Good day, and welcome to the Ring Energy's first quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one, on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Al Petrie, Investor Relations. Please go ahead. Thank you, Operator, and good morning, everyone. We appreciate your interest in Ring Energy. We will begin our call with comments from Paul McKinney, our Chairman of the Board and CEO, who will provide an overview of key matters for the first quarter of 2025, as well as our updated outlook. We will then turn the call over to Travis Thomas, Ring's Executive VP and Chief Financial Officer, who will review our financial results. Paul will then return with some closing comments before we open the call up for questions. Also joining us on the call today and available for the Q&A session are Alex Dyes, Executive VP and Chief Operations Officer; James Parr, Executive VP and Chief Exploration Officer; and Shawn Young, Senior VP of Operations. During the Q&A session, we ask you to limit your questions to one and a follow-up. You are welcome to re-enter the queue later with additional questions. I would also note that we have posted an updated corporate presentation on our website. During the course of this conference call, the company will be making forward-looking statements within the meaning of federal securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance, and that actual results or developments may differ materially from those projected in the forward-looking statements. Finally, the company can give no assurance that such forward-looking statements will prove to be correct. Ring Energy disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, you should not place undue reliance on forward-looking statements. These and other risks are described in yesterday's press release and our filings with the SEC. These documents can be found in the Investors section of our website, located at www.ringenergy.com. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially. This conference call also includes references to certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable measure under GAAP are contained in yesterday's earnings release. Finally, as a reminder, this conference call is being recorded. I would now like to turn the call over to Paul McKinney, our Chairman and CEO. Thanks, Al. We appreciate everyone for joining us today and for your interest in Ring Energy. We began 2025 with a strong first quarter where we met or exceeded all guidance targets. Driving our outperformance was exceptional oil sales volumes from newly drilled wells and our legacy assets through the outstanding efforts of our operations team maintaining our PDP production. During the quarter, we sold 18,392 barrels of oil equivalent per day, which was above the midpoint of our previously announced guidance range. More importantly, we sold 12,074 barrels of oil per day, exceeding the high end of our guidance range despite the impact of weather-related downtime in January. We drilled, completed, and placed on production seven wells in the first quarter, including four horizontal wells in the Northwest Shelf and three vertical wells in the Central Basin Platform. Not only have those wells all exceeded initial pre-drill production estimates, another highlight is we improved our capital efficiency again this quarter, with average well costs coming in around 7% less than budget. We also closed the highly accretive acquisition of Lime Rock Resources CBP assets that continue to exceed the forecasts originally used to value them. Similar to what we did to prepare for the Founders Oil & Gas acquisition closing, we strategically adjusted the timing of our drilling program and capital spending initiatives during the first quarter to reduce the capital spent to optimize our financial position and better position the balance sheet. Like our Founders CBP asset acquisition that closed in the third quarter of 2023, the accretive Lime Rock Resources transaction checks all the right boxes. As a reminder, we purchased a little over 100 wells with approximately a 75% oil cut, with low decline production, enhancing the company's metrics for both measures. The transaction also modestly increased scale and captures operating synergies through reductions in the number of field personnel required to operate the assets, benefits from integrating saltwater disposal systems, and lower costs from a variety of changes being made in the field. We also gained approximately 17,700 net acres, all held by production, with the majority of that acreage being contiguous with our legacy operations in the Shafter Lake area. The non-contiguous acreage to the south exposes Ring to additional active plays on the platform, providing additional opportunities when oil prices improve. With this transaction, over 40 gross drilling locations have been added to our existing high-return drilling inventory that immediately competes for capital. Last but not least, production from these assets during April, our first month of operations, averaged over 2,500 barrels of oil equivalent per day, representing a 9% increase over the estimates used to value the assets. The result is an expected meaningful increase in adjusted free cash flow supported by $120 million of oil-weighted proved developed reserves, and ultimately a stronger and more resilient company. Regarding our guidance for the remainder of 