SECURITIES AND EXCHANGE COMMISSION
of the Securities Exchange Act of 1934 (Amendment No. )
| | By Order of the Board of Directors, | | | | |
| | /s/ Daniel O’Leary Chairman of the Board | | | | |
5619 DTC Parkway, Suite 700
Greenwood Village, CO 80111
| | By Order of the Board of Directors, | | | | |
| | /s/ Daniel O’Leary | | | | |
| | Daniel O’Leary | | | | |
| | Chairman of the Board | | | | |
| | Greenwood Village, Colorado | | | | |
| | April 17, 2026 | | | ||
| | | | | ||
OF PROXY MATERIALS FOR THE ANNUAL MEETING
TO BE HELD ON JUNE 5, 2026
| | | | Page | | |||
| VOTING INSTRUCTIONS | | | | | 2 | | |
| PROPOSAL NO. 1 — ELECTION OF DIRECTORS | | | | | 4 | | |
| CORPORATE GOVERNANCE | | | | | 5 | | |
| | | | | 5 | | | |
| | | | | 12 | | | |
| | | | | 12 | | | |
| | | | | 15 | | | |
| AUDIT COMMITTEE REPORT | | | | | 16 | | |
| EXECUTIVE COMPENSATION AND OTHER INFORMATION | | | | | 18 | | |
| | | | | 18 | | | |
| | | | | 24 | | | |
| SHARE OWNERSHIP INFORMATION FOR DIRECTORS AND OFFICERS | | | | | 26 | | |
| CERTAIN BENEFICIAL OWNERS | | | | | 27 | | |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | | | | | 27 | | |
| STOCKHOLDER PROPOSALS AND DIRECTOR NOMINATIONS | | | | | 29 | | |
| HOUSEHOLDING | | | | | 30 | | |
5619 DTC Parkway, Suite 700
Greenwood Village, CO 80111
2026 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD JUNE 5, 2026
Jamie Benard
Brian P. Friedman
Daniel J. O’Leary
Cathleen M. Osborn
Gary D. Reaves
Randy I. Stein
Joseph S. Steinberg
| Name | | | Age | | | Position | | | Director Since | |
| Linda L. Adamany | | | 74 | | | Director | | | 2023 | |
| Jamie Benard | | | 49 | | | Director Nominee(1) | | | 2026 | |
| Brian P. Friedman | | | 70 | | | Director | | | 2023 | |
| Daniel J. O’Leary | | | 70 | | | Chairman | | | 2023 | |
| Cathleen M. Osborn | | | 73 | | | Director | | | 2023 | |
| Gary D. Reaves | | | 46 | | | Director | | | 2025 | |
| Randy I. Stein | | | 72 | | | Director | | | 2023 | |
| Joseph S. Steinberg | | | 82 | | | Director | | | 2023 | |
| Name | | | Age | | | Position | | | Officer Since | |
| Brian J. Cree | | | 62 | | | President and Interim Chief Executive Officer | | | 2022 | |
| James P. Henderson | | | 60 | | | Chief Financial Officer | | | 2023 | |
PUBLIC ACCOUNTING FIRM
| | | | 2025 | | | 2024 | | ||||||
| Audit Fees(1) | | | | $ | 1,150,000 | | | | | $ | 757,000 | | |
| Audit Related Fees | | | | | 71,895 | | | | | | 185,000 | | |
| Tax Fees | | | | | 459,927 | | | | | | 232,397 | | |
| All Other Fees | | | | | — | | | | | | — | | |
| Total Fees | | | | $ | 1,681,822 | | | | | $ | 1,174,397 | | |
Linda L. Adamany
Daniel J. O’Leary
Cathleen M. Osborn
| Name And Principal Position | | | Fiscal Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
| Robert W. Gerrity, Chief Executive Officer | | | | | 2025 | | | | | | 570,000 | | | | | | 1,780,317 | | | | | | 864,000 | | | | | | — | | | | | | 3,214,317 | | |
| | | | 2024 | | | | | | 570,000 | | | | | | 2,072,950 | | | | | | 675,029 | | | | | | — | | | | | | 3,317,979 | | | ||
