The Albany Gazette - EON Resources Inc. Reports Management and Directors Purchased 364,000 Shares of EON Class A Common Stock

"The Team is restricted from buying stock under black-out periods for significant blocks of time through-out the year. After a certain number of days have passed from the filing of our 10-Q, the black-out is lifted until certain rules resume the black-out," said Mitchell B. Trotter, CFO of the Company. "When the black-out period was lifted, the Team was able to, and did, purchase a significant number of shares last week."

"With our second quarter results published, and the previously announced funding that is expected to be completed in September, management is extremely optimistic about our future. The management and directors timely purchased EON shares in the open market as allowed," said Dante Caravaggio, President and CEO of the Company.

"This is a very seasoned management team, one of the best in the oil and gas industry. I am pleased and thankful they believe, as I do, that this company has a fantastic future and that our common stock is fundamentally undervalued," said Joseph Salvucci, Sr., EON's Chairman of the Board. "The group has accumulated EON stock when allowed, and collectively own around 3 million shares. These purchases demonstrate that we are deeply invested in this company and its potential. We are committed to our shareholders."

About EON Resources Inc.

EON is an independent upstream energy company focused on maximizing total returns to its shareholders through the development of onshore oil and natural gas properties in a diversified portfolio of long-life producing oil and natural gas properties and other energy holdings. EON's approach is to build an energy company through acquisition and through selective development of its properties. Class A Common Stock of EON trades on the NYSE American Stock Exchange under the symbol of "EONR" and the Company's public warrants trade under the symbol of "EONRWS". For more information on the Company, please visit the EON website.

About the Grayburg-Jackson Field Property

Our Grayburg-Jackson Field ("GJF") is primarily a waterflood property located on the Northwest Shelf of the Permian Basin in Eddy County, New Mexico. The GJF comprises of 13,700 contiguous leasehold acres with 342 producing wells, 207 injection wells and 1 water source well for a total of 550 wells. Leasehold rights include the Seven Rivers, Queen, Grayburg and San Andres intervals that range from as shallow as 1,500 feet to 4,000 feet in depth. The December 2024 reserve report from our third-party engineer, Haas and Cobb Petroleum Consultants, LLC, estimates proven reserves of approximately 14.0 million barrels of oil and 2.8 billion cubic feet of natural gas. The mapped original-oil-in-place ("OOIP") is approximately 956 million barrels of oil. Primary production is currently from the Seven Rivers formation. In addition to proven reserves, the Company believes it may access an additional 34 million barrels of oil by adding perforations in the Grayburg and San Andres formations, plus another 40 million barrels from a horizontal drilling program in the San Andres. More information on the property can be located on the Grayburg-Jackson Field page of our website.

About the South Justis Field Property

The South Justis Field ("SJF") is a carbonate reservoir similar to the rest of the Permian, and is located in Lea County, New Mexico approximately 100 miles from the GJF. The SJF is comprised of 5,360 contiguous acres containing 208 total producing and injection wells with well spacing of 50 acres. The producing formations include the Glorietta, Blinebry, Tubb, Drinkard and Fusselman intervals that 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 property can be located on the South Justis Field page of our website.

Forward-Looking Statements

The South Justis Field ("SJF") is a carbonate reservoir, similar to the rest of the Permian. The SJF was first developed in the 1960's and had an initial production in the 6,000 BOPD range. The waterflood implemented at a cost of $40 million dollars in the 1990's by a major oil company had mediocre performance due to poor connectivity between wells, which indicates an opportunity for horizontal infill well drilling. The subsequent owners of the SJF had higher priorities, which led to an increase in idle wells with downhole failures, thus allowing the production to drop dramatically. The Seller acquired the field and has reactivated several wells with good results increasing the production of oil. This indicates that there are a significant number of wells that can be reactivated to increase production on existing wells.

The SJF comprises of 5,360 contiguous acres with 208 combined producing and injection wells with well spacing of 50 acres. The field is located in the Central Basin of the prolific Permian Basin in Lea County, New Mexico located approximately 100 miles from EON's Grayburg-Jackson Oil Field property. The producing formations include the Glorietta, Blinebry, Tubb, Drinkard and Fusselman intervals that range from 5,000 feet to 7,000 feet in depth. The original-oil-in-place ("OOIP") is approximately 207 million barrels of oil.

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.

View the original press release on ACCESS Newswire

(S.Perez--TAG)