2025, consistent with the revised second quarter outlook we provided last month, we are updating our outlook for the second half of the year to reflect a reduction in capital spending in response to the weakened price environment. As a result, for the final three quarters of 2025, Ring intends to reduce total capital spending by more than 47%, or 36% for the full year, with only a modest reduction in production during the last half of the year, guiding to approximately 2% annual production growth over 2024. This is only made possible by the production outperformance from the new wells drilled in the first and second quarter and higher-than-expected production from the existing and newly acquired assets. All of this leads to projected higher adjusted free cash flow levels. For more details on the adjusted free cash flow levels, please refer to our investor presentation. With that, I will turn this over to Travis to provide financial details for the quarter, more details associated with our guidance ranges, and then return to share more about our plans to not only survive the potential for extended lower oil prices, but thrive and emerge even stronger. Travis? Thanks, Paul, and good morning, everyone. As Paul noted, we posted solid first quarter operational and financial performance driven by outstanding execution by our team across the board. The result was better-than-expected oil and total sales volumes, as well as inline operating and capital spending levels. The combination allowed us to conserve capital in anticipation of the closing of the highly accretive Lime Rock Resources CBP asset acquisition, which has outperformed initial expectations and places Ring in a much stronger position to better succeed in the current pricing environment. It also allows us to pay down debt at a faster rate than we could have done on a standalone basis. As I say every time, balance sheet improvement has been and will remain a top priority for the company. With that overview, let's take a closer look at the quarter. Starting at the top line, we sold 12,074 barrels of oil per day and 18,392 BOE per day, with both exceeding guidance. As a reminder, with the March 31 closing, we began to benefit from the recent acquisition of the additional CBP assets beginning on the first day of the second quarter, which is reflected in our guidance for the remainder of 2025. Turning to the first quarter 2025 pricing, our overall realized price increased 4% to $47.78 per BOE from $46.14 per BOE in the fourth quarter of 2024. Driving the overall increase was a 2% higher first quarter 2025 realized oil price. Our first quarter average crude oil differential from NYMEX WTI futures pricing was a negative $0.89 per barrel versus a negative $1.42 per barrel in the fourth quarter. This was mostly due to the Argus WTI WTS that increased by $0.59 per barrel, offset by the Argus CMA roll that decreased by $0.08 per barrel on average from the fourth quarter. Our average natural gas price differential from NYMEX futures pricing for the first quarter was a negative $3.81 per MCF compared to a negative $3.83 per MCF for the fourth quarter. Our realized NGL price for the first quarter averaged 15% of WTI compared to 13% for the fourth quarter. The result was revenue for the first quarter of $79.1 million. We continued to target the higher oil mix opportunities as oil accounted for 97% of total revenue, while it was only 66% of total production. Although we continued to see slightly negative realized natural gas pricing, there was a material improvement in the first quarter from the fourth quarter of 2024. While the majority of our GTP costs are reflected as a sales price reduction, the larger impact on realized prices is from the continued gas takeaway constraints in the basin. However, we are starting to realize the benefits from additional takeaway capacity that came online with the Matterhorn Express Pipeline in late 2024. We are also excited about the prospect of increased large-scale AI infrastructure in West Texas that could potentially use local gas for power generation. This increased usage could further alleviate in-basin takeaway constraints and give a boost to gas pricing going forward. Overall, our sequential revenue had a 5% decrease from the fourth quarter, which was driven by a negative $7.3 million volume variance offset by a positive $3 million price variance. Moving to expenses, LOE was $19.7 million, or $11.89 per BOE, versus $20.3 million, or $11.24 per BOE for the fourth quarter. We are pleased to see LOE lower on an absolute basis quarter to quarter and below our guidance midpoint of $12 per BOE. Cash G&A, which excludes share-based compensation, was $6.9 million compared to $6.4 million in the fourth quarter. The increase was partially driven by annual costs associated with the audit, 10-K, and proxy. Our first quarter results included a loss on derivative contracts of $900,000 versus a loss of $6.3 million in the fourth quarter. The first quarter loss included a $400,000 unrealized loss and a $500,000 realized loss. As a reminder, the unrealized gain loss is just the difference between the mark-to-market values period to period. Finally, for Q1, we reported net income of $9.1 million, or $0.05 per diluted share, compared to fourth quarter net income of $5.7 million, or $0.03 per diluted share. Excluding the estimated after-tax impacts of pre-tax items, including