, which still has to be explained by Iran. Iran continues to reject and challenge the IAEA’s technical assessment of the activities at these undeclared sites rather than engaging the IAEA constructively towards resolving the outstanding issues. We reiterate our support for the IAEA’s critical work. We underscore the value of the IAEA’s technical expertise and authority to investigate these issues to address concerns around the possibility of undeclared nuclear material and activity in Iran today.

Chair,

In his latest report, the Director General reiterates that Iran continues to refuse to provide design information for new nuclear facilities as legally required under modified Code 3.1. This is in contravention of Iran’s safeguards agreement. Iran’s unwillingness to provide the Agency with this information should be especially concerning given Iran’s history of building covert nuclear facilities. We also note that Iran has refused to accept the designation of four additional experienced inspectors. We recall the Director General’s statement that Iran’s previous decision to withdraw the designations of inspectors seriously affects the Agency’s ability to conduct its verification activities in Iran. We echo his deep regret that Iran did not accept these new designations.

Iran’s refusal to cooperate with the IAEA and its refusal to abide by its obligations under its safeguards agreement is deeply concerning in the context of Iran’s continuous escalation of its nuclear programme to levels with no credible civilian justification. Our concern is intensified by the increasing number of senior Iranian officials who have publicly claimed that Iran has the technical capability to build a nuclear weapon and called for a change to Iran’s so-called “nuclear doctrine”. We recall that the Director General assessed in his report in May 2024 that such remarks increased his concerns about the correctness and completeness of Iran’s safeguards declarations.

We commend the Agency’s efforts to engage Iran to seek progress. However, after years of delay, Iran must finally and fully meet its commitments and obligations rather than dangle promises of discussions in the future which we have heard many times before.

Chair,

It is important that the Board supports the IAEA by the strongest means necessary to pursue clarity on the nature of Iran’s nuclear programme. The Board adopted two resolutions in 2024, which once again urged Iran to cooperate. Iran ignored these, as it has ignored opportunities in previous years. We reiterate our call on Iran to resume urgently full cooperation with the IAEA and to implement fully its safeguards agreement.

We recall that this Board, in its last resolution of November 2024, mandated the Director General to produce a comprehensive and updated assessment of the possible presence or use of undeclared nuclear material in Iran in connection with past and present outstanding issues. This document will provide a clear, technical and objective foundation to assess Iran’s compliance with its safeguards agreement. As the resolution sets out, it will include the Agency’s assessment of its ability to verify the implementation of Iran’s safeguards obligations and the non-diversion of nuclear material. The assessment will also include a full account of Iran’s cooperation with the Agency on the issues to date.

It is up to Iran to provide the technically credible explanations and substantive cooperation needed to inform the Agency. We regret that despite having the time and opportunity to do so, Iran has not made any progress in the four months since this resolution was adopted. In recognition of the Director General’s last report, which states that “the Agency is at an impasse” with regard to resolving these issues, we believe the comprehensive assessment should be delivered as soon as possible. It should be based on all information available to the Agency to provide the full picture, in order to inform the Board’s next steps on these issues. Iran has had many opportunities to resolve the issues.

Chair,

Our patience has been long, but it is not unlimited. We underscore, if there is no concrete, technically credible progress reported by the Director General, the Board must be prepared to consider finding Iran in non-compliance with its safeguards agreement.

We do not take such a course lightly. We reiterate that our efforts are intended to provide resolute support to the Agency in its safeguards investigations in Iran, for the sake of international security and the integrity of the global non-proliferation architecture.

More than ever, there is an urgent need to address the lack of transparency and assurances on the nature of Iran’s advancing nuclear programme. Iran’s full cooperation with the IAEA on its safeguards obligations is long overdue. Iran has had many chances over many years to cooperate, but Iran has instead chosen a path of escalation, obfuscation, and delay. Iran must be held to account if it continues along this path.

We again express our thanks for the IAEA’s continued efforts and ask for the report to be made public.

Thank you, Chair.

Updates to this page

Published 5 March 2025

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI Global: The shortcut to less warming? It runs through a farm field

Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

Barillo_Images/Shutterstock

“The biggest challenge to limiting climate change to 2°C, the upper target of the 2015 Paris agreement, is this: methane emissions are rising very fast,” says Euan Nisbet, a professor of earth sciences at Royal Holloway University.

If each CO₂ molecule is like a candle that patiently warms the atmosphere, methane is like an exploding bomb: responsible for much more heat, but over a much shorter timescale. Satellites are identifying the methane that’s leaking from oil wells and gas pipelines, and most countries have at least promised to reduce these emissions by a third by 2030.

But if humanity is to throw the brakes on runaway climate change, something has to be done about the biggest human source of methane there is: agriculture.

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

Taming methane

Earth’s atmosphere is warmer and wetter than it would otherwise be, thanks to fossil fuel burning. This is inducing wetlands, once a reliable carbon store, to emit more methane to the atmosphere, and so speed up climate change, Nisbet says.

Read more:
Methane emissions are turbocharging climate change – these quick fixes could slow it down

This makes it even more urgent to tamp down the methane sources under our immediate control. Nisbet has calculated that roughly 210 million to 250 million tonnes of methane come from agriculture and its products. Most of this is in the breath of livestock animals and their manure, and food rotting in landfills.

Here’s the good news.

“Cutting agricultural methane emissions involves a wide range of relatively cheap measures that need good design and management, but could cut food-related emissions substantially over the next decade,” Nisbet says.

Adding a layer of soil to a landfill provides habitat for methane-munching bacteria. Covering manure storage tanks, banning the burning of crop waste and only flooding rice paddies when necessary could pinch other methane sources.

Reducing food waste would also cut methane emissions.
AleksB59/Shutterstock

These aren’t expensive or difficult changes, Nisbet says. It might cost more to vaccinate cattle or breed them to produce more female calves, however. The point with both measures is to have smaller herds for the same quantity of beef and milk.

Lower consumer demand would also shrink these methane mobs (here’s where you come in, dear reader). If more of our essential nutrients like protein came from beans instead of meat, our health would benefit along with the climate. While nutritionists and environmental scientists urge us to eat more fruit and vegetables, the global food system is stacked against this outcome.

Read more:
Meat and dairy gobble up farming subsidies worldwide, which is bad for your health and the planet

Globally, every fifth dollar of public farming subsidy goes towards rearing meat. In the intensively farmed UK where I live, 85% of farmland is devoted to livestock and the crops that feed them. Yet these captive animals are the source of less than one third of our calories.

“The longer the livestock-intensive system prevails, the greater the environmental, economic and social costs,” says Benjamin Selwyn, a professor of international development at the University of Sussex.

The fruits of our labour

Selwyn favours a “green new deal” that would make farming “complement rather than undermine the environment”.

Read more:
The UK’s food system is broken. A green new deal for agriculture could be revolutionary

What does that look like? Fewer cows, more woodland and more crops grown for human consumption, Selwyn says. This is essentially what government advisers recently proposed to keep the UK on track for net zero emissions.

Read more:
The UK must make big changes to its diets, farming and land use to hit net zero – official climate advisers

To nudge the food system in this direction, researchers like Yi Li, a senior lecturer in marketing at Macquarie University, are testing the effect of labels on meal choices.

In Australia, where Li is based, meat accounts for half of all greenhouse gas emissions from products consumed at home. Producing 1kg of beef may emit 60kg of greenhouse gas, while the same quantity of peas yields just 1kg of emissions. But Li found consumers weren’t always savvy to the gulf in emissions between the two.

“Our label creates a mental link between a food source and its carbon impact,” she says.

“When a consumer sees high carbon scores and red traffic lights appearing more frequently on meat and other animal products, they begin to make the connection between those products and higher emissions.”

Read more:
Want a side of CO₂ with that? Better food labels help us choose more climate-friendly foods

While better informed consumers are important, the food system needs deeper reform.

“Many conceptions of the protein transition from animal sources to more plant products ignore the necessity of improving farmers’ and agricultural workers’ incomes. But this will be crucial,” Selwyn says.

Just as oil and gas workers will need financial support and training opportunities to ply their skills in a low-carbon energy sector, farm workers will need security and guidance to adapt to new forms of food production says Alex Heffron.

Read more:
The UK farmer protests you probably haven’t heard about

Heffron, a PhD candidate at Lancaster University, researchers agricultural transitions and is a farm worker himself. He says that people picking crops, milking cows and driving farm machinery are among the most exploited and precariously employed of the UK’s workforce.

Seasonal farm workers often live where they work, raising the risk of abuse.
Pavel Tarin Alcala/Shutterstock

In fact, if the country were to begin phasing out livestock and ramping up fruit and vegetable production tomorrow, the burden would fall heavily on migrant labourers who the UK attracts with a seasonal worker scheme. This scheme has been criticised for overlooking allegations of forced labour.

“There will be no green transition unless these workers have a stake in it,” Heffron says.

What kind of stake might move farmers away from steak? Selwyn has some suggestions, which include spreading land ownership more evenly with community land trusts and allowing public bodies to acquire vacant, derelict or damaged land for allotments and nature habitat.

“Farms can be paid directly by government for sustainable production to combat farmer poverty,” he adds. “And the real living wage of £12.60 an hour should be compulsory for agricultural workers.”

– ref. The shortcut to less warming? It runs through a farm field – https://theconversation.com/the-shortcut-to-less-warming-it-runs-through-a-farm-field-251419

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI Economics: Register Now for the DEC Q1 Tech Forum – “Advancing Drilling Technology”

Source: International Association of Drilling Contractors – IADC

Headline: Register Now for the DEC Q1 Tech Forum – “Advancing Drilling Technology”

The IADC Drilling Engineers Committee (DEC) Q1 Tech Forum will focus on “Advancing Drilling Technology: The Role of Collaborative Industry Projects in Innovation and Development.”

Join the DEC for an exclusive event tailored for Drilling Engineers in the Energy industry, centered around collaboration for driving innovation and technological advancements. A diverse group of industry experts will shed light on various collaborative efforts, including formal Joint-Industry Projects (JIPs), university-led research and development programs, and broader initiatives within different industry forums such as the IADC Committees.

Historically, some of the most groundbreaking solutions have emerged from collaborative environments, significantly enhancing operational efficiency, boosting output, reducing costs, and minimizing carbon emissions. Recent advances in data analytics and artificial intelligence have enabled companies to optimize complex processes and respond more effectively to market volatility and disruptions. Looking ahead, the importance of collaborative projects and fostering creative ideas will be even more critical for industry resilience as we navigate the Energy Transition.

Don’t miss this opportunity to engage with industry experts and actively contribute to the future of drilling technology!

Date: 18 March 2025

Time: 8:30 am – 12 pm (Central Time)

The event will be both in-person and virtual/online. The in-person event will be held at Premium Oilfield Technologies, 10600 W Sam Houston Pkwy N, Houston, TX 77064. There is limited seating. Please register early to ensure your seat. For virtual attendees, a zoom invitation will be emailed the day before the meeting.

Special thanks to our event host Premium Oilfield Technologies!

For questions about the DEC, contact Linda Hsieh, +1 713 292 1945 or linda.hsieh@iadc.org.

MIL OSI Economics –

March 6, 2025
MIL-OSI Economics: IADC UTP Student Chapter Updates – Recent Trainings & Lectures
Source: International Association of Drilling Contractors – IADC

Headline: IADC UTP Student Chapter Updates – Recent Trainings & Lectures
The IADC Universiti Teknologi PETRONAS (UTP) Student Chapter has recently organized many different learning opportunities for its Members.

During the SLB PETREL Reservoir Engineering Course Training 2025, students delved deep into structural modeling, which is typically geologist territory but opened up new horizons for the petroleum engineers. Professionals from across disciplines came together to explore cutting-edge techniques in reservoir engineering, gaining hands-on experience and broadening their expertise. Key takeaways from the event included:

Structural Modeling

Reservoir Modeling & Simulation

Well Logging

Static Modeling
Next, the Chapter organized the Halliburton Landmark Software Training 2025, where 15 dedicated participants immersed themselves in advanced drilling and well planning functionalities of the Landmark software. Ms. Siti Nur Rabiatul Adawiah Binti Abd Rasid, Associate Drilling Consultant at Halliburton and former President of the IADC UTP Student Chapter, led the session. Feedback was overwhelmingly positive.

One participant remarked,

“As a Petroleum Engineer with a major in Drilling, this training transformed my approach, providing practical insights and skills to leverage technology for smarter, more efficient operations because of the software we were taught to use.”

Most recently, the UTP Student Chapter had the privilege of hosting Mr. George Oommen, Principal Drilling Engineer at Jadestone Energy for an insightful Adjunct Lecture on Casing Design. Throughout the session, Oommen shared his vast experience in casing design, industry best practices, and real-world applications that enhance well integrity and performance. The engaging discussion, real-case examples, and interactive Q&A made this lecture a valuable learning experience for everyone in attendance.

Well done to the IADC UTP Student Chapter for organizing this insightful series of educational sessions for students!
MIL OSI Economics –
March 6, 2025
MIL-OSI Global: Methane emissions are turbocharging climate change – these quick fixes could slow it down

Source: The Conversation – UK – By Euan Nisbet, Professor of Earth Sciences, Royal Holloway University of London

Rotting food is a major source of world-warming methane. Roman Mikhailiuk/Shutterstock

The biggest challenge to limiting climate change to 2°C, the upper target of the 2015 Paris agreement, is this: methane emissions are rising very fast.

Methane is a greenhouse gas that, molecule for molecule, traps heat in the atmosphere more effectively than carbon dioxide, though over a much shorter timescale (decades versus centuries). Reducing emissions of methane to the atmosphere could drastically slow the rate at which Earth’s climate is warming.

Unfortunately, a warmer and wetter atmosphere is already causing wetlands to make more methane and so exacerbate climate change. This feedback loop makes the task of cutting methane from sources under our immediate control, like agriculture, more urgent. The good news is, my colleagues and I showed that there are lots of ways we can do this in a recent study.

Each year, about 600 million tonnes of methane are emitted to the air, very roughly 40% from natural sources and 60% from human activities. Of this latter portion, fossil fuels contribute 120-130 million tonnes. This is methane that leaks from gas pipelines, coal mines and oil wells. There has at least been some progress towards controlling these leaks: new satellite technology has excelled at finding them, while 159 countries have pledged to cut emissions by 30% by 2030.

In contrast, roughly 210-250 million tonnes of methane come from agriculture and its products, but these emissions are much tougher to tackle. It’s easier to spot a leaky gas well from space than farm leaks that are collectively large but individually small.

These sources include the breath of livestock animals and their manure (roughly 120 million tonnes), rice fields (about 30 million tonnes), crop waste fires (about 20 million tonnes) and organic matter rotting in landfills (about 70 million tonnes).

Shrinking the number of animals reared for food would benefit the climate.
Andreas Bayer/Shutterstock

Since 2000, the UK has slashed total methane emissions, especially by covering landfills and piping out gas, but farming emissions, from manure stores for instance, have hardly changed. The methane is made by methanogens, which are microbes that live in oxygen-poor environments, like the stomachs of cows, and biodigesters (which grow bacteria to convert organic waste into fertiliser, oils and gas) and landfills.

