Recent Highlights<\/b><\/p>\n Management Commentary<\/b><\/p>\n \n\u201cOur third quarter results reflect continued execution of our acquisition and optimization strategy,\u201d said Will Ulrich, Chairman and Co-CEO. \u201cCanyon Creek contributed its first full quarter, and our continued focus on improving the performance of our existing assets has allowed us to increase our annualized dividend to $1.50 per share. Each of these steps reinforces the acquisition model we are building to consolidate producing oil and gas assets.\u201d<\/p>\n \nChris Hammack, Co-CEO and Director, added: \u201cWhen we closed Canyon Creek, we said the Arkoma Basin was a place to build scale through consolidation. In our first full quarter operating the assets, we moved the wells onto our production systems, right-sized compression and changed chemical vendors, and Canyon Creek helped lower our lease operating expense per Boe. In October, we added working interest in Arkoma properties where we already operate, our first step in building around that position. Land-and-expand remains the strategy.\u201d<\/p>\n Third Quarter 2026 Financial and Operating Results<\/b><\/p>\n \nAll financial metrics in this release reflect the successor period for the three months ended September 30, 2026 and include the Canyon Creek acquisition, which closed in July 2026. Comparisons are to the three months ended June 30, 2026 (Successor), which did not include Canyon Creek.<\/p>\n \nThird-quarter production averaged approximately 26.1 MBoe\/d, or 2,404 MBoe for the quarter, up 15% from 22.8 MBoe\/d in the second quarter, comprising approximately 13% oil, 58% natural gas and 29% NGLs. Canyon Creek drove most of the increase.<\/p>\n \nTotal revenue was $57.3 million, up 6% from $54.0 million in the second quarter. The Company\u2019s average realized price was $23.72 per Boe excluding derivatives and $25.49 per Boe including derivatives, reflecting a realized derivative gain of $1.77 per Boe.<\/p>\n \nLease operating expense was $9.10 per Boe, down from $9.39 per Boe in the second quarter, primarily reflecting the addition of Canyon Creek production. Production taxes were $1.46 per Boe and ad valorem taxes were $0.53 per Boe, resulting in total operating expense of $11.09 per Boe.<\/p>\n \nAdjusted EBITDA was $29.1 million, in line with the outlook provided in August.<\/p>\n \nThe Company reported a net loss of $50.7 million, and a net loss attributable to Presidio Production Company of $46.4 million. The net loss primarily reflects a $66.5 million non-cash, unrealized loss from marking the Company\u2019s commodity derivatives to fair value at quarter-end, which did not represent a cash outflow during the quarter and is excluded from Adjusted EBITDA. The net loss was partially offset by a $13.8 million income tax benefit.<\/p>\n \nCapital expenditures remained minimal at approximately $0.4 million during the quarter, consistent with the Company\u2019s low-reinvestment model.<\/p>\n Quarterly Dividend<\/b><\/p>\n \nThe Board approved a quarterly cash dividend of $0.375 per share ($1.50 per share per year), an 11% increase from the second quarter.<\/p>\n \nThe Q3 2026 cash dividend will be payable on December 16, 2026 to stockholders of record as of December 2, 2026.<\/p>\n \nFuture dividends, including the amount and timing thereof, will be declared at the discretion of the Board of Directors and will depend on the Company\u2019s financial condition, results of operations, capital requirements, and other factors the Board deems relevant.<\/p>\n Acquisitions and Growth<\/b><\/p>\n \nThe acquisition market remains active. The Company remains focused on opportunities that meet its strategic and return criteria. Presidio\u2019s $1.0 billion ABS Warehouse Facility, led by Goldman Sachs with Citizens Bank, N.A. participating, funded Canyon Creek with an initial $55.0 million draw.