non-cash, unrealized gains and losses on hedges, and share-based compensation expense, our first quarter 2025 adjusted net income was $10.7 million, or $0.05 per diluted share, while fourth quarter 2024 adjusted net income was $12.3 million, or $0.06 per diluted share. We posted first quarter 2025 adjusted EBITDA at $46.4 million versus $50.9 million for the fourth quarter, with most of the difference attributed to lower oil revenue. During the first quarter, we invested $32.5 million in capital expenditures, which was 14% lower than the fourth quarter and within our guidance of $26-$34 million. As Paul discussed, we have been extremely pleased with the production from the new wells coming in ahead of expectation and lower combined overall costs. Adjusted free cash flow was $5.8 million versus $4.7 million for the fourth quarter 2024, with the net increase primarily associated with the $5.2 million lower capital spending, partially offset by $4.5 million less in EBITDA compared to the fourth quarter. We ended the period with $460 million drawn on our credit facility, with the increase mostly due to the $63.6 million in cash required for closing on the acquisition of the Lime Rock Resources CBP assets, along with the $5 million deposit earlier in the quarter. With the current borrowing base of $600 million, we began the second quarter with the availability of $140 million, with a leverage ratio of 1.9 times, which includes a $10 million deferred payment due in December of 2025. Moving to our hedge position, for the last nine months of 2025, we currently have approximately 1.7 million barrels of oil hedged with an average downside protection price of $64.44. This covers approximately 47% of our oil sales guidance midpoint. We also have 2 BCF of natural gas hedged with an average downside protection price of $3.43, covering approximately 37% of our estimated natural gas sales based on the midpoint. For a detailed breakout of our hedge position, please see our earnings release and presentation, which includes the average price for each contract type. Looking at our guidance, we had provided full details in our earnings material. In addition, Paul did a great job explaining how our business model, including low break-even economics, places us in a solid position to navigate these pricing headwinds. Our proven value-focused model is battle-tested to drive success through the cycle, and we will pull all necessary levers to ensure we maintain a healthy financial position and capitalize on opportunities to further reduce debt. Consistent with our revised second quarter outlook we provided last month, we are updating our outlook for the second half of the year to reflect a reduction in capital spending in response to the weakened price environment. As a result, for full year 2025, Ring now expects total capital spending of $85 million-$113 million, with a midpoint of $99 million versus our previously disclosed expectation of $138 million-$170 million. Included in the full year 2025 CapEx guidance is estimated spending of $14 million-$22 million for the second quarter and $38 million-$58 million in the last half of the year. Please refer to our first quarter earnings release and company presentation for full details by period, but I would note that of the two to three wells included in our drilling program for the second quarter, we have drilled, completed, and placed on production one horizontal and one vertical well to date. As in the past, we will retain the flexibility to react to changing commodity prices and market conditions, as well as manage our quarterly cash flow. Our updated full year 2025 production guidance is 12,700-13,700 barrels of oil per day and 19,200-20,700 BOE per day. We continue to expect second quarter total sales volumes of 20,500-22,500 BOE per day and oil production to range between 13,700 and 14,700 barrels of oil per day, resulting in a 66% oil mix. For second half 2025, we are guiding a total sales volume of 19,000-21,000 BOE per day and oil production to range between 12,500 and 14,000 barrels of oil per day, also a 66% oil mix. On the cost side, I would note that we now anticipate full year 2025 LOE of $11.25-$12.25 per BOE and are providing guidance of $11.50-$12.50 per BOE for both the second quarter and second half of 2025. With that, I will turn it back to Paul for his closing comments. Paul? Thank you, Travis. As an industry, we have experienced a high level of oil price volatility over the last five years, where the amplitude and frequency seem to be increasing. Although current oil prices remain above our break-even requirements, most of our industry, both domestically and abroad, depends on higher oil prices to continue to invest and maintain production levels. For many of us, oil and gas price volatility has been with us for our entire careers, which is the reason we designed our strategy to be successful in low-price environments and in high ones. Our proven value-focused strategy is one with extreme focus on maximizing cash flow generation that has a proven track record over the last 22 reporting periods. Let me remind you, oil prices were much lower at times during that period than current prices today. Our strategy seeks to retain and acquire wells with shallow declining production, with long lives, low operating costs, and high net back interest. The shallow decline rates reduce the capital intensity