Page 1

October 13 , 2026 4:40 PM EON Resources Reports A 19 % Increase in Revenues and Lower Costs for the First Quarter of 2026 , Advances San Andres Horizontal Drilling as Early Tests Confirm Commercial Oil Production HOUSTON , TX / ACCESS Newswire / October 13 , 2026 / EON Resources Inc. ( NYSE American : EONR ) ( " EON " or the " Company " ) is an independent upstream energy company with approximately 20,000 leasehold acres in the Permian Basin and approximately 1.2 billion barrels of original oil in place . The Company has filed its 10 - Q for the first quarter of 2026 . San Andres horizontal drilling program commenced The next phase of growth for EON through the San Andres horizontal drilling program in Eddy County , New Mexico has begun . During Q1 , 5 vertical San Andres test wells and the first 3 new horizontal wells were permitted . The vertical wells test utilized existing vertical wells , where the San Andres interval was perforated and fraced in three separate shelves of the San Andres . Only 3 of the 5 vertical wells were used for the tests . All 3 wells produced oil in commercial quantities . The best well produced over 100 barrels of oil per day ( " BOPD " ) . These tests encountered virgin reservoir pressures , which leads us to believe more drilling locations are possible above and beyond the original 92 planned . In September 2026 , horizontal well drilling commenced with two of the three wells reaching total depth of 4,000 feet and penetrating over 6,000 feet of horizontal San Andres pay in September and October of this year for a total drilling length of 10,000 feet . During the drilling of the third well , a high - pressure shallow water zone was encountered and had to be plugged . Future wells will utilize a longer intermediate casing string to avoid issues with this shallow water zone . We expect both wells to be on production this month using 3,000 barrels of fluid per day capacity electric submersible pumps . Results will be reported in November once well tests become available . EON previously issued an expected average of 400-600 BOPD initial production for horizontal wells . As oil production from the San Andres horizontal drilling efforts comes on line , management expects the related reserves for the San Andres to increase . As previously reported , the Company's estimated reserve value attributable to the San Andres horizontal well development was $ 95.8 million PV - 10 based on an oil price of $ 59.25 , and were classified as probable . The current estimated SEC oil pricing is in the $ 77.00 to $ 78.00 range which is approximately $ 18.00 per barrel higher than the price used in the prior reserve value estimate . Both oil prices and expected production results are expected to increase our PV - 10 value and upgrade the classification as the San Andres interval is developed . Management also expects the reserve value to increase for the waterflood zones of the Grayburg - Jackson field ( " GJF " ) which had been based on $ 64.54 per barrel ( an approximate increase of $ 13.00 per barrel ) . The reserve values for the South Justis Unit ( " SJU " ) had been based on an oil price of $ 64.25 and are also expected to increase . All oil produced from the new horizontal and test vertical wells completed in the San Andres interval in the GJF are not hedged . The oil production from the SJU is also not hedged . The Company is , therefore , benefitting greatly from the current elevated oil prices . Financial results for Q1 2026 The overall financial results for the first quarter of 2026 are very similar to underlying core results compared to past several quarters in 2025 as expected . Main differences in results relate to impacts from the September 9 , 2025 recapitalization funding close and derivative impacts from changes in oil prices quarter to quarter . The Company restated the year ended December 31 , 2025 to reflect an improved net income position by $ 2.6 million . The restatement was filed on October 9 , 2026 after determining on the prior day , October 8 , that an error in the calculation of depletion expense for Q4-2025 had occurred . Depletion expense was overstated by $ 3.5 million and the net loss after tax decreased ( improved ) by $ 2.6 million . Income Statement Highlights Table - Quarterly Comparisons Compare Q4-25 Q1-2026 Q4-2025 Change Net oil barrels Average oil price 54,247 80.82 60,750 ( 6,503 ) 54.54 26.28 Revenues , net of derivatives Non - cash derivatives 4,223,108 ( 3,254,915 ) 3,536,628 686,480 43,225 ( 3,298,140 ) Revenues , as reported 968,193 3,579,852 ( 2,611,659 ) Lease operating Depletion & depreciation 2,528,313 2,975,756 447,443 1,790,976 2,087,956 296,980