EONR EON Resources Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 18, 2024

 

EON RESOURCES INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-41278		85-4359124
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.  )

 

3730 Kirby Drive, Suite 1200

Houston, Texas 77098

(Address of principal executive offices, including zip code)

 

(713) 834-1145

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:		Trading symbol		Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share		EONR		NYSE American
Redeemable warrants, exercisable for three quarters of one share of Class A Common Stock at an exercise price of $11.50 per share		EONR WS		NYSE American

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02 Results of Operations and Financial Conditions

 

EON Resources, Inc. (the “Company”) issued a press release on November 18, 2024, in which the Company provided certain third quarter 2024 financial results. A copy of this press release is included as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 7.01 Regulation FD Disclosure.

 

The Company will host a conference call on Tuesday, November 19, 2024, at 2:00 p.m. Eastern Time to review its third quarter 2024 financial results. To access the conference call, go to https://www.cstproxy.com/eonr/earnings/2024/q3. An audio webcast of the conference call will be available within two hours of the call on the EONR website.

 

In addition, attached as Exhibit 99.2 is an updated investor presentation for use by the Company in meetings with certain of its stockholders, investors, and other persons, following release of the Company’s third quarter 2024 financial results.

 

The information in Item 2.01 and this Item 7.01 and in Exhibit 99.1 and Exhibit 99.2 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

The following exhibits are being filed herewith:

 

Exhibit Number		Description
99.1		Press Release of EON Resources, Inc. issued on November 18, 2024.
99.2		Investor Presentation updated as of November 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

November 18, 2024	EON Resources Inc.
	By:	/s/ Mitchell B. Trotter
	Name:	Mitchell B. Trotter
	Title:	Chief Financial Officer

 

 

2

 

Exhibit 99.1

 

EON Resources Inc. Reports

 

Results for the Third Quarter of 2024

 

HOUSTON, TX / November 18, 2024 / EON Resources Inc. (NYSE American: EONR) (“EON” or the “Company”) is an independent upstream energy company with oil and gas properties in the Permian Basin. Today, the Company reports revenue and earnings for the third quarter and nine months ended September 30, 2024.

 

Third Quarter and Nine Months ended September 30, 2024:

 

●	Total revenue for the third quarter ended September 30, 2024 was $7.4 million. Excluding the primarily non-cash impact of the hedging derivatives, the Q3 revenues were $5.5 million, which is the highest quarterly revenues to date for the Company.

 

●	Total revenue for the nine months ended September 30, 2024, reached $15.7 million; EON was not a public company in 2023.

 

●	EON had income from operations of $2.0 million for the third quarter. Net of the non-cash hedging derivative impact, the third quarter had slightly better than break-even operating income for the first time.

 

●	Net loss for the third quarter ended September 30, 2024, was $3.8 million, which included the impact of non-cash charges of approximately $6.0 million.

 

●	Net loss for the nine months ended September 30, 2024, was $9.2 million, which included the impact of non-cash charges of approximately $5.0 million.

 

●	As of September 30, 2024, the Company had $2.7 million in cash and cash equivalents.

 

●	Since the acquisition on November 15, 2023, the Company has paid down its senior debt by $2.9 million.

 

●

For the nine months ended September 30, 2024, the Company invested approximately $4.5 million in capital expenditures for field improvements, including infrastructure, maintenance of field wells, satellite test station upgrades, improvement of flowlines, streamlining and strengthening of electrical systems and the purchase of production equipment.

 

“Our team has spent the last 12 months working on the infrastructure of our field and has spent a significant amount of time and money modernizing the Grayburg-Jackson field and making it vertically integrated, and we believe it’s now prepared to grow and sustain profitability for many years to come,” said Dante Caravaggio, President and Chief Executive Officer of EON. “We expect our shareholders will reap the benefits over time as production increases and costs are reduced and controlled. The Permian Basin is now at the heart of the U.S. oil industry, and we are in one of the most prolific areas for oil production.”