| Brian J. Cree, President | | | | | 2025 | | | | | | 440,000 | | | | | | 1,068,190 | | | | | | 567,000 | | | | | | 27,050 | | | | | | 2,102,240 | | |
| | | | 2024 | | | | | | 440,000 | | | | | | 984,669 | | | | | | 442,914 | | | | | | 26,550 | | | | | | 1,894,133 | | | ||
| James P. Henderson, Chief Financial Officer | | | | | 2025 | | | | | | 400,000 | | | | | | 667,640 | | | | | | 455,000 | | | | | | 15,000 | | | | | | 1,537,640 | | |
| | | | 2024 | | | | | | 400,000 | | | | | | 725,528 | | | | | | 355,279 | | | | | | 17,000 | | | | | | 1,497,807 | | | ||
| Executive | | | Time-based RSUs (40%) | | | Performance-based PSUs (60%) | | ||||||
| Gerrity | | | | | 30,078 | | | | | | 45,117 | | |
| Cree | | | | | 18,047 | | | | | | 27,070 | | |
| Henderson | | | | | 11,280 | | | | | | 16,919 | | |
| Description | | | Time-based vesting in three equal installments | | | Performance-based vesting between 0% and 200% at the end of a three-year performance period (cliff) | | ||||||
| Name | | | Target Percentage Of Salary | | |||
| Robert W. Gerrity | | | | | 100% | | |
| Brian J. Cree | | | | | 85% | | |
| James P. Henderson | | | | | 75% | | |
| Performance Metric | | | Metric Weight % | | |||
| Annual Dividend | | | | | 35% | | |
| Net Debt/Adjusted EBITDA | | | | | 35% | | |
| Operating Performance | | | | | 30% | | |
| Operating Performance Metric | | | Metric Weight % | | |||
| Annual Production | | | | | 7.5% | | |
| Capital Expenditures | | | | | 7.5% | | |
| Oil as a Percentage of Production | | | | | 7.5% | | |
| Adjusted EBITDA | | | | | 2.5% | | |
| Hedging | | | | | 2.5% | | |
| Total Stockholder Return | | | | | 2.5% | | |
| | | | STOCK AWARDS | | |||||||||||||||||||||||||||
| Name | | | Grant Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value or Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | |||||||||||||||
| Robert W. Gerrity | | | | | 01/13/2023 | | | | | | 500,000(2) | | | | | | 9,630,000 | | | | | | — | | | | | | — | | |
| | | | 01/13/2023 | | | | | | 50,000(3) | | | | | | 963,000 | | | | | | — | | | | | | — | | | ||
| | | | 02/23/2024 | | | | | | 25,352(4) | | | | | | 488,280 | | | | | | — | | | | | | — | | | ||
| | | | 02/23/2024 | | | | | | — | | | | | | — | | | | | | 114,086(7) | | | | | | 2,197,296 | | | ||
| | | | 03/05/2025 | | | | | | 30,078(5) | | | | | | 579,302 | | | | | | — | | | | | | — | | | ||
| | | | 03/05/2025 | | | | | | — | | | | | | — | | | | | | 90,234(8) | | | | | | 1,737,907 | | | ||
| Brian J. Cree | | | | | 01/13/2023 | | | | | | 121,000(2) | | | | | | 2,330,460 | | | | | | — | | | | | | — | | |
| | | | 01/13/2023 | | | | | | 121,000(3) | | | | | | 2,330,460 | | | | | | — | | | | | | — | | | ||
| | | | 02/23/2024 | | | | | | 12,042(4) | | | | | | 231,929 | | | | | | — | | | | | | — | | | ||
| | | | 02/23/2024 | | | | | | — | | | | | | — | | | | | | 54,192(7) | | | | | | 1,043,738 | | | ||
| | | | 03/05/2025 | | | | | | 18,047(5) | | | | | | 347,585 | | | | | | — | | | | | | — | | | ||
