EON Resources Inc. Announces Growth Strategy and Capex Funding for 2026-2030

HOUSTON, TX / ACCESS Newswire / June 30, 2026 / EON Resources, Inc. (the "Company" or "EON") (NYSE American:EONR) is an independent upstream energy company with working interest ownership by subsidiaries of the Company in two fields in the prolific Permian Basin in Southeast New Mexico comprised of 20,000 leasehold acres. The fields produce over 1,000 aggregate barrels of oil per day. Today the Company announced its 2026-2030 growth strategy and capital expenditure ("capex") funding.

Our corporate Vision is to achieve 10,000 barrels of oil per day ("BOPD") by the end of 2030. In each of the years 2026 - 2030, we plan to add one $30MM to $40MM acquisition per year together with the drilling and completion of as many as 20 new horizontal wells each year in our existing Grayburg-Jackson Field ("GJF") held by LH Operating, LLC ("LHO"), EON's wholly owned subsidiary. Drilling and new completions of the horizontal wells alone should add a net 1,000 BOPD per year to the Company, while acquisitions should add another 1,000 BOPD per year, in this year and each of the next four years.

Our farmout of the San Andres formation in the GJF, as previously announced, should generate new horizontal wells this year and during each of the next four years through the end of 2030 contributing a net 1,000 BOPD to the Company in additional production each year. The drilling of the first three wells is at no cost to EON.

Funding for Drilling Capex - $25 MM / year

LHO has an initial three well carried interest to the tanks under the farmout agreement meaning that LHO has no drilling cost attributable to its interest in those wells. The Company is pursuing and intends to debt finance the subsequent cost of Q4 2026 horizontal drilling after the initial three carried wells.

The Company is actively seeking a farmout arrangement with an industry participant in order to develop the South Justis Field ("SJF") covering 5,370 leasehold acres in Lea County, New Mexico held by EON Energy, LLC, a wholly owned Company subsidiary. We are encouraged by our recently completed geologic and engineering studies of the stacked pay present in the SJF.

"We believe the South Justis Field has even more favorable horizontal drilling potential than our San Andres formation in the Grayburg-Jackson Field," said Jesse Allen, VP Operations for the Company and LHO.

The Company plans to fund long term drilling capex organically from operations as production climbs to 2,000 BOPD and beyond.

Funding for Acquisitions - $35MM / year

EON is aggressively seeking Permian producing properties that resemble our existing two properties for the immense upside these properties can bring to EON. A real part of the financing picture is to use the inherent plugging and abandonment costs in these older properties as a cashless funding mechanism being a credit against the purchase price.

We also plan to use debt such as reserve based lending (RBL), asset-based lending (ABL) or overriding royalty interest (ORRI / volumetric) financing to make accretive acquisitions. EON perceives $2.50 as its intrinsic stock value today given the probable recoverable reserve opportunities for both conventional and unconventional oil recovery in both of its oil fields.

Funding for Workovers and Expansion of Waterflood Patterns - $10MM / year

The Company sees tremendous expansion upside by increasing our waterflood patterns in both fields. EON plans to sell term overriding royalty interests that reverts back to EON once the investor receives its contractual 50 percent return on their investment.

"While our equity line of credit ("ELOC") and direct stock offerings create near term cash raising opportunities, we are reluctant to use equity to fund capex," said Dante Carvaggio, CEO, EON. "Our stock isn't yet priced at an attractive level to justify an equity raise. We have turned down numerous offers to raise cash using our stock. We have politely said 'no thank you' and will wait until the market fairly prices our stock."

Other Capex Needs - $5MM / year

EON is becoming expert at repairing old well bores and equipment with compelling economies, but this takes capital. We intend to spend $1.5MM in capitalized improvements per year (flowlines, pumps, etc.).

The expansion of our Seven Rivers Waterflood Patterns in the GJF will also take capital. We need to do remedial work on old wells to ensure mechanical integrity. Each pattern expansion costs $250,000. We plan 10 pattern expansions per year at $2.5MM per year.

Finally, we wish to vertically integrate our operations by adding a well servicing rig and crew this year, along with another hot oiler to keep wells and flow lines operating at peak efficiency. A well servicing rig and crew running at peak capacity will require additional capital of $1MM / year.

About EON Resources Inc.

EON is an independent upstream energy company focused on acquiring and developing stacked pay formations for conventional (e.g., waterflooding) and unconventional (e.g., horizontal drilling) recovery. The Company today produces over 1000 BOPD from two fields, one in Eddy County and another in Lea County, New Mexico through its wholly owned subsidiaries.

Class A Common Stock of EON trades on the NYSE American Stock Exchange under the symbol "EONR". The Company's public warrants trade under the symbol "EONR WS". For more information on the Company, please visit the EON website.

About the Grayburg-Jackson Field

Our Grayburg-Jackson Field ("GJF") is located on the Northwest Shelf of the Permian Basin in Eddy County, New Mexico. The GJF is comprised of 13,700 contiguous leasehold acres where the leasehold rights include the Seven Rivers, Queen, Grayburg and San Andres intervals, which range from as shallow as 1,500 feet to 4,000 feet in depth. The mapped original-oil-in-place ("OOIP") is approximately 956 million barrels of oil. More information on the GJF can be located on the Grayburg-Jackson Field page of the Company's website.

About the South Justus Field

Our South Justus Field ("SJF") is a carbonate reservoir in the Permian Oil Field located in Lea County, New Mexico. The SJF comprises 5,360 contiguous leasehold acres. The producing formations include the Glorietta, Blinebry, Tubb, Drinkard and Fusselman intervals, which range from 5,000 feet to 7,000 feet in depth. The original-oil-in-place ("OOIP") is approximately 207 million barrels of oil. More information on the SJF can be located on the South Justus Field page of our website.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks," "may," "might," "plan," "possible," "should" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect the Company's management's current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Important factors - including the availability of funds, the results of financing efforts and the risks relating to our business - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on EDGAR (see www.edgar-online.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Investor Relations
Michael J. Porter, President
PORTER, LEVAY & ROSE, INC.
[email protected]

SOURCE: EON Resources Inc.