 

 

Over the third quarter and last nine months, the management team has completed maintenance and infrastructure upgrades at the Grayburg-Jackson oil field to reduce costs and increase production. This program has been successful, and management believes the results will become apparent in the fourth quarter and onward. Within the Company’s acreage is approximately a billion barrels of oil: EON’s independent oil engineers believe 7 to 8 percent has been recovered to date and that another 16 to 17 percent is recoverable. This means the company has a potential 90 million barrels of oil it can recover in the Grayburg-Jackson field over the next 25 to 30 years.

 

Management, with support from our independent engineers Cobb & Associates, has developed a plan to expand the waterflood in the Seven Rivers formation. To date, 95 patterns have been developed and there are another 158 waterflood patterns to develop with a conservative estimate of 20 million barrels of oil that should be recoverable. The Company is implementing the use of an innovative technique for well recompletions and stimulations as we re-commence the development of the field. EON plans to roll out this process in the near future.

 

“As I mentioned in previous releases, we purchased a poorly-maintained oil field,” said Jesse Allen, Vice President of Operations of EON. “Our management team has an average of over 35 years’ of oil experience, and we have a field team with an average of over 10 years’ of experience in the northwest shelf of the Permian Basin. In nine months, our team has reduced operating costs, increased production, and modernized the infrastructure of the field so that we can begin to grow and produce results that should increase EON’s value.”

 

“We are using technology and science to analyze well logs and prior results to assist in increasing production and identifying the best payloads. We are also rolling out the use of an AI application for our operators to improve efficiencies and increase production, and we are exploring innovative processes for well recompletions and stimulations to lower the cost of workovers,” continued Jesse Allen.

 

“It is very rewarding to see how the hard efforts of the field operations team have stabilized the field and reduced operating expenses,” said Mitchell B. Trotter, CFO of EON. “We believe we are in position for solid growth and results in 2025, and we have a responsible hedging program that should protect the Company from volatile swings in oil prices.”

 

About the Oil Field Property

 

In November 2023, the Company acquired LH Operating, LLC (“LHO”) including its holdings in New Mexico of oil and gas waterflood production comprising 13,700 contiguous leasehold acres, 342 producing wells and 207 injection wells situated on 20 federal and 3 state leases in the Grayburg-Jackson Oil Field. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico.

 

 

Leasehold rights of LHO, now a wholly owned subsidiary of the Company, 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 2023 reserve report from our third-party engineer, William H. Cobb and Associates, Inc. (“Cobb”), reflects LHO to have proven reserves of approximately 15.4 million barrels of oil and 3.5 billion cubic feet of natural gas. The mapped original-oil-in-place (“OOIP”) in the LHO leasehold is approximately 876 million barrels of oil in the Grayburg and San Andres intervals and 80 million barrels in the Seven Rivers interval for a total OOIP of approximately 956,000,000 barrels of oil.

 

Our primary production is currently from the Seven Rivers zone. In addition to proven reserves, the Company believes we may access an additional 34 million barrels of oil by adding perforations in the Grayburg and San Andres formations. With proven oil reserves of over 15 million barrels, combined with the potential 34 million additional barrels from the Grayburg and San Andres zones, LHO should produce oil and a revenue stream for more than two decades with a low decline rate.

 

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 the United States. EON’s long-term goal is to maximize total shareholder value from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development, production enhancement, and other exploitation efforts on its oil and natural gas properties.

 

EON’s Class A Common Stock trades on the NYSE American (NYSE American: EONR) and our public warrants trade on the NYSE American (NYSE American: EONR WS). For more information on EON, please visit the Company’s website: https://eon-r.com/

 

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.

mike@plrinvest.com

 

 

3

 

Exhibit 99.2

 

EON Resources Inc. NYSE American: EONR Corporate Slide Presentation November 2024