| | | | 03/05/2025 | | | | | | — | | | | | | — | | | | | | 54,140(8) | | | | | | 1,042,736 | | | ||
| James P. Henderson | | | | | 09/01/2023 | | | | | | 60,000(6) | | | | | | 1,155,600 | | | | | | — | | | | | | — | | |
| | | | 02/23/2024 | | | | | | 8,873(4) | | | | | | 170,894 | | | | | | — | | | | | | — | | | ||
| | | | 02/23/2024 | | | | | | — | | | | | | — | | | | | | 39,930(7) | | | | | | 769,052 | | | ||
| | | | 03/05/2025 | | | | | | 11,280(5) | | | | | | 217,253 | | | | | | — | | | | | | — | | | ||
| | | | 03/05/2025 | | | | | | — | | | | | | — | | | | | | 33,838(8) | | | | | | 651,720 | | | ||
| Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | Total Compensation ($) | | |||||||||
| Linda L. Adamany | | | | | 125,000 | | | | | | 124,278 | | | | | | 249,278 | | |
| M. Bruce Chernoff(2) | | | | | 101,042 | | | | | | 142,343 | | | | | | 243,385 | | |
| Brian P. Friedman | | | | | 125,000 | | | | | | 124,278 | | | | | | 249,278 | | |
| Daniel J. O’Leary | | | | | 150,000 | | | | | | 124,278 | | | | | | 274,278 | | |
| Cathleen M. Osborn | | | | | 125,000 | | | | | | 124,278 | | | | | | 249,278 | | |
| Gary D. Reaves(3) | | | | | — | | | | | | — | | | | | | — | | |
| Randy I. Stein | | | | | 125,000 | | | | | | 124,278 | | | | | | 249,278 | | |
| Joseph S. Steinberg | | | | | 125,000 | | | | | | 124,278 | | | | | | 249,278 | | |
| Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (a) (#) | | | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights (b)($) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) (#) | | |||||||||
| Equity compensation plans approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
| VTS LTIP(1) | | | | | 1,593,997 | | | | | | —(3) | | | | | | 854,787 | | |
| Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
| Transitional Plan(2) | | | | | 913,663 | | | | | | 8.973(4) | | | | | | 0 | | |
| Total | | | | | 2,507,660 | | | | | | — | | | | | | 854,787 | | |
| Directors, Director Nominees and Named Executive Officers | | | Common Stock(1) | | | Percent of Class | | ||||||
| Linda L. Adamany | | | | | 27,322 | | | | | | *% | | |
| Jamie Benard | | | | | — | | | | | | — | | |
| Brian J. Cree | | | | | 320,749 | | | | | | *% | | |
| Brian P. Friedman(2) | | | | | 1,299,787 | | | | | | 3.10% | | |
| Robert W. Gerrity(3) | | | | | 1,156,485 | | | | | | 2.77% | | |
| James P. Henderson | | | | | 104,248 | | | | | | *% | | |
| Cathleen M. Osborn | | | | | 19,789 | | | | | | *% | | |
| Daniel J. O’Leary | | | | | 33,789 | | | | | | *% | | |
| Gary D. Reaves | | | | | — | | | | | | — | | |
| Randy I. Stein | | | | | 19,789 | | | | | | *% | | |
| Joseph S. Steinberg(4) | | | | | 2,869,543 | | | | | | 6.88% | | |
| All directors, director nominees and named executive officers as a group (11 persons) | | | | | 5,851,501 | | | | | | 13.94% | | |
| Name of Beneficial Owner | | | Common Stock | | | Percent of Class | | ||||||
| FR XIII PetroShale Holdings L.P. | | | | | 2,911,384(1) | | | | | | 6.98% | | |
| The Vanguard Group | | | | | 3,038,877(2) | | | | | | 7.29% | | |