If the UK cuts its own agricultural emissions by importing more food from tropical nations like Brazil it may still increase climate damage on a global scale. The problem is a global one, and very few countries are successfully reducing methane emissions from farming.

Where there’s muck, there’s methane

Cows, pigs and chickens make vast amounts of manure. In the US, Europe and East Asia, manure is often kept in big tanks or lagoons. These are usually under covers, but still release a lot of methane.

Gas-tight coverings can prevent this, and the captured methane can be harvested and then burned to generate electricity. This still produces CO₂, but the warming impact is smaller, while the electricity can replace new natural gas in the national grid.

The remaining slurry can be turned into fertiliser. Though it’s not commercially feasible now, it may one day be possible to turn it into aviation fuel.

Biodigesters are becoming common in towns and on farms, but are often very leaky. Methane doesn’t smell, but if a biodigester is releasing other gases that stink, it’s probably also releasing methane. Leaks are easily controlled but much tighter regulation is needed to ensure this happens.

Most of the world’s cattle are in India, Africa and South America. In large parts of the tropics, rain-fed crops aren’t enough to sustain people. The difference is made up by meat and milk from cows and goats that browse trees and bushes and graze seasonal grasses.

Smaller herds can produce the same amount of food if cattle diseases are reduced. Bovine mastitis, East Coast fever and African trypanosomiasis can be vaccinated against, for example and agricultural experts in India have even used artificial insemination to make more calves female, and so slash dairy cattle numbers. It’s possible to give drugs to cattle to reduce methane emissions, but poor countries would struggle to cover the expense.

Rice paddies emit methane, but rice is essential for nutrition, especially in East and South Asia, and increasingly in Africa. Flooding paddies only when and for how long it is needed during the year may cut emissions by as much as a quarter.

In China, India, Africa and many parts of the US and Europe, landfills are major methane emitters. This is where wasted food ends up. But as the UK has shown, emissions can be sharply reduced by good landfill design and gas extraction.

Simply adding a metre of soil to the surface of a landfill creates habitat for methane-eating bacteria, and also prevents landfill fires, which are very common in Africa and India. Still inexpensive is putting a plastic liner between the waste and soil and inserting pipes to extract gas that can generate electricity.

The widespread burning of crop waste that pollutes skies in India and tropical Africa has terrible consequences for human health, but it also includes methane emissions that contribute to climate change.

After a harvest, farmers may burn crop residues to cheaply prepare the land for future cultivation.
RGtimeline/Shutterstock

Crop waste fires were once a major source of air pollution in the UK and Europe. Today they are minimal thanks to better farming practice and straw processing. To cut burning, farmers need good advice, good management, good regulation and targeted financial help.

Cutting agricultural methane emissions involves a wide range of relatively cheap measures that need good design and management, but could cut food-related emissions substantially over the next decade. High on the list should be tackling landfills and crop waste fires in India and Africa. In the US, Europe and China, it is manure storage facilities and biodigesters. With determination and inexpensive financial carrots and sticks, much could be accomplished.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

Euan Nisbet is an honorary fellow of Darwin College at the University of Cambridge. He is a member of the science panel of the UN International Methane Emissions Observatory.

– ref. Methane emissions are turbocharging climate change – these quick fixes could slow it down – https://theconversation.com/methane-emissions-are-turbocharging-climate-change-these-quick-fixes-could-slow-it-down-246192

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI USA: Ocean Energy Is Almost Ready, But It Needs a Boost Over the Testing Barrier

Source: US National Renewable Energy Laboratory

How Robust Facilities, Like NREL’s, Could Shrink the Chasm From Data to Demonstration

March 5, 2025 | By Caitlin McDermott-Murphy | Contact media relations

This article is the first in a “Found at Flatirons” series that showcases the various technologies at NREL’s Arvada, Colorado, campus.

In a large room with concrete-block walls, a crane lifts what looks like a miniature lunar lander out of a water tank. Water drips from the metal contraption as the crane slowly lowers it onto the floor. Then, the clock starts ticking.

“My colleagues and I were like, ‘OK, as soon as it touches the ground, we’re going to do this and this and this,’” said Brittany Lydon, a mechanical engineering graduate student at the University of Washington.

Lydon, who likens that moment to a race car pulling up to have its tires changed midrace, will not be sending her machine to the moon. But she is prepping it for a similarly harsh environment: the ocean.

An artist’s impression of a wave energy farm illustrates how ocean energy technologies integrate with the larger power grid. Illustration by Alfred Hicks, NREL

Lydon’s device is designed to harness wave energy, which is a type of marine energy, an early-stage, tricky-to-harness renewable that flows through the currents, tides, and other motions of our oceans and rivers. The United States has enough marine energy pulsing in its waters to meet about 60% of the country’s electricity needs. We cannot capture all that energy, but even a little could help energize offshore industries (like seafood farms), give coastal and island communities the power to weather outages or natural disasters, and help the country reach its energy goals.

However, the marine energy industry needs custom facilities and instruments to vet their novel tech. Researchers studying solar panels can prop a new prototype in a sunny field to see if it works, but tossing an untested marine energy device into the ocean is a bit like hopping into an experimental space shuttle and hitting the ignition.

You could argue that, in some ways, space exploration is actually easier.”

—Ben McGilton, NREL electrical engineer

“You could argue that, in some ways, space exploration is actually easier,” said Ben McGilton, an electrical engineer at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) who studies marine energy technologies. “In space, conditions like gravity, radiation, and vacuum are relatively predictable, whereas the ocean’s ever-changing waves, currents, and corrosive saltwater can create unforeseen challenges that are nearly impossible to simulate perfectly.”

Marine energy developers often start with a functional theoretical design. But even the best virtual designs cannot account for every invisible defect or ocean oddity. Developers need a lab-sized ocean to test those theories before they head to the big blue.

That is why Lydon and her colleagues recently found themselves kneeling on wet concrete in NREL’s water power facilities in April 2024. A cable on their wave energy prototype was tugging on the device, potentially warping their experimental data. Out at sea, that kind of flaw would have been invisible—just a rogue cable hidden beneath the murky waves—and, even if the defect was spotted, it could take weeks to fix.

From left, NREL Research Engineer Charles Cando, University of Washington graduate student Brittany Lydon, and NREL Research Technician Kyle Swartz finish their wave tank tests for the University of Washington’s oscillating surge wave energy converter device at NREL’s Flatirons Campus. Photo by Gregory Cooper, NREL

At NREL, Lydon and her team needed just 10 minutes to reconfigure their prototype’s wiring before a technician lifted it back into a wave tank (located inside the Sea Wave Environmental Lab—or SWEL, for short) for further testing.

“It went as smooth as we could have ever wanted,” Lydon said.

Today, NREL’s desert facilities offer the comprehensive, computer-to-ocean testing that marine energy researchers and developers need to get their technologies closer to commercial use.

But even NREL did not always have such a bounty.

Between the Data and the Deep Blue Sea

Scott Jenne, a marine energy researcher at NREL, refers to the jump from computer simulations to the open ocean as “the leap of faith. Basically, you go from numerical simulations to, ‘Hey, we’re going to build a thing and put it in the ocean and hope everything works.’”

And even if every piece of the device functions just as expected, the ocean might not.

“There’s a well-known saying in marine energy that the 1-in-100-year wave will happen the first week you deploy,” McGilton said.

But a leap of faith is not the only way to get from the computer to the ocean. NREL has bridges.

In 2021, the laboratory installed its first wave tank at SWEL, which can simulate scaled ocean waves representative of different sites around the world. In 2023, the facilities welcomed another ocean mimic, called the large-amplitude motion platform (or LAMP), which can replicate even larger ocean motions without even a drop of water.

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The laboratory also has machines called dynamometers that can test a device’s electrical elements, 3D printers and other rapid manufacturing tools that can quickly churn out new parts if one breaks, and virtual systems that can hook up to actual hardware while simulating different device components, ocean conditions, and even electrical grids.

With all that, researchers and developers could, for example, assess how their device might function in winter waves off the coast of Hawaii, examining how much strain waves might put on their tech or how much energy they could produce for the local grid. And they can do all that without the time, risk, and costs associated with an actual ocean deployment.

It’s essential that we have lab facilities that can validate and test the performance before we go anywhere near the water.”

—Ben McGilton

“Any time you go to test in a river or the sea, it costs an absolute fortune, and there are so many risks and uncertainties,” McGilton said. “It’s essential that we have lab facilities that can validate and test the performance before we go anywhere near the water.”

McGilton’s colleague, Jenne, would agree: He has experienced both options.

The HERO on the LAMP

In 2020, Jenne and a team of NREL researchers started building a hero—or rather, a HERO WEC, which stands for hydraulic and electric reverse osmosis (HERO) wave energy converter (WEC).

The name fits: This kind of device could be a hero for some communities. The wave-powered machine is designed to produce clean drinking water from salty seawater, which could be critical for communities that lose power and access to potable water after a natural disaster.

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In 2022, Jenne and his team deployed their HERO WEC prototype in the waters off North Carolina’s Outer Banks. But the ocean did not cooperate.

“In that two-week period, we really only saw roughly two-ish useful wave conditions. It was dead flat for the rest of the deployment,” Jenne said.

Luckily, they could turn to an ocean imitator for help.

In 2023, the team was the first to mount their device onto NREL’s new LAMP, a long-legged metal platform that resembles something out of “Star Wars.” There, they could subject their prototype to almost any kind of wave motion without worrying about storms or dead waters.

NREL’s LAMP tests prototype devices to improve designs before deployment in ocean waters.Photos by Joshua Bauer, NREL

“There’s still a reason to do those ocean deployments,” Jenne said. “You learn stuff there that you’ll never be able to learn on LAMP and vice versa. But having that controlled test facility where you can literally turn the waves on and off when you need them is so valuable.”

During their LAMP test, the HERO WEC’s drivetrain “locked up and snapped the mooring line,” as Jenne described it. But, like Lydon and her team, the crew simply shut the LAMP down, came up with a solution to prevent it from happening again, and resumed testing within a couple days. For comparison: Just six hours into a recent Outer Banks deployment in 2024, a rogue storm knocked the HERO WEC around, causing a winch to cut a cable. But no one could reach the device for two weeks.

“You spend a huge amount of money to understand maybe a few ocean conditions,” Jenne said. “Versus LAMP—we ran over 100 different cases in a month.”

That is why Lydon and her team came to NREL. They too were searching for that data wealth. Only, they turned to a different instrument.

Swell Data From the SWEL Wave Tank

Lydon’s wave energy prototype looks nothing like the HERO WEC. Her group’s device is designed to generate electricity by swaying back and forth, like sea grass, in ocean waves. Although her institution, the University of Washington, has its own wave tank, it is about 2.5 times smaller than NREL’s. Their small-scale prototype could barely fit, and the team was concerned its proximity to the tank’s walls could create ricochet waves that might not exist in the real world, skewing their data.

“That brought us to the point of having this system functional but not having a good place to test it,” said Brian Polagye, a professor of mechanical engineering at the University of Washington and Lydon’s advisor. “And that’s where SWEL came along.”

SWEL’s tank is big enough to handle prototypes about 1/75th the size of a full-scale device. Through the tank’s one glass side, researchers can watch how their device handles waves both above and below the water (the ocean’s often murky water prevents this kind of up-close study). And if human eyes are not powerful enough to spot an issue, the tank’s motion-tracking cameras and various sensors likely are.

With support from the Testing Expertise and Access for Marine Energy Research (TEAMER) program, funded by the U.S. Department of Energy’s Water Power Technologies Office and administered by the Pacific Ocean Energy Trust, Lydon spent several months at SWEL during the spring of 2024. There, Lydon and the team could test how their device performed in a larger range of potential wave conditions.

“We were able to get a ton of data in a relatively short amount of time,” Lydon said. “That has been huge in trying to answer our questions but also forming new questions.” But if Lydon had to describe her experience in one word, she would say it was boring, “which is what you want.” Boring means nothing went awry; boring equals success.

“We had what we needed, and we were given everything to do it,” she said.

The Recipe for Advancing Marine Energy

Over the past few years, NREL’s water power facilities have grown to offer what NREL Water Power Technology Validation Manager Rebecca Fao often calls a “soup-to-nuts” service. At the Flatirons Campus, people can model their novel designs with the laboratory’s award-winning software, manufacture a prototype, test a specific component or the entire device, manufacture an improved or larger prototype, and hook actual hardware up to virtual grids or oceans that can mimic real-world conditions.

We can test whole systems and see how they would interact with a microgrid, small community, or even the grid—and not just simulated but with real voltage and currents.”

—Ben McGilton

“We can test whole systems and see how they would interact with a microgrid, small community, or even the grid—and not just simulated but with real voltage and currents,” McGilton said. All this support can, as McGilton puts it, “improve the overall chances of success.”

But none of these machines or models function without people.

“One of the reasons that these experiments, even the initial experiments, were so successful is the support and flexibility of the staff,” Lydon said.

From modelers to technicians to electrical and mechanical engineers, NREL’s team of experts are perhaps one of the laboratory’s greatest assets. If a device malfunctions, they are there to troubleshoot, diagnose, repair, or even operate a crane.

Of course, NREL might have a suite of swell equipment, but it does not have everything. The U.S. Navy has an indoor ocean (also known as the maneuvering and seakeeping basin, or MASK) that holds 12 million gallons of water (SWEL holds only 13,000). A new wave energy test site, called PacWave South, where researchers and developers can test full-scale devices in the open ocean, is under construction off the coast of Oregon.

Because the United States has so few of these facilities, collectively, they are critical for the marine energy industry to advance quickly. “It’s all a big, interconnected ecosystem,” said Polagye, Lydon’s advisor.

That ecosystem is growing thanks to renewed interest in this lesser-known renewable. And, in part because of facilities like NREL’s, the field has made significant leaps in the last 10 years.

“It’s been a fascinating decade,” Polagye said. “And I think the next will be just as fascinating.”

Want to learn more about NREL’s Flatirons Campus? Stay tuned for the next feature in our “Found at Flatirons” series. Remember to sign up for the water power newsletter, too!

MIL OSI USA News –

March 6, 2025
MIL-OSI Security: Call for Abstracts: Conference on Radiation Protection in Medicine — X Ray Vision

Source: International Atomic Energy Agency – IAEA

Exchanges will include the discussion of new trends in medical uses of radiation, such as using artificial intelligence in medical imaging and therapy, which can accelerate research to reduce patient radiation doses and calls for quality assurance programmes, interdisciplinary collaboration, and consideration of ethics, patient privacy and data security. Participants will also discuss ways to help raise the voices of patients in relation to their own healthcare plan.

The conference will provide a platform for enhanced networking opportunities among health professionals, including physicians practising in radiological imaging, nuclear medicine and radiotherapy, referring medical practitioners, medical physicists, medical radiation technologists and regulatory authorities.

