Executive Summary

Q4 2024 was operationally mixed: production slipped to 18.5 Mboe/d and Adjusted EBITDA declined to $21.8M on lower realized oil prices and unplanned Beta ESP failures, while free cash flow remained positive for the 10th straight quarter and management reiterated a 2025 ramp at Beta and accretive Juniper transaction closing in Q2 2025 .
Reported net loss of $7.4M (-$0.19/sh) was driven by non-cash unrealized losses on commodity derivatives; Adjusted Net Income was $5.1M, highlighting resilient underlying operations despite transient issues .
2025 standalone guidance targets 19–21 Mboe/d and $100–$120M Adjusted EBITDA with $70–$80M capex, underpinned by six Beta completions; management cites IRRs ~100% for Beta wells and early 2025 Beta oil rates up ~9% vs Q4 .
Catalysts: (1) C48 well (first C-sand horizontal) early performance readouts, (2) Juniper deal approval/close and financing, (3) 2025 Beta cadence and Bairoil power cost savings (~$0.5M/month in 2H25), and (4) hedge-protected cash flows (oil 70–75% and gas 85–90% 2025 PDP hedged) .

What Went Well and What Went Wrong

What Went Well
- Beta development momentum: A50 and C59 outperformed type curves with IRRs >100%; six 2025 completions planned, and early March Beta oil rates +~9% vs Q4 with C48 drawdown ongoing .
- Strategic portfolio moves: East Texas Haynesville monetizations generated ~$7.6M net proceeds while retaining upside (10% WI/ORRI, AMI with >30 gross locations) .
- Balance sheet and hedging: Net debt/LTM Adjusted EBITDA 1.2x with $127M RCF drawn; oil 70–75% and gas 85–90% of 2025 PDP hedged; 2025–2026 additional oil swaps at ~$68/Bbl .
What Went Wrong
- Q4 EBITDA and production softness: Adjusted EBITDA fell to $21.8M (from $25.5M in Q3) and production to 18.5 Mboe/d, driven by lower realized oil prices and Beta ESP failures/workovers (LOE +5% q/q) .
- Non-cash derivative headwind: Unrealized loss on commodity derivatives swung to a loss, driving GAAP net loss of $7.4M (vs Q3 $22.7M profit) .
- Cost pressure at Bairoil: Higher regulated electricity rates contributed to lower PV-10 and are a headwind, though mitigation projects are planned for 2H25 .

Financial Results

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenues ($MM)	$79.503	$69.858	$69.021
Oil & Gas Sales ($MM, unhedged)	$72.346	$68.135	$67.189
Net Income ($MM)	$7.119	$22.652	$(7.429)
Diluted EPS ($)	$0.17	$0.54	$(0.19)
Adjusted Net Income ($MM)	—	$9.777	$5.087
Adjusted EBITDA ($MM)	$30.749	$25.544	$21.847
Free Cash Flow ($MM)	$9.151	$3.599	$2.925
Avg Daily Production (Mboe/d)	20.3	19.0	18.5
LOE ($/Boe)	$19.70	$18.98	$20.57
GPT ($/Boe)	$2.66	$2.45	$2.62
Cash G&A ($MM)	$6.582	$6.224	$6.348
Realized Oil Price ($/Bbl, ex-deriv.)	$76.51	$71.74	$66.82

Notes: Adjusted figures per company definitions and reconciliations . Q/Q declines in Q4 were primarily driven by lower realized oil pricing and Beta ESP-related downtime/workovers .

Segment production volumes (MBoe)

Region	Q2 2024	Q3 2024	Q4 2024
Bairoil	301	294	293
Beta	277	304	308
Oklahoma	492	454	436
East Texas / North Louisiana	709	638	609
Eagle Ford (Non-op)	64	62	60
Total	1,843	1,752	1,706

KPIs and realized pricing

KPI	Q2 2024	Q3 2024	Q4 2024
Liquids %	60%	60%	62%
Realized Oil ($/Bbl, ex-deriv.)	$76.51	$71.74	$66.82
Realized NGL ($/Bbl, incl. deductions)	$18.99	$20.30	$22.09
Realized Gas ($/Mcf, incl. deriv.)	$3.16	$3.22	$3.27

Estimate comparisons

Metric	Q4 2024 Actual	Q4 2024 S&P Global Consensus
Revenue ($MM)	$69.021	N/A (unavailable)
Diluted EPS ($)	$(0.19)	N/A (unavailable)

S&P Global consensus estimates were unavailable at the time of analysis due to access limits; therefore, no estimate comparisons can be shown for Q4 2024. Values would have been retrieved from S&P Global if available.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Avg Daily Production (Mboe/d)	FY 2025	N/A	19.0–21.0	New
Oil (MBbls/d)	FY 2025	N/A	8.5–9.4	New
NGL (MBbls/d)	FY 2025	N/A	3.0–3.3	New
Gas (MMcf/d)	FY 2025	N/A	45–51	New
Oil Differential ($/Bbl)	FY 2025	N/A	($3.25)–($4.25)	New
NGL Realized (% of WTI)	FY 2025	N/A	27%–31%	New
Gas Realized (% of Henry Hub)	FY 2025	N/A	85%–92%	New
GPT ($/Boe)	FY 2025	N/A	$2.25–$2.85	New
Lease Operating ($/Boe)	FY 2025	N/A	$18.50–$20.50	New
Taxes (% of revenue)	FY 2025	N/A	6.0%–7.0%	New
Cash G&A ($/Boe)	FY 2025	N/A	$3.40–$3.90	New
Adjusted EBITDA ($MM)	FY 2025	N/A	$100–$120	New
Cash Interest ($MM)	FY 2025	N/A	$12–$18	New
Capex ($MM)	FY 2025	N/A	$70–$80	New
Free Cash Flow ($MM)	FY 2025	N/A	$10–$30	New
Other Revenue ($MM)	FY 2025	N/A	$6–$9 (incl. Magnify $4–$6)	New
Magnify EBITDA ($MM)	FY 2025	N/A	~$5 (yr) / ~$6 run-rate exit	New

