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STRICTLY CONFIDENTIALNYSE American: EONREON Resources Year to Date 2026 Second Quarter of 2026 – Earnings CallOctober 2026
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Presenters 2 Dante V. Caravaggio CEO Mitchell B. Trotter CFODavid M. SmithVP & General Counsel Jesse J. AllenVP of Operations
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Company Overview – 100% Permian Basin Focused •~ 20,000 acres (two fields) •~ 750 wells across both fields •Grayburg-Jackson Oil Field •Eddy County, New Mexico•OOIP: ~ 956 million barrels of oil•Zones including Seven Rivers, Queen, Grayburg, San Andres; depths from ~1,500 ft to ~4,000 ft •South Justis Field •Lea County, New Mexico•OOIP: ~ 207 million barrels of oil•Zones including Glorietta, Blinebry, Tubb, Drinkard, Fusselman; depths from ~5,000 to ~7,000 ft.3
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Company Overview – Anticipated Growth in PDP Assets 4 202720262025Dollars2025 Oil Barrels$29 mil2.5 milPDP$18 mil1.6 milPDNP$45 mil9.0 milProbable$95 milH Wells SA “B” Zone TBDH Wells SA “A” Zone TBDH Wells SA “C” Zone $100+ milH Wells South Justis
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Groundwork Laid for a Big Year in 2027 •Oil prices drove revenue in 2025 and 2026, while drill bit drives revenue and profits in 2027•Two properties, two $100MM + farmouts, first two wells drilled, and building war chest•Cured late filings – now compliant•$2 added of PDP PV-10 added for every share created•Acquisitions and field development are primarily funded with debt and ORRI’s 5
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Two Years in Review •November 2023 purchased GJF for $90 million – when most SPACs failed•September 9, 2025 eliminated toxic financial instruments, recapitalized capital stack, added over $70 million of shareholder value•September 9thfarmout agreement added substantial value•Settled employee wage claims we inherited•Navigated NMOCD and BLM requirements•Built a great working relationship with our San Andres working interest partners6
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OperationsPresented by: Jesse Allen
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Technical Highlights – Geologic and Reservoir Team •Horizontal potential- San Andres at GJF•Horizontal potential- Blinebry / Tubb-Drinkard at SJU•The Playbook / ApproachExtensive vertical well controlState of the art log / petrophysical / reservoir analysis•Once done, recruited drilling partner for GJF•Applying same Playbook / Approach to recruit drilling partner at SJF8
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Operations – Current and Future for the GJF & SJF •Safety – Excellent with no reportable incidents •Production at GJF and SJF remains consistent at ~900 gross BOPD•Per New Mexico Oil Conservation Division’s (NMOCD) Stipulated Final Order (SFO) returning idle / inactive wells to production•Production increase from the reactivation of these wells was ~60 BOPD•For 2027 at GJF develop (10) Seven Rivers waterflood patternsCAPEX $2.5MMProduction increase ~250 BOPD expected•For 2027 at SJF reactivate (25) idle / inactive wellsCAPEX $2.5 MM Production increase ~240 BOPD expected9
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San Andres Horizontal Drilling Program – Background •Recompleted 3 vertical wells- San Andres IP rate for each vertical well:Yucca State 009 initial potential at 105 BOPDSkelly Unit 638 initial potential at 30 BOPD andSkelly Unit 907 initial potential at 20 BOPD •San Andres farmout agreement / 3 carried wells / lateral of 1 mile•Drilling operations commenced in mid August 2026•First horizontal encountered high well pressure at ~750 ftWell control issueWas plugged•Special precautions were initiated for the next two horizontal wells10
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San Andres Horizontal Drilling Program – Current •Skelly Unit 2H and Skelly Unit 3H drilled with no issues •Completion operations commenced in late September 2026•The Skelly Unit Production Facility completed / ready•Production both wells began 10/13/26•Frac load water to recover 30,000 barrels each well•Expect once frac load water recovered will begin to produce oil with peak rate ~500 BOPD per well•Anticipate first oil mid-November with peak oil by end of November11
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San Andres Horizontal Drilling Program – Future •Note plugged well does not count in our three well carry•Replacement carry horizontal well in Q1 2027 Program•The Operator has advanced permitting activities for the anticipated 2027 development program•Permitting is not expected to be a constraint on the pace of future development•Drilling expected to resume in Q1 of 2027•Timing and scope of subsequent drilling activities will be informed by initial well performance12
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Horizontal Drilling Potential – SJF •SJF data / analysis horizontal drilling completed as noted earlier•The same team identified the potential both fields- GJF & SJF•The data indicates better rock and better potential well rates at SJF than GJF•The marketing effort to recruit a drilling partner, much like we did at the GJF, has commenced• Interest thus far is high13
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Horizontal Drilling Potential – SJF (21 laterals proposed) 14 Expected ultimate recovery (EUR) avg of 107 BO/ft with estimated IPs of ~700 BOPD
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Horizontal Drilling Potential – SJF (21 laterals proposed) 15
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GJF & SJF – The Prize (Estimated Summary of Reserves and Value by EON) 16
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FinancialsPresented by: Mitch Trotter
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2026 Year-to-Date Financial Highlights •Filings are now current and compliant – Late filing causes•Complexity of multiple transactions•Systems and staffing resources•Oil prices drove an increase in revenue quarter over quarter•Oil reserves dropped from 2024 to 2025 due to: SEC oil price; money needed for field infrastructure before field develop 18
