Epsilon Energy Ltd (EPSN) 2025 Q3 法說會逐字稿

Good day, and welcome to the Epsilon Energy third quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Epsilon Energy 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Andrew Williamson, Chief Financial Officer. Please go ahead.

現在我將把會議交給財務長安德魯威廉森。請繼續。

Thank you, operator. And on behalf of the management team, I would like to welcome all of you to today's conference call to review Epsilon's third quarter 2025 financial and operational results.

謝謝接線生。我謹代表管理團隊，歡迎各位參加今天的電話會議，共同回顧 Epsilon 2025 年第三季的財務和營運表現。

Before we begin, I would like to remind you that our comments may include forward-looking statements. It should be noted that a variety of factors could cause Epsilon's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.

在開始之前，我想提醒各位，我們的評論可能包含前瞻性陳述。需要注意的是，多種因素可能導致 Epsilon 的實際表現與這些前瞻性聲明中表達的預期表現或期望有重大差異。

Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

今天的電話會議可能還會涉及一些非GAAP財務指標。有關前瞻性陳述的揭露以及非GAAP指標的調整，請參閱我們昨天發布的獲利報告。

With that, I'd like to turn the call over to Jason Stabell, our Chief Executive Officer.

接下來，我想把電話交給我們的執行長傑森·斯塔貝爾。

Thank you, Andrew. Good morning, and thank you for participating in our 2025 third quarter conference call. Joining me today are Andrew Williamson, our CFO; and Henry Clanton, our COO. We will be available to answer questions later in the call. This was a big quarter for the company.

謝謝你，安德魯。早安，感謝各位參加我們2025年第三季電話會議。今天和我一起出席的有我們的財務長安德魯威廉森和我們的營運長亨利克蘭頓。我們稍後會在通話中回答您的問題。對公司而言，這是一個業績重要的季度。

The announcement of the transactions in the Powder River Basin is a major strategic milestone that positions the company for success and outperformance over both the medium and long term. Before I discuss the deal, I'd like to offer some comments on the quarter results. In the Permian, we participated in the drilling and completion of the eighth well in our project.

在粉河流域宣布的交易是一項重要的策略里程碑，使公司在中長期內都能取得成功並取得優異業績。在討論這筆交易之前，我想先對季度業績發表一些看法。在二疊紀盆地，我們參與了我們計畫中的第八口井的鑽探和完井工作。

The well commenced production late in the quarter, and the asset continues to perform well. Since inception a little over two years ago, we've invested approximately $42 million in our Texas asset, which has generated more than $18 million in operating cash flow through quarter end. Looking ahead, we expect Permian drilling activity to resume in the first quarter of next year.

該油井於本季末開始投產，目前該資產表現良好。自兩年多前成立以來，我們已在德州的資產上投資了約 4,200 萬美元，截至季度末，該資產已產生超過 1,800 萬美元的營運現金流。展望未來，我們預計二疊紀盆地的鑽探活動將在明年第一季恢復。

Turning to the Marcellus. Shoulder season inventory builds drove sub-$2 net gas pricing in the back half of the quarter, which resulted in some operator elected production curtailments during the quarter. However, a colder start to November has strengthened pricing and allowed for a staged return of these volumes. We are actively engaged with the operator regarding forward investment plans.

轉向馬塞勒斯頁岩氣。淡季庫存增加導致本季後半段天然氣淨價格低於 2 美元，導致一些業者在本季選擇減產。然而，11 月初的寒冷天氣推高了價格，使得銷量得以逐步恢復。我們正積極與營運商就未來的投資計畫進行磋商。

At this time, we do not anticipate any material investments in the first half of 2026. We'll provide updates when second half 2026 plans firm up next year. On the transaction, to summarize what we announced in August, we executed definitive agreements to acquire the Peak companies with operated assets in the Powder River Basin. The transaction includes the issuance of up to 8.5 million Epsilon shares and is subject to shareholder approval at the meeting scheduled for November 12.

