Pytheas Energy Reports Q4 2024 Production Results

Makes High Percentage Month-Over-Month Gains, Adds Two Strategic Acquisitions

AUSTIN, Texas, Jan. 21, 2025 /PRNewswire/ -- Pytheas Energy Inc, a pioneering force in oil and gas asset acquisition and optimization, is pleased to report significant operational improvements leading to its recent production growth. This was all achieved in working distressed assets utilizing the Company's proprietary technology. Added to this, the Pytheas team recently acquired two new leases in Milam County, Texas.

In the fourth quarter 2024, Pytheas recorded the following total monthly production: October: 349 barrels, November 490 barrels, a 40%+ month-over-month increase, and December, which was only half a month due to seasonal holiday shutdown, came in at 415 barrels.

In only the first two weeks of January 2025, the Company produced 630 barrels, estimating 1,200 Barrels for the full month, which could be a 243% increase since October's monthly production.

On go forward, Pytheas anticipates adding 20 wells/month to its total first quarter 2025 total production, which would mean an additional 1,500 barrels per month. To illustrate this: February production is currently estimated at 2,700 barrels per month and March production is estimated at 4,200 Barrels per month.

CEO Josh Zuker commented, "At Pytheas Energy, we are proud to have successfully completed our Proof-of-Concept phase, combining our extensive oil field expertise with advanced AI technology to improve efficiency and extend the life of underperforming wells. During this phase, we targeted distressed assets, including stripper wells, to optimize production. We also integrated AI and real-time telemetry to identify optimal wells, forecast production, and enhance operational monitoring."

"In early 2024, we started as a non-operator of 489 wells in the Minerva Rockdale Field. In under 12 months, our 49% working interest in the original 489 wells moved up to 100% working interest in 388 wells. That's a net gain of over 60% in our owned assets, and all at zero cost. Today, we have an opportunity to own and operate the remainder of the Field with over 800 wells.

"The news of Pytheas Energy's proven success is beginning to catch on across America's oil patch, paving our way to new acquisitions. As examples, we just acquired two additional leases in Milam County, Texas, one 100% with an operating well and the rights to drill up to a dozen more. The second is a net-zero purchase with 14 abandoned but viable wells, one now operating and the remainder expected to come online over the second quarter 2025. We also are actively assessing and pursuing the acquisition of additional strategic distressed assets in Southeast Texas."

To learn more, Pytheas Energy will be featured in a webinar, available to current and prospective accredited investors and stakeholders, on Wednesday, January 22 starting at 11 am EST/8 am PST.

The webinar will include a live Q&A session, giving participants the opportunity to engage directly with Pytheas Energy's leadership team.

To register, please visit: https://us02web.zoom.us/webinar/register/WN_hlAyteAZSIiyFTQ2hQ1lew#/registration

About Pytheas Energy Inc
Pytheas Energy Inc. is a Texas-based leader in the acquisition and revitalization of distressed oil and gas assets. Leveraging cutting-edge AI technology, the company enhances production, reduces operational costs, and drives sustainable growth. With $20 million in assets under management, Pytheas Energy is committed to delivering superior returns while transforming the energy sector.

For More Information:
Hal A. Matheson
VP of Investor Relations
Pytheas Energy Inc.
Email: [email protected]
Phone: 620.320.3201

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SOURCE Pytheas Energy Inc