Infinity Natural (NYSE: INR) plans $500M notes and details pro forma reserves
Rhea-AI Filing Summary
Infinity Natural Resources, Inc. plans a private offering of $500 million in senior notes due 2031 through its subsidiary, with guarantees from subsidiaries that back its revolving credit facility. The issuer expects to use net proceeds to repay borrowings under that facility and for general corporate purposes.
The company also filed a third‑party reserve report on the Antero upstream properties and detailed pro forma reserve data reflecting the Antero acquisitions. On a pro forma basis as of December 31, 2025, total proved reserves are 286,669 MBoe with a pre‑tax PV‑10 of $1,602,775 thousand.
Positive
- None.
Negative
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Insights
Infinity plans a $500M note issue and discloses larger pro forma reserves.
Infinity Natural Resources intends to issue $500 million of senior notes due 2031 in a private placement, guaranteed by key subsidiaries. Net proceeds are earmarked mainly to repay its revolving credit facility, effectively terming out a portion of its debt while maintaining liquidity.
The filing also details independent reserve estimates for the acquired Antero upstream properties and combines them with Infinity’s own. Pro forma total proved reserves reach 286,669 MBoe and pre‑tax PV‑10 of $1,602,775 thousand, giving investors a clearer view of the enlarged asset base supporting the capital structure.
Actual impact will depend on final pricing and terms of the notes and future commodity prices. Subsequent company filings covering periods after December 31, 2025 will show how the added reserves and new debt profile translate into cash flow, leverage and development activity.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 8.01 | Other Events. |
Notes Offering
On March 17, 2026, Infinity Natural Resources, Inc. (the “Company”) issued a press release in accordance with Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”), announcing that its subsidiary, Infinity Natural Resources, LLC (the “Issuer”), intends to offer for sale, subject to market conditions and other factors, $500 million in aggregate principal amount of senior notes due 2031 (the “Notes”) in a private placement (the “Offering”) to eligible purchasers that is exempt from registration under the Securities Act. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1, does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Notes in the Offering or any other securities of the Issuer, and none of such information shall constitute an offer, solicitation or sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction or to any person to whom it is unlawful to make such offer, solicitation or sale.
Reserve Report
The reserve report of DeGolyer and MacNaughton for the estimates of the oil, natural gas and NGL reserves, related future net cash flows and the present values thereof related to certain properties with interests attributable to Antero Resources Corporation as of December 31, 2025 is filed herewith as Exhibit 99.2 and is incorporated by reference herein.
Certain Updated Disclosure
On March 17, 2026, in connection with the Notes Offering, the Company provided certain updated disclosures to potential investors. The relevant information is filed herewith as Exhibit 99.3 and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 23.1 | Consent of DeGolyer and MacNaughton. | |
| 99.1 | Press Release, dated March 17, 2026. | |
| 99.2 | DeGolyer and MacNaughton Reserve Report of the Antero Upstream Assets as of December 31, 2025. | |
| 99.3 | Certain Updated Disclosure. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INFINITY NATURAL RESOURCES, INC. | ||
| By: | /s/ Zack Arnold | |
| Zack Arnold | ||
| President and Chief Executive Officer | ||
Dated: March 17, 2026
Exhibit 99.1
Infinity Natural Resources Announces Proposed Offering of $500
Million of Senior Notes due 2031
March 17, 2026
MORGANTOWN, W. Va. —(BUSINESS WIRE)— Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today announced that its subsidiary, Infinity Natural Resources, LLC (the “Issuer”), intends to offer, subject to market conditions and other factors, $500 million in aggregate principal amount of senior notes due 2031 (the “Notes”) in a private placement to eligible purchasers (the “Notes Offering”). The Notes will be guaranteed on a senior unsecured basis by all of the Issuer’s subsidiaries that guarantee the Issuer’s indebtedness under its revolving credit facility.
The Issuer intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility and for general corporate purposes.