Contributors interested in submitting a poster for the conference can find the topics of interest here, which includes areas such as the justification for the use of radiation in medicine, radiation protection of patients and staff in various diagnostic and therapeutic modalities and in interventional procedures, learning from unintended and accidental exposures in medicine, and strengthening radiation safety culture in healthcare.

This year’s Radiation Protection in Medicine conference is the third in the series, with the earlier ones hosted in 2017 and 2012.

How to Submit an Abstract

The guidelines and details for the submission of abstracts are available here. More information on registration and participation is available here.

MIL Security OSI –

March 6, 2025
MIL-OSI: Penomo & Hoovest Financial Group Partner For Tokenized AI & Infrastructure Institutional Finance

Source: GlobeNewswire (MIL-OSI)

BERLIN, March 05, 2025 (GLOBE NEWSWIRE) —

Penomo has formed a strategic partnership with Hoovest Financial Group, which collectively administers and manages over $1 billion in assets. This collaboration aims to accelerate institutional capital inflows into tokenized real-world infrastructure, facilitating the connection between asset-heavy renewable energy & physical AI operators and private capital allocators.

The global shift towards sustainable energy & physical AI is driving significant capital into projects building & operating physical infrastructure, such as solar, Data Centers & machines, and financing remains the key bottleneck. Traditional financing models for critical physical infrastructure—primarily debt financing and structured equity are often slow, bureaucratic, and capital-intensive. Institutions keen to allocate capital into sustainability-focused assets are met with high entry barriers, limited liquidity, and inefficient capital deployment instruments.

Penomo, an end-to-end financing protocol solves this by transforming heavy infrastructure-backed assets into institution-grade digital assets using tokenization. This lowers entry barriers, allows risk-weighted sustainability investments, and streamlines multi-channel financing for energy and AI infrastructure. While private equity and real estate have embraced tokenization, infrastructure financing is still emerging, with growing institutional adoption from firms like Ant Group and GCL Energy in Asia and Enel Group in Europe. Sustainability infrastructure-as-an-asset class presents as the next financial innovation frontier.

Recognizing this opportunity, Penomo and Hoovest Financial Group unveil a strategic partnership to bridge institutional capital with tokenized renewable energy and AI infrastructure assets. As the demand for AI Data Centers and energy storage surges, next-generation data centers and high-performance computing hubs require massive capital inflows to scale efficiently. Hoovest, a financial group administering over $1B in assets and $150M worth AUM through its regulated subsidiaries, will leverage Penomo’s digital infrastructure to deploy capital into sustainable energy and AI infrastructure projects, making these tokenized real-world assets more accessible to institutional allocators and financial institutions. Through this collaboration, renewable energy projects and AI-powered infrastructure at both the development and operational stages will gain access to fast, flexible, and cost-efficient capital, reducing the financing gap for global energy transition and sustainable AI expansion initiatives.

Peter Fang, CEO of Hoovest Financial Group, added: “Sustainable investment mandates continue to evolve, and investors are seeking high-quality, tangible assets with data-backed sustainability impact. Together with Penomo we address that need, providing our capital markets network with streamlined access to tokenized, real infrastructure-backed investments, ensuring both long-term value creation and sustainability.”

“Energy & AI transition projects need a rescue from stagnated, high-cost TradFi technology,” says Jasvir Dhillon, Co-Founder and CEO of Penomo. “We are opening new avenues for institutional investors to gain streamlined exposure to sustainable infrastructure assets in a liquid, scalable, and fully transparent manner. Hoovest with its exceptional institutional roots makes a perfect partner to move beyond traditional ESG bonds and equity investments and lead the new financial innovation frontier and make sustainable energy- & physical AI infrastructure as a major asset class.”

About Hoovest Financial Group
Hoovest Financial Group operates an impact-focused investment business specializing in sustainable and alternative assets. Through its various regulated entities, Hoovest provides capital allocation and structuring solutions for institutional investors, asset managers, and family offices seeking exposure to high-growth, sustainability-driven investment opportunities. Through its joint-venture subsidiary, Unitize Fund Solutions Inc., Hoovest Financial Group administers over $1B in assets and has $150M worth AUM, delivering best-in-class fund structuring, administration, and distribution solutions.

About Penomo
Penomo is an end-to-end financing protocol bridging private capital markets with tokenized AI & renewable physical infrastructure to address the $4tn+ energy financing deficit by 2030. It transforms physical infrastructure into an institution-grade digital asset class, delivering a sourcing & allocation solution to sustainability-oriented institutions and asset managers globally. Backed by top institutions, nominated by Standard Chartered for the Earthshot Prize, and with blended expertise from JPMorgan & Chase, Deutsche Bank, and BlackRock’s Recurrent Energy in institutional finance, digital assets, and infrastructure, its mission is to sustainably power humanity on Earth and beyond.
For more information, users can visit: X | Website | LinkedIn

Contact

CEO & Co-founder
Jasvir Dhillon
Penomo
marketing@penomo.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77740c3b-b699-4cf2-85a7-518d68844aa6

The MIL Network –

March 6, 2025
MIL-OSI United Kingdom: Government to unleash the North Sea’s clean energy future
Source: United Kingdom – Executive Government & Departments

Press release

Government to unleash the North Sea’s clean energy future

The government is consulting on plans to put the North Sea at the heart of Britain’s clean energy future and drive economic growth.
UK government consults on plan to unleash the North Sea’s clean energy future and ensure prosperous and sustainable transition for oil and gas

this plan backs industry to make North Sea a world-leader in offshore industries, such as hydrogen, carbon capture and wind, as part of the government’s clean energy superpower mission

it also offers oil and gas industry long-term certainty on the fiscal landscape by ending the Energy Profits Levy and consulting on a new regime to boost investment in jobs and growth

consultation gives certainty to industry about the lifespan of oil and gas projects by committing to maintain existing fields for their lifetime and work with business and communities on a managed transition, while implementing the commitment not to issue new licences to explore new fields

The government has today (Wednesday 5 March) launched a consultation that will put the North Sea – its communities, workers, businesses and supply chains – at the heart of Britain’s clean energy future to drive economic growth and deliver the Plan for Change. 

This will support private investment into the technologies that will deliver the next generation of good jobs for North Sea workers, invest in local communities, cut carbon emissions and help the UK become energy secure.

The consultation sets out the next steps in the government’s overarching objective for the North Sea to make it a world leading example of an offshore clean energy industry, building on the UK’s world-class oil and gas heritage. In addition to maintaining existing oil and gas fields, and continuing ongoing domestic production, which have been critical to the UK’s energy system and will continue to play an important role for decades to come, the government wants to boost the economy through the expansion of clean technologies, protecting the country’s energy security in the process. To achieve this, the government needs to ensure the oil and gas industry and its workers can take advantage of a clean energy future.

Separately, HM Treasury and HM Revenue and Customs are confirming that the Energy Profits Levy will end in 2030. They are consulting on what a new regime could look like, to respond to any future shocks in oil and gas prices. The government will work closely with the sector and other stakeholders to develop an approach that protects jobs in existing and future industries and delivers a fair return for the nation, during times of unusually high prices. The government will ensure that the oil and gas industry has the long-term certainty it needs on the future fiscal landscape, helping to support investment and protect businesses and jobs now and for the future.

The government is committed to working with industry, communities, trade unions and wider organisations to develop a plan that will ensure a phased transition for the North Sea – creating tens of thousands more jobs in offshore renewables estimated by 2030.  

The government recognises the call of workers and trade unions for a coordinated plan to protect good jobs, pay terms and conditions in the North Sea, and commits to shaping this plan with workers and unions.

The consultation also includes delivering the government’s commitment not to issue new licences to explore new oil and gas fields in the UK, in line with the science of what is required to keep global warming to 1.5 degrees. The consultation also engages with industry on how to manage existing fields, which will continue to make an important contribution during the clean energy transition, for the entirety of their lifespan.  

This comes after the government has backed new investment into Scotland’s clean energy future, awarding £55.7 million to the Port of Cromarty Firth, securing critical facilities needed for the rapid development of new floating offshore wind farms and ensuring that they are built from the UK.

By sprinting to achieve this mission, the UK can take back control of its energy and protect both family and national finances from fossil fuel price spikes – with cleaner, affordable, homegrown power. As part of this, Britain must also reduce its dependency on oil and gas, which leaves consumers exposed to unstable global energy markets, as its price is set on international markets. 

Energy Secretary Ed Miliband said:

The North Sea will be at the heart of Britain’s energy future. For decades, its workers, businesses and communities have helped power our country and our world.

Oil and gas production will continue to play an important role and, as the world embraces the drive to clean energy, the North Sea can power our Plan for Change and clean energy future in the decades ahead.

This consultation is about a dialogue with North Sea communities – businesses, trade unions, workers, environmental groups and communities – to develop a plan that enables us to take advantage of the tremendous opportunities of the years ahead.

Diversifying the North Sea industries while domestic production is managed for decades to come is key to protecting its jobs and investment in the long-term. Today’s consultation explores how to harness the North Sea’s existing infrastructure, natural assets and world-leading expertise to deploy new technologies – like hydrogen, carbon capture and storage, and renewables – to create skilled jobs, meet the UK’s climate obligations, and make the UK a clean energy superpower.

It is estimated that the offshore renewables workforce, including offshore wind, CCUS and hydrogen, could increase to between 70,000 and 138,000 in 2030, Meanwhile, an up-and-running carbon capture industry alone is expected to add around £5 billion per year of gross value to the UK economy by 2050.

New proposals could also see changes to the role of North Sea Transition Authority, as the regulator of UK oil and gas, offshore hydrogen, and carbon storage industries. This includes ensuring the authority has the regulatory framework it needs to support the government’s vision for the long-term future of the North Sea and enable an orderly and prosperous transition to clean energy.

The government has already taken rapid steps in accelerating clean energy industries – with the biggest ever investment in offshore wind and up to £21.7 billion in funding over the next 25 years for carbon capture and storage and hydrogen projects. This comes alongside the launch of Great British Energy, headquartered in Aberdeen, and the creation of a National Wealth Fund, both of which will unlock significant investment in clean power projects across the UK and help create thousands of skilled jobs.

The government has also consulted on revised environmental guidance offshore oil and gas projects and will respond to give certainty to the industry and enable developers to resume applying for consents for already-licensed projects. This follows a Supreme Court ruling last year that requires regulators to consider the impact of burning oil and gas – known as scope 3 emissions – in the Environmental Impact Assessment for new projects.

Exchequer Secretary to the Treasury, James Murray, said:

We are committed to working together with the sector on the future of the North Sea by providing the stability they need to keep investing and supporting jobs across the country while ensuring they make a fair contribution at times of unusually high prices.

Tania Kumar, Net Zero Director, CBI said:

The North Sea has long been a cornerstone of the UK’s energy sector and will continue to play a vital role in securing energy independence and transitioning to a low-carbon economy. Today’s consultations highlight the government’s commitment to a managed transition. Success hinges on our collaboration with communities, workers, and businesses to develop a practical plan.

Robust regulation and the pivotal role of the North Sea Transition Authority will be essential. The UK’s net zero economy is growing faster than the rest of the economy – the future is green growth and managing the transition away from fossil fuels to a clean energy future for the North Sea is vital to achieving it.

Dhara Vyas, CEO, Energy UK said:

Today’s announcement offers a positive step toward a just transition for offshore workers. The North Sea has been an engine of economic growth and energy security for the UK, but it’s critical to ensure pathways are available for offshore workers to transition to the low carbon industries of the future. The government has a sent a strong signal about the UK’s clean energy future, and the role the North Sea will continue to play in fostering clean technologies such as offshore wind, hydrogen, and carbon capture and storage. The clean energy mission can help ensure the North Sea’s best days are ahead of it, powering economic growth and enabling the UK to lead the way in the global clean industrial revolution.

David Whitehouse, Chief Executive, OEUK said:

The UK offshore energy industry, including its oil and gas sector, is responsible for thousands of jobs across Scotland and the UK, and today the government has committed to meaningful consultation on the long-term future of our North Sea. That is important and welcomed. Energy policy underpins our national security – how we build a clean energy future and leverage our proud heritage matters.

Today’s consultations, on both the critical role of the North Sea in the energy transition and how the taxation regime will respond to unusually high oil and gas prices, will help to begin to give certainty to investors and create a stable investment environment for years to come. We will continue to work with government and wider stakeholders to ensure a future North Sea which delivers economic growth and supports the communities that rely on this sector and workers across right and the UK.

Rachel Solomon Williams, Executive Director, Aldersgate Group said:

The private sector recognises the growth opportunity of the clean energy transition alongside the risks associated with investments that are incompatible with the 1.5C target. This consultation is an important step on the path to building a prosperous and resilient economy, with wider benefits across all regions of the UK. Investing in assets that risk becoming stranded is sustainable for neither the UK economy nor the environment – the government’s recognition of this position will contribute to resolving uncertainty and building private sector confidence for clean energy investments in the region.

The skills and expertise built over recent decades in the North Sea are invaluable. They are highly transferable for clean energy and other growth sectors, both directly and with further upskilling. We welcome the government’s announcement that it is ensuring that the North Sea transition makes best use of the strengths in the region, creating opportunities and jobs. Capturing this growth opportunity for the UK must ensure that the local communities and workers can play a role in future energy sectors. The right policy framework and engagement with industry and local communities can enable a transition to net zero emissions without deindustrialisation.

Dan McGrail, Chief Executive, RenewableUK said:

The biggest offshore wind farms in the world are being built in the North Sea and even more ambitious projects are being planned. Offshore wind is at the very heart of the government’s mission to reach clean power by 2030 and net zero by 2050, and the industry also offers the UK one of its biggest opportunities for job creation, industrial regeneration and economic growth.

The North Sea is already playing a crucial role in powering the UK and this is set to grow in the years ahead. A future focused on offshore wind isn’t just cleaner – it provides a more stable energy system for billpayers as we will be less exposed to volatile international fossil fuel prices. Offshore wind also offers opportunities for skilled workers from other industries to transfer into this dynamic and innovative sector.

Notes to Editors

The Department for Energy Security and Net Zero’s consultation on Building the North Sea’s Energy Future will run for 8 weeks from 5 March to 30 April.

The government is consulting on how to deliver its commitment to end new licences to explore new fields, including all new seaward exploration and production licences to search for and extract new oil and gas resources in the UK. Licence extensions and transfers would not be affected, to facilitate existing fields to operate for the entirety of their lifetime and support the government’s commitments not to revoke existing licences. Licences for carbon storage, gas storage and methane drainage would also not be affected. 

The consultation also sets out the government’s commitment to end new licences for onshore oil and gas exploration and production in England.  

HM Treasury’s consultation on High Price Mechanism for Oil and Gas will run for 12 weeks from 5 March to 28 May.

Officials figures from the Department for Energy Security and Net Zero’s ‘Digest of UK Energy Statistics’ show a 72% reduction in UK oil and gas production occurring between 1999 and 2023. The North Sea Transition Authority also predicts an 89 per cent drop in UK oil and gas production by 2050. 

