Slides
Page 1
NYSEAM:EONR Funding Closed and Farmout AgreementSeptember 2025Eon Resources Inc.NYSE-AM:EONRhttps://www.EON-R.com/
Page 2
NYSEAM:EONR Presenters Dante V. Caravaggio CEO Mitchell B. Trotter CFODavid M. SmithGeneral Counsel Jesse J. AllenVP of Operations2
Page 3
NYSEAM:EONR Company Overview~ 20,000 acres (two fields) Leasehold AcresGrayburg-Jackson Oil Field (Eddy County) & South Justis Field (Lea County)Fields~ 750 wells across both fields Wells (Producing + Injection)Over 1,000 barrels of oil per day Current Oil Production•Proven reserves of ~ 14.0 million barrels of oil + 2.8 Bcf gas in Grayburg-Jackson as of Dec 2024.•Mapped OOIP: ~ 956 million barrels across the Grayburg & San Andres & Seven Rivers etc. •South Justis OOIP ~ 207 million barrels (various zones) Reserves / Original Oil In Place (OOIP)Grayburg-Jackson: intervals including Seven Rivers, Queen, Grayburg, San Andres; depths from ~1,500 ft to ~4,000 ft in some intervals. South Justis: zones like Glorietta, Blinebry, Tubb, Drinkard, Fusselman; depths ~5,000-7,000 ft.Field Depths / Zones•Workovers / reactivating idle wells (especially in South Justis) •Horizontal drilling potential in San Andres, adding perforations in Grayburg & San Andres in Grayburg-Jackson Development Plans / UpsideSource: https://www.ogj.com/home/article/17293175/permian-oil-production-grows Permian Basin 3
Page 4
NYSEAM:EONR Recent Financing Highlights$45.5 Million of Funding Closed (Q3 2025)•$20.0 million → 15% royalty interest in Grayburg-Jackson Field•$20.5 million → 5% royalty interest in San Andres formaƟon (Farmout program)•$5.0 million → Farmout of addiƟonal San Andres formaƟon rights•Future $2.0 million → Funds for San Andres workovers in exisƟng verƟcal wells Primary Uses of Proceeds•Retired ~$20.6 million senior debt•Retired ~$15.0 million Seller note•Eliminated ~$5.0 million accrued interest•Acquired Seller 10% overriding royalty interest (“ORRI”)•Paid ~$4.0 million in other obligations•Issued 1.5 million common shares to retire highly dilutive preferred shares4
Page 5
NYSEAM:EONR Balance Sheet Impact of $45.5M Financing (Estimated)Highlights of Financing Impact:•$35.6 million reduction of debt•$20.6 million senior debt retired•$15.0 million seller note retired•$5.0 million accrued interest eliminated•$4.0 million in other obligations paid•Minority interest reclassified into equity•Significantly less shares issued than the potential conversion of preferred shares*Balance Sheet subject to GAAP Estimated pending on GAAPJu n e 2 0 2 5 Im pacts Pro fo rm aAsse ts Cash 3,060,971$ (1,165,000)$ 1,895,971$ Receivables 1,652,177$ -$ 1,652,177$ Property & equipment 100,088,351$ (32,000,000)$ 68,088,351$ Other assets 1,162,497$ 1,000,000$ 2,162,497$ 1 0 5 ,9 6 3 ,9 9 6$ ( 3 2 ,1 6 5 ,0 0 0 )$ 7 3 ,7 9 8 ,9 9 6$ Liabilitie s Accounts payable 7,779,960$ (1,265,000)$ 6,514,960$ Accrued liabilities 9,118,446$ (4,940,000)$ 4,178,446$ Royalties 4,587,463$ (2,000,000)$ 2,587,463$ Debt 42,632,213$ (35,600,000)$ 7,032,213$ Deferred tax liability 1,523,603$ -$ 1,523,603$ ARO 1,430,899$ -$ 1,430,899$ Other Liabilities 675,000$ -$ 675,000$ 67,747,584$ (43,805,000)$ 23,942,584$ Equ ity Class A Common 48,068,181$ 21,720,414$ 69,788,595$ Retained earnings (31,072,183)$ 11,140,035$ (19,932,148)$ Non-controlling interest 21,220,414$ (21,220,414)$ -$ 38,216,412$ 11,640,035$ 49,856,447$ To tal Liabilitie s & Sto ckho ld e r's Equity 1 0 5 ,9 6 3 ,9 9 6$ 3 2 ,1 6 4 ,9 6 5$ 7 3 ,7 9 9 ,0 3 1$ Three Months Ended June 30, 2025 5
Page 6
NYSEAM:EONR P&L and Cash Flow(Estimated)•Income Statement(+ 300K/month)•($100K) lower net revenues (royalty increase)•$500K reduction in interest expense•($100K) net tax provision impact•Cashflow (+$570K/month)•($100K) less in monthly cash flow (royalty increase)•$670K elimination of senior debt service-200-1000100200300400500600Royalty Impact Interest Savings Tax Impact Net Impact$K per MonthIncome Statement Impact -200-1000100200300400500600700800Royalty Impact Debt Elimination Net Impact$K per MonthCash Flow Impact 6
Page 7