The Notes and related guarantees have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer plans to offer and sell the Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other security of the Issuer, and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale, of the Notes or any other security of the Issuer in any jurisdiction in which such offer, solicitation or sale is unlawful or to any person to whom it is unlawful to make such offer, solicitation or sale. The Notes Offering is being made solely pursuant to a private offering memorandum and only to such persons and in such jurisdictions as are permitted under applicable law.
About Infinity
Infinity (NYSE: INR) is a growth oriented, independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. Our operations are focused on the Utica Shale in eastern Ohio as well as our stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.
Cautionary Statement Regarding Forward-Looking Statements
This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact, included in this release regarding, without limitation, the Notes Offering and the intended use of proceeds, including to repay outstanding borrowings under the Issuer’s revolving credit facility, the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, future commodity prices, future production targets, leverage targets or debt repayment, hedging strategy, future capital spending plans, capital efficiency, the Company’s ability to make share repurchases, expected drilling and completions plans and projected well costs are forward-looking statements. When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made.
Such statements are subject to a number of assumptions, risks and uncertainties, including those incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids (NGLs), most of which are difficult to predict and many of which are beyond the control of the Company. These include, but are not limited to, the Company’s failure to realize, in full or at all, the anticipated benefits of this Notes Offering; commodity price volatility; inflation; lack of availability and cost of drilling, completion and production equipment and services; supply chain disruption; project construction delays; environmental risks; drilling, completion and other operating risks; lack of availability or capacity of midstream gathering and transportation infrastructure; regulatory changes; the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital; the timing of development expenditures; the concentration of the Company’s operations in the Appalachian Basin; difficult and adverse conditions in the domestic and global capital and credit markets; impacts of geopolitical events and world health events, including trade wars; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; potential financial losses or earnings reductions resulting from the Company’s commodity price risk management program or any inability to manage its commodity risks; failure to realize expected value creation from property acquisitions and trades; weather related risks; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and the Company’s inability to re-establish production; the Company’s ability to service its indebtedness; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, armed conflict, political instability and civil unrest, including instability in the Middle East, Venezuela and Mexico and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; risks related to the Company’s ability to expand its business, including through the recruitment and retention of qualified personnel; and the other risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, and in the Company’s other filings we make with the SEC, for a discussion of the risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Therefore, these forward-looking statements are not a guarantee of the Company’s performance, and you should not place undue reliance on such statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.
Thomas Marchetti
Vice President, Investor Relations
Infinity Natural Resources, Inc.
Email: ir@infinitynr.com
Source: Infinity Natural Resources, Inc.
Exhibit 99.2
DEGOLYER AND MACNAUGHTON
500 I SPRING VALLEY ROAD
SUITE 800 EAST
DALLAS, TEXAS 75244
REPORT
as of
DECEMBER 31, 2025
on
RESERVES and REVENUE
of
CERTAIN PROPERTIES
with interests attributable to
ANTERO RESOURCES CORPORATION
UTICA PROPERTIES
FOREWORD
Scope of Investigation
This report presents estimates, as of December 31, 2025, of the extent and value of the proved oil, condensate, natural gas liquids (NGL), and gas reserves of certain properties in which Antero Resources Corporation (Antero) has represented it holds an interest. The properties evaluated herein consist of working interests located in Ohio. A list of the properties evaluated in this report is shown in the appendix to this report under the Lease Totals - Reserves and Revenue tab.
Estimates of reserves presented in this report have been prepared in compliance with the regulations promulgated by the United States Securities and Exchange Commission (SEC). These reserves definitions are discussed in detail in the Definition of Reserves section of this report.
Reserves estimated in this report are expressed as gross reserves and net reserves. Gross reserves are defined as the total estimated petroleum remaining to be produced from these properties after December 31, 2025. Net reserves are defined as that portion of the gross reserves attributable to the interests held by Antero after deducting all interests held by others.
This report presents values for proved reserves that were estimated using prices, expenses, and costs provided by Antero.
| DEGOLYER AND MACNAUGHTON |
Future prices were estimated using guidelines established by the SEC and the Financial Accounting Standards Board (FASB). A detailed explanation of the future price, expense, and cost assumptions is included in the Valuation of Reserves section of this report.
