Operator

Good afternoon, and welcome to PEDEVCO Corp.'s First Quarter 2026 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Laurent Weil of Elevate IR. Please go ahead.

Laurent Weil

Thank you, operator, and good afternoon, everyone. Welcome to PEDEVCO's First Quarter 2026 Earnings Call. With me today are Doug Schick, President and Chief Executive Officer; R.T. Dukes, Chief Operating Officer; and Bobby Long, Chief Financial Officer.

Before we begin, I'd like to remind everyone that today's discussion includes forward-looking statements within the meaning of the federal securities laws, subject to risks and uncertainties that could cause actual results to differ materially from expectations. For more information, please refer to our first quarter 2026 Form 10-Q and other SEC filings. The company undertakes no obligation to update or revise any forward-looking statements.

During today's call, we will discuss certain non-GAAP financial measures, including adjusted EBITDA and working capital, excluding derivative contract assets and liabilities. Reconciliations to the most directly comparable GAAP measures are available in our earnings release and 10-Q. These non-GAAP measures should not be considered in isolation or as a substitute for GAAP results.

I would also like to note that all per share and share count figures referenced today reflect the company's 1-for-20 reverse stock split effective March 13, 2026, applied retroactively to all periods presented. As of March 31, 2026, the company had approximately 13.3 million shares of common stock outstanding.