Office for National Statistics’ analysis shows that direct jobs in oil and gas extraction fell by around a third between 2014 and 2023. 

Meanwhile, findings from the Robert Gordon University study ‘Powering up the Workforce’ in 2023 estimated that the offshore renewables workforce – which includes offshore wind, carbon capture and storage, and hydrogen – could increase to between 70,000 and 138,000 in 2030. This study also found that over 90% of the UK’s oil and gas workforce have medium to high skills transferability and are well positioned to work in adjacent energy sector. 

Today’s announcement also comes after the government confirmed Aberdeen, Cheshire, Lincolnshire and Pembrokeshire as key growth regions for clean energy and launched pilots to help workers in these areas access jobs in new clean energy industries.  

Oil and gas workers will also get help to move into these sectors, thanks to a new energy ‘skills passport’ launched last month – led by Renewable UK and Offshore Energies UK, and backed by UK and Scottish Governments. This tool will support workers into careers in offshore wind initially, before being expanded to other renewables roles later this year. 

Many of the skills required for the transition already exist, with research showing that 90% of oil and gas workers have transferable skills for offshore renewable jobs. The government is now exploring what further support is needed to help workers take full advantage of the UK’s clean energy transition, as part of its consultation on the future of the North Sea.

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Updates to this page

Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI United Kingdom: IAEA Board of Governors on the JCPoA, March 2025: E3 statement

Source: United Kingdom – Executive Government & Departments

Speech

IAEA Board of Governors on the JCPoA, March 2025: E3 statement

France, Germany and the UK (E3) gave a joint statement to the International Atomic Energy Agency (IAEA) Board of Governors on Iran’s implementation of its nuclear commitments under the JCPoA

Chair,

On behalf of France, Germany and the United Kingdom, I thank Director General Grossi for his latest report on Iran’s nuclear programme.

Once again, we commend the Agency’s professional, independent and impartial work and their objective reporting on Iran’s nuclear programme. Unfortunately, the Agency’s findings are gravely concerning. The IAEA’s latest report confirms that Iran continues to undertake activities in blatant violation of the JCPoA and that there has been no improvement in its cooperation with the IAEA. The extent of Iran’s enrichment activities is unprecedented for a state without nuclear weapons, and have no credible civilian justification. The IAEA is currently unable to verify that Iran’s escalating nuclear programme is exclusively peaceful. This taken together with the recent statements by high-ranking Iranian officials calling for a change in Iran’s so-called nuclear doctrine, poses a serious threat to international security, and the non-proliferation regime.

Chair,

In the reporting period Iran has further expanded its enriched uranium stockpile and enrichment capacity. Iran has increased its stockpile of high enriched uranium by an alarming 50% since the last reporting period. Iran now has six significant quantities of high enriched uranium, which the Agency defines as six times the approximate amount of nuclear material from which the possibility of manufacturing a nuclear explosive device cannot be excluded. Iran’s overall stockpile of enriched uranium is now approximately 40 times the limit Iran committed to in the JCPoA.

Iran has increased the rate of production of high enriched uranium at the underground Fordow facility by seven times compared to the previous reporting period. And overall, Iran is now producing roughly one significant quantity of highly enriched uranium every six weeks. In addition, Iran has substantially expanded its enriched uranium production capacity by installing and operating new advanced centrifuges. In the reporting period, it has begun operating 5 new cascades in Fordow and 13 cascades in Natanz. It remains particularly concerning that enrichment continues to take place at Fordow, which we recall is a former undeclared enrichment facility.

As a result of Iran’s continued non-cooperation and lack of transparency, the DG’s latest report restates that the Agency has lost and will not be able to restore continuity of knowledge in relation to the production and inventory of centrifuges, rotors and bellows, heavy water and uranium ore concentrate.

Iran refuses to re-designate several experienced Agency inspectors. This is a politically motivated decision which seriously affects the IAEA’s ability to conduct its verification in Iran, particularly at its enrichment facilities. We deeply regret that Iran has not accepted the designation of the four additional experienced inspectors after pledging to consider it ahead of the November 2024 Board of Governors meeting.

The DG’s report also notes that it has been four years since Iran stopped provisionally applying its Additional Protocol, depriving the Agency of complementary access to critical sites and locations in Iran. Alongside this we remain alarmed by Iran’s repeated threats to leave the Nuclear Non-Proliferation Treaty. This poses a serious threat to the non-proliferation system upon which we all rely.

Chair,

The E3 have consistently worked towards a diplomatic solution to address Iran’s nuclear programme. In 2022 it was Iran who twice refused a negotiated outcome and instead escalated and expanded its nuclear programme. Let us be clear: Iran has chosen to escalate its nuclear programme, far beyond the limits it committed to in the JCPoA and far beyond any credible civilian use, thereby causing a proliferation crisis.

We therefore urgently call on Iran to change course, and:

(i) Halt and reverse its nuclear escalation and refrain from making threats regarding nuclear weapons; (ii) Return to the limits imposed by the JCPoA, in particular those regarding enrichment levels and enriched uranium stockpiles; (iii) Implement the Iran-IAEA March 2023 Joint statement and the commitments it made regarding transparency and cooperation with the IAEA including re-applying all transparency measures that it stopped in February 2021; (iv) Allow the Agency to install surveillance and monitoring equipment where requested; (v) Re-implement and swiftly ratify the Additional Protocol; and (vi) Fully reverse its September 2023 decision to withdraw the designations of experienced inspectors.

Chair,

In light of the threat posed by Iran’s nuclear programme, there is an urgent need to address these concerns. The international community must remain united and firm in its determination to prevent Iran from developing nuclear weapons. The E3 will continue to work towards a diplomatic solution, and we stand ready to use all diplomatic levers to achieve this goal.

We ask the Director General to keep the Board informed on all relevant activities and developments within Iran’s alarming nuclear programme by regular and, if deemed necessary, extraordinary reporting. We ask for this report to be made public.

Thank you.

Updates to this page

Published 5 March 2025

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI United Kingdom: Government unlocks floating offshore wind with major investment for Scottish port
Source: United Kingdom – Executive Government & Departments

Press release

Government unlocks floating offshore wind with major investment for Scottish port

The expansion of Port of Cromarty Firth will make it the first port able to make floating offshore wind turbines on site and at scale in the UK, backed by a grant from the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS).
Grant funding from UK government into Scotland’s floating offshore wind sector to drive growth and create hundreds of jobs

when fully developed, the port is expected to support up to 1,000 highly skilled jobs

Port of Cromarty Firth to become the UK’s first port able to make floating offshore wind turbines at scale – representing the next step of government’s Plan for Change to deliver clean power

The Port of Cromarty Firth in Scotland will be a major hub for the UK’s world-leading floating offshore wind industry, as the UK government announces over £55 million for its expansion – creating hundreds of skilled jobs and generating growth, helping deliver the government’s Plan for Change.

Offshore wind projects are crucial to delivering the UK’s mission for clean power by 2030 and to become a clean energy superpower. The UK is already home to the largest grid-connected floating offshore wind farm in the world, with a further 30GW in the pipeline, and the latest statistics showing that wind generated more power than gas last year.

The expansion of Port of Cromarty Firth will make it the first port able to make floating offshore wind turbines on site and at scale in the UK, backed by a grant from the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS).

This initial financial backing from the UK government paves the way for the port to secure match-funding from other investors, with the port expected to become operational by the start of 2028.

Construction work on the port’s expansion is expected to create up to 320 jobs. When fully developed, the port is expected to support up to 1,000 skilled jobs in the construction, installation and operational support of offshore and floating offshore wind – such as crane operators, marine engineers, and people working on the vessels towing the turbines out to sea.

Energy Minister Michael Shanks said:

Communities in Scotland and across the country should be powered by reliable, home-grown, clean energy from British coastlines – this is how we reduce our reliance on unstable fossil fuel markets and bring down energy bills for good.

That’s why the government is getting on with building the infrastructure needed to roll out clean energy quickly, creating skilled jobs in local communities and driving growth – the priority in our Plan for Change.

The UK is already a world leader in floating offshore wind, but this support for Cromarty Firth will take us even further – creating hundreds of jobs in Scotland and delivering energy security for the UK.

Scottish Secretary, Ian Murray, said:

Scotland is a key part of making the UK a global leader in clean energy and this investment is a significant vote of confidence in the Inverness and Cromarty Firth Green Freeport and the surrounding area.

Through our Plan for Change the UK government is paving the way for cutting-edge floating offshore wind technology while also helping to create highly skilled jobs and drive economic growth.

Alex Campbell, Port of Cromarty Firth Chief Executive, said:

The Port is delighted that FLOWMIS funding has been secured for our ambitious Phase 5 expansion, which is a critical step towards creating the UK’s first custom-built floating offshore wind integration port.

We believe this confirmation by the UK government shows the faith in our Trust Port status to deliver jobs and economic growth locally and nationally, and that the certainty from this announcement will unlock further investment in other Ports across the Inverness and Cromarty Firth Green Freeport to boost their complementary plans.

The £55.7 million grant award is the latest step taken by the government to deliver clean power by 2030 and support growth. The government also launched the Clean Industry Bonus, incentivising offshore wind developers to invest in cleaner supply chains and create jobs in industrial communities.

FLOWMIS was launched in 2023, designed to provide grants to ports to support development of port infrastructure needed for deployment of floating offshore wind at scale. The Port of Cromarty Firth is one of two ports selected for funding, with plans for the second shortlisted port, Port Talbot, under development.

Notes for editors

The Port of Cromarty Firth estimates that between 280 – 1,000 FTE jobs will be created when the port becomes fully operational.

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI: Asphalt Ridge Option Period to Acquire Remaining 17.75% Working Interest Extended to April 10, 2025 and non-binding Letter of Intent to acquire Novacor oil and gas assets extended to March 15, 2025.

Source: GlobeNewswire (MIL-OSI)

Bakersfield, CA, March 05, 2025 (GLOBE NEWSWIRE) — Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided updates on its Asphalt Ridge Project in Uintah County, Utah, and its intent to acquire a 100% working interest in certain petroleum and natural gas properties held by Novacor Exploration Ltd. which are located in the prolific Lloydminster, Saskatchewan heavy oil region.

Asphalt Ridge Project

TPET announced on January 5, 2024, that it had secured an option (the “Option”) to acquire a 20% interest in a sweet (i.e., low sulfur content), heavy-oil and tar-sand development project at Asphalt Ridge, located near the town of Vernal in Uintah County, northeastern Utah. We announced on June 11, 2024, the successful drilling and completion of the first two exploratory wells at the project, the HSO 2-4 and HSO 8-4 and that the wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge tar-sands (over 190’of oil-pay in HSO 2-4 and over 100’ of oil-pay in HSO 8-4).

TPET currently owns a 2.25% working interest in 960 acres at Asphalt Ridge, and under the Option may acquire up to an additional 17.75% working interest in the same 960 acres and also a 20% interest in an adjacent 1,920 acres, and also has a right of first refusal to participate in an additional approximate 30,000 acres of the greater Asphalt Ridge Project on terms offered to other third parties. TPET has secured an Option extension and now has until April 10, 2025, to exercise its right to acquire the remaining 17.75% interest in the initial 960 acres.

The Asphalt Ridge Project is known to be one of the largest heavy-oil and tar-sand deposits in North America outside of Canada, making it a potential giant oilfield, and is unique given its low wax and negligible sulfur content, which is expected to make the oil very desirable for many industries, including shipping. A typical project well has an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil with an initial production rate of approximately 40 barrels of oil per day.

Novacor Exploration Ltd Oil and Gas Assets

TPET announced on December 19, 2024, that it had entered into a non-binding Letter of Intent (“LOI”) for the acquisition of a 100% working interest in certain petroleum and natural gas properties held by Novacor Exploration Ltd. (“Novacor”), which are located in the prolific Lloydminster, Saskatchewan heavy oil region (the “Acquisition”). “The Lloydminster area has seen noteworthy activity from top produces both large and small as the areas thermal and heavy oil projects are key operational focuses for public companies from Cenovus and Strathcona to Lycos Energy, along with a healthy pool of private companies. Unlike other more costly plays in Canada, Lloydminster “per well” costs are not prohibitive for many small producers as the wells are generally shallow, with an average true vertical depth of just under 1830 feet.” (BOE Report February 27, 2024). In the event that Trio consummates the Acquisition, it believes that it could strategically position itself to expand its operations into one of North America’s most promising heavy oil basins, with upside potential for long term production and reserve growth. Since the Novacor assets are in the heavy oil area, they offer economical development. Market accessibility combined with a favorable regulatory process makes this area very attractive for continued and future development within these lands.

There are currently seven producing wells located on the two properties. The wells produce heavy crude oil from the McLaren/Sparky and Lloydminster formation(s). Novacor is the operator of these cash flow positive wells. Current production is approximately 70 barrels per day with potential for 4 additional re-entry wells and two fully equipped locations to be reactivated each capable of an additional 70 barrels in total per day. Trio and Novacor mutually agreed to extend the execution of definitive acquisition documents to March 15, 2025. Trio plans to negotiate an additional extension if documents are not completed and executed by that date.

