BKV Corporation Announces Acquisition of Control Position in BKV-BPP Power Joint Venture

On October 29, 2025, BKV Corporation entered into a Membership Interest Purchase Agreement with Banpu Power US Corporation to acquire one-half of the limited liability company interests in BKV-BPP Power, LLC, a joint venture between BKV and BPPUS. This acquisition will increase BKV's ownership in the joint venture to 75%, allowing BKV to consolidate the financial results of the joint venture into its own financial statements. The transaction is expected to close in the first quarter of 2026, subject to closing conditions, including approval by at least 75% of the disinterested shareholders of Banpu Power Public Company Limited. The aggregate consideration for the transaction is $376.0 million less 25% of the net indebtedness of the joint venture at closing, with 50% paid in cash and 50% in BKV common stock. BKV plans to fund the cash consideration with a combination of cash on hand and borrowings under its existing reserve-based lending agreement.