Disclaimer • This presentation of EON Resources Inc . (“EON” or the “Company”) shall not constitute a “solicitation” as defined in Rule 14 a - 1 of the Securities Exchange Act of 1934 , as amended . • This presentation is not an offer, or a solicitation of an offer, to buy or sell any investment or other specific product . Any offering of securities (the “Securities”) will not be registered under the Securities Act of 1933 , as amended (the “Act”), and will be offered as a private placement to a limited number of institutional “accredited investors” as defined in Rule 501 (a)( 1 ), ( 2 ), ( 3 ) or ( 7 ) under the Act or “qualified institutional buyers” as defined in Rule 144 A under the Act . Accordingly, the Securities must continue to be held unless the Securities are registered under the Act or a subsequent disposition is exempt from the registration requirements of the Act . Investors should consult with their legal counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Act . The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued . Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time . EON is not making an offer of the Securities in any state where the offer is not permitted . • The information in this presentation may not be complete and may be changed at any time . Before you invest in the Company’s securities, you should read the documents the Company has filed or may file with the SEC for more complete information about the Company . Copies of any such filing may be obtained for free by visiting the SEC website at www . sec . gov . Filings by EON with the SEC may also be viewed through links on the EON website at EON - R . com . • This presentation is not intended to form the basis of any investment decision by the recipient and does not constitute investment, tax or legal advice . No representation or warranty, express or implied, is or will be given by the Company or any of its affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this presentation or any other written, oral or other communications transmitted or otherwise made available to any party and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto . Accordingly, none of the Company or any of its affiliates, directors, officers, employees or advisers or any other person shall be liable for any direct, indirect or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this presentation and any such liability is expressly disclaimed . • The financial information and data contained in this presentation is unaudited and does not conform to Regulation S - X promulgated by the SEC . Accordingly, such information and date may not be included in, may be adjusted in, or may be presented differently in, any proxy statement, prospectus or other report or document to be filed or furnished by EON with the SEC . Certain financial measures in this presentation are not calculated pursuant to U . S . generally accepted accounting principles (“GAAP”) . These non - GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP . There are a number of limitations related to the use of these non - GAAP financial measures as compared to their nearest GAAP equivalents . For example, other companies may calculate non - GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the non - GAAP financial measures herein as tools for comparison . • Certain statements contained in this presentation relate to the historical experience of our management team . An investment in the Company is not an investment in any of our management team’s past investments, companies or funds affiliated with them . The historical results of these persons, investments, companies, funds or affiliates is not necessarily indicative of future performance of the Company . • This Presentation may contain estimated or projected financial information, including, without limitation, EON ’s projected revenue, gross operating profit, income before taxes and EBITDA for calendar years 2024 , 2025 , and 2026 . Such estimated or projected financial information constitutes forward - looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results . The assumptions and estimates underlying such estimated or projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information . See “Forward - Looking Statements” below . Actual results may differ materially from the results contemplated by the estimated or projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such estimates and projections will be achieved . T he independent registered public accounting firm of EON did not audit, review, compile, or perform any procedures with respect to the estimates or projections for the purpose of their inclusion in this presentation, and accordingly , did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation . 2

Disclaimer • Forward - Looking Statements • Statements in this presentation which are not statements of historical fact are “forward - looking statements” . Our forward - looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future . In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward - looking statements . The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward - looking statements, but the absence of these words does not mean that a statement is not forward - looking . All statements other than statements of historical fact included in this presentation are forward - looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks and uncertainties, and may include projections of our future financial performance based on our growth strategies, business plans and anticipated trends in our business . These forward - looking statements, are only predictions based on our current expectations and projections about future events . There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance, targets, goals or achievements expressed or implied in the forward - looking statements . These factors include, but are not limited to, those discussed in our Annual Report on Form 10 - K under Item 1 A “Risk Factors,” and also discussed from time to time in our quarterly reports on Form 10 - Q, current reports on Form 8 - K, proxy statements, and other SEC filings including the following : ( 1 ) the financial and business performance of the Company, ( 2 ) the Company’s abilities to execute its business strategies, ( 3 ) the level of production on our properties, ( 4 ) overall and regional supply and demand factors, delays, or interruptions of production, ( 5 ) competition in the oil and natural gas industry, ( 6 ) risks associated with the drilling and operation of crude oil and natural gas wells, including uncertainties with respect to identified drilling locations and estimates of reserves, and ( 7 ) the effect of existing and future laws and regulatory actions, including federal and state legislative and regulatory initiatives relating to hydraulic fracturing and environmental matters, including climate change . These forward - looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, the Company at the time this presentation was prepared . Although the Company believes that the assumptions underlying such statements are reasonable, it cannot give assurance that they will be attained . We undertake no obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law . You are cautioned not to place undue reliance upon any forward - looking statements, which speak only as of the date made . EON undertakes no commitment to update or revise the forward - looking statements, whether as a result of new information, future events or otherwise, except as may be required by law . • In preparing this presentation, the Company has substantially and materially relied on the Evaluations of Certain Oil and Gas Properties ("reserve reports") rendered by William M . Cobb & Associates, Inc . ("Cobb"), an unrelated third party that had previously been engaged and compensated by EON concerning the oil and gas assets owned by EON including, without limitation, the proved reserves and future income as of the date of the Cobb reserve reports, the most recent reflecting values as of December 31 , 2023 . 3

