[Form 4] Tamboran Resources Corporation Insider Trading Activity

Rhea-AI Filing Summary

Tamboran Resources Corp. (TBN) – Form 4 insider transaction

Director Jeffrey L. Bellman reported an open-market acquisition of 5,637 common shares on 22-Jul-2025 at $17.74 per share, an investment of roughly $100 k. Post-transaction, Bellman directly owns 10,639 shares; he also holds 500 shares indirectly via the Bellman 2010 Trust. No derivative securities were involved and there were no dispositions.

• Role: Director (no change in status)
• Ownership structure: Direct holdings now account for ≈95% of his reported beneficial interest.
• Filing signed 23-Jul-2025 by attorney-in-fact.

The purchase lifts Bellman’s stake but represents a modest fraction of Tamboran’s outstanding shares, so market impact is expected to be limited.

Positive

• Director purchased 5,637 shares, signalling personal confidence in TBN.
• No insider sales or derivative exercises, suggesting conviction rather than profit-taking.

Negative

• Transaction size is modest relative to market capitalization, limiting signaling power.

Insights

Equity Analyst

TL;DR: Modest director buy; positive signal but small size limits impact.

Insider purchases generally indicate confidence. Bellman’s ~$100 k buy increases his direct stake by roughly 113%, taking holdings to 10,639 shares. While dollar value is minor relative to Tamboran’s market cap, any director buying—versus selling—can support sentiment, especially if other insiders follow. With no accompanying sales or option exercises, the trade appears to be an outright cash purchase, removing dilution concerns. Investors may view this as a soft bullish indicator, but the single purchase is insufficient to shift valuation models.

Corporate Governance Specialist

TL;DR: Clean filing, straightforward ownership; governance neutral.

The Form 4 discloses timely, clear information with no red flags on reporting compliance. Use of a family trust is standard and fully explained, mitigating opacity. Transaction does not alter control dynamics or trigger Section 16 threshold issues. Overall governance impact is neutral; disclosure quality is adequate.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Dalton Ryan

(Last) (First) (Middle)

SUITE 01, LEVEL 39, TOWER ONE,

INT'L TOWERS, 100 BARANGAROO AVE.

(Street)

BARANGAROO C3 NSW 2000

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Tamboran Resources Corp [ TBN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/22/2025		A		5,000	A	$17.74	26,729	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Eric Dyer, Attorney-in-Fact	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Tamboran (TBN) shares did the director buy?

Jeffrey L. Bellman acquired 5,637 common shares on 22-Jul-2025.

At what price were the TBN shares purchased?

The reported purchase price was $17.74 per share.

What is the director’s total ownership after the transaction?

Bellman now holds 10,639 shares directly and 500 shares indirectly via a trust.

Were any shares sold or derivatives exercised?

No. The Form 4 shows only an acquisition; no sales or derivative activity were reported.

Does this filing affect Tamboran’s control structure?

No. The purchase is too small to influence control or trigger additional filings.