<\/p>\n \nPresidio continues to sell undeveloped acreage. During the third quarter, the Company sold leasehold and mineral interests in Oklahoma for $2.1 million, bringing year-to-date proceeds to $9.9 million. Since quarter-end, the Company has sold an additional $7.1 million of leasehold and mineral interests in Oklahoma, bringing year-to-date proceeds to $17.0 million.<\/p>\n \nThe third quarter was the first full quarter of production from the Canyon Creek assets in the Arkoma Basin, acquired in July 2026 from companies controlled by Vortus Investments and additional sellers.<\/p>\n \nAfter quarter-end, the Company acquired additional working interest in Arkoma Basin properties it already operates for approximately $4.3 million, funded with cash on hand. The acquisition builds on the position established through Canyon Creek, consistent with the Company\u2019s land-and-expand strategy.<\/p>\n AI and Asset Intelligence<\/b><\/p>\n \nPresidio uses AI to get more production out of the wells it already owns and to help its employees work more efficiently. The Company plans to run all of its approximately 2,300 operated wells on the same technology platform and to add future acquisitions to this platform.<\/p>\n \nThe Asset Intelligence Group is targeting three to five percent production growth in 2026 across Presidio\u2019s existing asset base. Its programs added approximately 3.2% to production from the Company\u2019s assets in the third quarter. These programs include:<\/p>\n \nThe Company also used AI to find shut-in wells that would be profitable to restart at lower water disposal rates and then negotiated those rates. The first of these wells came back online in October, and the Company expects to bring back ten more by year-end. In October, Presidio also began using AI to review each day\u2019s workover jobs and flag the ones that need attention.<\/p>\n \nDuring the third quarter, Presidio built out its product engineering team under Chief Technology Officer Jason Hudak, adding four software engineers, a head of product, a product manager and an IT lead. The team built The Gauntlet, the Company\u2019s agentic software development platform, where AI agents do much of the coding and testing so a small team can deliver software far faster than it otherwise could.<\/p>\n Capital Structure<\/b><\/p>\n \nAs of September 30, 2026, the Company had total debt of $393.2 million, total debt principal outstanding of $400.6 million and Net Debt of $349.4 million. Principal outstanding includes $54.3 million under the ABS Warehouse Facility, which funded the Canyon Creek acquisition.<\/p>\n \nBased on $349.4 million of Net Debt and last-six-months annualized (L6A) Adjusted EBITDA of approximately $124.5 million, Leverage was approximately 2.8x.<\/p>\n Liquidity<\/b><\/p>\n \nAs of September 30, 2026, the Company had $37.4 million of unrestricted cash and no borrowings outstanding under its RBL, which had a borrowing base of $60 million, for total liquidity of approximately $97.4 million.<\/p>\n Equity Capitalization<\/b><\/p>\n \nAs of September 30, 2026, the Company had 29,825,480 shares of Class A common stock and 1,673,757 shares of Class B common stock outstanding, together with 126,628 shares of Series A preferred stock (with an aggregate subscription amount of $126.6 million, including paid-in-kind dividends) and 27,173 shares of Series B convertible preferred stock (convertible into 2,717,300 shares of Class A common stock).<\/p>\n \nIn connection with the closing of the Canyon Creek acquisition in July 2026, the Company issued 1,962,240 shares of Class A common stock to the sellers. Share counts by class are also presented in the condensed consolidated balance sheet below.