Riley Exploration Permian (REPX) EnerCom Denver – The Energy Investment Conference summary

Strategic positioning and asset overview

• Celebrating 10-year anniversary with a $1.1 billion enterprise value and low leverage near 1x EBITDA.

• Operates in Texas (Champions asset) and New Mexico (Red Lake asset), focusing on oil-rich, high-quality conventional formations.

• Majority of future drilling locations and growth are concentrated in New Mexico, leveraging lower drilling and fracking costs.

• Growth driven by organic development and selective acquisitions, with three-quarters of production from organic efforts.

• Wells exhibit slower decline rates and surpass Midland and Delaware wells in cumulative production after 2.5–3 years.

Financial performance and capital allocation

• Consistent annual production growth, including per-share metrics, with guidance for 30% year-over-year growth in 2026.

• Dividend paid since 2018 and raised annually since going public, with plans to continue this trend.

• $100 million share buyback program initiated, with $5 million spent and further opportunistic repurchases planned.

• Ongoing debt reduction enhances equity value, with plans to retire higher-coupon senior notes in the coming months.

• Strong free cash flow outlook for upcoming quarters and next year, supported by robust EBITDA at current oil prices.

Operational catalysts and infrastructure

• Recent high CapEx quarter ($87 million) sets up a tailwind for production and cash flow into 2027.

• Infrastructure constraints in the upper Delaware area addressed by a new wet gas pipeline, sold to Targa and coming online in Q4.

• Production increased from 17,000 bpd in April to 24,000 bpd in June, with Q3 guidance at 25,000 bpd.

• Workovers and new operational techniques have delivered capital-efficient production gains, especially from the Silverback acquisition.

• Market may be underestimating the impact of infrastructure improvements and New Mexico asset performance.