UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-15555 Riley Exploration Permian, Inc. (Exact name of registrant as specified in its charter) Delaware 87-0267438 (State or other jurisdiction of incorporation or organization ...

Investor Presentation February 2022 # Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.'s ("Riley Permian") current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results coul ...

Riley Exploration Permian, Inc. Q1 2022 Earnings Conference Call February 15, 2022 11:00 AM ET Company Participants Philip Riley - Executive Vice President, Strategy and CFO Bobby Riley - Chairman and CEO Kevin Riley - President Conference Call Participants Neal Dingmann - Truist John White - ROTH Capital Noel Parks - Tuohy Brothers Operator Good morning. My name is David and I will be your conference operator today. At this time, I would like to welcome everyone to Riley Permian Fiscal 1Q '22 Earnings Call ...

Part I [Business and Properties](index=11&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) Riley Exploration Permian, Inc. is an independent oil and gas company focused on Permian Basin development, aiming to grow cash flow and return capital to stockholders - The company is a **growth-oriented, independent oil and natural gas company** primarily focused on the **horizontal development** of the **San Andres formation** in the **Permian Basin**[30](index=30&type=chunk) - In **February 2021**, the company consummated a **reverse merger** with **Tengasco, Inc.**, and subsequently changed its name to **Riley Exploration Permian, Inc.**[24](index=24&type=chunk)[31](index=31&type=chunk) - A key strategic initiative in **2021** was the commencement of an **Enhanced Oil Recovery (EOR) project** in Yoakum County, Texas, using **water and CO2 injection** to **lower decline rates** and **increase oil recovery**[32](index=32&type=chunk)[66](index=66&type=chunk) Total Proved Reserves as of September 30 | Reserve Type | Unit | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | :--- | | Oil | MBbls | 46,263 | 37,158 | 37,159 | | Natural Gas | MMcf | 76,019 | 53,683 | 40,991 | | Natural Gas Liquids | MBbls | 13,229 | 10,681 | 10,812 | | **Total Proved Reserves** | **MBoe** | **72,163** | **56,787** | **54,803** | Production and Operating Data (Fiscal Year Ended Sep 30) | Metric | Unit | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Production** | | | | | Oil | MBbls | 2,340 | 2,060 | | Total Production | MBoe | 3,154 | 2,592 | | Average Daily Production | Boe/d | 8,640 | 7,081 | | **Average Prices** | | | | | Oil | $/Bbl | $58.29 | $36.35 | | Combined | $/Boe | $47.12 | $28.22 | | **Average Operating Costs** | | | | | Lease Operating Expenses | $/Boe | $6.97 | $7.81 | - The company has a **significant customer concentration**, with **one purchaser** accounting for **87% of revenue in fiscal year 2021** and **86% in 2020**[81](index=81&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, operational, regulatory, and financial risks, including commodity price volatility - Business, Operations, and Strategy Risks: The company's financial condition is **highly sensitive to volatile oil, natural gas, and NGL prices**. Its operations are **capital-intensive**, and access to financing may be **limited**. A significant portion of its assets (**42% of proved reserves are undeveloped**) and operations are **concentrated in the Permian Basin**, increasing vulnerability to regional issues[137](index=137&type=chunk)[141](index=141&type=chunk)[156](index=156&type=chunk)[165](index=165&type=chunk) - Legal, Regulatory, and Tax Risks: The company is subject to **stringent and evolving environmental regulations**, particularly concerning **hydraulic fracturing**, **water disposal** (linked to seismic activity), and **greenhouse gas emissions**, which could **increase costs and restrict operations**. Changes in tax laws, such as the TCJA, could also adversely impact financial results[222](index=222&type=chunk)[234](index=234&type=chunk)[242](index=242&type=chunk)[254](index=254&type=chunk) - COVID-19, Acts of God, and Cyber Security Risks: The COVID-19 pandemic has created **significant demand and price volatility**. Operations are also exposed to **extreme weather, power outages**, and **increasing cybersecurity threats** that could **disrupt business and lead to financial losses**[214](index=214&type=chunk)[218](index=218&type=chunk)[220](index=220&type=chunk) - Common Stock and Corporate Risks: The market price of the company's common stock (REPX) may be **volatile**. The board has **discretion over dividend policy**. A **concentration of ownership** (**80.1% held by executive officers, directors, and principal stockholders**) allows for **significant influence** over corporate matters[257](index=257&type=chunk)[268](index=268&type=chunk)[278](index=278&type=chunk) [Unresolved Staff Comments](index=61&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[285](index=285&type=chunk) [Legal Proceedings](index=61&type=section&id=Item%203.%20Legal%20Proceedings) The company is a defendant in a lawsuit seeking approximately **$14 million** for alleged fraudulent transfer - The company is a **defendant** in a **lawsuit** initiated by the **Trustee for the bankruptcy of Hoactzin Partners, L.P.**, concerning the **alleged fraudulent transfer** of **Kansas Working Interests**[287](index=287&type=chunk) - The lawsuit seeks to recover **approximately $14 million in damages**, plus **punitive damages and attorney's fees**. The company **sold all its Kansas assets on April 2, 2021**[287](index=287&type=chunk)[288](index=288&type=chunk) [Mine Safety Disclosures](index=61&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[290](index=290&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=62&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE American, declared **$18.1 million** in FY2021 dividends - The company's common stock trades on the **NYSE American** under the symbol "**REPX**"[292](index=292&type=chunk) Dividends Declared | Fiscal Year Ended | Total Dividends Declared ($) | | :--- | :--- | | September 30, 2021 | ~$18.1 million | | September 30, 2020 | ~$15.0 million | - In **Q4 2021**, the company acquired **16,127 shares** from employees at an average price of **$23.39 per share** to cover **tax withholding obligations** on vested equity awards[298](index=298&type=chunk) [Selected Financial Data](index=63&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is reserved - [Reserved][299](index=299&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2021, Riley Permian's revenue grew to **$148.6 million**, but a **$89.2 million** non-cash derivative loss led to a **$46.9 million** net loss Fiscal Year 2021 vs. 2020 Results of Operations | Metric | Unit | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Revenues** | | | | | Oil and Natural Gas Sales, net | $ thousands | 148,636 | 73,133 | | **Production** | | | | | Total Production | MBoe | 3,154 | 2,592 | | Daily Combined Volumes | Boe/d | 8,640 | 7,081 | | **Average Prices** | | | | | Oil | $/Bbl | 58.29 | 36.35 | | Combined | $/Boe | 47.12 | 28.22 | Key Expenses (Fiscal Year Ended Sep 30) | Expense Category | Unit | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Lease Operating Expenses | $ thousands | 21,975 | 20,243 | | Production and Ad Valorem Taxes | $ thousands | 8,636 | 4,280 | | Depletion, Depreciation, etc. | $ thousands | 26,015 | 21,479 | | General & Administrative | $ thousands | 20,759 | 11,789 | | (Gain) Loss on Derivatives, net | $ thousands | (89,195) | 33,876 | - The **significant increase** in **G&A expense** in **FY2021** was primarily due to a **$5.8 million increase in equity compensation expense** following the **Merger** and a **$3.1 million increase in administrative costs** related to being a **public company**[326](index=326&type=chunk) Cash Flow Summary (Fiscal Year Ended Sep 30) | Cash Flow Category | Unit | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $ thousands | 86,073 | 62,550 | | Net Cash used in Investing Activities | $ thousands | (59,628) | (51,521) | | Net Cash used in Financing Activities | $ thousands | (14,937) | (13,095) | - In **July 2021**, the company completed a **common stock offering**, receiving **net proceeds of $46.7 million**, of which **$35.5 million** was used to pay down its **revolving credit facility**[333](index=333&type=chunk) - As of **September 30, 2021**, the company had a **working capital deficit of $46.9 million**, primarily due to **$42.1 million in current derivative liabilities** resulting from **higher commodity prices**[334](index=334&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are commodity price volatility, counterparty credit, and interest rates, managed through derivatives - The company's major market risk is the **volatile pricing** of its **oil, natural gas, and NGL production**. It uses **derivative contracts** to **hedge** a portion of this risk[360](index=360&type=chunk) - As of **September 30, 2021**, the company had a **net liability derivative position of $51.0 million**, a **significant shift** from a **net asset position of $21.9 million** at the end of **fiscal 2020**, reflecting the **rise in commodity prices**[361](index=361&type=chunk) - The company has **significant customer credit risk**, with **one purchaser** accounting for **87% of revenue in FY2021**. This risk is **mitigated** by the **credit quality of the end customers** and the **fungible nature of oil and gas products**[365](index=365&type=chunk) - **Interest rate risk** is managed through **floating-to-fixed interest rate swaps** on its **revolving credit facility**, which had **$60 million outstanding** as of **September 30, 2021**[367](index=367&type=chunk) [Financial Statements and Supplementary Data](index=75&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the consolidated financial statements and supplementary data beginning on page F-1 - The information required by this item appears beginning on **page F-1** of this report[369](index=369&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](index=76&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) The company reports no changes in or disagreements with its accountants on accounting and financial disclosures - None[370](index=370&type=chunk) [Controls and Procedures](index=76&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of **September 30, 2021**, and material weaknesses were fully remediated - Management concluded that the company's disclosure controls and procedures were **effective** as of **September 30, 2021**[371](index=371&type=chunk) - **Material weaknesses** in internal control over financial reporting, previously identified as of March 31, 2021, were **fully remediated** as of **September 30, 2021**[374](index=374&type=chunk)[376](index=376&type=chunk) - Remediation actions included **hiring additional accounting personnel** (including a **Chief Accounting Officer**), **engaging third-party consultants**, and **enhancing financial reporting processes**[375](index=375&type=chunk) [Other Information](index=77&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[378](index=378&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=78&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the definitive proxy statement - Information is **incorporated by reference** from the registrant's **definitive proxy statement**[381](index=381&type=chunk) [Executive Compensation](index=78&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the definitive proxy statement - Information is **incorporated by reference** from the registrant's **definitive proxy statement**[382](index=382&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=78&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the definitive proxy statement - Information is **incorporated by reference** from the registrant's **definitive proxy statement**[383](index=383&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=78&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the definitive proxy statement - Information is **incorporated by reference** from the registrant's **definitive proxy statement**[384](index=384&type=chunk) [Principal Accountant Fees and Services](index=78&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the definitive proxy statement - Information is **incorporated by reference** from the registrant's **definitive proxy statement**[385](index=385&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=79&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed as part of the 10-K report, including consolidated financial statements and an index of exhibits - This section contains the **index to the Consolidated Financial Statements** (beginning on **page F-1**) and a **list of all exhibits** filed with the report[388](index=388&type=chunk)[389](index=389&type=chunk) [Form 10-K Summary](index=81&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary for this item - None[393](index=393&type=chunk)