Investment Highlights 4 Plentiful Asset: 956 million barrels of OOIP – expect to triple proven reserves in next 3 - 4 years Increasing Production: Production expected to increase by 1,000 bbl/day in next 24 months Operation Excellence: Strategy to reduce lifting costs Capital Efficient: Oil Rich + Waterflooding Extraction + Existing Wells = Lower Cap - ex Lower Risk: Responsible hedging, shallower drilling, best - in - class team and partner network Value: Early phases of field development creates an optimal entry point for new investors

EON Oil Potential is Huge 5 The oil and gas quantities of the original - oil - in - place (“OOIP”), reserves and potential recovery are all based on reports and letters from our third - party engineering firm William M. Cobb & Associates, Inc. Specifically, the reserve report as of December 31, 2023 dated February 26, 2024, and the letter on remaining potential in the Grayburg - San Andres intervals dated July 22, 2022.

Growth Strategy

Five Strategic Priorities 7 Build Team and Public Company Optimize Production Reduce Operating Cost Enhance Capital Efficiencies Build a Portfolio of Energy Assets Experienced Oil & Gas industry professionals with a strong network Potential untapped reserves in our 956 million of OOIP Opportunity to drive supply and equipment costs down Significant reserves can be tapped with existing well Permian Basin is hot market with over 100 billion of recent M&A activity

The Team 8 Dante Caravaggio CEO & Director Mitchell B. Trotter CFO & Director David M. Smith, Esq. VP, General Counsel Jesse J. Allen VP of Operations • 40+ years of experience in the oil and gas industry. • Executive and program management positions with Kellogg Brown and Root, Parsons Corp, Jacobs Engineering and Sun Oil . • BS and MS in Petroleum Engineering from University of Southern California and MBA from Pepperdine University. • 40+ years of experience in various controller and CFO roles. • Managed up to 400 plus staff across six continents supporting global operations with clients in multiple industries across private, semi - public and public sectors. • BS Accounting from Virginia Tech and MBA from Virginia Commonwealth University. • Licensed attorney in Texas with 40+ years of experience in the legal field of oil and gas exploration and production. • Transactional and litigation experience in oil and gas, real estate, bankruptcy and commercial industries. • Holds a degree in Finance from Texas A&M University, a Doctor of Jurisprudence from South Texas College of Law and is licensed before the Texas Supreme Court. • 40+ years of experience operating and managing onshore production in the U.S. and internationally. • Worked for several key companies like Sun Production Company and various technical and managerial roles with Chesapeake Energy. • Holds a BS in Petroleum Engineering from Texas Tech University, is a Professional Engineer, and is a member of the Society of Petroleum Engineers and the American Petroleum Institute.

