Summary of EON Resources Inc. Special Conference Call Company and Industry - **Company**: EON Resources Inc. - **Industry**: Oil and Gas, specifically focusing on the Permian Basin Key Points and Arguments 1. **Acquisition Announcement**: EON Resources has acquired the South Justice Field in the Permian Basin, New Mexico, for a total of 1 million shares of Class A common stock, valued at approximately $500,000 in cash [5][7][20]. 2. **Current Production and Cash Flow**: The field is currently cash flowing $100,000 per month, translating to an annual net cash flow of $1.2 million [8][20]. 3. **Production Potential**: The field had a production of 50 barrels per day before acquisition, which was doubled to 100 barrels per day through minor repairs. EON aims to increase production to between 250 to 400 barrels per day within a quarter [9][11][19][66]. 4. **Field Characteristics**: The South Justice Field consists of approximately 5,400 acres with 208 producing and injection wells. The field has a history of low decline rates and significant oil reserves, with an estimated 15 million barrels recoverable through reactivation and drilling [13][14][18][26]. 5. **Comparison with Existing Assets**: The acquisition increases EON's oil in place by 20% and acreage in the Permian by 33%, enhancing overall production by 10% immediately and 20% in the near term [27][26]. 6. **Operational Strategy**: EON plans to reactivate idle wells and utilize existing infrastructure to minimize costs. The company expects minimal impact on general and administrative expenses [8][24][27]. 7. **Market Valuation**: The purchase price is considered reasonable compared to market values for similar fields, with estimates of $20,000 to $50,000 per flowing barrel for more developed fields [20][21]. 8. **Future Drilling Potential**: EON sees potential for horizontal drilling in the South Justice Field, similar to their existing Grayburg Jackson Field, which could further enhance production [14][26]. 9. **Economic Outlook**: The company anticipates needing oil prices around $60 per barrel to be attractive for drilling, with a potential range of $60 to $80 in the future [64][66]. 10. **Funding and Financial Health**: EON is optimistic about securing funding to support operations and retire existing debts, with ongoing discussions with multiple investors [49][52][66]. Other Important Content 1. **Regulatory Compliance**: The acquisition included assurances regarding compliance with state regulations for plugging and abandonment of non-productive wells [85]. 2. **Market Dynamics**: The call highlighted the impact of external factors, such as geopolitical events and U.S. oil policy, on oil prices and drilling activity [60][66]. 3. **Investor Sentiment**: There is a noted concern among investors regarding stock performance, with management emphasizing the long-term value of the acquisition and operational strategy [50][66]. 4. **Chevron Relationship**: EON has a strong relationship with Chevron, which is beneficial for pricing and sales of oil produced from the South Justice Field [96][102]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of EON Resources Inc.'s strategic acquisition and operational plans in the oil and gas sector.

South Justis Field – June 2025 NYSE American: EONR https://www.EON-R.com/ EON Resources Inc. Presenters and Management Team • Michael J. Porter – Investor Relations • Dante V. Caravaggio – CEO • Mitchell B. Trotter – CFO • Jesse J. Allen – VP of Operations • David M. Smith – General Counsel 2 Acquisition Highlights 3 • Asset purchased on June 20, 2025 • Located in Lea County, New Mexico near our LHO operation • In the Central Basin of the prolific Permian Basin • Purchase price of 1.0 million shares of Clas ...

EON Resources (EONR) Q1 2025 Earnings Call May 22, 2025 02:00 PM ET Company Participants Michael Porter - OwnerDante Caravaggio - CEO, President & DirectorMitchell Trotter - CFO & DirectorJesse Allen - Vice President of Operation Operator Good day, everyone, and welcome to the E. ON Resources Inc. Announces First Quarter twenty twenty five Earnings Call on Thursday, 05/22/2025. At this time, all participants have been placed on a listen only mode. If you have any questions or comments during the presentatio ...