目前，我們預計在 2026 年上半年不會有任何實質投資。明年，當2026年下半年的計畫最終確定後，我們將提供最新消息。關於這筆交易，總結我們在 8 月宣布的內容，我們簽署了最終協議，收購了在 Powder River Basin 擁有營運資產的 Peak 公司。該交易包括發行至多 850 萬股 Epsilon 股票，並須經定於 11 月 12 日舉行的股東大會批准。

Due diligence and integration planning have progressed as expected, and we anticipate closing shortly after the shareholder vote. Based on recent BLM approvals, we expect the 2.5 million share contingent consideration to be paid at or near closing. A really nice positive surprise that will allow us to begin planning on what we believe to be the best inventory in the combined company portfolio.

盡職調查和整合計劃已按預期進展，我們預計在股東投票後不久即可完成交易。根據美國土地管理局最近的批准，我們預計 250 萬股或有對價將在交易完成時或接近完成時支付。這是一個非常令人欣喜的驚喜，它將使我們能夠開始規劃我們認為合併後公司投資組合中最好的庫存。

The acquisition adds an experienced operating team, oil-weighted production and a significant inventory of economic locations across multiple benches. Our initial focus will be on production optimization and the highly economic conventional Parkman inventory. The pro forma company sits well positioned to capitalize on an oil price recovery.

此次收購增加了一支經驗豐富的營運團隊、以石油為主的生產能力以及多個油田的大量經濟開採地點。我們最初的重點將放在生產優化和經濟性極高的傳統帕克曼庫存上。這家按計劃運營的公司已做好充分準備，可以從油價回升中獲益。

In addition, we expect investment in our Marcellus position to increase meaningfully over the next several years as our operator shifts their focus towards the Auburn area, which we estimate still holds over 15 gross undrilled locations.

此外，我們預計未來幾年，隨著我們的營運商將重心轉移到奧本地區，我們在馬塞勒斯頁岩氣領域的投資將顯著增加。據我們估計，奧本地區仍有超過 15 個未鑽井的井位。

It has taken us several years to reposition the company, and I am happy to report that post close, our diversified drilling inventory, coupled with our fee-based cash flows from the Auburn Midstream system, leave us in a position to opportunistically increase investment and cash flows while continuing our track record of shareholder returns. In 2026, our focus will be on integration and execution, setting us up for truly transformational results in 2027 under the right market conditions.

我們花了數年時間重新定位公司，我很高興地報告，交易完成後，我們多元化的鑽井庫存，加上來自奧本中游系統的費用現金流，使我們能夠抓住機會增加投資和現金流，同時繼續保持我們股東回報的良好記錄。2026 年，我們將專注於整合與執行，為 2027 年在適當的市場條件下取得真正的變革性成果做好準備。

With that, I'll now turn the call over to Andrew.

接下來，我會把電話交給安德魯。

Thanks, Jason. I'll start with the updates we've made to the hedge book over the last few months. On a pro forma basis, with peak PDP oil volumes are 60% hedged in 2026. Three quarters of that coverage is swapped at strike prices above the forward strip with a weighted average WTI strike price of $63.30 per barrel.

謝謝你，傑森。我先從過去幾個月我們對對沖基金簿所做的更新說起。按備考基準，2026 年 PDP 石油產量高峰已避險 60%。其中四分之三的合約以高於遠期合約價格的行使價進行互換，WTI原油加權平均行使價為每桶63.30美元。

We like the protection that gives us next year with the recent weakness in oil prices. On gas, we're approximately 50% hedged for 2026, with most of that coverage through costless collars with a weighted average NYMEX floor above $3.30 and a weighted average ceiling above $5, leaving us plenty of upside participation in gas prices next year. We will have protection on for 50% of PDP for WTI and NYMEX for the next 18 months to comply with the terms of our new credit facility.

鑑於近期油價疲軟，我們喜歡明年它能給我們的保障。對於天然氣，我們已對 2026 年約 50% 的價格進行了避險，其中大部分是透過無成本的領式選擇權組合實現的，加權平均紐約商品交易所價格下限高於 3.30 美元，加權平均上限高於 5 美元，這讓我們明年有很大的機會參與天然氣價格上漲。為遵守我們新的信貸安排條款，我們將對 WTI 和 NYMEX 的 PDP 進行 50% 的保護，為期 18 個月。

Last month, we announced a new credit facility, bringing in a new lender alongside Frost and Texas Capital and adding term to Q4 2029. Most importantly, we now have the commitments in place to refinance the Peak term loan with our revolver on substantially better terms with excess liquidity on the revised borrowing base after adding the PRB assets at closing.