Optimizing Production • What was done? • Predecessor transitioned to a waterflood approach in the Seven Rivers zone in 2020 and increased production to 1,400 BOEPD over a two year period • Due to lack of cap - ex and attention, the production stabilized and then dropped to 900 BOEPD over last 1 ½ years until EON acquisition • The EON team has been upgrading infrastructure that has been restricting production • EON implemented a chemical acid treatment program to clean wells and recover production • What is being done? • EON is analyzing well logs and prior results to follow the science to increase production • Re - commencing recompletions and stimulations with expected lower costs than the predecessor • Rolling out AI app for the operators to improve efficiencies and increase production • What are options for the future? • The Cobb reserve report plan has BOEPD increasing by 2 ½ times by end of 2026 • There is an additional 34 million barrels of oil in the unperforated legacy zones • Infield drilling to reduce the patterns from 40 acre spacing to 20 or 10 acre spacing 9

Reducing Costs • The management team and the field leadership team are, on an on - going basis, reviewing areas to identify where we can: enhance maintaining the field; reduce lift and cap - ex expenditures; and increase production • Using a scientific and analytical approach is expected to reduce workover cost per well to the $150K range from the original estimates of $250K • Fixed and upgraded flowlines that will reduce costs by $30K per month and improving production • The team internalized equipment costs reducing monthly costs by $10K • Performing pilot test for an AI automation state - of - the - art software application to reduce costs with operational efficiencies, and ability to leverage current cost structure as new wells are put into production 10

Responsible use of Capital Spend • The Grayburg - Jackson oil field has 550 existing wells that can be utilized to recover proven reserves without new drilling, and hence significant upfront capital spend can be avoided • The team of petroleum engineers and geologists are studying well responses to best determine the most cost and capital effective process to maximize production • The company is recycling water both from our field and from an offset producer to minimize the capital needed to operate the oil field, and to avoid the use of our fresh water well, which is our back - up source 11

Industry and Acquisition Strategy Overview • EON is an independent energy company with an acquisition and value creation strategy focused on building a company in the energy industry in North America that complements the experience of our management team and can benefit from our operational expertise and executive oversight • Our focus is to maximize total shareholder value from a diversified portfolio of long - life oil and natural gas properties built through acquisition and through selective development, production enhancement, and other exploitation efforts on its oil and natural gas properties • Our first acquisition and operational entity was a waterflood property located on the Northwest Shelf of the Permian Basin. We are actively exploring opportunities to expand our presence in the Permian Basin 12

The Property

• The first acquisition was the Grayburg - Jackson oil field which is a waterflood property operated by the EON subsidiary LH Operating, LLC (“LHO”) • The property is located on the Northwest Shelf of the Permian Basin which according to the U.S. Geological Survey contains the largest recoverable reserves among all the unconventional basins in the United States 14 14 Grayburg - Jackson Oil Field Overview New Mexico Texas Eddy Co. Lea Co. LH Operating

Anadarko , 6,587 , 7% Appalachia , 35,953 , 36% Bakken , 3,392 , 3% Eagle Ford , 7,508 , 7% Haynesville , 16,559 , 17% Niobrara , 5,193 , 5% Permian , 24,745 , 25% Permian Basin – Most Promising Oil Reserves in the U.S. • Contributes 62% of the total oil output of the U.S. • C ontribute 25% to the overall gas production in the U.S. • Expected to remain resource - rich for a long period of time, as geologically viable (GV) capacity comes on board to sustain the production levels until ~2040 • According to the United States Geological Survey, the Northwest Shelf of the Permian Basin contains the largest recoverable reserves among all the unconventional basins in the United States 15 Anadarko , 396 , 4% Appalachia , 135 , 2% Bakken , 1,270 , 13% Eagle Ford , 1,154 , 12% Haynesville , 32 , 0% Niobrara , 691 , 7% Permian , 5,976 , 62% Permian Region Dominates Daily Oil Production (Values in thousand bpd) Permian Region Is the Second - largest Gas Producing Region (million cubic feet/ day) Source: U. S. Energy Information Administration. Data as of Nov. 2023.

