Category: Latin America

MIL-OSI: James Altucher Declares 2025 as ‘The Great Gain’—A New Era of Opportunity for Americans
Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Renowned entrepreneur, best-selling author, and economic visionary James Altucher has identified 2025 as a pivotal year for American prosperity, calling it “The Great Gain”—a moment in history where major economic and technological forces are converging to create new opportunities unlike anything seen before. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

Altucher argues that two major economic forces are colliding for the first time in history to create an unprecedented wave of opportunity. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

A Once-in-a-Generation Moment

Altucher, known for his ability to forecast major economic and technological shifts, believes that 2025 will be remembered as one of the most transformative years in modern history. He compares it to past eras of rapid progress, such as the Industrial Revolution, the rise of Silicon Valley, and the early internet boom of the 1990s.

“The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

According to Altucher, this moment is different from previous cycles because of the convergence of two Wealth Drivers:
1. A Political and Economic Shift – A radical move in the first 100 days of the new administration is set to open new doors for growth.
2. A Historical Economic Cycle – A peak in the 4-year wealth cycle, which “last time… turned more than 80,000 people into new millionaires.”
A Call to Action for Americans

Altucher urges Americans to stay ahead of these changes by recognizing the emerging trends that could redefine the economy. From career opportunities and entrepreneurship to advancements in automation and artificial intelligence, the coming months will present once-in-a-lifetime chances to adapt, grow, and thrive. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

About James Altucher

James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider.

His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –
March 6, 2025
MIL-OSI: James Altucher Declares 2025 as ‘America’s Defining Moment’—A Rare Economic Shift That Could Reshape the Future

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Tech expert, best-selling author, and market forecaster James Altucher is making a bold proclamation: 2025 will mark a turning point in the American economy—one that could redefine industries, technology, and personal opportunity.

Calling it “The Great Gain”, Altucher believes that a rare collision of economic forces is underway, creating what could be one of the most significant windows for personal and financial transformation in modern history. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

These two forces—a major political and economic shift combined with a historic wealth cycle peak—are aligning in a way that hasn’t happened in decades. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

A Historic Turning Point for Innovation and Growth

Altucher, who has successfully predicted market-defining trends for decades, sees 2025 as the start of a technological and financial transformation similar to past economic revolutions. “The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

He believes this moment could be even bigger, with industries evolving faster than ever before. “Technology is evolving at an exponential rate, and industries are being reshaped overnight.”

A Rare Chance for Everyday Americans

Altucher emphasizes that this shift isn’t just for major corporations or Wall Street—it presents a rare second chance for everyday Americans to take advantage of changes before they become mainstream. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

About James Altucher

James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider.

His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –

March 6, 2025

MIL-OSI: Ring Energy Announces Fourth Quarter and Full Year 2024 Results, Year-End 2024 Proved Reserves, and 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, March 05, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the fourth quarter and full year 2024, year-end 2024 proved reserves and provided 2025 operational and financial guidance.

Fourth Quarter 2024 Highlights

Recorded net income of $5.7 million, or $0.03 per diluted share;
Reported Adjusted Net Income¹ of $12.3 million, or $0.06 per diluted share;
Sold 19,658 barrels of oil equivalent per day (“Boe/d”), exceeding midpoint of guidance and 12,916 barrels of oil per day (“Bo/d”);
Held all-in cash operating costs¹ (on a Boe basis) substantially flat with Q3 2024;
Reduced total capital expenditures by 12% to $37.6 million as compared to Q3 2024;
Recorded Adjusted Cash Flow from Operations¹ of $42.2 million and delivered Adjusted Free Cash Flow¹ of $4.7 million, remaining cash flow positive for 21 consecutive quarters; and
Strengthened balance sheet by an additional $7.0 million in debt reduction.

Full Year 2024 Highlights

Recorded net income of $67.5 million, or $0.34 per diluted share;
Reported Adjusted Net Income¹ of $69.5 million, or $0.35 per diluted share;
Grew sales volumes year-over-year (“Y-O-Y”) by 8% to a record 19,648 Boe/d and oil sales by 6% to a record 13,283 Bo/d;
Reduced Y-O-Y all-in cash operating costs¹ (on a Boe basis) by 2%;
Generated Adjusted EBITDA¹ of $233.3 million despite a 7% reduction in realized prices;
Maintained capital spending essentially flat at $151.9 million while improving capital efficiency on horizontal (“Hz”) wells by 11% to ~$492 per foot and vertical wells by ~3% on a per completed interval basis;
Generated a Cash Return on Capital Employed (“CROCE”)¹ of 15.9% despite lower commodity pricing, which is the third consecutive year that Ring has achieved a CROCE in excess of 15%;
Recorded Adjusted Cash Flow from Operations¹ of $195.3 million and delivered Adjusted Free Cash Flow¹ of $43.6 million, remaining cash flow positive for over 5 years;
Divested non-core vertical wells with high operating cost for $5.5 million;
Paid down $40.0 million in debt and $70.0 million since closing the Founders acquisition in August 2023;
Reaffirmed the borrowing base at $600 million, exited 2024 with ~$217 million of liquidity, borrowings of $385 million, and a Leverage Ratio¹ of 1.66x; and
Organically grew proved reserves by 4.4 MMBoe, or 3%, to 134.2 MMBoe.

2025 Outlook²

Average annual sales midpoint of 21,000 Boe/d and 13,900 Bo/d, a 7% and 5% increase, respectively;
Annual capital spending midpoint of $154 million, essentially flat with the prior year;
Total wells drilled, completed and online (midpoint) of ~49 wells; and
Assumes nine months of Lime Rock asset operations without the benefit of anticipated synergies and cost reductions.

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We finished 2024 delivering on our promises during the fourth quarter, in a year in which the Ring Team enhanced nearly every controllable metric. We grew our sales by 8% over the prior year to a record 19,648 Boe/d and our oil sales by 6% to a record 13,283 Bo/d. We reduced our all-in cash operating costs per Boe by 2% and drilled 13 more wells for slightly less capital than the previous year representing a substantial increase in capital efficiency for both our horizontal and vertical wells. We paid down debt by $40 million and exited the year with $385 million borrowings and approximately $217 million of liquidity. During the fourth quarter of 2024, we reduced our capital expenditures in anticipation of seeking and completing a meaningful acquisition of producing properties, while achieving the midpoint of our guidance on a Boe basis. As we have previously stated, we intend to maintain or slightly grow our production through our organic drilling program and grow through accretive, balance sheet enhancing acquisitions of assets that meet specific criteria. Our strategy retains the flexibility to respond to changing conditions to ensure we continue to make progress profitably growing the Company, achieving the size and scale to earn more attractive market metrics, and build long term shareholder value. Looking forward to 2025, we intend to continue a reduced capital spending program in the first quarter to help us achieve a satisfactory leverage ratio upon closing the Lime Rock transaction. The rest of the year will be consistent with our past. We will continue our focus on maximizing cash flow generation and intend to allocate a portion of our cash flow from operations to maintain production and liquidity and allocate the balance to paying down debt. With the potential added benefit of the proposed Lime Rock production beginning in the second quarter and our historically successful capital spending program, we anticipate ending 2025 stronger than ever.”

Mr. McKinney concluded, “I would like to thank the Ring Team for the hard work and dedication it took to deliver our 2024 results. I also want to express our gratitude for the continued support of our shareholders. Despite an environment of lower realized commodity prices, being a member of a market segment where investor interest has waned, and other market conditions beyond our control, our shareholders continued to support us as we pursue our value focused proven strategy to build long-term value.”

Summary Results

	Quarter							Year
	Q4 2024	Q3 2024	Q4 2024 to Q3 2024 % Change		Q4 2023	Q4 2024 to Q4 2023 % Change		FY 2024	FY 2023	FY % Change
Average Daily Sales Volumes (Boe/d)	19,658	20,108	(2	)%	19,397	1	%	19,648	18,119	8	%
Crude Oil (Bo/d)	12,916	13,204	(2	)%	13,637	(5	)%	13,283	12,548	6	%
Net Sales (MBoe)	1,808.5	1,849.9	(2	)%	1,784.5	1	%	7,191.1	6,613.3	9	%
Realized Price – All Products ($/Boe)	$46.14	$48.24	(4	)%	$56.01	(18	)%	$50.94	$54.60	(7	)%
Realized Price – Crude Oil ($/Bo)	$68.98	$74.43	(7	)%	$77.33	(11	)%	$74.87	$76.21	(2	)%
Revenues ($MM)	$83.4	$89.2	(7	)%	$99.9	(17	)%	$366.3	$361.1	1	%
Net Income/Loss ($MM)	$5.7	$33.9	(83	)%	$50.9	(89	)%	$67.5	$104.9	(36	)%
Adjusted Net Income¹ ($MM)	$12.3	$13.4	(8	)%	$21.2	(42	)%	$69.5	$100.5	(31	)%
Adjusted EBITDA¹ ($MM)	$50.9	$54.0	(6	)%	$65.4	(22	)%	$233.3	$236.0	(1	)%
Capital Expenditures ($MM)	$37.6	$42.7	(12	)%	$38.8	(3	)%	$151.9	$152.0	—	%
Adjusted Free Cash Flow¹ ($MM)	$4.7	$1.9	144	%	$16.3	(71	)%	$43.6	$45.3	(4	)%

Adjusted Net Income, Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted Cash Flow from Operations, Cash Return on Capital Employed and PV-10 are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.”

Sales Volumes, Prices and Revenues: Sales volumes for the fourth quarter of 2024 are shown in the table above.

For the fourth quarter of 2024, realized average sales prices were $68.98 per barrel of crude oil, $(0.96) per Mcf of natural gas and $9.08 per barrel of NGLs. The realized natural gas and NGL prices are impacted by a fee reduction to the value received. For the fourth quarter of 2024, the weighted average natural gas price per Mcf was $0.87 offset by a weighted average fee value per Mcf of $(1.83), and the weighted average NGL price per barrel was $20.96 partially offset by a weighted average fee of $(11.88) per barrel. The combined average realized sales price for the period was $46.14 per Boe, down 4% versus $48.24 per Boe for the third quarter of 2024, and down 18% from $56.01 per Boe in the fourth quarter of 2023. The average oil price differential the Company experienced from WTI NYMEX futures pricing in the fourth quarter of 2024 was a negative $1.42 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $3.83 per Mcf.

Revenues were $83.4 million for the fourth quarter of 2024 compared to $89.2 million for the third quarter of 2024 and $99.9 million for the fourth quarter of 2023. The 7% decrease in fourth quarter 2024 revenues from the third quarter was driven by a ($3.8MM) price variance and a ($2.0MM) volume variance.

Lease Operating Expense (“LOE”): LOE, which includes expensed workovers and facilities maintenance, was $20.3 million, or $11.24 per Boe, in the fourth quarter of 2024 versus $20.3 million, or $10.98 per Boe, in the third quarter of 2024 and $18.7 million, or $10.50 per Boe, for the fourth quarter of 2023. Fourth quarter 2024 LOE per Boe was within the Company’s guidance range, and the Company remains focused on further improving the efficiencies of its operations.

Gathering, Transportation and Processing (“GTP”) Costs: As previously disclosed, due to a contractual change effective May 1, 2022, the Company no longer maintains ownership and control of the majority of its natural gas through processing. As a result, GTP costs are now substantially reflected as a reduction to the natural gas sales price and not as an expense item. There remains only one contract in place with a natural gas processing entity where the point of control of gas dictates requiring the fees to be recorded as an expense.

Ad Valorem Taxes: Ad valorem taxes, inclusive of an accrual for methane taxes of $527,687, were $1.34 per Boe for the fourth quarter of 2024, compared to $1.17 per Boe in the third quarter of 2024 and $0.92 per Boe for the fourth quarter of 2023.

Production Taxes: Production taxes were $2.13 per Boe in the fourth quarter of 2024 compared to $2.27 per Boe in the third quarter of 2024 and $2.78 per Boe in fourth quarter of 2023. Production taxes ranged between 4.6% to 5.0% of revenue for all three periods.

Depreciation, Depletion and Amortization (“DD&A”) and Asset Retirement Obligation Accretion: DD&A was $13.57 per Boe in the fourth quarter of 2024 versus $13.87 per Boe for the third quarter of 2024 and $13.76 per Boe in the fourth quarter of 2023. Asset retirement obligation accretion was $0.18 per Boe in the fourth quarter of 2024 compared to $0.19 per Boe for the third quarter of 2024 and $0.20 per Boe in the fourth quarter of 2023.

General and Administrative Expenses (“G&A”): G&A was $8.0 million ($4.44 per Boe) for the fourth quarter of 2024 versus $6.4 million ($3.47 per Boe) for the third quarter of 2024 and $8.2 million ($4.58 per Boe) in the fourth quarter of 2023. G&A, excluding share-based compensation¹, was $6.4 million for the fourth quarter of 2024 ($3.52 per Boe) versus $6.4 million for the third quarter of 2024 ($3.45 per Boe) and $5.7 million in the fourth quarter of 2023 ($3.20 per Boe). The fourth quarter of 2024 included $21,017 of Transaction Costs. Excluding these costs and share-based compensation, G&A was $3.51 per Boe for the period.

Interest Expense: Interest expense was $10.1 million in the fourth quarter of 2024 versus $10.8 million for the third quarter of 2024 and $11.6 million for the fourth quarter of 2023.

Derivative (Loss) Gain: In the fourth quarter of 2024, Ring recorded a net loss of $6.3 million on its commodity derivative contracts, including a realized $0.7 million cash commodity derivative gain and an unrealized $7.0 million non-cash commodity derivative loss. This compared to a net gain of $24.7 million in the third quarter of 2024, including a realized $1.9 million cash commodity derivative loss and an unrealized $26.6 million non-cash commodity derivative gain, and a net gain of $29.3 million in the fourth quarter of 2023, including a realized $3.3 million cash commodity derivative loss and an unrealized $32.5 million non-cash commodity derivative gain.

A summary listing of the Company’s outstanding derivative positions at December 31, 2024 is included in the tables shown later in this release. A quarterly breakout is provided in the Company’s investor presentation.

For full year 2025, the Company currently has approximately 2.4 million barrels of oil (48% of oil sales guidance midpoint) hedged and 2.4 billion cubic feet of natural gas (33% of natural gas sales guidance midpoint) hedged.

Income Tax: The Company recorded a non-cash income tax provision of $1.8 million in the fourth quarter of 2024, $10.1 million in the third quarter of 2024, and $7.9 million for fourth quarter 2023.

Balance Sheet and Liquidity: Total liquidity at December 31, 2024 was $216.8 million, a 4% increase from September 30, 2024 and a 24% increase from December 31, 2023. Liquidity at December 31, 2024 consisted of cash and cash equivalents of $1.9 million and $215.0 million of availability under Ring’s revolving credit facility, which includes a reduction of $35 thousand for letters of credit. On December 31, 2024, the Company had $385.0 million in borrowings outstanding on its revolving credit facility that has a current borrowing base of $600.0 million. Ring paid down $7 million of debt during the fourth quarter of 2024 and $70.0 million since the closing of the Founders Transaction in August 2023. The Company is targeting further debt pay down during 2025 dependent on market conditions, the timing of capital spending, and other considerations.

During the fourth quarter of 2024, the Company’s borrowing base of $600 million under its revolving credit facility was reaffirmed. The next regularly scheduled bank redetermination is scheduled to occur during May 2025. Ring is currently in compliance with all applicable covenants under its revolving credit facility.

Capital Expenditures: During the fourth quarter of 2024, capital expenditures on an accrual basis were $37.6 million, which was near the midpoint of Ring’s guidance of $33 million to $41 million. The Company drilled five Hz and four vertical wells, and completed ten wells — with all drilling and completion activity occurring in the Central Basin Platform (“CBP”). Also included in fourth quarter 2024 capital spending were costs for capital workovers, infrastructure upgrades, recompletions, leasing costs, and ESG improvements.

For the year ended December 31, 2024, capital expenditures on an accrual basis were $151.9 million — substantially flat with full year 2023 despite more than a 40% increase in drilling and completion activity in 2024. Capital spending in 2024 included costs to drill, complete and place on production 21 Hz wells (five in the NWS and 16 in the CBP) and 22 vertical wells in the CBP, as well as costs for capital workovers, infrastructure upgrades, recompletions, leasing costs, and ESG improvements.

The table below sets forth Ring’s drilling and completions activities by quarter for 2024:

Quarter	Area	Wells Drilled	Wells Completed	Drilled Uncompleted (“DUC”) ⁽²⁾

1Q 2024	Northwest Shelf (Horizontal)	2	2	—
	Central Basin Platform (Horizontal)	3	3	—
	Central Basin Platform (Vertical)	6	6	—
	Total ⁽¹⁾	11	11	—

2Q 2024	Northwest Shelf (Horizontal)	—	—	—
	Central Basin Platform (Horizontal)	5	5	—
	Central Basin Platform (Vertical)	6	6	—
	Total	11	11	—

3Q 2024	Northwest Shelf (Horizontal)	3	3	—
	Central Basin Platform (Horizontal)	4	2	2
	Central Basin Platform (Vertical)	6	6	—
	Total	13	11	2

4Q 2024	Northwest Shelf (Horizontal)	—	—	—
	Central Basin Platform (Horizontal)	5	6	1
	Central Basin Platform (Vertical)	4	4	—
	Total	9	10	1

FY 2024	Northwest Shelf (Horizontal)	5	5	—
	Central Basin Platform (Horizontal)	17	16	1
	Central Basin Platform (Vertical)	22	22	—
	Total	44	43	1

⁽¹⁾ First quarter total and full year total do not include one salt water disposal (“SWD”) well completed in the Central Basin Platform
⁽²⁾ Note that the DUC wells represent period-end counts rather than period-to-date totals.

Full Year 2024 Summary Financial Review

The Company reported net income for full year 2024 of $67.5 million, or $0.34 per diluted share, and Adjusted Net Income of $69.5 million, or $0.35 per diluted share. For full year 2023, Ring reported net income of $104.9 million, or $0.54 per diluted share, and Adjusted Net Income of $100.5 million, or $0.51 per diluted share.

In full year 2024, the Company generated Adjusted EBITDA of $233.3 million, Adjusted Free Cash Flow of $43.6 million, and Adjusted Cash Flow from Operations of $195.3 million — representing a four percent or less decline in all three metrics from full year 2023, despite an almost seven percent decrease in overall realized commodity pricing.

Revenues totaled $366.3 million for 2024 compared to $361.1 million in 2023, with the increase driven by higher sales volumes partially offset by lower overall realized commodity prices.

