Xstate Resources Limited (ASX:XST) is an Australia-based oil and gas exploration and production company headquartered in Fremantle, Western Australia, and founded in 1987. The company holds working interests in producing oil wells and gas assets including a 20% interest in the Anshof-3 oil well in Austria's Molasse Basin; varying interests from 10% to 30% in multiple oil and gas leases, producing wells, and the Borba natural gas discovery in California's Sacramento Basin; and a 25% working interest in the Crest Jinn oil assets in Alberta, Canada, encompassing approximately 10,240 gross acres with production facilities. Its primary focus centers on the Australian Diona Gas Project in Queensland's Surat-Bowen Basin, targeting stacked gas reservoirs at Showgrounds, Upper Tinowon, and Wallabella Sandstone levels near existing infrastructure. Geographically, operations span Australia, the United States, Austria, and Canada, serving energy markets through non-operated joint ventures emphasizing exploration, appraisal, and development in underexplored areas with established pipelines. Recent changes include the divestment of its Canadian Red Earth assets for US$2.73 million completed in July 2024 to fund new opportunities; the agreement in February 2025 to sell its 25% Crest Jinn interest for a 3% overriding royalty; a signed drilling contract with Easternwell for the Diona-1 exploration well targeting completion in Q3 2025; and progression toward re-compliance with ASX Listing Rules Chapters 1 and 2 via acquisition of an onshore Australian gas project following suspension in August 2024.