10 100 1,000 10,000 10 100 1,000 10,000 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Seven Rivers (7R) – Development History LH Operating Gross Historical Production (All Horizons) Depositional Setting LH Operating Regional Setting GYBG - JACKSON 120 MMBO Cum MALJAMAR 140 MMBO Cum VACUUM 631 MMBO Cum LH Operating Gross Oil (BOPD) Gross Well Count Development began in 1940’s (Seven Rivers - Queen - Grayburg - San Andres production) 1960’s drilling program and waterflood 1980’s – 1990’s drilling program 34 MMBO Cum. Src: ENVERUS production data for current LH Operating wells Most Recent Drilling Activity 5 wells in 2014 LH 7R WF initiated late 2019 with initial production response in early 2020 LH Acquisition from Linn 2018 35 16

Seven Rivers (7R) Waterflood Development 7R PDP Response (95 Patterns) – Gross Oil (BOPD) 7R Waterflood Development Pilot Response Starts Early 2020 Current 7R Waterflood Response • LH Operating’s 7R WF work began late 2019 in the H E West B 4 - pattern pilot with initial production response in February 2020 • 95 patterns have been brought online as of mid - 2022 (includes pilot) • 7R gross oil production from these 95 patterns has sustained ~1,000 BOPD • 95 pattern 7R OOIP = 30 MMBO Remaining 7R Waterflood Development • Additional 158 waterflood patterns planned (PDNP + PUD) • Full waterflood development requires approximately 214 workovers, 56 CTI’s, 55 re - entries of plugged wells, 24 new - drill producers, and 39 new - drill injectors • 158 pattern 7R OOIP = 50 MMBO 1 10 100 1,000 10,000 02/2020 04/2020 06/2020 08/2020 10/2020 12/2020 02/2021 04/2021 06/2021 08/2021 10/2021 12/2021 02/2022 04/2022 06/2022 08/2022 4 - Pattern Pilot Response Starts 95 PDP Patterns Online ~1,000 BOPD Production shown does not include Legacy production 7R Pattern Count Gross 7R BOPD 36 17

Regulatory Production Pool: 7R - Q - GB - SA Period Epoch Approx. Regional Thickness (ft) 200-400 100 1,000 200 200 500 200-500 300 1,500 100 Paddock Blinebry Tubb Drinkard 1,000 Wolfcampian 0-1,500 Guadalupian Leonardian 1,500 Formation Grayburg San Andres Glorieta Yeso Abo Wolfcamp Permian Ochoan Dewey Lake Rustler Salado Tansil Yates Seven Rivers Queen Historical Production by Zone • Historical production has been from the Seven Rivers, Queen, Grayburg , and San Andres (7R - Q - GB - SA) in descending depth order • The producing reservoirs range in depth from 1,500’ to 4,000’ across the LH Operating leasehold Stratigraphy & Seven Rivers Type Log Source: Linn Energy Src: Modified from Pranter (1999) 7R Three Main Producing Intervals • R B1/B2/B3: Thin, discontinuous, low porosity in most areas • 7R B4/B5/B6: Main producing interval and waterflood target • 7R C: Thin, discontinuous, low porosity in most areas Stratigraphy of the NW Shelf of the Permian Basin Seven Rivers Type Log: State AZ 606 18

Waterflood Operations – Creating a Steady Revenue Stream • The waterflood process uses the injection of water into an oil - bearing reservoir for pressure maintenance to stimulate oil flow through the rock to the producing well for oil and gas recovery • A waterflood property has long - lasting, low decline oil production. This creates a long - term steady revenue stream, which is a strong base to generate sustainable cash flow and earnings. 19 Illustration of Water Flooding Technique Source: International Journal of Oil and Gas and Coal Technology Steady Revenue Stream and Low - risk Oil Recovery Waterflooding Method Increases Economic Value of the Property

• ~13,700 gross acres • 23 Leases (20 BLM and 3 State leases) • 100% WI with 74% average NRI • 100% Operated and 100% HBP • Original Oil in Place is 876,159,746 barrels of oil • Title opinion coverage on 97% of PDP PV10 value BLM Leases NM State Leases LH Leases with Title Opinion LH Leasehold <75% NRI 75% - 79% NRI 85% - 87.5% NRI 80% - 84% NRI BLM and NM State Leases Title Opinion Coverage Net Revenue Interest by Lease LH Operating Leases Land and Ownership Overview 20

