September 22, 2025 - EXHIBIT 99.10 - 8-K: Current report

Exhibit 99.10

BKV Corporation Unaudited Pro Forma Condensed Combined Balance Sheet
As of June 30, 2025
(dollars in thousands, except share data)

	BKV Corporation			Bedrock Energy Partners, LLC			Conforming and Reclassification Adjustments⁽¹⁾				Financing and Acquisition Adjustments				Pro Forma Combined BKV Corporation
Assets
Current assets
Cash and cash equivalents	$	21,426		$	14,985		$	—			$	2,015		(b), (c)	$	38,426
Restricted cash		—			7,359			—				(7,359	)	(b)		—
Accounts receivable, net		47,948			16,077			—				—				64,025
Accounts receivable, related parties		11,611			—			—				—				11,611
Prepaid expenses		4,435			—			484		(a)		—				4,919
Prepaid and other current assets		—			484			(484	)	(a)		—				—
Inventory		6,960			—			—				—				6,960
Commodity derivative assets, current		556			—			11,723		(a)		—				12,279
Derivative assets		—			11,723			(11,723	)	(a)		—				—
Asset held for sale		5,500			—			—				—				5,500
Total current assets		98,436			50,628			—				(5,344	)			143,720
Natural gas properties
Developed properties		2,430,788			—			464,205		(a)		(74,625	)	(d)		2,820,368
Undeveloped properties		10,739			—			1,649		(a)		(1,649	)	(d)		10,739
Midstream assets		276,811			—			—				—				276,811
Accumulated depreciation, depletion, and amortization		(780,001	)		—			(169,137	)	(a)		169,137		(d)		(780,001	)
Total natural gas properties, net		1,938,337			—			296,717		(a)		92,863				2,327,917
Other property and equipment, net		104,253			—			112		(a)						104,365
Property, Plant and Equipment
Oil and natural gas properties at cost, successful efforts method
Proved		—			464,205			(464,205	)	(a)		—				—
Unproved		—			1,649			(1,649	)	(a)		—				—
Oil and natural gas properties at cost, successful efforts method		—			465,854			(465,854	)	(a)		—				—
Less accumulated depreciation, depletion and amortization		—			(169,137	)		169,137		(a)		—				—
Oil and natural gas properties at cost, net		—			296,717			(296,717	)	(a)		—				—
Other property and equipment		—			4,217			(4,217	)	(a)		—				—
Less accumulated depreciation, depletion and amortization		—			(4,105	)		(4,105	)	(a)		—				—
Other property and equipment, net		—			112			(112	)	(a)		—				—
Right of use assets, long term		—			1,407			(1,407	)	(a)		—				—
Goodwill		18,417			—			—				—				18,417
Investment in BKV-BPP Power		114,676			—			—				—				114,676
Commodity derivative assets		6,622			—			14,219		(a)		—				20,841
Long-term derivative assets		—			14,219			(14,219	)	(a)		—				—

	BKV Corporation			Bedrock Energy Partners, LLC		Conforming and Reclassification Adjustments⁽¹⁾				Financing and Acquisition Adjustments				Pro Forma Combined BKV Corporation
Other noncurrent assets		23,686			—		1,407		(a)		—				25,093
Total assets	$	2,304,427		$	363,083	$	—			$	87,519			$	2,755,029

Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued liabilities	$	123,802		$	17,054	$	—			$	3,000		(e)	$	143,856
Lease liabilities, current		—			839		(839	)	(a)		—				—
Commodity derivative liabilities, current		44,011			—		5,332		(a)		—				49,343
Derivative liability		—			5,332		(5,332	)	(a)		—				—
Income taxes payable to related party		2,265			—		—				—				2,265
Current portion of long-term debt, net		—			44,959		—				(44,959	)	(f)		—
Other current liabilities		4,653			346		839		(a)		—				5,838
Total current liabilities		174,731			68,530		—				(41,959	)			201,302
Asset retirement obligations		204,331			20,853		—				—				225,184
Commodity derivative liabilities		45,645			—		5,778		(a)		—				51,423
Long term derivative liabilities		—			5,778		(5,778	)	(a)		—				—
Lease liabilities, long-term		—			568		(568	)	(a)		—				—
Deferred tax liability, net		86,565			—		491		(a)		(1,181	)	(g)		85,875
Deferred income tax, long-term		—			491		(491	)	(a)		—				—
Long-term debt, net		200,000			123,017		—				164,983		(f)		488,000
Other noncurrent liabilities		5,097			—		568		(a)		—				5,665
Total liabilities		716,369			219,237		—				121,843				1,057,449
Commitments and contingencies
Mezzanine equity
Noncontrolling interest		(2,073	)		—		—				—				(2,073	)
Stockholders’ equity
Common stock, $0.01 par value; 500,000 authorized shares; 84,711 shares issued and outstanding, actual; and 89,944 shares issued and outstanding, as adjusted		1,513			—		—				52		(h)		1,565
Treasury stock, shares at cost; 214 shares		(6,663	)		—		—				—				(6,663	)
Additional paid-in capital		1,452,602			—		—				111,780		(h)		1,564,382
Members’ equity		—			143,846		(143,846	)	(a)		—				—
Retained earnings		142,679			—		143,846		(a)		(146,156	)	(i)		140,369
Total stockholders’ equity		1,590,131			143,846		—				(34,324	)			1,699,653
Total liabilities and stockholders’ equity	$	2,304,427		$	363,083	$	—			$	87,519			$	2,755,029

(1)

Management did not identify any differences in accounting policies that would have a material impact on the unaudited pro forma combined consolidated financial information.

BKV Corporation Unaudited Pro Forma Condensed Combined Statement of Operations
For the Six Months Ended June 30, 2025
(dollars in thousands, except per share data)

	BKV Corporation			Bedrock Energy Partners, LLC			Conforming and Reclassification Adjustments⁽¹⁾				Financing and Acquisition Adjustments				Pro Forma Combined BKV Corporation
Revenues and other operating income
Natural gas, NGL, and oil sales	$	415,855		$	—		$	68,249		(a)	$	—			$	484,104
Natural gas		—			38,677			(38,677	)	(a)		—				—
Natural gas liquids		—			28,103			(28,103	)	(a)		—				—
Oil		—			1,469			(1,469	)	(a)		—				—
Midstream revenues		5,510			—			—				—				5,510
Derivative losses, net		(39,983	)		—			(6,675	)	(a)		—				(46,658	)
Marketing revenues		7,857			—			—				—				7,857
Section 45Q tax credits		5,881			—			—				—				5,881
Related party revenues		851			—			—				—				851
Other		4,893			161			—				—				5,054
Total revenues and other operating income		400,864			68,410			(6,675	)			—				462,599
Operating expenses
Lease operating and workover		69,231			—			20,739		(a)		—				89,970
Lease operating expense		—			19,366			(19,366	)	(a)		—				—
Workover expense		—			1,373			(1,373	)	(a)		—				—
Taxes other than income		23,626			—			4,609		(a)		—				28,235
Production taxes		—			3,841			(3,841	)	(a)		—				—
Ad valorem taxes		—			768			(768	)	(a)		—				—
Gathering and transportation		118,819			—			16,165		(a)		—				134,984
Gas gathering, transportation, marketing, and procurement		—			16,165			(16,165	)	(a)		—				—
Depreciation, depletion, amortization, and accretion		78,014			—			11,623		(a)		(659	)	(j)		88,978
Asset retirement obligation accretion expense		—			621			(621	)	(a)		—				—
Depreciation, depletion, and amortization		—			11,002			(11,002	)	(a)		—				—
General and administrative		55,773			3,538			60		(a)		—				59,371
Incentive unit compensation		—			60			(60	)	(a)		—				—
Other		20,706			—			—				—				20,706
Total operating expenses		366,169			56,734			—				(659	)			422,244
Income (loss) from operations		34,695			11,676			(6,675	)			659				40,355
Other income (expense)
Losses from equity affiliate		(497	)		—			—				—				(497	)
Interest expense		(10,510	)		(8,385	)		—				(6,025	)	(k)		(24,920	)
Interest income		311			—			—				—				311
Other income (loss)		776			—			(152	)	(a)		—				624
Other expense		—			(152	)		152		(a)		—				—
Gain (loss) on derivative contracts, net		—			(6,675	)		6,675		(a)		—				—