Note: Company expects to invest ~90% of capex in 1H–Q3 2025; combined-company guidance to follow post-Juniper close .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2, Q3)	Current Period (Q4)	Trend
Beta development	Q2: A50 IP30 ~730 Bopd, 4-month payout; Q3: C59 IP30 ~590 Bopd; C48 completion underway	Six 2025 wells; C48 completed as first C-sand horizontal; A50/C59 >100% IRR; early March Beta oil +~9% vs Q4	Accelerating
Electrification & emissions	Q2: project ongoing; Q3: final phase scheduled 4Q	Completed in Q4; platform downtime impacted oil volumes	Completed
Hedging	Q2/Q3: added oil swaps and gas collars/swaps	More oil swaps (2H25–2026) ~$68.10; 2027 gas collars; 2025 PDP oil 70–75% hedged; gas 85–90%	Increasing coverage
East Texas monetization	Q2/Q3: elected non-op drilling; monetization interest	Monetized 90% interests generating ~$7.6M; AMI >30 gross locations retained	Monetize + reinvest
Juniper transaction	—	Definitive merger agreement; expect Q2 2025 close; accretive FCF with G&A/tax synergies	New catalyst
Cost structure	Q2/Q3: G&A optimization; Magnify EBITDA $0.8–0.9M/qtr	Q4 LOE up on Beta workovers; Bairoil power rate headwinds; Magnify 2025 EBITDA ~$5M	Mixed: near-term up, medium-term efficiencies
Bairoil power	—	Higher power costs weighed on PV-10; 2H25 power savings >$0.5M/month targeted	Headwind → mitigations

Management Commentary

“The [Juniper] transaction… increases our scale, operating efficiency and margins… and provides us with a new core area for potential M&A activity…. We believe… in 2025 we will begin to capitalize on the growth potential of this significantly enhanced asset base.” — CEO Martyn Willsher .
“The first 2 wells we brought online, the A50 and the C59 continue to perform above our pre-drill type curves with IRRs in excess of 100%.” — CEO Martyn Willsher .
“As of March 2, 2025, our current 7-day average production rates at Beta was 4,834 gross… representing an approximate 9% increase from fourth quarter 2024 volumes.” — COO Dan Furbee .
“Fourth quarter [results]… slightly below expectations [due to] unexpected downtime at Beta due to increased well failures… however, we now have those wells back online and production has increased.” — CFO Jim Frew .

Q&A Highlights

Beta sand targeting and risk: Limited direct horizontal analogs in C-sand; C48 is first C-sand horizontal; reservoir quality slightly below D-sand but expected to be attractive; 2025 locations viewed as low risk within main/southern fault blocks, mostly offsets rather than step-outs .
Capex sensitivity: Comfortable with current 2025 plan at ~$66–$75 WTI range given hedges; would reassess if prices deteriorate materially in 2H25 .
Juniper activity cadence: Two DJ wells finishing drilling; plan to complete post-close; acreage largely HBP or long-dated, providing flexibility on 2H25/2026 development .
Magnify expansion: Evaluating extending services beyond East Texas/Oklahoma into DJ/PRB/Bairoil region post-close .

Estimates Context

S&P Global consensus for Q4 2024 revenue and EPS was unavailable at the time of analysis due to API access limits; therefore, we cannot present beat/miss analysis versus Wall Street estimates. We will update this section when S&P Global data is accessible.

Key Takeaways for Investors

Near-term operational recovery: Q4 disruptions (Beta ESP failures, lower realized oil) are transient; wells are back online and Beta oil is tracking +~9% versus Q4 into early March .
2025 growth underwritten by Beta: Six-well program with demonstrated >100% IRRs on A50/C59 supports EBITDA/FCF uplift, with additional PUDs added and optionality to accelerate if results continue .
Accretive corporate transformation: Juniper deal expected to close Q2 2025, adding oil-weighted DJ/PRB scale, overhead/tax synergies, and a larger platform for consolidation .
Hedge-supported cash flows: 2025 PDP oil ~70–75% and gas ~85–90% hedged, plus added oil swaps through 2026 and 2027 gas collars, de-risking guidance and capex plan .
Cost and reliability initiatives: Magnify EBITDA projected ~$5M (2025) with run-rate ~$6M by year-end; Bairoil power projects target >$0.5M/month savings in 2H25, partially offsetting rate headwinds .
Balance sheet reasonable: Net debt/LTM Adjusted EBITDA at 1.2x provides flexibility as capex front-loads into 2025 for Beta and non-op programs .
Watch list catalysts: C48 performance update, special meeting outcomes/financing for Juniper, DJ pad completions post-close, and Q1/Q2 production/LOE normalization at Beta .

Appendix: Primary sources

Q4 2024 earnings press release and tables –.
Q4 2024 earnings call transcript (prepared remarks and Q&A) –.
Prior quarter press releases for trend: Q3 2024 –; Q2 2024 –.

Note on 8-K 2.02: A discrete “8-K 2.02” item for Q4 2024 was not found; the company issued a press release and filed other materials (Investor Presentation 8-K) around results .

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