SIGNAL COMMAND EDID | Weekly Energy Distress Intelligence Report

PRIORITY Rimrock Petroleum — Howard/Reagan/LaSalle — Distress Score 86 — UCC liens + tax delinquency + permit expiry// HIGH Hardrock Martin 12H — DUC stall — $3.2M completion capital required — Wolfcamp A ready// FORCED SALE SIGNAL Starfire Operating — Webb County — $57K/month trucking premium — TRRC enforcement active// PERMIT EXPIRY Highline Production — 6 Karnes County permits expire May 15-22, 2026 — 53 days remaining// NEAR ABANDONMENT Brushy Creek Frio 2H — LOE exceeds revenue — compressor unresolved 60 days// PE EXIT Canyon Ridge Energy Partners — Fund II end-of-life — Glasscock County Wolfcamp B — off-market opportunity// MONITORING Reeves County flaring +340% vs baseline — 3 non-responsive operators — potential Delaware Basin entry// BAKKEN Flat Rock McKenzie — single-principal succession risk — voluntary divestiture 6-18 months//

// EDID-v2.4.1 // WEEKLY INTELLIGENCE CYCLE // COVERAGE: 2026-03-18 to 2026-03-25 //

ENERGY DISTRESS INTELLIGENCE

WEEKLY ACQUISITION INTELLIGENCE REPORT

March 25, 2026 — Signal Command x Pytheas Energy

⚑ 12 PRIORITY TARGETS IDENTIFIED // 4 SIGCOR PATTERNS ACTIVE // EAGLE FORD: CRITICAL DISTRESS CLUSTER // PERMIAN MIDLAND: DUC ACCUMULATION // $85M-$380M ESTIMATED ACQUISITION PIPELINE

// 4,211 ASSETS MONITORED // 18,847 SIGNALS INGESTED // 94 DISTRESSED ASSETS FLAGGED // WEEKLY MODE ACTIVE //

Report Mode

WEEKLY

Coverage

Mar 18–25

Assets Monitored

4,211

Signals Ingested

18,847

Distressed Assets

Priority Targets

SIGCOR Patterns

4 ACTIVE

Acq. Pipeline Est.

$85M–$380M

Critical Basin

EAGLE FORD

Top Distress Score

88/100

// SECTION 01

EXECUTIVE SUMMARY

The weekly EDID cycle for the period March 18–25, 2026 identifies a critical distress cluster forming across four Eagle Ford counties (Howard, Webb, Karnes, Frio) involving four separate operators simultaneously showing multi-vector distress signals. The confluence of financial stress (UCC liens, tax delinquency), regulatory enforcement (TRRC non-compliance, permit expirations), and operational failures (compressor outages, artificial lift failures, rig releases) creates a compressed 60-90 day acquisition window that represents the highest-yield opportunity in this reporting period. The Permian Midland Basin offers a complementary second tier of opportunity — specifically the accumulation of stalled DUC wells at Hardrock Basin Resources and a PE fund lifecycle exit at Canyon Ridge Energy Partners in Glasscock County. The Bakken presents a lower-urgency voluntary divestiture pipeline centered on small-operator succession risk.

Eagle Ford Distress Index

82/100

CRITICAL — 4 counties, 4 operators

Permian Midland Index

74/100

HIGH — DUC + PE lifecycle pressure

Priority Targets

Immediate action — 60-day window

Top Distress Score

Rimrock #14H — Howard County

Acquisition Pipeline

$380M

Maximum estimated across all targets

SIGCOR Patterns

Active correlation patterns this week

Permit Expirations

Permits expiring Q2 2026 — across monitored operators

UCC Liens Filed

New UCC filings this week — 6 operators

// SECTION 02

DISTRESS HEAT MAP — REGIONAL ANALYSIS

EAGLE FORD

ESCALATING

Active Signals: 41
Priority Targets: 6
Counties: Howard, Webb, Karnes, Frio, LaSalle, McMullen
Top Signal: TRRC enforcement + pipeline expiry

PERMIAN — MIDLAND BASIN

ESCALATING

Active Signals: 34
Priority Targets: 5
Counties: Martin, Howard, Glasscock, Reagan
Top Signal: DUC accumulation + PE fund lifecycle

PERMIAN — DELAWARE BASIN

STABLE

Active Signals: 21
Priority Targets: 3
Counties: Reeves, Culberson, Ward, Winkler
Top Signal: Flaring anomaly +340% (Reeves)

BAKKEN / THREE FORKS

STABLE

Active Signals: 16
Priority Targets: 2
Counties: McKenzie, Mountrail, Williams
Top Signal: Succession gap — single-operator LLCs