Net sales for full year 2024 were a record 19,648 Boe/d, or 7,191,054 Boe, comprised of 4,861,628 Bbls of oil, 6,423,674 Mcf of natural gas, and 1,258,814 Bbls of NGLs. Full year 2023 net sales averaged 18,119 Boe/d, or 6,613,321 Boe, which included 4,579,942 Bbls of oil, 6,339,158 Mcf of natural gas, and 976,852 Bbls of NGLs. The increase in sales volumes was primarily associated with a full year of production from the Founders Acquisition that closed in August 2023, as well as strong organic growth from the Company’s targeted capital spending program.

For full year 2024, the Company’s realized crude oil sales price was $74.87 per barrel, the natural gas sales price was $(1.44) per Mcf, and the NGLs sales price was $9.23 per barrel. The combined average sales price for full year 2024 was $50.94 per Boe compared to $54.60 per Boe for full year 2023.

For the full year 2024, LOE was $78.3 million, or $10.89 per Boe (substantially at the midpoint of guidance of $10.70 to $11.00 per Boe). The increase in LOE on an absolute basis from full year 2023 was primarily due to the full year of expenses from the assets acquired with the Founders Acquisition (closed in August 2023) which contributed to the previously discussed 9% increase in production. Also affecting absolute LOE were higher activity levels, partially offset by the Company’s ongoing cost reduction and increased efficiency initiatives.

For the full year 2024, G&A was $29.6 million, or $4.12 per Boe, compared to $29.2 million, or $4.41 per Boe for full year 2023. G&A, excluding share-based compensation, was $24.1 million, or $3.36 per Boe, compared to $20.4 million, or $3.08 per Boe for full year 2023. Excluding Transaction Costs, full year 2024 G&A, net of share-based compensation, was $3.35 per Boe. The increase from full year 2023 was primarily associated with higher total compensation levels driven by higher activity levels in 2024 and a non-recurring employee retention tax credit in 2023, with the overall net increase partially offset by a $3.3 million year-over-year reduction in share-based compensation.

Recently Announced Proposed Accretive Bolt-On Acquisition

On February 25, 2025, the Company entered into an agreement to acquire Lime Rock’s CBP assets for $90 million in cash with $80 million due at closing and $10 million due on the nine month anniversary of closing, and approximately 7.4 million shares of our common stock. The purchase price is subject to customary purchase price adjustments. The transaction has an effective date of October 1, 2024, and is expected to close by the end of the first quarter of 2025.

Lime Rock’s CBP acreage is in Andrews County, Texas, where the majority of the acreage directly offsets Ring’s core Shafter Lake operations, and the remaining acreage is prospective for multiple horizontal targets and exposes the Company to new active plays. The transaction represents another opportunity for the Company to seamlessly integrate strategic, high-quality assets with Ring’s existing operations and create shareholder value through improved operations and synergy capture.

The Lime Rock position has been a key target for Ring as the Company has historically sought to consolidate producing assets in core counties in the CBP defined by shallow declines, high margin production and undeveloped inventory that immediately competes for capital. Additionally, these assets add significant near-term opportunities for field level optimization and cost savings that are core competencies of Ring’s operating team.

2025 Capital Investment, Sales Volumes, and Operating Expense Guidance

In January, the Company commenced its 2025 development program with one rig drilling horizontal wells followed by another rig drilling vertical wells. During the first quarter, this disciplined capital program is intended to achieve a satisfactory leverage ratio upon the closing of the Lime Rock transaction. The Company intends to utilize a phased (versus continuous) capital drilling program to maximize free cash flow and retain the flexibility to respond to changes in commodity prices and other market conditions.

For full year 2025, Ring expects total capital spending of $138 million to $170 million that includes a balanced and capital efficient combination of drilling, completing and placing on production 27 to 32 Hz and 15 to 22 vertical wells across the Company’s asset portfolio. Additionally, the full year capital spending program includes funds for the drilling of targeted well recompletions, capital workovers, infrastructure upgrades, reactivations, leasing costs, ESG improvements, and the drilling of approximately three SWD wells, in addition to the Company’s pro-rata capital spending for non-operated drilling, completion, and capital workover activities.

All projects and estimates are based on assumed WTI oil prices of $65 to $75 per barrel and Henry Hub prices of $2.00 to $4.00 per Mcf.

Based on the $154 million midpoint of spending guidance, the Company expects the following estimated allocation of capital investment:

73% for drilling, completion, and related infrastructure;
19% for recompletions and capital workovers;
5% for environmental and emission reducing facility upgrades; and
3% for land and non-operated capital.

The Company remains focused on continuing to generate Adjusted Free Cash Flow. All 2025 planned capital expenditures will be fully funded by cash on hand and cash from operations, and excess Adjusted Free Cash Flow is currently targeted for further debt reduction.

The Company currently forecasts full year 2025 oil sales volumes of 13,600 to 14,200 Bo/d compared with full year 2024 oil sales volumes of 13,283 Bo/d, with the midpoint of guidance reflecting almost a 5% increase from last year.

The guidance in the table below represents the Company’s current good faith estimate of the range of likely future results for the first quarter and full year of 2025 and assumes the closing of the Lime Rock transaction at the end of the first quarter of 2025. Guidance could be affected by the factors discussed below in the “Safe Harbor Statement” section. LOE per Boe assumes the full operating costs of the Lime Rock assets before anticipated synergies and cost reductions after the assets are integrated.

	Q1 2025	Q2 2025	Q3 2025	Q4 2025	FY 2025

Sales Volumes:
Total Oil (Bo/d)	11,700 – 12,000	13,700 – 14,700	14,000 – 15,000	14,400 – 15,400	13,600 – 14,200
Midpoint (Bo/d)	11,850	14,200	14,500	14,900	13,900
Total (Boe/d)	18,000-18,500	20,500 – 22,500	20,700 – 22,700	21,000 – 23,000	20,000 – 22,000
Midpoint (Boe/d)	18,250	21,500	21,700	22,000	21,000
Oil (%)	65%	66%	67%	68%	66%
NGLs (%)	19%	18%	18%	18%	18%
Gas (%)	16%	16%	15%	14%	16%

Capital Program:
Capital spending⁽¹⁾ (millions)	$26 – $34	$34 – $42	$46 – $54	$32 – $40	$138 – $170
Midpoint (millions)	$30	$38	$50	$36	$154
New Hz wells drilled	4 – 5	8 – 9	11 – 13	4 – 5	27 – 32
New Vertical wells drilled	3 – 4	3 – 5	4 – 6	5 – 7	15 – 22
Completion of DUC wells	0	1	0	0	1
Wells completed and online	7 – 9	12 – 15	15 – 19	9 – 12	43 – 55

Operating Expenses:
LOE (per Boe)	$11.75 – $12.25	$11.50 – $12.50	$11.25 – $12.25	$11.00 – $12.00	$11.25 – $12.25
Midpoint (per Boe)	$12.00	$12.00	$11.75	$11.50	$11.75

⁽¹⁾ In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades and well reactivations. Also included is anticipated spending for leasing acreage and non-operated drilling, completion, capital workovers, and ESG improvements.

Year-End 2024 Proved Reserves

The Company’s year-end 2024 SEC proved reserves were 134.2 MMBoe, up 3% compared to 129.8 MMBoe at year-end 2023. During 2024, Ring recorded reserve additions of 16.0 MMBoe for extensions, discoveries and improved recovery. Offsetting these additions were 1.2 MMBoe related to the sale of non-core assets, 7.2 MMBoe of production, and 3.2 MMBoe of revisions related to changes in pricing and performance.

The SEC twelve-month first day of the month average prices used for year-end 2024 were $71.96 per barrel of crude oil and $2.130 per MMBtu of natural gas, both before adjustment for quality, transportation, fees, energy content, and regional price differentials, while for year-end 2023 they were $74.70 per barrel of crude oil and $2.637 per MMBtu of natural gas — a decrease of four percent and two percent, respectively.

Year-end 2024 SEC proved reserves were comprised of approximately 60% crude oil, 19% natural gas, and 21% natural gas liquids. At year end, approximately 69% of 2024 proved reserves were classified as proved developed and 31% as proved undeveloped. This is compared to year-end 2023 when approximately 68% of proved reserves were classified as proved developed and 32% were classified as proved undeveloped. The Company’s year-end 2024 proved reserves were prepared by Cawley, Gillespie & Associates, Inc., and independent petroleum engineering firm.

The PV-10 value at year-end 2024 was $1,462.8 million versus $1,647.0 million at the end of 2023.

	Oil (Bbl)		Gas (Mcf)		Natural Gas Liquids (Bbl)		Net (Boe)		PV-10⁽¹⁾

Balance, December 31, 2023	82,141,277		146,396,322		23,218,564		129,759,229		$	1,647,031,127

Purchase of minerals in place	—		—		—		—
Extensions, discoveries and improved recovery	11,495,236		10,630,769		2,738,451		16,005,482
Sales of minerals in place	(1,140,568	)	(56,020	)	(16,361	)	(1,166,266	)
Production	(4,861,628	)	(6,423,674	)	(1,258,814	)	(7,191,054	)
Revisions of previous quantity estimates	(6,730,246	)	(730,235	)	3,621,245		(3,230,707	)

Balance, December 31, 2024	80,904,071		149,817,162		28,303,085		134,176,684		$	1,462,827,136

⁽¹⁾ PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure of Discounted Futures Net Cash Flows, which is the most directly comparable generally accepted accounting principles (“GAAP”) measure.

In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average commodity price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the year ended December 31, 2024. The SEC average prices used for year-end 2024 were $71.96 per barrel of crude oil (WTI) and $2.130 per MMBtu of natural gas (Henry Hub), both before adjustment for quality, transportation, fees, energy content, and regional price differentials. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalations.

Standardized Measure of Discounted Future Net Cash Flows

Ring’s standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and changes in the standardized measure as described below were prepared in accordance with GAAP.

*As of December 31,*		2024			2023

Future cash inflows	$	6,165,487,616		$	6,622,410,752
Future production costs		(2,432,555,200	)		(2,413,303,488	)
Future development costs ⁽¹⁾		(536,825,664	)		(562,063,424	)
Future income taxes		(465,768,645	)		(548,664,988	)
Future net cash flows		2,730,338,107			3,098,378,852
10% annual discount for estimated timing of cash flows		(1,497,401,764	)		(1,699,193,661	)

Standardized Measure of Discounted Future Net Cash Flows	$	1,232,936,343		$	1,399,185,191

(1) Future development costs include not only development costs but also future asset retirement costs.

Reconciliation of PV-10 to Standardized Measure

PV-10 is derived from the Standardized Measure of Discounted Future Net Cash Flows (“Standardized Measure”), which is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. Moreover, GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves or for reserves calculated using prices other than SEC prices. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to represent the fair value of our oil and natural gas reserves.

The following table reconciles the PV-10 value of the Company’s estimated proved reserves as of December 31, 2024 to the Standardized Measure:

SEC Pricing Proved Reserves
Standardized Measure Reconciliation
Present Value of Estimated Future Net Revenues (PV-10)	$	1,462,827,136
Future Income Taxes, Discounted at 10%		229,890,793
Standardized Measure of Discounted Future Net Cash Flows	$	1,232,936,343

Conference Call Information

Ring will hold a conference call on Thursday, March 6, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its fourth quarter and full year 2024 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 2024 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

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

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Additionally, forward-looking statements include statements about the expected benefits to the Company and its shareholders from the proposed Lime Rock acquisition and the anticipated completion of the Lime Rock acquisition or the timing thereof. When used in this release, the words “could,” “may,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “guidance,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company. Should one or more of the risks or uncertainties described in this release occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this release are expressly qualified in their entirety by this safe harbor statement. This safe harbor statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Ring undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

Contact Information

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

RING ENERGY, INC. Condensed Statements of Operations

	(Unaudited)
	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

Oil, Natural Gas, and Natural Gas Liquids Revenues	$	83,440,546		$	89,244,383		$	99,942,718		$	366,327,414		$	361,056,001

Costs and Operating Expenses
Lease operating expenses		20,326,216			20,315,282			18,732,082			78,310,949			70,158,227
Gathering, transportation and processing costs		130,230			102,420			464,558			506,333			457,573
Ad valorem taxes		2,421,595			2,164,562			1,637,722			8,069,064			6,757,841
Oil and natural gas production taxes		3,857,147			4,203,851			4,961,768			16,116,565			18,135,336
Depreciation, depletion and amortization		24,548,849			25,662,123			24,556,654			98,702,843			88,610,291
Asset retirement obligation accretion		323,085			354,195			351,786			1,380,298			1,425,686
Operating lease expense		175,090			175,091			175,090			700,362			541,801
General and administrative expense		8,035,977			6,421,567			8,164,799			29,640,300			29,188,755

Total Costs and Operating Expenses		59,818,189			59,399,091			59,044,459			233,426,714			215,275,510

Income from Operations		23,622,357			29,845,292			40,898,259			132,900,700			145,780,491

Other Income (Expense)
Interest income		124,765			143,704			96,984			491,946			257,155
Interest (expense)		(10,112,496	)		(10,754,243	)		(11,603,892	)		(43,311,810	)		(43,926,732	)
Gain (loss) on derivative contracts		(6,254,448	)		24,731,625			29,250,352			(2,365,917	)		2,767,162
Gain (loss) on disposal of assets		—			—			44,981			89,693			(87,128	)
Other income		80,970			—			72,725			106,656			198,935
Net Other Income (Expense)		(16,161,209	)		14,121,086			17,861,150			(44,989,432	)		(40,790,608	)

Income Before Provision for Income Taxes		7,461,148			43,966,378			58,759,409			87,911,268			104,989,883

Provision for Income Taxes		(1,803,629	)		(10,087,954	)		(7,862,930	)		(20,440,954	)		(125,242	)

Net Income	$	5,657,519		$	33,878,424		$	50,896,479		$	67,470,314		$	104,864,641

Basic Earnings per Share	$	0.03		$	0.17		$	0.26		$	0.34		$	0.55
Diluted Earnings per Share	$	0.03		$	0.17		$	0.26		$	0.34		$	0.54

Basic Weighted-Average Shares Outstanding		198,166,543			198,177,046			195,687,725			197,937,683			190,589,143
Diluted Weighted-Average Shares Outstanding		200,886,010			200,723,863			197,848,812			200,277,380			195,364,850

RING ENERGY, INC. Condensed Operating Data (Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2024		2024		2023		2024		2023

Net sales volumes:
Oil (Bbls)	1,188,272		1,214,788		1,254,619		4,861,628		4,579,942
Natural gas (Mcf)	1,683,793		1,705,027		1,613,102		6,423,674		6,339,158
Natural gas liquids (Bbls)	339,589		350,975		261,020		1,258,814		976,852
Total oil, natural gas and natural gas liquids (Boe)⁽¹⁾	1,808,493		1,849,934		1,784,490		7,191,054		6,613,321

% Oil	66	%	66	%	70	%	68	%	69	%
% Natural gas	15	%	15	%	15	%	15	%	16	%
% Natural gas liquids	19	%	19	%	15	%	17	%	15	%

Average daily sales volumes:
Oil (Bbls/d)	12,916		13,204		13,637		13,283		12,548
Natural gas (Mcf/d)	18,302		18,533		17,534		17,551		17,368
Natural gas liquids (Bbls/d)	3,691		3,815		2,837		3,439		2,676
Average daily equivalent sales (Boe/d)	19,658		20,108		19,397		19,648		18,119

Average realized sales prices:
Oil ($/Bbl)	68.98		74.43		77.33		74.87		76.21
Natural gas ($/Mcf)	(0.96	)	(2.26	)	(0.12	)	(1.44	)	0.05
Natural gas liquids ($/Bbls)	9.08		7.66		11.92		9.23		11.95
Barrel of oil equivalent ($/Boe)	46.14		48.24		56.01		50.94		54.60

Average costs and expenses per Boe ($/Boe):
Lease operating expenses	11.24		10.98		10.50		10.89		10.61
Gathering, transportation and processing costs	0.07		0.06		0.26		0.07		0.07
Ad valorem taxes	1.34		1.17		0.92		1.12		1.02
Oil and natural gas production taxes	2.13		2.27		2.78		2.24		2.74
Depreciation, depletion and amortization	13.57		13.87		13.76		13.73		13.40
Asset retirement obligation accretion	0.18		0.19		0.20		0.19		0.22
Operating lease expense	0.10		0.09		0.10		0.10		0.08
G&A (including share-based compensation)	4.44		3.47		4.58		4.12		4.41
G&A (excluding share-based compensation)	3.52		3.45		3.20		3.36		3.08
G&A (excluding share-based compensation and transaction costs)	3.51		3.45		3.00		3.35		3.01

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

RING ENERGY, INC. Condensed Balance Sheets

As of December 31,		2024			2023
ASSETS
Current Assets
Cash and cash equivalents	$	1,866,395		$	296,384
Accounts receivable		36,172,316			38,965,002
Joint interest billing receivables, net		1,083,164			2,422,274
Derivative assets		5,497,057			6,215,374
Inventory		4,047,819			6,136,935
Prepaid expenses and other assets		1,781,341			1,874,850
Total Current Assets		50,448,092			55,910,819
Properties and Equipment
Oil and natural gas properties, full cost method		1,809,309,848			1,663,548,249
Financing lease asset subject to depreciation		4,634,556			3,896,316
Fixed assets subject to depreciation		3,389,907			3,228,793
Total Properties and Equipment		1,817,334,311			1,670,673,358
Accumulated depreciation, depletion and amortization		(475,212,325	)		(377,252,572	)
Net Properties and Equipment		1,342,121,986			1,293,420,786
Operating lease asset		1,906,264			2,499,592
Derivative assets		5,473,375			11,634,714
Deferred financing costs		8,149,757			13,030,481
Total Assets	$	1,408,099,474		$	1,376,496,392

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	95,729,261		$	104,064,124
Income tax liability		328,985			—
Financing lease liability		906,119			956,254
Operating lease liability		648,204			568,176
Derivative liabilities		6,410,547			7,520,336
Notes payable		496,397			533,734
Asset retirement obligations		517,674			165,642
Total Current Liabilities		105,037,187			113,808,266

Non-current Liabilities
Deferred income taxes		28,591,802			8,552,045
Revolving line of credit		385,000,000			425,000,000
Financing lease liability, less current portion		647,078			906,330
Operating lease liability, less current portion		1,405,837			2,054,041
Derivative liabilities		2,912,745			11,510,368
Asset retirement obligations		25,864,843			28,082,442
Total Liabilities		549,459,492			589,913,492
Commitments and contingencies
Stockholders’ Equity
Preferred stock – $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding		—			—
Common stock – $0.001 par value; 450,000,000 shares authorized; 198,561,378 shares and 196,837,001 shares issued and outstanding, respectively		198,561			196,837
Additional paid-in capital		800,419,719			795,834,675
Retained earnings (Accumulated deficit)		58,021,702			(9,448,612	)
Total Stockholders’ Equity		858,639,982			786,582,900
Total Liabilities and Stockholders’ Equity	$	1,408,099,474		$	1,376,496,392

