Exhibit 99.1
UNAUDITED CONDENSED
CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
JUNE 30, 2025
KOLIBRI GLOBAL ENERGY INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in Thousands of United States Dollars)
June 30, | December 31, | |||||||
2025 | 2024 | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 3,132 | $ | 4,314 | ||||
Accounts receivable and other receivables | 3,660 | 9,733 | ||||||
Deposits and prepaid expenses | 646 | 718 | ||||||
Fair value of commodity contracts (Note 3) | 825 | 254 | ||||||
8,263 | 15,019 | |||||||
Non-current assets | ||||||||
Property, plant and equipment (Note 5) | 253,223 | 232,962 | ||||||
Right of use assets (Note 6) | 1,331 | 748 | ||||||
Fair value of commodity contracts (Note 3) | - | 30 | ||||||
254,554 | 233,740 | |||||||
Total assets | $ | 262,817 | $ | 248,759 | ||||
Current liabilities | ||||||||
Accounts payable and other payables (Note 4) | $ | 20,099 | $ | 15,090 | ||||
Lease liabilities | 1,075 | 586 | ||||||
21,174 | 15,676 | |||||||
Non-current liabilities | ||||||||
Loans and borrowings (Note 8) | 29,702 | 33,240 | ||||||
Asset retirement obligations, net | 2,414 | 2,168 | ||||||
Lease liabilities | 294 | 167 | ||||||
Deferred income taxes | 10,755 | 8,701 | ||||||
Fair value of commodity contracts (Note 3) | 85 | - | ||||||
43,250 | 44,276 | |||||||
Equity | ||||||||
Shareholders’ capital | 295,490 | 295,309 | ||||||
Treasury stock | (234 | ) | - | |||||
Contributed surplus | 26,401 | 25,380 | ||||||
Accumulated deficit | (123,264 | ) | (131,882 | ) | ||||
198,393 | 188,807 | |||||||
Total equity and liabilities | $ | 262,817 | $ | 248,759 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
1 |
KOLIBRI GLOBAL ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited, expressed in Thousands of United States dollars, except per share amounts)
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | ||||||||||||||||
Oil and natural gas revenue, net of royalties (Note 10) | $ | 10,788 | $ | 13,915 | $ | 27,160 | $ | 28,141 | ||||||||
Other income | 325 | 1 | 326 | 60 | ||||||||||||
11,113 | 13,916 | 27,486 | 28,201 | |||||||||||||
Expenses | ||||||||||||||||
Production and operating expenses | 1,738 | 2,109 | 3,965 | 4,355 | ||||||||||||
Depletion, depreciation and amortization (Note 5,6) | 3,516 | 3,700 | 7,579 | 7,594 | ||||||||||||
General and administrative expenses | 1,409 | 1,528 | 2,734 | 2,793 | ||||||||||||
Stock based compensation (Note 9) | 488 | 411 | 725 | 539 | ||||||||||||
7,151 | 7,748 | 15,003 | 15,281 | |||||||||||||
Finance income | ||||||||||||||||
Realized gain on financial commodity contracts (Note 3) | 40 | - | 40 | - | ||||||||||||
Unrealized gain on financial commodity contracts (Note 3) | 490 | 445 | 455 | - | ||||||||||||
Interest income | 8 | - | 16 | - | ||||||||||||
Foreign exchange gain | 2 | - | 1 | - | ||||||||||||
540 | 445 | 512 | - | |||||||||||||
Finance expense | ||||||||||||||||
Realized loss on financial commodity contracts (Note 3) | - | 242 | - | 583 | ||||||||||||
Unrealized loss on financial commodity contracts (Note 3) | - | - | - | 470 | ||||||||||||
Interest on loans and borrowings | 640 | 813 | 1,336 | 1,728 | ||||||||||||
Foreign exchange loss | - | 2 | - | 2 | ||||||||||||
Accretion expense | 73 | 44 | 124 | 89 | ||||||||||||
713 | 1,101 | 1,460 | 2,872 | |||||||||||||
Net income before income taxes | 3,789 | 5,512 | 11,535 | 10,048 | ||||||||||||
Income tax expense | 936 | 1,451 | 2,917 | 2,642 | ||||||||||||
Net income and comprehensive income | $ | 2,853 | $ | 4,061 | $ | 8,618 | $ | 7,406 | ||||||||
Basic net income per share (Note 7) | $ | 0.08 | $ | 0.11 | $ | 0.24 | $ | 0.21 | ||||||||
Diluted net income per share (Note 7) | $ | 0.08 | $ | 0.11 | $ | 0.24 | $ | 0.20 |
See accompanying notes to the unaudited condensed consolidated interim financial statements.
