Following record production in 1Q:26, KGEI is currently drilling a three-well program with production expected (by our model) in 3Q:26. The three Clifton Mac wells are budgeted at only $7.2 million each, which, by our model, will be more than easily funded within 2026 operating cash flow. We currently project excess cash flow funding debt reduction, but CEO Wolf Regener noted at last week's Sidoti Virtual Investor Conference that KGEI may consider additional wells, potentially drilling in other intervals. The company reported record production and revenue in 1Q:26, with production growing 15% year over year to 4.7 mboepd (thousands of barrels of oil equivalent/day), benefiting from four wells completed in December 2025, with the average realized price up 2% (which only included one month of benefit from Iran conflict driven higher oil prices). We anticipate higher sequential revenue and cash flow in 2Q:26, driven by increased oil prices, offset by modestly lower production. We will update our model (including our WTI and Henry Hub price decks) as we gather more information following the presumed end to the Iranian conflict. Shares continue to trade at a discount to our small-cap E&P comp group despite KGEI's higher netbacks and liquids content. The balance sheet provides options, with net leverage ending 1Q:26 of only 1x (net debt of $45 million). We currently model further debt reduction and net leverage well below 0.5x by year end 2026, barring an increased drilling program.