Karnes Area — project

Core Eagle Ford Shale and overlying Austin Chalk formation asset located primarily in Dewitt, Dimmit, Gonzales, Karnes, and Zavala Counties, Texas. The low-risk acreage position has been developed with a focus on maximizing returns and improving operational efficiencies. The Austin Chalk overlying the Eagle Ford Shale is an independent reservoir and an attractive development target. Crude oil is gathered via a Plains Eagle Ford Energy (formerly Ironwood Eagle Ford Midstream) pipeline gathering agreement expiring June 30, 2027. Natural gas production is largely processed to collect NGLs and sold to third-party processors. Acreage: 79,350 gross / 55,370 net (working interest implied ~69.8%). The 10-K does not disclose per-area reserves, production, or NPV.