	BKV Corporation		Bedrock Energy Partners, LLC			Conforming and Reclassification Adjustments⁽¹⁾		Financing and Acquisition Adjustments				Pro Forma Combined BKV Corporation
Income (loss) before income taxes		24,775		(3,536	)		—		(5,366	)			15,873
Income tax benefit (expense)		1,294		(35	)		—		1,269		^(l)		2,528
Net income (loss)		26,069		(3,571	)		—		(4,097	)			18,401
Less: net income (loss) attributable to noncontrolling interest		163		—			—		—				163
Net income (loss) attributable to BKV	$	25,906	$	(3,571	)	$	—	$	(4,097	)		$	18,238

Net income (loss) per common share attributable to BKV:
Basic	$	0.30										$	0.20
Diluted	$	0.30										$	0.20

Weighted average number of common shares outstanding:
Basic		84,708		—			—		5,233		^(h)		89,941
Diluted		84,789		—			—		5,233		^(h)		90,022

(1)

Management did not identify any differences in accounting policies that would have a material impact on the unaudited pro forma combined consolidated financial information.

BKV Corporation Unaudited Pro Forma Condensed Combined Statement of Operations
For the Year Ended December 31, 2024
(dollars in thousands, except per share data)

	BKV Corporation			Bedrock Energy Partners, LLC			Conforming and Reclassification Adjustments⁽¹⁾				Financing and Acquisition Adjustments				Pro Forma Combined BKV Corporation
Revenues and other operating income
Natural gas, NGL, and oil sales	$	557,570		$	—		$	120,435		(a)	$	—			$	678,005
Natural gas		—			54,936			(54,936	)	(a)		—				—
Natural gas liquids		—			62,217			(62,217	)	(a)		—				—
Oil		—			3,282			(3,282	)	(a)		—				—
Midstream revenues		12,560			—			—				—				12,560
Derivative losses, net		(34,152	)		—			(637	)	(a)		—				(34,789	)
Marketing revenues		10,668			—			—				—				10,668
Gain on sale of business		7,080			—			—				—				7,080
Related party revenues		17,101			—			—				—				17,101
Other		10,154			446			—				—				10,600
Total revenues and other operating income		580,981			120,881			(637	)			—				701,225
Operating expenses
Lease operating and workover		136,991			—			42,545		(a)		—				179,536
Lease operating expense		—			40,768			(40,768	)	(a)		—				—
Workover expense		—			1,777			(1,777	)	(a)		—				—
Taxes other than income		35,009			—			6,609		(a)		—				41,618
Production taxes		—			5,458			(5,458	)	(a)		—				—
Ad valorem taxes		—			1,151			(1,151	)	(a)		—				—
Gathering and transportation		222,391			—			40,598		(a)		—				262,989
Gas gathering, transportation, marketing, and procurement		—			40,598			(40,598	)	(a)		—				—
Depreciation, depletion, amortization, and accretion		217,533			—			25,267		(a)		(1,091	)	(m)		241,709
Asset retirement obligation accretion expense		—			1,193			(1,193	)	(a)		—				—
Depreciation, depletion, and amortization		—			24,074			(24,074	)	(a)		—				—
Acquisition expenses		—			—			—				3,000		(e)		3,000
General and administrative		104,473			6,855			2,573		(a)		—				113,901
Incentive unit compensation		—			2,573			(2,573	)	(a)		—				—
Other		19,385			—			—				—				19,385
Total operating expenses		735,782			124,447			—				1,909				862,138
Income (loss) from operations		(154,801	)		(3,566	)		(637	)			(1,909	)			(160,913	)
Other income (expense)
Earnings from equity affiliate		10,423			—			—				—				10,423
Gain on contingent consideration liabilities		9,676			—			—				—				9,676
Interest expense		(45,582	)		(18,972	)		—				(7,862	)	(n)		(72,416	)
Interest expense, related party		(5,181	)		—			—				—				(5,181	)
Loss on early extinguishment of debt		(13,877	)		—			—				—				(13,877	)
Interest income		3,859			—			—				—				3,859