Values for proved reserves in this report are expressed in terms of future gross revenue, future net revenue, and present worth. Future gross revenue is defined as that revenue which will accrue to the evaluated interests from the production and sale of the estimated net reserves. Future net revenue is calculated by deducting production taxes, ad valorem taxes, operating expenses, capital costs, and abandonment costs from future gross revenue. Operating expenses include field operating expenses, transportation and processing expenses, and an allocation of overhead that directly relates to production activities. Capital costs include drilling and completion costs, facilities costs, and field maintenance costs. Abandonment costs are represented by Antero to be inclusive of those costs associated with the removal of equipment, plugging of wells, and reclamation and restoration associated with the abandonment. At the request of Antero, future income taxes were not taken into account in the preparation of these estimates. Present worth is defined as future net revenue discounted at a specified arbitrary discount rate compounded monthly over the expected period of realization. Present worth should not be construed as fair market value because no consideration was given to additional factors that influence the prices at which properties are bought and sold. In this report, present worth values using a discount rate of 10 percent are reported in detail and values using discount rates of 5, 20, 30, 40, and 50 percent are reported as totals in the appendix to this report.
Estimates of reserves and revenue should be regarded only as estimates that may change as further production history and additional information become available. Not only are such estimates based on that information which is currently available, but such estimates are also subject to the uncertainties inherent in the application of judgmental factors in interpreting such information.
Authority
This report was authorized by Mr. Patrick Ash, Senior Vice President of Reserves, Planning and Midstream, Antero Resources Corporation.
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| DEGOLYER AND MACNAUGHTON |
Source of Information
Information used in the preparation of this report was obtained from Antero and from public sources. In the preparation of this report we have relied, without independent verification, upon information furnished by Antero with respect to the property interests being evaluated, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production, and various other information and data that were accepted as represented. A field examination was not considered necessary for the purposes of this report.
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| DEGOLYER AND MACNAUGHTON |
DEFINITION of RESERVES
Petroleum reserves included in this report are classified as proved. Only proved reserves have been evaluated for this report. Reserves classifications used in this report are in accordance with the reserves definitions of Rules 4–10(a) (1)–(32) of Regulation S–X of the SEC. Reserves are judged to be economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using established production methods and equipment. In the analyses of production-decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified as follows:
Proved oil and gas reserves – Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
(i) The area of the reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience,engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
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| DEGOLYER AND MACNAUGHTON |
(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:
(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
Probable reserves – Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.
(i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.
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| DEGOLYER AND MACNAUGHTON |
(ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.
(iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.
(iv) See also guidelines in paragraphs (iv) and (vi) of the definition of possible reserves.
Possible reserves – Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.
(i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.
(ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.
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| DEGOLYER AND MACNAUGHTON |
(iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.
(iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.
(v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.
(vi) Pursuant to paragraph (iii) of the proved oil and gas reserves definition, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.
Developed oil and gas reserves – Developed oil and gas reserves are reserves of any category that can be expected to be recovered:
(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and
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| DEGOLYER AND MACNAUGHTON |
(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
Undeveloped oil and gas reserves – Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.
(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time.
(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in [section 210.4–10 (a) Definitions], or by other evidence using reliable technology establishing reasonable certainty.
The extent to which probable and possible reserves ultimately may be reclassified as proved reserves is dependent upon future drilling, testing, and well performance. The degree of risk to be applied in evaluating probable and possible reserves is influenced by economic and technological factors as well as the time element. No probable or possible reserves have been evaluated for this report.
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| DEGOLYER AND MACNAUGHTON |
ESTIMATION of RESERVES
Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principles and techniques that are in accordance with the reserves definitions of Rules 4–10(a) (1)–(32) of Regulation S–X of the SEC and with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (revised June 2019) Approved by the SPE Board on 25 June 2019” and in Monograph 3 and Monograph 4 published by the Society of Petroleum Evaluation Engineers. The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history.