RING ENERGY, INC. Condensed Statements of Cash Flows

	(Unaudited)
	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023
Cash Flows From Operating Activities
Net income	$	5,657,519		$	33,878,424		$	50,896,479		$	67,470,314		$	104,864,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		24,548,849			25,662,123			24,556,654			98,702,843			88,610,291
Asset retirement obligation accretion		323,085			354,195			351,786			1,380,298			1,425,686
Amortization of deferred financing costs		1,299,078			1,226,881			1,221,479			4,969,174			4,920,714
Share-based compensation		1,672,320			32,087			2,458,682			5,506,017			8,833,425
Credit loss expense		(26,747	)		8,817			92,142			160,847			134,007
(Gain) loss on disposal of assets		—			—			—			(89,693	)		—
Deferred income tax expense (benefit)		1,723,338			10,005,502			7,735,437			19,935,413			(425,275	)
Excess tax expense (benefit) related to share-based compensation		9,011			7,553			319,541			104,344			478,304
(Gain) loss on derivative contracts		6,254,448			(24,731,625	)		(29,250,352	)		2,365,917			(2,767,162	)
Cash received (paid) for derivative settlements, net		745,104			(1,882,765	)		(3,255,192	)		(5,193,673	)		(9,084,920	)
Changes in operating assets and liabilities:
Accounts receivable		349,474			5,529,542			6,825,601			3,594,504			1,154,085
Inventory		580,161			1,148,418			(588,100	)		2,089,116			3,113,782
Prepaid expenses and other assets		295,555			545,529			158,163			93,509			226,688
Accounts payable		4,462,089			(225,196	)		(4,952,335	)		(5,076,738	)		(1,451,422	)
Asset retirement obligation		(613,603	)		(222,553	)		(836,778	)		(1,588,480	)		(1,862,385	)
Net Cash Provided by Operating Activities		47,279,681			51,336,932			55,733,207			194,423,712			198,170,459

Cash Flows From Investing Activities
Payments for the Stronghold Acquisition		—			—			—			—			(18,511,170	)
Payments for the Founders Acquisition		—			—			(12,324,388	)		—			(62,227,145	)
Payments to purchase oil and natural gas properties		(1,423,483	)		(164,481	)		(557,323	)		(2,210,826	)		(2,162,585	)
Payments to develop oil and natural gas properties		(36,386,055	)		(42,099,874	)		(39,563,282	)		(153,945,456	)		(152,559,314	)
Payments to acquire or improve fixed assets subject to depreciation		—			(33,938	)		(282,519	)		(185,524	)		(492,317	)
Proceeds from sale of fixed assets subject to depreciation		—			—			(1	)		10,605			332,229
Proceeds from divestiture of oil and natural gas properties		121,232			—			1,500,000			121,232			1,554,558
Proceeds from sale of Delaware properties		—			—			(7,993	)		—			7,600,699
Proceeds from sale of New Mexico properties		—			—			(420,745	)		(144,398	)		3,891,757
Proceeds from sale of CBP vertical wells		—			5,500,000			—			5,500,000			—
Net Cash Used in Investing Activities		(37,688,306	)		(36,798,293	)		(51,656,251	)		(150,854,367	)		(222,573,288	)

Cash Flows From Financing Activities
Proceeds from revolving line of credit		22,000,000			27,000,000			46,000,000			130,000,000			225,000,000
Payments on revolving line of credit		(29,000,000	)		(42,000,000	)		(49,000,000	)		(170,000,000	)		(215,000,000	)
Proceeds from issuance of common stock from warrant exercises		—			—			—			—			12,301,596
Payments for taxes withheld on vested restricted shares, net		—			(17,273	)		(225,788	)		(919,249	)		(520,153	)
Proceeds from notes payable		58,774			—			72,442			1,560,281			1,637,513
Payments on notes payable		(475,196	)		(442,976	)		(488,776	)		(1,597,618	)		(1,603,659	)
Payment of deferred financing costs		(42,746	)		—			(52,222	)		(88,450	)		(52,222	)
Reduction of financing lease liabilities		(265,812	)		(257,202	)		(224,809	)		(954,298	)		(776,388	)
Net Cash Provided by (Used in) Financing Activities		(7,724,980	)		(15,717,451	)		(3,919,153	)		(41,999,334	)		20,986,687

Net Increase (Decrease) in Cash		1,866,395			(1,178,812	)		157,803			1,570,011			(3,416,142	)
Cash at Beginning of Period		—			1,178,812			138,581			296,384			3,712,526
Cash at End of Period	$	1,866,395		$	—		$	296,384		$	1,866,395		$	296,384

RING ENERGY, INC.
Financial Commodity Derivative Positions
As of December 31, 2024

The following tables reflect the details of current derivative contracts as of December 31, 2024 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):

	Oil Hedges (WTI)
	Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q4 2026

Swaps:
Hedged volume (Bbl)		193,397		151,763		351,917		141,755		477,350		457,101		59,400		423,000
Weighted average swap price	$	68.68	$	68.53	$	71.41	$	69.13	$	70.16	$	69.38	$	66.70	$	66.70

Two-way collars:
Hedged volume (Bbl)		474,750		464,100		225,400		404,800		—		—		379,685		—
Weighted average put price	$	57.06	$	60.00	$	65.00	$	60.00	$	—	$	—	$	60.00	$	—
Weighted average call price	$	75.82	$	69.85	$	78.91	$	75.68	$	—	$	—	$	72.50	$	—

	Gas Hedges (Henry Hub)
	Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q4 2026

NYMEX Swaps:
Hedged volume (MMBtu)		451,884		647,200		330,250		11,400		26,600		555,300		17,400		513,300
Weighted average swap price	$	3.77	$	3.46	$	3.72	$	3.74	$	3.74	$	3.39	$	3.74	$	3.74

Two-way collars:
Hedged volume (MMBtu)		22,016		27,300		308,200		598,000		553,500		—		515,728		—
Weighted average put price	$	3.00	$	3.00	$	3.00	$	3.00	$	3.50	$	—	$	3.00	$	—
Weighted average call price	$	4.40	$	4.15	$	4.75	$	4.15	$	5.03	$	—	$	3.93	$	—

	Oil Hedges (basis differential)
	Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q4 2026

Argus basis swaps:
Hedged volume (Bbl)		177,000		273,000		276,000		276,000		—		—		—		—
Weighted average spread price ⁽¹⁾	$	1.00	$	1.00	$	1.00	$	1.00	$	—	$	—	$	—	$	—

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

RING ENERGY, INC.
Non-GAAP Financial Information

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

Reconciliation of Net Income to Adjusted Net Income

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

	(Unaudited for All Periods)
	Three Months Ended																		Twelve Months Ended
	December 31,						September 30,						December 31,						December 31,						December 31,
		2024						2024						2023						2024						2023
	Total			Per share – diluted			Total			Per share – diluted			Total			Per share – diluted			Total			Per share – diluted			Total			Per share – diluted
Net Income	$	5,657,519		$	0.03		$	33,878,424		$	0.17		$	50,896,479		$	0.26		$	67,470,314		$	0.34		$	104,864,641		$	0.54

Share-based compensation		1,672,320			0.01			32,087			—			2,458,682			0.01			5,506,017			0.03			8,833,425			0.05
Unrealized loss (gain) on change in fair value of derivatives		6,999,552			0.03			(26,614,390	)		(0.13	)		(32,505,544	)		(0.16	)		(2,827,756	)		(0.02	)		(11,852,082	)		(0.07	)
Transaction costs – executed A&D		21,017			—			—			—			354,616			—			24,556			—			417,166			—
Tax impact on adjusted items		(2,008,740	)		(0.01	)		6,132,537			0.03			(35,631	)		—			(628,405	)		—			(1,788,248	)		(0.01	)

Adjusted Net Income	$	12,341,668		$	0.06		$	13,428,658		$	0.07		$	21,168,602		$	0.11		$	69,544,726		$	0.35		$	100,474,902		$	0.51

Diluted Weighted-Average Shares Outstanding		200,886,010						200,723,863						197,848,812						200,277,380						195,364,850

Adjusted Net Income per Diluted Share	$	0.06					$	0.07					$	0.11					$	0.35					$	0.51

Reconciliation of Net Income to Adjusted EBITDA

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

	(Unaudited for All Periods)
	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

Net Income	$	5,657,519		$	33,878,424		$	50,896,479		$	67,470,314		$	104,864,641

Interest expense, net		9,987,731			10,610,539			11,506,908			42,819,864			43,669,577
Unrealized loss (gain) on change in fair value of derivatives		6,999,552			(26,614,390	)		(32,505,544	)		(2,827,756	)		(11,852,082	)
Income tax (benefit) expense		1,803,629			10,087,954			7,862,930			20,440,954			125,242
Depreciation, depletion and amortization		24,548,849			25,662,123			24,556,654			98,702,843			88,610,291
Asset retirement obligation accretion		323,085			354,195			351,786			1,380,298			1,425,686
Transaction costs – executed A&D		21,017			—			354,616			24,556			417,166
Share-based compensation		1,672,320			32,087			2,458,682			5,506,017			8,833,425
Loss (gain) on disposal of assets		—			—			(44,981	)		(89,693	)		87,128
Other income		(80,970	)		—			(72,725	)		(106,656	)		(198,935	)

Adjusted EBITDA	$	50,932,732		$	54,010,932		$	65,364,805		$	233,320,741		$	235,982,139

Adjusted EBITDA Margin		61	%		61	%		65	%		64	%		65	%

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

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

	(Unaudited for All Periods)
	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

Net Cash Provided by Operating Activities	$	47,279,681		$	51,336,932		$	55,733,207		$	194,423,712		$	198,170,459
Adjustments – Statements of Cash Flows
Changes in operating assets and liabilities		(5,073,676	)		(6,775,740	)		(606,551	)		888,089			(1,180,748	)
Transaction costs – executed A&D		21,017			—			354,616			24,556			417,166
Income tax expense (benefit) – current		71,280			74,899			(192,048	)		401,197			72,213
Capital expenditures		(37,633,168	)		(42,691,163	)		(38,817,080	)		(151,946,171	)		(151,969,735	)
Proceeds from divestiture of equipment for oil and natural gas properties		121,232			—			—			121,232			54,558
Credit loss expense		26,747			(8,817	)		(92,142	)		(160,847	)		(134,007	)
Loss (gain) on disposal of assets		—			—			(44,981	)		—			87,128
Other income		(80,970	)		—			(72,725	)		(106,656	)		(198,935	)

Adjusted Free Cash Flow	$	4,732,143		$	1,936,111		$	16,262,296		$	43,645,112		$	45,318,099

	(Unaudited for All Periods)
	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

Adjusted EBITDA	$	50,932,732		$	54,010,932		$	65,364,805		$	233,320,741		$	235,982,139

Net interest expense (excluding amortization of deferred financing costs)		(8,688,653	)		(9,383,658	)		(10,285,429	)		(37,850,690	)		(38,748,863	)
Capital expenditures		(37,633,168	)		(42,691,163	)		(38,817,080	)		(151,946,171	)		(151,969,735	)
Proceeds from divestiture of equipment for oil and natural gas properties		121,232			—			—			121,232			54,558

Adjusted Free Cash Flow	$	4,732,143		$	1,936,111		$	16,262,296		$	43,645,112		$	45,318,099

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

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

	(Unaudited for All Periods)
	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,		December 31,
		2024			2024			2023			2024		2023

Net Cash Provided by Operating Activities	$	47,279,681		$	51,336,932		$	55,733,207		$	194,423,712	$	198,170,459

Changes in operating assets and liabilities		(5,073,676	)		(6,775,740	)		(606,551	)		888,089		(1,180,748	)

Adjusted Cash Flow from Operations	$	42,206,005		$	44,561,192		$	55,126,656		$	195,311,801	$	196,989,711

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

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

	(Unaudited for All Periods)
	Three Months Ended						Twelve Months Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
		2024		2024		2023		2024		2023

General and administrative expense (G&A)	$	8,035,977	$	6,421,567	$	8,164,799	$	29,640,300	$	29,188,755
Shared-based compensation		1,672,320		32,087		2,458,682		5,506,017		8,833,425
G&A excluding share-based compensation		6,363,657		6,389,480		5,706,117		24,134,283		20,355,330
Transaction costs – executed A&D		21,017		—		354,616		24,556		417,166
G&A excluding share-based compensation and transaction costs	$	6,342,640	$	6,389,480	$	5,351,501	$	24,109,727	$	19,938,164

Calculation of Leverage Ratio

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

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

Also set forth in our existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The following table shows the leverage ratio calculation for the Company’s most recent fiscal quarter.

	(Unaudited)
	Three Months Ended
	March 31,			June 30,			September 30,			December 31,		Last Four Quarters
		2024			2024			2024			2024	Last Four Quarters
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	5,515,377		$	22,418,994		$	33,878,424		$	5,657,519	$	67,470,314
Plus: Consolidated interest expense		11,420,400			10,801,194			10,610,539			9,987,731		42,819,864
Plus: Income tax provision (benefit)		1,728,886			6,820,485			10,087,954			1,803,629		20,440,954
Plus: Depreciation, depletion and amortization		23,792,450			24,699,421			25,662,123			24,548,849		98,702,843
Plus: non-cash charges acceptable to Administrative Agent		19,627,646			1,664,064			(26,228,108	)		8,994,957		4,058,559
Consolidated EBITDAX	$	62,084,759		$	66,404,158		$	54,010,932		$	50,992,685	$	233,492,534
Plus: Pro Forma Acquired Consolidated EBITDAX	$	—		$	—		$	—		$	—	$	—
Less: Pro Forma Divested Consolidated EBITDAX		(124,084	)		(469,376	)		(600,460	)		77,819		(1,116,101	)
Pro Forma Consolidated EBITDAX	$	61,960,675		$	65,934,782		$	53,410,472		$	51,070,504	$	232,376,433

Non-cash charges acceptable to Administrative Agent:
Asset retirement obligation accretion	$	350,834		$	352,184		$	354,195		$	323,085
Unrealized loss (gain) on derivative assets		17,552,980			(765,898	)		(26,614,390	)		6,999,552
Share-based compensation		1,723,832			2,077,778			32,087			1,672,320
Total non-cash charges acceptable to Administrative Agent	$	19,627,646		$	1,664,064		$	(26,228,108	)	$	8,994,957

	As of
	December 31,
		2024
Leverage Ratio Covenant:
Revolving line of credit	$	385,000,000
Pro Forma Consolidated EBITDAX		232,376,433
Leverage Ratio		1.66
Maximum Allowed		≤ 3.00	x

Calculation of Current Ratio

The “Current Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification (“ASC”) 815, plus the unused line of credit. The Company’s non-cash current assets include the derivative asset marked to market value. Based on its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.

Also set forth in our existing senior revolving credit facility is the minimum permitted Current Ratio of 1.00. The following table shows the current ratio calculation for the Company’s most recent fiscal quarter.

	As of
	December 31,
	2024
Current Assets	50,448,092
Less: Current derivative assets	5,497,057
Current Assets per Covenant	44,951,035
Revolver Availability (Facility less debt less LCs)	214,965,000
Current Assets per Covenant	259,916,035

Current Liabilities	105,037,187
Less: Current financing lease liability	906,119
Less: Current operating lease liability	648,204
Less: Current derivative liabilities	6,410,547
Current Liabilities per Covenant	97,072,317

Current Ratio	2.68
Minimum Allowed	> or = 1.00	x

Calculation of Cash Return on Capital Employed

The Company defines “Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. Management believes that CROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. CROCE is not considered to be an alternative to net income reported in accordance with GAAP.

CROCE (Cash Return on Capital Employed):	As of and for the
	twelve months ended
	December 31,			December 31,			December 31,
		2024			2023			2022

Total long term debt (i.e. revolving line of credit)	$	385,000,000		$	425,000,000		$	415,000,000
Total stockholders’ equity	$	858,639,982		$	786,582,900		$	661,103,391

Average debt	$	405,000,000		$	420,000,000		$	352,500,000
Average stockholders’ equity		822,611,441			723,843,146			480,863,799
Average debt and stockholders’ equity		1,227,611,441			1,143,843,146			833,363,799

Net Cash Provided by Operating Activities	$	194,423,712		$	198,170,459		$	196,976,729
Less change in WC (Working Capital)		(888,089	)		1,180,748			24,091,577
Adjusted Cash Flows From Operations (ACFFO)	$	195,311,801		$	196,989,711		$	172,885,152

CROCE (ACFFO)/(Average D+E)		15.9	%		17.2	%		20.7	%

All-In Cash Operating Costs

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

	(Unaudited for All Periods)
	Three Months Ended						Twelve Months Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
		2024		2024		2023		2024		2023
All-In Cash Operating Costs:
Lease operating expenses (including workovers)		20,326,216		20,315,282		18,732,082		78,310,949		70,158,227
G&A excluding share-based compensation		6,363,657		6,389,480		5,706,117		24,134,283		20,355,330
Net interest expense (excluding amortization of deferred financing costs)		8,688,653		9,383,658		10,285,429		37,850,690		38,748,863
Operating lease expense		175,090		175,091		175,090		700,362		541,801
Oil and natural gas production taxes		3,857,147		4,203,851		4,961,768		16,116,565		18,135,336
Ad valorem taxes		2,421,595		2,164,562		1,637,722		8,069,064		6,757,841
Gathering, transportation and processing costs		130,230		102,420		464,558		506,333		457,573
All-in cash operating costs		41,962,588		42,734,344		41,962,766		165,688,246		155,154,971

Boe		1,808,493		1,849,934		1,784,490		7,191,054		6,613,321

All-in cash operating costs per Boe	$	23.20	$	23.10	$	23.52	$	23.04	$	23.46

Cash Operating Margin

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

	(Unaudited for All Periods)
	Three Months Ended						Twelve Months Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
		2024		2024		2023		2024		2023
Cash Operating Margin
Realized revenues per Boe	$	46.14	$	48.24	$	56.01	$	50.94	$	54.60
All-in cash operating costs per Boe	$	23.20	$	23.10	$	23.52	$	23.04	$	23.46
Cash Operating Margin per Boe	$	22.94	$	25.14	$	32.49	$	27.90	$	31.14

¹ Non-GAAP financial measure. Please see “Non-GAAP Information” at the end of this release for details and reconciliations of GAAP to Non-GAAP.
² 2025 outlook includes the assets to be acquired in the Lime Rock Acquisition, with an anticipated closing date before the end of Q1 2025.

The MIL Network –

March 6, 2025

MIL-OSI USA: ICE returns Dominican national wanted for human smuggling which led to the death of 3 minors

Source: US Immigration and Customs Enforcement

MIAMI – U.S. Immigration and Customs Enforcement removed Edgar Batista Matos, 36, a Dominican national wanted in his home country for human smuggling leading to the death of three minors, on March 4 when he departed Miami International Airport on board an ICE removal flight to his destination at Las Americas International Airport in Santo Domingo, Dominican Republic. He was turned over to law enforcement authorities upon his arrival.

