A strategic pivot to prioritize free cash flow generation and balance sheet strength over rapid production volume growth. This includes reducing the annual capital budget by nearly 50% year-over-year and operating a conservative development plan of one drilling rig and one completion crew.

Expected impact: Allows the company to operate within cash flow down to mid-to-upper $50s WTI, maximize free cash flow in higher price environments, and accelerate debt reduction.

A comprehensive restructuring of corporate governance to align with sound business principles and rebuild market confidence. This includes appointing an independent chairman, establishing independent board committees, installing a new CEO (Michael Hollis), and implementing performance-based compensation.

Expected impact: Creates greater corporate accountability, transparency, and alignment of executive incentives with shareholder value.

The Board of Directors suspended the quarterly dividend starting in the first quarter of 2026 to conserve cash.

Expected impact: Conserves an estimated $20 million to $25 million in annual liquidity to support debt reduction and financial resilience.

Incorporating a new simul-frac fracturing technique to enhance completion efficiency and lower well costs.

Expected impact: Improves operational efficiency, reduces drilling and completion times, and lowers unit development costs.