Based on the current stage of field development, production performance, the development plans provided by Antero, and analyses of areas offsetting existing wells with test or production data, reserves were classified as proved.
For the evaluation of unconventional reservoirs, a performance-based methodology integrating the appropriate geology and petroleum engineering data was utilized for this report. Performance-based methodology primarily includes (1) production diagnostics, (2) decline-curve analysis, and (3) model-based analysis (if necessary, based on availability of data). Production diagnostics include data quality control, identification of flow regimes, and characteristic well performance behavior. These analyses were performed for all well groupings (or type-curve areas).
Characteristic rate-decline profiles from diagnostic interpretation were translated to modified hyperbolic rate profiles, including one or multiple b-exponent values followed by an exponential decline. Based on the availability of data, model-based analysis may be integrated to evaluate long-term decline behavior, the effect of dynamic reservoir and fracture parameters on well performance, and complex situations sourced by the nature of unconventional reservoirs.
Data provided by Antero from wells drilled through December 31, 2025, and made available for this evaluation were used to prepare the reserves estimates herein. These reserves estimates were based on consideration of daily and monthly production data available through December 31, 2025. Cumulative production, as of December 31, 2025, was deducted from the estimated gross ultimate recovery to estimate gross reserves.
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| DEGOLYER AND MACNAUGHTON |
Oil and condensate reserves estimated herein are to be recovered by normal field separation. NGL reserves estimated herein include pentanes and heavier fractions (C5+) and liquefied petroleum gas (LPG), which consists primarily of propane, ethane, and butane fractions, and are the result of low-temperature plant processing. Oil, condensate, and NGL reserves included in the appendix to this report are expressed in barrels (bbl). In these estimates, 1 barrel equals 42 United States gallons. For reporting purposes, oil and condensate reserves have been estimated separately and are presented herein as a summed quantity.
Gas quantities estimated herein are expressed as sales gas. Sales gas is defined as the total gas to be produced from the reservoirs, measured at the point of delivery, after reduction for fuel usage, flare, and shrinkage resulting from field separation and processing. Gas reserves estimated herein are reported as sales gas. Gas quantities are expressed at a temperature base of 60 degrees Fahrenheit (°F) and at the pressure base of the state in which the quantities are located. Gas quantities included in the appendix to this report are expressed in thousands of cubic feet (Mcf).
Gas quantities are identified by the type of reservoir from which the gas will be produced. Nonassociated gas is gas at initial reservoir conditions with no oil present in the reservoir. Associated gas is both gas-cap gas and solution gas. Gas-cap gas is gas at initial reservoir conditions and is in communication with an underlying oil zone. Solution gas is gas dissolved in oil at initial reservoir conditions. Gas quantities estimated herein include both associated and nonassociated gas.
All developed reserves estimated herein are considered to be developed producing.
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| DEGOLYER AND MACNAUGHTON |
The estimated gross and net proved reserves, as of December 31, 2025, of the properties evaluated herein are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):
| Gross Reserves | Net Reserves | |||||||||||||||||||||||
| Oil and | Sales | Oil and | Sales | |||||||||||||||||||||
| Condensate | NGL | Gas | Condensate | NGL | Gas | |||||||||||||||||||
| (Mbbl) | (Mbbl) | (MMcf) | (Mbbl) | (Mbbl) | (MMcf) | |||||||||||||||||||
| Proved |
||||||||||||||||||||||||
| Developed Producing |
2,090 | 21,232 | 587,636 | 1,416 | 15,919 | 455,487 | ||||||||||||||||||
| Developed Non-Producing |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
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| Total Proved Developed |
2,090 | 21,232 | 587,636 | 1,416 | 15,919 | 455,487 | ||||||||||||||||||
| Undeveloped |
479 | 3,412 | 52,616 | 361 | 2,574 | 39,696 | ||||||||||||||||||
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|
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| Total Proved |
2,569 | 24,644 | 640,252 | 1,777 | 18,493 | 495,183 | ||||||||||||||||||
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| DEGOLYER AND MACNAUGHTON |
VALUATION of RESERVES
Revenue values in this report were estimated using initial prices, expenses, and costs provided by Antero. Future prices were estimated using guidelines established by the SEC and the FASB.