2 |
KOLIBRI GLOBAL ENERGY INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited, expressed in Thousands of United States dollars, except number of shares)
Share Capital | Treasury Stock | Contributed | Total | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Surplus | Deficit | Equity | ||||||||||||||||||||||
Balance at January 1, 2025 | 35,460,309 | $ | 295,309 | - | $ | - | $ | 25,380 | $ | (131,882 | ) | $ | 188,807 | |||||||||||||||
Stock based compensation (Note 9) | - | - | - | - | 825 | - | 825 | |||||||||||||||||||||
Stock options exercised (Note 9) | 96,303 | 273 | - | - | (133 | ) | - | 140 | ||||||||||||||||||||
Restricted stock issued (Note 9) | 87,858 | 331 | - | - | (331 | ) | - | - | ||||||||||||||||||||
Treasury share purchases | - | - | (89,337 | ) | (657 | ) | - | - | (657 | ) | ||||||||||||||||||
Retirement of treasury shares | (56,000 | ) | (423 | ) | 56,000 | 423 | - | - | - | |||||||||||||||||||
Stock based compensation reserve for income taxes | - | - | - | - | 660 | - | 660 | |||||||||||||||||||||
Net income | - | - | - | - | - | 8,618 | 8,618 | |||||||||||||||||||||
Balance at June 30, 2025 | 35,588,470 | $ | 295,490 | (33,337 | ) | $ | (234 | ) | $ | 26,401 | $ | (123,264 | ) | $ | 198,393 | |||||||||||||
Balance at January 1, 2024 | 35,625,587 | $ | 296,232 | - | $ | - | $ | 24,179 | $ | (149,997 | ) | $ | 170,414 | |||||||||||||||
Stock based compensation (Note 9) | - | - | - | - | 624 | - | 624 | |||||||||||||||||||||
Stock options exercised (Note 9) | 75,000 | 84 | - | - | (40 | ) | - | 44 | ||||||||||||||||||||
Restricted stock issued (Note 9) | 35,378 | 142 | - | - | (142 | ) | - | - | ||||||||||||||||||||
Net income | - | - | - | - | - | 7,406 | 7,406 | |||||||||||||||||||||
Balance at June 30, 2024 | 35,735,965 | $ | 296,458 | - | $ | - | $ | 24,621 | $ | (142,591 | ) | $ | 178,488 |
See accompanying notes to the unaudited condensed consolidated interim financial statements.
3 |
KOLIBRI GLOBAL ENERGY INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30
(Unaudited, Expressed in Thousands of United States Dollars)
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 8,618 | $ | 7,406 | ||||
Adjustments for: | ||||||||
Depletion, depreciation and amortization | 7,579 | 7,594 | ||||||
Accretion expense | 124 | 89 | ||||||
Interest expense | 1,336 | 1,728 | ||||||
Income tax expense | 2,917 | 2,642 | ||||||
Amortization of loan acquisition costs | 75 | 113 | ||||||
Unrealized (gain) loss on financial commodity contracts (Note 3) | (455 | ) | 470 | |||||
Stock based compensation (Note 9) | 725 | 539 | ||||||
Gain on sale of assets | - | (8 | ) | |||||
Loss on asset retirement abandonment | 8 | - | ||||||
Cash paid for interest | (1,608 | ) | (1,534 | ) | ||||
Cash paid for income taxes | (495 | ) | - | |||||
Cash paid for asset retirement abandonment | (12 | ) | - | |||||
Unrealized foreign exchange loss (gain) | (3 | ) | 3 | |||||
Change in non-cash working capital (Note 4) | 3,685 | (2,029 | ) | |||||
Net cash from operating activities | 22,494 | 17,013 | ||||||
Cash flows from investing activities | ||||||||
Additions to property, plant and equipment (Note 5) | (26,851 | ) | (11,747 | ) | ||||
Proceeds from sale of assets | - | 8 | ||||||
Change in non-cash working capital (Note 4) | 8,026 | (8,724 | ) | |||||
Net cash used in investing activities | (18,825 | ) | (20,463 | ) | ||||
Cash flows from financing activities | ||||||||
Repayment of loans and borrowings | (6,000 | ) | (5,500 | ) | ||||
Proceeds from loans and borrowings | 3,000 | 9,500 | ||||||
Payment of financing costs | (613 | ) | (47 | ) | ||||
Purchases of treasury stock | (657 | ) | - | |||||
Principal paid on lease payments | (672 | ) | (549 | ) | ||||
Interest paid on lease payments | (52 | ) | (46 | ) | ||||
Proceeds from stock option exercises | 140 | 44 | ||||||
Net cash (used in) from financing activities | (4,854 | ) | 3,402 | |||||
Foreign exchange effect on cash and cash equivalents | 3 | (1 | ) | |||||
Change in cash and cash equivalents | (1,182 | ) | (49 | ) | ||||
Cash and cash equivalents, beginning of period | 4,314 | 598 | ||||||
Cash and cash equivalents, end of period | $ | 3,132 | $ | 549 |
See accompanying notes to the unaudited condensed consolidated interim financial statements.