	BKV Corporation			Bedrock Energy Partners, LLC			Conforming and Reclassification Adjustments⁽¹⁾			Financing and Acquisition Adjustments				Pro Forma Combined BKV Corporation
Other income		9,008			2,167			—			—				11,175
Gain (loss) on derivative contracts, net		—			(637	)		637	^(a)		—				—
Income (loss) before income taxes		(186,475	)		(21,008	)		—			(9,771	)			(217,254	)
Income tax benefit (expense)		43,605			(30	)		—			2,277		^(o)		45,852
Net income (loss)		(142,870	)		(21,038	)		—			(7,494	)			(171,402	)

Net income (loss) per common share attributable to BKV:
Basic	$	(2.00	)											$	(2.24	)
Diluted	$	(2.00	)											$	(2.24	)

Weighted average number of common shares outstanding:
Basic	$	71,288		$	—		$	—		$	5,233		^(h)	$	76,521
Diluted	$	71,288		$	—		$	—		$	5,233		^(h)	$	76,521

(1)

Management did not identify any differences in accounting policies that would have a material impact on the unaudited pro forma combined consolidated financial information.

BKV Corporation Notes to Pro Forma Condensed Combined Financial Information

Note 1 - Basis of Presentation

The accompanying unaudited pro forma condensed combined financial information was derived from the historical financial statements of BKV Corporation and Bedrock Energy Partners, LLC (“Bedrock Partners”) as of June 30, 2025 and for the six months ended June 30, 2025 and for the year ended December 31, 2024. We will account for the Bedrock Acquisition as a business combination in accordance with ASC 805 Business Combinations. Pursuant to the guidance, we allocate the aggregate purchase consideration transferred to affect the business combination to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. Any excess or shortage of the purchase price over the fair value of the assets acquired and liabilities assumed is recognized as goodwill or a gain on bargain purchase, respectively. The amount of goodwill or gain on bargain purchase recorded in a business combination can vary significantly depending on the fair value allocated to the assets acquired and liabilities assumed. Further, in many cases, the valuation of these assets and liabilities requires use of various estimates and assumptions and the exercise of significant judgment about future events. Certain of the figures in this financial information have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a row or column may not conform exactly to the total figure given for that row or column in certain tables. In addition, certain percentages presented reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers or may not sum due to rounding.

Note 2 - Pro Forma Purchase Price Allocation

The preliminary allocation of the total purchase price in the Bedrock Acquisition is based upon management’s estimates of, and assumptions related to, the fair value of assets acquired and liabilities assumed as of the closing date of the transaction using currently available information and market data as of September 19, 2025. Because the unaudited pro forma combined consolidated financial information has been prepared based on these preliminary estimates, the final purchase price allocation and the resulting effect on financial position and results of operations may differ significantly from the pro forma amounts included herein.

The preliminary purchase price allocation is subject to change due to several factors, including but not limited to changes in the estimated fair value of assets acquired and liabilities assumed as of the closing date of the transaction, which could result from changes in future oil and natural gas commodity prices, reserve estimates, interest rates, as well as other factors.

As of June 30, 2025, the latest practical date, the estimated purchase consideration transferred and the relative fair value of assets acquired and liabilities assumed are as follows:

Consideration:
Cash	$	260,000
Early extinguishment of Bedrock debt	$	9,000
Settlement on certain derivative contracts	$	2,000
Shares of BKV Corporation's common stock		5,233,111
BKV common stock price as of September 19, 2025	$	21.37
Total stock consideration	$	111,832
Total consideration	$	382,832
Assets acquired and liabilities assumed
Accounts receivable, net	$	16,077
Prepaid expenses		484
Commodity derivative assets		25,942
Developed properties		389,580
Other property and equipment		112
Right of use assets		1,407
Accounts payable and accrued liabilities		(17,054	)
Commodity derivative liabilities		(11,110	)
Other current liabilities		(346	)
Lease liabilities		(1,407	)
Asset retirement obligations		(20,853	)
Total net assets acquired	$	382,832

Note 3 - Adjustments to Unaudited Pro Forma Combined Consolidated Financial Statements

The unaudited pro forma combined consolidated financial information has been compiled in a manner consistent with the accounting policies adopted by BKV. Actual results may differ materially from the assumptions and estimates contained herein.

The pro forma adjustments are based on currently available information and certain estimates and assumptions that the Company believes provide a reasonable basis for presenting the significant effects of the Bedrock Acquisition and impacts from the financing of the senior notes. General descriptions of the pro forma adjustments are provided below.

