We trim our price target to $8 (from $9) as we lower our 2026 WTI price forecast to $52 per barrel (from $57) due in part to increasing OPEC+ production. Our 2026 Henry Hub price forecast of $4.30/MMBtu remains largely unchanged. We model five new wells in 2026 (previously eight) funded with cash flow from operations. We lower our 2H:25 revenue and profit projections, due to the timing of new wells, after management updated guidance yesterday. Our model assumes four wells begin production in December (previously October) as KGEI needs to redrill a well (the four wells are being completed simultaneously). We still project annual cash flow and production growth in 2025-2027 as growing production from new 1.5-mile laterals more than offsets WTI price weakness. We also highlight growing production from the recently completed Forguson well (46% working interest) as more frack fluid is recovered.