4 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
1. | NATURE OF OPERATIONS |
Kolibri Global Energy Inc. (the “Company” or “KEI”), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
The unaudited condensed consolidated interim financial statements were approved by the Company’s Board of Directors on August 8, 2025.
2. | BASIS OF PRESENTATION |
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” following the same accounting policies, except as described below, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2024. The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s annual filings for the year ended December 31, 2024.
3. | COMMODITY CONTRACTS |
At June 30, 2025 the following financial commodity contracts were outstanding and recorded at estimated fair value:
Total Volume Hedged | Price | |||||||||
Commodity | Period | (BBLS) | ($/BBL) | |||||||
Oil – WTI Costless Collars | July 1, 2025 to September 30, 2025 | 21,000 | $65.00 - $82.00 | |||||||
Oil – WTI Costless Collars | July 1, 2025 to September 30, 2025 | 750 | $65.00 - $80.50 | |||||||
Oil – WTI Costless Collars | July 1, 2025 to September 30, 2025 | 21,900 | $63.25 - $83.65 | |||||||
Oil – WTI Costless Collars | July 1, 2025 to September 30, 2025 | 10,800 | $62.75 - $82.00 | |||||||
Oil – WTI Costless Collars | October 1, 2025 to December 31, 2025 | 10,800 | $62.00 - $81.50 | |||||||
Oil – WTI Costless Collars | October 1, 2025 to December 31, 2025 | 11,400 | $61.75 - $80.70 | |||||||
Oil – WTI Costless Collars | July 1, 2025 to September 30, 2025 | 54,000 | $59.75 - $78.00 | |||||||
Oil – WTI Costless Collars | October 1, 2025 to December 31, 2025 | 39,000 | $59.00 - $77.30 | |||||||
Oil – WTI Costless Collars | January 1, 2026 to March 31, 2026 | 48,000 | $58.50 - $77.25 | |||||||
Oil – WTI Costless Collars | October 1, 2025 to December 31, 2025 | 31,200 | $58.75 - $78.00 | |||||||
Oil – WTI Costless Collars | April 1, 2026 to June 30, 2026 | 48,300 | $57.00 - $75.25 | |||||||
Oil – WTI Deferred Put | January 1, 2026 to March 31, 2026 | 20,589 | $50.00 | |||||||
Oil – WTI Costless Collars | July 1, 2026 to September 30, 2026 | 48,300 | $50.25 - $66.75 | |||||||
Oil – WTI Costless Collars | October 1, 2026 to December 31, 2026 | 24,000 | $52.25 - $69.00 |
5 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
The estimated fair value results in a $0.7 million net asset as of June 30, 2025 (December 31, 2024: $0.3 million asset) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current asset of $0.8 million and a long term liability of $0.1 million (December 31, 2024: current asset of $0.2 million and a long term asset of $0.1 million).