The Oil Field • The oil field has several large reservoir structures. The EON intervals range from as shallow as 1,500 feet deep to 4,000 feet deep • The EON field has attainable proven reserves of approximately 20 million barrels of crude oil and 5 billion cubic feet of natural gas • Original Oil in Place (OOIP) is mapped at 956,000,000 barrels of oil in EON intervals • Wells and reserves • 85% crude oil and 15% natural gas • 550 producing wells and 95 active patterns • Producing wells tap 40% of the reserves • Rest of reserves are proven 21 Period Epoch Approx. Regional Thickness (ft) 200-400 100 1,000 200 200 500 200-500 300 1,500 100 Paddock Blinebry Tubb Drinkard 1,000 Wolfcampian 0-1,500 Guadalupian Leonardian 1,500 Formation Grayburg San Andres Glorieta Yeso Abo Wolfcamp Permian Ochoan Dewey Lake Rustler Salado Tansil Yates Seven Rivers Queen

Seven Rivers Full Waterflood Development (Gross BOPD) Cobb Report Projections Seven Rivers Future Development • The projections are based on the Cobb report • 253 pattern total development x 95 PDP patterns x Plus 115 PDNP and 43 PUD patterns x Patterns are a combination of producing wells and water injectors to facilitate oil and gas recovery • Reserves based on the Cobb report mapped 7R OOIP and waterflood oil response model calibrated to the 95 pattern PDP response to date • Full waterflood development expected to raise gross plateau oil rates as follows: x ~3,700 BOPD PDP + PDNP + PUD x ~2,500 BOPD PDP + PDNP x ~1,000 BOPD PDP 10 100 1,000 10,000 Total Proved PDP+PDNP PDP Gross BOPD Commercial Gross EURs PUD: Workover re - entry rigs scheduled to start early 2024 PDNP: Workover rig scheduled to re - start early 2023 Historical Projected 22

Financials

Accomplishments & Upcoming Targets 24 Incorporated in Delaware on December 9, 2020 SPAC IPO was effective on February 10, 2022 Became public company with first acquisition on November 15, 2023 1Q - Q2 - 24 Evaluate the producing wells to increase production Name change to EON Resources Inc. on September 18, 2024 3Q - Q4 - 24 Ramp up production from existing and developing wells

Financials – Income Statement Summary 25 • Revenues generated from cash was $5.0 million plus per quarter. Derivatives had a non - cash expense impact on revenues as described on another slide • G&A costs per month dropped $30K per month in Q3 • Lease operating expenses averaged $765K in Q1 and averaged $700K range Q2 and Q3 • The results were impacted by certain non - cash expenses as described on another slide Q1 Q2 Q3 YTD Revenues 3,283,099 5,060,795 7,364,346 15,708,239 Operations expenses 3,236,877 3,066,234 3,144,277 9,447,388 General and administrative 2,309,824 2,323,662 2,235,263 6,868,748 Operating income (2,263,601) (329,101) 1,984,806 (607,897) Other income (expense) (3,631,178) (656,469) (6,681,902) (10,969,550) Net income before taxes (5,894,779) (985,570) (4,697,096) (11,577,446) Tax benefits 1,201,279 347,775 855,925 2,404,979 Net income (4,693,500) (637,796) (3,841,171) (9,172,468)

Revenues – $5 MM+ per Quarter of Cash Generated 26 • Oil and gas production were similar with prices increasing $4 range in Q3 • Derivatives impact is a non - cash expense • Hedging is at a responsible level with all hedges $70.00 or higher Q1 Q2 Q3 YTD Oil 4,971,150 4,885,959 5,275,254 15,132,363 Gas 178,608 128,084 89,978 396,670 Other 130,588 130,230 98,452 359,271 Without derivatives 5,280,347 5,144,273 5,463,684 15,888,303 Derivatives (1,997,248) (83,478) 1,900,661 (180,064) Total revenues 3,283,099 5,060,795 7,364,346 15,708,239

