CALGARY, AB, April 20, 2026 /CNW/ - Source Rock Royalties Ltd. ("Source Rock") (TSXV:SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties and Crown mineral leases, announces results for the three-month period and year ended December 31, 2025.
Annual Highlights:
Annual royalty production of 230 boe/d (92% oil and NGLs), a decrease of 8% over 2024.
Annual royalty revenue of $6,031,130, a decrease of 22% over 2024.
Annual adjusted EBITDA(1) of $5,262,031 ($0.116 per share), a decrease of 23% over 2024.
Annual funds from operations(1) of $4,845,963 ($0.106 per share), a decrease of 19% over 2024.
Declared $3,555,452 in dividends ($0.078 per share), resulting in a payout ratio(1) of 73%.
Achieved an operating netback(1) of $62.68 per boe and a corporate netback(1) of $57.72 per boe.
33 gross new horizontal wells began producing on royalty lands in S.E. Saskatchewan (14), central Alberta (13), west-central Saskatchewan (5) and east-central Alberta (1).
Acquired a 50% interest in 19 sections (12,160 acres) of Crown oil sands and PNG leases in Alberta.
Working capital(2) of $4,604,931 ($0.10 per share) as at December 31, 2025.
Fourth Quarter Highlights:
Quarterly royalty production of 226 boe/d (91% oil and NGLs), a decrease of 12% over Q4 2024.
Quarterly royalty revenue of $1,331,026, a decrease of 29% over Q4 2024.
Quarterly adjusted EBITDA(1) of $1,176,439 ($0.026 per share), a decrease of 31% over Q4 2024.
Quarterly funds from operations(1) of $1,095,233 ($0.024 per share), a decrease of 27% over Q4 2024.
Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio(1) of 81%.
Achieved an operating netback(1) of $56.58 per boe and a corporate netback(1) of $52.68 per boe.
2025 Reserves Information
Source Rock's reserves data and other oil and natural gas information, as required under National Instrument 51-101, is available on SEDAR+ at www.sedarplus.ca.
Financial and Operational Results
Three Months Ended December 31,
Year Ended December 31,
FINANCIAL ($, except as noted)
2025
2024
Change
2025
2024
Change
Royalty revenue
1,331,026
1,871,245
-29 %
6,031,130
7,689,586
-22 %
Adjusted EBITDA(1)
1,176,439
1,709,057
-31 %
5,262,031
6,816,173
-23 %
Per share (basic)
0.026
0.038
-31 %
0.116
0.15
-23 %
Funds from operations(1)
1,095,233
1,511,958
-27 %
4,845,963
5,994,371
-19 %
Per share (basic)
0.024
0.033
-27 %
0.106
0.132
-20 %
Total comprehensive income (loss)
308,713
501,915
-38 %
1,322,492
1,495,319
