MNR doubles reserves via $1.3B acquisitions, cuts distribution 39% amid $90M impairment

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 13, 2025 · ~2 min read

Key Changes

• high

  Completed IKAV and Sabinal acquisitions in September 2025 for $1.3 billion, issuing 49.8 million common units and expanding from 5,000 to 12,000 operated wells across three basins (Anadarko, San Juan, Permian). Proved reserves increased 109% to 704.7 MMBoe.

  MD&A: Acquisitions; Notes: Reserves verify on EDGAR →
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  Recorded $90.4 million impairment charge in Q3 2025 under full cost ceiling test—the first impairment in company history—as oil prices fell 15% (floor dropped to $55.27/bbl) and OPEC+ increased production in May and July 2025.

  MD&A: Impairment; Notes: Oil & Gas Properties verify on EDGAR →
• high

  Distribution per unit declined 39% from $3.20 to $1.94 despite only 21% reduction in total distributions, as unit count surged 63% from acquisitions and February 2025 equity offering. Cash available for distribution grew just 3% to $274.4 million.

  Notes: Distributions verify on EDGAR →