Non - Cash Expenses 1. Hedging derivatives : Driven by oil prices at end of each quarter 2. G&A : includes fees paid in stock of $574K in Q1, $360K in Q2 and $260K in Q3 3. Warrant liability : changes based on stock price at end of quarter 4. FPA liability : changes based on stock price at end of quarter. 5. Financing costs amortization : positive trend 6. Extinguishment of liabilities : one - time gain of $1.7 million in Q2 removing payables from B/S 27 Q1 Q2 Q3 YTD Revenues without derivatives 5,280,347 5,144,273 5,463,684 15,888,303 1 Gain (loss) on derivative instruments (1,997,248) (83,478) 1,900,661 (180,064) Total revenues 3,283,099 5,060,795 7,364,346 15,708,239 Production taxes 428,280 408,985 489,524 1,326,789 Lease operating 2,299,518 2,094,181 2,136,731 6,530,430 Depletion, depr and amort 476,074 522,542 507,626 1,506,242 Asset retirement obligations 33,005 40,526 10,395 83,927 2 General and administrative 2,309,824 2,323,662 2,235,263 6,868,748 Total expenses 5,546,700 5,389,896 5,379,540 16,316,136 Operating income (loss) (2,263,601) (329,101) 1,984,806 (607,897) 3 Change in fair value of warrant liability (624,055) 277,167 (137,911) (484,799) 4 Change in fair value of FPA liability (349,189) 23,717 (4,209,294) (4,534,766) 5 Amortization of financing fees (813,181) (662,076) (507,701) (1,982,958) Interest expense (1,860,582) (2,030,317) (1,841,848) (5,732,747) Interest income 15,105 14,257 14,852 44,213 6 Gain on extinguishment of liabilities - 1,720,000 - 1,720,000 Other (income) expense 723 783 - 1,506 Total other income and (expense) (3,631,178) (656,469) (6,681,902) (10,969,550) Income (loss) before income taxes (5,894,779) (985,570) (4,697,096) (11,577,446) Income tax provision (benefit) 1,201,279 347,775 855,925 2,404,979 Net income (loss) (4,693,500) (637,796) (3,841,171) (9,172,468)

Equity Structure as of September 30, 2024 • Common stock : There were 7.0 million shares of Class A common stock and 1.4 million shares of Class B common stock outstanding. • The Class B common stock has voting rights only and can be converted on a one - for - one basis for Class A common stock • Preferred stock : There are no preferred stock shares issued on the 1.0 million shares authorized, and there are no designated classes of preferred stock. • There are $15 million of preferred units at a subsidiary level that are included in the minority interest component of shareholder equity. The preferred units automatically convert to common stock at the end of two years based on a formula. There is no cash obligation to the Company • Warrants : There were 14.9 million warrants outstanding that are convertible to 11.2 million Class A shares at an exercise price of $11.50 28

Debt Structure as of September 30, 2024 • Reserve Based Loan (“RBL”) : First International Bank & Trust (“FIBT”) provided at $28 million RBL at acquisition closing. • The debt has a five - year amortization schedule with maturity in three years, and an interest rate of 15 percent. • The balance was $25.1 million. • Seller note : There is a $15 million note issued to the Seller at closing • Private loans : There are $3.8 million of private loans 29

Final Words

Investment Highlights 31 Plentiful Asset: 956 million barrels of OOIP – expect to triple proven reserves in next 3 - 4 years Increasing Production: Production expected to increase by 1,000 bbl/day in next 24 months Operation Excellence: Strategy to reduce lifting costs Capital Efficient: Oil Rich + Waterflooding Extraction + Existing Wells = Lower Cap - ex Lower Risk: Responsible hedging, shallower drilling, best - in - class team and partner network Value: Early phases of field development creates an optimal entry point for new investors

Thank you for your interest in EON

v3.24.3

Cover	Nov. 18, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 18, 2024
Entity File Number	001-41278
Entity Registrant Name	EON RESOURCES INC.
Entity Central Index Key	0001842556
Entity Tax Identification Number	85-4359124
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3730 Kirby Drive
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77098
City Area Code	713
Local Phone Number	834-1145
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Class A Common Stock, par value $0.0001 per share
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	EONR
Security Exchange Name	NYSEAMER
Redeemable warrants, exercisable for three quarters of one share of Class A Common Stock at an exercise price of $11.50 per share
Title of 12(b) Security	Redeemable warrants, exercisable for three quarters of one share of Class A Common Stock at an exercise price of $11.50 per share
Trading Symbol	EONR WS
Security Exchange Name	NYSEAMER

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