WILLIAMSVILLE, N.Y., Dec. 15, 2025 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) announced today that it has entered into a subscription agreement (the “Subscription Agreement”) with a group of investors (the “Investors”) for a private placement of common stock (the “Offering”). Upon closing of the Offering, the Company expects to receive gross proceeds of $350 million, before deducting fees and expenses, resulting from the sale of approximately 4.4 million shares of commo ...

Core Insights - New Found Gold Corp. announced infill drill results from the Monte Carlo zone in the AFZ Core as part of its ongoing 2025 drill program on the Queensway Gold Project in Newfoundland and Labrador, Canada [1][3] Drill Results - The infill drilling aimed to upgrade mineral resources from inferred to indicated categories within the Phase 1 and Phase 2 open pits, with 2,306 meters drilled across 28 diamond drill holes [4][5] - Notable drill results include: - 22.4 g/t Au over 4.75 m from 102.25 m (NFGC-25-2462) - 6.59 g/t Au over 12.20 m from 33.00 m (NFGC-25-2450) - 25.5 g/t Au over 2.70 m from 29.00 m (NFGC-25-2447) [7][19] Geological Context - Gold mineralization at Monte Carlo extends approximately 235 m in strike length and to a depth of 160 m, situated within a fault zone on the western side of the Appleton Fault Zone [6] Future Plans - The company plans to integrate the new drill results into an updated mineral resource estimate scheduled for H1 2026 [3] - Future drill programs will focus on upgrading and expanding the underground portion of the Monte Carlo zone [3][4] Ongoing Drilling Programs - The 2025 Queensway drill program, which commenced in May 2025, is over 95% complete and is expected to conclude in Q4 2025 [13] - Additional drilling includes geotechnical, condemnation, and hydrogeological drilling, all aimed at supporting the Phase 1 mine plan [14] Exploration Activities - Exploration drilling continues in the vicinity of the Dropkick zone, where a new zone of gold mineralization is being outlined [15] - An excavation program has been completed at the Lotto zone, with results pending from the analysis of samples collected [16] Company Overview - New Found Gold is focused on advancing the Queensway Gold Project and bringing the Hammerdown Operation into steady-state production [38] - The company holds a 100% interest in Queensway and has a solid shareholder base, including cornerstone investor Eric Sprott [38]

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Core Viewpoint - National Fuel Gas Company is under investigation for potential breaches of fiduciary duty, raising concerns about corporate governance and accountability [1] Group 1 - The investigation is being conducted by the DJS Law Group, which is reaching out to affected parties to discuss their rights [1]

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Core Insights - New Found Gold Corp. has confirmed high-grade gold mineralization at the Keats zone of its Queensway Gold Project, with notable drill results including 219 g/t Au over 9.35 m and 160 g/t Au over 10.30 m [1][5][10] Company Overview - New Found Gold Corp. holds a 100% interest in the Queensway Gold Project and is focused on advancing it into production [38] - The company has also acquired the Hammerdown Gold Project and is working towards steady-state gold production [38] Drilling Program Details - The initial results reported are from 16 of 84 diamond drill holes, representing approximately 20% of the total results from the grade control drilling program [4][6] - The drilling program aims to enhance confidence in the grade distribution of high-grade, near-surface mineralization and support mine planning [4][10] Drill Results Highlights - Significant drill results include: - 219 g/t Au over 9.35 m from 19.00 m [5] - 160 g/t Au over 10.30 m from 5.10 m [5] - 105 g/t Au over 10.20 m from 15.80 m [5] - The results align well with the initial mineral resource estimate block model, confirming strong continuity of high-grade mineralization at Keats [10] Future Plans - The company plans to expand the grade control drilling program in 2026, optimizing drill hole spacing and program scope based on 2025 results [12] - The 2025 Queensway drill program, which commenced in May 2025, is over 90% complete and is expected to finish all proposed drilling in Q4/25 [14][15] Exploration and Excavation Activities - Ongoing exploration drilling is taking place in the vicinity of the Dropkick zone, where a new zone of gold mineralization is being outlined [16] - An excavation program has been completed to validate the geological model and collect analytical information across key zones for the Preliminary Economic Assessment Phase 1 mine plan [17]