About Trio Petroleum Corp

Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns a 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25% working interest in 960 acres and options to acquire up to an additional 17.75% working interest in the 960 acres, and also a 20% working interest in an adjacent 1,920 acres, and a right of first refusal to participate in up to a 20% working interest in an additional approximate 30,000 acres of the Asphalt Ridge Project with other third parties.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Trio Petroleum Corp (“Trio”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Trio’s S-1 filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com

The MIL Network –

March 6, 2025
MIL-OSI Economics: Phillips 66 Issues Letter to Shareholders

Source: Phillips

Confirms Elliott Investment Management’s Nomination of Director Candidates

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) (the “Company”) today issued the following letter to its shareholders. The Company values shareholder feedback and is fully committed to continuing open engagement with all shareholders. This has been consistently demonstrated and expressed over the course of nearly two dozen meetings with Elliott Investment Management (“Elliott”) since October 2023, including the most recent meeting on March 3, 2025.
The Company also confirmed Elliott has nominated seven directors for election to Phillips 66’s Board of Directors (the “Board”) at the Company’s 2025 Annual Meeting. As the Company disclosed on February 19, the Board will present its recommendation regarding the director nominations with its definitive proxy statement to be filed with the U.S. Securities and Exchange Commission and made available to all shareholders eligible to vote at the 2025 Annual Meeting.
Following the proper procedures and in accordance with the Company’s By-Laws, the Board intends to put forward another management proposal to declassify the Board at our 2025 Annual Meeting and notes that it has done so five times since its 2015 Annual Meeting.
Fellow Shareholders:
At Phillips 66, we are committed to maximizing value for our shareholders through operational excellence and disciplined capital allocation.
We have a strong track record since our formation in 2012. We have built out a large-scale, competitive, high return Midstream platform, enhanced our chemicals position through Chevron Phillips Chemical Company (CPChem) and have made sustainable improvement to refining operations. These actions have positioned Phillips 66 as the leading energy business it is today.
Moreover, these actions have delivered substantial value for our shareholders. This includes total shareholder returns of 474%1 and returning $43 billion to shareholders through dividends and share repurchases. Most importantly, we have done all this while sustaining industry-leading safety performance.
We Have Made Significant Progress on our Strategic Priorities
Phillips 66 has taken substantial action to deliver on our objectives that we laid out in 2022, and further enhanced in 2023. Our actions have led to significant progress and achievements, enhancing shareholder returns and operational efficiency. We are a business that will always act decisively when we can realize sustainable long-term growth to the benefit of our shareholders and all stakeholders.
Delivering strong total shareholder returns of 65%2since Mark Lashier became President and CEO of Phillips 66 on July 1, 2022, significantly outperforming the S&P 500 Energy Index (33%2) and our proxy peer group median (22%2)
Returning significant capital to shareholders with $13.6 billion in share repurchases and dividends from July 2022 through year-end 2024, exceeding our shareholder distribution target
Reducing refining costs by $1 per barrelsince 2022 and committing to continued improvement
Maximizing value from our wellhead-to-market strategyby capturing $500 million of run rate synergies from our DCP Midstream acquisition (above our initial target of $300 million) and increasing our Midstream segment’s adjusted EBITDA by $1.5 billion since 2022
Maintaining our financial resiliencewith strong investment grade credit ratings (A3 / BBB+), engaging in a business optimization that has resulted in over $3 billion in non-core asset divestitures to date and capturing significant cost reductions since 2022 totaling $1.2 billion on a run-rate basis
Earning industry recognition for our exemplary safety performancein Midstream, Refining and Chemicals in 2022 and 2023
We Continue to Strengthen Our Business and Our Board
Below is an update on a number of our key strategic objectives and the actions underway:
Optimizing Our Business We have demonstrated a commitment to evolving the business over time. We continue to high-grade our assets and capitalize on our growth platform to generate strong returns and significant free cash flow. We have simplified our business with over $3 billion in divestitures in the past year and returned over $5 billion to shareholders through a combination of share repurchases and dividends. We anticipate that our integrated NGL value chain growth strategy will be significantly strengthened with the pending EPIC acquisition.
Maintaining a Culture of Continuous Improvement, Operational Excellence and Cost Discipline Our culture of continuous improvement demands, and will continue to demand, that we consistently and rigorously evaluate opportunities to optimize our cost structure and operational efficiency to maximize value for shareholders. While we have successfully reduced refining costs per barrel since 2022, as noted above, we recognize that we have more work to do in operations and costs. We are prioritizing our most competitive refineries and continuing to identify and execute cost-savings opportunities. Recently, we announced that we would cease operations at our Los Angeles Refinery in the fourth quarter of 2025, which will allow us to further high-grade our business. We continue to evaluate additional opportunities for efficiency enhancements.
Returning Cash to Our Shareholders As previously outlined, our 2025–2027 strategic targets include returning over 50% of net operating cash flow to shareholders while driving strong operational performance, implementing further cost reductions and continuing our focus on disciplined capital allocation.
Ensuring Strong Corporate Governance and Board Oversight We recognize the importance of strong corporate governance and have taken proactive steps to ensure that our Board remains aligned with shareholder interests and is best positioned to oversee the Company’s strategy. Over the past four years, we have welcomed five new independent directors to the Board, including two in 2024. Bob Pease, a director we identified in partnership with Elliott Investment Management (“Elliott”), brings extensive experience in refining and the energy industry broadly. Grace Puma, our most recent addition to the Board, brings strong supply chain experience. Additionally, as we have many times before in 2015, 2016, 2018, 2021 and 2023, we will be seeking shareholder approval of a management proposal to declassify the Board at our 2025 Annual Meeting. Our Board is committed to an evolution that will be responsive to shareholders and beneficial to the business for the long-term.
We are Listening to Our Shareholders
We regularly engage with our shareholders through our cross-functional shareholder engagement program to obtain feedback and respond to investor input. In 2024, we engaged with shareholders representing over 60% of our outstanding shares and we will continue to build on that momentum in 2025. It was in this spirit that we first engaged with Elliott in October 2023, to hear their ideas and work together collaboratively. Constructive discussions led to the realization of a common focus on our ambitious goals to maximize shareholder value. We continued constructive dialogue with Elliott throughout 2024, including adding Bob Pease to our Board in February 2024 with Elliott’s support.
Despite several attempts to reach agreement on adding another director to Phillips 66’s Board, Elliott has chosen to forego constructive dialogue with us and launch their activist playbook. This included a series of attacks and proposals regarding the monetization of certain business units and, for the first time in our discussions, floating the idea of a separation.
Nevertheless, we remain fully committed to constructive engagement and finding a path forward with Elliott that will benefit all shareholders.
On Monday, March 3, our team travelled to New York and met with Elliott to express our continued commitment to finding a constructive path forward and offering to interview their director nominees. The meeting ended with Elliott representatives stating there were no immediate next steps. The next day, Elliott leaked their slate of director nominees to the media, issued a press release and filed a preliminary proxy statement. Our leadership team and Board stand ready to engage constructively when Elliott is ready despite these actions, which showed no genuine interest in engagement with Phillips 66.
The Board continuously and aggressively evaluates the portfolio and other alternatives with a view to maximizing long-term shareholder value – and is willing to take decisive action to achieve this goal. As always, we seriously and comprehensively review shareholder feedback with a focus on creating long-term value.
The Bottom Line
Phillips 66 is dedicated to transparency, accountability, and sustainable value creation for shareholders.
We have made substantial progress and realize there is more work to be done. We will continue to pursue opportunities that strengthen our position to the benefit of our shareholders. We look forward to your input and to provide further updates on our progress.
Sincerely,
Mark E. Lashier Chairman and Chief Executive Officer
Glenn F. Tilton Lead Independent Director

1 Total Shareholder Return (“TSR”) from May 1, 2012 to March 4, 2025.

2 Total Shareholder Return (“TSR”) from June 30, 2022 to March 4, 2025.

About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “commitments,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
Phillips 66 plans to file a proxy statement and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. Phillips 66 may also file other relevant documents with the SEC regarding its solicitation of proxies for the 2025 Annual Meeting. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the proxy statement, any amendments or supplements to the proxy statement and other documents (including the WHITE proxy card) as and when filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
Certain Information Regarding Participants
Phillips 66, its directors, certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such directors and executive officers and their respective interests in Phillips 66, by securities holdings or otherwise, is available in Phillips 66’s proxy statement for the 2024 annual meeting of shareholders, which was filed with the SEC on April 3, 2024 (the “2024 Proxy Statement”), including in the sections captioned “Executive Compensation Program Overview,” “Director Compensation,” “Compensation Discussion and Analysis,” “Executive Compensation Tables” and “Beneficial Ownership of Phillips 66 Securities.” To the extent that Phillips 66’s directors and executive officers have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the 2024 Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC, including: Form 4s filed by Gregory Hayes on April 2, 2024, May 2, 2024, June 4, 2024, July 2, 2024, August 2, 2024, September 4, 2024, October 2, 2024, November 4, 2024, December 4, 2024, January 3, 2025, January 17, 2025, February 4, 2025 and March 4, 2025 ; Form 4s filed by Richard G. Harbison on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4s filed by Mark E. Lashier on April 2, 2024, May 16, 2024, December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4 filed by Glenn F. Tilton on January 17, 2025 ; Form 4s filed by Brian Mandell on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4s filed by Kevin J. Mitchell on August 19, 2024, December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4s filed by Zhanna Golodryga on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4 filed by Marna C. Whittington on January 17, 2025 ; Form 4s filed by Vanessa A. Sutherland on January 21, 2025, February 11, 2025 and February 13, 2025 ; Form 4 filed by Douglas T. Terreson on January 17, 2025 ; Form 4 filed by Denise R. Singleton on January 17, 2025 ; Form 4 filed by Denise L. Ramos on January 17, 2025 ; Form 4 filed by Julie L. Bushman on January 17, 2025 ; Form 4 filed by Lisa A. Davis on January 17, 2025 ; Form 4 filed by John E. Lowe on January 17, 2025 ; Form 4/A filed by Gary K. Adams on March 20, 2024 and Form 4 filed by Gary K. Adams on January 17, 2025 ; Form 4 filed by Charles M. Holley on January 17, 2025 ; Form 4 filed by Robert W. Pease on January 17, 2025 ; Form 3 filed by Ann M. Kluppel on May 16, 2024 and Form 4s filed by Ann M. Kluppel on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 3 filed by Don Baldridge on June 5, 2024 and Form 4s filed by Don Baldridge on December 9, 2024, January 3, 2025, February 13, 2025 and March 3, 2025 ; Form 3 filed by Grace Puma on October 11, 2024 and Form 4s filed by Grace Puma on October 11, 2024 and January 17, 2025. Additional information can also be found in Phillips 66’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024.

Source: Phillips 66

MIL OSI Economics –

March 6, 2025
MIL-OSI: NextNRG, Inc. Announces Estimated 136% Year-over-Year Revenue Growth for January 2025

Source: GlobeNewswire (MIL-OSI)

MIAMI, March 05, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a pioneer in utilizing artificial intelligence and machine learning to redefine energy innovation with its cutting-edge utility operating system, smart microgrid solutions, wireless electric vehicle charging, and fuel delivery technologies, today announced record year-over-year (“YoY”) and sequential unaudited revenue growth for the month of January 2025 in its EzFill division. The tables below provide details regarding the YoY and month-over-month (“MoM”) comparisons.

January 2025 – YoY Comparison

January 2024 January 2025 Growth

Revenue $ 2,110,843 $ 4,992,090 136%

Gallons 546,292 1,438,824 163%

January 2025 – MoM Comparison

December 2024 January 2025 Growth

Revenue $ 2,272,058 $ 4,992,090 120%

Gallons 620,578 1,438,824 132%

NextNRG, Inc. Executive Chairman and CEO, Michael D. Farkas, commented, “This record-breaking month underscores the strength of our carefully designed growth strategy, which we are executing with discipline. We believe the acquisition of Shell Oil’s truck fleet, doubling our operational capacity, strategically positions us to maintain this momentum. January 2025 marked the initiation of fuel deliveries to the world’s leading e-commerce company under a substantial long-term agreement. Additionally, we are experiencing consistent revenue growth across our key markets and fleet accounts nationwide. With the recent financing and share exchange finalized, we believe we are well-equipped to advance the next stage of our strategic expansion.”

About NextNRG, Inc.

NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging, and on-demand mobile fuel delivery to create an integrated ecosystem.

At the core of NextNRG’s strategy is its Utility Operating System which leverages AI and ML to help make existing utilities’ energy management as efficient as possible; and the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

To find out more visit: www.nextnrg.com

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact:

NextNRG, Inc.
Sharon Cohen
SCohen@nextnrg.com

The MIL Network –

March 6, 2025

MIL-OSI: Parex Resources Announces 2024 Full-Year Results & Reserves, Declaration of Q1 2025 Dividend, and Appointment of Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three- and twelve-month periods ended December 31, 2024, as well as the results of its independent reserves assessment as at December 31, 2024. Additionally, the Company declares its Q1 2025 regular dividend of C$0.385 per share and provides a corporate update. All amounts herein are in United States dollars (“USD”) unless otherwise stated.

Key Highlights

Generated annual funds flow provided by operations of $622 million⁽¹⁾ and free funds flow of $275 million⁽²⁾ in 2024.
Evaluated PDP after-tax net asset value per share of C$22.02⁽³⁾.
Added 10 mmboe 1P reserves and 7 mmboe 2P reserves at LLA-34 and Cabrestero through positive technical revisions as well as extensions & improved recovery; 2024 reserves evaluation supported by technology, including waterflood and polymer injection results⁽⁸⁾.
Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d (45,000 boe/d midpoint); YTD average production is 44,500 boe/d⁽⁴⁾.
Declared a Q1 2025 regular dividend of C$0.385 per share⁽⁵⁾ (C$1.54 per share annualized).
Commenced a normal course issuer bid (“NCIB”) on January 22, 2025; in 2024, the Company repurchased roughly 5% of its outstanding shares through its prior NCIB.
Appointed Cameron Grainger as Chief Financial Officer, effective immediately.
Retiring from the Board of Directors are Lisa Colnett and Robert Engbloom as part of standard Board renewal process; in preparation, the Company has approved Mona Jasinski and Jeff Lawson as director nominees for the upcoming Annual General Meeting of Shareholders.

Imad Mohsen, President & Chief Executive Officer, commented: “In 2024, Parex generated strong financial results from its underlying asset base while achieving its best annual safety performance. Despite challenges, we accomplished multiple strategic milestones throughout the year that reinforce Parex’s long-term sustainability. Building on a strong foundation, as reflected in today’s reserve report, we remain focused on executing our 2025 plan, which is characterized by lower-risk activities and a high-graded set of opportunities. The team at Parex is dedicated to rebuilding market confidence, by delivering steady results, evolving our Colombian portfolio, and strengthening our track record of shareholder returns — while also progressing towards Llanos Foothills exploration in 2026.”

2024 Full-Year Achievements & Results

Achieved multiple strategic milestones throughout the year, in addition to delivering returns to shareholders:
- Signed definitive agreements in the Llanos Foothills to consolidate Parex’s position, advancing gas and exploration strategies;
- Implemented waterflood at Cabrestero successfully and continued waterflood progression at LLA-34;
- Completed polymer injection pilot at Cabrestero with positive results, advancing enhanced oil recovery initiatives;
- Executed Putumayo business collaboration agreements to add a new core area for the Company; and
- Returned $186 million to shareholders during the year, which cumulatively results in C$1.5 billion returned to shareholders through dividends and share repurchases over the past five years.
Average production of 49,924⁽⁶⁾ boe/d, meeting revised FY 2024 guidance range of 49,000 to 50,000 boe/d.
Realized net income of $61 million or $0.60 per share basic⁽⁷⁾.
Generated funds flow provided by operations (“FFO”) of $622 million⁽¹⁾ and FFO per share of $6.14⁽³⁾⁽⁷⁾.
Produced an operating netback of $41.30/boe⁽³⁾ and an FFO netback of $33.95/boe⁽³⁾ from an average Brent price of $79.86/bbl.
Incurred $348 million⁽²⁾ of capital expenditures, primarily from activities at LLA-34, Arauca, LLA-32, LLA-122, and Capachos.
Delivered the Company’s best safety performance on record, with strong results across all safety metrics, including lagging and leading indicators.

2024 Fourth Quarter Results

Average production was 45,297 boe/d⁽^6).
Realized net loss of $69 million or $0.70 per share basic⁽⁷⁾, largely a result of non-cash impairments recorded in the period.
Generated FFO of $141 million⁽¹⁾ and FFO per share of $1.43⁽³⁾⁽⁷⁾.
Produced an operating netback of $34.90/boe⁽³⁾ and an FFO netback of $32.39/boe⁽³⁾ from an average Brent price of $74.01/bbl.
Recovered current tax of $6 million in the quarter; for 2025 the Company expects its FFO netback to be supported by lower current tax expenses compared to prior periods due to the Company’s before tax cash flow profile, previous capital expenditures, and certain tax strategies that have been deployed over recent years.
Incurred $82 million⁽²⁾ of capital expenditures, primarily from activities at LLA-34, LLA-32, and Capachos.
Generated $59 million of free funds flow⁽²⁾; working capital surplus was $59 million⁽¹⁾ and cash was $98 million at quarter end.