The following economic assumptions were used for estimating the revenue values reported herein:
Oil, Condensate, and NGL Prices
Antero has represented that the oil, condensate, and NGL prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. Antero supplied differentials to the NYMEX Light Sweet Crude Oil reference price of $65.34 per barrel and the prices were held constant thereafter. The volume-weighted average prices attributable to the estimated proved reserves over the lives of the properties were $53.36 per barrel of oil and condensate and $40.62 per barrel of NGL.
Gas Prices
Antero has represented that the gas prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. The gas prices were calculated for each property using differentials furnished by Antero to the NYMEX reference price of $3.39 per million Btu and held constant thereafter. Btu factors provided by Antero were used to convert prices from dollars per million Btu to dollars per thousand cubic feet. The volume-weighted average price attributable to the estimated proved reserves over the lives of the properties was $3.458 per thousand cubic feet of gas.
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Production and Ad Valorem Taxes
Production taxes were calculated using the tax rates for each state in which the reserves are located. Ad valorem taxes were calculated using rates provided by Antero based on recent payments.
Operating Expenses, Capital Costs, and Abandonment Costs
Estimates of operating expenses, provided by Antero and based on existing economic conditions, were held constant for the lives of the properties. Future capital expenditures were estimated using 2025 values, provided by Antero, and were not adjusted for inflation. In certain cases, future expenditures, either higher or lower than current expenditures, may have been used because of anticipated changes in operating conditions, but no general escalation that might result from inflation was applied. Abandonment costs, which are those costs associated with the removal of equipment, plugging of wells, and reclamation and restoration associated with the abandonment, were provided by Antero for all properties and were not adjusted for inflation.
The estimated future revenue to be derived from the production and sale of the net proved reserves, as of December 31, 2025, of the properties evaluated using the guidelines established by the SEC is summarized as follows, expressed in thousands of dollars (M$):
| Proved | Proved | Total | ||||||||||||||||||
| Developed | Developed | Proved | Proved | Total | ||||||||||||||||
| Producing | Non-Producing | Developed | Undeveloped | Proved | ||||||||||||||||
| (M$) | (M$) | (M$) | (M$) | (M$) | ||||||||||||||||
| Future Gross Revenue |
2,294,169 | 0 | 2,294,169 | 264,175 | 2,558,344 | |||||||||||||||
| Production and Ad Valorem Taxes |
30,633 | 0 | 30,633 | 3,167 | 33,800 | |||||||||||||||
| Operating Expenses |
1,455,636 | 0 | 1,455,636 | 129,456 | 1,585,092 | |||||||||||||||
| Capital and Abandonment Costs |
39,440 | 0 | 39,440 | 29,081 | 68,521 | |||||||||||||||
| Future Net Revenue |
768,460 | 0 | 768,460 | 102,471 | 870,931 | |||||||||||||||
| Present Worth at 10 Percent |
399,752 | 0 | 399,752 | 49,884 | 449,636 | |||||||||||||||
Note: Future income taxes have not been taken into account in the preparation of these estimates.
13
| DEGOLYER AND MACNAUGHTON |
In our opinion, the information relating to estimated proved reserves, estimated future net revenue from proved reserves, and present worth of estimated future net revenue from proved reserves of oil, condensate, NGL, and gas contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, 932-235-50-9, 932-235-50-30, and 932-235-50-31(a), (b), and (e) of the Accounting Standards Update 932-235-50, Extractive Industries – Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the FASB and Rules 4–10(a) (1)–(32) of Regulation S–X and Rules 302(b), 1201, 1202(a) (1), (2), (3), (4), (8)(i), (ii), and (v)–(x), and 1203(a) of Regulation S–K of the SEC; provided, however, that (i) future income tax expenses have not been taken into account in estimating the future net revenue and present worth values set forth herein and (ii) estimates of the proved developed reserves are not presented at the beginning of the year. This report does not include certain disclosures required by Item 1202 (a) (8) of Regulation S–K and is thus not to be used for inclusion in certain SEC filings.
