EVOLUTION PETROLEUM CORP

Previous wording

“Current quarter” refers to the three months ended March 31, 2026, our third quarter of fiscal year 2026.

Current wording

“Current quarter” refers to the three months ended September 30, 2026, our first quarter of fiscal year 2027.

Previous wording

“Year-ago quarter” refers to the three months ended March 31, 2025, our third quarter of fiscal year 2025.

Current wording

“Year-ago quarter” refers to the three months ended September 30, 2025, our first quarter of fiscal year 2026.

Previous wording

Our oil and natural gas properties consist primarily of non-operated working and mineral interests in the following areas (as well assmall overriding royalty and mineral interests in Texas and Louisiana):

Current wording

Our oil and natural gas properties consist primarily of non-operated working and mineral interests in the following areas:

Previous wording

From December 2025 through March 2026, we acquired mineral and royalty interests in multiple parishes across Louisiana from various private sellers for cash consideration totaling $5.0 million, including capitalized direct transaction costs (“Louisiana Minerals”). The mineral acreage in Louisiana primarily consists of proved undeveloped acreage targeting the Bossier/Haynesville Shales and is currently being actively developed by operators in the area. The acquisitions were considered asset acquisitions and funded with cash on hand and sales from our ATM Sales Agreements.

Current wording

During the three months ended September 30, 2026, the Company acquired additional Louisiana mineral and royalty interests for approximately $0.3 million, including capitalized direct transaction costs. These acquired mineral and royalty interests are in multiple parishes across Louisiana from private sellers. The mineral acreage in Louisiana primarily consists of proved undeveloped acreage targeting the Bossier/Haynesville Shales and is currently being actively developed by operators in the area. These acquisitions were each considered asset acquisitions and funded with cash on hand and sales from the Company’s ATM Sales Agreements.

Previous wording

On November 28, 2025, we entered into a letter agreement with MidFirst Bank pursuant to which the Margined Collateral Value, as defined under the Senior Secured Credit Facility, was modified to $65.0 million. In addition, it

Current wording

On August 20, 2026, we entered into a letter agreement with MidFirst Bank pursuant to which the borrowing base on our Senior Secured Credit Facility was temporarily increased from $65.0 million to $73.0 million from August 20, 2026

Previous wording

The oil and natural gas industry is a global market impacted by many factors, such as government regulations, particularly in the areas of tariffs, trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, (including ongoing conflicts between Russia and Ukraine, in the Middle East and Venezuela), demand in Asian and European markets, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. More recently, during the third fiscal quarter, WTI oil prices reached their highest levels since 2022 due to crude oil disruptions at key oil shipping routes in the Middle East, including the Strait of Hormuz. Natural gas prices are generally determined by North American supply and demand and are also affected by imports and exports of liquefied natural gas. Weather also has a significant impact on demand for natural gas since it is a primary heating source.

Current wording

The oil and natural gas industry is a global market impacted by many factors, such as government regulations, particularly in the areas of tariffs, trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, (including ongoing conflicts between Russia and Ukraine, in the Middle East and Venezuela), demand in Asian and European markets, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. In March 2026, WTI oil prices reached their highest levels since 2022 due to crude oil disruptions at key oil shipping routes in the Middle East, including the Strait of Hormuz. During the three months ended September 30, 2026, oil and NGL prices remained elevated compared to the prior-year period, supported by global demand for U.S. production and continued geopolitical tensions in the Middle East, while natural gas prices declined compared to the prior-year period, primarily due to continued growth in U.S. natural gas production, mild weather and uncertainty regarding winter heating demand. Natural gas prices are generally determined by North American supply and demand and are also affected by imports and exports of liquefied natural gas. Weather also has a significant impact on demand for natural gas since it is a primary heating source.

Previous wording

Oil, natural gas, and NGL prices have been, and we expect may continue to be, volatile. During the current fiscal year, crude oil spot prices for WTI dropped below $56 per barrel in December 2025 then rose to more than $100 per barrel in March 2026. Lower oil and natural gas prices not only decrease our revenues, partially offset by applicable hedges, but an extended decline in oil or natural gas prices may affect planned capital expenditures and the oil and natural gas reserves that we can economically produce. Lower oil and natural gas prices may also reduce the amount of our borrowing base under our Senior Secured Credit Facility, which is determined at the discretion of the lenders based on various factors including the collateral value of our proved reserves. Increases in crude oil and natural gas prices are partially offset to the extent that prices exceed applicable derivative contract swap and collar prices.