2024 Year-End Corporate Reserves Report: Highlights⁽⁸⁾

For the year ended December 31, 2024, the Company:

Increased both proved (“1P”) reserves per share and proved plus probable (“2P”) reserves per share by 6%, while proved developed producing (“PDP”) reserves per share was down 9%, compared to 2023.
- LLA-34: realized positive technical revisions of 6 mmboe 1P related to waterflood implementation and increased recovery factor.
- Cabrestero: added 3 mmboe 2P related to improved recovery through implementation of polymer injection.
- LLA-32: more than doubled 1P and 2P through extensions to 2 mmboe and 4 mmboe, respectively, compared to 2023.
- Putumayo: added inventory runway and acquired 10 mmboe and 18 mmboe of 1P and 2P, respectively, from Parex earning 50% working interest in four blocks through an enhanced strategic partnership with Ecopetrol S.A⁽⁹⁾.
Increases in 1P and 2P reserves per share were partially offset by negative technical revisions associated with portfolio management at Arauca as well as a non-core block in the Magdalena basin.
- Arauca negative technical revisions were 3 mmboe and 6 mmboe of 1P and 2P, respectively.
- Aguas Blancas negative technical revisions were 2 mmboe and 2 mmboe of 1P and 2P, respectively.
Realized PDP reserves replacement ratio of 41%; three-year average PDP reserves replacement ratio was 85%.
- Lower-than-expected Arauca and corporate exploration results were in-year PDP replacement factors.
Improved PDP, 1P and 2P reserve life index by 10%, 26% and 27%, respectively, compared to 2023.
- Improved metrics supported by a lower absolute production profile that benefited PDP, 1P and 2P metrics, as well as achieving approximately 100% year-over-year reserve replacement in 1P and 2P.
Evaluated after-tax PDP, 1P and 2P net asset value per share⁽³⁾ of C$22.02, C$26.60, and C$35.55, respectively.

(1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
(2) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
(3) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
(4) Estimated average production for January 1, 2025 to February 28, 2025; light & medium crude oil: ~9,382 bbl/d, heavy crude oil: ~34,268 bbl/d, conventional natural gas: ~5,100 mcf/d; rounded for presentation purposes.
(5) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
(6) See “Operational and Financial Highlights” for a breakdown of production by product type.
(7) Based on weighted-average basic shares for the period.
(8) See “2024 Year-End Corporate Reserves Report” sections and “Reserves Advisory” for additional information.
(9) As previously announced December 11, 2024.

Operational and Financial Highlights	Three Months Ended						Year Ended
	Dec. 31,		Dec. 31,		Sep. 30,		December 31,
	2024		2023		2024		2024		2023		2022
Operational
Average daily production
Light Crude Oil and Medium Crude Oil (bbl/d)	9,550		9,700		9,064		8,850		8,417		7,471
Heavy Crude Oil (bbl/d)	34,882		46,760		37,777		40,336		45,163		43,008
Crude oil (bbl/d)	44,432		56,460		46,841		49,186		53,580		50,479
Conventional Natural Gas (mcf/d)	5,190		5,214		4,368		4,428		4,656		9,420
Oil & Gas (boe/d)⁽¹⁾	45,297		57,329		47,569		49,924		54,356		52,049

Operating netback ($/boe)
Reference price – Brent ($/bbl)	74.01		82.90		78.71		79.86		82.18		99.04
Oil & gas sales⁽⁴⁾	63.73		70.55		68.75		69.80		70.71		86.55
Royalties⁽⁴⁾	(9.43	)	(12.12	)	(10.59	)	(10.99	)	(12.31	)	(17.61	)
Net revenue⁽⁴⁾	54.30		58.43		58.16		58.81		58.40		68.94
Production expense⁽⁴⁾	(15.53	)	(13.67	)	(14.81	)	(13.93	)	(10.42	)	(6.88	)
Transportation expense⁽⁴⁾	(3.87	)	(3.54	)	(3.71	)	(3.58	)	(3.43	)	(3.22	)
Operating netback ($/boe)⁽²⁾	34.90		41.22		39.64		41.30		44.55		58.84

Funds flow provided by operations netback ($/boe)⁽²⁾	32.39		36.81		34.58		33.95		33.59		38.35

Financial ($000s except per share amounts)

Net income (loss)	(69,051	)	133,783		65,793		60,680		459,309		611,368
Per share – basic⁽⁶⁾	(0.70	)	1.28		0.65		0.60		4.32		5.38

Funds flow provided by operations⁽⁵⁾	141,201		193,377		151,773		622,233		667,782		724,890
Per share – basic⁽²⁾⁽⁶⁾	1.43		1.85		1.50		6.14		6.29		6.38

Capital expenditures⁽³⁾	82,110		91,419		82,367		347,695		483,343		512,252

Free funds flow⁽³⁾	59,091		101,958		69,406		274,538		184,439		212,638

EBITDA⁽³⁾	(10,419	)	110,860		167,763		545,362		650,829		953,210
Adjusted EBITDA⁽³⁾	137,312		201,552		164,002		720,089		817,280		1,066,040

Long-term inventory expenditures	(2,569	)	(866	)	(6,318	)	4,773		39,430		140,266

Dividends paid	26,658		29,505		28,467		112,184		118,676		75,491
Per share – Cdn$⁽⁴⁾⁽⁶⁾	0.385		0.375		0.385		1.53		1.50		0.89

Shares repurchased	16,408		22,453		20,723		73,789		105,068		221,464
Number of shares repurchased (000s)	1,692		1,220		1,585		5,495		5,628		11,821

Outstanding shares (end of period) (000s)
Basic	98,339		103,812		100,031		98,339		103,812		109,112
Weighted average basic	99,063		104,394		100,891		101,414		106,247		113,572
Diluted⁽⁸⁾	99,238		104,502		100,933		99,238		104,502		109,939

Working capital surplus⁽⁵⁾	59,397		79,027		37,509		59,397		79,027		84,988
Bank debt⁽⁷⁾	60,000		90,000		30,000		60,000		90,000		—
Cash	98,022		140,352		147,454		98,022		140,352		419,002

(1)  Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standard of Disclosure for Oil and Gas Activities.
(2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
(3)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
(4)  Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
(5)  Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
(6)  Per share amounts (with the exception of dividends) are based on weighted average common shares.
(7)  Borrowing limit of $240.0 million as of December 31, 2024.
(8)  Diluted shares as stated include the effects of common shares and stock options outstanding at the period-end. The December 31, 2024 closing stock price was C$14.58 per share.

Operational Update

For the period of January 1, 2025, to February 28, 2025, estimated average production was 44,500 boe/d⁽⁵⁾.

Parex currently has two drilling rigs operating (one operated and one non-operated), with expectations to ramp-up to four drilling rigs in Q2 2025 (three operated and one non-operated).

The Company’s operations are supportive of a growing H2 2025 production profile, with the following activities:

Progressing waterflood and polymer injection programs at LLA-34 and Cabrestero.
- Cabrestero is fully on waterflood, with plans for a full polymer injection scheme that is supported by pilot results to date.
- LLA-34 continues to ramp-up waterflood activity and is planning to commence a polymer injection pilot in 2025.
Planning to begin LLA-32 drilling campaign in Q2 2025.
- LLA-32 is located to the north and adjacent to LLA-34 and Cabrestero; Parex drilled three successful wells at LLA-32 in 2024.
Advancing near-field exploration program, with the expectation to drill 3-4 prospects in H1 2025.
- Prospects are generally focused in the Southern Llanos where Parex has had previous basin success.
Gaining momentum to achieve initial access in the Putumayo in Q2 2025 as originally anticipated.
- Per budgeted plans, activity is expected to begin with a workover rig, with a drilling rig added approximately mid-year.

Operations so far this year are progressing within Management expectations and Parex’s 2025 corporate guidance remains as previously released January 14, 2025, and as set out below:

Category	2025 Guidance
Brent Crude Oil Average Price	$70/bbl
Average Production⁽¹⁾	43,000-47,000 boe/d
Funds Flow Provided by Operations Netback⁽¹⁾⁽²⁾	$26-28/boe
Funds Flow Provided by Operations⁽¹⁾⁽³⁾	$425-465 million
Capital Expenditures⁽⁴⁾	$285-315 million
Free Funds Flow⁽⁴⁾	$145 million (midpoint)

(1) 2025 assumptions: operational downtime: ~5%; Vasconia differential: ~$5/bbl; production expense: $15-16/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.50/bbl; effective tax rate: 3-6%; see “Non-GAAP and Other Financial Measures Advisory”.
(2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
(3) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
(4) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
(5) Estimated average production for January 1, 2025 to February 28, 2025; light & medium crude oil: ~9,382 bbl/d, heavy crude oil: ~34,268 bbl/d, conventional natural gas: ~5,100 mcf/d; rounded for presentation purposes.

Return of Capital

Q1 2025 Dividend

Parex’s Board of Directors has approved a Q1 2025 regular dividend of C$0.385 per share to shareholders of record on March 11, 2025, to be paid on March 18, 2025.

This quarterly dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

Normal Course Issuer Bid Update

As at February 28, 2025, Parex has repurchased approximately 0.3 million shares under its current NCIB at an average price of C$14.30 per share, for a total consideration of roughly C$4 million.

In 2024, Parex repurchased 5.5 million shares under a prior NCIB, representing approximately 5% of the public float and a return of C$99 million to shareholders.

2024 Year-End Corporate Reserves Report: Discussion

The following tables summarize information contained in the independent reserves report prepared by GLJ Ltd. (“GLJ”) dated March 4, 2025 with an effective date of December 31, 2024 (the “GLJ 2024 Report”). All December 31, 2024 reserves presented are based on GLJ’s forecast pricing effective January 1, 2025; all December 31, 2023 reserves presented are based on GLJ’s forecast pricing effective January 1, 2024 and all December 31, 2022 reserves presented are based on GLJ’s forecast pricing effective January 1, 2023. GLJ pricing is available on their website at www.gljpc.com.

All reserves are presented as Parex’s working interest before royalties and in certain tables set forth below, the columns may not add due to rounding. Additional reserve information as required under NI 51-101 will be included in the Company’s Annual Information Form for the 2024 fiscal year, which is available on SEDAR+.

Gross Reserves Volumes

			Dec. 31	Change over Dec. 31,
	2022	2023	2024	Change over Dec. 31,
Reserve Category	Mboe	Mboe	Mboe⁽¹⁾	2023
Proved Developed Producing (PDP)	82,788	82,628	71,908	(13	%)
Proved Developed Non-Producing	11,767	7,252	5,534	(24	%)
Proved Undeveloped	36,100	22,647	34,678	53	%
Proved (1P)	130,655	112,528	112,119	—	%
Proved + Probable (2P)	200,704	168,625	169,633	1	%
Proved + Probable + Possible (3P)	281,595	231,299	245,383	6	%

(1) 2024 net reserves after royalties are: PDP 62,128 Mboe, proved developed non-producing 4,939 Mboe, proved undeveloped 29,644 Mboe, 1P 96,711 Mboe, 2P 146,645 Mboe and 3P 211,882 Mboe.

Gross Reserves Reconciliation

	Total 1P		Total 2P		Total 3P
	Mboe		Mboe		Mboe
December 31, 2023	112,528		168,625		231,299
Technical Revisions⁽¹⁾	2,777		(5,434	)	(10,870	)
Extensions & Improved Recovery⁽²⁾	4,760		6,636		9,133
Discoveries⁽³⁾	160		200		240
Acquisitions⁽⁴⁾	10,166		17,877		33,853
Production	(18,272	)	(18,272	)	(18,272	)
December 31, 2024⁽⁵⁾	112,119		169,633		245,383

(1) Reserves technical revisions are associated with positive evaluations of LLA-34 and Cabrestero, offset by negative revisions of Arauca, Aguas Blancas, and Capachos.
(2) Extensions & improved recovery are associated with positive evaluations of Cabrestero, LLA-32, and LLA-34.
(3) Discoveries are associated with the positive evaluation of LLA-30.
(4) Acquisitions are associated with the positive evaluations of Occidente, Nororiente and Area Sur.
(5) The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Reserves Net Present Value After Tax Summary – GLJ Brent Forecast⁽¹⁾⁽²⁾

	NPV15			NPV15		NAV	CAD/sh Change over
	December 31,			December 31,		December 31,	CAD/sh Change over
		2023		2024		2024	Dec. 31,
Reserve Category	(000s)⁽²⁾			(000s)⁽²⁾		(CAD/sh)⁽³⁾	2023⁽⁴⁾
PDP	$	1,679,078	$	1,505,386	$	22.02	4	%
Proved Developed Non-Producing		112,298		83,310	$	1.21	(6	%)
Proved Undeveloped		201,380		230,174	$	3.36	38	%
1P	$	1,992,757	$	1,818,870	$	26.60	5	%
2P	$	2,556,169	$	2,430,060	$	35.55	10	%
3P	$	3,191,329	$	3,102,864	$	45.39	12	%

(1) Net present values (“NPV”) are stated in USD and are discounted at 15 percent. The forecast prices used in the calculation of the present value of future net revenue are based on the GLJ January 1, 2024 and GLJ January 1, 2025 price forecasts, respectively. The GLJ January 1, 2025 price forecast is in the Company’s Annual Information Form for the 2024 fiscal year.
(2) Includes future development capital (“FDC”) as at December 31, 2023 of $27 million for PDP, $346 million for 1P, $537 million for 2P and $707 million for 3P and FDC as at December 31, 2024 of $23 million for PDP, $440 million for 1P, $595 million for 2P and $740 million for 3P.
(3) 2024 NAV calculated, as at December 31, 2024, as after tax NPV15 plus working capital of USD$59 million (converted at USDCAD=1.4389), less bank debt of USD$60 million, divided by 98 million basic shares outstanding as at December 31, 2024. Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
(4) 2023 NAV calculated, as at December 31, 2023, as after tax NPV15 plus working capital of USD$79 million (converted at USDCAD=1.3226), less bank debt of USD$90 million, divided by 104 million basic shares outstanding as at December 31, 2023. Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.

Appointment of Chief Financial Officer

Following a thorough executive search, Cameron Grainger has been appointed as Chief Financial Officer (“CFO”), effective immediately.

“We are very pleased to announce Cam as CFO. He is a trusted leader, who has developed an exceptional understanding of our portfolio while providing over 15 years of financial leadership at Parex. I look forward to continuing to work with Cam as he plays an integral role on our leadership team and am confident that he will continue to make significant contributions in support of our strategy,” said Imad Mohsen, President & Chief Executive Officer.