DJ BASIN / WATTENBERG

STABLE

Active Signals: 11
Priority Targets: 1
Counties: Weld, Adams, Boulder
Top Signal: COGCC setback enforcement (Bravo Energy)

// SECTION 03

TOP DISTRESSED OPERATORS

Operator	Basin	HQ	Wells	UCC Liens	Tax Delinquent	Permits Expiring	Rig Δ 90D	Distress Score	Rating
Rimrock Petroleum LLC Multi-county Eagle Ford position	Eagle Ford	San Antonio, TX	38	3	YES	7	-4	86	PRIORITY TARGET
Brushy Creek Resources Frio/McMullen — compressor failure	Eagle Ford	San Antonio, TX	12	3	YES	3	-2	84	PRIORITY TARGET
Starfire Operating Co. Webb County — pipeline + regulatory	Eagle Ford	Laredo, TX	21	1	YES	4	-3	81	PRIORITY TARGET
Hardrock Basin Resources Inc. Martin County — DUC stall	Permian — Midland	Midland, TX	54	2	NO	5	-2	78	PRIORITY TARGET
Highline Production LLC Karnes County — permit clock running	Eagle Ford	Austin, TX	17	2	NO	6	-2	77	PRIORITY TARGET
Canyon Ridge Energy Partners Glasscock — PE fund lifecycle	Permian — Midland	Dallas, TX	29	1	NO	3	-1	63	HIGH
Flat Rock Exploration LLC McKenzie ND — succession risk	Bakken	Bismarck, ND	14	0	NO	2	0	52	MEDIUM
Bravo Energy Corp. Weld County — regulatory + throughput	DJ Basin	Denver, CO	31	1	NO	2	0	44	MEDIUM

// SECTION 04

TOP DISTRESSED ASSETS — RANKED BY DISTRESS SCORE

Rank	Well Name / API	Operator	Basin / County	Formation	BPD Current	BPD Avg 12M	Decline	Active Signals	Distress Score	Opp. Rating
01	Rimrock #14H API 42-227-38841	Rimrock Petroleum LLC	Eagle Ford / Howard, TX	Eagle Ford	280	490	-38% Y/Y	5 signals	88	PRIORITY TARGET
02	Brushy Creek Frio 2H API 42-163-18722	Brushy Creek Resources	Eagle Ford / Frio, TX	Eagle Ford Lower	145	270	-48% Y/Y	5 signals	85	PRIORITY TARGET
03	Starfire Webb 3H API 42-479-20814	Starfire Operating Co.	Eagle Ford / Webb, TX	Eagle Ford Upper	195	380	-42% Y/Y	5 signals	83	PRIORITY TARGET
04	Starfire Webb 7H API 42-479-21340	Starfire Operating Co.	Eagle Ford / Webb, TX	Eagle Ford Upper	220	360	-39% Y/Y	4 signals	80	PRIORITY TARGET
05	Hardrock Martin 7H API 42-317-41203	Hardrock Basin Resources	Permian Midland / Martin, TX	Wolfcamp A	390	540	-28% Y/Y	4 signals	79	PRIORITY TARGET
06	Highline Karnes 11H API 42-255-31490	Highline Production LLC	Eagle Ford / Karnes, TX	Eagle Ford Condensate	310	420	-32% Y/Y	5 signals	77	PRIORITY TARGET
07	Rimrock #22H (Reagan Co.) API 42-383-41008	Rimrock Petroleum LLC	Permian / Reagan, TX	Wolfcamp/Spraberry	340	450	-30% Y/Y	4 signals	72	HIGH
08	Hardrock Martin 12H (DUC) API 42-317-41890	Hardrock Basin Resources	Permian Midland / Martin, TX	Wolfcamp A	0 (DUC)	—	—	3 signals	74	HIGH
09	Canyon Ridge Glasscock 8H API 42-173-22441	Canyon Ridge Energy Partners	Permian Midland / Glasscock, TX	Wolfcamp B	680	740	-14% Y/Y	5 signals	63	HIGH
10	Flat Rock McKenzie 5H API 33-053-07841	Flat Rock Exploration LLC	Bakken / McKenzie, ND	Middle Bakken	420	480	-16% Y/Y	5 signals	52	MEDIUM

// SECTION 05

LIVE SIGNAL FEED — 15 HIGHEST PRIORITY SIGNALS THIS WEEK

TIMESTAMP

OPERATOR / REGION

SIGNAL TYPE

DESCRIPTION

SEVERITY

Mar 24, 14:22

Rimrock Petroleum
Howard Co., TX

UCC LIEN

UCC-1 filed by Smith Bros. Oilfield Services — $1.2M secured claim — two rod pump units and downhole tooling. Second vendor lien against Rimrock in 45 days.