required to maintain the company's production levels. Long life wells provide stability through the price cycles and better full-cycle economics. The low operating costs and high net backs allow for the highest margins regardless of the oil price. We also like highly oil-weighted assets because Permian Basin gas typically receives significant discounts to Henry Hub prices, forcing us to occasionally pay to have our gas processed and delivered to market. We also seek to acquire and invest in undrilled development opportunities that have low break-even costs and superior economics. Regarding capital spending, our strategy also emphasizes extreme capital discipline, allocating capital to our highest returning opportunities with the execution flexibility necessary to ensure we meet our debt reduction goals and strengthen our balance sheet. This aspect of our strategy plays a big part in the terms negotiated in our drilling contracts and other operational services. They are designed to retain the flexibility to respond quickly to market changes and minimize the costs associated with those changes. As we look to the remainder of 2025, we will capitalize on the production overperformance experienced so far this year and the benefits of the Lime Rock acquisition to reduce our capital spending and allocate more of our cash flow to paying down debt. Although our production guidance for the last half of the year is less than previously guided, our forecast suggests that we will deliver modest annual production growth of approximately 2% over the prior year. If oil prices recover to previous ranges, at this time, we do not intend to increase capital spending this year, keeping our focus on debt reduction. If oil prices recover to higher levels than previous ranges, we will evaluate and respond to those conditions in a way most beneficial for our stockholders. In closing, I want to emphasize one more time, our disciplined approach highlights the strength and flexibility of our proven value-focused strategy, ensuring we not only weather this price cycle but emerge even stronger. With that, we will turn this call over to the operator for questions. Operator? We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Jeff Robertson with Water Tower Research. Please go ahead. Thank you. Paul, do you have a leverage target in mind as you allocate more free cash flow to debt reduction in this environment before you'd want to go back to trying to have a capital program that would generate more growth? Hey, good morning, Jeff, and good question, actually. Yes, we do. We've stated for a very long time that our long-term goal for our leverage ratio is to be comfortably below one. In a low-price environment, of course, it's a lot more challenging to get that leverage ratio lower because you got to remember, oil prices are part of the denominator in that equation, and it makes it challenging. That is part of the reason for the increased emphasis on debt reduction. If you go to our investor presentation, we have several things that kind of forecast where our free cash flow levels are in the future with various different prices. Those free cash flow levels are a direct reflection of the amount of debt that we can pay down. It's your prediction or my prediction. I don't know if either one of us will be accurate in terms of predicting what future oil prices will be, so that leverage ratio is kind of hard to predict. We are taking all the measures we can during this weakened price environment to ensure that we keep our leverage ratio as low as we can. Part of this equation is somewhat out of our control, but the parts that are in our control, we are taking every step we can to keep that leverage ratio as low as possible because we have been criticized in the past for being on the higher end of the leverage ratio when compared to our peers. We are also very much a debt-resistant type group of managers. We just don't like debt. We know that debt has not been the friend of a capital-intensive industry like the oil and gas industry, and so we're very focused on that. Paul, as you look at the back half of the year and the guidance that you laid out this morning for capital of $38-$58 million, do you assume any cost improvements in there? In other words, if you spend the $48 million midpoint and costs go lower, would you think you could complete more absolute projects, or would the delta in cost savings go toward free cash flow and ultimately debt reduction? Yeah, that's another good question, actually. Right now, our forecasts for capital include current prices. We have not, and that kind of leads into we've already seen some reductions here very recently in terms of some of the capital costs. I could ask Shawn to chime in here, but I think they're related to primarily the completion side and the fracs. Right. Yeah, we are. Yeah, we are seeing some relaxation on both the frac costs as well as cementing and wireline on the drilling side. Those are in the range of, when you're looking at our current cost structure, anywhere from 4-6% at this point. Obviously, we expect that hopefully to relax some more with prices being where they are. To complete the answer to your question, Jeff, right now, we've laid out a capital program selecting really the highest return opportunities we have in our portfolio, maximizing free cash flow. If we're fortunate enough to see continued reductions, like