Current wording

Oil, natural gas, and NGL prices have been, and we expect may continue to be, volatile. During the fiscal year June 30, 2026, crude oil spot prices for WTI dropped below $56 per barrel in December 2025 then rose to more than $100 per barrel in March 2026. During the three months ended September 30, 2026, crude oil spot prices averaged approximately $87.22 per barrel and NYMEX Henry Hub natural gas spot prices averaged approximately $2.87 per MMBtu, compared to approximately $65.74 per barrel and $3.03 per MMBtu, respectively, during the three months ended September 30, 2025. Lower oil and natural gas prices not only decrease our revenues, partially offset by applicable hedges, but an extended decline in oil or natural gas prices may affect planned capital expenditures and the oil and natural gas reserves that we can economically produce. Lower oil and natural gas prices may also reduce the amount of our borrowing base under our Senior Secured Credit Facility, which is determined at the discretion of the lenders based on various factors including the collateral value of our proved reserves. Increases in crude oil and natural gas prices are partially offset to the extent that these prices exceed the Company’s applicable derivative contract swap and collar prices.

Previous wording

Given the dynamic nature of these factors and events, we cannot reasonably estimate the period of time that certain market conditions will persist. Continuing volatility in political, trade, regulatory and economic conditions could impact supply and demand fundamentals as well as commodity pricing. Any related significant declines in crude oil, natural gas, and NGL prices could lead to proved property impairments in the future. Any significant increases in commodity prices could lead to further losses on our derivative contacts that partially offset price increases. Impairments and gains and losses on derivative contracts are difficult to predict, especially in a volatile price environment.

Current wording

Given the dynamic nature of these factors and events, we cannot reasonably estimate the period of time that certain market conditions will persist. Continuing volatility in political, trade, regulatory and economic conditions could impact supply and demand fundamentals as well as commodity pricing. Any related significant declines in crude oil, natural gas, and NGL prices could lead to proved property impairments in the future. Per the terms of our Senior Secured Credit Facility, we are required to hedge a portion of our anticipated crude oil and natural gas production from proved developed producing reserves based on the utilization of the borrowing base then in effect, currently up to 75% of

Previous wording

At times, we do maintain cash balances in excess of the U.S. Federal Deposit Insurance Corporation (“FDIC”); however, we believe our bank counterparty to be financially sound. We also utilize insured cash sweep deposits to maximize the amount of our cash that is protected by FDIC insurance. We also rely heavily on our third-party operators who manage their own liquidity with various financial institutions. In 2022, the Federal Reserve took actions to raise interest rates in an attempt to constrain inflation and slow the economy. In 2024 and 2025, the Federal Reserve has taken action to

Current wording

At times, we do maintain cash balances in excess of the U.S. Federal Deposit Insurance Corporation (“FDIC”); however, we believe our bank counterparty to be financially sound. We also utilize insured cash sweep deposits to maximize the amount of our cash that is protected by FDIC insurance. We also rely heavily on our third-party operators who manage their own liquidity with various financial institutions. Inflation in the United States has remained persistently above the Federal Reserve’s 2% target, and in September 2026 the Federal Reserve responded by raising interest rates by 25 basis points, its first increase since 2023. The timing, size, and communication of future Federal Reserve actions are difficult to predict and depend on economic factors outside of our control and it is uncertain how these actions will impact inflation and the economy.

Previous wording

As of March 31, 2026, we had $2.6 million in cash and cash equivalents and $56.5 million outstanding borrowings on our Senior Secured Credit Facility compared to $2.5 million in cash and cash equivalents and $37.5 million outstanding borrowings on our Senior Secured Credit Facility at June 30, 2025. Our primary sources of liquidity and capital resources during the nine months ended March 31, 2026 were cash provided by operations, net borrowings under our Senior Secured Credit Facility, and net proceeds from the ATM Sales Agreements. Our primary uses of liquidity and capital resources for the nine months ended March 31, 2026 were cash used to fund our SCOOP/STACK Minerals Acquisition and Louisiana Minerals, cash dividend payments to our common stockholders, and development capital expenditures. As of March 31, 2026, working capital was a deficit of $10.6 million primarily due to our current derivative contracts, which vary quarter-to-quarter based on forecasted commodity prices at the end of each quarter. As of June 30, 2025, working capital was a deficit of $4.0 million.