Batista Matos has been removed from the United States on three previous occasions. His first removal was on Oct. 8, 2010, when he was encountered by the U.S. Border Patrol after he entered illegally near Cabo Rojo, Puerto Rico. He was then encountered and removed again in 2011, 2019 and 2023.

He was arrested by police in San Juan, Puerto Rico, in September 2024 after a warrant was issued by law enforcement in the Dominican Republic for his connection with the fatal alien smuggling venture. Batista Matos came into ICE custody Feb. 6 and was transferred to Miami pending his removal.

“The return of this fugitive to the Dominican Republic is a prime example of how ICE works closely with our international law enforcement partners to identify, locate and remove criminal aliens who are wanted in their country for allegedly committing crimes,” said ICE Enforcement and Removal Operations Miami acting Field Office Director Juan Lopez Vega. “ICE prioritizes the arrest and removal of criminal alien fugitives. As a result, our communities are safer and more secure.”

ICE coordinated the removal of Batista Matos with the Dominican National Police.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

For more news and information on ICE ERO’s efforts to enforce our nation’s immigration laws follow us on X at @EROMiami.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

Source: US Justice – Antitrust Division

Headline: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

A Colombian national was sentenced and another pleaded guilty in separate hearings today in the Southern District of Florida for their respective roles in kidnapping and assaulting two members of the U.S. military who were on temporary duty in Bogotá, Colombia.

MIL OSI USA News –

March 6, 2025
MIL-OSI Security: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

Source: United States Attorneys General 12

A Colombian national was sentenced and another pleaded guilty in separate hearings today in the Southern District of Florida for their respective roles in kidnapping and assaulting two members of the U.S. military who were on temporary duty in Bogotá, Colombia.

Pedro Jose Silva Ochoa, 47, was sentenced to 27 years and three months in prison. Silva Ochoa pleaded guilty in December 2024 to conspiracy to kidnap an internationally protected person.

Kenny Julieth Uribe Chiran, 35, pleaded guilty to conspiracy to kidnap an internationally protected person. A sentencing date has not yet been set. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

“Protecting Americans, wherever they may be throughout the world, is of paramount importance, and the United States will use every available tool to bring to justice those who harm our citizens,” said Supervisory Official Antoinette Bacon of the Justice Department’s Criminal Division. “In particular, kidnapping and assaulting two U.S. military service members will not go unanswered, and we will hold to account anyone who commits these violent acts against those who protect us.”

“Members of our military, whether serving here or abroad, can count on this Department of Justice’s respect, support, and protection,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Kidnappings and assaults against U.S. service members will not be tolerated. To those who would dare commit such reprehensible acts against America’s heroes, know this: We will identify you; we will find you; and we will prosecute you as aggressively as the law permits.”

“The FBI’s commitment to investigate criminal acts against the U.S. military beyond our borders is clearly demonstrated by our persistent pursuit of justice for the two kidnapped soldiers,” said Acting Special Agent in Charge Brett D. Skiles of the FBI Miami Field Office. “Our close cooperation with Colombian and Chilean law enforcement authorities was essential to this international investigation’s success. To all would be kidnappers the message is clear: target our citizens with violence anywhere in the world and we will hold you accountable for your actions.”

According to court documents, Silva Ochoa and Uribe Chiran, both of Bogotá, and their co-defendant, Jeffersson Arango Castellanos, targeted, incapacitated, and kidnapped two U.S. soldiers in Bogotá. The two victims, while serving on orders in Colombia, went to an entertainment district in Bogotá to watch a soccer game on the evening of March 5, 2020. They eventually went to a pub, where they lost consciousness until the following day, by which point they had been separated. Medical examinations later confirmed the presence of benzodiazepines in the two victims. The defendants targeted the two victims at the pub, incapacitated them with drugs, and kidnapped them to acquire the victims’ valuables and credit and debit card information. Silva Ochoa and Arango Castellanos used one victim’s credit card and the other victim’s debit card to make purchases and withdraw money.

Silva Ochoa was extradited in April 2024 from Chile to the United States. Uribe Chiran was extradited in September 2024 from Colombia to the United States. Co-defendant Arango Castellanos was extradited in May 2023 from Colombia to the United States, pleaded guilty in January 2024, and was sentenced in May 2024 to 48 years and nine months in prison.

The FBI Miami Field Office is investigating the case. The Justice Department’s Office of International Affairs, the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of the Judicial Attaché in Bogotá, and the FBI’s Legal Attaché Offices in Bogotá and Santiago, Chile, provided significant assistance in this matter. The United States thanks Colombian and Chilean law enforcement authorities for their valuable assistance.

Trial Attorneys Clayton O’Connor and Elizabeth Nielsen of the Criminal Division’s Human Rights and Special Prosecutions Section and Assistant U.S. Attorney Bertila Fernandez for the Southern District of Florida are prosecuting the case.

MIL Security OSI –

March 6, 2025
MIL-OSI Security: Three Wanted Defendants from Mexico Secured in Arizona

Source: Office of United States Attorneys

PHOENIX, Ariz. – Jose Bibiano Cabrera-Cabrera, 37; Jesus Humberto Limon-Lopez, 43; and Jose Guadalupe Tapia-Quintero, 53; all of Mexico, appeared last week for their initial appearances after they were secured from Mexico on February 27, 2025.

The defendants taken into U.S. custody include leaders and managers of drug cartels recently designated as Foreign Terrorist Organizations and Specially Designated Global Terrorists, such as the Sinaloa Cartel, Cártel de Jalisco Nueva Generación (CJNG), Cártel del Noreste (formerly Los Zetas), La Nueva Familia Michoacana, and Cártel de Golfo (Gulf Cartel). These defendants are collectively alleged to have been responsible for the importation into the United States of massive quantities of poison, including cocaine, methamphetamine, fentanyl, and heroin, as well as associated acts of violence.

Tapia-Quintero is charged with Conspiracy to Distribute Methamphetamine with Intent to Import into the United States; Conspiracy to Import Methamphetamine; Conspiracy to Possess with the Intent to Distribute Methamphetamine; Conspiracy to Commit Promotional Money Laundering; Conspiracy to Commit Concealment Money Laundering; and Aiding and Abetting. He is facing up to life imprisonment.

Limon-Lopez is charged with Continuing Criminal Enterprise; Conspiracy to Distribute Methamphetamine, Fentanyl, Heroin, and Cocaine; Conspiracy to Import Methamphetamine, Fentanyl, Heroin, and Cocaine; Distribution of Methamphetamine; Distribution of Fentanyl; Distribution of Heroin; Distribution of Cocaine; and Conspiracy to Unlawfully Export Firearms and Ammunition. He faces up to life imprisonment.

Cabrera-Cabrera is charged with Conspiracy to Distribute Methamphetamine, Fentanyl, Heroin, and Cocaine; Conspiracy to Import Methamphetamine, Fentanyl, Heroin, and Cocaine; and Conspiracy to Unlawfully Export Firearms and Ammunition. He faces up to life imprisonment.

An indictment is merely an allegation of criminal conduct, not evidence. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

The OCDETF Arizona Strike Force is comprised of agents and officers from Customs and Border Protection, the Department of Homeland Security, Homeland Security Investigations, the Drug Enforcement Administration, the Federal Bureau of Investigation, the Internal Revenue Service, Criminal Investigations, the United States Marshals Service, the United States Postal Service, United States Postal Inspection Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Arizona Army National Guard, the Maricopa County Sheriff’s Office, the Pima County Sheriff’s Office, and the Scottsdale Police Department. The prosecution is being handled by the United States Attorney Office for the District of Arizona.

CASE NUMBER: CR-13-00179-PHX-SRB
CR-21-01864-TUC-SHR
RELEASE NUMBER: 2025-030_Cabrera-Cabrera

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

MIL Security OSI –

March 6, 2025
MIL-OSI: NCS Multistage Holdings, Inc. Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 05, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) will host a conference call to discuss its fourth quarter and full year 2024 results on Tuesday March 11, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). NCS will issue its fourth quarter and full year 2024 earnings release the evening prior to the conference call.

The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. It is recommended that participants join at least 10 minutes prior to the event start. The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

Contact:
Mike Morrison
Chief Financial Officer and Treasurer
+1 281-453-2222
IR@ncsmultistage.com

The MIL Network –

March 6, 2025
MIL-OSI United Kingdom: British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy
Source: United Kingdom – Executive Government & Departments
World news story

British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy

English

Español de América Latina

The British Ambassador to Guatemala, Juliana Correa, paid a courtesy visit to the Minister of Economy, Gabriela Garcia-Quinn on 5 March.
The Ambassador and the Minister reviewed key areas of bilateral and international economic collaboration between the UK and Guatemala noting their shared values and interests, and their desire for increased cooperation.

Ambassador Correa welcomed Guatemalan efforts to enhance economic security, strengthen the resilience of critical supply chains and to coordinate efforts to address future challenges and build prosperity.

Amongst these, the UK commends the advancements made on the Competition Law, the openness to foreign investment, improved steps in the fight against corruption and continued collaboration to increase the UK-Guatemala trade figures through the UK-Central America Association Agreement.

According to Guatemala’s trade figures, bilateral trade in 2024 was US$155.7 million, an increase of 4.8% compared to the previous year. Exports of Guatemalan products were US$102.4 million, a decrease of -0.8%; while imports of British products were US$53.3 million, an increase of 17.6%.

Finally, Ambassador Correa agreed to continue building up on economic opportunities detected by UK companies, share experiences that would benefit the business environment and work together to uphold and promote the rules-based international economic system, including free and open trade.

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025

MIL-OSI: Silvaco Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Achieved record gross bookings of $65.8 million and revenue of $59.7 million in full-year 2024

Signed 46 new customers in 2024 and expanded relationship with existing customers across key markets including power, automotive, memory, foundry, and display

Expanded Product Portfolio with the Acquisition of Cadence’s Process Proximity Compensation Product Line

SANTA CLARA, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its fourth quarter and full year 2024 results.

“We are proud to close out the year with strong momentum and growing customer traction, including 46 new customer wins in 2024 and multiple bookings on our AI based, flagship FTCO platform,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “Our first acquisition as a public company marks a significant milestone in executing our M&A strategy for talent, technology and expanding through inorganic growth. With a continued focus on innovation and execution, we are well-positioned to build on this success and drive further growth in 2025 for our EDA and TCAD product lines.”

Fourth Quarter 2024 and Recent Business Highlights

Acquired 13 new customers across key markets including Photonics, Power, Automotive, Memory, and Foundry, which represented approximately 9% of gross bookings for the quarter.
Announced a partnership with Micon Global to expand Silvaco’s reach across the EMEA market, leveraging Micon’s expertise to deliver cutting-edge TCAD, EDA, and SIP solutions to new customers.
Joined the SMART USA Institute under the CHIPS Manufacturing USA program to advance digital twin technologies in semiconductor manufacturing, reinforcing Silvaco’s leadership in innovation. We received our first booking from this program.
Received a $5.0 million follow-on order for FTCO™ digital-twin modeling product from a strategic memory customer. This order extends the footprint of our FTCO™ product line and further validates our strategic focus on this unique technology.
Achieved ISO 9001 certification, underscoring Silvaco’s commitment to quality and continuous improvement across its TCAD, EDA, and SIP product portfolio.
On March 4, 2025, Silvaco closed the acquisition of the Process Proximity Compensation (PPC) product line from Cadence Design Systems, Inc. The addition, an optical proximity correction suite of tools, is highly complementary to Silvaco’s EDA and TCAD tool suites.

Full Year 2024 Business Highlights

Acquired 46 new customers across key markets including Power, Automotive, Government/Mil-Aero, Photonics, IOT, 5G/6G, Memory, and Foundry, which represented approximately 10% of gross bookings for the year.
Expanded Victory TCAD and Digital Twin Modeling Platform to Planar CMOS, FinFET and Advanced CMOS Technologies which is a necessary step to enable FTCO for Advanced Process.
Silvaco Announced that the Ninth Circuit Court of Appeals affirmed the dismissal of all claims against Silvaco brought by Aldini AG.
Silvaco was added to the Russell 2000^®, Russell 3000^®, and Russell Microcap^® indexes in September 2024.
Completed initial public offering in May 2024, raising $106 million net of underwriters’ fees.

Fourth Quarter 2024 Financial Results

GAAP Financial Results

Revenue of $17.9 million, up 43% year-over-year and up 63% quarter-over-quarter.
- TCAD revenue of $12.7 million, up 65% year-over-year.
- EDA revenue of $4.2 million, up 57% year-over-year.
- SIP revenue of $0.9 million, down 57% year-over-year.
GAAP gross profit and GAAP gross margin were $15.4 million and 86%, respectively, which includes the impact of $194,000 stock-based compensation expense, $249,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $9.8 million and 79% in Q4 2023.
GAAP net income of $4.2 million, compared to a GAAP net loss of $2.2 million in Q4 2023.
GAAP basic and diluted net income per share of $0.14, compared to GAAP basic and diluted net loss per share of $(0.11) in Q4 2023.
As of December 31, 2024, cash and cash equivalents and marketable securities totaled $87.5 million.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $20.3 million, up 30% year-over-year.
As of December 31, 2024, the remaining performance obligation balance of $34.3 million, 46% of which is expected to be recognized as revenue in the next 12 months.
Non-GAAP gross profit and non-GAAP gross margin were $16.0 million and 89%, respectively, up from $9.8 million and 79% year-over-year.
Non-GAAP net income of $4.3 million, compared to Non-GAAP net loss of $(1.6) million in Q4 2023.
Non-GAAP diluted net income per share of $0.15, compared to Non-GAAP diluted net loss per share of $(0.08) in Q4 2023.

Full Year 2024 Financial Results

GAAP Financial Results

Revenue of $59.7 million, up 10% year-over-year.
- TCAD revenue of $40.2 million, up 25% year-over-year.
- EDA revenue of $14.6 million, up 4% year-over-year.
- SIP revenue of $4.9 million, down 40% year-over-year.
GAAP gross profit and GAAP gross margin were $47.6 million and 80%, respectively, which includes the impact of $3.0 million stock-based compensation expense, $747,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $44.9 million and down from 83% in 2023.
GAAP net loss of $(39.4) million, compared to $(0.3) million in 2023.
GAAP basic and diluted net loss per share of $(1.53), compared to $(0.02) in 2023.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $65.8 million, up 13% year-over-year.
Non-GAAP gross profit and non-GAAP gross margin were $51.4 million and 86%, respectively, up from $44.9 million and 83% year over year.
Non-GAAP net income of $6.7 million, compared to $3.4 million in 2023.
Non-GAAP diluted net income per share of $0.25, compared to $0.17 in 2023.

For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

Supplementary materials to this press release, including our fourth quarter 2024 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

First Quarter and Full Year 2025 Financial Outlook

As of March 5, 2025, Silvaco is providing guidance for its first quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and payroll tax from the IPO lock-up release. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, IPO preparation costs, and executive severance costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

Based on current business trends and conditions, the Company expects for first quarter 2025 the following:

Gross bookings in the range of $16.0 million to $19.0 million, which would compare to $16.1 million in the first quarter of 2024.
Revenue in the range of $14.5 million to $17.0 million, which would compare to $15.9 million in the first quarter of 2024.
Non-GAAP gross margin in the range of 84% to 87%, which would compare to 88% in the first quarter of 2024.
Non-GAAP operating income in the range of ($1.0) million loss to $1.0 million income, compared to $3.3 million in the first quarter of 2024.
Non-GAAP diluted net income per share in the range of ($0.03) loss to $0.03, compared to $0.12 in the first quarter of 2024.

For full year 2025, the Company expects:

Gross bookings in the range of $72.0 million to $79.0 million, which would represent a 9% to 20% increase from $65.8 million in 2024.
Revenue in the range of $66.0 million to $72.0 million, which would represent a 11% to 21% increase from $59.7 million in 2024.
Non-GAAP gross margin in the range of 84.0% to 89.0%, which would compare to 86% in 2024.
Non-GAAP operating income in the range of $2.0 million to $7.0 million, which would compare to $5.5 million in 2024.
Non-GAAP diluted net income per share in the range of $0.07 to $0.19, compared to $0.25 in 2024.

Q4 2024 Conference Call Details

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, March 5, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco

Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement

This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; (w) our use of the net proceeds from our initial public offering, and (x) our ability to successfully integrate, retain key personnel, and realize the anticipated benefits of the acquisition of Cadence’s PPC product line.

It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Discussion of Non-GAAP Financial Measures

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a mean to assist us in evaluating period-to-period comparisons.

We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and payroll tax from the IPO lock-up release. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, and executive severance costs. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.