To the extent the above-enumerated rules, regulations, and statements require determinations of an accounting or legal nature, we, as engineers, are necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor.
The appendix bound with this report includes a summary projection of proved reserves and revenue and tabulations of proved reserves and revenue sorted by reserves category and lease.
14
| DEGOLYER AND MACNAUGHTON |
SUMMARY and CONCLUSIONS
Antero has represented that it holds an interest in certain properties located in Ohio evaluated herein. The estimated net proved reserves, as of December 31, 2025, of the properties evaluated herein are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):
| Net Reserves | ||||||||||||
| Oil and Condensate (Mbbl) |
NGL (Mbbl) |
Sales Gas (MMcf) |
||||||||||
| Proved |
||||||||||||
| Developed Producing |
1,416 | 15,919 | 455,487 | |||||||||
| Developed Non-Producing |
0 | 0 | 0 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Proved Developed |
1,416 | 15,919 | 455,487 | |||||||||
| Undeveloped |
361 | 2,574 | 39,696 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Proved |
1,777 | 18,493 | 495,183 | |||||||||
The estimated future revenue attributable to Antero’s interest in the proved developed producing reserves, as of December 31, 2025, of the properties evaluated using the guidelines established by the SEC is summarized as follows, expressed in thousands of dollars (M$):
| Proved Developed Producing (M$) |
Proved Developed Non-Producing (M$) |
Total Proved Developed (M$) |
Proved Undeveloped (M$) |
Total Proved (M$) |
||||||||||||||||
| Future Gross Revenue |
2,294,169 | 0 | 2,294,169 | 264,175 | 2,558,344 | |||||||||||||||
| Future Net Revenue |
768,460 | 0 | 768,460 | 102,471 | 870,931 | |||||||||||||||
| Present Worth at 10 Percent |
399,752 | 0 | 399,752 | 49,884 | 449,636 | |||||||||||||||
Note: Future income taxes have not been taken into account in the preparation of these estimates.
While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant’s ability to recover its reserves, we are not aware of any such governmental actions which would restrict the recovery of the December 31, 2025, estimated reserves.
15
| DEGOLYER AND MACNAUGHTON |
DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world since 1936. Our fees were not contingent on the results of our evaluation. This report has been prepared at the request of Antero. DeGolyer and MacNaughton has used all assumptions, procedures, data, and methods that it considers necessary to prepare this report.
| Submitted, |
|
| DeGOLYER and MacNAUGHTON |
| Texas Registered Engineering Firm F-716 |
SIGNED: January 26, 2026
|
| Dilhan Ilk, P.E. |
| Executive Vice President |
| DeGolyer and MacNaughton |
16
Exhibit 99.3
Certain Updated Disclosure
The following table presents (i) historical net proved developed and undeveloped reserves as of December 31, 2025 of us based on our reserve report, (ii) historical net proved developed and undeveloped reserves as of December 31, 2025 of the Antero Upstream Assets (as defined below) based upon the reserve report of DeGolyer and MacNaughton for the estimates of the oil, natural gas and NGL reserves, related future net cash flows and the present values thereof related to the Antero Upstream Assets (as defined below) as of December 31, 2025 and (iii) our pro forma combined net proved developed and undeveloped reserves as of December 31, 2025, giving effect to the acquisitions (the “Antero Acquisitions”) of (a) certain rights, title and interests in upstream oil and gas properties, rights and related assets located in the State of Ohio (the “Antero Upstream Assets”) from Antero Resources Corporation, Antero Minerals LLC and Monroe Pipeline LLC (collectively, the “Upstream Sellers”), pursuant to that certain purchase and sale agreement, dated December 5, 2025, by and among the Infinity Natural Resources, LLC (the “Issuer”), Northern Oil and Gas Inc. (“Northern”) and the Upstream Sellers, for a combined cash purchase price of approximately $800 million and (b) certain gathering, compression and transportation systems, water facilities and systems, equipment and related assets located in the counties of Belmont, Guernsey, Monroe, Noble and Washington, Ohio (the “Antero Midstream Assets” and, together with the Antero Upstream Assets, the “Antero Assets”) from Antero Midstream LLC, Antero Water LLC and Antero Treatment LLC (collectively, the “Midstream Sellers”) pursuant to that certain purchase and sale agreement, dated December 5, 2025, by and among the Issuer, Northern and the Midstream Sellers.
