SCHEDULE: Bryan Sheffield and Affiliates Boost Stake in Tamboran Resources Following Private Placement

Bryan Sheffield and affiliated entities have increased their beneficial ownership in Tamboran Resources Corporation to 18.7% following the closing of a previously announced private placement.

Summary

• Bryan Sheffield and associated entities (Sheffield Holdings, Spraberry Interests, Daly Waters Energy, Formentera Australia Fund I GP, and Formentera Investments) have updated their beneficial ownership in Tamboran Resources Corporation.
• As of July 22, 2025, Bryan Sheffield beneficially owns 3,123,601 shares of Common Stock, representing 18.7% of the outstanding shares.
• This updated ownership reflects the closing of the Daly Waters Private Placement on July 22, 2025.
• In this private placement, Tamboran Resources issued and sold 563,697 shares of Common Stock to Daly Waters Energy, LP at a price of $17.74 per share.
• The total number of shares outstanding for Tamboran Resources Corporation as of June 23, 2025, was 16,717,289.

Sentiment

Score: 7

Explanation: The filing indicates a significant investor increasing their stake through a private placement, which is generally a positive sign of confidence and capital infusion. While it's a routine disclosure, the successful completion of a capital raise and increased insider ownership are favorable indicators.

Positives

• The closing of the private placement indicates successful capital infusion for Tamboran Resources.
• Increased ownership by Bryan Sheffield and affiliates demonstrates continued confidence and commitment from a significant investor group.
• The private placement was executed at a price of $17.74 per share, providing a valuation benchmark for the transaction.

Future Outlook

This filing does not contain specific forward-looking statements or guidance beyond the completion of a previously announced transaction.

Industry Context

This filing, a Schedule 13D amendment, primarily reports a change in beneficial ownership following a private placement. It reflects an investor's increased stake in an energy company, which can signal confidence in the company's prospects within the broader energy sector, particularly given the ongoing dynamics in oil and gas markets.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership changes following a private placement. Without specific operational or financial performance data, direct comparisons to industry benchmarks or comparable companies like ExxonMobil, Chevron, or smaller independent E&P firms are not directly applicable.
• The private placement price of $17.74 per share provides a valuation point for this specific transaction, but its competitiveness would require analysis against recent capital raises or market valuations of similar-sized energy companies with comparable asset bases or development stages.

Related Party Transactions

• The Daly Waters Private Placement involved Daly Waters Energy, LP, which is an entity where Bryan Sheffield (the reporting person) is the managing member of its general partner (Formentera Investments LLC). This constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The private placement dilutes existing shareholders slightly but brings in capital and signals strong investor confidence from a key stakeholder. The increased beneficial ownership by Bryan Sheffield and affiliates could be viewed positively as alignment of interests.
• Company: The company receives capital from the private placement, which can be used for operations, development, or other strategic initiatives.

Key Dates

Recommendation

The filing details the completion of a previously announced private placement and an increase in beneficial ownership by a significant investor. While the capital raise is positive, this is a routine disclosure of an expected event and does not provide new operational or financial performance data that would warrant a 'buy' or 'sell' recommendation. The increased insider stake suggests confidence, but without further context on the company's overall financial health or strategic direction, a 'hold' recommendation is prudent for a seasoned investor.

Keywords

Tamboran Resources, Bryan Sheffield, Schedule 13D, Beneficial Ownership, Private Placement, Common Stock, SEC Filing, Shareholder Stake, Energy Sector, Oil and Gas