Sheffield Bryan 4

What Happened
Bryan S. Sheffield (through his spousal trust) and related 10%‑owner entities were reported as acquiring 133,655 shares of Tamboran Resources (TBN) in a private placement (PIPE) on January 16, 2026. The shares were issued at $21.00 per share, a total value of approximately $2,806,755 for the 133,655‑share allotment. Footnotes indicate the shares were issued to the Bryan S. Sheffield Spousal Lifetime Access Trust (BSS SLAT) pursuant to a subscription agreement dated October 24, 2025; closing conditions were satisfied and the PIPE closed on Jan 16, 2026.

Key Details

• Transaction date: 2026-01-16; Price: $21.00; Transaction code: A (award/grant/private placement).
• Amount issued to BSS SLAT: 133,655 shares — value ≈ $2,806,755.
• Reported holdings after transaction (per footnotes): Sheffield Holdings, LP — 2,247,404 shares; Daly Waters Energy, LP — 876,197 shares; BSS SLAT — 133,655 shares.
• Reporting persons are 10% owners or affiliates (Sheffield is manager/controlling person of several entities); footnotes state some entities may be deemed to share beneficial ownership.
• Form 4 filed 2026-01-21 for a 2026-01-16 transaction — appears to have been filed one business day late under Section 16 timing rules.

Context

• This was a private PIPE issuance to the insider’s trust (not an open‑market purchase or sale). Such issuances can reflect capital raising arrangements rather than routine trading by an executive.
• The filing lists multiple affiliated 10% owners as reporting persons because of shared managerial/partnership relationships; each disclaims beneficial ownership except to the extent of pecuniary interest.
• No options were exercised and no immediate sales were reported in this filing.