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Daily Oil Production

January 1, 2024 - February 15, 2026

Gross average barrels of oil per day as of 02/15/26 (by week). Oil production is only from wells owned and operated by Phoenix Operating, a wholly-owned subsidiary of Phoenix Energy. Phoenix’s portfolio of royalty assets and non-operated working interests are not included in this chart.

WELLS DRILLED
120

As of 2/15/26

WELLS PLANNED
0

Over the next 12 months

BARRELS OF OIL PRODUCED
9 M+

As of 2/15/26

Drilling Performance in North Dakota & Montana

Rockin’ in the Bakken

PRODUCING

113

  • ALAMO/TIOGA: 82 wells
  • KNIFE RIVER: 12 wells
  • SHOGUN: 9 wells
  • STANLEY: 5 wells
  • NOONAN: 5 wells

UNDER DEVELOPMENT

26

  • CHARLENE FERRARI (Tioga): 6 wells
  • M JOHNSON (Alamo): 6 wells
  • LOSTWOOD (Stanley): 1 four-mile well
  • HAEFELE (Alamo/Tioga): 5 wells
  • AFSETH (Stanley): 4 wells
  • PLADSON (Stanley): 4 wells

Bakken Drilling Records

  • LONGEST 4-MILE LATERAL
  • NYSTUEN 20-17-8-5-1H (Alamo)
  • 20,797.5 ft.
  • FASTEST-DRILLED 4-MILE LATERAL
  • WILLOW GRAY 2-11-14-23-4H (Alamo)
  • WILLOW GRAY 2-11-14-23-2H (Alamo)
  • 9.29 Days
  • FASTEST-DRILLED 3-MILE LATERAL
  • AXEL FERRARI 25-36-1-4H (Alamo)
  • 6.46 Days
Longer Laterals = Enhanced Project Economics

Chasing Records IN THE BAKKEN

4 of the fastest 3-milers

DAYS TO TOTAL DEPTH¹

6.46

AXEL FERRARI 25-36-1 4H (Alamo)
6/29/2024

6.52

JACOBSON 19-30-31 3H (Alamo)
8/22/2024

6.52

DANIELE 26-35-2 2H (Alamo)
5/9/2024

6.60

AXEL FERRARI 25-36-1 5H (Alamo)
7/8/2024

one of the
longest Laterals

ON A ONE-RUN 4-MILER

20.8K

lateral length (FT)²

NYSTUEN 20-17-8-5-1H (Alamo)
6/17/2025

4 of the fastest 4-milers

DAYS TO TOTAL DEPTH¹

9.29

WILLOW GRAY 2-11-14-23-4H (Alamo)
9/24/2025

9.71

WILLOW GRAY 2-11-14-23-2H (Alamo)
9/14/2025

9.77

WILLOW GRAY 2-11-14-23-5H (Alamo)
10/06/2025

10.38

NYSTUEN 20-17-8-5-4H (Alamo)
7/16/2025

  1. Days to total depth” (DTD or Days to TD) refers to the number of calendar days it takes to drill a well from the start of operations (spud date) to the point at which the well reaches its planned final depth
  2. Lateral length refers to the horizontal distance a wellbore extends within an oil or gas formation after drilling vertically to a targeted depth. Typical lateral lengths in modern unconventional drilling range from approximately 5,000 to 15,000 feet, enhancing reservoir contact and production efficiency.
Longer Laterals = Enhanced Project Economics

Chasing Records IN THE BAKKEN

4 of the fastest 3-milers

DAYS TO TOTAL DEPTH¹

6.46

AXEL FERRARI 25-36-1 4H 6/29/2024

6.52

DANIELE 26-35-2 2H / JACOBSON 19-30-31 3H 5/9/2024 / 8/22/2024

6.60

AXEL FERRARI 25-36-1 5H 7/8/2024

one of the
longest Laterals

ON A ONE-RUN 4-MILER

20.8K

lateral length (FT)²

NYSTUEN 20-17-8-5 1H 6/17/2025

one of the Fastest Rates of Penetration

ON A ONE-RUN 4-MILER

267.4

ROP FEET PER HOUR³

NYSTUEN 20-17-8-5 1H 6/17/2025

  1. Days to total depth” (DTD or Days to TD) refers to the number of calendar days it takes to drill a well from the start of operations (spud date) to the point at which the well reaches its planned final depth
  2. Lateral length refers to the horizontal distance a wellbore extends within an oil or gas formation after drilling vertically to a targeted depth. Typical lateral lengths in modern unconventional drilling range from approximately 5,000 to 15,000 feet, enhancing reservoir contact and production efficiency.
  3. Rate of Penetration (ROP) is a standard drilling performance metric in the oil and gas industry. It quantifies the speed at which the drill bit advances through subsurface formations, typically expressed in feet per hour (ft/hr) or meters per hour (m/hr). Calculated as total depth drilled divided by drilling time, ROP is influenced by formation properties, bit type, drilling parameters, and fluid systems.

Leveling up & Leveling Out

Hedging Against Risk

11.5M¹

Total Qty of Barrels Hedged
As of 11/11/25

x

$61.07

AVG PRICE PER BARREL
As of 11/11/25

=

$700M

hedged production revenue

Hedged Barrels¹

Note: “Hedging against risk” refers to swaps and options contracts purchased in the derivatives markets based on Phoenix Energy’s projected reserve assets as of 11/11/25. This hedging strategy covers approximately 75% of the value of the producing assets over a three-year period. It is important to note that hedging does not directly mitigate investor risk.

1. As of 11/11/25, these positions have been fully placed. The derivatives contracts are comprised of approximately 94% swap contracts and 6% put contracts. The hedged value is the product of the number of outstanding contracts and the weighted-average price of the swaps and puts. Additional details are available on the SEC’s website in Phoenix Energy’s Form 10-Q: Quarterly report for quarter ending Sep 30, 2025. 

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