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The data centre possibility linked with Williams’ search for production assets, coupled with Utah’s pro-hydro-carbon stance suggests a strong prevailing wind in Zephyr’s favour is building. What’s not to like.

According to AI, January weather did impact Williston production but the losses were made up by the end of the quarter.

The most recent non-op acquisition was slated to produce 400 boe a day, therefore even allowing for the minor sales of some of those wells since, the original Williston production must have dropped at least 50% from 18 months ago, when it was just over 1000 boepd. That’s quite a steep fall, but presumably indicative of acquiring wells near their end of life. I hope that doesn’t mean significant expenses for Zephyr to cover decommissioning.

Good to be told something at last. But CH was saying in an interview many months ago he couldn’t do much about the regulation process delays caused by the government shutdown. Yet only now apparently is the application about to be commenced. Odd.

Shareholders are reliant on Management for meaningful and accurate updates. The Company has promised much in the past, certainly material developments, with suggested time lines clearly proven to be totally wrong, for whatever reason. The Company is obliged to advise shareholders of significant changes and that simply hasn’t happened. Instead, Management now seems to have adopted a bunker mentality, choosing to keep shareholders in ignorance of material matters.

At best the increase in income from world events would replace the amount lost to the cyber theft debacle. Very poor show with the news blackout.

Probably Pappa changed his mind about holding again…

The unknown investor who put over $7M into 36-2 must be overjoyed at waiting and waiting for production to finally start, while poo prices are what they are. CH might find investor partners harder to come by in future.

The 2M was a loan. The 100M and 7M were investments not loans. The 100M was/is more wishful thinking than reality, given how much capital ZPHR would first need to expend on asset acquisition in order to trigger any drawdown against the 100m max investment pot.

i don’t think enbridge would want to **** off utah state by applying an overcharge throttle on paradox development. the larger supply lines are usually under industry-wide price controls regards distribution access, but the smaller ones less so. that probably includes the enbridge pipe in this instance, unfortunately.

Should be just state/federal approval being finalised now. Presumably, once production from 36-2 is underway some income will be directed to funding the required workovers of the two other historic wells, thereby ultimately increasing total production. The two earlier wells will generate 100% returns to ZPHR, as things stand.

If Enbridge buy Zephyr I'll eat my goldfish.

It was a partner buy-in to 36-2, not a loan…

Regarding the testing work by Enbridge, whilst the test is ostensibly about their pipe, the fact that the flaring took place at Zephyr’s plant also confirms the connection to our pipework to theirs is in place and satisfactory. So basically it’s all good, end to end. So quite a noteworthy event which might otherwise be considered material to a small pubic company.

The company had to obtain another $2M loan a few months ago. Now nearly a third of that is odds-on lost. The latest non-op acquisition went straight into significant underperformance mode and Paradox production is nowhere. Starts to like like serial incompetence - or worse.

Could be the Hawk subsidiary. As the ‘industry expert’ Zephyr/Hawk could initially be covering the cost of activating the set of wells the third party investor is then getting the immediate benefit of. Whatever, it’s another shambles about which we are once again kept short of proper information.

It should be a board level resignation matter.

Well, it would be nice if they came knocking. I thought they preferred major offshore wells but that suggests they’ll be looking for smaller scale onshore. Otherwise, good news that the US is actually driving investment in oil and gas. Coupled with the Middle East situation it’s something of a mystery ZPHR remains the Cinderella it is.

Gemini says:

The Bureau of Land Management (BLM) is holding a quarterly oil and gas lease sale that concludes today, March 31, 2026.

​This auction includes parcels specifically in Grand County, directly adjacent to or near Zephyr Energy's existing Paradox Basin footprint. Here are the key details of that sale:

​Parcels in Grand County: The BLM offered three specific tracts (Parcels 1662, 1672, and 1673) totaling roughly 3,200 acres.

​Location: These are located in northeastern Grand County, near Thompson Springs and the Book Cliffs region. This area sits just north/northeast of Zephyr's flagship White Sands Unit.

​Wider Sale context: Statewide, the BLM offered 57 parcels covering over 68,000 acres, but the Grand County parcels are the ones most relevant to Paradox Basin operators like Zephyr.

Zephyr is also pleased to announce that it has nominated approximately 38,000 net contiguous acres for inclusion in future federal lease sales by the U.S. Bureau of Land Management.