Material Event (Form 8-K)

November 14, 2025

Dear Partner:

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

Despite oil market prices down over 10% from last year, the Partnership reported net income of approximately $8.5 million and EBITDAX of approximately $30.2 million for the nine months ended September 30, 2025. To date in 2025, we have used our cash on-hand and available operational cash flow to (i) reduce our outstanding debt to $0 (approximately $5 million in principal payments); and (ii) pay for any capital expenses required to maintain our wells (approximately $5 million). Further, through the end of the third quarter of 2025, we have paid distributions to our limited partners totaling approximately $19.9 million, or $1.05 per common unit. Since the inception of the Energy 11 program, we have paid approximately $196 million in distributions, or up to $11.71 per common unit, to our limited partners.

With no outstanding debt, the Partnership has full use of its available borrowing capacity on its credit facility of $20 million. The credit facility matures on March 1, 2026, but we are confident we will be able to renew with our lender to ensure we have a credit line available for future capital commitments. At this time, our primary operator has not proposed any new wells on our shared acreage in 2025, so we are patiently waiting for a new drilling program to start.

As required by the state of North Dakota, we continue to pay taxes on behalf of the limited partners in this program. In addition to prior year payments (covering tax years 2021-2023), 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 these tax payments, and any payments made for future tax years will be reflected in the K-1 tax forms you receive from us. 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.

The accumulated unpaid distributions total for the period March 2020 through November 2021 is now approximately $42.5 million, or $2.24 per common unit. We will continue to monitor monthly Partnership distributions in conjunction with the Partnership's projected cash requirements for operations, capital expenditures for new wells and debt service.

Despite headwinds caused by lower oil market pricing in 2025, our operations remain cash-flow positive. We have cash on-hand 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