Current wording

As of September 30, 2026, we had $3.1 million in cash and cash equivalents and $60.0 million outstanding borrowings on our Senior Secured Credit Facility compared to $6.1 million in cash and cash equivalents and $56.5 million outstanding borrowings on our Senior Secured Credit Facility at June 30, 2026. Our primary sources of liquidity and capital resources during the three months ended September 30, 2026 were net proceeds from the Offering, cash provided by operations, and net borrowings under our Senior Secured Credit Facility. Our primary uses of liquidity and capital resources for the three months ended September 30, 2026 were cash used to fund our Permian Minerals Acquisition, cash dividend payments to our common stockholders, and development capital expenditures. As of September 30, 2026, working capital was a deficit of $3.5 million primarily due to our current derivative contracts, which vary quarter-to-quarter based on forecasted commodity prices at the end of each quarter. As of June 30, 2026, working capital was a deficit of $1.8 million.

Previous wording

The syndicated Senior Secured Credit Facility has a maximum capacity of $200.0 million subject to a borrowing base determined by the lenders based on a percentage of the value of our oil and natural gas properties. The Senior Secured Credit Facility has a current borrowing base of $65.0 million. As of March 31, 2026, we had $56.5 million of indebtedness, $0.8 million of letters of credit outstanding, and available capacity of $7.7 million. The Senior Secured Credit Facility is secured by substantially all of our oil and natural gas properties and matures on June 30, 2028.

Current wording

The syndicated Senior Secured Credit Facility has a maximum capacity of $200.0 million subject to a borrowing base determined by the lenders based on a percentage of the value of our oil and natural gas properties. The Senior Secured Credit Facility had an interim borrowing base of $73.0 million at September 30, 2026 which was redetermined at $70.0 million as of October 20, 2026 in accordance with the semi-annual redetermination as provided in the credit agreement. As of September 30, 2026, we had $60.0 million of indebtedness, $0.8 million of letters of credit outstanding, and available capacity of $12.2 million. As of October 20, 2026, our available capacity is $9.2 million. The Senior Secured Credit Facility is secured by substantially all of our oil and natural gas properties and matures on June 30, 2028.

Previous wording

For the nine months ended March 31, 2026 and 2025, the weighted average interest on our borrowings was 6.78% and 7.59%, respectively. Borrowings bear interest, at our option, at either (i) the SOFR, subject to a minimum SOFR of 3.25%, plus a credit spread adjustment of 0.05%, or (ii) the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.0%, plus, in either case of (i) or (ii), an applicable margin of 2.75%. The Senior Secured Credit Facility contains covenants requiring the maintenance of (i) a total leverage ratio of not more than 3.00 to 1.00, (ii) a current ratio of not less than 1.00 to 1.00, and (iii) a consolidated tangible net worth of not less than $40.0 million, each as defined in the Senior Secured Credit Facility. In addition, the Senior Secured Credit Facility contains hedging requirements that apply when utilization is greater than 25% of (x) the Margined Collateral Value, as defined under the Senior Secured Credit Facility, at any time when the leverage ratio is less than 2.25 to 1.00, or (y) the borrowing base, at any time when the leverage ratio is greater than or equal to 2.25 to 1.00. It also contains other customary affirmative and negative covenants, including a hedging covenant discussed below, and events of default. As of March 31, 2026, we were in compliance with all covenants under the Senior Secured Credit Facility.

Current wording

For the three months ended September 30, 2026 and 2025, the weighted average interest rate on our borrowings was 6.48% and 7.12%, respectively. Borrowings bear interest, at our option, at either (i) the SOFR, subject to a minimum SOFR of 3.25%, plus a credit spread adjustment of 0.05%, or (ii) the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.0%, plus, in either case of (i) or (ii), an applicable margin of 2.75%. The Senior Secured Credit Facility contains covenants requiring the maintenance of (i) a total leverage ratio of not more than 3.00 to 1.00, (ii) a current ratio of not less than 1.00 to 1.00, and (iii) a consolidated tangible net worth of not less than $40.0 million, each as defined in the Senior Secured Credit Facility. In addition, the Senior Secured Credit Facility contains hedging requirements that apply when utilization is greater than 25% of (x) the Margined Collateral Value, as defined under the Senior Secured Credit Facility, at any time when the leverage ratio is less than 2.25 to 1.00, or (y) the borrowing base, at any time when the leverage ratio is greater than or equal to 2.25 to 1.00. It also contains other customary affirmative and

