Achieved 75% adjusted EBITDA growth and 54% production growth in 2025, driven by higher volumes and improved Marcellus pricing.

Transformed the asset base through the Peak acquisition, adding over 100 net high-rate-of-return drilling locations in the Powder River Basin (PRB).

Realized significant short-term upside in Pennsylvania gas pricing during January 2026, generating $4.8 million in net sales in a single week.

Strategic exit from Oklahoma assets generated over 8x the expected 2026 cash flow when accounting for cash proceeds and tax savings.

Management is actively 'clearing the decks' by divesting non-core assets, including an Oklahoma position and a Colorado office building, to focus capital on high-return inventory.

Operational focus in the PRB is centered on the Parkman formation, which offers superior IRRs compared to the Niobrara and Mowry formations at current prices.

The company maintains a conservative financial profile, targeting an average annual leverage ratio below 1.5x while sustaining a fixed dividend.

Capital allocation over the next two years is projected to be 50% focused on the Powder River Basin, with the remainder split between the Marcellus and Barnett.

Anticipates accelerated Marcellus development in 2027 and 2028, which is expected to drive increased midstream throughput and capital-efficient cash flow.

Development in the Barnett asset is transitioning to three-mile laterals and centralized facilities to drive down unit costs and improve returns.

Management expects returns on Niobrara and Mowry inventory to improve as they scale operations and extend lateral lengths to match industry standards of 3 to 3.5 miles.

Planned infrastructure investments, including a water supply facility in Wyoming, are designed to support a 12-well Parkman program and reduce future development costs.

Recorded $6.9 million in transaction costs related to the Peak acquisition, though half were pre-existing Peak expenses adjusted for in the closing consideration.

Recognized impairments in Canada and New Mexico driven by a sub-$60 WTI oil strip requirement and a frac hit impacting New Mexico reserves.

Identified well underperformance in Canada, leading to a decision that the area currently does not compete for capital despite its long-term option value.

Resolved BLM permitting issues in Converse County around the time of the Peak closing, securing seven approved permits for high-priority inventory.

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Management stated that at $75 WTI, Converse County Parkman returns exceed 200% with an eight-month payout.

Niobrara returns improve to the 40-45% range at $75 oil, up from 25-30% at a $65 price point.

Barnett three-mile laterals see IRRs move into the 60% range with 18-month payouts at $70 oil.

The company is testing the market for a small package of non-core overrides (less than 1,000,000 cubic feet per day) located outside the core Auburn area.

Management believes they can transact at an accretive multiple due to robust market interest in mineral interests, allowing for reinvestment in higher-return drilling.

Management noted that offset operators like EOG and Devon are shifting to 3 to 3.5-mile laterals in the Niobrara to enhance economics.

While Epsilon remains focused on the Parkman for the next two years, they are monitoring Niobrara results closely as a 'material wedge of value' for future development.

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