In July 2025, the Company entered into the following additional financial commodity contracts:
Total Volume Hedged | Price | |||||||||
Commodity | Period | (BBLS) | ($/BBL) | |||||||
Oil – WTI Deferred Put | April 1, 2026 to June 30, 2026 | 9,900 | $52.70 | |||||||
Oil – WTI Costless Collars | October 1, 2026 to December 31, 2026 | 5,100 | $52.60 - $70.00 |
The realized and unrealized gains/losses from the financial commodity contracts are as follows:
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Realized gain (loss) on financial commodity contracts | $ | 40 | $ | (242 | ) | $ | 40 | $ | (583 | ) | ||||||
Unrealized gain (loss) on financial commodity contracts | $ | 490 | $ | 445 | $ | 455 | $ | (470 | ) |
4. | SUPPLEMENTAL CASH FLOW INFORMATION |
Changes in non-cash flow working capital is comprised of the following source (use) of cash:
Six months ended June 30, | ||||||||
2025 | 2024 | |||||||
Trade and other receivables | $ | 6,073 | $ | (2,274 | ) | |||
Deposits and prepaid expenses | 72 | 241 | ||||||
Trade and other payables | 5,567 | (8,721 | ) | |||||
Foreign currency | (1 | ) | 1 | |||||
$ | 11,711 | $ | (10,753 | ) | ||||
Related to operating activities | $ | 3,685 | $ | (2,029 | ) | |||
Related to investing activities | $ | 8,026 | $ | (8,724 | ) |
6 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
5. |
PROPERTY, PLANT AND EQUIPMENT |
Oil and Natural Gas Interests | Processing and Other Equipment | Total | ||||||||||
Cost or deemed cost | ||||||||||||
Balance at January 1, 2024 | $ | 287,839 | $ | 1,438 | $ | 289,277 | ||||||
Additions (a) | 31,516 | 9 | 31,525 | |||||||||
Balance at December 31, 2024 | $ | 319,355 | $ | 1,447 | $ | 320,802 | ||||||
Additions (b) | 27,322 | 12 | 27,334 | |||||||||
Balance at June 30, 2025 | $ | 346,677 | $ | 1,459 | $ | 348,136 | ||||||
Accumulated depletion and depreciation | ||||||||||||
Balance at January 1, 2024 | $ | 71,747 | $ | 1,369 | $ | 73,116 | ||||||
Depletion and depreciation | 14,701 | 23 | 14,724 | |||||||||
Balance at December 31, 2024 | $ | 86,448 | $ | 1,392 | $ | 87,840 | ||||||
Depletion and depreciation for the period | 7,063 | 10 | 7,073 | |||||||||
Balance at June 30, 2025 | $ | 93,511 | $ | 1,402 | $ | 94,913 | ||||||
Net carrying amounts | ||||||||||||
At December 31, 2024 | $ | 232,907 | $ | 55 | $ | 232,962 | ||||||
At June 30, 2025 | $ | 253,166 | $ | 57 | $ | 253,223 |
(a) | Includes non-cash additions of $23 from capitalized stock-based compensation and $60 from assets related to ARO liabilities. | |
(b) | Includes non-cash additions of $100 from capitalized stock-based compensation and $198 from assets related to ARO liabilities. |
6. | RIGHT OF USE ASSETS |
Right of Use Assets | ||||
Balance at January 1, 2024 | $ | 1,190 | ||
Additions | 726 | |||
Amortization | (1,168 | ) | ||
Balance at December 31, 2024 | $ | 748 | ||
Additions | 1,089 | |||
Amortization | (506 | ) | ||
Balance at June 30, 2025 | $ | 1,331 |
7 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
7. | EARNINGS PER SHARE |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Basic earnings per share | ||||||||||||||||
Net income | $ | 2,853 | $ | 4,061 | $ | 8,618 | $ | 7,406 | ||||||||
Weighted average number of common shares - basic | 35,518 | 35,644 | 35,501 | 35,635 | ||||||||||||
Net income per share – basic | $ | 0.08 | $ | 0.11 | 0.24 | $ | 0.21 | |||||||||
Diluted earnings per share | ||||||||||||||||
Net income | $ | 2,853 | $ | 4,061 | $ | 8,618 | $ | 7,406 | ||||||||
Effect of outstanding options and RSUs | 777 | 1,084 | 831 | 1,084 | ||||||||||||
Weighted average number of common shares - diluted | 36,295 | 36,728 | 36,332 | 36,719 | ||||||||||||
Net income per share – diluted | $ | 0.08 | $ | 0.11 | $ | 0.24 | $ | 0.20 |
8. | LOANS AND BORROWINGS |
In June 2025, the Company’s US subsidiary amended the credit facility, which is secured by the US subsidiary’s interests in the Tishomingo Field. The credit facility, which is now held by a bank syndicate that includes both BOK Financial and Arvest Bank, expires in June 2029 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.
The borrowing base of the credit facility was increased from $50.0 million to $65.0 million and the Company has an available borrowing capacity of $34.5 million at June 30, 2025. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination will be in the third quarter of 2025. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.
The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.