Previous wording

The Senior Secured Credit Facility requires redeterminations of the borrowing base to occur semi-annually. At each redetermination, the Margined Collateral Value is updated based on the estimated value of our oil and natural gas properties, which includes our proved developed reserves, proved undeveloped reserves, and other relevant factors consistent with customary oil and natural gas lending criteria. On November 28, 2025, we entered into a letter agreement with MidFirst Bank pursuant to which the Margined Collateral Value, as defined under the Senior Secured Credit Facility, was modified to $65.0 million. In addition, it granted us additional time to enter into further commodity hedges to meet the hedging requirements under the Senior Secured Credit Facility. On August 29, 2025, we entered into the first amendment to our Senior Secured Credit Facility with MidFirst Bank, whereas it was determined for purposes of the hedge covenant that total crude oil and natural gas production volumes from proved developed producing reserves will be combined on a barrels of oil equivalent (“BOE”) basis to determine compliance with the hedging covenant.

Current wording

The Senior Secured Credit Facility requires redeterminations of the borrowing base to occur semi-annually. At each redetermination, the Margined Collateral Value is updated based on the estimated value of our oil and natural gas properties, which includes our proved developed reserves, proved undeveloped reserves, and other relevant factors consistent with customary oil and natural gas lending criteria. On August 29, 2025, we entered into the first amendment to our Senior Secured Credit Facility with MidFirst Bank, whereas it was determined for purposes of the hedge covenant that total crude oil and natural gas production volumes from proved developed producing reserves will be combined on a barrels of oil equivalent (“BOE”) basis to determine compliance with the hedging covenant.

Previous wording

On October 21, 2024, we entered into an ATM equity Sales Agreement with Roth Capital Partners, LLC as our Lead Agent, Northland Securities Inc., and A.G.P./Alliance Global Partners pursuant to which we may issue and sell, from time to time, up to $30.0 million of shares of common stock through or to the Lead Agent, acting as agent or principal to facilitate acquisitions and other general corporate purposes. On February 11, 2026, we executed a new ATM equity Sales Agreement, substantially consistent with the original October agreement restoring the $30.0 million common stock sales capacity. During the nine months ended March 31, 2026, we sold a total of approximately 1.1 million shares of our common stock under the ATM Sales Agreements for net proceeds of approximately $4.7 million, net of $0.2 million of offering costs incurred.

Current wording

On October 21, 2024, we entered into an ATM equity Sales Agreement with Roth Capital Partners, LLC as our Lead Agent, Northland Securities Inc., and A.G.P./Alliance Global Partners pursuant to which we may issue and sell, from time to time, up to $30.0 million of shares of common stock through or to the Lead Agent, acting as agent or principal to facilitate acquisitions and other general corporate purposes. On February 11, 2026, we executed a new ATM equity Sales Agreement, substantially consistent with the original October 2024 agreement restoring the $30.0 million common stock sales capacity. We did not sell any shares of our common stock under the ATM Sales Agreements during the three months ended September 30, 2026.

Previous wording

and pay cash dividends to shareholders. We expect to fund near-future capital development activities for our properties with cash flows from operating activities, and, as needed, borrowings under our Senior Secured Credit Facility and proceeds from the ATM Sales Agreements.

Current wording

We have historically funded operations through cash from operations and working capital. Our primary source of cash is the sale of produced crude oil, natural gas, and NGLs. A portion of these cash flows is used to fund capital expenditures and pay cash dividends to shareholders. We expect to fund near-future capital development activities for our properties with cash flows from operating activities, and, as needed, borrowings under our Senior Secured Credit Facility and proceeds from the ATM Sales Agreements.

Previous wording

We are pursuing new growth opportunities through acquisitions and other transactions. In addition to cash on hand, we have access to the undrawn portion of the borrowing base available under our Senior Secured Credit Facility, totaling $7.7 million as of March 31, 2026. We also have an effective shelf registration statement with the SEC under which we may issue up to $500.0 million of new debt or equity securities.

Current wording

Consistent with our business strategy, we are constantly pursuing new growth opportunities and other transactions to maximize shareholder value and will do so using a targeted mix of capital sourcing. We will continue to pursue acquisitions of oil and natural gas properties, including long-life producing properties with substantial upside potential as well as acquisitions of minerals and royalty interests. In addition to cash on hand, we have access to the undrawn portion of the borrowing base available under our Senior Secured Credit Facility, totaling $9.2 million as of October 20, 2026. We also have an effective shelf registration statement with the SEC under which we may issue up to $475.9 million of debt or equity securities. We believe that our cash on hand, cash flows from operations and available borrowings will be sufficient to fund our operations, capital expenditures and dividends for at least the next 12 months and in the longer term.