Financial Data and Key Metrics Changes - The company reported a cash loss per month of approximately $400,000, which is nearly half of what it was a year ago, indicating improved cost management [10][12] - Interest expenses decreased by $165,000 for the quarter due to note conversions as part of balance sheet cleanup efforts [19] - The company has maintained consistent income from operations in the range of $1,800,000 per quarter, with a slight uptick noted [21] Business Line Data and Key Metrics Changes - Oil production remained stable, with an uptick in oil revenue attributed to market price fluctuations, while gas revenues increased by $50,000 for the quarter due to higher gas prices [23] - Lease operating expenses (LOE) decreased to $683,000 per month in Q1, down from $700,000 to $750,000 in the previous year [19][33] - The company has approved 45 workovers, which are expected to significantly increase production once funding is secured [15] Market Data and Key Metrics Changes - The company hedged 70% of its oil production at $70 per barrel, which mitigates the impact of current market price fluctuations [11][23] - Gas prices have performed better than oil prices, leading to increased gas revenue [46] Company Strategy and Development Direction - The company is focused on reducing debt and improving its balance sheet by retiring senior debt and preferred shares [39][78] - There is a strategic emphasis on workovers to increase production in the near term, with plans for drilling in the longer term [39][78] - The company is exploring low-cost acquisitions to enhance its asset base amid low oil prices [40][78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, stating that the stock is undervalued and that they are positioned for significant growth in the coming quarters [41][78] - The management believes that oil prices will stabilize around $70 per barrel, despite current market forecasts suggesting lower prices [62][66] - The company is actively seeking gas opportunities, including unconventional gas and specialty gas, to enhance revenue streams [46] Other Important Information - The company has made significant progress in reducing general and administrative (G&A) costs, with a target of a million-dollar reduction over the year [25][71] - The company is not planning to purchase its own drilling rig but may consider acquiring workover rigs as market conditions allow [68][69] Q&A Session Summary Question: Can you give us some color on your gas operations and what you think the future in gas will be for the company? - Management noted that gas prices have been more favorable than oil prices, and they are exploring gas opportunities, including specialty gas like helium [46][47] Question: How was your relationship with Chevron? - The company reported an excellent relationship with Chevron, which is interested in increasing oil production from the company [52][53] Question: Will the entire deal with Encore close in June, or can it be done in pieces? - Management indicated that the deal is likely to close all at once, with a target date in late June or early July [56] Question: Can you explain how the hedging program operates and do you make any money off of it? - The hedging program involves swaps that lock in prices for 70% of production, providing a safety net against market fluctuations [58] Question: Can you give your thoughts on the oil and gas business in '25 and how do you feel about what's been going on worldwide? - Management believes the Permian has peaked but expects oil prices to stabilize around $70, with a focus on workovers and better drilling practices [62][66] Question: Do you see an opportunity for you guys on as far as the rig count going down where you'll be able to get rigs at a cheaper price? - Management indicated that while they do not plan to buy a drilling rig, they may consider acquiring workover rigs if market conditions are favorable [68][69] Question: How do you look at 2025, especially with the industry under pressure? - Management is focused on further reducing costs and leveraging acquisitions to maintain a lean operation while expanding growth opportunities [70][73]

EON Resources Inc. Conference Call – April 2025 NYSE American: EONR https://www.EON-R.com/ Presenters 2 • Michael J. Porter – Investor Relations • Dante V. Caravaggio – CEO • Mitchell B. Trotter – CFO • Jesse J. Allen – VP of Operations Why Invest in EON Resources? 3 • World class Permian asset with 1 billion original barrels in place • Repaired and upgraded most of the field condition issues in 2024 • Agreement with Seller has huge benefits (see press release on Feb 11th) • Reduced the original $120 millio ...