SILVACO GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and par value amounts)
	December 31,			December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	19,606		$	4,421
Short-term marketable securities		63,071			–
Accounts receivable, net		9,211			4,006
Contract assets, net		11,932			8,749
Prepaid expenses and other current assets		3,460			2,549
Deferred transaction costs		–			1,163
Total current assets		107,280			20,888
Non-current assets:
Non-current marketable securities		4,785			–
Property and equipment, net		865			591
Operating lease right-of-use assets, net		1,711			1,963
Intangible assets, net		4,369			342
Goodwill		9,026			9,026
Non-current portion of contract assets, net		12,611			6,250
Other assets		1,698			1,825
Total non-current assets		35,065			19,997
Total assets	$	142,345		$	40,885

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,316		$	2,495
Accrued expenses and other current liabilities		19,801			10,255
Accrued income taxes		1,668			1,626
Deferred revenue, current		7,497			7,882
Operating lease liabilities, current		744			735
Related party line of credit		–			2,000
Vendor financing obligations, current		1,462			–
Total current liabilities		34,488			24,993
Non-current liabilities:
Deferred revenue, non-current		3,593			5,071
Operating lease liabilities, non-current		946			1,198
Vendor financing obligations, non-current		2,928			–
Other non-current liabilities		307			221
Total liabilities		42,262			31,483
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024; no shares authorized as of December 31, 2023		–			–
Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,526,615 shares issued and outstanding as of December 31, 2024; 25,000,000 shares authorized; 20,000,000 shares issued and outstanding as of December 31, 2023		3			2
Additional paid-in capital		130,360			–
(Accumulated deficit) Retained earnings		(28,012	)		11,392
Accumulated other comprehensive loss		(2,268	)		(1,992	)
Total stockholders’ equity		100,083			9,402
Total liabilities and stockholders’ equity	$	142,345		$	40,885

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands except share and per share amounts)

	Three months Ended December 31,						Twelve months Ended December 31,
		2024			2023			2024			2023

Revenue:
Software license revenue	$	13,870		$	8,738		$	43,991		$	39,331
Maintenance and service		3,989			3,748			15,689			14,915
Total revenue		17,859			12,486			59,680			54,246
Cost of revenue		2,422			2,682			12,042			9,354
Gross profit		15,437			9,804			47,638			44,892
Operating expenses:
Research and development		5,283			3,337			20,740			13,170
Selling and marketing		3,983			3,833			18,300			12,707
General and administrative		7,529			4,570			37,571			17,881
Estimated litigation claim		(3,782	)		–			11,306			–
Total operating expenses		13,013			11,740			87,917			43,758
Operating (loss) income		2,424			(1,936	)		(40,279	)		1,134
Loss on debt extinguishment		–			–			(718	)		–
Interest income		1,077			2			2,976			6
Interest and other expenses, net		(67	)		(95	)		(899	)		(630	)
(Loss) income before income tax provision		3,434			(2,029	)		(38,920	)		510
Income tax provision (benefit)		(723	)		218			484			826
Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
(Loss) earnings per share attributable to common stockholders:
Basic and diluted	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Weighted average shares used in computing per share amounts:
Basic and diluted		28,734,082			20,000,000			25,672,845			20,000,000

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
	Year Ended December 31
		2024			2023
Cash flows from operating activities:
Net loss	$	(39,404	)	$	(316	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		1,285			601
Stock-based compensation expense		26,915			–
Provision for credit losses		351			220
Accretion of discount on marketable securities, net		(1,685	)		–
Estimated litigation claim		11,306			–
Loss on debt extinguishment		718			–
Change in fair value of contingent consideration		(27	)		325
Changes in operating assets and liabilities:
Accounts receivable		(5,971	)		1,378
Contract assets		(10,293	)		(5,208	)
Prepaid expense and other current assets		(790	)		133
Other assets		57			(267	)
Accounts payable		1,326			156
Accrued expenses and other current liabilities		(2,160	)		2,015
Accrued income taxes		74			(23	)
Deferred revenue		(1,585	)		2,268
Other non-current liabilities		109			(102	)
Net cash (used in) provided by operating activities		(19,774	)		1,180
Cash flows from investing activities:
Purchases of marketable securities		(99,630	)		–
Maturities of marketable securities		33,600			–
Purchases of property and equipment		(505	)		(339	)
Net cash used in investing activities		(66,535	)		(339	)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting fees		106,020			–
Proceeds from issuance of convertible note, net of debt issuance costs		4,852			–
Proceeds from loan facility		4,250			–
Repayment of loan facility		(4,250	)		–
Proceeds from related party line of credit		–			1,000
Repayment of related party line of credit		(2,000	)		(1,000	)
Proceeds from issuance of common stock for share-based awards		315			–
Payroll taxes related to shares withheld from employees		(4,575	)		–
Deferred transaction costs		(2,649	)		(650	)
Contingent consideration		(74	)		(1,002	)
Payments of vendor financing obligation		(588	)		–
Net cash provided by (used in) financing activities		101,301			(1,652	)
Effect of exchange rate fluctuations on cash and cash equivalents		193			(246	)
Net increase (decrease) in cash and cash equivalents		15,185			(1,057	)
Cash and cash equivalents, beginning of period		4,421			5,478
Cash and cash equivalents, end of period	$	19,606		$	4,421

SILVACO GROUP, INC.
REVENUE
(Unaudited)

	2023										2024
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year
Revenue by Region:
Americas	35	%	29	%	31	%	29	%	31	%	27	%	51	%	31	%	40	%	38	%
APAC	51	%	62	%	61	%	63	%	59	%	62	%	41	%	58	%	52	%	53	%
EMEA	14	%	9	%	8	%	8	%	10	%	11	%	8	%	11	%	8	%	9	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Product Line:
TCAD	62	%	62	%	52	%	62	%	59	%	66	%	69	%	59	%	71	%	68	%
EDA	29	%	20	%	31	%	22	%	26	%	30	%	20	%	24	%	24	%	24	%
SIP	9	%	18	%	17	%	16	%	15	%	4	%	11	%	17	%	5	%	8	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue Item Category:
Software license revenue	75	%	71	%	74	%	70	%	73	%	77	%	74	%	62	%	78	%	74	%
Maintenance and service	25	%	29	%	26	%	30	%	27	%	23	%	26	%	38	%	22	%	26	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Country:
United States	34	%	28	%	28	%	28	%	30	%	51	%	30	%	39	%	39	%	37	%
China	19	%	29	%	16	%	29	%	23	%	17	%	25	%	23	%	23	%	18	%
Other	47	%	43	%	56	%	43	%	47	%	32	%	45	%	38	%	38	%	45	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

SILVACO GROUP, INC.
GAAP to Non-GAAP Reconciliation
(Unaudited, in thousands except per share amounts)

	Three Months Ended						Twelve Months Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023

GAAP Cost of revenue	$	2,422		$	2,682		$	12,042		$	9,354
Less: Stock-based compensation expense		(194	)		–			(2,974	)		–
Less: Amortization of acquired intangible assets		(249	)		–			(747	)		–
Less: Payroll tax from the IPO lock-up release		(80	)		–			(80	)		–
Non-GAAP Cost of revenue	$	1,899		$	2,682		$	8,241		$	9,354
GAAP Gross profit	$	15,437		$	9,804		$	47,638		$	44,892
Add: Stock-based compensation expense		194			–			2,974			–
Add: Amortization of acquired intangible assets		249			–			747			–
Add: Payroll tax from the IPO lockup release		80			–			80			–
Non-GAAP Gross profit	$	15,960		$	9,804		$	51,439		$	44,892
GAAP Research and development	$	5,283		$	3,337		$	20,740		$	13,170
Less: Stock-based compensation expense		(535	)		–			(5,091	)		–
Less: Executive severance		(215	)		–			(215	)		–
Less: Payroll tax from the IPO lock-up release		(397	)		–			(397	)		–
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Research and development	$	4,093		$	3,255		$	14,831		$	12,831
GAAP Sales and marketing	$	3,983		$	3,833		$	18,300		$	12,707
Less: Stock-based compensation expense		(388	)		–			(4,319	)		–
Less: Payroll tax from the IPO lock-up release		(85	)		–			(85	)		–
Less: IPO preparation costs		–			–			(178	)		–
Non-GAAP Sales and marketing	$	3,510		$	3,833		$	13,718		$	12,707
GAAP General and administrative	$	7,529		$	4,570		$	37,571		$	17,881
Less: Stock-based compensation expense		(1,410	)		–			(14,531	)		–
Less: Acquisition-related estimated litigation claim and legal costs		(523	)		(515	)		(4,629	)		(1,707	)
Less: Executive severance		(200	)		–			(200	)		–
Less: Payroll tax from the IPO lock-up release		(163	)		–			(163	)		–
Less: IPO preparation costs		–			(45	)		(695	)		(1,221	)
Non-GAAP General and administrative	$	5,233		$	4,010		$	17,353		$	14,953
GAAP Estimated Litigation claim	$	(3,782	)	$	–		$	11,306		$	–
Add (Less): Acquisition-related estimated litigation claim and legal costs		3,782			–			(11,306	)		–
Non-GAAP Litigation claim	$	–		$	–		$	–		$	–
GAAP Operating expenses	$	13,013		$	11,740		$	87,917		$	43,758
Less: Stock-based compensation expense		(2,333	)		–			(23,941	)		–
Less: Acquisition-related estimated litigation claim and legal costs		3,259			(515	)		(15,935	)		(1,707	)
Less: Executive severance		(415	)		–			(415	)		–
Less: Payroll tax from the IPO lock-up release		(645	)		–			(645	)		–
Less: IPO preparation costs		–			(45	)		(873	)		(1,221	)
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Operating expenses	$	12,836		$	11,098		$	45,902		$	40,491
GAAP Operating (loss) income	$	2,424		$	(1,936	)	$	(40,279	)	$	1,134
Add: Stock-based compensation expense		2,527			–			26,915			–
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Amortization of acquired intangible assets		292			82			953			339
Non-GAAP Operating (loss) income	$	3,124		$	(1,294	)	$	5,537		$	4,401
GAAP Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
Add: Stock-based compensation expense		2,527			–			26,915			–
Add: Amortization of acquired intangible assets		292			82			953			339
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive Severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Loss on debt extinguishment		–			–			718			–
Add (Less): Change in fair value of contingent consideration		(9	)		(7	)		(27	)		325
Add (Less): Foreign exchange (gain) loss		(14	)		(3	)		404			335
Add: Income tax effect of non-GAAP adjustment		(566	)		(27	)		(831	)		(169	)
Non-GAAP Net (loss) income	$	4,268		$	(1,642	)	$	6,676		$	3,442
GAAP Net income (loss) per share:
Basic and diluted:	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Non-GAAP Net income (loss) per share:
Basic	$	0.15		$	(0.08	)	$	0.26		$	0.17
Diluted	$	0.15		$	(0.08	)	$	0.25		$	0.17
Weighted average shares used in GAAP and non-GAAP net income (loss) per share:
Basic		28,734,082			20,000,000			25,672,845			20,000,000
Diluted		28,849,041			20,000,000			26,841,901			20,000,000

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Farhad Hayat
press@silvaco.com

The MIL Network –

March 6, 2025

MIL-OSI Security: Dominican National Pleads Guilty To Multi-Year Conspiracy To Traffic Cocaine Into The United States

Source: Office of United States Attorneys

Tampa, FL – Acting United States Attorney Sara C. Sweeney announces that Elyn Carpio-Pena (47, Dominican Republic) has pleaded guilty to conspiring to import cocaine into the United States. Carpio-Pena faces a minimum of 10 years, up to life, in federal prison. A sentencing date has not yet been set.

According to court documents, between October 2014 and May 2019, while residing in Mexico, Carpio-Pena served as an intermediary between drug suppliers in Mexico and wholesale narcotics purchasers in the United States, connecting the sellers and buyers and receiving a commission for each kilogram of cocaine purchased in the United States. Carpio-Pena also arranged for the drug proceeds to be laundered.

In May 2019, Carpio-Pena moved from Mexico to the La Guajira area of Colombia. While there, he organized the maritime smuggling of cocaine from Colombia to the Dominican Republic with the ultimate destination often being the United States. Not only did Carpio-Pena serve as the intermediary between the cocaine buyers and cocaine owners, but he also arranged, organized, and coordinated the maritime cocaine shipments from Colombia to the Dominican Republic. Carpio-Pena was responsible for no fewer than 20 maritime cocaine shipments during his time living in Colombia, totaling at least 5,000 kilograms. Two of these cocaine shipments were interdicted and seized in Puerto Rico.

In October 2021, Carpio-Pena left Colombia and returned home to the Dominican Republic where he continued to coordinate drug shipments. For the next three months, until January 2022, he received cocaine from Colombia via maritime vessel over the Caribbean Ocean no fewer than three times, totaling approximately 900 kilograms. The ultimate destination for this cocaine was often the United States.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi- jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

The specific mission of the OCDETF Panama Express Strike Force is to disrupt and dismantle Transnational Criminal Organizations involved in large scale drug trafficking, money laundering, and related activities. The OCDETF Panama Express Strike Force is comprised of agents and officers from the Coast Guard Investigative Service, Drug Enforcement Administration, Federal Bureau of Investigation, and Homeland Security Investigations. The prosecution is being led by the Office of the United States Attorney for the Middle District of Florida. The case is being prosecuted by Assistant United States Attorney David Pardo.

MIL Security OSI –

March 6, 2025
MIL-OSI Security: Lake County Man Pleads Guilty In Federal Firearms Trafficking Investigation

Source: Office of United States Attorneys

Ocala, Florida – Acting United States Attorney Sara C. Sweeney announces that Jose G. Medina (49, Leesburg) has pleaded guilty to three counts of knowingly making a materially false statement in connection with the acquisition of a firearm and three counts of causing a Federal Firearm Licensee (FFL) to maintain false information in its official records. Medina faces up to 10 years in federal prison for each false statement offense and up to 5 years’ imprisonment for each record-keeping offense. A sentencing date has not yet been set.

According to court records, between January 1 and December 31, 2023, Medina straw-purchased multiple firearms for other individuals. Some of these firearms were intercepted by the United States Custom and Border Patrol (CBP) as other individuals attempted to transport them across the border into Mexico.

On May 27, 2023, an individual was encountered by CBP as he tried to make entry into Mexico at the Eagle Pass (Texas) Port of Entry. He was attempting to bring 10 handguns, 9 rifles, 7 shotguns, 20 ammunition magazines, and large amounts of assorted ammunition into Mexico. The individual stated that he was traveling from Orlando to San Diego de la Union, Guanajuato, Mexico. Medina had purchased one of these recovered firearms nine days earlier.

Firearms and ammunition seized at the U.S. border on May 27, 2023.

On November 17, 2023, CBP officers stopped another individual at the Eagle Pass (Texas) Port of Entry who also was attempting to bring five firearms into Mexico. Medina had purchased two of these firearms less than two weeks earlier.

A record check by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) showed that between January 1 and December 31, 2023, Medina had purchased 82 firearms for a total of $42,085.61—an amount that exceeded his reported annual income. The investigation also revealed that another firearm purchased by an associate of Medina had recently been recovered and electronically traced by Mexican law enforcement using ATF’s e-Trace system.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security Investigations, the Drug Enforcement Administration, the Eustis Police Department, and the Lake County Sheriff’s Office. It is being prosecuted by Assistant United States Attorney Hannah Nowalk Watson.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

March 6, 2025
MIL-OSI Asia-Pac: 12th Regional 3R and Circular Economy Forum in Asia and the Pacific Concludes with the unanimous adoption of Jaipur Declaration by member countries

Source: Government of India (2)

12th Regional 3R and Circular Economy Forum in Asia and the Pacific Concludes with the unanimous adoption of Jaipur Declaration by member countries

India’s proposal to float a multi stakeholder global alliance Cities Coalition for Circularity ( C-3) as a collaborative platform for knowledge sharing.

The Forum saw the physical participation of 24 Asia Pacific member countries and nearly 200 international delegates

Posted On: 05 MAR 2025 7:55PM by PIB Delhi

The 12th Regional 3R and Circular Economy Forum in Asia and the Pacific concluded today with the unanimous adoption of the ‘Jaipur Declaration’ by the member countries.

A guidance document has been prepared to suggest indicative strategies to countries as per national policies, circumstances and capabilities.

As part of the Jaipur declaration, a collaborative knowledge platform as a global alliance C-3 ( Cities Coalition for Circularity ) has also been agreed upon.

Jaipur Declaration speaks about different waste streams and circular economy goals for each of them. It speaks about the resource efficiency and sustainable material consumption. The declaration also covers informal sectors, gender issue and labour issues.

It also provides for means of implementation, partnerships, technology transfer, funding mechanism and research and development.

In his closing remarks, Union Minister Shri Manohar Lal said that Jaipur Declaration’ that has been adopted today is a testament to this shared commitment. I am glad this decadal declaration will be associated with the name of ‘Jaipur’ and even though it is non-binding, it will guide our country and all member nations of the Asia Pacific towards a circular transition.

He also said that based on our principle of “One Earth, One Family, One Future”, India will take the lead in formation of the Cities Coalition for Circularity (C-3) and invited all UN member countries to join this coalition.

Minister of State, Ministry of Housing and Urban Affairs , Shri Tokhan Sahu said that the 12th Regional 3R and Circular Economy Forum for Asia and the Pacific has been a historic moment.

He added “Over the past days, we have engaged in crucial discussions and deliberations on environmental conservation, sustainable resource utilization, and waste management to build a better future.”

He also said that in today’s era, the concept of 3R (Reduce, Reuse, Recycle) and the circular economy is not just an option but a necessity.

Prof. Amit Kapoor, Chair, Institute for Competitiveness, University of Stanford, delivered a special address on implementing circularity of solid and liquid waste for the largest human congregation at Maha Kumbh in Prayagraj, India. He shared key preliminary findings of an in-depth study that explores sustainable waste management solutions for the event, focusing on innovative approaches, scalability, and best practices to ensure environmental sustainability while managing millions of pilgrims.

Click here for findings

About the event

The 12^th Regional 3R and Circular Economy Forum in Asia and the Pacific was organized from 3^rd to 5^thMarch 2025 at Rajasthan International Centre, Jaipur.The theme of the Forum is “Realizing Circular Societies Towards Achieving SDGs and Carbon Neutrality in Asia-Pacific.

Participation in the event

The 12th Regional 3R and Circular Economy Forum in Asia and the Pacific witnessed high-level participation, with the Hon’ble Union Minister of Housing and Urban Affairs Shri Manohar Lal inaugurating the event alongside ministers from Rajasthan, Madhya Pradesh, Uttarakhand, and Haryana.

The forum saw the physical participation of 24 Asia-Pacific member countries, with ministers from Japan, Solomon Islands, Tuvalu, and Maldives attending in person. Nearly 200 international delegates, including government officials, experts, and private sector representatives, joined the discussions. From India, 800 delegates from 33 States & UTs, 15-line ministries, private sector, and technical institutions took part. The event had representation from 75 cities (9 international and 66 Indian cities).

The forum featured 120 speakers contributing to 29 plenary sessions, 10 thematic sessions, 6 country breakout sessions, and 7 side events. To ensure broader participation, a virtual platform was also created for stakeholders across India and internationally.

On the Inaugural day the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific featured key announcements and initiatives aligned with India’s commitment to sustainability and circular economy principles.

The Hon’ble Prime Minister’s message, presented during the inaugural session, emphasized India’s Pro Planet People (P-3) approach. To advance this vision, the Cities Coalition for Circularity (C-3) was proposed as an Indian-led multi-stakeholder, multi-nation alliance to facilitate knowledge sharing, city-to-city collaboration, and private-sector partnerships through a digital platform.

A major milestone was the rollout of CITIIS 2.0, a Union Cabinet-approved program under which ₹1,800 crores worth of agreements were signed for integrated waste management and climate action in 18 cities across 14 states.

The forum also marked the inauguration of the ‘India Pavilion’ and the ‘3R Trade and Technology Exhibition’, showcasing India’s achievements in the 3R and circular economy space. The exhibition provided a platform for over 40 Indian and Japanese businesses and startups to present innovative solutions.

Engaging sessions such as the ‘Mayors’ Dialogue’ and ‘Case Clinic’ fostered deeper collaboration, while NGOs and self-help groups showcased waste-to-wealth initiatives, promoting sustainability-driven entrepreneurship and community engagement.

On the second day of the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific witnessed a significant announcement with India declaring its candidacy to host the World Circular Economy Forum (WCEF) 2026, following São Paulo, Brazil, in 2025. The announcement was made during a special session attended by Hon’ble Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav, and the Hon’ble Minister from Andhra Pradesh. The forum also hosted plenary sessions, country breakout sessions, and side events, including discussions on India’s pathways to a circular economy, highlighting efforts in waste management and sustainability.

