MNR production surges 95% on $1.1B acquisition spree; gas hedges unwound as prices fall 23%

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Production jumped 95% year-over-year to 14,150 MBoe in Q1 2026, driven by IKAV and Sabinal acquisitions that added 6,719 MBoe. Natural gas output surged 159%, fundamentally shifting the company's production mix toward gas-heavy assets in the San Juan and Permian basins.

  MD&A: Production Volumes verify on EDGAR →
• high

  Revenue rose 26.1% to $364.6M despite realized natural gas prices falling 23% to $2.74/Mcf. Volume growth from acquisitions added $139.7M in sales, overwhelming a $26.9M price headwind. IKAV deal included a firm sales contract locking gas at $1.72/MMbtu through 2030—below current market.

  MD&A: Revenue & Pricing verify on EDGAR →
• high

  Outstanding debt increased to $1.14B from $460M to fund acquisitions. Credit facility was amended in September 2025 to add $700M borrowing base capacity and $450M in term loans. Remaining availability stands at $305M, providing cushion for the raised $315-360M development budget.

  MD&A: Liquidity & Capital Resources verify on EDGAR →