CRITICAL

Mar 23, 09:15

Starfire Operating
Webb Co., TX

REGULATORY

TRRC enforcement notice — H-15 non-response (Starfire Webb 7H). Second notice in 60 days. Permit revocation proceedings imminent if unresolved within 30 days.

CRITICAL

Mar 22, 11:40

Hardrock Basin Resources
Martin Co., TX

ROYALTY DISPUTE

Two mineral rights owners filed TRRC royalty dispute — $184,000 underpayment claimed over 6 months. Signals cash management stress at operator level.

HIGH

Mar 22, 08:30

Highline Production LLC
Karnes Co., TX

PERMIT EXPIRY

6 Karnes County horizontal well permits expiring May 15-22, 2026. No extension filed. No spud activity. Permits represent ~480 BOE/day undeveloped production. 53 days remaining.

HIGH

Mar 21, 16:00

Brushy Creek Resources
Frio Co., TX

EQUIPMENT FAILURE

Compressor failure confirmed — Brushy Creek Frio 2H. Production halved to 145 BPD. Archrock service contract expired. LOE per BOE exceeds realized revenue at current production rate.

CRITICAL

Mar 21, 10:20

Hardrock Basin Resources
Martin Co., TX

DUC STALL

Completion crew released from Hardrock Martin 12H — DUC stalled. $3.2M completion capital required. Wolfcamp A formation ready to produce. Capital exhaustion confirmed.

HIGH

Mar 20, 14:45

Starfire Operating
Webb Co., TX

PIPELINE EXPIRY

Pipeline transport contract expired March 1. Trucking at $9/bbl premium to pipeline tariff. $57,000/month incremental LOE across 2-well Webb County position.

HIGH

Mar 20, 09:10

Canyon Ridge Energy Partners
Glasscock Co., TX

PE LIFECYCLE

Fund II approaching end-of-life — 2018 vintage, 7-year standard. Management team reductions Q1 2026. Motivated seller prefers off-market exit over public process.

MODERATE

Mar 19, 15:30

Rimrock Petroleum LLC
Howard Co., TX

TAX DELINQUENCY

Howard County appraisal district: 4 Rimrock parcels delinquent $82,000 — 2025 tax year. Second consecutive year delinquent. County lien filing expected within 30 days.

HIGH

Mar 19, 11:00

Flat Rock Exploration LLC
McKenzie Co., ND

INACTIVITY

No new permits filed 18 months. NDIC filings delayed Q4 2025 by 47 days. Single-principal LLC — principal estimated age 68-72 per public records. Succession-driven divestiture profile.

LOW

Mar 18, 16:20

Highline Production LLC
Karnes Co., TX

LIFT FAILURE

ESP failure — Highline Karnes 11H. Production -40%. Replacement est. $78,000. Operator has not authorized repair. Formation damage risk escalating daily on tubing-only flow.

HIGH

Mar 18, 09:45

Multiple / Reeves Co. Cluster
Reeves Co., TX

FLARING ANOMALY

VIIRS satellite data: Reeves County flaring +340% vs 30-day baseline. 7 operators involved. Medallion gathering system maintenance. 3 operators non-responsive to production coordinator outreach.

MODERATE

Mar 24, 07:00

Brushy Creek Resources
McMullen Co., TX

SHUT-IN STATUS

Brushy Creek Frio 4H on temporary shut-in 53 days. TRRC escalation at 90 days (37 days remaining). No reinstatement notice filed. Economic threshold evaluation — potential P&A candidate.

CRITICAL

Mar 23, 13:30

Bravo Energy Corp.
Weld Co., CO

COGCC ENFORCEMENT

COGCC setback enforcement reduces Bravo's Weld County drilling inventory from 34 to 22 identified locations (-35%). Operator exploring strategic alternatives per industry contacts.

MODERATE

Mar 22, 14:10

Rimrock Petroleum LLC
Howard Co., TX

RIG RELEASE

Rimrock released Nabors AC rig #4 effective March 20, 2026. Planned 3-well Howard County program incomplete. Rig release without program completion confirms capital exhaustion or credit facility constraint.

HIGH

// SECTION 06

SIGCOR PATTERN ANALYSIS

SIGCOR-EDID-001

Eagle Ford Multi-Operator Distress Cluster

StatusACTIVE — CRITICAL

Probability91%

Affected Operators4

Acquisition Window60-90 days

Howard, Webb, Karnes, and Frio counties showing simultaneous multi-operator distress across 4 operators. Correlated signals suggest basin-wide capital constraint specific to small/mid-tier operators. Full cluster acquisition estimated $85M-$140M. Compressed window — act now.