Production and Revenue - Average daily production for Q1 2025 was 749 BOE per day, down from 848 BOE per day in Q1 2024, representing a 12% decrease [145][157]. - Total revenues for Q1 2025 were $4,564,598, an increase of 39% compared to $3,283,099 in Q1 2024 [156]. - Average realized oil price per barrel after reflecting settled derivatives was $65.12 in Q1 2025, compared to $62.53 in Q1 2024, indicating an increase of 8.5% [160]. - The average NYMEX oil price for Q1 2025 was $71.84 per barrel, which is 7% lower than the average price of $77.56 in Q1 2024 [151][152]. - The average NYMEX natural gas price for Q1 2025 was $4.94 per Mcf, a 95% increase from $2.67 per Mcf in Q1 2024 [154]. Expenses and Costs - Lease operating expenses decreased to $1,921,321 in Q1 2025 from $2,299,518 in Q1 2024, a reduction of approximately 16.5% [162]. - Depletion, depreciation, and amortization (DD&A) expenses were $97,075 in Q1 2025, significantly lower than $476,074 in Q1 2024, reflecting a decrease of 79.7% [164]. - Production taxes, transportation, and processing costs were $397,216 in Q1 2025, down from $428,280 in Q1 2024, maintaining a consistent 9% of oil and natural gas sales [163]. - General and administrative expenses decreased to $2,084,545 for the three months ended March 31, 2025, down from $2,309,824 in 2024, primarily due to reduced stock-based compensation [166]. - Interest expense decreased to $1,744,246 for the three months ended March 31, 2025, compared to $1,860,582 in 2024, driven by reductions in Senior Secured term loan and Private Notes Payable [167]. Financial Performance - The company recorded a loss on derivative contracts of $85,071 in Q1 2025, compared to a loss of $1,997,247 in Q1 2024, indicating improved management of price risk [159]. - Other revenue related to water services was $117,532 in Q1 2025, down from $130,588 in Q1 2024, reflecting a decrease of 10% [161]. - Accretion expense increased to $335,771 for the three months ended March 31, 2025, from $33,005 in the same period of 2024, with a per BOE increase from $0.43 to $4.98 [165]. - The company recorded a gain on extinguishment of liabilities of $92,294 during the three months ended March 31, 2025, related to the exchange of certain notes payable and warrant liabilities [172]. Cash Flow and Financing - The company reported negative cash flow from operations of $1,827,355 for the three months ended March 31, 2025, compared to positive cash flow of $3,700,686 for the year ended December 31, 2024 [175]. - Net cash used in investing activities for the three months ended March 31, 2025, was $1,117,540, primarily for development costs, compared to $591,003 in 2024 [178]. - Net cash provided by financing activities was $3,047,431 for the three months ended March 31, 2025, mainly from the sale of common stock under the Common Stock Purchase agreement [179]. - The company has a three-year Common Stock Purchase Agreement with a maximum funding limit of $150,000,000 to support operations and production growth [175]. - The company had no off-balance sheet arrangements as of March 31, 2025 [180]. Debt and Liabilities - As of March 31, 2025, the company had outstanding debt totaling $22,563,093 under the Senior Secured Term Loan, $15,000,000 under the Seller Promissory Note, and $2,900,000 of private notes payable, with a working capital deficit of $27,937,557 [174].

