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Investor Presentation November 2025
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2 Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.’s (“Riley Permian”) current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in Riley Permian’s periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”). All statements, other than historical facts, that address activities that Riley Permian assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including the volatility of oil, natural gas and NGL prices; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation, power and other midstream and downstream activities, which could result in prolonged shut-in of our wells that may adversely affect our reserves, financial condition and results of operations; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the inability or failure of the Company to successfully integrate the acquired assets into its operations and development activities; the potential delays in the development, construction or start-up of planned projects; failure to realize any of the anticipated benefits of our joint ventures or other equity investments; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; inability to prove up undeveloped acreage and maintain production on leases; any reduction in our borrowing base on our revolving credit facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our credit facility and senior notes; changes in general economic, business or industry conditions, including changes in inflation rates, interest rate and foreign currency exchange rates; conditions in the capital, financial and credit markets and our ability to obtain capital needed to fund our exploration and development and midstream project on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, regulation of greenhouse gases, water conservation, seismic activity, weatherization, or protection of certain species of wildlife, or of sensitive environmental areas; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the RRC in an effort to control induced seismicity in the Permian Basin; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; public health crisis, such as pandemics and epidemics, and any related government policies and actions and the effects of such public health crises on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; general domestic and international economic, market and political conditions, including military conflicts, global economic growth, unpredictability of new tariffs, actions of OPEC+ countries and changes to the current political environment under the new administration; risks related to litigation; and cybersecurity threats, technology system failures and data security issues. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Riley Permian. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Riley Permian encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, Riley Permian assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. For additional discussion of the factors that may cause us not to achieve our financial projections and/or production estimates, see Riley Permian’s filings with the SEC, including its forms 10-K, 10-Q and 8-K and any amendments thereto. We do not undertake any obligation to release publicly the results of any future revisions we may make to this prospective data or to update this prospective data to reflect events or circumstances after the date of this presentation. Therefore, you are cautioned not to place undue reliance on this information. None of the information contained in this presentation has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Riley Permian may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors. Use of non-GAAP Financial Information This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These measures include (i) Adjusted Net Income, (ii) Adjusted EBITDAX, and (iii) Free Cash Flow (including Upstream Free Cash Flow and Total Free Cash Flow). These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. See the Company’s website, www.rileypermian.com, for the descriptions and reconciliations of non-GAAP measures presented in this presentation to the most directly comparable financial measures calculated in accordance with GAAP. Oil & Gas Reserves The SEC generally permits oil and natural gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC’s definitions for such terms. In this presentation, Riley Permian may use the terms “resource potential,” “resource play,” “estimated ultimate recovery,” or “EURs,” “type curve” and “standardized measure,” each of which the SEC guidelines restrict from being included in filings with the SEC without strict compliance with SEC definitions. These terms refer to Riley Permian’s internal estimates of unbooked hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. “Resource potential” is used by Riley Permian to refer to the estimated quantities of hydrocarbons that may be added to proved reserves, largely from a specified resource play potentially supporting numerous drilling locations. A “resource play” is a term used by Riley Permian to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section potentially supporting numerous drilling locations, which, when compared to a conventional play, typically has a lower geological and/or commercial development risk. “EURs” are based on Riley Permian’s previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. Unbooked resource potential or “EURs” do not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or SEC rules and do not include any proved reserves. Actual quantities of reserves that may be ultimately recovered from Riley Permian’s interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of Riley Permian’s ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil, natural gas liquids and natural gas prices, well spacing, drilling and production costs, availability and cost of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, negative revisions to reserve estimates and other factors, as well as actual drilling results, including geological and mechanical factors affecting recovery rates. “EURs” from reserves may change significantly as development of Riley Permian’s core assets provides additional data. In addition, Riley Permian’s production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. “Type curve” refers to a production profile of a well, or a particular category of wells, for a specific play and/or area. Forward-Looking Statements