SIGCOR-EDID-002

Permian Midland DUC Accumulation

StatusACTIVE — HIGH

Probability78%

Stalled DUCs7 wells

Window6-12 months

Martin and Glasscock counties accumulating stalled DUC wells across 3 operators. DUC acquisitions at discount — complete at acquirer's capital — represent 40-60% production uplift potential. DUC accumulation is a 6-12 month leading indicator of portfolio sale in historical precedent.

SIGCOR-EDID-003

PE Fund Lifecycle Exit Wave — Permian

StatusMONITORING

Probability65%

PE Funds3 identified

Window6-18 months

Three 2018-2019 vintage PE-backed operators approaching 7-year fund lifecycle exit simultaneously. Prefer private off-market transactions. Total estimated value $120M-$200M. Canyon Ridge is the most advanced in the exit cycle — initiate contact now.

SIGCOR-EDID-004

Bakken Small Operator Succession Gap

StatusMONITORING

Probability55%

Operators3+ identified

Window6-18 months

McKenzie and Mountrail County single-principal LLCs showing succession risk: aging operators, no new permits, month-to-month vendor contracts. Voluntary divestiture typically occurs at below-market pricing. Bakken tier 1 acreage at discount. Build relationships now for 6-18 month horizon.

// SECTION 07

ACQUISITION STRATEGY — CAPITAL DEPLOYMENT PRIORITIES

PRIORITY 1 — DEPLOY CAPITAL IMMEDIATELY

Rimrock Petroleum Portfolio Acquisition — Howard, Reagan, LaSalle Counties

$42M – $68M Estimated

Rimrock's multi-vector distress (UCC liens, tax delinquency, permit expirations, rig release) creates a 60-90 day forced transaction window. Three-county position (Howard, Reagan, LaSalle) with 38 wells represents Eagle Ford consolidation at distressed multiples. Artificial lift repairs estimated $45K — production recovery from 280 to 480 BPD on the anchor well alone. Approach via direct operator contact — not through broker. Offer speed and certainty. Bundle all Rimrock assets in single transaction to maximize leverage and minimize competition.

PRIORITY 2 — REGULATORY CLOCK CREATING URGENCY

Starfire Operating Co. — Webb County 2-Well Package

$18M – $29M Estimated

Starfire is paying $57,000/month in incremental trucking costs and accumulating TRRC enforcement notices simultaneously. The TRRC timeline creates a forced compliance or forced sale dynamic within 60 days. Acquisition with simultaneous pipeline renegotiation as part of deal structure immediately eliminates $57K/month cash drain, transforming the economic profile on day one. Include a pipeline renegotiation/assignment as a closing condition to demonstrate operational competence and accelerate Starfire's decision to transact.

PRIORITY 3 — BEST RISK-ADJUSTED RETURN IN PERMIAN

Hardrock Basin Resources — DUC Completion + Portfolio

$78M – $124M Estimated

Hardrock Martin 12H is a DUC acquisition requiring $3.2M completion capital to unlock Wolfcamp A production of an estimated 1,100-1,300 BPD initial rate. At $102/bbl with LOE of approximately $18/bbl, payback period on the completion capital is under 90 days. The Hardrock portfolio (54 wells, Martin County) acquired at distressed multiples offers the largest single-operator acquisition target in this reporting cycle. The DUC stall is the confirming signal that operator capital is exhausted — this is the moment to negotiate, not to wait.

PRIORITY 4 — HIGHEST QUALITY ASSET — OFF-MARKET PE EXIT

Canyon Ridge Energy Partners — Glasscock County Wolfcamp B

$95M – $155M Estimated

Canyon Ridge has the lowest distress score in the priority list (63) but the highest remaining reserve base (520,000 BOE on the Glasscock 8H alone) and the best formation quality (Wolfcamp B). PE fund lifecycle pressure creates a motivated seller who values certainty of close over maximum price. Approach the fund manager directly at the LP level — offer a preferred exit counterparty arrangement with 30-day close commitment. Glasscock County Wolfcamp B is tier 1 Midland Basin acreage. This is the asset to build a platform around.