Financial Data and Key Metrics Changes - The company reported a stabilization in production, achieving approximately 950 barrels of oil per day, with expectations to increase this by 50% by the end of the year [12][19] - Lease operating expenses (LOE) were reduced from over $800,000 per month to an average of $765,000 in 2024, with a target of around $700,000 per month for 2025 [65][66] - The company is hedged at 70% or greater at $70 per barrel through 2025, which provides some stability against market fluctuations [30][84] Business Line Data and Key Metrics Changes - The company is focusing on the Seven Rivers waterflood project, with plans to develop 250 patterns, each expected to produce 20 barrels of oil per day [19][20] - The horizontal drilling potential in the San Andres formation has been identified, with 50 wells expected to yield 300 to 500 barrels of oil per day [16][36] Market Data and Key Metrics Changes - The company is navigating volatility in oil pricing and tariffs that impact oil prices, which is a concern for the overall market [7][78] - The management expressed optimism about the oil market, suggesting that any reduction in oil prices may be short-lived due to the social costs faced by oil-producing countries [84] Company Strategy and Development Direction - The company plans to acquire a 10% royalty from the seller for approximately $15 million, which is expected to be accretive to shareholders [11][72] - Future strategies include cutting general and administrative expenses and lease operating expenses to improve profitability [21][74] - The company aims to make at least one acquisition in the year, focusing on Permian properties and gas opportunities [22][72] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2024 but emphasized the importance of infrastructure repairs and upgrades for future profitability [20][25] - The company expects a significant improvement in 2025, with plans to increase production and reduce costs [19][21] - Management is optimistic about the potential for horizontal drilling and workovers, indicating a bright future for the company [90][91] Other Important Information - The company has made significant strides in cleaning up its balance sheet, including settling liabilities and reducing debt [43][45] - The management team is committed to a balanced approach to funding, avoiding excessive equity dilution and debt [48][51] Q&A Session Summary Question: What are your largest concerns that might negatively impact your plans? - The largest concern is market volatility, particularly oil prices and tariffs [78] Question: What are your plans regarding future use of stock in lieu of cash for accounts payable and other liabilities? - The company plans to use stock sparingly for settling debts related to acquisitions and services [80] Question: Are you still working on the workover wells, or is this less of a priority compared to Seven Rivers? - Workovers are a top priority and are tied to the development of the Seven Rivers project [87] Question: What are you doing to negotiate and benchmark parts, pumps, and other goods necessary for productivity savings? - The company conducts thorough bidding processes to ensure the best value for parts and services [95] Question: If oil prices recover to $85 to $90 per barrel, would you increase production faster? - The company would accelerate workovers and drilling if funding allows, but will proceed cautiously [102] Question: Is the $52.8 million revenue sharing of volumetric funding arrangement with Enstream Capital still on track for June 2025 closing? - The lender has indicated that the deal is still on track, but the company remains cautious [106][109] Question: What is your relationship with drilling permits in New Mexico? - The regulatory environment has improved, potentially reducing the permit process from eight to six months [115]

EON Resources (EONR) Q4 2024 Earnings Call April 23, 2025 12:00 PM ET Company Participants Mike Porter - OwnerDante Caravaggio - CEO, President & DirectorMitchell Trotter - CFO & DirectorJesse Allen - Vice President of Operation Operator Good day, everyone, and welcome to the E. ON Resources Inc. Announces fiscal year twenty twenty four earnings call on 04/23/2025. We will open the floor for your questions and comments after the presentation. If you're listening on webcast, you can submit a question by clic ...

