Financing Progress - Beiken Energy has adjusted its plan for a private placement of A-shares, reducing the number of shares to be issued to no more than 53.235474 million, with a total fundraising amount not exceeding 348 million yuan, aimed at supplementing working capital and repaying debts. The application documents have been revised as of December 30, 2025, but still require approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, leaving the final outcome uncertain [2] Project Development - The Canadian oil and gas exploration and development project, invested by Beiken Energy through its subsidiary, has completed the completion of four horizontal wells, with production expected to commence between the end of 2025 and early 2026. According to the feasibility study report, the pre-tax investment payback period is approximately 2.6 years, which may bring growth potential to the company's future performance, although actual production timing and benefits are subject to official announcements [3] Recent Stock Performance - On January 29, 2026, Beiken Energy's stock price hit the daily limit, reaching 14.56 yuan, with a rise of 9.97% and a trading volume of 880 million yuan, indicating a net inflow of main funds. As of February 11, 2026, the stock price was reported at 12.91 yuan per share, reflecting a 21.11% increase since the beginning of the year, with a cumulative increase of 2.30% over the last five trading days. The oil and gas service sector has seen increased activity due to oil price fluctuations and geopolitical factors, with the company focusing its business in the southwest regions and having a total contract amount exceeding 1.5 billion yuan as of September 2025. However, the industry's prosperity is highly correlated with oil prices, necessitating attention to macro policies and energy market changes [4] Operating Performance - For the first three quarters of 2025, Beiken Energy reported an operating income of 747 million yuan, representing a year-on-year increase of 23.38%, and a net profit attributable to the parent company of 29.014 million yuan, up 19.21%. However, the full-year performance will need to await the annual report disclosure [5]