8 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
The Company was in compliance with both covenants for the quarter ended June 30, 2025. At June 30, 2025, the Current Ratio of the US Subsidiary was 1.9 to 1.0 and the Maximum Leverage Ratio was 0.73 to 1.0 for the three months ended June 30, 2025.
At June 30, 2025, loans and borrowings of $30.5 million (December 31, 2024: $33.5 million) are presented net of loan acquisition costs of $0.8 million (December 31, 2024: $0.2 million).
9. | STOCK BASED COMPENSATION |
The number and weighted average exercise prices of stock options are as follows (in Canadian dollars):
Six months ended June 30, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |||||||||||||
Outstanding at January 1 | 1,073,924 | C$ | 2.94 | 939,634 | C$ | 2.36 | ||||||||||
Granted | - | - | 293,190 | 4.23 | ||||||||||||
Expired | - | - | (33,000 | ) | 3.00 | |||||||||||
Cancelled | - | - | (45,900 | ) | 2.82 | |||||||||||
Exercised | (96,303 | ) | 2.05 | (75,000 | ) | 0.80 | ||||||||||
Outstanding at June 30 | 977,621 | C$ | 3.04 | 1,078,924 | C$ | 2.94 | ||||||||||
Exercisable at June 30 | 854,891 | C$ | 2.81 | 746,496 | C$ | 2.23 | ||||||||||
Weighted average share price on date of exercise | 96,303 | C$ | 10.35 | 75,000 | C$ | 4.54 |
The range of exercise prices for the outstanding options is as follows (in Canadian dollars):
Number of outstanding stock options | Weighted average exercise price | Weighted average contractual life (years) | ||||||||||
$4.90 to $6.04 | 242,234 | C$ | 5.48 | 7.9 | ||||||||
$1.80 to $4.90 | 357,190 | 3.74 | 7.4 | |||||||||
$0.80 to $1.80 | 378,197 | 0.80 | 1.5 | |||||||||
977,621 | C$ | 3.04 | 5.2 |
9 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
The fair value of the stock options was estimated using Black Scholes model with the following weighted average inputs:
Six Months Ended June 30, 2024 | ||||
Fair value at grant date (per option) | C$ | 3.46 | ||
Volatility (%) | 77.0 | |||
Forfeiture rate (%) | 5 | % | ||
Option life (years) | 10 | |||
Risk-free interest rate (%) | 3.66 | |||
Exercise price | C$ | 4.23 | ||
Share price at grant date | C$ | 4.23 | ||
Expected dividends | 0 | % |
The number and weighted average fair value of Restricted Stock Units (RSUs) are as follows (in Canadian dollars):
Six months ended June 30, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
Number of RSUs | Weighted average fair value | Number of RSUs | Weighted average fair value | |||||||||||||
Outstanding at January 1 | 232,125 | C$ | 4.53 | 119,140 | C$ | 5.28 | ||||||||||
Granted | 365,692 | 11.28 | 169,220 | 4.25 | ||||||||||||
Vested | (87,858 | ) | 4.62 | (35,378 | ) | 5.27 | ||||||||||
Cancelled | - | - | (20,857 | ) | 5.29 | |||||||||||
Outstanding at June 30 | 509,959 | C$ | 9.36 | 232,125 | C$ | 4.53 |
The fair value at grant date for the RSUs was $11.28 per RSU which was the closing share price on the date of grant.
Stock based compensation was recorded as follows:
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Expensed | $ | 488 | $ | 411 | $ | 725 | $ | 539 | ||||||||
Capitalized | $ | 60 | $ | 62 | $ | 100 | $ | 85 |
10 |
Notes to the unaudited Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended June 30, 2025
(Unaudited, expressed in Thousands of United States dollars except per share information)
10. | REVENUES |
The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source:
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Oil revenue | $ | 11,978 | $ | 16,701 | $ | 30,028 | $ | 33,249 | ||||||||
Natural gas revenue | 809 | 147 | 2,127 | 592 | ||||||||||||
NGL revenue | 1,001 | 830 | 2,655 | 2,081 | ||||||||||||
13,790 | 17,678 | 34,810 | 35,922 | |||||||||||||
Royalties | (3,002 | ) | (3,763 | ) | (7,650 | ) | (7,781 | ) | ||||||||
$ | 10,788 | $ | 13,915 | $ | 27,160 | $ | 28,141 |
11. | INCOME TAXES AND DEFERRED TAXES |
Income tax expense is charged at 24.7% for the three months ended June 30, 2025 and 25.3% for the six months ended June 30, 2025 representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the three-month and six-month periods.
11 |