Financial Data and Key Metrics Changes - The company reported a stabilization in production, achieving approximately 950 barrels of oil per day, with expectations to increase this by 50% by the end of the year [10][15] - Lease operating expenses (LOE) were reduced from over $800,000 per month to an average of $765,000 in 2024, with a target of around $700,000 per month for 2025 [54][55] - The company aims to cut general and administrative (G&A) expenses significantly in 2025, with a focus on reducing costs related to equity-based compensation and professional fees [31][32] Business Line Data and Key Metrics Changes - The company is focusing on the development of the 7 Rivers waterflood, with plans to add 150 waterflood patterns, which are expected to produce an average of 20 barrels of oil per day per pattern [11][15] - Horizontal drilling potential in the San Andreas formation has been identified, with 50 wells expected to yield 300 to 500 barrels of oil per day [13][30] Market Data and Key Metrics Changes - The company is hedged through 2025 at prices of $70 per barrel or greater, which provides some stability against market fluctuations [25][26] - Oil price volatility and tariffs are highlighted as significant market concerns that could impact the company's performance [6][68] Company Strategy and Development Direction - The company plans to acquire a 10% royalty from the seller for approximately $15 million, which is expected to be the most accretive transaction for the company [8][16] - Future strategies include focusing on workovers, waterflood expansions, and drilling, with a cautious approach to ensure cost-effectiveness [15][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by market volatility but expresses optimism about the company's ability to weather these challenges and achieve profitability in 2026 [62][100] - The company is committed to improving operational efficiency and reducing costs to enhance profitability [17][64] Other Important Information - The company has made significant infrastructure repairs and upgrades, which have contributed to a reduced decline rate in production [16][49] - A focus on safety was emphasized, with no reportable incidents in 2024 [48] Q&A Session Summary Question: What are your largest concerns that might negatively impact your plans? - The largest concern is market volatility, particularly fluctuations in oil prices and tariffs [68][69] Question: What are your plans regarding future use of stock in lieu of cash for accounts payable and other liabilities? - The company plans to use stock sparingly for settling debts and ongoing services [69][70] Question: Are you still working on the workovers wells or is this less of a priority? - Workovers are a top priority and are tied to the development of the 7 Rivers project [77][78] Question: What are you doing to negotiate and benchmark parts, pumps, and other goods necessary for productivity savings? - The company conducts thorough bidding processes to ensure cost-effectiveness in procurement [81][83] Question: If oil prices recover significantly, will you increase production faster? - The company would accelerate workovers and drilling if funding allows, but will proceed cautiously [85][86] Question: Is the $52,800,000 revenue sharing arrangement with Onstream Capital still on track for June 2025 closing? - The lender has indicated that the deal is still on track, but the company remains cautious [90][91] Question: What is your relationship with drilling permits in New Mexico? - The regulatory environment is improving, potentially reducing the time required for drilling permits [96][97]

Production and Reserves - EON Resources has 956 million barrels of Original Oil in Place (OOIP) and expects to triple proven reserves in the next 3-4 years[9]. - Production is projected to increase by 1,000 barrels per day over the next 24 months, with a target of 2.5 times increase in BOEPD by the end of 2028[18]. - EON plans to utilize 550 existing wells in the Grayburg-Jackson oil field to recover proven reserves without new drilling, minimizing upfront capital expenditures[20]. - EON's waterflood development in the Seven Rivers zone has stabilized production at approximately 1,000 BOEPD after initial increases to 1,400 BOEPD[18]. - The company operates 550 producing wells, tapping into 40% of the reserves, with 85% of production being crude oil[50]. - The company holds 13,700 gross acres across 23 leases, with a 100% working interest and an average net revenue interest of 74%[48]. Cost Management - The company aims to reduce workover costs per well to approximately $150,000 from original estimates of $250,000 through scientific and analytical approaches[19]. - EON anticipates a reduction in general and administrative costs in 2025 compared to 2024, including a $500,000 reduction in insurance costs[19]. - Lease operating expenses averaged $765,000 per month in Q1 and decreased to $700,000 for the rest of 2024[52]. - General and administrative costs included $2.8 million in equity-based costs, primarily related to employee equity instruments and acquisition-related fees[57]. Financial Performance - Total revenues for the year amounted to $19,418,919, with cash-based revenues averaging approximately $5 million per quarter[52][53]. - The average oil price per barrel fluctuated, with Q3 averaging $83.80 and Q4 dropping to $67.05, impacting overall revenues[53]. - The company has a Reserve Based Loan (RBL) of $28 million with a current balance of $23 million, maturing in three years at a 15% interest rate[61]. - The company has hedged over 70% of its production at $70 or higher for 2025, mitigating risks associated with oil price fluctuations[54]. Strategic Initiatives - The company is implementing AI automation to enhance operational efficiencies and reduce costs as new wells are brought into production[19]. - EON is actively exploring acquisition opportunities in the Permian Basin, which has seen over $100 billion in recent M&A activity[14]. - The Northwest Shelf of the Permian Basin is noted for having the largest recoverable reserves among unconventional basins in the U.S.[32]. - The company is planning a horizontal drilling program in the San Andres, expected to commence in Q1 of 2026[18].