On July 9, 2025, the Company entered into a membership interest purchase agreement (the “IKAV Purchase Agreement”) with VEPU Inc. and Simlog Inc. (collectively, the “IKAV Sellers”), pursuant to which the Company would acquire one hundred percent (100%) of the IKAV Sellers’ membership interests in certain rights, titles and interests in oil and gas properties, rights and related assets located in certain designated lands in the San Juan Basin of New Mexico and Colorado. The transaction closed on September 16, 2025 for consideration of approximately $759.6 million comprised of (i) $349.8 million in cash and (ii) 30.6 million common units (the “IKAV Unit Consideration”), subject to certain customary purchase price adjustments (the “IKAV Acquisition”). On May 15, 2026, 1.4 million common units from the IKAV Unit Consideration were cancelled as part of customary purchase price adjustments related to the final settlement, and the equity consideration had a final value of approximately $390.8 million.

This purchase was accounted for as a business combination, under the acquisition method, as the Company obtained control of a business by obtaining the legal right to use and develop the oil and natural gas properties included in the IKAV Purchase Agreement, as well as additional oil and gas related assets that can be used to enhance the value of the business. The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	Initial IKAV Acquisition		Adjustments			Final IKAV Acquisition
Consideration transferred:
Common units issued	30,611,264		(1,422,476)		(b)	29,188,788
Closing price of common units on September 15, 2025	$	13.39	$	—		$	13.39
Equity consideration	$	409,885	$	(19,047)	(b)	$	390,838
Cash consideration	349,763		1,749		(a)	351,512
Total acquisition consideration	$	759,648	$	(17,298)		$	742,350
Assets acquired:
Proved oil and natural gas properties	$	736,390	$	18,925	(a)	$	755,315
Accounts receivable	66,232		(4,942)		(a)	61,290
Short-term derivative assets	5,470		—			5,470
Inventories	18,141		(4,993)		(a)	13,148
Other current assets	15,319		(3,709)		(a)	11,610
Other property, plant and equipment	113,867		(12,304)		(a)	101,563
Other assets	11,430		(10,032)		(a)	1,398
Total assets acquired	966,849		(17,055)			949,794
Liabilities assumed:
Outstanding checks in excess of bank balance	1,574		(204)		(a)	1,370
Accounts payable and accrued liabilities	90,679		794		(a)	91,473
Revenue payable	14,519		3,443		(a)	17,962
Other current liabilities	331		—			331
Asset retirement obligations	86,948		—			86,948
Long-term derivative liabilities	2,187		—			2,187
Other long-term liabilities	10,963		(3,790)		(a)	7,173
Total liabilities assumed	207,201		243			207,444
Net assets acquired	$	759,648	$	(17,298)		$	742,350

For the six months ended June 30, 2026, the Company has recognized $159.8 million in revenues and earnings of $47.7 million related to the IKAV Acquisition. For the three months ended June 30, 2026, the Company has recognized $70.2 million in revenues and earnings of $19.3 million related to the IKAV Acquisition. The Company has recognized total transaction and advisory related expenses of $14.4 million, of which $0.1 million were recognized as a reduction and are presented in general and administrative expense on the Company’s statement of operations during the the first quarter of 2026 and $14.5 million were recognized in general and administrative expense during the fourth quarter of 2025.

On July 9, 2025, the Company entered into a Purchase and Sale Agreement (the “Sabinal PSA”) with Sabinal Energy Operating, LLC, Sabinal Resources, LLC and Sabinal CBP, LLC, pursuant to which the Company would acquire certain oil and gas assets located in certain designated lands in the Permian Basin. The transaction closed on September 16, 2025 for consideration of approximately $444.4 million comprised of (i) $199.3 million in cash and (ii) 19.2 million common units (the “Sabinal Unit Consideration”), subject to certain customary purchase price adjustments (the “Sabinal Acquisition”). On February 7, 2026, 0.2 million common units were cancelled from the Sabinal Unit Consideration as part of customary purchase price adjustments related to the final settlement, and the equity consideration had a final value of approximately $253.9 million.