Key outcomes included the launch of several initiatives such as the SBM Waste to Wealth PMS Portal, IFC Document Reference Guide, and India’s Circular Sutra, a compendium of 126 best practices compiled by the National Institute of Urban Affairs (NIUA). Additionally, a study on best practices in solid waste management in million-plus cities, prepared by CEEW, was released. A crucial MoU was signed between CSIR and MoHUA to advance scientific research and innovation in circular economy solutions. Delegates also participated in technical field visits to solid and liquid waste management facilities and key heritage sites in Jaipur, gaining firsthand insights into sustainable urban practices.

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SK

(Release ID: 2108605) Visitor Counter : 45

MIL OSI Asia Pacific News –

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.

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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 Security: Nigerian Man Extradited to the United States to Face Computer Intrusion and Theft Charges

Source: Office of United States Attorneys

Defendant allegedly conspired to use stolen taxpayer information to file over 1,000 fraudulent tax returns seeking millions of dollars in tax refunds

BOSTON – A Nigerian national living in Mexico has been extradited to the United States for his role in a scheme to break into Massachusetts tax preparation firms’ computer networks and to file fraudulent tax returns.

Matthew A. Akande, 36, was arrested in October 2024 at Heathrow Airport in the United Kingdom at the request of the United States and extradited to the United States on March 5, 2025. He appeared in federal court in Boston today. Akande was indicted by a federal grand jury in July 2022 with one count of conspiracy to obtain unauthorized access to protected computers in furtherance of fraud and to commit theft of government money and money laundering; one count of wire fraud; four counts of unauthorized access to protected computers in furtherance of fraud; 13 counts of theft of government money; and 14 counts of aggravated identity theft.

Co-conspirator, Kehinde H. Oyetunji, 33, a Nigerian national living in North Dakota, pleaded guilty in December 2022 to one count of conspiracy to obtain unauthorized access to protected computers in furtherance of fraud and to commit theft of government money and money laundering. Oyetunji’s sentencing hearing has not yet been scheduled by the Court.

Between in or about June 2016 and June 2021, Akande, Oyetunji and others are alleged to have worked together to steal money from the United States government using taxpayers’ personally identifiable information (PII) to file fraudulent tax returns in the taxpayers’ names. In addition, between in or about February 2020, the scheme involved stealing taxpayers’ PII from Massachusetts tax preparation firms via phishing attacks and computer intrusions.

To carry out the scheme, Akande is alleged to have caused fraudulent phishing emails to be sent to five Massachusetts tax preparation firms. The emails purported to be from a prospective client seeking the tax preparation firms’ services but in truth were used to trick the firms into downloading remote access trojan malicious software (RAT malware), including malware known as Warzone RAT. Akande allegedly used the RAT malware to obtain the PII and prior year tax information of the tax preparation firms’ clients, which Akande then used to cause fraudulent tax returns to be filed seeking refunds. The tax returns directed that the fraudulent tax refunds be deposited in bank accounts allegedly opened by Oyetunji and others. Once the refunds were issued, Oyetunji and others withdrew the stolen money in cash in the United States and then transferred a portion to third parties in Mexico, allegedly at Akande’s direction, while keeping a portion for themselves. In total, Akande and his coconspirators are alleged to have filed more than 1,000 fraudulent tax returns seeking over $8.1 million in fraudulent tax refunds over approximately five years. They are alleged to have successfully obtained over $1.3 million in fraudulent tax refunds.

Federal authorities encourage all businesses that suspect they have been the target and/or victim of a cyberattack to file a complaint with the Internet Crime Complaint Center at www.ic3.gov. Taxpayers and tax preparation firms that suspect they have been the target and/or victim of a phishing attack can also forward phishing email(s) to phishing@irs.gov.

The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of unauthorized access to protected computers in furtherance of fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of theft of government money provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison to be served consecutive to any other sentence imposed, one year of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement. The Justice Department’s Office of International Affairs coordinated with authorities in the United Kingdom to secure the extradition of Akande. Assistant U.S. Attorney David M. Holcomb of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.

The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

March 6, 2025
MIL-OSI Security: Logistics, sustainment keeps JTF Southern Guard moving, stocked, fueled

Source: United States SOUTHERN COMMAND

NAVAL STATION GUANTANAMO BAY, Cuba –

Nobody wants an outsider coming in and stirring the pot, adding their two cents, or giving advice. While most sections prefer to keep their turf untouched, there’s one team of subject matter experts that everyone wants all in their operational Kool-Aid: the logisticians of Joint Task Force Southern Guard (JTF-SG) J4.

Without them, nothing moves, nothing gets stocked, and nobody gets what they need. The JTF-SG logistics and sustainment professionals are the driving force behind ensuring troops stay equipped, operations remain fluid, and the mission never slows down.

“It’s simple: if the J4 stops, the mission stops because nothing happens without sustainment,” said U.S. Army Sgt. Maj. Johanny Ortega, the J4 sergeant major.

J4 provides everything from strategic mobility and supply distribution to future operations planning and contract management, all in support of Department of Homeland Security-led migrant operations.

What makes this logistics operation unique is that JTF-SG J4 functions as a fully integrated joint logistics cell with representatives from U.S. Army South, U.S. Naval Forces Southern Command/U.S. Fourth Fleet, U.S. Air Force Southern Command, and a civilian logistics representative working in sync to sustain operations.

“We are the social butterflies of the operation, ensuring we know the capabilities in the area by getting to know people and allowing people to get to know us,” Ortega explained. “To gain and sustain support, we build rapport and relationships with agencies and people that are part of the sustainment enterprise where we operate.”

This synchronization allows JTF-SG to quickly adapt to evolving mission requirements, ensuring that personnel, supplies, and equipment are delivered efficiently. Nowhere is this collaboration more evident than within the Operational Contract Support Integration Cell.

“Through the OCSIC, we shape the sustainment strategy for the entire task force,” said U.S. Navy Lt. Cdr. Cecily Ripley, JOB. “Our ability to work across service lines means we can quickly adapt to mission demands and keep operations moving without interruption.”

As one of the most critical components of J4, the OCSIC and their combined expertise is responsible for overseeing all contracted logistics support, which includes food, fuel, and maintenance, base life support services such as sanitation and power generation, and coordination with private vendors for specialized mission needs.

“Contracting is critical to this mission. The OCSIC team is fully integrated into operations, coordinate with the JTF staff, and provides oversight to ensure that contracting activities align with mission requirements,” U.S Air Force Master Sgt. Gregory Hovland, the OCSIC plans and operations noncommissioned officer, described.

By eliminating bureaucratic bottlenecks and integrating contracting efforts across all service branches, OCSIC provides seamless support to JTF-SG operations.

“Our team is truly a joint formation with the chief from USARSOUTH, the current operations from USNAVSOUTH/FOURTHFLT, and plans from AFSOUTH. We ensure that contracts are fiscally responsible and resilient enough to sustain the taskforce,” Hovland elaborated.

This level of planning and coordination is critical to keeping supplies mobile, and the J4’s mobility section is responsible for ensuring that personnel, cargo, or equipment moves efficiently to and from Naval Station Guantanamo Bay (NSGB).

U.S. Army Chief Warrant Officer 2 Jose Espinosa, JTF-SG mobility officer, oversees every aspect of strategic transportation, tracking force flow, ensuring flights and vessels arrive on time, and coordinating ground transportation for incoming supplies.

“I oversee everything from the moment cargo is picked up, transported, offloaded, and moved to its final destination,” Espinosa said.

Managing force movement requires precision, as every delay or misstep impacts the overall sustainment effort. Espinosa coordinates air and sea transportation, executes ground transportation planning across the installation, and facilitates joint reception, staging, onward movement, and integration. Without his efforts, moving personnel and mission-essential equipment would be significantly delayed, impacting JTF-SG’s ability to maintain operational effectiveness.

“People think I’m some sort of travel agent,” Espinosa laughed. “But in reality, I coordinate strategic transportation for all deployed assets at JTF-SG. If it moves, I make sure it moves the right way.”

While mobility ensures that personnel and equipment arrive where they are needed, J4’s supply section guarantees that those assets remain fully operational. The supply team is responsible for managing the distribution of fuel, rations, water, and equipment across the task force. Their efforts ensure that every unit within JTF-SG has the materials needed to sustain operations is a continuous process, requiring accurate forecasting and careful inventory management.

“We have leaned on our partners across NSGB to quickly stand up this support operation with the challenge being how to maintain a flexible sustainment posture in a dynamic situation with a fluid end state, all while operating in a fiscally constrained environment,” said U.S. Army Maj. David Perez, the deputy J4 and logistics planner.

The ability to quickly adjust to changing operational demands is essential in a dynamic mission environment. Supply operations are critical to sustaining JTF-SG, but long-term mission success depends on the ability to plan ahead. This is where J4’s CUOPS and future operations teams come into play.

J4 is divided into CUOPS and FUOPS to ensure both immediate sustainment needs and long-term logistics planning are accounted for.

“It may sound tedious or pedantic, but we keep two or three plans in our back pocket because if we don’t plan ahead, we risk supply shortages or transportation headaches,” said U.S. Army Master Sgt. George Barker, the J4 logistics and accountability noncommissioned officer.

The CUOPS team manages daily sustainment operations, including transportation, supply distribution, and equipment accountability. Meanwhile, the FUOPS team looks weeks and months ahead, identifying potential challenges and developing strategies to mitigate them before they impact operations.

“But there’s more, in a joint task force, logistics coordination with sister services is what enables the JTF commander to execute the mission,” Barker continued. “We direct the joint logistics element to ensure that operational units are fully equipped, sustained, and mission ready.”

To maintain readiness, J4 must not only ensure resources are available but also keep strict accountability of all military equipment and assets. The equipment accountability team is responsible for managing inventory tracking, ensuring compliance with property accountability regulations, and overseeing the return process for issued supplies.

“The Southern Guard mission was rapid. So, we knew we had to put our arms around accountability right away,” said U.S. Army Chief Warrant Officer 3 Samuel Adeyemi. “Thankfully, because of the relationships we built, it was easy to work alongside sister units and other service components, reconcile and account for equipment.”

Bringing together mobility, supply, sustainment, planning, and contracting, J4 remains the foundation of logistical operations at JTF-SG. With representatives from three of the four service components under U.S. Southern Command, J4 provides a full-picture view of combatant command logistics operations.

“We exemplify precision, coordination, and unwavering commitment,” Adeyemi said. “These hallmarks drive our collective success and ensure mission achievement.”

This level of integration ensures that sustainment efforts are coordinated at every level, allowing JTF-SG to operate as a unified force.

“There is never a dull moment at the J4,” said U.S Army Lt. Col. Jeremy Coates, JTF-SG J4 director. “We are like transformers, the Army, Air Force, and Navy (very soon the Marines as well) minds come together and we make sustainment happen.”

MIL Security OSI –

March 6, 2025
MIL-OSI United Nations: Syrians’ hopes for a better future depend on justice for the disappeared, Human Rights Council hears

Source: United Nations 2

5 March 2025 Human Rights

The people of Syria’s painful search for a peaceful future took centre stage at the UN on Wednesday as one leading representative of the families of the country’s forcibly disappeared spoke of the continuing pain of not knowing their fate.

Yasmen Almashan, a founding member of the Caesar Families Association, lost five of her six brothers between 2012 and 2014 during the early years of the Syrian civil war.

Today, Ms. Almashan advocates for the truth about what happened to Syria’s more than 130,000 missing persons. This quest would be greatly helped by the creation of a national transitional justice policy for Syria, by the country’s caretaker authorities, she told the Human Rights Council in Geneva.

“Participation of victims is key for transition justice programmes to succeed and reinforce a culture of human rights in countries which suffer from dictatorships, or which go through transition periods,” she said.

“The victims can facilitate contacts between parts of society and assure an environment of peace and justice in Syria,” she insisted.

A decade ago, the Assad regime refused to allow an exhibition of photos from the infamous Caesar Files to go ahead on the sidelines of the Human Rights Council, which featured graphic images smuggled out of Syria of prisoners who had been tortured.

Ms. Almashan has previously explained how her second brother was arrested in March 2012 and then tortured in a detention centre. He was identified in the Caesar Files – named after a former Syrian military photographer codenamed Caesar.

It was in part thanks to the Syrian NGO’s persistent lobbying that the UN General Assembly adopted Resolution 77/301 in June 2023, establishing the Independent Institution for the Missing in Syria and ensuring victim participation in its work.

Addressing past atrocities

Spearheading renewed calls for transitional justice, UN human rights chief Volker Türk welcomed efforts by Member States to address past atrocities to benefit future generations.

In Guatemala, victim-driven coalitions have secured the conviction of 31 military and paramilitary personnel for crimes against humanity and genocide.

The UN High Commissioner for Human Rights also stressed the importance of an inclusive approach to transitional justice which should be victim-centered, inclusive, gender-responsive and innovative.

Reminding the Council that 2024 saw the highest number of active conflicts since the Second World War, Mr. Türk also welcomed Colombia’s efforts to resolve animosity between parties formerly involved in the country’s decades-long civil war. Measures include offering psychosocial support for victims, addressing land distribution problems, promoting rural development and restoring indigenous territories’ ecosystems.

In Kenya, survivors of sexual violence can advocate for justice through a national network for reparations, the High Commissioner added, while in Chad, victims last year received reparations thanks to the perseverance of civil society groups.

UN Human Rights Council /Marie Bambi

Sofija Todorović, Programme Director, Youth Initiative for Human Rights (YIHR), Serbia, address the Human Rights Council meeting on transitional justice.

Empowering young people

Echoing that message, Sofija Todorovic, Programme Director of Serbian NGO Youth Initiative for Human Rights, insisted that young people should not be left out of conversations about building a more just future for their countries.

“It is our duty to stand behind them. We must equip them with the tools and opportunities to create the future they deserve. The rest, they will do themselves,” Ms. Todorovic said.

Genocide prevention calls

Also at the Council on Wednesday, UN human rights deputy chief Nada Al-Nashif warned Member States that international law principles protecting humanity from atrocities were under threat.

“We are living through dangerous times as deep divisions and extreme views feed both conflict and violence” in several regions of the world, Ms. Al-Nashif said.

Genocide is preceded by “clear patterns of discrimination of exclusion and incitement to hatred based on race, ethnicity, religion or other characteristics,” she said.

Strained global norms

“The global norms that protect us all, starting with the United Nations Charter and the Universal Declaration of Human Rights, are under unprecedented strain,” she continued, stressing that the UN was set up in the aftermath of the Holocaust to avoid another genocide.

Arms sales and transfers, the provision of military, logistical or financial support to parties to conflicts violating international law are “obvious examples” of indicators that states may be contributing to such crimes, she stressed.

“Genocide happens when humanity’s moral compass fails, when hateful ideologies proliferate, and when the dehumanization of an entire group of people is allowed to take root and to spread,” Ms. Al-Nashif said.

“Together, let’s move towards a world in which genocide, and other atrocity crimes are inconceivable. Or if all else fails, then they are punished.”

MIL OSI United Nations News –

March 6, 2025
MIL-OSI Security: Former Bank Employee Pleads Guilty to Role in International Money Laundering Conspiracy

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

BOSTON – A Brooklyn, N.Y. man pleaded guilty today in federal court in Boston in connection with his role in a sophisticated international money laundering and drug trafficking organization.

Rongjian Li, 38, pleaded guilty to one count of conspiracy to commit money laundering. U.S. District Judge Angel Kelley scheduled sentencing for June 5, 2025.

In May 2023, Li was among 12 individuals from Massachusetts, Rhode Island, New York and California charged in a superseding indictment for their alleged involvement in a sophisticated international money laundering and drug trafficking organization led by Jin Hua Zhang. The investigation revealed that, for a fee, Zhang laundered bulk cash for drug dealers and laundered profits from other illegal businesses. In less than a year, Zhang and his organization laundered at least $25 million worth of drug proceeds and funds from other illegal businesses through undercover agents. Funds were eventually traced to, and seized from, accounts in Hong Kong and elsewhere in China, India, Cambodia and Brazil, among other locations.

The investigation identified Li as a member of the money laundering conspiracy who, from 2021 through 2022, used his position as a Bank of America employee to knowingly open several accounts through which the organization laundered illicit funds. Li was also aware that some of the accounts were opened using fraudulent passports. As part of his involvement, when the bank’s financial auditing systems flagged or froze accounts for suspicious activity, Li helped Zhang circumvent the bank’s anti-money laundering protocols and move illicit funds elsewhere. In addition, Li was observed sitting next to Zhang at a dinner in New York, where Zhang discussed the different fee percentages he charged various criminal groups for drug trafficking and scams.

Zhang pleaded guilty in September 2023 and is scheduled to be sentenced on May 15, 2025.

The charge of money laundering conspiracy provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $500,000, or twice the amount involved, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorneys Christopher Pohl, Brian A. Fogerty and Meghan C. Cleary of the Criminal Division are prosecuting the case.

The details contained in the indictment are allegations. The remaining defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

March 6, 2025
MIL-OSI Security: U.S. 4th Fleet Conducts Maritime Staff Talks with Ecuador

Source: United States SOUTHERN COMMAND

ST. AUGUSTINE, Fla. –

Rear Adm. Carlos Sardiello, commander of U.S. Naval Forces Southern Command/U.S. 4th Fleet, hosted a delegation from the Ecuadorian Navy (Armada del Ecuador) for Maritime Staff Talks (MST) Feb. 27-28. The talks took place at historic St. Francis Barracks, Florida National Guard Headquarters.

Sardiello, leading the U.S. delegation alongside representatives from the U.S. Marine Corps and U.S. Coast Guard, welcomed the Ecuadorian Navy General Inspector, Rear Adm. Luis Eduardo Piedra and his delegation.

“This meeting represents a valuable opportunity to deepen our coordination, interoperability, mutual understanding, directly contributing to strengthening U.S. and regional security and prosperity,” said Rear Adm. Sardiello.

Rear Adm. Piedra echoed the sentiment of collaboration, emphasizing the importance of building trust during the talks.

“Without a doubt, the efforts made in this successful MST materialized in several action items which will contribute to making both of our countries stronger, safer and more prosperous,” said Rear Adm. Piedra.

Discussions focused on upcoming exercises, including Ecuador’s participation in UNITAS 2025, which will serve as a key event commemorating the upcoming 250th anniversaries of the U.S. Navy and Marine Corps.

Additionally, the Continuing Promise 2025 deployment was highlighted, with the USNS Comfort scheduled to make a stop in Ecuador as part of its six-mission stop humanitarian effort.

The U.S. delegation also provided updates on hybrid fleet operations in the Eastern Pacific.

Ecuador delivered presentations and briefed the U.S. delegation on mission objectives and maritime domain operations conducted by their Navy, both domestically and regionally.