上個月，我們宣布了一項新的信貸安排，除了 Frost 和 Texas Capital 之外，還引入了一家新的貸款機構，並將期限延長至 2029 年第四季。最重要的是，我們現在已經承諾在交易完成時，將 PRB 資產納入修訂後的借款基礎後，以更優惠的條件和過剩的流動性，利用我們的循環信貸額度對 Peak 定期貸款進行再融資。

I'll reaffirm the point I made last quarter that the pro forma leverage is very manageable and allows us to execute on our capital investment and shareholder return plans over the next few years. On the results, I'll highlight the year-to-date adjusted earnings of $0.45 per share. The adjustments included the Canadian impairment in the second quarter and transaction expenses in the third quarter related to the Peak transaction.

我重申上個季度提出的觀點，即備考槓桿率非常可控，使我們能夠在未來幾年內執行我們的資本投資和股東回報計劃。關於業績，我將重點介紹今年迄今的調整後每股收益為 0.45 美元。調整項包括第二季的加拿大減損損失和第三季與 Peak 交易相關的交易費用。

The intention is to highlight the normal course legacy business performance, which was strong over the nine months. The driver was the new wells, 1.2 net in Pennsylvania that came on in the first half of this year. This is representative of the earnings power incremental Marcellus development can have to both the upstream and midstream sides of our business.

目的是突出正常的傳統業務表現，該業務在過去九個月中表現強勁。驅動因素是今年上半年在賓州投產的新油井，淨產量為 1.2 井。這體現了馬塞勒斯頁岩氣開發對我們業務上游和中游環節的獲利能力提升。

One thing to mention on the acquisition, the stock price movement since we first negotiated the deal has worked in our favor from a valuation perspective on the acquired assets. The deal is for a set number of shares to be issued at closing plus the assumption of debt.

關於這項收購，有一點需要說明，自從我們首次就交易進行談判以來，股價的走勢從被收購資產的估值角度來看對我們有利。該交易包括在交易完成時發行一定數量的股份，以及承擔債務。

Using, for example, $5 per share for Epsilon common, we are acquiring core undeveloped net acreage in the PRB at less than $900 per acre or thought of another way, paying less than $300,000 per priority location. Both of those metrics, we believe to be discounts to market value.

例如，以每股 5 美元的價格購買 Epsilon 普通股，我們就能以每英畝不到 900 美元的價格收購 PRB 的核心未開發淨面積；或者換句話說，每個優先位置的收購價格不到 30 萬美元。我們認為這兩個指標都低於市場價值。

Now to Henry to provide more detail on the operating team and asset base we're bringing on.

現在請亨利詳細介紹我們即將成立的營運團隊和資產基礎。

Thank you, Andrew, and good morning to everyone. I'd like to begin by highlighting again the attributes of the Powder River Basin assets we are planning to acquire. We are thrilled with the strength of the operating team we are bringing on. They have had significant continuity of personnel in their technical team, which is a testament to Peak's founder, Jack Vaughn, whom we are pleased to be adding to our Board.

謝謝你，安德魯，大家早安。首先，我想再次強調我們計劃收購的粉河盆地資產的特徵。我們對即將組建的營運團隊的實力感到非常興奮。他們的技術團隊人員保持了相當高的穩定性，這證明了 Peak 的創始人 Jack Vaughn 的遠見卓識，我們很高興能將他納入我們的董事會。

This includes their field staff who continue to operate the wells in an efficient manner, coupled with an excellent track record of compliance with all federal and state regulations. The well site facilities have been outfitted with the appropriate technologies for us to continue to optimize production and reduce downtime going forward. We're very pleased with the excellent design and condition of the field assets.

這包括他們的現場工作人員，他們繼續以高效的方式操作油井，並且在遵守所有聯邦和州法規方面有著良好的記錄。井場設施已配備相應的技術，以便我們能夠繼續優化生產並減少未來的停機時間。我們對現場設備的優秀設計和良好狀態非常滿意。

As mentioned last quarter, the PDP is solid with consistently performing producing interests across multiple horizons. The majority of these wells have been developed in the last 10 years, and the value diversity is spread quite nicely. Recently, we participated in a thorough well review for all operated wells and have identified candidates for lift optimization, which we expect will drive operating cost reductions and an uplift in production.