<\/p>\n Hedging Program<\/b><\/p>\n \nThe Company maintains a multi-year commodity hedging program to provide cash flow visibility across oil, natural gas, and NGL production. The hedge position reflects the hedge restructuring executed concurrent with the closing of the business combination, the additional hedge protection added in connection with the ABS refinancing, the hedges entered into in connection with the closing of the Canyon Creek acquisition, and incremental hedges added after quarter-end. The following table summarizes Presidio\u2019s current commodity hedge position as of November 12, 2026.<\/p>\n \n\u00a0<\/p>\n<\/td>\n 4Q26<\/b><\/p>\n<\/td>\n 1Q27<\/b><\/p>\n<\/td>\n 2Q27<\/b><\/p>\n<\/td>\n 3Q27<\/b><\/p>\n<\/td>\n 4Q27<\/b><\/p>\n<\/td>\n FY28<\/b><\/p>\n<\/td>\n FY29<\/b><\/p>\n<\/td>\n Beyond<\/b><\/p>\n<\/td>\n<\/tr>\n Oil Swaps<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (MBbl)<\/p>\n<\/td>\n \n266<\/p>\n<\/td>\n \n255<\/p>\n<\/td>\n \n248<\/p>\n<\/td>\n \n242<\/p>\n<\/td>\n \n237<\/p>\n<\/td>\n \n887<\/p>\n<\/td>\n \n756<\/p>\n<\/td>\n \n938<\/p>\n<\/td>\n<\/tr>\n \nAvg. Strike ($\/Bbl)<\/p>\n<\/td>\n \n$60.59<\/p>\n<\/td>\n \n$87.90<\/p>\n<\/td>\n \n$108.14<\/p>\n<\/td>\n \n$100.59<\/p>\n<\/td>\n \n$88.02<\/p>\n<\/td>\n \n$63.17<\/p>\n<\/td>\n \n$67.55<\/p>\n<\/td>\n \n$64.38<\/p>\n<\/td>\n<\/tr>\n Natural Gas Swaps<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (BBtu)<\/p>\n<\/td>\n \n7,183<\/p>\n<\/td>\n \n6,865<\/p>\n<\/td>\n \n6,624<\/p>\n<\/td>\n \n6,520<\/p>\n<\/td>\n \n6,388<\/p>\n<\/td>\n \n24,143<\/p>\n<\/td>\n \n20,400<\/p>\n<\/td>\n \n57,516<\/p>\n<\/td>\n<\/tr>\n \nAvg. Strike ($\/MMBtu)<\/p>\n<\/td>\n \n$5.30<\/p>\n<\/td>\n \n$4.94<\/p>\n<\/td>\n \n$4.30<\/p>\n<\/td>\n \n$3.43<\/p>\n<\/td>\n \n$3.76<\/p>\n<\/td>\n \n$3.56<\/p>\n<\/td>\n \n$3.58<\/p>\n<\/td>\n \n$3.44<\/p>\n<\/td>\n<\/tr>\n Natural Gas Basis Swaps<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (BBtu)<\/p>\n<\/td>\n \n6,961<\/p>\n<\/td>\n \n6,869<\/p>\n<\/td>\n \n6,624<\/p>\n<\/td>\n \n6,523<\/p>\n<\/td>\n \n6,390<\/p>\n<\/td>\n \n23,421<\/p>\n<\/td>\n \n9,468<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nAvg. Strike ($\/MMBtu)<\/p>\n<\/td>\n \n$(0.41)<\/p>\n<\/td>\n \n$0.11<\/p>\n<\/td>\n \n$(0.55)<\/p>\n<\/td>\n \n$(0.49)<\/p>\n<\/td>\n \n$(0.40)<\/p>\n<\/td>\n \n$(0.42)<\/p>\n<\/td>\n \n$(0.50)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n NGL Swaps<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (MBbl)<\/p>\n<\/td>\n \n613<\/p>\n<\/td>\n \n593<\/p>\n<\/td>\n \n580<\/p>\n<\/td>\n \n528<\/p>\n<\/td>\n \n517<\/p>\n<\/td>\n \n1,864<\/p>\n<\/td>\n \n1,380<\/p>\n<\/td>\n \n1,316<\/p>\n<\/td>\n<\/tr>\n \nAvg. Strike ($\/Bbl)<\/p>\n<\/td>\n \n$23.14<\/p>\n<\/td>\n \n$24.86<\/p>\n<\/td>\n \n$23.02<\/p>\n<\/td>\n \n$26.76<\/p>\n<\/td>\n \n$25.66<\/p>\n<\/td>\n \n$25.61<\/p>\n<\/td>\n \n$23.50<\/p>\n<\/td>\n \n$21.49<\/p>\n<\/td>\n<\/tr>\n NGL hedges include a combination of individual component hedges and WTI hedges allocated to NGL volumes.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Summary Financial and Operational Data<\/b><\/p>\n \nThe following table presents Presidio\u2019s key financial and operational metrics for the third quarter of 2026 on a successor basis (three months ended September 30, 2026). The Company\u2019s business combination closed on March 4, 2026, resulting in separate predecessor and successor periods that are not directly comparable to the full three-month successor period presented for the third quarter. Accordingly, no comparative prior-period information is presented below. Per-unit metrics are presented on a $\/Boe basis.