(a) The following reclassifications were made as a result of the Bedrock Acquisition to conform to our presentation:

Pro Forma Balance Sheet Adjustments as of June 30, 2025

Reclassification of $0.5 million from prepaid and other current assets to prepaid expenses;

Reclassification of $11.7 million from derivative assets to commodity derivative assets, current;

Reclassification of $464.2 million and $1.6 million from proved and unproved, respectively, within oil and natural gas properties at cost, successful efforts method to developed properties and undeveloped properties, respectively within natural gas properties;

Reclassification of $169.1 million from oil and natural gas properties at cost, successful efforts method less accumulated depreciation, depletion and amortization to natural gas properties accumulated depreciation, depletion, and amortization;

Reclassification of $4.2 million from other property and equipment and $4.1 million from less accumulated depreciation, depletion and amortization within property, plant, and equipment to other property and equipment, net;

Reclassification of $1.4 million from right of use assets to other noncurrent assets;

Reclassification of $0.8 million from lease liabilities, current to other current liabilities;

Reclassification of $5.3 million from derivative liability to commodity derivative liabilities, current;

Reclassification of $5.8 million from long-term derivative liabilities to commodity derivative liabilities;

Reclassification of $0.6 million from lease liabilities, long-term to other noncurrent liabilities;

Reclassification of $0.5 million from deferred income tax, long-term to deferred tax liability, net; and

Reclassification of $143.8 million from members' equity to retained earnings.

Pro Forma Statement of Operations for the Six Months Ended June 30, 2025

Reclassification of $38.7 million from natural gas, $28.1 million from natural gas liquids, and $1.5 million from oil to natural gas, NGL, and oil sales;

Reclassification of $6.7 million from loss on derivative contracts, net in other income (expense) to derivative losses, net in total other revenues and other operating income;

Reclassification of $19.4 million from lease operating expense and $1.4 million from workover expense to lease operating and workover;

Reclassification of $3.8 million from production taxes and $0.8 million from ad valorem taxes to taxes other than income;

Reclassification of $16.2 million from gas gathering, transportation, marketing, and procurement to gathering and transportation;

Reclassification of $11.0 million from depreciation, depletion, and amortization and $0.6 million from accretion expenses to depreciation, depletion, amortization, and accretion; and

Reclassification of $0.2 million from other expense to other income (loss).

Pro Forma Statement of Operations for the Year Ended December 31, 2024

Reclassification of $54.9 million from natural gas, $62.2 million from natural gas liquids, and $3.3 million from oil to natural gas, NGL, and oil sales;

Reclassification of $0.6 million from loss on derivative contracts, net in other income (expense) to derivative losses, net in total other revenues and other operating income;

Reclassification of $40.8 million from lease operating expense and $1.8 million from workover expense to lease operating and workover;

Reclassification of $5.5 million from production taxes and $1.2 million from ad valorem taxes to taxes other than income;

Reclassification of $40.6 million from gas gathering, transportation, marketing, and procurement to gathering and transportation; and

Reclassification of $24.1 million from depreciation, depletion, and amortization and $1.2 million from accretion expenses to depreciation, depletion, amortization, and accretion.

Pro Forma Balance Sheet Adjustments as of June 30, 2025

(b) Reflects the elimination of Bedrock Partners' cash and cash equivalents and restricted cash that were not part of the Bedrock Acquisition.

(c) Reflects (i) the source in cash and cash equivalents from the senior notes of $500.0 million, offset by (ii) the use of cash to fund the Bedrock Acquisition of $260.0 million, (iii) the paydown on the RBL Credit Facility of $200.0 million, and (iv) related transaction costs and fees of $23.0 million.

(d) Reflects pro forma adjustments to record the acquisition of Bedrock Partners' oil and natural gas properties based on the estimated allocated value of the oil and natural gas properties based on the projected acquisition date.

(e) Reflects $3.0 million of non-recurring expenses related to the Bedrock Acquisition, primarily consisting of fees paid to legal, financial, and accounting advisors and filing fees on a pro forma basis as an increase to accounts payable and accrued liabilities on the pro forma combined condensed balance sheet as of June 30, 2025, and in the pro forma statement of operations for the year ended December 31, 2024. These expenses are not expected to be incurred in any period beyond 12-months from the closing date.