如上季所述，PDP 表現穩健，在多個生產週期內均有持續穩定的生產權益。這些油井大多是在過去 10 年內開發的，價值多樣性分佈得相當不錯。最近，我們參與了對所有營運井的全面審查，並確定了可進行舉升優化的候選井，我們預計這將降低營運成本並提高產量。

The undeveloped inventory associated with this acquisition is substantial. For those who may not have reviewed the deck posted to our website, summarizing the acquisition, we encourage you to do so. With approximately 75% of the leasehold held by production, we have identified 111 net priority locations, priority meaning locations with laterals greater than 10,000-foot completable lateral length, having greater than 45% working interest that meet our return thresholds at a $65 WTI, $4 NYMEX pricing.

此次收購相關的未開發庫存相當可觀。對於那些可能還沒有查看我們網站上發布的關於此次收購的簡報的人，我們鼓勵你們查看一下。在約 75% 的租賃權用於生產的情況下，我們確定了 111 個淨優先位置，優先位置是指水平井段長度超過 10,000 英尺且可完工水平井段長度超過 10,000 英尺，工作權益超過 45%，並且在 WTI 原油價格為每桶 65 美元、NYMEX 價格符合我們預期的原油位置。

Planning around this inventory will be the main focus of the technical team post closing and offer the ability to drive production growth in the basin for years. Currently, there are two 2-mile Niobrara DUCs scheduled for completion in 2026. In addition, as Jason mentioned, the initial focus will be on the Parkman inventory, Parkman, which is a conventional reservoir with lower development cost per foot than unconventional targets in the Niobrara and Mowry.

交易完成後，技術團隊的主要工作將圍繞該庫存進行規劃，並預計在未來幾年內推動盆地產量成長。目前，有兩條 2 英里長的尼奧布拉拉河地下水道工程計劃於 2026 年完工。此外，正如傑森所提到的，最初的重點將是帕克曼油藏，這是一個常規油藏，其每英尺的開發成本低於尼奧布拉拉和莫里油藏的非常規目標。

With permits recently being issued by the BLM in Converse County, the team is planning some front-end facility work for a multi-well pad development corridor in the area to be able to efficiently execute on the best inventory across the business. Turning to the Marcellus. We continue to be aligned with the operator on the seasonal price-related production curtailments to optimize the economics of those reserves.

由於最近土地管理局在康弗斯縣頒發了許可證，該團隊正計劃在該地區進行一些前期設施工作，以開發多井平台走廊，從而能夠高效地利用整個業務中最好的庫存。轉向馬塞勒斯頁岩氣。我們繼續與營運商保持一致，根據季節性價格調整產量，以優化這些儲量的經濟效益。

At the expected gas price environment, we anticipate development levels to increase over the next several years relative to the last several years in the Auburn area. Our Permian Basin Barnett project continues to be a solid performer. The eighth well in the play is performing very consistently compared with the first seven wells. We now have two net wells making approximately 575 barrels of oil equivalent per day in the project.

在預期的天然氣價格環境下，我們預計未來幾年奧本地區的開發水準將比過去幾年有所提高。我們在二疊紀盆地的巴內特計畫持續表現穩健。與前七口井相比，該油田的第八口井表現非常穩定。目前該計畫共有兩口淨井，日產量約 575 桶油當量。

At least two more Barnett wells, 0.5 net are planned for 2026. In our Canadian JV, we are in discussions with the operator on potential plans for the next 18 months. And lastly, the company is in the early stages of exploring a sale of our noncore Mid-Con assets in Oklahoma.

2026 年計畫再鑽兩口巴內特井，淨產量為 0.5 噸。在我們的加拿大合資企業中，我們正在與營運商討論未來 18 個月的潛在計劃。最後，該公司目前正處於探索出售我們在俄克拉荷馬州的非核心中型企業資產的早期階段。

Thank you. And now back to Jason.

謝謝。現在讓我們把話題轉回傑森。

Thanks, guys. We can now open the lines for questions.

