FTW

Business Context and Reporting Period

Company: Presidio Production Company (formerly Presidio PubCo Inc.)
Filing Type: Form 8-K (Current Report)
Reporting Date: March 4, 2026 (Closing Date)
Event: Consummation of a business combination with EQV Ventures Acquisition Corp. (EQV) and Presidio Investment Holdings LLC (PIH). The transaction involved the domestication of EQV from the Cayman Islands to Delaware, a merger with Presidio, and the acquisition of EQV Resources LLC (EQVR). The company is now organized in an "Up-C" structure, with the public company holding equity interests in the operating partnership (EQV Holdings).

Key Financial Metrics and Capital Structure

Capital Raised and Financing:

• PIPE Financing: $87.5 million raised from the sale of 8,750,000 shares of Class A Common Stock at $10.00 per share.
• Series A Preferred Financing: $123.75 million raised for 125,000 Series A Preferred Shares and 937,500 warrants (exercise price $0.01).
• Series B Preferred Financing: $25.0 million raised for 27,173 Series B Preferred Shares (convertible into 100 shares of Class A Common Stock each).
• Public Share Redemptions: Approximately $357.1 million paid to redeem 33,581,540 Public Class A Shares at ~$10.63 per share.
• Trust Account Balance: Approximately $15.1 million remaining after redemptions.

• Senior Secured Revolving Credit Facility: $65.0 million initial commitment with a maximum of $500.0 million. Maturity is four years from March 4, 2026.
• Interest Rates: SOFR + 300-400 bps or Base Rate + 200-300 bps, depending on utilization.
• Covenants: Minimum current ratio of 1.00:1.00; Maximum total net leverage ratio of 3.00:1.00.

• Class A Common Stock: 27,652,068 shares.
• Series A Preferred Shares: 125,000 shares.
• Series B Preferred Shares: 27,173 shares.
• Warrants: 11,879,702 Presidio Warrants (exercise price $11.50).

Material Changes and Corporate Actions

Corporate Structure and Name:

• EQV changed its name to "Presidio MidCo Inc." and subsequently merged into Presidio Production Company.
• The registrant changed its name from "Presidio PubCo Inc." to "Presidio Production Company."
• Trading symbols "FTW" and "FTW WS" were transferred from EQV to Presidio on the NYSE, commencing March 5, 2026.

• Grant Thornton LLP was appointed as the independent registered public accounting firm for the 2026 fiscal year.
• WithumSmith+Brown, PC was dismissed as the auditor for EQV.

• CEO: William Ulrich (Chairman and Co-CEO) and Chris Hammack (Co-CEO).
• CFO: John Brawley.
• Board: Nine directors appointed, with three classes of staggered terms.
• Equity Incentive Plan: 4,640,654 shares reserved for the 2026 Equity Incentive Plan.

Outlook, Risks, and Contingencies

Dividend Policy:

• The Company expects to begin paying dividends on Class A Common Stock following the Closing, subject to board discretion and debt covenants.
• Series A Preferred Dividends: Cumulative quarterly dividends at 12.0% per annum, stepping up by 0.25% annually until reaching 16.0%. Minimum 8.0% payable in cash prior to the fifth anniversary.
• Series B Preferred Dividends: Participating dividends on an as-converted basis with Class A Common Stock.

• Commodity Price Volatility: Significant declines in oil, natural gas, or NGL prices could trigger impairment charges and reserve adjustments.
• Capital Intensity: The business model requires significant capital for operations and reserve replacement.
• Regulatory and Environmental: Changes in safety, health, environmental, and tax regulations, including climate change impacts.
• Debt Covenants: Failure to maintain financial ratios (current ratio, leverage ratio) could result in default.

The filing contains forward-looking statements regarding projected financial information, production rates, and the benefits of the business combination, which are subject to uncertainties and risks.

Investor Verification Checklist

• Debt Covenants: Verify the company's ability to maintain the 1.00:1.00 current ratio and 3.00:1.00 leverage ratio under the new $65M credit facility.
• Dividend Sustainability: Assess cash flow projections against the mandatory 8.0% cash dividend requirement for Series A Preferred Shares and the expected Class A dividend policy.
• Reserve Estimates: Review the reserve reports (Exhibits 99.11 and 99.12) for PIH and EQVR to understand the basis for future production and revenue projections.
• Preferred Stock Rights: Examine the Series A and Series B Certificates of Designation (Exhibits 3.4 and 3.5) for liquidation preferences, conversion rights, and voting control (e.g., Series A holders can elect directors).
• Redemption Impact: Confirm the final cash position post-redemption ($15.1M trust balance) relative to immediate working capital needs.