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3 (1) A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com (2) Future dividends subject to approval by the Board of Directors Yoakum Co. Delaware Basin Yeso Trend Central Basin Platform Eddy Co. 30 Miles N E W M E X I C O T E X A S Midland Basin Riley Permian is a growth-oriented upstream company operating in Texas and New Mexico, with midstream and power projects that complement our operations Riley Permian Overview Founded in 2016 and achieved public listing in 2021 via reverse merger Applying modern horizontal drilling and completion techniques to oil-saturated and liquids-rich formations Maintaining disciplined reinvestment to generate Free Cash Flow(1) ($97MM over last 12 mos.) Prioritizing long-term value creation and resilience through commodity cycles Pursuing strategic acquisitions: 3 material deals since 2023 Returning excess capital to shareholders through base dividends(2) and to our balance sheet for liquidity management
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4 Riley Permian by the Numbers ~$930MM Enterprise Value(1) ~10 years of Drilling Inventory(2) 6.1% Dividend Yield(1) 1.3x LTM Leverage(4) (1) Enterprise Value, Dividend Yield and FCF Yield based on share price and shares outstanding as of 10/31/25, debt balance and cash balance as of 9/30/25. Future dividends subject to approval by the Board of Directors (2) Drilling inventory based on estimated net undeveloped locations as of 10/31/25. Inventory based on normalized development pace of 25-30 net wells per year (3) LTM FCF calculated as 4Q24 through 3Q25 FCF, not pro forma for Silverback acquisition. Free Cash Flow is a non-GAAP financial measure as defined in the supplemental financial tables available on the company’s website at www.rileypermian.com (4) Leverage calculated as Debt as of 9/30/25 divided by Last Twelve Months Adjusted EBITDAX, pro forma for Silverback acquisition (5) Source: SEC Filings including direct fund entities and Riley Exploration Group LLC. Insiders include Yorktown, Management and the Board of Directors 17% LTM FCF Yield(1)(3) 32 Mboe/d 57% Oil 23% Insider Ownership(5)
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5 1 10 100 12 24 36 48 60 Months from First Production 20 40 60 12 24 36 48 60 Months from First Production Note: Riley Permian, Midland Basin and Delaware Basin production characteristics and forecasted breakevens are a composite of horizontal wells with first production from 2019-2025. Forecasted breakeven wells are also limited to a lateral length of > 5,000 ft. Data sourced from Enverus Oil Production Rates over Time Bbls/d per 1,000’ of Lateral Length Oil Production Rates over Time Bbls/d per 1,000’ of Lateral Length Riley’s wells to date have experienced lower relative declines versus Midland and Delaware Basin wells Cumulative Oil Production over Time Bbls Produced per Foot of Lateral Length Riley’s wells to date have outperformed Midland and Delaware Basin wells on a 5-year basis Forecasted PV10 Breakeven $/Bbl with 20:1 WTI:HH Riley’s volume productivity combined with lower well costs can lead to significantly lower breakeven costs Riley’s Assets Compete with Core Permian Economics Riley Permian Midland Delaware MidlandRiley Permian $10 $20 $30 $40 $50 $60 $70 $80 $90 Delaware
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6 Upstream Free Cash Flow(2) ($MM) Book Value of Equity per Share(1) ($/Sh) Adjusted EBITDAX(2) ($MM) 97 176 246 284 264 2021 2022 2023 2024 LTM 3Q25 30% CAGR 23% CAGR 8 56 70 128 129 2021 2022 2023 2024 LTM 3Q25 108% CAGR $12 $17 $21 $25 $27 2021 2022 2023 2024 3Q25 Production per Share(1) (Boe/Sh) 0.17 0.21 0.34 0.40 0.46 2021 2022 2023 2024 LTM 3Q25 Track Record of Growth Across Price Cycles (3) (1) $/Sh metric uses weighted average basic shares outstanding for each period (2) A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com (3) Last Twelve Months through 9/30/25 30% CAGR (3) (3)
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7 $207MM Notes: Reinvestment Rate is E&P Cash Capex as a percent of Cash Flow from Operations before the impact of changes in working capital. E&P Cash Capex excludes the impact of acquisitions and contributions to equity method investments (Power JV). Cash Flow from Operations (CFFO) is shown before the changes of working capital. Upstream Free Cash Flow (FCF) is a non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com. Future dividends subject to approval by the Board of Directors CFFO Allocation Last 12 Months through 9/30/25 Upstream FCF Allocation Last 12 Months through 9/30/25 $129MM Disciplined Upstream Reinvestment Allows for Optionality of Excess Free Cash Flow Balance Sheet & Acquisitions 38% Power JV 12% Midstream 24% Dividends 26% Upstream Reinvestment 38% Upstream Free Cash Flow 62%
