Produces and sells crude oil, natural gas and natural gas liquids from operated wells to commodity purchasers; also acquires mineral, royalty and non-operated working interests that generate proceeds from third-party production.
10-K for FY2025, filed Mar 17, 2026We operate in the oil and gas industry and execute on a three-pronged strategy involving (i) direct drilling operations of operated working…View ↗
Following the acquisition of an asset, we typically share in the proceeds of the natural resources extracted and sold by a third-party E&P…View ↗
The Company recognizes its revenues following ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s revenues are…View ↗
Product sales (64% of revenue) come from oil, gas and natural gas liquids delivered by PhoenixOp, for which it typically receives monthly payments. Mineral and royalty proceeds are paid monthly by operators and working-interest owners; Firebird Marketing resells crude oil, and water-disposal services are charged per barrel.
10-K for FY2025, filed Mar 17, 2026The Company recognizes its revenues following ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s revenues are…View ↗
Revenue from contracts with customers is presented as product sales and mineral and royalty revenues on the consolidated statements of…View ↗
The Company generates revenues from the purchase of crude oil from working interest owners and royalty interest holders in properties…View ↗
The Company also generates revenues from performing saltwater disposal services on wells in which it is the operator. Revenues are driven…View ↗
10-K for FY2025, filed Mar 17, 2026
FY2025 revenue by product or service ↗$687.2M
10-K for FY2025, filed Mar 17, 2026
$687.2M ↗| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
64% |
Product, FY2025
$437.4M Sources
|
Sold outright |
|
Mineral and royalty revenues
Licensed
10-K for FY2025, filed Mar 17, 2026 |
18% |
Mineral and royalty revenues, FY2025
$125M Sources
|
Licensed |
|
Crude oil
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
17% |
Crude oil, FY2025
$113.4M Sources
|
Sold outright |
|
Water Services
Usage-based
|
1.6% |
Water Services, FY2025
$10.8M Sources
|
Usage-based |
|
Other revenue
|
0.1% |
Other revenue, FY2025
$562K Sources
|
Oil and gas purchasers buy production under short-term contracts, with third-party operators and service partners handling marketing and sales. Mineral and royalty payments come monthly from operators and working-interest owners.
10-K for FY2025, filed Mar 17, 2026
Yes. It kept 10 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 17, 2026
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
Growing.
Revenue grew 5.8x in 2 years, from $118.1M in FY2023 to $687.2M in FY2025, about 141% a year.
10-K for FY2025, filed Mar 17, 2026
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