謝謝各位。現在我們可以開放提問通道了。

(Operator Instructions)

（操作說明）

Anthony Perala, Punch & Associates.

Anthony Perala，Punch & Associates。

Great news on the BLM permit front. Just first off, any more that you can add to that and kind of the clarity and line of sight it gives to you being able to develop some of those Parkman wells in Converse County and maybe what your time line is over the next couple of years and how much capital you could commit to? I think what you highlighted in the deck was greater than or close to 100% IRR given the 65 for commodity prices.

關於土地管理局許可證發放方面傳來好消息。首先，您能否補充一些信息，以及您對開發康弗斯縣帕克曼油井的清晰規劃和前景，還有您未來幾年的計劃時間表以及您能投入多少資金？我認為，考慮到商品價格為 65，你在簡報中重點提到的內部報酬率 (IRR) 已經大於或接近 100%。

Sure. Yeah. Thanks for the question. I'll maybe start and let Henry fill in where I'm incomplete. So we have been informed and observed that the BLM has started reissuing permits in Converse, which was part of the issue on our contingent share consideration. So as we see it right now, we think we're going through confirmation, but we think all of the requirements for that consideration have been met.

當然。是的。謝謝你的提問。我或許會先開始，然後讓亨利來補充我沒寫完的部分。我們已經獲悉並觀察到，土地管理局已開始在康弗斯重新發放許可證，這是我們或有份額考慮的一部分問題。所以就目前來看，我們認為我們正在進行確認程序，但我們認為所有相關要求都已滿足。

So what that allows us to start doing is really, as Henry mentioned, next year, doing the front-end planning around some infrastructure for -- there's a particular area down there we call I Knot in Converse. So we're going to do some initial infrastructure investments. So I'd expect that to really kick off. Earliest would be late next year, but most likely, it's going to be a first half '27 where we're going to roll out a pretty steady program, commodity prices being compliant with us here, but '27 is going to be a big year for Converse activity.

因此，正如亨利所提到的那樣，明年我們可以開始做一些基礎設施的前期規劃——在匡威，我們稱之為 I Knot 的特定區域。所以我們將進行一些初步的基礎建設投資。所以我預計這件事會真正開始。最早也要到明年年底，但最有可能的是，我們會在 2027 年上半年推出一個相當穩定的計劃，前提是商品價格符合我們的預期，但 2027 年對於匡威來說將是重要的一年。

And as Henry mentioned, '26, we've got Campbell County Parkman that we're going to focus on that pads have already been built. Infrastructure investments have already been made. So we're in a great shape there to put that money to work. And then as far as your IRR, yes, the way we modeled the Parkman based on offset data and type curving, we do think the Converse stuff is from a rate of return standpoint, the most attractive.

正如亨利所提到的，26 年，我們將重點放在坎貝爾縣公園，那裡已經建造了停車場。基礎建設投資已經到位。所以我們現在的情況很好，可以充分利用這筆資金。至於你的內部報酬率 (IRR)，是的，根據偏移資料和類型曲線對 Parkman 進行建模的方式，我們確實認為從回報率的角度來看，匡威的產品是最具吸引力的。

Campbell is a close second, but it is just based on offset data that we have. It's slightly below that Converse stuff. So I guess the other thing we'd offer, we underwrote the Parkman value at two wells per section. We've done some incremental work that indicates at least on parts of our acreage based on what other operators have done and are doing, we think we could actually have more sticks in the Parkman than that 14 priority locations that we listed in the deck. So that's nice upside that seems to be falling out of this as well. So does that answer all your question? Or Henry, do you have anything to add to that?

坎貝爾緊隨其後，位居第二，但這只是基於我們現有的偏移數據得出的結論。它比匡威那系列稍微差一點。所以我想我們還可以做的另一件事是，我們以每區兩口井的標準來評估帕克曼的價值。我們已經進行了一些漸進式的工作，根據其他運營商已經做和正在做的事情，至少在我們部分土地上，我們認為我們實際上可以在帕克曼地區擁有比我們在演示文稿中列出的 14 個優先地點更多的木樁。所以，這似乎也是一個不錯的利多因素。這樣是否解答了您的所有疑問？亨利，你還有什麼要補充的嗎？

I'd only add color to the infrastructure that we would be looking to build in Converse County. It ties mainly to water sourcing and storage. and will begin setting us up for future development in the area thereafter that will allow us to drive some economies. But working next year, primarily in the summer months will be the water sourcing and storage that we'll be looking at.