The following summary pro forma combined reserve data giving effect to the Antero Acquisitions as of December 31, 2025 has been prepared for illustrative purposes only and is not intended to be a projection of our future results. Future results may vary significantly from the results reflected because of various factors.
| Infinity Historical(1) |
Antero Upstream Assets Historical(2) |
Infinity and Antero Upstream Pro Forma Combined |
||||||||||
| Proved developed reserves: |
||||||||||||
| Crude oil (MBbls) |
14,717 | 850 | 15,567 | |||||||||
| Natural Gas (MMcf) |
417,362 | 273,292 | 690,654 | |||||||||
| NGL (MBbls) |
15,958 | 9,551 | 25,509 | |||||||||
| Total proved developed reserves (MBoe)(4) |
100,235 | 55,950 | 156,185 | |||||||||
| Proved undeveloped reserves: |
||||||||||||
| Crude oil (MBbls) |
21,954 | 217 | 22,171 | |||||||||
| Natural Gas (MMcf) |
499,262 | 23,818 | 523,080 | |||||||||
| NGL (MBbls) |
19,589 | 1,544 | 21,133 | |||||||||
| Total proved undeveloped reserves (MBoe)(4) |
124,753 | 5,731 | 130,484 | |||||||||
| Total proved reserves: |
||||||||||||
| Crude oil (MBbls) |
36,671 | 1,066 | 37,737 | |||||||||
| Natural Gas (MMcf) |
916,624 | 297,110 | 1,213,734 | |||||||||
| NGL (MBbls) |
35,548 | 11,096 | 46,644 | |||||||||
| Total proved reserves (MBoe)(3)(4) |
224,989 | 61,680 | 286,669 | |||||||||
| Proved developed reserves (%) |
45 | % | 91 | % | 54 | % | ||||||
| Total undeveloped reserves (%) |
55 | % | 9 | % | 46 | % | ||||||
| Reserve values (in thousands): | ||||||||||||
| Standardized Measure of discounted future net cash flows |
$ | 1,081,193 | $ | 269,782 | $ | 1,350,975 | ||||||
| Discounted future income tax expense |
$ | 251,800 | $ | — | $ | 251,800 | ||||||
| Total proved pre-tax PV-10(5) |
$ | 1,332,993 | $ | 269,782 | $ | 1,602,775 | ||||||
| (1) | Our estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC regulations. The unweighted arithmetic average first-day-of-the-month prices for the prior 12 months were $65.34 per barrel for oil, $3.39 per MMBtu for natural gas at December 31, 2025. These base prices were adjusted for differentials on a per property basis, including local basis differentials and fuel costs, resulting in $58.61 per barrel for oil, $2.77 per Mcf for natural gas, and $23.20 per barrel for NGLs at December 31, 2025. |
| (2) | The estimated reserves of the Antero Upstream Assets were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC regulations. The unweighted arithmetic average first-day-of-the-month prices for the prior 12 months were $65.34 per barrel for oil, $3.39 per MMBtu for natural gas at December 31, 2025 These base prices were adjusted for differentials on a per property basis, including local basis differentials and fuel costs, resulting in $53.36 per barrel for oil, $3.49 per Mcf for natural gas, and $40.62 per barrel for NGLs at December 31, 2025. |
| (3) | All proved reserves as of December 31, 2025 were part of a development plan adopted by management indicating that such locations were scheduled to be drilled within five years of initial classification. |
| (4) | Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe. |
| (5) | PV-10 is a non-GAAP financial measure and represents the present value of estimated future cash inflows from proved oil and gas reserves and less future development and production costs, discounted at 10% per annum to reflect the timing of future cash flows. For a reconciliation of PV-1, see below. With respect to PV-10 calculated as of an interim date, it is not practicable to calculate the taxes for the related interim period because GAAP does not provide for disclosure of Standardized Measure on an interim basis. |
| Infinity Historical | Antero Assets Historical |