Mr. Grainger has served as the Company’s interim CFO since September 21, 2024, and prior to, was the Vice President, Finance, as well as Controller. Mr. Grainger has held roles with increasing levels of responsibility at Parex since 2011, and is a Chartered Professional Accountant.

Board of Directors Update

The Company announces that Lisa Colnett as well as Robert Engbloom are retiring from the Board of Directors and will not stand for re-election at the upcoming Annual General Meeting of Shareholders (“Meeting”).

“We want to thank Lisa and Bob for their contributions that have supported Parex’s growth in Colombia and wish them all the best,” commented Wayne Foo, Chair of the Board of Parex.

In preparation for the upcoming retirements, the Company has approved Mona Jasinski and Jeff Lawson as director nominees at the upcoming Meeting.

“We are excited to recommend Mona and Jeff to Parex’s Board of Directors, both of whom have a wealth of experience across the energy sector and bring refreshed perspectives,” commented Mr. Foo.

Ms. Jasinski has over 20 years of human resources, corporate strategy and leadership expertise with experience spanning the energy and chemicals sectors as well as philanthropic boards. She is currently the Senior Vice President, HR & Communications at NOVA Chemicals. Prior to NOVA Chemicals, she built a depth of energy-specific experience, serving as Executive Vice President, People and Culture, at Vermilion Energy for 12 years, and previously held leadership roles at Royal Dutch Shell and TransCanada Pipelines. Ms. Jasinski holds a Master of Business Administration from the University of Calgary and an ICD.D designation from the Institute of Corporate Directors.

Mr. Lawson has extensive experience in corporate strategy, mergers & acquisitions as well as investments and corporate restructurings across the energy and legal sectors. He is currently the Senior Vice President, Corporate Development and Chief Sustainability Officer at Cenovus Energy. Prior to Cenovus, he spent 15 years at Peters & Co. in a variety of senior finance roles and he was also a securities lawyer at Burnet, Duckworth & Palmer for 14 years where he co-led the securities group and served on the firm’s executive committee. Mr. Lawson holds a Bachelor of Laws from the University of Alberta.

Q4 2024 and FY 2024 Results – Conference Call & Webcast

Parex will host a conference call and webcast to discuss its Q4 2024 and FY 2024 results on Thursday, March 6, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

Conference ID:	2908137
Participant Toll-Free Dial-In Number:	1-646-307-1963
Participant International Dial-In Number:	1-647-932-3411
Webcast:	https://events.q4inc.com/attendee/690785926

Annual General Meeting

Parex anticipates holding its Annual General Meeting of Shareholders on Thursday, May 8, 2025.

The Notice of Annual General Meeting & Management Proxy Circular is expected to be available on or about March 26, 2025, at www.parexresources.com and SEDAR+.

About Parex Resources Inc.

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

For more information, please contact:

Mike Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
investor.relations@parexresources.com

Steven Eirich
Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
investor.relations@parexresources.com

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Reserves Advisory

The recovery and reserve estimates of crude oil reserves provided in this news release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil reserves may eventually prove to be greater than, or less than, the estimates provided herein. All December 31, 2024 reserves presented are based on GLJ’s forecast pricing effective January 1, 2025. All December 31, 2023 reserves presented are based on GLJ’s forecast pricing effective January 1, 2024. All December 31, 2022 reserves presented are based on GLJ’s forecast pricing effective January 1, 2023.

Comparatives to the independent reserves report prepared by GLJ dated February 29, 2024 with an effective date of December 31, 2023 (the “GLJ 2023 Report”), and the independent reserves report prepared by GLJ dated February 2, 2023 with an effective date of December 31, 2022 (“GLJ 2022 Report”, and collectively with the GLJ 2024 Report and the GLJ 2023 Report, the “GLJ Reports”). Each GLJ Report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”).

It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves.

“Proved Developed Producing Reserves” are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

“Proved Developed Non-Producing Reserves” are those reserves that either have not been on production or have previously been on production but are shut-in and the date of resumption of production is unknown.

“Proved Undeveloped Reserves” are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g. when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.

“Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

“Probable” reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

“Possible” reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio at 6:1 may be misleading as an indication of value.

Light crude oil is crude oil with a relative density greater than 31.1 degrees API gravity, medium crude oil is crude oil with a relative density greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity, and heavy crude oil is crude oil with a relative density greater than 10 degrees API gravity and less than or equal to 22.3 degrees API gravity.

With respect to F&D costs, the aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total F&D costs related to reserve additions for that year. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

This press release contains several oil and gas metrics, including reserve replacement, reserve additions including acquisitions, and reserve life index. In addition, the following non-GAAP financial measures and non-GAAP ratios, as described below under “Non-GAAP and Other Financial Measures”, can be considered to be oil and gas metrics: F&D costs, FD&A costs, F&D recycle ratio, FD&A recycle ratio, operating netback, funds flow provided by operations, funds flow provided by operations netback, reserve replacement and NAV. Such oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metric should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes. A summary of the calculations of reserve replacement and RLI are as follows, with the other oil and gas metrics referred to above being described herein under “Non-GAAP and Other Financial Measures”:

Reserve additions including acquisitions is calculated by the change in reserves category and adding current year annual production.

Reserve replacement is calculated by dividing the annual reserve additions by the annual production.

Reserve life index is calculated by dividing the applicable reserves category by the annualized fourth quarter average production.

2024 Year-End Corporate Reserves Report: Supplemental Reserves Tables

All reserves are presented as Parex working interest before royalties and in certain tables set forth below, the columns may not add due to rounding.

Gross Reserves by Area⁽¹⁾

	1P	2P	3P
Area	Mboe⁽¹⁾	Mboe⁽¹⁾	Mboe⁽¹⁾
LLA-34	63,320	88,823	120,283
Southern Llanos	20,634	30,487	37,749
Northern Llanos	12,246	18,007	24,113
Magdalena	5,754	14,439	29,384
Putumayo	10,166	17,877	33,853
Total	112,119	169,633	245,383

(1) The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Gross Reserves Volumes by Product Type

Product Type	PDP	1P	2P	3P
Light & Medium Crude Oil (Mbbl)	10,084	30,138	51,422	84,901
Heavy Crude Oil (Mbbl)	58,654	76,788	107,161	140,348
Natural Gas Liquids (Mbbl)	480	1,207	1,643	2,108
Conventional Natural Gas (MMcf)	16,139	23,915	56,441	108,155
Oil Equivalent (Mboe)	71,908	112,119	169,633	245,383

Gross Reserves Volumes Per Share⁽¹⁾

	Dec. 31			Change over Dec. 31, 2022
	2022	2023	2024⁽¹⁾	Change over Dec. 31, 2022
Year-End Basic Outstanding Shares (000s)	109.1	103.8	98.3	(5	%)
PDP (boe/share)	0.76	0.80	0.73	(9	%)
1P (boe/share)	1.20	1.08	1.14	6	%
2P (boe/share)	1.84	1.62	1.72	6	%
3P (boe/share)	2.58	2.23	2.50	12	%

(1) 2024 net reserves after royalties are: PDP 62,128 Mboe, proved developed non-producing 4,939 Mboe, proved undeveloped 29,644 Mboe, 1P 96,711 Mboe, 2P 146,645 Mboe and 3P 211,882 Mboe.

Reserve Replacement Ratio and Reserve Life Index

	Dec. 31, 2022⁽¹⁾		Dec. 31, 2023⁽²⁾		Dec. 31, 2024⁽³⁾		3-Year
PDP
Reserve Replacement Ratio	112	%	99	%	41	%	85	%
Reserve Life Index	4.2 years		3.9 years		4.3 years		4.1 years
1P
Reserve Replacement Ratio	128	%	9	%	98	%	77	%
Reserve Life Index	6.6 years		5.4 years		6.8 years		6.2 years
2P
Reserve Replacement Ratio	110	%	(62	%)	106	%	49	%
Reserve Life Index	10.1 years		8.1 years		10.3 years		9.4 years

(1) Calculated by dividing the amount of the relevant reserves category by average Q4 2022 production of 54,257 boe/d annualized (consisting of 10,511 bbl/d of light crude oil and medium crude oil, 42,746 bbl/d of heavy crude oil and 6,000 mcf/d of conventional natural gas).
(2) Calculated by dividing the amount of the relevant reserves category by average Q4 2023 production of 57,329 boe/d annualized (consisting of 9,700 bbl/d of light crude oil and medium crude oil, 46,760 bbl/d of heavy crude oil and 5,214 mcf/d of conventional natural gas).
(3) Calculated by dividing the amount of the relevant reserves category by estimated average Q4 2024 production of 45,297 boe/d annualized (consisting of 9,550 bbl/d of light crude oil and medium crude oil, 34,882 bbl/d of heavy crude oil and 5,190 mcf/d of conventional natural gas).

Future Development Capital (“FDC”) (000s)⁽¹⁾

Reserve Category	2025		2026		2027		2028		2029+		Total FDC		Total FDC/boe
PDP	$	23,467	$	—	$	—	$	—	$	—	$	23,467	$	0.33
1P	$	239,609	$	113,210	$	73,861	$	13,000	$	622	$	440,302	$	3.93
2P	$	241,934	$	157,800	$	157,181	$	17,166	$	21,317	$	595,398	$	3.51

(1) FDC are stated in USD, undiscounted and based on GLJ January 1, 2025 price forecasts.

Summary of Reserve Metrics – Company Gross

			2024	3-Year
	PDP	1P	2P	PDP	1P	2P
F&D Costs ($/boe)⁽¹⁾	45.60	36.11	169.52	27.90	36.91	122.51
FD&A Costs ($/boe)⁽¹⁾	45.60	24.75	21.09	27.90	32.21	49.94
Recycle Ratio – F&D⁽¹⁾	0.9 x	1.1 x	0.2 x	1.7 x	1.3 x	0.4 x
Recycle Ratio – FD&A⁽¹⁾	0.9 x	1.7 x	2.0 x	1.7 x	1.5 x	1.0 x

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

Non-GAAP and Other Financial Measures Advisory

This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

Non-GAAP Financial Measures

Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

	For the three months ended						For the year ended
	December 31,				September 30,		December 31,
($000s)		2024		2023		2024		2024		2023		2022
Property, plant and equipment expenditures	$	62,799	$	50,753	$	68,406	$	221,250	$	310,933	$	389,979
Exploration and evaluation expenditures		19,311		40,666		13,961		126,445		172,410		122,273
Capital expenditures	$	82,110	$	91,419	$	82,367	$	347,695	$	483,343	$	512,252

Free funds flow, is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund returns of capital, such as the normal course issuer bid and dividends, without accessing outside funds and is calculated as follows:

	For the three months ended								For the year ended
	December 31,					September 30,			December 31,
($000s)		2024		2023		2024				2024		2023		2022
Cash provided by operating activities	$	67,847	$	194,242		$	181,874		$	569,915	$	376,471	$	983,602
Net change in non-cash assets and liabilities		73,354		(865	)		(30,101	)		52,318		291,311		(258,712	)
Funds flow provided by operations		141,201		193,377			151,773			622,233		667,782		724,890
Capital expenditures		82,110		91,419			82,367			347,695		483,343		512,252
Free funds flow	$	59,091	$	101,958		$	69,406		$	274,538	$	184,439	$	212,638

EBITDA, is a non-GAAP financial measure that is defined as net income (loss) adjusted for finance income and expense, other expenses, income tax expense (recovery) and depletion, depreciation and amortization.

Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, share-based compensation expense (recovery), unrealized foreign exchange gains (losses), and unrealized gains (losses) on risk management contracts.

The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrate Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

	For the three months ended									For the year ended
	December 31,						September 30,			December 31,
($000s)		2024			2023			2024			2024			2023			2022
Net income (loss)	$	(69,051	)	$	133,783		$	65,793		$	60,680		$	459,309		$	611,368
Adjustments to reconcile net income (loss) to EBITDA:
Finance income		(998	)		(2,067	)		(963	)		(4,315	)		(14,055	)		(9,015	)
Finance expenses		4,318			2,878			5,676			18,408			13,834			8,393
Other expense		2,208			362			1,818			6,227			2,582			1,315
Income tax expense (recovery)		(880	)		(81,929	)		42,767			248,592			(5,070	)		191,798
Depletion, depreciation and amortization		53,984			57,833			52,672			215,770			194,229			149,351
EBITDA	$	(10,419	)	$	110,860		$	167,763		$	545,362		$	650,829		$	953,210
Non-cash impairment charges		137,841			85,330			—			142,502			142,540			103,394
Share-based compensation expense (recovery)		6,149			7,674			(7,994	)		1,462			30,364			19,128
Unrealized foreign exchange loss (gain)		2,581			(2,312	)		4,233			29,603			(6,453	)		(9,692	)
Unrealized loss on risk management contracts		1,160			—			—			1,160			—			—
Adjusted EBITDA	$	137,312		$	201,552		$	164,002		$	720,089		$	817,280		$	1,066,040

Non-GAAP Ratios

Operating netback per boe, is a non-GAAP ratio the Company considers operating netback per boe to be a key measure as it demonstrates Parex’s profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume and excludes purchased oil volumes for royalties and operating expense per boe.

Funds flow provided by operations netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

Finding & Development Costs (F&D costs) per boe and Finding, Development and Acquisition Costs (FD&A costs) per boe, is a non-GAAP ratio that helps to explain the cost of finding and developing additional oil and gas reserves. F&D costs are determined by dividing capital expenditures plus the change in FDC in the period divided by BOE reserve additions in the period. FD&A costs per boe are determined by dividing capital expenditures in the period plus the change in FDC plus acquisition costs divided by BOE reserve additions in the period.

F&D and FD&A Costs⁽¹⁾					2024		3-Year
($000s)	PDP		1P		2P		PDP	1P		2P

Capital Expenditures⁽²⁾	347,695		347,695		347,695		1,343,290	1,343,290		1,343,290
Capital Expenditures – change in FDC	(3,321	)	(69,775	)	(109,856	)	8,730	(95,935	)	(113,170	)
Total Capital	344,374		277,920		237,839		1,352,020	1,247,355		1,230,120

Net Acquisitions	—		—		—		—	—		—
Net Acquisitions – change in FDC	—		164,207		168,739		—	168,739		164,207
Total Net Acquisitions	—		164,207		168,739		—	168,739		164,207

Total Capital including Acquisitions	344,374		442,127		406,578		1,352,020	1,416,094		1,394,327

Reserve Additions	7,552		7,697		1,403		48,459	33,797		10,041
Net Acquisitions Reserve Additions	—		10,166		17,877		—	10,166		17,877
Reserve Additions including Acquisitions (Mboe)	7,552		17,863		19,280		48,459	43,963		27,918

F&D Costs ($/boe)	45.60		36.11		169.52		27.90	36.91		122.51
FD&A Costs ($/boe)	45.60		24.75		21.09		27.90	32.21		49.94

(1) All reserves are presented as Parex working interest before royalties.
(2) Calculated using capital expenditures for the period ended December 31, 2024.

