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EON Resources (NYSE American:EONR) has signed a non-binding Letter of Intent with Enstream Capital Management for $22.5 million in well completion funding. The funding will support the development of 45 wells through low-cost workovers on EON's 13,700 leasehold acres in Eddy County, New Mexico. The funding structure is similar to a term overriding royalty interest and is neither debt nor equity. The company aims to increase gross oil production by 1,000-2,000 BOPD over the next 12 months. EON's property contains over one billion barrels of original oil in place across 549 wells, with production expected to begin in Q1 2025.
EON Resources Inc. (NYSE American:EONR) has announced the postponement of its 2024 Annual Meeting of Stockholders from November 25, 2024, to December 10, 2024, at 2:30 p.m. Eastern Time due to insufficient quorum. While the majority of received votes favor all proposals, more stockholder participation is needed. The meeting will be held via webcast, with November 7, 2024, remaining as the record date. Previously submitted votes remain valid unless changed. The company urges stockholders who haven't voted to do so before December 9, 2024, at 11:59 p.m. Eastern Time to help reduce meeting-related costs.
EON Resources (NYSE American: EONR), an independent upstream energy company with oil and gas properties in the Permian Basin, has posted an updated investor deck and the Q3 2024 earnings call deck on its website. These resources provide detailed financial and operational insights for the company's stakeholders.
More information can be found at: https://www.eon-r.com/presentations
EON Resources (NYSE American: EONR), an independent upstream energy company with oil and gas properties in the Permian Basin, announces its Q3 2024 earnings call scheduled for November 19, 2024, at 2:00 p.m. EST. The call will feature CEO Dante Caravaggio, CFO Mitchell B. Trotter, and VP of Operations Jesse Allen discussing financial results and company accomplishments since becoming an independent public oil company.
Investors can access the live broadcast via audio webcast on the EONR website, with presentation materials available 15 minutes before the call. Call-in options include toll-free access within the U.S. and Canada (1-800-450-7155) and international access (+1 857-999-9155) using Conference ID 8391589#.
EON Resources (NYSE American:EONR) reported Q3 2024 results with total revenue of $7.4 million and operating income of $2.0 million. Q3 net loss was $3.8 million, including $6.0 million in non-cash charges. Nine-month revenue reached $15.7 million with a net loss of $9.2 million. The company maintained $2.7 million in cash and reduced senior debt by $2.9 million since November 2023. Capital expenditures of $4.5 million were invested in field improvements. The Grayburg-Jackson field holds potential for 90 million recoverable barrels of oil over 25-30 years, with plans to expand waterflood operations targeting 20 million additional barrels.
EON Resources Inc. (NYSE American:EONR) announced successful infrastructure improvements and upgrades, increasing daily oil production to over 1,000 gross barrels of oil per day (BOPD) from a baseline of 925 BOPD. The company also increased water injection by 50%, which is expected to improve oil production in the coming months. Key highlights include:
- A chemical/acidizing treatment program on 24 wells, resulting in an 80 BOPD increase at a cost of $5,500 per well and a payback period of less than 2 months
- Plans to expand the chemical treatment program to 50-75 more wells and recomplete 20 wells starting October 1st
- Innovative use of fly ash instead of sand for fracture stimulation, expected to enhance well productivity and reduce costs
- Future plans to stimulate unperforated intervals in San Andres and consider infield drilling to reduce pattern spacing
EON expects these improvements to increase production and revenue in the near future.
EON Resources Inc. (NYSE American: EONR), an independent upstream energy company with oil and gas properties in the Permian Basin, has issued a letter to shareholders on September 23, 2024. The letter, which details current business activities and future plans, is available on the company's website under the Governance section of the Investor Relations page. Shareholders and interested parties can access the letter through the provided link: EON Shareholder Letters, or by visiting the company's official website at www.EON-R.com.
EON Resources Inc. (NYSE American: EONR), formerly known as HNR Acquisition Corp, has announced its corporate name change and new ticker symbol EONR, effective September 18, 2024. The company, an independent energy firm focused on oil and gas production in the Permian Basin, aims to grow through acquisitions and development of onshore properties in the United States. CEO Dante V. Caravaggio emphasized the company's transition from a SPAC to an operating company and its commitment to profitability and shareholder value. The company's new website is www.EON-R.com, and no action is required from existing stockholders regarding the changes.
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