(f) Reflects (i) the pro forma borrowings of $500.0 million under BKV's senior notes to fund a portion of the Bedrock Acquisition, offset by (ii) $200.0 million to pay down the RBL balance, (iii) elimination of Bedrock Partners' debt that was not part of the Bedrock Acquisition and (iv) the estimated debt issuance costs on the $500.0 million Senior Notes of $12.0 million.

(g) Reflects a $0.7 million decrease to deferred tax liability, net to reflect the pro forma adjustment of additional acquisition costs and the elimination of Bedrock Partners' deferred tax liabilities, net that was not part of the Bedrock Acquisition.

(h) Reflects the issuance of 5.2 million shares of BKV Corporation’s common stock to the holders of the Bedrock Interests to partially finance the Bedrock Acquisition at $21.37 per share, for total stock consideration of $111.8 million. A $1.00 increase in BKV Corporation’s common stock price would increase the stock consideration received by the holders by $5.2 million, and a $1.00 decrease in BKV Corporation’s common stock price would decrease the stock consideration received by the holders by $5.2 million.

(i) Reflects the elimination of Bedrock Partners' historical retained earnings, the impact of the $3.0 million of non-recurring expenses related to the Bedrock Acquisition, and tax impact of such non-recurring expenses using a 23% statutory rate.

Pro Forma Statement of Operations for the Six Months Ended June 30, 2025

(j) Reflects the pro forma adjustments to record the depletion and accretion expenses calculated in accordance with BKV Corporation’s depletion rate.

(k) Increase of $6.0 million was comprised of (i) $20.6 million interest expense on BKV's $500 million 5-year senior notes with a weighted average interest rate of 8.25% (the difference between the effective rate and the stated rate is not significant as of June 30, 2025) and (ii) $1.2 million estimated fees, less (iii) $8.3 million of interest expense on Bedrock Partners' debt that is not part of the Bedrock Acquisition, and (iv) $7.4 million interest expense savings from paying down $200.0 million on the RBL balance.

(l) Income tax benefit increase of $1.3 million was comprised of (i) $1.3 million tax benefit impact on the financing and acquisition adjustments using a statutory rate of 23% and (ii) elimination of Bedrock Partners' income tax expense of an immaterial amount.

Pro Forma Statement of Operations for the Year Ended December 31, 2024

(m) Reflects the pro forma adjustments to record the depletion and accretion expenses calculated in accordance with BKV Corporation’s depletion rate.

(n) Increase of $7.9 million was comprised of (i) $41.2 million interest expense on BKV's $500 million 5-year senior notes with a weighted average interest rate of 8.25% (the difference between the effective rate and the stated rate is not significant as of June 30, 2025) and (ii) $2.4 million estimated fees, less (iii) $19.0 million of interest expense on Bedrock Partners' debt that is not part of the Bedrock Acquisition, and (iv) $16.7 million interest expense savings from paying down $200.0 million on the RBL balance.

(o) Income tax benefit increase of $1.7 million was comprised of (i) $1.7 million tax benefit impact on the financing and acquisition adjustments using a statutory rate of 23% and (ii) elimination of Bedrock Partners' income tax expense of an immaterial amount.

Note 4 – Earnings Per Share

Basic net income (loss) attributable to BKV per common share for each period is calculated by dividing net income (loss) attributable to BKV by the basic weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (loss) attributable to BKV by the diluted weighted average number of common shares outstanding for the respective period. Any remeasurement of the accretion to redemption value of the Class B Units subject to possible redemption was considered to be dividends paid to the noncontrolling interest. Diluted weighted average number of common shares outstanding and the dilutive effect of potential common shares is calculated using the treasury method. The Company includes potential shares of common stock for PRSUs and TRSUs in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the reporting period was also the end of the performance period. During periods in which the Company incurred a net loss, diluted weighted average common shares outstanding were equal to basic weighted average of common shares outstanding because the effects of all potential common shares was anti-dilutive.

The following table presents the historical and pro forma calculation of basic and diluted net income (loss) per common share attributable to BKV for the six months and twelve months ended June 30, 2025.