we said in the first quarter, all of our capital program came in at approximately 7% lower than what we had budgeted. If that trend continues, all of that will go to repaying debt. We will not take advantage of the lower cost to squeeze in another well or two. Right now, we have also learned, even though we have the ability to respond on a dime based on our drilling contracts and the contract strategies we have with our other operational services, there is a loss of efficiency when you are jacking your program, turning it on, turning it off. We try not to do that to the extent we can. We did, as you can see, respond very quickly to the price changes that occurred here recently. We deferred the picking up of another rig that we were going to drill horizontal wells with as a result of all of this, and that led to the 50% reduction in our capital spending for the second quarter. Again, going back to your question, no, in times like this or these, I should say, I think it's important to demonstrate to our shareholders the true flexibility and strength of our strategy and our commitment to reducing debt. We don't know whether we're going to be in an extended period of low prices. We could very easily. Now, I know we see a lot of volatility, and like I said, the amplitude is increasing, and so is the frequency. We could see higher prices in a short period of time. Because we don't have a crystal ball on that, we're going to take the conservative approach and emphasize the reduction of debt, strengthen the balance sheet, and prepare ourselves to continue our strategy for growth. Travis, I know there's a lot that goes into the black box that the banks use to come up with an RBL borrowing base, but can you talk about some of the moving parts with the asset base, with the inclusion of the Lime Rock assets as you look to your next redetermination? Sure. We're very excited about bringing the Lime Rock assets in for the next redetermination. That is in process right now. It is the season for that. Our assets and the low decline nature of them and the low cost really help us out when they're making them more bankable. We have good expectations and think that everything should go just normal. Yeah, we're really early in that process right now, Jeff, so it's kind of hard to predict. It kind of goes back to the strategy of selecting these shallow decline wells with high net interest and high margins, low operating costs. All these things lead to a much stronger portfolio and, like Travis said, a much more bankable portfolio. We're early in the process. It's way too early to kind of predict how things are going to work out, but we're still very confident that it'll turn out to be an average or typical redetermination process. Paul, as you laid out, your focus is on reducing debt with free cash flow. I am wondering, is there anything in the credit facility that limits Ring's ability to repurchase shares? In other words, do you have any kind of leverage tests that you have to meet if you wanted to repurchase shares? Yeah. So our leverage ratio has to be less than two, and we also have to be within a certain percentage of our draw on the total credit facility. I believe that's 80% or. 80%. We also have the free cash flow bucket, available free cash flow for trailing 12 months. That's right. Exactly. They're very typical, I think, in terms of what's typically required of a company. Nothing out of the usual. Okay. Thank you. Thanks, Jeff. As a reminder, if you have a question, please press star then one to be joined into the question queue. The next question comes from Noel Parks with Tuohy Brothers. Please go ahead. Hi, good morning. Hey, good morning, Noel. I was just wondering if you could talk a little bit about just the state of activity on the platform and on the shelf. I'm just thinking about sort of the state of there's always kind of like an influx or an outflow of capital into various plays. I'm just wondering sort of what the trend is now. It sounds like we've seen more exits and consolidation than we've seen sort of money from new parties coming in. I just wonder if you could sort of characterize what you're seeing. Yeah, that's a really good question. It's actually a complex question because we've seen things on both sides. If you recall from last summer, Hilcorp made a big entry into the Central Basin Platform with two very large acquisitions, both of which we were interested in, at least portions of those dispositions. They picked up Apache's position on the Central Basin Platform. They also picked up ExxonMobil's position on the platform. They paid, in my opinion, a very premium, a large premium for that. They paid, just as an example, $950 million for the Apache assets. To us, we couldn't get to a value that high. That represented what I would like to think is a high watermark. That demonstrates that, and we've been predicting this for years, Noel, and you've been with us during this time period. We've been focused on the Central Basin Platform because we believe there's a lot of overlooked conventional oil and gas assets there that can be exploited with modern drilling and completion technologies like we are and generate really positive returns. Because the rest of the industry was focused on the Delaware Basin and the Midland Basin, we felt that we had that fairway to ourselves. We've been trying to take advantage of that. I mean, I