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended Production<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet production (MBoe)<\/p>\n<\/td>\n \n2,404<\/p>\n<\/td>\n<\/tr>\n \nAverage daily production (MBoe\/d)<\/p>\n<\/td>\n \n26.1<\/p>\n<\/td>\n<\/tr>\n \nProduction mix: oil \/ gas \/ NGLs<\/p>\n<\/td>\n \n13% \/ 58% \/ 29%<\/p>\n<\/td>\n<\/tr>\n Revenue and Realizations ($\/Boe)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage realized price, excluding derivatives<\/p>\n<\/td>\n \n$23.72<\/p>\n<\/td>\n<\/tr>\n \nRealized derivative gain (loss)<\/p>\n<\/td>\n \n$1.77<\/p>\n<\/td>\n<\/tr>\n \nAverage realized price, including derivatives<\/p>\n<\/td>\n \n$25.49<\/p>\n<\/td>\n<\/tr>\n Operating Costs ($\/Boe)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease operating expense<\/p>\n<\/td>\n \n$9.10<\/p>\n<\/td>\n<\/tr>\n \nProduction taxes<\/p>\n<\/td>\n \n$1.46<\/p>\n<\/td>\n<\/tr>\n \nAd valorem taxes<\/p>\n<\/td>\n \n$0.53<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expense<\/p>\n<\/td>\n \n$11.09<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n$3.55<\/p>\n<\/td>\n<\/tr>\n \nAdjusted general and administrative<\/p>\n<\/td>\n \n$2.50<\/p>\n<\/td>\n<\/tr>\n Depletion, Depreciation & Amortization ($\/Boe)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepletion, oil and gas properties<\/p>\n<\/td>\n \n$6.63<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization, other<\/p>\n<\/td>\n \n$0.26<\/p>\n<\/td>\n<\/tr>\n Aggregate Financials ($ thousands, except per share)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal revenue<\/p>\n<\/td>\n \n57,331<\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) from operations<\/p>\n<\/td>\n \n556<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)<\/p>\n<\/td>\n \n(50,727)<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) attributable to Presidio Production Company<\/p>\n<\/td>\n \n(46,387)<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) per Class A share, basic and diluted<\/p>\n<\/td>\n \n$(1.80)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA<\/p>\n<\/td>\n \n29,093<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Unhedged EBITDA<\/p>\n<\/td>\n \n24,835<\/p>\n<\/td>\n<\/tr>\n Certain amounts are presented in thousands, except per-share data. Adjusted general and administrative excludes non-cash share-based compensation, non-recurring compensation expense related to the Company\u2019s Class B Units and certain non-recurring costs. Adjusted General and Administrative Expense, Adjusted EBITDA and Adjusted Unhedged EBITDA are non-GAAP measures; see \u201cNon-GAAP Financial Measures and Reconciliations.\u201d<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAverage realized prices by product for the three months ended September 30, 2026 (Successor), before and after the impact of derivatives settled in cash, were as follows:<\/p>\n Three Months Ended September 30, 2026 Excluding Derivatives Including Derivatives \nOil ($\/Bbl)<\/p>\n<\/td>\n \n$82.60<\/p>\n<\/td>\n \n$60.02<\/p>\n<\/td>\n<\/tr>\n \nNatural gas ($\/Mcf)<\/p>\n<\/td>\n \n$1.46<\/p>\n<\/td>\n \n$3.51<\/p>\n<\/td>\n<\/tr>\n \nNGLs ($\/Bbl)<\/p>\n<\/td>\n \n$26.57<\/p>\n<\/td>\n \n$18.72<\/p>\n<\/td>\n<\/tr>\n Total ($\/Boe)<\/b><\/p>\n<\/td>\n $23.72<\/b><\/p>\n<\/td>\n $25.49<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call Information<\/b><\/p>\n \nPresidio reported its third quarter 2026 results on Thursday, November 12, 2026, and will host a conference call to discuss the results the following morning, Friday, November 13, 2026 at 10:00 AM Eastern Time (9:00 AM Central Time). A live webcast and replay will be available on the Investor Relations section of the Company\u2019s website at https:\/\/ir.bypresidio.com\/<\/a>. The call may be accessed by dialing (877) 407-0779 (U.S.) or (201) 389-0914 (international); conference code 13763581. A replay of the call will be available shortly after the call by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (international); passcode 13763581. The replay will be available through Friday, November 27, 2026.