NYSEAM:EONR Farmout Overview•EON Resources Inc. (“EON” or the “Company”) entered into a Farmout Agreement (the “Farmout”) with a subsidiary of Virtus Energy Partners, LLC (“Virtus”) on September 9, 2025 Farmout Highlights$5.0 millionConsideration Received65%Post Deal Working Interest (San Andres)10-20 wellsIncremental Horizontal Wells (per year) 300-500 BOPDInitial Production (per well)$3.5 - $4.0 millionHorizontal Well Cost (per well) 7
Page 8
NYSEAM:EONR EON Looking Forward•Existing operations•Growing income despite higher royalty burden of +5%•Stronger cashflow supports Q4 workover program•Senior debt retirement provides greater financial flexibility•San Andres Farmout with Virtus•Significant production growth beginning in 2026•Substantial income and EBITDA contributions expected in 2026 and beyond•Operational and strategic positioning •Enhanced toolkit to maximize current field development•Well-positioned to accelerate growth and pursue acquisitions 8
Page 9
NYSEAM:EONR Thank You for Interest inEON Resources Inc. (NYSE-AM:EONR) Company Websitehttps://www.EON-R.com/ Company Websitehttps://www.EON-R.com/ Investor Relationsmike@plrinvest.comInvestor Relationsmike@plrinvest.com3730 Kirby Drive, Suite 1200 Houston, Texas 770983730 Kirby Drive, Suite 1200 Houston, Texas 77098
Page 10
NYSEAM:EONR DisclaimerThis presentation of EON Resources Inc. (“EON” or the “Company”) shall not constitute a “solicitation” as defined in Rule 14a-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, asamended (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” asdefined in Rule 144A 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 theAct. 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 forthin 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 theSecurities 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 formore 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 EONwebsite 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 givenby 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 othercommunications 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, negligentor 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 damagessuffered 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 beadjusted 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 calculatedpursuant 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 inaccordance 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-GAAPfinancial 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, and2026. 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. Theassumptions 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 anduncertainties 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 resultscontemplated 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 theresults reflected in such estimates and projections will be achieved. The independent registered public accounting firm of EON did not audit, review, compile, or perform any procedures with respect to the estimates orprojections 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.10
Page 11
NYSEAM:EONR Disclaimer (cont.)Forward-Looking StatementsStatements 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 managementteam’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 anyunderlying 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 historicalfact 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 includeprojections 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 currentexpectations 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 1A “RiskFactors,” 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 performanceof 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 ofreserves, 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 climatechange. 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 theCompany 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, whichspeak 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"), anunrelated 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 theCobb reserve reports, the most recent reflecting values as of December 31, 2023.11