don't think we've hidden our desire and our quest to become the aggregator of the Central Basin Platform and Northwest Shelf assets. We have demonstrated that we know those assets and how to operate those assets. We've also demonstrated very successfully in low prices and high prices that we know how to drill the wells and generate strong returns for our shareholders. We are very focused there. Having said that, in a low-price environment like this, I think you'll find a mix because most people are not going to want to sell their assets in a low-price environment because they're looking to achieve different goals or whatever. Unless the companies are in trouble or have a strategic need to get out of them, you may not see as many assets hit the market. That does not mean that we're going to give up. We're not going to continue to try. We think that the best time to actually make an acquisition is when prices are low. It is all a function of finding the right assets. As you know, over the last four and a half, five years, we're very selective on the types of assets we acquire. We, in the past, have sold the assets that don't fit, that are in our portfolio, that don't fit our strategy because we're constantly looking for ways to reduce our operating costs and maximize our margins. We like the shallow declines. They all bring a lot of virtues. I do believe, though, that although at one point we thought we were alone out here, we're not alone anymore because other people have seen the success we've had. We anticipate continued interest in assets in the Central Basin Platform. We'll have to get our elbows up to compete in that regard, but we will not overpay. There is kind of a mix right now out there. We've seen larger private operators like Hilcorp come in in a large way. I'm not sure that they're done. I don't know anything about that company's desires to move forward, but we still like the area and we'll continue to compete there. In addition, though, to the M&A market, because we are predicting that the industry is going to turn more towards areas like the Central Basin Platform because the entry costs are a lot lower than they are in the Midland and the Delaware Basin, we decided to expand and increase the capability of our geoscience department led by James Parr, where we are focusing on organic growth in the same area. We're mapping all aspects of the Central Basin Platform, the southern part of the shelf. We're identifying remaining opportunities that compete and can compete with our portfolio. We're seeing whether or not those operators value those assets the same way we do, whether they're investing in those assets the same way we are. If there are acquisition opportunities, we're knocking on doors. We're trying to negotiate things and trying to prevent those assets from actually hitting the street. That's another component of our go-forward strategy. Again, going back to your question, Noel, yes, there's a mixed bag right now of interest in the Central Basin Platform, but I believe as time goes on, you're going to see an increased interest in the Central Basin Platform. Right. I think what I was really interested in, I was thinking about, I guess it's about 10 years back when the first work was quietly being done on horizontals to the San Andreas, which sort of seemed impractical for a long time. I just started thinking about whatever the next wave of new resource potential might be, alternate horizons or just step out that hadn't been tried. The area is so vast that it seems that to get critical mass, it's ideal if you do have a good bit of investment going on. To your point, it sounds like there is at least awareness coming into the basin. I guess then the assumption is that capital would follow to help a bunch of companies prove up whatever next might be done. Absolutely. You know, Noel, you have been studying this area for a long time, so your insights are right on. Your insights really highlight some of the other benefits that we really have not talked a lot about with respect to the Lime Rock acquisition. We spent a lot of time talking about the synergies associated with combining operations up there in the Shafter Lake area. The acreage that we have in the south truly does expose us to some of the newer emerging plays like the Barnett and the Woodford. These zones have extreme interest by other operators. Our analysis right now suggests that they're not quite as competitive as the investments we have been making, but we know in a slightly higher oil price that they will be competitive and they will generate the types of returns that our shareholders expect from us. We like the idea and the aspect of being exposed to some of these new plays. The other thing that you can go back and look at is that in the south, where we made the two acquisitions, the Stronghold acquisition and also the Founders acquisition, those areas are predominantly conventional vertical wells where we applied the unconventional completion technology where you perfect and plug all the various different stack zones and you bring them all on vertical fence and you generate really strong returns. As you also know, our Founders assets have really outperformed our original estimates. We're currently looking at the application of horizontal drilling technology in those very same areas. Instead of developing them with inexpensive verticals, we can go with