Financial Performance - Record net income of $5.6 million for the third quarter of 2025, a significant turnaround from previous losses[1] - Total revenue for Q3 2025 was $4.36 million, showing consistency with prior quarters despite minor fluctuations[11] - Operations expenses increased to $3.54 million in Q3 2025, up from $2.85 million in Q2 2025[11] - A one-time gain of $13.4 million was recorded from asset sales related to the funding and farmout agreements[16] Balance Sheet Improvement - The company retired all $41 million of senior and seller debt, significantly improving its balance sheet[1][17] - Shareholder equity increased by $22.7 million, driven by the retirement of preferred shares and gains from funding transactions[1][17] Drilling and Production Plans - The company expects to drill up to 90 horizontal wells at a cost of $3.5 million to $4.0 million per well, with initial production rates of 300 to 500 barrels of oil per day[7] - Cumulative capital investment by Virtus and LHO is projected to exceed $300 million over the life of the horizontal drilling project[7] - The company anticipates an annual horizontal drilling program of 10 to 20 new wells per year, with gross oil production expected to exceed 20,000 barrels of oil per day[7] Reserves Information - The Grayburg-Jackson Field is estimated to have proven reserves of approximately 14.0 million barrels of oil and 2.8 billion cubic feet of natural gas[18]
EON Resources Inc.(EONR) - 2025 Q3 - Quarterly Results