	Historical			Pro Forma
(in thousands, except per share amounts)	Six Months Ended June 30, 2025			Six Months Ended June 30, 2025
Net income (loss) attributable to BKV	$	25,906		$	18,238
Accretion of Class B Units to redemption value		(281	)		(281	)
Net income (loss) including accretion of Class B Units to redemption value	$	25,625		$	17,957

Basic weighted average common shares outstanding		84,708			89,941
Add: dilutive effect of TRSUs		81			81
Add: dilutive effect of PRSUs		—			—
Diluted weighted average of common shares outstanding		84,789			90,022
Weighted average number of outstanding securities excluded from the calculation of diluted loss per share
TRSUs		—			—
PRSUs		—			—

Net income (loss) per common share attributable to BKV:
Basic	$	0.30		$	0.20
Diluted	$	0.30		$	0.20

Note 5 - Supplemental Pro Forma Oil and Gas Disclosures

The following tables present estimated pro forma combined oil and natural gas reserves information as of and for the year ended December 31, 2024. The amounts below were determined by referencing the amounts reported in BKV’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the consolidated financial statements and supplemental schedules of Bedrock Partners (which are incorporated into the Current Report on Form 8-K to which these pro forma financial statements are included as an exhibit). An explanation of the underlying methodology applied, as required by SEC regulations, can be found within BKV’s Annual Report and Bedrock Partners' consolidated financial statements and supplemental schedules. The following estimated pro forma combined oil and gas reserves information is not necessarily indicative of the results that might have occurred had the Bedrock Acquisition been completed on January 1, 2024 and is not intended to be a projection of future results. Future results may vary significantly from the results presented. The following tables present the estimated pro forma combined net proved developed and undeveloped oil and gas reserves information as of December 31, 2024, along with a summary of changes in quantities of net remaining proved reserves during the year ended December 31, 2024.

	Natural Gas (MMcf)
Proved Developed and Undeveloped Reserves	BKV Corporation (Historical)			Bedrock Energy Partners, LLC (Historical)			Reclass Adjustments		BKV Corporation (Combined)
December 31, 2023		2,982,495			385,892			—		3,368,387
Revision of previous estimates		(485,190	)		4,807			—		(480,383	)
Extensions and discoveries		79,148			—			—		79,148
Improved recoveries		38,224			—			—		38,224
Sale of minerals in place		(149,963	)		—			—		(149,963	)
Production		(228,683	)		(29,753	)		—		(258,436	)
December 31, 2024		2,236,031			360,946			—		2,596,977

Proved Developed Reserves
December 31, 2023		2,443,072			385,892			—		2,828,964
December 31, 2024		2,059,984			358,047			—		2,418,031

Proved Undeveloped Reserves
December 31, 2023		539,423			—			—		539,423
December 31, 2024		176,047			2,899			—		178,946

	Natural Gas Liquids (MBbls)
Proved Developed and Undeveloped Reserves	BKV Corporation (Historical)			Bedrock Energy Partners, LLC (Historical)			Reclass Adjustments		BKV Corporation (Combined)
December 31, 2023		184,165			38,499			—		222,664
Revision of previous estimates		(35,891	)		3,444			—		(32,447	)
Extensions and discoveries		9,197			—			—		9,197
Improved recoveries		10			—			—		10
Sale of minerals in place		—			—			—		—
Production		(9,859	)		(2,727	)		—		(12,586	)
December 31, 2024		147,622			39,216			—		186,838

Proved Developed Reserves
December 31, 2023		156,399			38,499			—		194,898
December 31, 2024		134,017			38,758			—		172,775

Proved Undeveloped Reserves
December 31, 2023		27,766			—			—		27,766
December 31, 2024		13,605			458			—		14,063

	Oil (MBbls)
Proved Developed and Undeveloped Reserves	BKV Corporation (Historical)			Bedrock Energy Partners, LLC (Historical)			Reclass Adjustments		BKV Corporation (Combined)
December 31, 2023		1,051			443			—		1,494
Revision of previous estimates		(2,401	)		112			—		(2,289	)
Extensions and discoveries		813			—			—		813
Improved recoveries		2,324			—			—		2,324
Sale of minerals in place		—			—			—		—
Production		(96	)		(46	)		—		(142	)
December 31, 2024		1,691			509			—		2,200

Proved Developed Reserves
December 31, 2023		992			443			—		1,435
December 31, 2024		878			498			—		1,376