PRIORITY 5 — NEAR-ABANDONMENT ACREAGE PLAY

Brushy Creek Resources — Frio/McMullen Acreage

$6M – $11M Estimated

Brushy Creek's distress score of 85 is driven primarily by operational failure and financial stress — the underlying Frio County leasehold retains value that the current operator cannot realize. Acquisition strategy: assume P&A liability (estimated $800K across 4 wells) in exchange for favorable purchase price, immediately repair the compressor failure ($55K estimate), and monetize the acreage either through production recovery or sale to a neighboring operator paying premium for Frio County leasehold contiguity. Neighboring operators actively acquiring Frio acreage at $1,200-$1,800/acre.

// SECTION 08 — WEEKLY MODE

TOP 5 DISTRESSED CLUSTERS

Cluster	Basin	Wells	Total BPD	Cluster Score	Total Remaining Reserves (BOE)	Estimated Value Range	Primary Entry Signal	Rating
Howard/Reagan/LaSalle — Rimrock Portfolio	Eagle Ford	38	2,840	83	2,100,000	$42M–$68M	UCC + tax + permit expiry	PRIORITY TARGET
Frio/McMullen — Brushy Creek Portfolio	Eagle Ford	12	590	84	310,000	$6M–$11M	Compressor + UCC x3 + shut-in	PRIORITY TARGET
Webb County — Starfire Portfolio	Eagle Ford	21	1,480	81	820,000	$18M–$29M	Pipeline expiry + TRRC enforcement	PRIORITY TARGET
Martin County — Hardrock Portfolio	Permian — Midland	54	4,200	76	3,800,000	$78M–$124M	DUC stall + royalty disputes	PRIORITY TARGET
Glasscock County — Canyon Ridge Portfolio	Permian — Midland	29	3,900	63	4,200,000	$95M–$155M	PE fund lifecycle exit pressure	HIGH

// SECTION 09 — WEEKLY MODE

SIGNAL VELOCITY TRENDS — 7-DAY vs 30-DAY

UCC FILINGS — WEEK

vs 4 prior week — ↑ 125%

PERMIT EXPIRIES — 60D FORWARD

vs 11 prior 60-day window — ↑ 145%

TAX DELINQUENCY NOTICES

vs 3 prior week — ↑ 100%

TRRC ENFORCEMENT NOTICES

vs 2 prior week — ↑ 100%

ARTIFICIAL LIFT FAILURES

vs 1 prior week — ↑ 200%

DUC STALLS CONFIRMED

vs 0 prior week — New trend

RIG RELEASES (OPERATOR-LEVEL)

vs 1 prior week — ↑ 200%

ROYALTY DISPUTES FILED

vs 1 prior week — ↑ 300%

PIPELINE CONTRACT EXPIRIES

vs 1 prior week — Stable

SHUT-IN FILINGS (TRRC)

vs 1 prior week — ↑ 100%

FLARING ANOMALIES

Reeves Co. +340% vs baseline — NEW

OVERALL DISTRESS VELOCITY

↑ 68%

Signal count 7D vs prior 7D period

// SECTION 10 — WEEKLY MODE

EMERGING DISTRESS BASINS — 30-DAY FORWARD OUTLOOK

Signal velocity analysis for the 30-day forward window identifies three emerging distress zones that are not yet at acquisition-ready status but are showing early-stage signal accumulation that warrants monitoring for transition to active acquisition targeting.

EMERGING — WATCH

Reeves County, TX — Delaware Basin Flaring Cluster

Distress Index61

Signal Velocity↑ 340% FLARING

Operators7 flagged

Timeline30-60 days to active

340% flaring increase via VIIRS data. 3 of 7 flagged operators non-responsive to outreach. If pipeline throughput constraint persists beyond 4 weeks and operators remain non-responsive, expect permit enforcement proceedings to begin. Delaware Basin tier 1 acreage — entry at distressed pricing possible within 60 days.

EMERGING — MONITORING

Mountrail County, ND — Bakken Secondary Succession Wave

Distress Index41

Signal VelocitySTABLE

Operators4 flagged

Timeline6-18 months

Following Flat Rock Exploration (McKenzie County) succession signal identification, EDID has detected 4 additional single-principal LLC operators in Mountrail County with similar behavioral profiles: no new permits 12+ months, delayed regulatory filings, month-to-month vendor contracts. Low urgency but represents a building voluntary divestiture pipeline in top-tier Bakken acreage.

EMERGING — NEW DETECTION

Divide County, ND — Bakken Late-Decline Small Operator Cluster

Distress Index38

Signal VelocityEARLY

Operators3 flagged

Timeline90-180 days

Three small operators in Divide County showing early-stage distress: production declining 20-25% Y/Y, no new permits, 2 operators with vendor downgrades to month-to-month service contracts. At current commodity prices these wells remain marginally economic but the decline trajectory and operational signals suggest 90-180 day entry window for distressed acquisitions.