Significant Revenue and EBITDA Growth
The company generated revenues of approximately $43 million, representing a 41% increase compared to the same period last year. Adjusted EBITDA was $25.5 million in the quarter, compared to roughly $15 million in the prior year period.
Production Increase
Total production averaged nearly 18 MBoe per day, an increase of approximately 17% on a BOE basis and 30% on an oil basis year-over-year.
Strong Cash Position
Cash, including restricted cash at the end of the quarter, was just over $100 million, representing more than $2.75 per share of common stock outstanding.
No Debt and Strong Dividends
The company has no term debt or revolving debt obligations and paid $4 million in dividends during the quarter, with a total of $4.25 per share paid to shareholders since the beginning of 2023.
Successful Drilling Operations
The first operated well in the Cherokee drilling program was successfully drilled, with production anticipated later in the month. The company plans to drill eight operated Cherokee wells this year.
Improved Natural Gas Prices
Benefiting from improved natural gas prices, Henry Hub prices rose to $4.30 per Mcf, nearly doubling from 2024.