Core Insights - New Found Gold Corp. has engaged Cutfield Freeman & Co. Ltd. as its project finance advisor to assist in financing strategies for the Queensway Gold Project [1][2] - The company is targeting a $155 million initial capital expenditure for Phase 1 production, expected to commence in the second half of 2027 [3][10] Company Overview - New Found Gold is an emerging Canadian gold producer with a 100% interest in the Queensway project and additional operations including Hammerdown, Pine Cove, and Nugget Pond [4][6] - The company aims to advance the Queensway project towards production while stabilizing the Hammerdown operation [4][6] Project Development - The Queensway Gold Project has shown promising results from recent drilling, indicating significant district-scale potential along a 110 km strike extent [5] - A Preliminary Economic Assessment (PEA) was completed in July 2025, further supporting the project's viability [5] Management and Strategy - The company has a new board of directors and management team, with a focus on growth and value creation [6] - CEO Keith Boyle emphasized the importance of selecting optimal financing packages for the development and construction of mining projects [3][6]

Financial Performance - The Integrated Upstream and Gathering segment reported a net income of $324.7 million for the fiscal year ended September 30, 2025[45]. - The Pipeline and Storage segment generated a net income of $121.0 million in 2025, with approximately 35% of its revenues derived from services provided to the Utility and Integrated Upstream and Gathering segments[47]. - The Utility segment contributed a net income of $83.2 million in 2025, serving approximately 756,000 customers in western New York and northwestern Pennsylvania[49]. - The Company recorded pre-tax impairments under the ceiling test of $463.7 million for the fiscal year ended September 30, 2024, and $108.3 million for the quarter ended December 31, 2024[108]. - The Company's earnings for 2025 were $518.5 million, a significant increase of $441.0 million compared to $77.5 million in 2024[203]. - Integrated Upstream and Gathering segment's earnings rose to $324.7 million in 2025, up $381.7 million from a net loss of $57.0 million in 2024[214]. - The total reported segments' earnings for 2025 were $528.9 million, compared to $79.7 million in 2024[205]. Revenue and Sales - Revenue from a single customer in the Integrated Upstream and Gathering segment accounted for approximately $258 million, or 11.3% of the Company's consolidated revenue for the year ended September 30, 2025[39]. - The Utility segment's retail sales throughput increased to 75.5 million cubic feet in 2025, up from 66.2 million cubic feet in 2024[223]. - Utility segment operating revenues increased by $120.3 million in 2025, driven by a $109.6 million increase in retail gas sales revenue due to colder weather and new base delivery rates[226]. - Operating revenues for the Integrated Upstream and Gathering segment increased by $207.5 million in 2025, driven by a $195.5 million rise in gas production revenue after hedging[211]. Production and Reserves - The Company has proved developed and undeveloped reserves of 4,980,410 MMcf of natural gas and 180 Mbbl of oil as of September 30, 2025[35]. - Seneca's proved developed and undeveloped natural gas reserves increased from 4,752 Bcf at September 30, 2024 to 4,980 Bcf at September 30, 2025, driven by extensions and discoveries of 632 Bcf and revisions of previous estimates of 22 Bcf, partially offset by production of 426 Bcf[157][158]. - The Integrated Upstream and Gathering segment reported a 5% growth in proved reserves, totaling 4,981 Bcfe as of September 30, 2025[180]. - Gas production in 2025 reached 426,357 MMcf, an increase from 392,047 MMcf in 2024[207]. Investments and Acquisitions - The Company is planning to acquire Vectren Energy Delivery of Ohio, which may limit its financial flexibility[86]. - The planned acquisition of CenterPoint Ohio is expected to cost a total of $2.62 billion, which includes repaying a $1.2 billion promissory note[133]. - The Company has made significant additions to property, plant, and equipment, with a net increase of $1.7 billion, or 28.6%, since September 30, 2020[151]. - The Integrated Upstream and Gathering segment had a net investment of $3.5 billion, with 69% allocated to exploration and production activities[152]. Regulatory and Environmental Risks - The Company operates under various regulatory frameworks, including the FERC and state agencies, which impact its rate approvals and operational costs[41]. - The Company is subject to potential regulatory changes related to climate change that could impact its operations and financial results[90]. - Organized opposition to the natural gas industry could lead to increased regulatory initiatives and operational costs, impacting the Company's results[91]. - Environmental regulations significantly affect the Company's operations, with compliance potentially leading to substantial costs and operational delays[126]. Employee and Workforce - The Company had a total of 2,322 full-time employees as of September 30, 2025[72]. - 47% of the Company's active workforce was covered under collective bargaining agreements, with agreements in place in New York until February 2029 and in Pennsylvania until April 2026[73]. - The Company's voluntary attrition rate was 4.7%, consistent with the previous year's rate[76]. - The Company offers competitive benefits packages and compensation to attract and retain employees, including healthcare, financial, and lifestyle benefits[78]. Financial Obligations and Debt - The Company has a total outstanding long-term debt of $2.4 billion, which could be subject to interest rate increases if certain conditions are met[85]. - The Company is subject to risks related to the delayed recovery of purchased gas costs, which could adversely affect cash flow and earnings[130]. - Rising interest rates may impair the Company's ability to finance capital expenditures and could affect its authorized rate of return[96]. - The Company expects to meet its financing needs for fiscal 2026 through cash from operations, borrowings, and equity financing, including a $300 million delayed draw term loan maturing in February 2026[192]. Operational Efficiency and Challenges - The Company engages in price hedging for natural gas production, which can limit benefits from price increases but reduce exposure to price drops[100]. - The Company may face liquidity impacts from hedging arrangements if natural gas prices rise significantly, potentially leading to margin calls[101]. - The Company’s operations are subject to inherent risks such as natural disasters and operational hazards, which may not be fully insured[110]. - The Company faces challenges in securing adequate water for drilling operations, which could lead to delays and increased costs[117]. Future Projects and Developments - The Tioga Pathway Project aims to transport 190,000 Dth per day of shale gas, with a preliminary cost estimate of approximately $101 million and a target in-service date in late calendar 2026[182]. - The Shippingport Lateral Project is expected to provide 205,000 Dth/day of natural gas to a new power station, with a preliminary cost estimate of approximately $57 million and expected to come online as early as Fall 2026[183].