我只想為我們計劃在康弗斯縣建設的基礎設施增添一些色彩。它主要與水源和儲存有關，並將為我們今後在該地區的發展奠定基礎，從而帶動當地經濟發展。但明年，尤其是在夏季，我們將重點放在水源和儲水問題上。

And I think, Anthony, as a placeholder on the Parkman, just kind of a 2-miler, we budget that at somewhere between $7 million to $7.5 million per well. So we're talking $750 or lower a foot on that. So it's pretty attractive even at a low 60s oil price.

安東尼，我認為，作為帕克曼的佔位符，就拿 2 英里長的井來說，我們預算每口井的成本在 700 萬美元到 750 萬美元之間。所以，每英尺的價格大概是 750 美元或更低。所以即使油價低至 60 美元，它也相當有吸引力。

And then could you speak a little bit to just expecting on kind of the existing 2026 activity, what you want to be doing next year?

那麼，您能否稍微談談對 2026 年現有活動的預期，以及您明年想做些什麼？

Yeah. We're still finalizing that. We've got a Board meeting later this month where we're going to be laying out firmer plans there. But we put out a preliminary plan last quarter that had nominally $20 million of CapEx in the Peak assets. We provisioned for the two wells in the Permian that Henry mentioned. So that's about $6 million net to our interest.

是的。我們仍在敲定此事。我們將在本月稍後召開董事會會議，屆時我們將制定更具體的計劃。但我們上個季度公佈了一項初步計劃，其中名義上在 Peak 資產上投入了 2000 萬美元的資本支出。我們為亨利提到的二疊紀盆地的兩口井做好了準備。所以，我們淨賺大約 600 萬美元。

And then the other piece of that was the Marcellus. We had $13 million of CapEx there for the back half of next year, which at this point, as I indicated in my part of the speech, I think there's some potential that some of that CapEx slides into '27. We haven't firmed up plans with the operator there yet.

而另一部分則是馬塞勒斯頁岩氣。我們在明年下半年投入了 1300 萬美元的資本支出，但正如我在演講中提到的，我認為其中一部分資本支出有可能推遲到 2027 年。我們尚未與當地業者敲定具體方案。

But as we also mentioned, based on our conversations, we're excited about what seems to be their shifting focus to Auburn over the coming years versus where their focus has been in the last several. So I'd say that the moving piece probably at this point will be a little bit on that Marcellus, how much of that will actually fall into '26 versus '27.

但正如我們之前提到的，根據我們的談話，我們很高興看到他們未來幾年將重點轉移到奧本大學，而不是像過去幾年那樣把重心放在其他地方。所以我覺得，目前最關鍵的因素可能在於馬塞勒斯頁岩氣，究竟有多少會落入 2026 年，又有多少會落入 2027 年。

That makes a lot of sense. And it was a '27 kind of cash flow event anyways once it gets into production?

這很有道理。而且一旦投入生產，它本來就會像2027年那樣帶來可觀的現金流？

That's right.

這是正確的。

Okay. And then kind of as you've got your kind of focus on the integration and execution here in the next 18 months. If you could speak a little bit more about just the lift it requires to integrate that team, maybe investment to get -- hit the ground running and some of the non-drilling investment that you mentioned a little bit on the call, but what you can do to optimize a little bit here maybe in December and in the first half of 2026 once the deal does close?

好的。然後，在接下來的 18 個月裡，你們的重點將放在整合和執行上。如果您能再詳細談談整合團隊所需的投入，例如快速啟動所需的資金，以及您在電話會議上提到的一些非鑽井投資，那麼在交易完成後，例如在 2026 年上半年，您可以做些什麼來優化這方面的工作呢？

Yeah. So we've been working closely with the Peak team. So I actually feel -- I think we're going to hit the ground running pretty close after close, Anthony, because we've done a lot of front-end work on making sure we have the right team in place post close, making sure we have in the right areas, the transition arrangements with some folks as well.

