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We are an independent oil and natural gas company, organized in 2006, with a principal focus on acquisition, development and production activities in the U.S. As of December 31, 2025, we had an interest in 1,446 gross (825 net) producing wells, approximately 930 of which we operate, and 574,599 gross (378,537 net) total acres under lease.
38.98% operating margin is above average. ROIC at 9.91%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 24.8% YoY with margins expanding 12.5pp. However, free cash flow softened 13%, worth monitoring whether this is timing or structural.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$164M
▲ +24.8% YoY
Net Income (TTM)
$76M
▲ +11.5% YoY
Op. Margin
40.74%
▲ +12.5pp YoY
ROIC
10.48%
▲ +4.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$27M
▼ -12.6% YoY
Op. Cash Flow (TTM)
$100M
▲ +35.4% YoY
Net Debt
-$103M
Net Cash Position
Cash & Equiv.
$103M
5Y CAGR: +6.3%
5Y CAGR: +2.8%
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