EON Resources (EONR) investor relations material

Strategic asset acquisitions and market positioning

• Acquired two Permian fields, totaling nearly 20,000 acres, with a focus on core Permian counties in New Mexico and Texas.

• Recent federal lease sales valued top Permian acreage at $220,000 per acre, though current holdings are considered mid-tier.

• Holds 750 wells producing approximately 1,000 barrels per day, with significant PDP and probable reserves.

• Model emphasizes buying undervalued fields, developing conventional reserves, and leveraging stacked pay and farm-out opportunities.

• Plans to acquire a third, larger field within the year.

Development plans and operational improvements

• Waterflood expansion could increase production from 1,000 to 2,500 barrels per day, with 2.5x more patterns available.

• Entered a fully funded farm-out agreement for 92 San Andres wells, with a three-well carry and backend participation at 150% return on drilling costs.

• Idle well reactivation in South Justis field targets 200 wells, each averaging 10 barrels per day at low reactivation costs.

• Horizontal drilling program underway, with vertical well workovers testing optimal fracking methods.

• Production expected to double in the current year, driven by the three-well carry and additional drilling in Q4.

Financial restructuring and capital strategy

• Eliminated $41 million in senior and seller debt, leaving all assets uncollateralized and available for new financing.

• Reduced total debt to just over $20 million, primarily trade and legacy public company obligations.

• Raised $45 million through an ORRI transaction, selling for $50 million after a $13 million purchase.

• Sold 65% of San Andres rights to Virtus to fund debt reduction and avoid dilution from $27 million in preferred shares.

• Achieved a $14 million gain in 2025, improving retained earnings.