是的。因此，我們一直與 Peak 團隊密切合作。所以我覺得——安東尼，我認為我們會在交易完成後迅速進入狀態，因為我們已經做了很多前期工作，確保在交易完成後組建合適的團隊，確保我們在合適的領域都有合適的人員，也與一些人做好了過渡安排。

So I'm real happy about how our cultures have fit. We're two small teams coming together that have complementary skill sets. They've got a long history of over 100 wells drilled in the Powder. So we're picking up a really solid team that has the experience and has done it. So I don't think that's going to be a real impediment to rolling out what we want to do in the Powder.

所以我很高興我們的文化能夠如此契合。我們是兩個技能互補的小團隊，現在走到了一起。他們在粉煤層鑽探過100多口井，歷史悠久。所以，我們組了一支實力雄厚、經驗豐富且取得成功成績的團隊。所以我認為這不會對我們在 Powder 地區開展工作構成真正的阻礙。

That's great. And then just last one here. If you could speak a little bit to what other operators are doing kind of an offset activity in both, I guess, Campbell County and then Converse, if maybe areas where either they already have BLM permits or kind of planned activity around you the next 18 months here?

那太棒了。然後就是最後一個了。如果您能稍微談談其他業者在坎貝爾縣和康弗斯縣開展的補償活動，以及他們已經獲得土地管理局許可或計劃在未來 18 個月內開展的活動，那就太好了。

Sure. Yeah, we watch offset operators pretty closely. I would say as a general observation, most offset operators with acreage around us have drilled up the Parkman because it is so economic. So what they're focused on primarily is Niobrara and to some degree, the Mowry.

當然。是的，我們會密切關注偏移運營商。總的來說，我認為我們周圍擁有油田的大多數鄰井營運商都鑽探了帕克曼頁岩層，因為那裡的經濟效益很高。所以他們主要關注的是尼奧布拉拉河，在某種程度上也關注莫里河。

The Mowry is a little gassier. I think as we see gas prices improve, we'll probably see some increased capital allocation to the Mowry in the PRB. And then as we move a little bit to -- I've noticed a little bit to our west, there's still some Turner or what they call frontier development that's also going on.

莫里的油耗稍微高一點。我認為隨著天然氣價格的改善，我們可能會看到對 PRB 的 Mowry 礦區增加一些資本配置。然後，當我們稍微往西走一點——我注意到，在我們西邊一點的地方，仍然有一些特納式的或者他們所謂的邊疆開發正在進行。

So there are about 8 rigs active in the basin right now, and that's been pretty consistent, and that's with some pretty big name operators that will be familiar to you, Continental, EOG, Devon, a big private company named Anschutz and then a company called WRC, which is a large -- has a big position there that's also a private entity. They've been consistent investors in the basin over the last several years.

目前盆地內大約有 8 座鑽井平台正在作業，而且數量相當穩定。這些鑽井平台屬於一些你很熟悉的知名營運商，例如 Continental、EOG、Devon，還有一家名為 Anschutz 的大型私人公司，以及一家名為 WRC 的大型私人公司。在過去幾年裡，他們一直是該盆地的穩定投資者。

So we're pretty happy with how things are going and frankly, think that probably activity levels going forward have more upside from here than where they've been in the powder over the last several years. So I wouldn't be surprised if rig counts increase over the next 18 months.

所以我們對目前的情況相當滿意，坦白說，我們認為未來的活動水平可能會比過去幾年粉雪的水平更有上升空間。因此，如果未來 18 個月鑽井平台數量增加，我不會感到驚訝。

(Operator Instructions)

（操作說明）

Ladies and gentlemen, this concludes today's question-and-answer session. I would like to turn the conference back to Jason Stabell for any closing remarks.

女士們、先生們，今天的問答環節到此結束。我想把會議交還給傑森·斯塔貝爾，讓他做總結發言。

No closing remarks other than to thank everybody for joining us today, and hope you have a great Thursday. And as always, if you've got questions, comments, feedback, please reach out to us here in Houston, and I look forward to hearing from everybody.

除了感謝大家今天蒞臨之外，我沒有什麼要補充的，祝大家週四愉快。和以往一樣，如果您有任何問題、意見或回饋，請聯絡我們在休士頓的辦公室，我期待收到大家的來信。

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝您，先生。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。