The MST concluded with tour of the Castillo de San Marcos, a gift exchange, and Rear Adm. Sardiello and Rear Adm. Piedra signing minutes, signifying agreement on key points and continued collaboration. Both leaders expressed a shared commitment to reinforcing the strong and enduring partnership between the United States and Ecuador in the maritime domain.

U.S. Naval Forces Southern Command/U.S. 4th Fleet serves as a trusted maritime partner for Caribbean, Central and South American maritime forces, promoting unity, security, and stability in the region.

MIL Security OSI –

March 6, 2025
MIL-OSI Global: How the EU is preparing to play hardball in the face of Donald Trump’s tariff threats

Source: The Conversation – UK – By Magdalena Frennhoff Larsén, Associate Professor in Politics and International Relations, University of Westminster

US president Donald Trump sees himself as a born negotiator with a knack for driving a hard bargain and striking a good deal. When it comes to trade, his approach is clearly positional, and negotiations are treated as zero-sum games with winners and losers.

Imposing tariffs – or threatening to do so – is his preferred way of exerting influence over US trading partners. While tariffs are unilaterally imposed – and not the result of negotiations – they can be interpreted as an opening gambit to gain leverage in trade negotiations further down the line.

Since taking office, Trump has already announced a series of sweeping new tariffs, including an across-the-board steel and aluminium tariff to be effective from March 12.

He has also presented the “fair and reciprocal plan” aimed at correcting any trade imbalances facing the US, including the EU’s trade surplus in cars. And most recently, he threatened to impose 25% tariffs on all imported goods from the EU.

As the biggest trading partner of the US, the EU is concerned. Yet the EU is also a formidable negotiator.

Negotiations are very much part of the EU’s DNA. They are the bloc’s preferred way of engaging with third countries, and in trade the European Commission negotiates on behalf of the member states, projecting a unified EU front. With more trade agreements in place than any other country or regional bloc, it is considered a champion of a liberal global trade order.

Unlike Trump, the EU prefers a more open approach. Negotiations are considered win-win games, with a focus on relation-building and trying to understand where the other party comes.

Its response to the provocation from Washington has been rapid and strategic. Even so, the EU has already found that the only option with Trump is to play him at his own game.

The art of other deals

Sticking with what it knows best, the EU has hurried to conclude trade negotiations with other partners to offset some of the economic losses resulting from potential US tariffs, and to demonstrate its continued commitment to trade liberalisation and international cooperation.

Since Trump’s election, the EU has finalised negotiations for a groundbreaking trade deal with Mercosur – a South American trade bloc bringing together Argentina, Brazil, Paraguay and Uruguay. This agreement –- if ratified – will create a market of 800 million citizens and boost trade and political ties between the two regions.

Indirectly rejecting Trump’s “America first” approach, Commission president Ursula von der Leyen, stressed how the EU-Mercosur agreement is a political necessity, “bringing together like-minded partners that believe in openness and cooperation as engines of economic growth”.

The EU has also concluded negotiations on trade agreements with Switzerland and Mexico, relaunched negotiations for a comprehensive free trade agreement with Malaysia, and is aiming for a trade deal with India this year.

This reaction is similar to the EU’s response to the isolationist approach taken by Trump during his first administration. Most significantly, it then reached an extensive free trade agreement with Japan.

Cecilia Malmström, the EU trade commissioner at the time, highlighted how the EU and Japan were “”sending a strong signal to the world that two of its biggest economies still believe in open trade, opposing both unilateralism and protectionism”.

It was also the first time the EU used a trade agreement to commit to the Paris agreement on climate change – a commitment that was replicated in the EU-Mercosur agreement. This again, was a way of taking a stance against Trump’s broader rejection of multilateralism and withdrawal from the Paris agreement.

Although not intentionally, Trump has triggered an expansion of the EU’s network of trade agreements. But while these are significant, they cannot fully protect the EU from the effects of US-imposed tariffs. After all, the EU and the US are each other’s largest trading partners, and they have the world’s most integrated economic relationship.

For that reason, the EU has engaged in intensive diplomacy to try to avert the looming tariffs, and to lure the US to the negotiating table. It has expressed openness to lowering tariffs on industrial goods, including cars, while insisting such a move needs to form part of a broader negotiated deal, compatible with the rules of the WTO. However, these efforts have been to no avail.

This has left the EU with no choice but to adopt Trump’s positional approach and threaten to impose retaliatory measures. In response to the economic pressure exerted by Trump in his first term, the EU has expanded its arsenal of punitive measures, including an anti-coercion instrument that allows for rapid retaliation.

There has long been strong resistance to use such measures as it runs counter to the EU’s traditionally open negotiating approach, but the tone in Brussels has now hardened.

A tit-for-tat tariff war would negatively affect businesses and consumers on both sides of the Atlantic. During his first term Trump imposed tariffs on steel and aluminium, and the EU responded with targeted tariffs on goods, such as American whiskey and jeans.

This was followed by a political agreement, opening the door for trade talks. While a trade deal never materialised, it demonstrates how both the US and the EU recognised the need for a de-escalation of the dispute, and a return to the negotiating table.

This time around, the looming tariffs are more comprehensive, and they would have more far-reaching implications. The question is how long – and how damaging – the trade war will be before the parties return to the negotiating table. After all, that’s where you reach a deal.

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

– ref. How the EU is preparing to play hardball in the face of Donald Trump’s tariff threats – https://theconversation.com/how-the-eu-is-preparing-to-play-hardball-in-the-face-of-donald-trumps-tariff-threats-251506

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI Global: Growing Trump-Putin detente could spell trouble for the Arctic

Source: The Conversation – UK – By Duncan Depledge, Senior Lecturer in Geopolitics and Security, Loughborough University

vitstudio/Shutterstock

During a wide-ranging 90-minute speech to the US congress of March 4, Donald Trump revisited his determination to “get” Greenland “one way or the other”. Trump said his country needed Greenland “for national security”. While he said he and his government “strongly support your right to determine your own future” he added that “if you choose, we welcome you into the United States of America”.

Trump’s ambitions regarding Greenland and its considerable mineral wealth are just one of a raft of issues in the first six weeks of his second term that have plunged European global politics into disarray.

As the White House ramps up the pressure on Ukraine’s president, Volodymyr Zelensky, to allow the US access to Ukraine’s mineral wealth, the US president is also talking about “cutting a deal” with Russian president Vladimir Putin. That deal would not only mean territorial losses for Kyiv, but would prepare the ground for a potentially far-reaching economic partnership between the White House and the Kremlin.

Currently, Trump and Putin are primarily focused on Ukrainian territory and mineral assets. But discussions have also begun on where else “deals” might be made, including in the Arctic.

A carve up of the Arctic is an attractive proposition for the two countries given the importance both leaders attach to mineral resource wealth. As in the case of Ukraine, such an approach would reflect Trump’s predisposition for transactional geopolitics at the expense of multilateral approaches.

In the Arctic, any deal would effectively end the principle of “circumpolar cooperation”. This has, since the end of the cold war, upheld the regional primacy of the eight Arctic states (A8) that have cooperated to solve common challenges.

Since the Arctic Council was established in 1996, the A8 has worked on issues of environmental protection, sustainable development, human security and scientific collaboration. That harmony has been crucial in an era in which climate change is causing the rapid melting of Arctic ice.

Notably, the Arctic Council played an instrumental role in negotiating several legally binding treaties. These include agreements on search and rescue (2011), marine oil pollution preparedness (2013) and scientific cooperation (2017). It also supported the Central Arctic Ocean fisheries agreement (CAO) signed in 2018 by the Arctic Ocean states with Iceland, the EU, China, Japan and South Korea.

The Arctic Council – and more broadly, circumpolar cooperation – withstood the geopolitical aftershocks of Russia’s seizure of Crimea and parts of eastern Ukraine between 2014 and 2015. But Russia’s full-scale invasion of Ukraine left trust teetering on the precipice.

Within a month, European and North American members had pressed pause on regular meetings of the Arctic Council and its scientific working groups, isolating Moscow. Some activity eventually resumed at the working group level in virtual formats, but full engagement with Russia has remained conditional on a military withdrawal from Ukraine. Meanwhile, hefty sanctions were imposed by the US and Europe, including targeting Russian Arctic energy projects.

Russia’s response was to enhance its relationships with others. Countries such as Brazil, India, Turkey and Saudi Arabia now work with Russia in the Arctic on commercial and scientific projects. This pivot raised concerns among Nato allies about a stronger and challenging Russia-China presence across the Arctic. But the second Trump administration has changed the calculus. There’s now the threat of a new Arctic order based on the primacy – not of the A8 – but on a reset of US-Russia relations.

Change of focus

Trump’s signing of an executive order on February 4 to determine whether to withdraw support from international institutions may lead the White House to conclude there is no place for the Arctic Council. Its longstanding focus on climate change and environmental protection is anathema to the Trump administration, which has already withdrawn from the Paris agreement and is destroying domestic climate-related science programmes.

Climate change is bringing increased competition for access to valuable resources.
Peter Hermes Furian/Shutterstock

The longstanding commitment of the A8 to circumpolar cooperation, or even a narrow A5 (Canada, Denmark, Norway, Russia and the US) view of the primacy of the Arctic Ocean coastal states, is likely to be dismissed by the White House, which favours the embrace of great power politics. While many have warned that the Arctic Council can’t survive without Russia, losing US interest and support would surely be its death knell.

In this landscape of “America first”, the prospect of Washington and Moscow dividing the Arctic and its resources seems increasingly realistic. In such a situation, the international treaties signed by the A8, and the CAO may also be at risk. Denmark may find itself excluded altogether from Arctic affairs if Trump gets his way over Greenland. At any rate, all the Nordic Arctic states are likely to struggle to make their voices in the region heard.

A key question for European Nato and EU members is whether Trump would worry about Russian dominance in the European Arctic if it brought US-Russia economic cooperation to extract the region’s wealth? Might Trump even be supportive of Russian attempts to revisit the terms of the 1920 Spitsbergen Treaty, which ultimately gave Norway sovereignty over the Arctic archipelago (albeit with some limitations), if that too meant jointly unlocking Svalbard’s mineral resources let alone the wealth of the Arctic seabed?

What room, if any, would a deal leave for Indigenous people to be heard, or for international scientific collaboration on critical challenges related to climate and biodiversity?

If we have learned anything in the tumult of recent weeks, it is that European countries, individually and collectively, struggle to exercise strategic influence over contemporary geopolitical events. If Trump and Putin do begin negotiations over the Arctic, Europe may simply have to accept the end of the Arctic Council and circumpolar cooperation.

Climate science, environmental protection, sustainable development and the ability of Indigenous people to decide their future would all suffer. The UK and Europe meanwhile will be left to consider what, if anything, can be done to defend Arctic interests.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Growing Trump-Putin detente could spell trouble for the Arctic – https://theconversation.com/growing-trump-putin-detente-could-spell-trouble-for-the-arctic-251386

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI USA: Trump’s Dismantling of USAID is Anarchy Masquerading as Efficiency

US Senate News:

Source: United States Senator for Hawaii Brian Schatz
Nothing about Donald Trump’s hasty and illegal attempted dismantling of the United States Agency for International Development (USAID)—and with it, the decapitation of American power—is remotely efficient. Just this week, USAID’s now-former Inspector General found that there is currently half a billion dollars’ worth of American-grown food stranded at ports and warehouses across the country, on the verge of spoiling. That’s corn and rice and lentils and soybeans, grown in Iowa and Kansas and Texas and Oklahoma, that would have otherwise fed children in a school in Bangladesh or famished refugees at a camp in war-torn Sudan. (The Inspector General was subsequently fired for disclosing this information.)
Similarly, there’s no efficiency being achieved by obstructing one of the most successful global health programs in history—the President’s Emergency Program for AIDS Relief—which has saved 26 million lives over the past two decades. PEPFAR currently provides HIV treatment to over 20 million people around the world, meaning every day aid isn’t flowing inches us closer to the very outbreaks we’ve worked so hard to prevent.
Whether it’s delivering clean water to communities across Africa; or promoting economic development through education in Mali and small business support in El Salvador; or providing life-saving care in Thailand and Syria; or fighting human trafficking in Nepal and Liberia, thousands of USAID workers and contractors make miracles big and small happen every day.
But USAID succeeds as more than just a moral matter. Each year, it pours billions of dollars back into the U.S. economy, supporting farmers and businesses that provide food and other supplies. It also helps fight terrorist groups and drug cartels that endanger Americans, while deepening American values and interests in every corner of the globe. But perhaps the most underappreciated aspect of USAID’s work is its singular ability to forge relationships with unlikely partners which help combat the harmful influence of adversaries like China and Russia.
It’s no surprise, then, that Beijing and Moscow are now cheering on our sudden retreat. They’re not wasting any time filling the void, either. Within days of USAID’s closure, China sent aid and dispatched workers to take on projects we’ve abandoned in the Indo Pacific and Africa. Intended or not, that will be the enduring consequence of this episode of chaos: an emboldened China, all-too-eager to exploit American isolation to grow its own power and influence.
Like any organization, USAID is not perfect. There are inefficiencies and redundancies, and evolving challenges and emerging technologies present opportunities for improvement. It’s also entirely legitimate to question whether U.S. funding is aligned with our current priorities and interests and seek to adjust it as needed within the four corners of the law. Doing that is one of Congress’ most fundamental responsibilities—and something I was eager to work on when I became the lead Democrat on the Senate Appropriations subcommittee overseeing foreign aid last month.
But the abrupt and total shutdown of USAID—in defiance of multiple federal laws through which it was codified and funded—reveals a simple truth: The Department of Government Efficiency is not actually about achieving efficiency. Rather, it’s about Trump trying to wish away whichever parts of the government he doesn’t like. Were a purge of this nature to happen in a country halfway around the world, we would rightly call it an authoritarian takeover. The fact that it’s happening at our own doorstep doesn’t change that.
Much of what DOGE claims to have newly unearthed are either outright lies or were already publicly available for all to see. Worse, there’s no telling what funding they deem unnecessary—except for vague, baseless descriptions like “woke” and “radical” and “criminal.”
The way to make reforms is through the lawmaking process—not the lawbreaking process. If you believe that a program needs to be narrowed in scope, reformed a great deal, or even eliminated altogether, the way to do that is by proposing a law—not by rampaging the federal government and stripping it for parts. Our government with three separate but co-equal branches exists precisely to prevent this kind of anarchy operating under a thin veneer of fiscal responsibility and shrewd cost-cutting.
Moving fast and breaking things may be an acceptable way to conduct business at a tech company. But a break now, fix later strategy doesn’t work when you’re the leader of the free world. What’s on the line is not advertising revenue and the user experience, but lives and livelihoods. Hundreds of millions of them, in fact. People will die, diseases will spread, and famine will grow. Trump is trying to hoodwink Americans into thinking the only way to achieve efficiency is by exacting maximum chaos and cruelty. It’s a false choice and we must reject it.

MIL OSI USA News –

March 6, 2025
MIL-OSI Security: United States Attorney Durham Launches the Eastern District of New York’s Transnational Criminal Organizations Strike Force
Source: United States Department of Justice (Human Trafficking)

Strike Force Focuses on Dismantling Cartels and Transnational Criminal Organizations
U.S. Attorney for the Eastern District of New York John J. Durham announced today the creation and launch of the Eastern District of New York’s Transnational Criminal Organizations (TCOs) Strike Force. Capitalizing on the Office’s preeminence in this area, the Strike Force will focus on investigating, prosecuting and dismantling cartels and TCOs, and their senior leadership by bringing charges that include terrorism, racketeering and operating a continuing criminal enterprise.

“I am establishing this Strike Force with immense pride in what this Office has already accomplished, as well as the knowledge that there is much more work to be done in the fight against TCOs,” stated United States Attorney Durham. “Because of my Office’s significant experience and expertise in this area, we have a responsibility to our community and our country to dismantle these ruthless organizations from the top down in order to stop the violence, flow of drugs, and dangers they unleash in our District and across the nation.”

For more than two decades, the U.S. Attorney’s Office for the Eastern District of New York has been a nationwide leader in prosecuting many of the most significant TCOs in the country and the world, including innovative indictments of the highest-ranking international leaders of the La Mara Salvatrucha (MS-13), Sinaloa Cartel, Guadalajara Cartel, Juarez Cartel, H-2 Drug Cartel, Clan de Golfo and others. In addition, this Office has investigated and prosecuted numerous other TCOs that have a significant operating presence in our district, including the Trinitarios, 18th Street and, more recently, Tren de Aragua (TdA). Notably, United States Attorney Durham has been at the forefront of these prosecutions, leading and serving on the Attorney General’s Transnational Organized Crime Task Force Subcommittee for MS-13 and directing Joint Task Force Vulcan, while other AUSAs in the Office have served on the subcommittees for Sinaloa, Jalisco New Generation (CJNG) Cartel, Hezbollah and Clan de Golfo.

Consistent with the Attorney General’s memorandum titled “TOTAL ELIMINATION OF CARTELS AND TRANSNATIONAL CRIMINAL ORGANIZATIONS” issued on February 5, 2025, which provided further guidance regarding President Trump’s January 20, 2025 Executive Order regarding TCOs such as TdA and MS-13, the Strike Force’s mission is as follows:
- Investigating, prosecuting and dismantling cartels and TCOs, with a particular focus on their senior leadership and management, including without limitation: Mexican drug cartels such as the Sinaloa, H-2, Juarez, CJNG and Clan de Golfo cartels, and TCOs that have a significant operating presence in the District, such as MS-13, the Trinitarios, the 18th Street gang and TdA.
- Disrupting the criminal activities of TCOs, particularly those operating in the United States and/or that impact United States victims at home or abroad, including TCOs engaged in criminal activity involving terrorism; racketeering; drug trafficking, particularly with respect to fentanyl and fentanyl precursors; violent crime; human trafficking and smuggling; corruption of foreign officials; money laundering; immigration crimes; and fraud and cybercrime schemes.
- Identifying the sources and methods of illicit funds related to TCO financing and profits, and seizing and forfeiting bank accounts, digital assets, real property and other assets that are criminally derived, commingled with criminal proceeds, or otherwise involved in money laundering by or in support of TCOs.
- Coordinating the investigative efforts of the Office’s federal law enforcement partners in the Eastern District and beyond, including the Federal Bureau of Investigation, Drug Enforcement Administration, Homeland Security Investigations, Bureau of Alcohol, Tobacco, Firearms and Explosives, United States Postal Inspection Service, Internal Revenue Service, as well as High Intensity Drug Trafficking Areas Program (HIDTA), state and local police departments and district attorneys’ offices.
- Strengthening the Office’s partnerships and coordination with other Department of Justice components, including the National Security Division, Criminal Division, Joint Task Force Vulcan, Joint Task Force 10-7, Joint Task Force Alpha, OCDETF, MLARS, NDDS, OIA and other United States Attorney’s Offices.
The Chief of the International Narcotics and Money Laundering Section Francisco J. Navarro has been selected to serve as Director of the EDNY TCO Strike Force, and Assistant U.S. Attorneys Megan E. Farrell and Gabriel Park have been selected as Deputy Directors. In addition, the Strike Force will have at least one representative from each section of the Office’s Criminal Division to capitalize on existing experience, coordinate strategic focus and maximize resources to make an even more significant impact combatting TCOs. The Strike Force will also include OCDETF-designated AUSAs, Project Safe Neighborhood (PSN) coordinators, as well as a designated representative from the Civil Division to ensure the Strike Force leverages civil remedies as appropriate. The Strike Force will also coordinate closely with the Office’s Immigration Enforcement Working Group.