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Income Statement 19 Q2-2026 Q1-2026 Change YTD 2026Average oil price 93.89 72.67 21.22 83.36 Revenues, net of derivatives 4,326,789 4,223,108 103,681 8,549,897 Non-cash derivatives 2,158,927 (3,254,915) 5,413,842 (1,095,988) Revenues, as reported 6,485,716 968,193 5,517,523 7,453,909 Lease operating 2,511,297 2,528,313 17,016 5,039,610 Depletion & depreciation 2,136,209 1,790,976 (345,233) 3,927,185 Other field related costs 735,639 445,679 (289,960) 1,181,318 General and administrative 2,375,349 2,406,571 31,222 4,781,920 Total expenses 7,758,494 7,171,539 (586,955) 14,930,033 Interest expense (175,618) (260,381) 84,763 (435,999) Other income (expense) 179,542 (851,982) 1,031,524 (672,440) Total other 3,924 (1,112,363) 1,116,287 (1,108,439) - Tax (expense) benefit 576,270 1,543,114 (966,844) 2,119,384 Net income (loss) (692,584) (5,772,595) 5,080,011 (6,465,179)
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Income Statement Highlights •The revenues net of hedging derivatives are trending up•The derivative impact is a function of oil prices•The 75% hedged provides $950K per month protection•Not hedged is all of the horizontal program and South Justis•LOE is steady $700K per month at GJF and $130K at SJU•G&A is steady both baseline and transactional•The other income and expense is the net other derivatives20 Q4-2025 Q1-2026 Q2-2026 Oil price, end of the quarter 57.42 101.38 69.50 Net oil barrels 60,750 54,247 61,559 Revenues, net of derivatives 3,536,628 4,223,108 4,326,789 Non-cash derivatives 43,225 (3,254,915) 2,158,927 Revenues - Reported 3,579,852 968,193 6,485,716
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Balance Sheet 21 Jun 2026 Mar 2026 ChangeCash and cash equivalents 691,672 129,772 561,900 Accounts receivable 2,373,601 2,407,047 (33,446) Prepaid and other current 1,364,636 1,201,868 162,768 Oil & gas properties 83,994,647 85,113,367 (1,118,720) Other noncurrent assets 1,891,348 1,891,348 - Total assets 90,315,904 90,743,402 (427,498) Accounts payable & accrued 22,981,672 21,771,228 (1,210,444) Debt (current & long-term) 9,003,786 7,379,383 (1,624,403) Derivatives (various) 4,223,137 6,661,369 2,438,232 Deferred tax liability 2,711,415 3,287,278 575,863 Other liabilities 2,020,686 1,987,821 (32,865) Total liabilities 40,940,696 41,087,079 146,383 Equity attributable to EON 49,375,208 49,656,323 281,115 Non-controlling interest - - Total equity and liabilities 90,315,904 90,743,402 427,498
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Balance Sheet Highlights •Cash increased from $130K in Q1 to $692K in Q2•The derivative liability for non-cash hedging decreased due to the decline in oil prices at the end of June 2026•Changes from Q2-25 to Q2-26• Debt reduced from $42.6 million to $6.4 million• Preferred shares eliminated22
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Funding Growth - Sources (aka War Chest) •Term Overrides to fund legacy field RTP - $10MM - 18 mopayout (no debt, no equity cost)•Term Overrides to fund waterflood expansion - $10MM - 18 mo payout (no debt, no equity cost)•10% Override on new hypothetical $35MM acquisitions would fund $10MM (no debt, no equity cost)•Traditional Debt to Fund Acquisitions - $25 MM•Traditional Debt to Fund new drilling - $15-25MM•ELOC to provide owner equity contributions $10MM•Equipment Leaseback to fund Legacy Expansion $10MM•Synthetic ATM (lower cost than an ELOC) - future $10-20MM•ABS Warehouse (lower cost than RBL debt) - future $1B23
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Big 2027 in the Works •2025 and 2026 were positioning years to grow thru drill bit•Our business model is replicating GJF•Waterflood property concurrent with drilling:•Horizontal drilling produces big wells•Solves water handling•Creates sustainable low decline production•Extends life of field•Maximizes overall return•Big production increase thru 203024
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Open Discussions & QuestionsEON Resources, Inc. (NYSE American: EONR)Headquarters3730 Kirby Drive, Suite 1200, Houston, Texas 77098Investor Relationsmike@plrinvest.comCompany Websitehttps://www.EON-R.com/STRICTLY CONFIDENTIAL | Confidential discussion materials. Forward-looking projections; actual results may differ materially.
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Disclaimer This 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, 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 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 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. The 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.26
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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 management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer toprojections, 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 expressionsmay 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 ofhistorical fact included in this presentation are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known andunknown risks and uncertainties, and may include projections of our future financial performance based on our growth strategies, business plans and anticipated trends in ourbusiness. These forward-looking statements, are only predictions based on our current expectations and projections about future events. There are important factors that couldcause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance, targets, goals or achievementsexpressed 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 performance of the Company, (2) the Company’s abilities to execute its business strategies, (3) the level of production on our properties, (4) overalland 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 andoperation 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 futurelaws 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 thispresentation 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 requiredunder 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 nocommitment 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.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.27