Material Event (Form 8-K)

January 30, 2026

Dear Partner:

We are pleased to provide an update for you about Energy 11, L.P. (the "Partnership", "Energy 11", "we", "our" or "us").

Over the last year, we have evaluated the potential for a liquidation of our Sanish Field Assets in North Dakota via several options. During the same period, the market price for oil has significantly decreased - down nearly 20% from January 2025 to January 2026. With the uncertainty of oil markets along with the recent global events that directly add volatility to the market, we feel the best way to maximize value for our limited partners is to continue to hold the Sanish Field Assets at this time.

Each January, we assist David Lerner Associates and its trustee (RBC) with their FINRA requirements by calculating an estimated per unit value of the Partnership. The per unit value as of December 31, 2025 (as seen on your January statement) decreased from $15.62 to $11.28. This change is primarily the result of lower oil prices as of the date of analysis, which dropped from approximately $70 per barrel of oil at the end of December 2024 to approximately $57 per barrel of oil at the end of December 2025. Because valuations change daily based on market pricing (oil prices exceeded $65 per barrel at the date of this letter), the per unit value on your statement does not necessarily reflect a per unit value we could receive upon liquidation of our assets.

Energy 11 paid $1.40 per common unit ($26.6 million) in distributions during 2025, which represents a 7% return on the limited partner initial investment of $20.00 per common unit. Since the inception of the Energy 11 program, we have paid approximately $203.1 million in distributions, or up to $12.06 per common unit, to our limited partners.

As previously mentioned, during 2025, we used cash on-hand and available cash flow generated from the Sanish Field Assets to pay for our proportionate share of capital expenses and reduce our outstanding debt to $0. Energy 11 remains one of the few debt-free companies operating in the industry. In addition, approximately three years ago, we restructured the operations of the Partnership to save general and administrative costs. Since the restructuring, we have reduced our annual general and administrative costs by over 40%, saving over $500,000 in expenses each year.

With no outstanding debt, the Partnership has full use of its available borrowing capacity on its credit facility of $20 million. We have begun working with our lender to renew our credit facility that matures on March 1, 2026 to ensure we have a credit line available for future capital commitments if necessary.

The Partnership is preparing our 2025 annual report, which we plan to file in mid-March. We continue to pay taxes on behalf of limited partners (as required by the state of North Dakota), so we intend to make a payment for tax year 2025 in early April. We paid approximately $400,000 (about $0.021 per common unit) in withholding taxes on behalf of the limited partners in April 2025 for the 2024 tax year. Your proportionate share of the 2024 tax payment will be reflected in the K-1 tax forms you receive from us, which we anticipate will be available to limited partners by mid-March as well. Please continue to consult with your tax advisor when reviewing your K-1s. As a reminder, tax withholding payments made on your behalf reduce the unpaid distributions total.

Despite headwinds, our operations remain cash-flow positive. As of December 31, 2025, we have estimated cash on-hand of approximately $6.9 million and available borrowing capacity, if needed, to participate in new drilling, so we remain optimistic about the future of Energy 11. If you have questions regarding the status of your investment, please contact your Investment Counselor at David Lerner Associates, Inc. We also encourage you to review all the Partnership's filings with the SEC, which are available online at www.energyeleven.com or www.sec.gov.

Thank you for your continued support of this investment.

Sincerely,

Glade M. Knight

Chairman and Chief Executive Officer

Energy 11 GP, LLC