Proved Undeveloped Reserves
December 31, 2023		59			—			—		59
December 31, 2024		813			11			—		824

	Total (MMcfe)
Proved Developed and Undeveloped Reserves	BKV Corporation (Historical)			Bedrock Energy Partners, LLC (Historical)			Reclass Adjustments		BKV Corporation (Combined)
December 31, 2023		4,093,791			619,544			—		4,713,335
Revision of previous estimates		(714,942	)		26,143			—		(688,799	)
Extensions and discoveries		139,208			—			—		139,208
Improved recoveries		52,228			—			—		52,228
Sale of minerals in place		(149,963	)		—			—		(149,963	)
Production		(288,413	)		(46,392	)		—		(334,805	)
December 31, 2024		3,131,909			599,295			—		3,731,204

Proved Developed Reserves
December 31, 2023		3,387,418			619,544			—		4,006,962
December 31, 2024		2,869,354			593,585			—		3,462,939

Proved Undeveloped Reserves
December 31, 2023		706,373			—			—		706,373
December 31, 2024		262,555			5,710			—		268,265

Standardized Measure of Discounted Future Net Cash Flows

The following tables present the estimated pro forma discounted future net cash flows at December 31, 2024. The pro forma standardized measure information set forth below gives effect to the Bedrock Acquisition as if the transaction had been completed on January 1, 2024. The calculations assume the continuation of existing economic, operating and contractual conditions at December 31, 2024.

Discounted Future Net Cash Flows

The following table sets forth the Standardized Measure of discounted future net cash flows relating to proved natural gas, NGL, and oil reserves as of December 31, 2024:

	Year Ended December 31, 2024
(in thousands)	BKV Corporation (Historical)			Bedrock Energy Partners, LLC (Historical)			Pro Forma Adjustments⁽¹⁾			BKV Corporation (Combined)
Future cash inflows	$	6,207,197		$	1,691,462		$	—		$	7,898,659
Future production costs		(4,026,521	)		(1,182,066	)		—			(5,208,587	)
Future development costs ⁽²⁾		(666,194	)		(42,620	)		—			(708,814	)
Future income tax expense		(96,180	)		(8,783	)		(14,342	)		(119,305	)
Future net cash flows		1,418,302			457,993			(14,342	)		1,861,953
10% annual discount for estimated timing of cash flows		(785,216	)		(249,970	)		6,343			(1,028,843	)
Standardized measure of discounted future net cash flows related to proved reserves	$	633,086		$	208,023		$	(7,999	)	$	833,110

	(1)	Pro forma adjustment represents effect of income tax using the statutory rate on the undiscounted and discounted future net cash flows associated with the Bedrock Acquisition.

	(2)	Includes abandonment costs.

The principal changes in the pro forma Standardized Measure of discounted future net cash flows relating to proved reserves for the year ended December 31, 2024 are as follows:

	Year Ended December 31, 2024
(in thousands)	BKV Corporation (Historical)			Bedrock Energy Partners, LLC (Historical)			Pro Forma Adjustments ⁽¹⁾			BKV Corporation (Combined)
Balance, beginning of period	$	1,062,333		$	238,380		$	—		$	1,300,713
Net change in sales and transfer prices and in production (lifting) costs related to future production		(272,270	)		(23,531	)		—			(295,801	)
Changes in estimated future development costs		(2,933	)		8,712			—			5,779
Sales and transfers of natural gas, NGLs, and oil produced during the period		(271,692	)		(30,684	)		—			(302,376	)
Net change due to extensions, discoveries, and improved recoveries		18,261			—			—			18,261
Net change due to purchases (sales) of minerals in place		(90,531	)					—			(90,531	)
Net change due to revisions in quantity estimates		(74,031	)		9,827			—			(64,204	)
Previously estimated development costs incurred during the period		24,291			—			—			24,291
Net change in future income taxes		131,401			649			(7,999	)		124,051
Accretion of discount		123,255			24,301			—			147,556
Changes in timing and other		(14,998	)		(19,631	)		—			(34,629	)
Total discounted cash flow as end of period	$	633,086		$	208,023		$	(7,999	)	$	833,110

(1)

Pro forma adjustment represents effect of income tax using the statutory rate on the undiscounted and discounted future net cash flows associated with the Bedrock Acquisition.

Form: 8-K

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