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported a net income of $15.7 million and an operating income of approximately $60 million for the fiscal year, with an overall net loss of $65.7 million primarily due to derivatives loss of nearly $90 million [24] - Adjusted EBITDAX for the quarter was $24.5 million and approximately $90 million for the year, closely resembling cash flow from operations [25] - Free cash flow generated was $7.2 million for the quarter and $26 million for the year, representing 30% of operating cash flow [26] Business Line Data and Key Metrics Changes - The company increased net production by 22% to 8.6 MBoe per day for the full year, with 74% being crude oil [15] - In the fourth quarter, total net equivalent production increased by 35% to 9.6 MBoe per day compared to the same period in 2020 [18] - Lease operating costs were reduced by 11% to $6.97 per Boe for the full year and by 20% to $6.45 per Boe in the fourth quarter [16][19] Market Data and Key Metrics Changes - The realized oil price for the fiscal year was up 60% year-over-year, with a realized price of $52 per barrel for the recent quarter [27] - The company anticipates a drop in hedge volumes for the first and second quarters of 2022 to about 65% of forecasted volumes [29] Company Strategy and Development Direction - The company aims to reinvest for growth to improve scale, cost structure, and cash flow while also returning significant cash flow to shareholders in the form of dividends [8] - The company is optimistic about initiating its first carbon capture, utilization, and storage (CCUS) project during 2022 [9] - The company plans to drill 18 gross and 12.5 net wells during fiscal year 2022, with a capital expenditure forecast of approximately $85 million to $95 million [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving operational guidance metrics and highlighted strong investor support for continued growth [6][7] - The company is optimistic about the EOR pilot program and expects to initiate water injection during the second quarter of 2022 [20] - Management noted that the current market conditions are favorable for continued growth, with a forecasted production growth of approximately 11% to 15% over fiscal year 2021 levels [44] Other Important Information - The company raised its dividend by 11% to $0.31 per share, totaling about $6 million [39] - The company has $65 million drawn and $110 million of availability on its credit facility following a 30% increase in its borrowing base [39] Q&A Session Summary Question: Progress on the EOR project - Management confirmed that the drilling phase of six initial injection wells is complete and water injection is expected to start in Q1 or Q2 of fiscal year 2022, with overall progress on schedule [50][52] Question: Timeline for carbon capture and sequestration initiatives - Management is working with various parties to optimize project costs and structure, but specific guidance on timing was not provided [55][61] Question: Frac market conditions and drilling costs - The frac market is tightening, but the company has secured most of its service providers for 2022, with slight increases in drilling and completion costs expected [69][71] Question: Details on lease operating expenses (LOE) - The primary driver for reduced LOE was less workover activity during the quarter, which may fluctuate in the future [82] Question: CO2 purchase and sale agreement with Kinder Morgan - The agreement is tied to oil prices with a floor, and the pricing is approximately 2% of WTI for a three-year term [89][90]

Investor Presentation December 2021 # Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.'s ("Riley Permian") current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results coul ...