Infinity and Antero Assets Pro Forma Combined |
||||||||||||||
| For the Year Ended December 31, |
For the Year Ended December 31, |
For the Year Ended December 31, |
||||||||||||||
| (in thousands) | 2024 | 2025 | 2025 | 2025 | ||||||||||||
| Standardized Measure |
$ | 972,518 | $ | 1,081,193 | $ | 269,782 | $ | 1,350,975 | ||||||||
| Discounted future income tax expense |
— | 251,800 | — | 251,800 | ||||||||||||
| PV-10 |
$ | 972,518 | $ | 1,332,993 | $ | 269,782 | $ | 1,602,775 | ||||||||
*********
The summary pro forma combined production data set forth below give effect to the Antero Acquisitions as if they had been completed as of the periods presented thereby but exclude expenses paid to the Midstream Sellers for gathering, compression and other midstream related costs. The following summary pro forma production data has been prepared for illustrative purposes only and are not intended to be a projection of our future results. Future results may vary significantly from the results reflected because of various factors.
| Infinity Historical |
Antero Upstream Assets Historical |
Infinity and Antero Upstream Pro Forma Combined(1) |
||||||||||
| For the Year Ended December 31, 2025 | ||||||||||||
| Production data: |
||||||||||||
| Oil (MBbls) |
3,074 | 71 | 3,145 | |||||||||
| Natural gas (MMcf) |
45,596 | 23,234 | 68,830 | |||||||||
| NGL (MBbls) |
2,209 | 899 | 3,108 | |||||||||
| Total (MMcfe) |
77,292 | 29,056 | 106,348 | |||||||||
| (1) | Pro forma combined production represents the arithmetic sum of the Issuer and the Antero Upstream Assets production data. |
**********
2
FAQ
What debt transaction did Infinity Natural Resources (INR) announce?
Infinity Natural Resources announced a planned private placement of $500 million in senior notes due 2031. The notes will be issued by its subsidiary and guaranteed on a senior unsecured basis by subsidiaries that guarantee borrowings under its revolving credit facility.
How will Infinity Natural Resources use the $500 million senior notes proceeds?
The issuer intends to use net proceeds primarily to repay outstanding borrowings under its revolving credit facility, with the remainder for general corporate purposes. This shifts a portion of its obligations from shorter‑term bank debt into longer‑dated senior notes.
What are Infinity Natural Resources’ pro forma total proved reserves after the Antero acquisitions?
On a pro forma combined basis as of December 31, 2025, Infinity reports total proved reserves of 286,669 MBoe. This figure includes both Infinity’s historical reserves and those of the Antero upstream assets acquired under the December 2025 purchase agreements.
What is the pro forma PV-10 value of Infinity Natural Resources’ reserves?
The total proved pre‑tax PV‑10 for Infinity and the Antero assets on a pro forma basis is $1,602,775 thousand. This standardized present value measure reflects discounted future net cash flows from proved reserves, before income taxes, using SEC pricing guidelines.
How much did Infinity Natural Resources pay for the Antero assets?
The Antero upstream and midstream acquisitions carried a combined cash purchase price of approximately $800 million. The package included upstream oil and gas interests in Ohio plus gathering, compression, transportation and water infrastructure assets in several Ohio counties.
What reserve split between developed and undeveloped does Infinity report pro forma?
On a pro forma basis as of December 31, 2025, total proved developed reserves represent 54% of combined proved volumes, while proved undeveloped reserves account for 46%. This mix reflects both Infinity’s legacy portfolio and the acquired Antero upstream properties.
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