This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position, and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “intends,” “may,” “should,” “anticipates,” “expects,” “could,” “plans,” “estimates,” “projects,” “targets” or comparable terminology or by discussions of strategy or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve risks and uncertainties that could significantly affect expected results, and actual future results could differ materially from those described in such forward-looking statements.
Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this report and in our annual report on Form 10-K for the year ended December 31, 2023. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to:
| ● | declines or volatility in the prices we receive for our oil and natural gas; |
| ● | our ability to raise additional capital to fund future capital expenditures; |
| ● | our ability to generate sufficient cash flow from operations, borrowings or other sources to enable us to fully develop and produce our oil and natural gas properties; |
| ● | general economic conditions, whether internationally, nationally or in the regional and local market areas in which we do business; |
| ● | risks associated with drilling, including completion risks, cost overruns and the drilling of non-economic wells or dry holes; |
| ● | uncertainties associated with estimates of proved oil and natural gas reserves; |
| ● | the presence or recoverability of estimated oil and natural gas reserves and the actual future production rates and associated costs; |
| ● | risks and liabilities associated with acquired companies and properties; |
| ● | risks related to the integration of acquired companies and properties; |
| ● | potential defects in title to our properties; |
| ● | cost and availability of drilling rigs, equipment, supplies, personnel, and oilfield services; |
| ● | geological concentration of our reserves; |
| ● | environmental or other governmental regulations, including the legislation of hydraulic fracture stimulation; |
| ● | our ability to secure firm transportation for oil and natural gas we produce and to sell the oil and natural gas at market prices; |
| ● | exploration and development risks; |
| ● | management’s ability to execute our plans to meet our goals; |
| ● | our ability to retain key members of our management team on commercially reasonable terms; |
| ● | the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems or on systems and infrastructure used by the oil and gas industry; |
| ● | effectiveness of our internal control over financial reporting; |
| ● | actions or inactions of third-party operators of our properties; |
| ● | costs and liabilities associated with environmental, health and safety laws; |
| ● | our ability to find and retain highly skilled personnel; |
| ● | operating hazards attendant to the oil and natural gas business; |
| ● | evolving geopolitical and military hostilities in the Middle East; |
| ● | economic and competitive conditions; |
| ● | lack of available insurance; |
| ● | cash flow and anticipated liquidity; |
Forward-looking statements speak only as to the date hereof. Except as otherwise required by applicable law, we disclaim any intention or obligation to update publicly or revise such statements whether as a result of new information, future events or otherwise.
There may also be other risks and uncertainties that we are unable to predict at this time or that we do not now expect to have a material adverse impact on our business.
