SCHEDULE: Bryan Sheffield Increases Stake in Tamboran Resources

Bryan Sheffield and associated entities have increased their beneficial ownership in Tamboran Resources Corporation following a recent institutional share purchase.

Summary

• Bryan Sheffield and affiliated entities (Sheffield Holdings, Spraberry Interests, Daly Waters Energy, Formentera Australia, and Formentera Investments) filed an amendment to their Schedule 13D.
• The filing reports the acquisition of 50,000 shares of common stock by the Bryan S. Sheffield Spousal Lifetime Access Trust (BSS SLAT) at a price of $35 per share.
• The purchase was completed on April 14, 2026, as part of an Institutional Entitlement Offer.
• The reporting persons now beneficially own an aggregate of 3,307,256 shares, representing approximately 11.9% of the issuer's outstanding common stock.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive development, as it reflects insider confidence through continued investment, though it highlights the company's ongoing need for external capital.

Positives

• Demonstrates continued confidence from a major shareholder through direct participation in the company's capital raise.
• The acquisition of 50,000 shares at $35 per share indicates support for the company's current valuation and strategic direction.

Negatives

• Increased concentration of ownership among a small group of related entities may influence corporate governance dynamics.

Risks

• The investment is subject to the general market risks associated with the energy sector and the specific operational risks of Tamboran Resources Corporation.
• The company's reliance on capital raises to fund operations may lead to future dilution of existing shareholders.

Future Outlook

The filing does not provide specific forward-looking operational guidance, but confirms the company's recent completion of an institutional capital raise to support its financial position.

Industry Context

StockSavvy.ai notes that this filing reflects a trend of major shareholders in the energy sector providing backstop support or participating in equity offerings to ensure company liquidity during capital-intensive development phases.

Comparison to Industry Standards

• The participation of insiders in equity offerings is generally viewed as a positive signal of alignment with long-term shareholder interests, consistent with standard practices in the junior oil and gas exploration sector.

Related Party Transactions

• The purchase of 50,000 shares by the Bryan S. Sheffield Spousal Lifetime Access Trust (BSS SLAT) from the issuer.

Stakeholder Impact

• Shareholders may experience dilution from the recent issuance of over 5 million shares in the aggregate capital raise.
• The increased stake by a major investor may provide stability to the share price.

Next Steps

• Continued monitoring of Tamboran Resources' capital structure and future equity issuance activities.

Key Dates

Keywords

Tamboran Resources, Bryan Sheffield, Schedule 13D, Institutional Entitlement Offer, Energy Sector, Share Purchase Agreement