Francisco J. Navarro

AUSA Navarro joined the Department in 2013 and the Office in 2018 after serving as an AUSA in the District of New Jersey. He has been in charge of INML since April 2023. He received his B.A. from Boston University and his J.D. from Georgetown University Law Center.

AUSA Navarro has prosecuted several significant narcotics, national security and material support cases. He has also prosecuted significant white collar cases involving sanctions evasion, money laundering and the Bank Secrecy Act. For example, AUSA Navarro is part of the team prosecuting Rafael Caro Quintero for leading a continuing criminal enterprise, including his role in the kidnapping, torture and murder of DEA Special Agent Enrique “Kiki” Camarena. He is also leading the team prosecuting Ismael Zambada Garcia (aka “El Mayo”) for his founding and two-decade leadership of the Sinaloa Cartel—a continuing criminal enterprise—and one of the most violent and powerful drug cartels in the world. In United States v. Usuga David, et al., he led the team that obtained a 45-year prison sentence against Dairo Usuga David (aka “Otoniel”) who was the supreme leader of the Clan del Golfo and was considered the most dangerous narco-terrorist in Colombia since Pablo Escobar. AUSA Navarro also led the team that obtained the first indictments in the nation against Chinese chemical manufacturing companies and employees for importing fentanyl precursors into the United States and working with Mexican cartels to manufacture and distribute fentanyl in the United States. In addition, AUSA Navarro is also leading the prosecution of Mohammad Bazzi, a Specially Designated Global Terrorist and financier for Hizballah, a foreign terrorist organization on sanctions evasion and money laundering charges. AUSA Navarro has been involved in multiple prosecutions of individuals and institutions for failing to follow United States laws regarding maintaining effective anti-money laundering programs, the prohibition on the provision of material support to designated Foreign Terrorist Organizations, or other financial regulations.

Megan E. Farrell

AUSA Farrell joined the Office in 2018, and currently serves in the Office’s Long Island Criminal Section. She is one of the Office’s Human Trafficking Coordinators and previously served as an Acting Deputy Chief in the Office’s General Crimes Section. She received her B.A. from Boston College and her J.D. from St. John’s University.

AUSA Farrell has prosecuted significant organized crime, gang and sex trafficking cases during her time in the Office. In United States v. Canales-Rivera et al. and United States v. Arevalo-Chavez et al., she is part of the team prosecuting the highest-ranking members of MS-13’s international command and control structure, including the body known as the Ranfla Nacional, with charges that include conspiracy to provide and conceal material support to terrorists, conspiracy to commit acts of terrorism transcending national boundaries, conspiracy to finance terrorism and narco-terrorism conspiracy. In United States v. Alexi Saenz et al., AUSA Farrell was part of a team that secured the convictions of two MS-13 defendants to racketeering and other charges in connection with eight murders. In United States v. Blanco et al., she was a member of the team that secured the convictions of three high-ranking MS-13 gang members to racketeering charges in connection with nine murders. In United States v. Escobar, AUSA Farrell was part of the team that secured a sentence of 50 years after the defendant was convicted on April 8, 2022, following a four-week trial, of racketeering, including predicate acts of murder, conspiracy to murder rival gang members, and obstruction of justice and murder in aid-of racketeering, in relation to the deaths of four young men who were hacked to death with machetes and other sharp objects by more than a dozen MS-13 members and associates after Escobar lured them to a local park in 2017. In United States v. Lampley-Reid, AUSA Farrell was part of the team leading to a Bloods gang member being sentenced to 23 years in prison for sex trafficking of minors. Additionally, AUSA Farrell is part of the team charging former CEO of Abercrombie & Fitch and two other individuals with sex trafficking and interstate prostitution.

Gabriel Park

AUSA Park joined the Office in 2022 after serving in the United States Air Force Judge Advocate General’s Corps. He received his B.A. from Wake Forest University and his J.D. from Brooklyn Law School and clerked for the Honorable Dora L. Irizarry. He currently serves in the Office’s Organized Crime and Gangs Section.

AUSA Park has prosecuted significant violent organized crime and gang cases. In United States v. Yu, he was part of the prosecution team that convicted two defendants who were subsequently sentenced to life imprisonment in a murder-for-hire scheme of a perceived business rival, and in the related case United States v. Abreu, AUSA Park was on the prosecution team that convicted a third defendant for his role in the murder-for-hire scheme. In United States v. Thompson, AUSA Park was on the prosecution team that convicted a Long Island man who was later sentenced to 30 years in prison for drug trafficking, distribution of fentanyl that resulted in a death and illegal possession of firearms.
MIL Security OSI –
March 6, 2025
MIL-OSI Security: Five-Time Deported Mexican National Arrested in New Braunfels

Source: Office of United States Attorneys

SAN ANTONIO – A Mexican national was arrested in San Antonio on criminal charges related to his alleged illegal re-entry.

According to court documents, Jose Guadalupe Deciga-Lopez was arrested during a vehicle stop in New Braunfels on March 3. Immigration records reflect Deciga-Lopez had been previously removed from the U.S. to Mexico once in 2014, twice in 2017, again in 2018 and, most recently, in 2023.

If convicted, Deciga-Lopez faces up to 10 years in federal prison and a maximum $250,000 fine. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting U.S. Attorney Margaret Leachman for the Western District of Texas made the announcement.

Immigrations and Customs Enforcement’s (ICE) Enforcement and Removal Operations (ERO) is investigating the case.

Special Assistant U.S. Attorney Anne Marie Cordova is prosecuting the case.

A criminal complaint is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

March 6, 2025
MIL-OSI: Tokio Marine HCC President Mike Schell Retires After Five Decades in Insurance

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 05, 2025 (GLOBE NEWSWIRE) — Tokio Marine HCC, based in Houston, Texas, today announced that Mike Schell will retire from his role as President of the company on March 31, 2025. Barry Cook, CEO of Tokio Marine HCC International, will additionally assume a newly created position of Deputy CEO, effective April 1, 2025.

Mr. Schell joined Tokio Marine HCC in 2002 and retires after more than 50 years in the insurance industry, including 25 years at St. Paul Companies and five years at Insurance Company of North America.

“Mike’s contribution to our leadership team, to our culture, to our business and to our industry has been immense. For 23 years, he has been a central figure at Tokio Marine HCC. He has guided us through market cycles, helped us overcome industry challenges and been a key player in the growth and success of our business,” said Susan Rivera, Tokio Marine HCC’s CEO. “His experience, insights and expertise have been invaluable assets to me, my colleagues on the leadership team and throughout Tokio Marine HCC. We will miss him and his counsel dearly.”

Ms. Rivera continued, “As we close out another record year, Mike can be proud of his contributions in making Tokio Marine HCC one of the best-performing specialty insurers.”

Reflecting on his time at the company, Mr. Schell said, “I am proud of what we have achieved at Tokio Marine HCC over the past 23 years. The business is unrecognizable from the company I joined due to its expanded product offering and global reach. It has been a privilege to be a part of its countless successes, to work with such talented and resolute people, and to be part of the journey.”

Mr. Cook commented, “Mike is a market stalwart who has made an exceptional contribution to Tokio Marine HCC and to our industry. His dedication and commitment throughout an incredible career have set a standard which few will match.”

About Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $70 billion as of December 31, 2024. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from AM Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.

Contact: Doug Busker, Vice President – Public Relations
Tokio Marine HCC
713-996-1192

The MIL Network –

March 6, 2025
MIL-OSI Economics: Membership Updates for March 2025
Source: International Association of Drilling Contractors – IADC

Headline: Membership Updates for March 2025

IADC welcomes 21 new Members:
- APEX WELLS B.V. – Velp, The Netherlands
- JFETC UK – Westhill, Aberdeenshire, UK
- LAST MILE ENERGY, INC – Odessa, Texas, US
- NANCE UNIVERSAL HVACR TECHNICAL SCHOOL INC – Beaumont, Texas, US
- RED FORT PPE INDUSTRIES PVT LTD – Mumbai, India
- SEATAG AUSTRALASIAN SERVICES PTE LTD – Singapore, Singapore
- SMARTCHAIN – Houston, Texas, US
- WELL GUIDANCE B.V. – Obdam, North Holland, The Netherlands
- CRESTON ENERGY GROUP – Bryan, Texas, US
- INGERSOLL RAND – Davidson, North Carolina, US
- NANCE INTERNATIONAL INC – Beaumont, Texas, US
- SURVIVAL SYSTEMS INTERNATIONAL MIDDLE EAST LLC – Dubai, UAE
- ZELIM LTD – Edinburgh, UK
- GRACIANO RODRIGUEZ – Madrid, Spain
- ALAQ AL- EZDEHAR CO. – Basra, Basra, Iraq
- ASET – ABERDEEN SKILLS AND ENTERPRISE TRAINING LTD – Altens, Aberdeen, UK
- PT NEOTEK INOVASI GLOBAL – BSD City, Indonesia
- SEED BUSINESS GROUP LTDA – Macae, Rio de Janeiro, Brazil
- LIBYAN GROUP FOR OIL AND ENERGY SERVICES LLC – Tripoli, Libya
- SEQ DRILLING INC – Hanover, Virginia, US
- CONSTRUCCIONES Y PROYECTOS DEL NORTE C.A – Caracas, Miranda, Venezuela
MIL OSI Economics –
March 6, 2025
MIL-OSI USA: ICE arrests violent criminal alien outside Northampton Prison without cooperation from prison officials

Source: US Immigration and Customs Enforcement

PHILADELPHIA – U.S. Immigration and Customs Enforcement arrested Amilcar Josue Villalvir Mendez, a citizen of Honduras, at the Northampton County Prison in Easton, Feb. 27. Prison officials failed to honor an immigration detainer and turn Villalvir over to ICE officials within the security of the prison, thus risking the safety of the public, the officers and Villalvir himself. Villalvir is a criminal alien with prior convictions for aggravated assault, theft by unlawful taking, possession of marijuana, speeding more than 25 MPH over the speed limit and retail theft.

“The arrest of Amilcar Josue Villalvir Mendez highlights the crucial importance of local and federal law enforcement cooperation in ensuring public safety. Northampton County choosing to place politics over safety instead of honoring our detainer, put everyone involved at unnecessary risk,” said ICE Enforcement and Removal Operations Philadelphia acting Field Office Director Brian McShane. “We urge all jurisdictions to prioritize the safety of their residents by honoring immigration detainers and working collaboratively with us. Our commitment to enforcing immigration laws and protecting public safety remains unwavering, and we will continue to pursue justice for those who violate our nation’s laws.”

Villalvir was arrested by the Palmer Township Police Department Sept. 27, 2021, for aggravated assault, simple assault, and harassment after police were dispatched to a residence for a report of a domestic disturbance. Villalvir pled guilty March 31, 2002, in the Northampton County Court of Common Pleas to aggravated assault and was sentenced to six to 23 months confinement. He was resentenced to one year to 23 months less two days confinement after violating the original terms.

Villalvir was arrested again by the Palmer Township Police Department for access device fraud, theft by unlawful taking, and receiving stolen property on Feb. 26, 2024. His girlfriend, the previous assault victim, died of a drug overdose Oct. 29, 2023, and the next day, just hours after she had passed away, Villalvir was observed on video surveillance withdrawing money from her bank account at an ATM. Villalvir pled guilty to theft by unlawful taking in the Northampton County Magisterial District Court.

Members of the public with information can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE Philadelphia’s mission to increase public safety in our Pennsylvania, Delaware and West Virginia communities on X: @EROPhiladelphia

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: ICE forced to arrest convicted drug dealer on the street due to noncompliance with immigration detainer

Source: US Immigration and Customs Enforcement

PHILADELPHIA – U.S. Immigration and Customs Enforcement arrested Anderson Nunez-Hernandez, a citizen of the Dominican Republic, as he was exiting the Philadelphia Industrial Correctional Complex, Feb. 21. Nunez-Hernadez is a criminal alien with a prior conviction for possession with intent to distribute for which he served a 23-month sentence. ICE was forced to apprehend Nunez-Hernandez as he exited the facility, in public, as the Philadelphia Sheriff’s Department refused to honor the immigration detainer ICE placed on him.

“Failing to honor immigration detainers compromises public safety and squanders taxpayer funds. It forces ICE to divert substantial resources to locate and apprehend criminal aliens in unpredictable, high-risk public areas,” said ICE Enforcement and Removal Operations Philadelphia acting Field Office Director Brian McShane. “Instead of facilitating the safe transfer of criminal aliens from local to federal law enforcement within the secure confines of a facility, the Philadelphia Sheriff’s Office releases these individuals onto the streets without coordinating with federal officials. Congress has authorized ICE to issue arrest warrants, and copies of these warrants are provided to the facility when ICE lodges a detainer. In this case, the failure to honor the detainer is even more mind boggling, as an ICE officer was involved in the initial investigation putting this individual behind bars for this drug offense in the first place. We urge officials in Philadelphia to prioritize public safety over politics and collaborate with ICE to protect the public and support our national security objectives.”

The U.S. Border Patrol arrested Nunez-Hernandez for entering the United States without admission by an immigration official near McAllen, Texas, Oct. 30, 2021. He was issued a notice to appear before an immigration judge, paroled from ICE custody and scheduled to report for immigration removal proceedings in Philadelphia on Dec. 1, 2021.

Nunez-Hernandez was investigated by the Pennsylvania Attorney General’s Bureau of Narcotics Investigation, which includes an ICE officer, after an extensive narcotics investigation ultimately led to his arrest. A large amount of Fentanyl was seized while executing a search warrant.

Nunez-Hernandez was convicted in the Court of Common Pleas of Philadelphia County on Feb. 21 for the offense of possession with Intent to distribute a controlled substance.

Members of the public with information can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE Philadelphia’s mission to increase public safety in our Pennsylvania, Delaware and West Virginia communities on X: @EROPhiladelphia

MIL OSI USA News –

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.

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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: Luján Introduces Legislation to Modernize Broken Mining Law, Protect Public Lands and Taxpayers
US Senate News:
Source: US Senator for New Mexico Ben Ray Luján

Luján Bill Would Update the 1872 Mining Law Which Has Led to Significant Waste, Fraud, and Abuse

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) introduced the Mining Waste, Fraud, and Abuse Prevention Act of 2025, legislation that would reform the broken 1872 Mining Law. Failure to update the 1872 Mining Law has allowed mining companies to exploit public resources for free, pass environmental costs onto taxpayers, and engage in speculation with minimal government oversight. Congressman Raúl Grijalva (D-Ariz.) leads companion legislation in the House.

Senator Luján’s bill would update the 153-year-old law by eliminating patenting of federal lands, imposing a federal minerals royalty, establishing a Hardrock Minerals Reclamation Fund for the cleanup of abandoned mines, and requiring a review of certain lands within three years to determine if they should be available for future mining claims.

“Elon Musk and President Trump are putting a chainsaw to our federal workforce and public lands protections. If Republicans were serious about eliminating waste, fraud, and abuse, they would join me in reforming this Civil War-era mining law that has allowed mining companies to exploit our gold, silver, and critical minerals from public lands without paying their fair share and stiffing the American taxpayer with the cleanup costs. It’s far past time that we update this law to crack down on actual waste, fraud, and abuse,” said Senator Luján. “I am proud to lead this legislation to modernize the broken 1872 Mining Law to reduce waste, protect taxpayers, generate revenue, and protect public lands. I look forward to working with my colleagues to get this legislation passed.”

“For more than a century and a half, the mining industry has operated under an outdated, free-for-all system that gives them carte blanche to pollute and destroy, while American taxpayers get stuck with the cleanup bill. Under the Mining Law of 1872, foreign-owned companies, even companies controlled by our adversaries with egregious track records of human rights abuses and environmental harms, can mine our publicly-owned minerals. These companies then ship our minerals abroad without paying a cent back to the American people or even committing for these minerals to support the U.S. economy. It’s past time to reject this harmful status quo and move forward with commonsense reforms that protect Americans and ensure a more responsible, accountable mining industry that actually benefits Americans,” said Representative Grijalva. “Securing the minerals we need for our clean energy future cannot come at the cost of our environment, our health and safety, or tribal sovereignty. I want to thank Senator Luján for lending his leadership to join me in this effort and encourage my colleagues on both sides of the aisle to do the same.”

Specifically, the Mining Waste, Fraud, and Abuse Prevention Act of 2025 would:
- Require annual rental payments for claimed public land, thereby treating mine operators as other public land users.
- Set a royalty rate of not less than 5% and not greater than 8% based on the gross income of production on federal land but would not apply to mining operations already in commercial production or those with an approved plan of operations.
- Revenues would be deposited into a Hardrock Minerals Reclamation Fund for abandoned mine cleanup. Additionally, the Fund would be infused by an abandoned mine reclamation fee of 1% to 3%.
- Allow the Secretary of the Interior to grant royalty relief to mining operations based on economic factors.
- Require an exploration permit and mining operations permit for non-casual mining operations on federal land, which would be valid for 30 years and continue as long as commercial production occurs.
- Permit states, political subdivisions, and tribes to petition the Secretary of the Interior to have lands withdrawn from mining.
- Require an expedited review of areas that may be inappropriate for mining, and allow specific areas be reviewed for possible withdrawal.
The Mining Law of 1872 was enacted to promote mineral exploration and development in the western United States. Today, the Civil War-era statute still guarantees broad rights to individuals and corporations, including foreign-owned, to extract minerals from public lands without payment of royalties to the federal government and constrains protections for public health and the environment.

The legislation is cosponsored by U.S. Senators Michael Bennet (D-Colo.), Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), Bernie Sanders (D-Vt.), Chris Van Hollen (D-Md.), Ron Wyden (D-Ore), and Elizabeth Warren (D-Mass.).

The legislation is supported by Earthjustice, Earthworks, Hualapai Tribe, The Wilderness Society, Natural Resources Defense Council, Grand Canyon Trust, Outdoor Alliance, Backcountry Hunters & Anglers, the National Parks Conservation Association, and Trout Unlimited.

Endorsement quotes can be found here.

Full bill text is available here.
MIL OSI USA News –
March 6, 2025

Category: Latin America

British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy

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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