Recycle ratio, is a non-GAAP ratio that measures the profit per barrel of oil to the cost of finding and developing that barrel of oil. The recycle ratio is determined by dividing the annual operating netback per boe by the F&D costs and FD&A costs in the period.

			2024	3-Year
	PDP	1P	2P	PDP	1P	2P

Operating netback ($/boe)	41.30	41.30	41.30	48.43	48.43	48.43

F&D Costs⁽²⁾ ($/boe)	45.60	36.11	169.52	27.90	36.91	122.51
FD&A Costs⁽²⁾ ($/boe)	45.60	24.75	21.09	27.90	32.21	49.94

Recycle Ratio – F&D⁽¹⁾	0.9 x	1.1 x	0.2 x	1.7 x	1.3 x	0.4 x
Recycle Ratio – FD&A⁽¹⁾	0.9 x	1.7 x	2.0 x	1.7 x	1.5 x	1.0 x

(1) Recycle ratio is calculated as operating netback per boe divided by F&D or FD&A as applicable. Three-year operating netback on a per boe basis is calculated using weighted average sales volumes.

Net Asset Value (“NAV”) per share, is a non-GAAP ratio that combines the 51-101 NPV15 value after tax with the Company’s estimated working capital at the period end date, less bank debt at the period end date, divided by common shares outstanding at the period end date. The Company uses the NAV per share as a way to reflect the Company’s value considering existing working capital on hand, less bank debt, plus the NPV15 after tax value on Oil and Gas Reserves. NAV per share is stated in CAD dollars using an exchange rate of USDCAD=1.4389. NAV is defined as total assets less total liabilities.

Net Asset Value (“NAV”) per boe, is a non-GAAP ratio that combines the 51-101 NPV15 value after tax with the Company’s estimated working capital at the period end date, less bank debt at the period end date, divided by reserve volumes at the period end date. The Company uses the NAV per boe as a way to reflect the Company’s value considering existing working capital on hand, less bank debt, plus the NPV15 after tax value on Oil and Gas Reserves. Net asset value is defined as total assets less total liabilities.

Basic funds flow provided by operations per share is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share.

Capital Management Measures

Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

	For the three months ended								For the year ended
	December 31,					September 30,			December 31,
($000s)		2024		2023			2024			2024		2023		2022
Cash provided by operating activities	$	67,847	$	194,242		$	181,874		$	569,915	$	376,471	$	983,602
Net change in non-cash assets and liabilities		73,354		(865	)		(30,101	)		52,318		291,311		(258,712	)
Funds flow provided by operations	$	141,201	$	193,377		$	151,773		$	622,233	$	667,782	$	724,890

Working capital surplus, is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus is defined as current assets less current liabilities.

	For the three months ended						For the year ended
	December 31,				September 30,		December 31,
($000s)		2024		2023		2024		2024		2023		2022
Current assets	$	245,943	$	337,175	$	248,208	$	245,943	$	337,175	$	593,602
Current liabilities		186,546		258,148		210,699		186,546		258,148		508,614
Working capital surplus	$	59,397	$	79,027	$	37,509	$	59,397	$	79,027	$	84,988

Supplementary Financial Measures

“Oil and natural gas sales per boe” is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.

“Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

“Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and includes purchased oil volumes.

“Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

“Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

“Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

Dividend Advisory

The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

Advisory on Forward-Looking Statements

In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the Company’s operational and financial position; the Company’s plan, strategy and focus; the focus of the Company’s 2025 operational plan; Parex’s plan of rebuilding market confidence by delivering steady results, evolving its Colombian portfolio and strengthening its track record of shareholder returns, while also progressing towards Llanos Foothills exploration in 2026; Parex’s FY 2025 average production guidance; the anticipated Board nominees at Parex’s upcoming Meeting; the anticipated number of operating and non-operating drilling rigs that Parex will have in Q2 2025; expectations that the Company’s operations are supportive of a growing H2 2025 production profile and the Company’s anticipated activities at certain of its locations, including the anticipated timing thereof; the Company’s 2025 guidance, including anticipated Brent crude oil average price, average production, funds flow provided by operations netback, funds flow provided by operations, capital expenditures and free funds flow; the anticipated terms of the Company’s Q1 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”; the anticipated date and time of Parex’s 2025 Meeting and the release of its 2024 Annual Information Form; and the anticipated date of Parex’s conference call. In addition, statements relating to “reserves” are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserve estimates of Parex’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; determinations by OPEC and other countries as to production levels; volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Colombia; competition; lack of availability of qualified personnel; the results and timelines of exploration and development drilling, test, monitoring and work programs and related activities; obtaining required approvals of regulatory authorities, in Canada and Colombia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities is not consistent with its expectations; that production test results may not necessarily be indicative of long term performance or of ultimate recovery; the risk that Parex may not commence exploration activities in the Llanos Foothills area when anticipated, or at all; the risk that Parex’s FY 2025 average production may be less than anticipated; the risk that Parex may have less operating and non-operating drilling rigs in Q2 2025 than anticipated; the risk that Parex’s financial and operating results may not be consistent with its expectations; the risk that the Company may not release its Annual Information Form or hold its 2025 Meeting when anticipated; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes;and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil prices; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources in the future to pay a dividend and repurchase its shares in the future; that the Board will declare dividends in the future; and other matters.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’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, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release contains information that may be considered a financial outlook under applicable securities laws about the Company potential financial position, including, but not limited to: the Company’s 2025 guidance, including anticipated funds flow provided by operations netback, funds flow provided by operations, capital expenditures and free funds flow; and the anticipated terms of the Company’s Q1 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”. Such financial outlook has been prepared by Parex’s management to provide an outlook of the Company’s activities and results. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed above and assumptions with respect to the costs and expenditures to be incurred by the Company, including capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and administrative expenses and the prices to be paid for the Company’s production.

Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this press release, and such variations may be material. The Company and Management believe that the financial outlook has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of Management’s knowledge, Parex’s expected expenditures and results of operations. However, because this information is highly subjective and subject to numerous risks including the risks discussed above, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

The following abbreviations used in this press release have the meanings set forth below:

PDP	proved developed producing
1P	proved
2P	proved plus probable
3P	proved plus probable plus possible
bbl	one barrel
bbls	barrels
bbl/d	barrels per day
boe	barrels of oil equivalent; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
boe/d	barrels of oil equivalent per day
mbbl	thousands of barrels
mboe	thousand barrels of oil equivalent
mcf	thousand cubic feet
mcf/d	thousand cubic feet per day
mmboe	one million barrels of oil equivalent
mmcf	one million cubic feet
W.I.	working interest

PDF available:

http://ml.globenewswire.com/Resource/Download/dc94d190-6b5f-48f2-9d09-33ac94624887

The MIL Network –

March 6, 2025

MIL-OSI: Region 16 ESC Edge Data Center Grand Opening

Source: GlobeNewswire (MIL-OSI)

AMARILLO, Texas, March 05, 2025 (GLOBE NEWSWIRE) — Region 16 Education Service Center (ESC), in collaboration with Duos Edge AI, Inc. (“Duos Edge AI”), a subsidiary of Duos Technologies Group, Inc. (Nasdaq: DUOT), proudly announces the grand opening of an advanced Edge Data Center (“EDC”) on March 18, 2025. In partnership with FiberLight, this milestone marks a transformative leap in connectivity, AI-driven education, and economic development for the Texas Panhandle. The Duos Edge AI EDC will expand digital access for schools, fuel job creation, and strengthen regional infrastructure to support long-term growth and innovation.

Event Details:

Date: Tuesday, March 18th, 2025
Time: 9:00 AM – 1:00 PM CT
Location: Region 16 ESC, located at 5800 Bell Street in Amarillo, Texas

To RSVP for the event, please click here.
To live stream the event, please watch here.

The grand opening event includes a “ribbon cutting” and will feature an impressive lineup of industry leaders and experts, including Doug Recker, President and Founder, Duos Edge AI; Chuck Ferry, Chief Executive Officer, Duos Technologies Group and New APR Energy; Ron Kormos, Chief Strategy Officer, FiberLight; Tanya Larkin EdD, Executive Director, Region 16. These distinguished speakers will share insights on the future of edge computing, AI integration, and the impact of this new data center on regional development.

“We’re looking forward to hosting this event, bringing together leaders in the community and industry alike to mark this milestone,” stated Michael Keough, CIO of Region 16 ESC. “It’s the beginning of a new chapter for the Texas Panhandle as we bring enhanced connectivity and resources to the area.”

The launch event will showcase the cutting-edge technology housed within the new data center, demonstrating how it will drive innovation and economic growth in the region. “This grand opening represents a significant step forward in our mission to bring advanced AI capabilities closer to where data is generated,” said Doug Recker, President and Founder of Duos Edge AI. “We’re thrilled to partner with Region 16 to make this vision a reality.”

“FiberLight’s partnership with Region 16 and Duos Edge AI goes beyond delivering fiber—it’s about creating a lasting impact,” said Ron Kormos, Chief Strategy Officer at FiberLight. “While our fiber infrastructure will immediately transform learning experiences for students and educators, its long-term benefit will extend across the Texas Panhandle. By establishing a strong fiber backbone, we’re enabling better education and also building the foundation for economic growth, business expansion, and improved public services. This investment will help bridge the digital divide, fostering a more connected and thriving community for years to come.”

To learn more about Region 16 ESC, please visit www.esc16.net
To learn more about Duos Edge AI, please visit www.duosedge.ai
To learn more about FiberLight, please visit www.fiberlight.com

About Region 16 Education Service Center:
Located in Amarillo, Texas, Region 16 Education Service Center serves 60 school districts and three charter schools with 226 campuses in a 26,000 square mile area. Region 16 school districts have an average daily attendance of over 83,000 students, with individual districts ranging from fewer than 30 to more than 29,000 students and the total regional school staff numbering more than 12,800.

About Duos Edge AI, Inc.
Duos Edge AI, Inc. is a subsidiary of Duos Technologies Group, Inc. (Nasdaq: DUOT). Duos Edge AI’s mission is to bring advanced technology to underserved communities, particularly in education, healthcare, and rural industries, by deploying high-powered edge computing solutions that minimize latency and optimize performance. Duos Edge AI specializes in high-function Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment. By focusing on providing scalable IT resources that seamlessly integrate with existing infrastructure, its solutions expand capabilities at the network edge, ensuring data uptime onsite services. With the ability to provide 100 kW+ per cabinet, rapid 90-day deployment, and continuous 24/7 data services, Duos Edge AI aims to position its edge data centers within 12 miles of end users or devices, significantly closer than traditional data centers. This approach enables timely processing of massive amounts of data for applications requiring real-time response and supporting current and future technologies without large capital investments. For more information, visit www.duosedge.ai.

About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

About FiberLight
FiberLight builds and operates mission-critical high bandwidth networks to ignite our client’s digital transformation. With more than 19,000 route miles of fiber networks and 300,000 pre-qualified near-net buildings, our service portfolio includes high-capacity Ethernet and Wavelength Services, Cloud Connect, Dedicated Internet Access, Dark Fiber, and Wireless Backhaul serving domestic and international telecom companies, wireless, wireline, cable, and cloud providers, as well as key players across enterprise, government, and education. For more information, visit https://www.fiberlight.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6411ccbd-6b47-4c24-8034-b1d965f06e10

This press release was published by a CLEAR® Verified individual.

The MIL Network –

March 6, 2025
MIL-OSI: Standard Lithium to Attend 37th Annual Roth Conference

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 05, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE:A:SLI), a leading near-commercial lithium developer today announced senior leadership will participate in the upcoming 37^th Annual Roth Conference.

Event 37^th Annual Roth Conference

Date March 16 – 18, 2025

Location The Laguna Cliffs Marriott Resort & Spa, Dana Point, CA

Salah Gamoudi, Chief Financial Officer and Chris Lang, Director of Finance will be hosting one-on-one meetings during the conference. Interested investors should contact their Roth representative or Standard Lithium Investor Relations at investors@standardlithium.com.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

Media Contact:

Chris Lang
Director of Finance
Standard Lithium Ltd.
+1 604 409 8154
investors@standardlithium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

The MIL Network –

March 6, 2025
MIL-OSI Economics: NEW REPORT: Clean Energy Dominates in 2024

Source: American Clean Power Association (ACP)

Headline: NEW REPORT: Clean Energy Dominates in 2024

• 93% of new energy capacity that came online last year was solar, wind, and storage • 49 GW of clean energy installed in 2024 • Clean energy in the U.S. surpasses 300 GW of overall capacity

WASHINGTON, March 5, 2025 – The American Clean Power Association (ACP) today released its Snapshot of Clean Power in 2024, a preview of the upcoming full Clean Power Annual Market Report that shows a dominant year for clean energy in 2024. The data from ACP demonstrates an industry entering a new chapter with incredible momentum.
The clean energy industry shattered records in 2024, deploying an unprecedented 49 GW of capacity—a remarkable 33% increase over the previous record of 37 GW set in 2023. This dramatic acceleration reflects the industry’s extraordinary momentum: after taking more than 40 years to build the first 200 GW of utility-scale clean power capacity, it took just three years to build an additional 100 GW (2022-2024). With total clean energy capacity now reaching 313 GW connected to the U.S. grid, these installations are delivering reliable power to millions of American homes and businesses nationwide.
“The only way to meet skyrocketing energy demand is to embrace all American energy resources. The clean energy sector’s dominant performance in 2024 demonstrates the unique role clean power is playing in bringing electricity online now to support increased manufacturing and data centers. Reliable energy depends on reliable policy,” said ACP CEO Jason Grumet. “Our nation’s economic growth and digital dominance require aggressive pursuit of a true all of the above energy strategy.”
Key Highlights:
New Capacity: 93% of new energy capacity that came online in 2024 was clean energy — exceeding the previous five-year average of 75%.
Utility-Scale Solar: More than 33 GW of solar capacity was deployed in 2024.
Utility-Scale Energy Storage: More than 11 GW of energy storage was deployed in 2024.
Strong Wind Pipeline: Including both offshore and onshore wind, the overall wind pipeline is 40 GW, with 20 GW under construction.
Manufacturing Growth: 46 U.S. primary component manufacturing projects across the utility-scale wind, solar, and storage supply chains came online in 2024.
Red States Lead the Way: Red states saw some of the fastest growth in clean power capacity 2024, with Mississippi, Louisiana, and Kentucky increasing operational capacity by more than 200% year-over-year.
A public version of this report can be found on ACP’s Clean Energy Resources page. ACP’s full Clean Power Annual Market Report 2024 will be released in April.

MIL OSI Economics –

March 6, 2025


	January 2025 – YoY Comparison
		January 2024		January 2025	Growth
Revenue	$	2,110,843	$	4,992,090	136%
Gallons		546,292		1,438,824	163%


	January 2025 – MoM Comparison
	December 2024		January 2025		Growth
Revenue	$	2,272,058	$	4,992,090	120%
Gallons		620,578		1,438,824	132%

Event	37^th Annual Roth Conference
Date	March 16 – 18, 2025
Location	The Laguna Cliffs Marriott Resort & Spa, Dana Point, CA

Category: Energy

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