Financial Data and Key Metrics Changes - Total net equivalent production increased by 35% to 9.1 MBoe/d for the three months ended June 30, 2021, compared to the same period in 2020, and by 10% quarter-over-quarter compared to the fiscal second quarter of 2021 [10] - Generated cash flow from continuing operations of $58.8 million for the nine months ended June 30, 2021, with a reported net loss of $21.5 million for the three months ended June 30, 2021, which included $35 million in non-cash unrealized losses on derivatives [11] - Cash costs per BOE reduced by 7% quarter-over-quarter, with a cash margin of $35.11 per BOE before derivative settlements and $25.80 per BOE after derivative settlements [11] - Exited the quarter with $6.9 million in cash and $97.5 million drawn on the credit facility, which was reduced to $62 million in July [13] Business Line Data and Key Metrics Changes - Brought online seven gross 4.8 net horizontal wells and drilled one gross one net vertical injection well during the quarter, in line with budgeted guidance [14] - Accelerated development of the Enhanced Oil Recovery (EOR) project, which now includes 12 vertical injection wells in the 960-acre project area [14] Market Data and Key Metrics Changes - The company anticipates capital expenditures before acquisitions for fiscal fourth quarter 2021 to be approximately $20 million to $26 million, with additional capital spent related to the EOR project [19] Company Strategy and Development Direction - The company aims to grow production and dividends while adhering to a capital allocation framework of approximately 60% to 65% of expected EBITDA for normal development activities [25][26] - The EOR project will initially use natural CO2 due to its availability and reliability, with plans to switch to anthropogenic CO2 as sources become available [17] - The company is exploring carbon capture, utilization, and sequestration (CCUS) opportunities, which could synergize with its core upstream business [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the best fiscal year performance in history across numerous operational and financial metrics, despite stock price volatility [9] - The company is monitoring potential changes to federal tax incentives and regulations that could impact CCUS projects [18] - Management believes that the U.S. is well-positioned for CCUS due to its significant geological storage capacity [75] Other Important Information - The company completed a $47 million net capital raise in July, securing funding for the acceleration of the EOR project and increasing its estimated trading float by 77% [12] - The latest dividend announced was $0.28 per share, representing a 5.8% annualized yield based on the closing price of $19.27 per share on August 6 [13] Q&A Session Summary Question: Discussion on capital allocation and free cash flow - Management indicated that approximately 60% to 65% of expected EBITDA will be allocated to development activities, allowing for growth and dividend increases [25][26] Question: Operational activity and drilling plans - Management expects increased activity in fiscal Q4, particularly related to the EOR project, while core upstream business activity will remain consistent with fiscal Q3 [30] Question: Hedging strategy and future plans - The company continues to monitor its hedge book and feels well-positioned with a fair amount of business protected while maintaining exposure to upside [31] Question: Timeline for anthropogenic CO2 arrangements - Management indicated that simpler projects could be implemented within a year, while larger, more complex projects may take several years [36][39] Question: Power and utility access for EOR project - Management confirmed sufficient power infrastructure is in place for the EOR project, with potential plans to generate power from gas supply in the future [40] Question: Interest from ESG investors - Management acknowledged the potential to attract ESG investors by linking hydrocarbon supply with lower emissions and carbon capture initiatives [71][77]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-15555 Riley Exploration Permian, Inc. (Exact name of registrant as specified in its charter) Delaware 87-0267438 (State or other jurisdiction of incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-15555 Riley Exploration Permian, Inc. (Exact name of registrant as specified in its charter) Delaware 08-0267438 (Stat ...

Riley Exploration Permian, Inc. (NYSE:REPX) Q1 2021 Results Conference Call May 12, 2021 10:00 AM ET Company Participants Bobby Riley - President and Chief Executive Officer Philip Riley - Executive Vice President of Strategy Kevin Riley - President at Riley Exploration Permian Inc Michael Rugen - Chief Financial Officer Conference Call Participants John White - ROTH Capital Markets Neal Dingmann - Truist Securities Operator Good morning my name is [Rische] and I will be your conference operator today. At ...