fewer wells but longer laterals and higher capital efficiency. There's a little bit of risk associated with that, but other operators are already pioneering some of these changes. We're looking at that. The potential on our acreage in the south is also as appealing in the very same zones that we're currently looking at from a vertical perspective. That also lands right into we love this area. There are other operators that are not as active. They haven't been allocating capital. They don't understand perhaps these opportunities as well as we do. We are very active in terms of trying to take advantage of our footprint down there and expand our growth through organic means. The acquisitions that we made, both the Stronghold and the Founders, have demonstrated more drilling opportunities and more opportunities to add reserves than what we used originally when we made those investments. Great. Just sort of my last sort of just wrap up the line of thinking is, it's probably difficult to characterize because, again, such a vast area. In general, what's the land situation like there in terms of legacy production held by production, maybe talking about to the south in particular, shallow rights versus deep rights? If you identified something that you, a trend you thought was going to be successful, is that going to be a steep climb to put together a position or not so difficult, you think? It is always difficult, let's put it that way. Nothing comes easy in this regard. I do not know if anybody else has anything you want to chime in on that. I'd like to chime in. This is James. Obviously, the held-by-production shallow is pretty well established. With companies focusing, as Paul mentioned, on the Midland and Delaware basins and going after the shale plays, which have been the flavor of the month for the last, say, 10 years, a lot of the deeper horizons, which are being proved up and tested by other companies, they've puked, closed out, and they are available. The complexity then gets into doing the lease checks and the ownership to see what is available. As Paul said, nothing comes easy. Knowing the area and being active in it, we're able to chase down. We've got our land department looking at opportunities, which, if in our initial tests of these plays prove attractive, how do we grow our position? As Paul said, there are different levers of growing, one of which is buying assets and the rights that come with the acquisition and the leasing. We're employing all strategies to grow the company cost-effectively. You know, along that point, James, in addition, the acquisitions of many of our assets that we have put into our portfolio are older vintage leases. These older vintage leases do not include those puke costs. They also come with higher net backs. In many cases, in some areas, we actually had really high percentages, over 90% ownership in natural gas and even over 90% ownership or 85% ownership, 88% ownership in the oil rights. That is on those older leases, which the Central Basin Platform is really known for because it is a very old and mature development area that provides the opportunity both shallow and deep. I will also say, it kind of goes back to what James is saying. There are areas that we believe some of these overlooked opportunities, we know that they fall outside of areas that had been previously developed. Wells were drilled, but because they were not economic at the time, they were drilled because of the technology and all of that. Those acreage positions are oftentimes left unleased. That goes back to extensively mapping, understanding the Central Basin Platform, the southern part of the shelf, identifying from logs, rock that looks a lot like the rock that we're very successfully and economically developing. When we identify those opportunities, we're out leasing. Leasing is at times when prices are like they are today, most people tend to cut back on their leasing. We are prioritizing, but we're not going to shut down our leasing program because we've identified opportunities. We've got an active program trying to acquire those opportunities to move from a small to medium-term inventory to more of a longer term. It's very clear, but the marketplace rewards those companies that had the 10 and 15 and 20-year inventory lives. Here we are with essentially a five-year inventory life. We'd love to have that 10, 15, or 20-year inventory life. The way to do that is all means possible through A and D when you have a balance sheet and the capability to do it and you find somebody that's willing to sell the assets or something you're willing to pay. The other one is organically leasing and doing it the traditional fashion way. Great. Thanks a lot. Really interesting. There are no further questions at this time. I would like to turn the conference back over to Paul McKinney, Chairman and CEO, for any closing remarks. Thank you. On behalf of the entire team and Board of Directors, I want to once again thank everyone for listening and participating in today's call. We are pleased to have posted solid operational financial results for the first quarter in 2025, and our outlook for the remainder of the year remains solid despite the current price environment. We will continue to keep everyone apprised of our progress. Thank you again for your interest in Ring Energy. Have a great day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.