This purchase was accounted for as an asset acquisition as substantially all of the fair value of acquired assets could be allocated to a single identified asset group of proved oil and natural gas properties. The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	Initial Sabinal Acquisition		Adjustments			Final Sabinal Acquisition
Consideration transferred:
Common units issued	19,187,581		(227,547)		(b)	18,960,034
Closing price of common units on September 15, 2025	$	13.39	$	—		$	13.39
Equity consideration	$	256,922	$	(3,047)	(b)	$	253,875
Cash consideration	195,711		(4,737)		(a)	190,974
Capitalized transaction costs	3,589		99		(a)	3,688
Less: purchase price adjustment receivable	(11,780)		11,780		(a)	—
Total acquisition consideration	$	444,442	$	4,095		$	448,537
Assets acquired:
Proved oil and natural gas properties	$	489,681	$	5,852	(a)	$	495,533
Accounts receivable – joint interest	—		262		(a)	262
Inventories	6,123		(2,058)		(a)	4,065
Other property, plant and equipment	—		353		(a)	353
Other assets	144		—			144
Short-term derivative assets	5,793		—			5,793
Long-term derivative assets	3,933		3,313		(a)	7,246
Total assets acquired	505,674		7,722			513,396
Liabilities assumed:
Accrued liabilities	2,876		3,741		(a)	6,617
Revenue payable	1,336		(114)		(a)	1,222
Asset retirement obligations	57,020		—			57,020
Total liabilities assumed	61,232		3,627			64,859
Net assets acquired	$	444,442	$	4,095		$	448,537

On March 25, 2025, the Company entered into an Equity Interest Purchase Agreement (“XTO EIPA”), pursuant to which the Company would acquire certain oil and gas assets located in Oklahoma, Kansas and Wyoming, for consideration of $60.0 million in cash, subject to certain customary purchase price adjustments (the “XTO Acquisition”).

The transaction closed on April 30, 2025. This purchase was accounted for as a business combination, under the acquisition method, as the Company obtained control of a business by obtaining the legal right to use and develop the oil and natural gas properties included in the XTO EIPA, as well as additional oil and gas related assets that can be used to enhance the value of the business. The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See Note 8 for additional information regarding fair value measurements. Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):


	Initial XTO Acquisition		Adjustments			Final XTO Acquisition
Consideration transferred:
Cash consideration	$	77,893	$	364	(a)	$	78,257
Less: purchase price adjustment receivable	—		(2,105)		(a)	(2,105)
Total acquisition consideration	$	77,893	$	(1,741)		$	76,152
Assets acquired:
Proved oil and natural gas properties	$	65,530	$	5,498	(a)	$	71,028
Accounts receivable – joint interest	2,344		$	(2,281)	(a)	63
Other property and equipment	6,417		$	(782)	(a)	5,635
Other assets	9,576		(3,850)		(a)	5,726
Total assets acquired	83,867		(1,415)			82,452
Liabilities assumed:
Revenue suspense	1,354		326		(a)	1,680
Accrued liabilities	444		—			444
Asset retirement obligations	4,176		—			4,176
Total liabilities assumed	5,974		326			6,300
Net assets acquired	$	77,893	$	(1,741)		$	76,152

On December 20, 2024, the Company entered into a Purchase and Sale Agreement (the “Flycatcher PSA”) to purchase certain oil and gas assets near our recently acquired oil and gas assets located in the Ardmore Basin of Oklahoma for consideration of $29.8 million in cash, subject to certain customary purchase price adjustments (the “Flycatcher Acquisition”).

The transaction closed on January 31, 2025 and the Company borrowed $23.0 million on the Revolving Credit Agreement to fund the Flycatcher Acquisition. This purchase was accounted for as an asset acquisition as substantially all of the fair value of acquired assets could be allocated to a single identified asset group of proved oil and natural gas properties. The table below reflects the fair value estimates of the assets acquired and liabilities assumed as of the acquisition date. See


	Final Flycatcher Acquisition
Consideration transferred:
Cash consideration	$	24,141
Capitalized transaction costs	182
Less: purchase price adjustment receivable	—
Total acquisition consideration	$	24,323
Assets acquired:
Proved oil and natural gas properties	$	26,566
Other assets	8
Total assets acquired	26,574
Liabilities assumed:
Revenue suspense	2,217
Asset retirement obligations	34
Total liabilities assumed	2,251
Net assets acquired	$	24,323

The unaudited pro forma financial information is not necessarily indicative of the operating results that would have occurred had the business combinations been completed on the dates indicated and is not necessarily indicative of future results of operations of the combined company. The unaudited pro forma financial information for the three and six months ended June 30, 2025 is a result of combining the statements of operations of the Company with the pre-acquisition results of the acquired operations, with pro forma adjustments for revenues and expenses. The unaudited pro forma financial information excludes any anticipated cost savings as a result of the acquisitions.