Previous wording

Our Board of Directors instituted a cash dividend on common stock in December 2013. We have since paid 50 consecutive quarterly dividends. Distribution of a substantial portion of free cash flow in excess of operating and capital requirements through cash dividends remains a priority of our financial strategy, and it is our long-term goal to increase dividends over time, subject to adjustments as appropriate in the Board of Directors’ discretion depending on factors such as commodity prices, other opportunities for uses of capital, and any other factors the Board of Directors deems relevant. On May 11, 2026, the Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock to shareholders of record on June 15, 2026 and payable on June 30, 2026.

Current wording

Our Board of Directors instituted a cash dividend on common stock in December 2013. We have since paid 52 consecutive quarterly dividends. Distribution of a substantial portion of free cash flow in excess of operating and capital requirements through cash dividends remains a priority of our financial strategy, and it is our long-term goal to maintain or increase dividends over time, subject to adjustments as appropriate in the Board of Directors’ discretion depending on factors such as commodity prices, other opportunities for uses of capital, and any other factors the Board of Directors deems relevant. On November 9, 2026, the Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock to shareholders of record on December 15, 2026 and payable on December 31, 2026.

Previous wording

During the nine months ending March 31,2026, we incurred $4.0 million on development capital expenditures. A majority of our spending occurred at SCOOP/STACK, Chaveroo Field and Hamilton Dome Field. At SCOOP/STACK eight gross wells were brought online during the nine months ended March 31, 2016, three gross wells are currently in progress, and we have elected to participate in two gross wells. At Chaveroo Field and Hamilton Dome capital spending projects were for facility upgrades and consolidations. Remaining capital spending related to capital workover projects across our portfolio of assets. Based on discussions with our operators, we expect capital workover projects to continue in most of our fields throughout the remainder of the year as well as further drilling at SCOOP/STACK.

Current wording

During the three months ended September 30, 2026, we incurred $0.7 million on development capital expenditures. A majority of our spending occurred at SCOOP/STACK where two gross wells were brought online during the three months ended September 30, 2026 and eight gross wells are currently in progress. Remaining capital spending related to capital workover projects across our portfolio of assets. Based on discussions with our operators, we expect capital workover projects to continue in most of our fields throughout the remainder of the year as well as further drilling at SCOOP/STACK.

Previous wording

Overall, for fiscal year 2026, we expect budgeted capital expenditures to be in the range of $4.0 million to $6.0 million, which excludes the purchase of Louisiana Minerals described above, as well as any other potential acquisitions. Our expected capital expenditures for fiscal year 2026 include bringing approximately eleven gross wells online, including the eight gross wells described above, at our SCOOP/STACK properties. Additionally, as our third-party operators continue to be active around our acreage, we would expect additional wells to be drilled and/or completed. At Chaveroo Field, we anticipate securing permits for the next six wells before the end of the fiscal year 2026. The final decision, made jointly with our partner, on when to spud these wells will depend on prevailing oil prices and completed well costs at that time.

Current wording

Overall, for fiscal year 2027, we expect budgeted capital expenditures to be in the range of $4.0 million to $6.0 million, which excludes the recent purchase of Permian Minerals, any other potential acquisitions, and drilling at Chaveroo Field.

Previous wording

ceiling test as of March 31, 2026 were $63.80 per barrel of oil, $3.72 per MMBtu of natural gas and $22.50 per barrel of NGLs. As of March 31, 2026, our capitalized costs of oil and natural gas properties, subject to amortization, were below the full cost valuation ceiling. If commodity price levels were to substantially decline from the 12-month average first day of the month pricing levels as of March 31, 2026 and remain down for a prolonged period of time, our valuation ceiling over our capitalized costs may be reduced and adversely impact our ceiling test results in future quarters and the effect could be material to our net earnings. Using first day of the month prices for April and May 2026, which are more reflective of recent prices trends, to calculate a trailing 12-month average price of $70.06 per barrel of oil and $3.58 per MMBtu of natural gas, and keeping all other factors constant, the ceiling test calculation as of the fourth quarter of fiscal year 2026 would not have generated a ceiling test impairment. We cannot give assurance that a write-down of capitalized oil and natural gas properties will not be required at some point in the future as commodity prices are volatile and unpredictable. In addition to commodity prices, our production rates, levels of proved reserves, future development costs, transfers of unevaluated properties to our full cost pool, capital spending and other factors will determine our actual ceiling test calculation and impairment analyses in future periods.