<\/p>\n About Presidio Production Company<\/b><\/p>\n $ in thousands<\/b><\/p>\n<\/td>\n Three Months Three Months Six Months Ended \nNet Income (Loss) (GAAP) (1)<\/p>\n<\/td>\n \n$(50,727)<\/p>\n<\/td>\n \n$15,479<\/p>\n<\/td>\n \n$(35,248)<\/p>\n<\/td>\n<\/tr>\n \nDepletion, oil and gas properties<\/p>\n<\/td>\n \n15,929<\/p>\n<\/td>\n \n15,130<\/p>\n<\/td>\n \n31,059<\/p>\n<\/td>\n<\/tr>\n \nDepreciation of other property and equipment<\/p>\n<\/td>\n \n616<\/p>\n<\/td>\n \n859<\/p>\n<\/td>\n \n1,475<\/p>\n<\/td>\n<\/tr>\n \nAccretion of asset retirement obligation<\/p>\n<\/td>\n \n1,199<\/p>\n<\/td>\n \n1,150<\/p>\n<\/td>\n \n2,349<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss from sale of assets<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n(158)<\/p>\n<\/td>\n \n(153)<\/p>\n<\/td>\n<\/tr>\n \nLoss on ARO liabilities<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nUnrealized (gain) loss from derivative transactions<\/p>\n<\/td>\n \n66,462<\/p>\n<\/td>\n \n(17,962)<\/p>\n<\/td>\n \n48,500<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of earnout liability<\/p>\n<\/td>\n \n(4,531)<\/p>\n<\/td>\n \n2,972<\/p>\n<\/td>\n \n(1,559)<\/p>\n<\/td>\n<\/tr>\n \nLoss on early extinguishment of debt<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n4,475<\/p>\n<\/td>\n \n4,475<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation (2)<\/p>\n<\/td>\n \n2,431<\/p>\n<\/td>\n \n2,219<\/p>\n<\/td>\n \n4,650<\/p>\n<\/td>\n<\/tr>\n \nAcquisition and transaction costs<\/p>\n<\/td>\n \n3,817<\/p>\n<\/td>\n \n544<\/p>\n<\/td>\n \n4,361<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n7,576<\/p>\n<\/td>\n \n4,286<\/p>\n<\/td>\n \n11,862<\/p>\n<\/td>\n<\/tr>\n \nNon-recurring cost (3)<\/p>\n<\/td>\n \n100<\/p>\n<\/td>\n \n221<\/p>\n<\/td>\n \n321<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense (benefit)<\/p>\n<\/td>\n \n(13,784)<\/p>\n<\/td>\n \n3,961<\/p>\n<\/td>\n \n(9,823)<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n $29,093<\/b><\/p>\n<\/td>\n $33,176<\/b><\/p>\n<\/td>\n $62,269<\/b><\/p>\n<\/td>\n<\/tr>\n \nRealized (gain) loss from derivative transactions<\/p>\n<\/td>\n \n(4,258)<\/p>\n<\/td>\n \n(6,861)<\/p>\n<\/td>\n \n(11,119)<\/p>\n<\/td>\n<\/tr>\n Adjusted Unhedged EBITDA<\/b><\/p>\n<\/td>\n $24,835<\/b><\/p>\n<\/td>\n $26,315<\/b><\/p>\n<\/td>\n $51,150<\/b><\/p>\n<\/td>\n<\/tr>\n (1) Reflects total GAAP net income (loss), which includes $4.3 million of net loss attributable to non-controlling interests for the three months ended September 30, 2026, $1.1 million of net income attributable to non-controlling interests for the three months ended June 30, 2026 and $3.3 million of net loss attributable to non-controlling interests for the six months ended September 30, 2026. Net income (loss) attributable to Presidio Production Company was $(46.4) million, $14.4 million and $(32.0) million for those periods, respectively. (2) Includes share-based compensation expense related to restricted stock units. (3) Includes one-time severance fees.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of GAAP Financial Measures to Adjusted General and Administrative Expense<\/b><\/p>\n \nThe following table reconciles General and Administrative Expense, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted General and Administrative Expense for the three months ended September 30, 2026 (Successor). The Company\u2019s business combination closed on March 4, 2026, resulting in separate predecessor and successor periods that are not directly comparable to the full three-month successor period presented for the third quarter. Accordingly, no comparative prior-period information is presented below.