Core Viewpoint - Scott+Scott Attorneys at Law LLP is investigating potential breaches of fiduciary duties by the leadership of National Fuel Gas Company (NYSE: NFG) towards the company and its shareholders [1] Group 1 - The investigation focuses on whether members of the board of directors or senior management of National Fuel Gas Company failed to manage the company appropriately [1]

Core Insights - New Found Gold Corp. has announced new results from infill and expansion drilling at the K2 and Jackpot zones of the Queensway Gold Project, indicating strong continuity of gold mineralization and potential for resource expansion [1][3][4] Drilling Results - The recent drilling program included 5,777 meters across 46 diamond drill holes, with 5,293 meters at K2 and 484 meters at Jackpot [5][6] - Significant drill results from K2 include: - 16.7 g/t Au over 12.25 m [8] - 5.32 g/t Au over 18.85 m [8] - 4.17 g/t Au over 18.00 m [8] - At Jackpot, notable results include: - 15.10 g/t Au over 2.30 m [27] Resource Upgrade Objectives - The primary goal of the drilling at K2 and Jackpot is to upgrade mineral resources from inferred to indicated categories within the Preliminary Economic Assessment (PEA) Phase 1 open pits [9][14] - The drilling at K2 has confirmed good continuity of gold mineralization and a strong correlation with the existing mineral resource estimate [9][10] Future Plans - An updated mineral resource estimate is planned for H1 2026, focusing on high-grade mineralization areas identified during the recent drilling [10][13] - The 2025 Queensway drill program, which commenced in May 2025, is over 85% complete and is expected to conclude in Q4 2025 [18][19] Company Overview - New Found Gold Corp. holds a 100% interest in the Queensway Gold Project and is focused on advancing it into production [42][43] - The company has also completed a PEA at Queensway in 2025, highlighting the project's district-scale potential along two prospective fault zones [44]