Current wording

Under the full cost method of accounting, capitalized costs of oil and natural gas properties, net of accumulated depletion, depreciation, and amortization and related deferred taxes, are limited to the estimated future net cash flows from proved oil and natural gas reserves, discounted at 10%, plus the lower of cost or fair value of unproved properties, as adjusted for related income tax effects (the valuation “ceiling”). If capitalized costs exceed the full cost ceiling, the excess would be charged to expense as a write-down of oil and natural gas properties in the quarter in which the excess occurred. The quarterly ceiling test calculation requires that we use the average first day of the month price for our petroleum products during the 12-month period ending with the balance sheet date. The prices used in calculating our ceiling test as of September 30, 2026 were $76.93 per barrel of oil, $3.60 per MMBtu of natural gas and $28.93 per barrel of NGLs. As of September 30, 2026, our capitalized costs of oil and natural gas properties, subject to amortization, were below the full cost valuation ceiling. If commodity price levels were to substantially decline from the 12-month average first day of the month pricing levels as of September 30, 2026 and remain down for a prolonged period of time, our valuation ceiling over our capitalized costs may be reduced and adversely impact our ceiling test results in future quarters and the effect could be material to our net earnings. Using first day of the month prices for October and November 2026, which are more reflective of recent price trends, to calculate trailing 12-month average price of $86.46 per barrel of crude oil and $3.36 per MMBtu of natural gas, and keeping all other factors constant, the ceiling test calculation as of the second quarter of fiscal year 2027 would not have generated a ceiling test impairment. We cannot give assurance that a write-down of capitalized oil and natural gas properties will not be required at some point in the future as commodity prices are volatile and unpredictable. In addition to commodity prices, our production rates, levels of proved reserves, future development costs, transfers of unevaluated properties to our full cost pool, capital spending and other factors will determine our actual ceiling test calculation and impairment analyses in future periods.

Previous wording

Cash provided by operating activities for the nine months ended March 31, 2026 decreased $5.9 million compared to the nine months ended March 31, 2025 primarily due a decrease in revenues of $2.6 million from the prior period and increases in our interest expense and realized losses on derivative contracts. Interest expense increased $0.6 million and in the current period we had net derivative realized losses of $0.6 million compared to realized gains $0.2 million in the prior period. The remaining decrease in cash flow from operations is due to timing of working capital. Refer to*“Results of Operations”* below for further information.

Current wording

Cash provided by operating activities for the three months ended September 30, 2026 decreased $4.5 million compared to the three months ended September 30, 2025 primarily due to timing of working capital and realized losses on derivative contracts. We had net derivative realized losses of $1.3 million compared to realized gains of $0.9 million in the prior period. Refer to*“Results of Operations”* below for further information.

Previous wording

Net cash flows provided by financing activities for the nine months ended March 31, 2026 were $10.6 million compared to net cash flows used in financing activities of $13.4 million for the nine months ended March 31, 2025. For the nine months ended March 31, 2026, we received net borrowings of $19.0 million under our Senior Secured Credit Facility primarily to finance our SCOOP/STACK Minerals Acquisition, received net proceeds from the sale of common stock under the ATM Sales Agreements of approximately $4.8 million, after deducting $0.1 million of issuance fees paid, andpaid $12.6 million in cash dividends to our common stockholders. For the nine months ended March 31, 2025, we paid $12.2 million in cash dividends to our common stockholders, repaid $4.0 million of borrowings under our Senior Secured Credit Facility, and receivednet proceeds from the sale of common stock under the ATM Sales Agreements of approximately $3.1 million, after deducting $0.3 million of fees for due diligence incurred with the offering.

Current wording

Cash flows provided by financing activities for the three months ended September 30, 2026 decreased $0.1 million compared to the three months ended September 30, 2025. For the three months ended September 30, 2026, we received approximately $12.5 million in net proceeds from our Offering, after deducting $0.5 million of offering costs, and net borrowings of $3.5 million under our Senior Secured Credit Facility, which funded our Permian Minerals Acquisition. During the quarter, we also paid $4.9 million in cash dividends to our common stockholders. For the three months ended September 30, 2025, we received $15.5 million in net borrowings under our Senior Secured Credit Facility to finance our Minerals Acquisition, and paid $4.2 million in cash dividends to our common stockholders.