<\/p>\n $ in thousands (except per Boe)<\/b><\/p>\n<\/td>\n Three Months Ended September \nGeneral and Administrative (GAAP)<\/p>\n<\/td>\n \n$8,532<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation (1)<\/p>\n<\/td>\n \n(2,431)<\/p>\n<\/td>\n<\/tr>\n \nNon-recurring cost (2)<\/p>\n<\/td>\n \n(100)<\/p>\n<\/td>\n<\/tr>\n Adjusted General and Administrative<\/b><\/p>\n<\/td>\n $6,001<\/b><\/p>\n<\/td>\n<\/tr>\n \nAdjusted General and Administrative per Boe<\/p>\n<\/td>\n \n$2.50<\/p>\n<\/td>\n<\/tr>\n (1) Includes share-based compensation expense related to restricted stock units. <\/i>(2) Includes one-time severance fees.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of Net Debt to Total Debt<\/b><\/p>\n \nThe following table sets forth the Company\u2019s outstanding debt and reconciles total debt, the most directly comparable GAAP measure, to Net Debt as of September 30, 2026 ($ in thousands).<\/p>\n ($ in thousands)<\/b><\/p>\n<\/td>\n September 30, 2026<\/b><\/p>\n<\/td>\n<\/tr>\n \nABS III Securitization notes<\/p>\n<\/td>\n \n$344,459<\/p>\n<\/td>\n<\/tr>\n \nABS Warehouse Facility<\/p>\n<\/td>\n \n54,335<\/p>\n<\/td>\n<\/tr>\n \nCitizens RBL (undrawn)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nTrail Dust term loan<\/p>\n<\/td>\n \n1,846<\/p>\n<\/td>\n<\/tr>\n \nEquipment financing obligations<\/p>\n<\/td>\n \n1,468<\/p>\n<\/td>\n<\/tr>\n \nABS III debt issuance costs, net<\/p>\n<\/td>\n \n(8,207)<\/p>\n<\/td>\n<\/tr>\n \nABS Warehouse Facility debt issuance costs, net<\/p>\n<\/td>\n \n(741)<\/p>\n<\/td>\n<\/tr>\n Total Debt (GAAP)<\/b><\/p>\n<\/td>\n $393,160<\/b><\/p>\n<\/td>\n<\/tr>\n \nLess: Equipment financing obligations<\/p>\n<\/td>\n \n(1,468)<\/p>\n<\/td>\n<\/tr>\n \nPlus: ABS III debt issuance costs, net<\/p>\n<\/td>\n \n8,207<\/p>\n<\/td>\n<\/tr>\n \nPlus: ABS Warehouse Facility debt issuance costs, net<\/p>\n<\/td>\n \n741<\/p>\n<\/td>\n<\/tr>\n Principal outstanding (ABS Notes, ABS Warehouse Facility, RBL, Trail Dust)<\/b><\/p>\n<\/td>\n $400,640<\/b><\/p>\n<\/td>\n<\/tr>\n \nLess: Cash and cash equivalents<\/p>\n<\/td>\n \n(37,436)<\/p>\n<\/td>\n<\/tr>\n \nLess: Restricted cash<\/p>\n<\/td>\n \n(13,781)<\/p>\n<\/td>\n<\/tr>\n Net Debt<\/b><\/p>\n<\/td>\n $349,423<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Condensed Consolidated Statement of Operations (Unaudited)<\/b><\/p>\n \nThe following table presents the Company\u2019s condensed consolidated statement of operations for the three months ended September 30, 2026 (Successor) ($ in thousands, except per share amounts). The Company\u2019s business combination closed on March 4, 2026, resulting in separate predecessor and successor periods that are not directly comparable to the full three-month successor period presented for the third quarter. Accordingly, no comparative prior-period information is presented below.<\/p>\n\n
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September 30, 2026
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(Successor)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
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(Successor)<\/b><\/p>\n<\/td>\n\n
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Ended September 30,
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2026 (Successor)<\/b><\/p>\n<\/td>\n\n
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Ended June 30,
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2026 (Successor)<\/b><\/p>\n<\/td>\n\n
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September 30,
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2026 (Successor)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
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30, 2026 (Successor)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
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![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20261112525562\/en\/2969780\/3\/Presidio-NYSE-Color.jpg\")
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