Financial and Operational Highlights - Petroleum and natural gas revenue increased by 45% to $4.0 million, compared to $2.8 million in the prior year, driven by increased production and improved commodity prices [3] - Average daily production grew by 44% year-over-year to 147 boe/d, up from 102 boe/d in 2024, primarily due to successful workover programs and facility optimization [3] - Cash flow from operations was $587,164, a significant improvement over the prior year's cash outflow of $270,543 [3] - The company recorded a net loss of $799,969 for the year, compared to net income of $233,911 in 2024, largely due to increased royalty and operating expenses, higher depletion, and finance charges [3] - Operating netback for the year was $17.31/boe, down from $26.47/boe, primarily due to higher costs and royalties, partially offset by higher production volumes [3] Strategic and Operational Progress - The company is advancing preparations for its next multilateral drilling program, expected to spud in August 2025, designed to enhance oil recovery and maximize resource efficiency [3] - The company is evaluating potential re-entries into existing single leg horizontal wells, targeting incremental production growth and optimized returns from previously drilled assets [3] - Significant investments were made in well workovers and facility upgrades, resulting in higher oil and natural gas production [3] Liquidity - The company is seeking additional equity financing to support ongoing development activities and address its working capital deficiency, which was $981,640 at March 31, 2025 [4] Outlook - Management remains confident in the company's asset base and operational strategy, focusing on low-cost optimization, new development drilling, and the re-activation of shut-in wells to support future cash flows and long-term value for shareholders [2]