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8 0% 5% 10% 15% 20% 25% 30% - 25 50 75 100 125 150 $45 $55 $65 $75 FCF(1) yield on market value of equity(3) FCF(1) ($MM) WTI, $/Bbl Upstream FCF(1) Total FCF(1) Total FCF(1) YieldUpstream FCF(1) Yield (1) A non-GAAP financial measure as defined in the supplemental financial tables available on the company’s website at www.rileypermian.com (2) Analysis based on management estimates and midpoint 2025 guidance. Price sensitivity for WTI and Henry Hub uses actual prices through 10/31/25 and flat price case thereafter (3) Market value of equity based on share price and shares outstanding as of 10/31/25. Future dividends subject to approval by the Board of Directors 2025 Forecasted T otal FCF(1) Sensitivity Based on Oil Price(2) Resilient Free Cash Flow(1) Across a Wide Range of Oil Prices
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9 Quarterly Dividends Paid ($/Sh.) $0.28 $0.28 $0.31 $0.31 $0.31 $0.31 $0.34 $0.34 $0.34 $0.34 $0.36 $0.36 $0.36 $0.36 $0.38 $0.38 $0.38 $0.38 $0.40 Track Record of Direct Return of Capital 8% CAGR since May 2021 Notes: Dividend Yield based on share price as of 10/31/25. Future dividends subject to approval by the Board of Directors. Dividend Coverage based on current annualized dividends paid and LTM Total Free Cash Flow (FCF) through 9/30/25. Total Free Cash Flow is a non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com 1 History of paying fixed dividends every quarter as a public company 3 6.1% current dividend yield 2 History of raising dividends annually 4 2.8x annual dividend coverage from LTM T otal FCF
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10 4Q25 Implied Oil Price Realizations at Various WTI Prices(1)(2) 2026 Implied Oil Price Realizations at Various WTI Prices(1) (1) Realized price represents the forecasted impact of derivatives only; does not account for basin differentials and midstream counterparty fees (2) 4Q25 Implied Oil Price Realizations include contracts that have settled as of 10/31/25 (3) Production volume based on FY25 midpoint oil guidance. For 2026, production held flat at 4Q25 midpoint oil guidance Production Hedge %(3): 66% (59% swaps / 41% collars) Average Downside Price: $65 Production Hedge %(3): 62% (56% swaps / 44% collars) Average Downside Price: $60 Positioning for a Range of Oil Price Environments
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11 New Mexico Gas Midstream Project Yoakum Co. Delaware Basin Yeso TrendEddy Co. N E W M E X I C O T E X A S Midland Basin Large-Cap Midstream Operator’s Network of Processing Plants Riley Permian’s Proposed Gas Pipeline Higher-Value Gulf Coast Markets Objectives Status ▪ Connect Riley Permian assets to large-cap midstream operator’ s network to optimize flow assurance for New Mexico gas assets ▪ Improve gathering infrastructure and increase compression capacity to enable robust development ▪ Access multiple treating and processing plants for reduced concentration risk ▪ Reach higher-value Gulf Coast gas markets ▪ Commissioned the initial phases of low-pressure gathering and high-pressure compression facilities for Riley Permian operated natural gas ▪ To install two additional compressors in 4Q25 ▪ Entered into a purchase agreement for high-pressure grade pipe to be delivered in 4Q25 ▪ Invested $31.4MM (cash) as of 9/30/25 ▪ Forecasted in-service during 2026
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12 Riley Permian formed RPC Power LLC, a 50/50 JV with partner Conduit Power, LLC, to focus on power generation in response to market dynamics affecting Permian Basin natural gas and power markets Power Joint Venture Projects Projects Objectives Design Status Project 1: Behind-the- Meter ▪ Improve reliability for our operations ▪ Repurpose in-basin, lower-cost natural gas for thermal power generation for our assets ▪ Stabilize our cost of power ▪ Not a net-metering project ▪ Installed capital cost of approximately $1.7MM/MW ▪ Served approximately 70% of the Company’s load for its Champions field ▪ In Texas Load forecasted to increase during 2026 following planned improvements to gas supply infrastructure and the installation of battery energy storage systems ▪ Investigating suitability of New Mexico BTM project with 10MW of generators secured Project 2: Sell to the Grid ▪ Capture spark spread economics ▪ Create synthetic hedge against Permian Basin gas differentials ▪ Invest in power markets with attractive fundamentals ▪ Diversify revenue mix ▪ Generators secured with construction underway for 4 sites in the Delaware Basin ▪ First site has a planned commissioning with ERCOT during the first quarter of 2026 with remaining sites throughout the other quarters ▪ Estimated capital cost of approximately $1.9MM/MW 20MW 40MW
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13 3Q25 Results Summary
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14 Highlights from 3Q25 Results Notes: The non-GAAP financial measures include Adjusted EBITDAX, Upstream Free Cash Flow, and Total Free Cash Flow, which can be defined in the supplemental financial tables available on the company’s website at www.rileypermian.com. Margin calculated as Adjusted EBTIDAX divided by net Oil and Natural Gas Sales, including Settlements on Derivative Contracts. Cash Flow from Operations (CFFO) is shown before the changes of working capital. Accrual based capex and cash based capex exclude the impact of acquisitions and contributions to equity method investments (Power JV). Last Twelve Months (LTM) represents a sum of 10/1/24 through 9/30/25 for select metrics. Market capitalization for FCF Yield and Dividend Yield are based on share price and shares outstanding as of 10/31/25. Future dividends subject to approval by the Board of Directors FCF Yield Generated $97MM of LTM Total FCF for 17% yield on equity market capitalization Shareholder Return Allocated 34% of Total FCF to direct shareholder return through dividends (6.1% annualized yield) Production Oil production increased 21% Q/Q to 18.4 MBbls/d and increased 19% Y/Y; total production of 32.3 MBoe/d increased 33% Q/Q and 38% Y/Y Cash Flow Generated $54MM of CFFO and $64MM of Adjusted EBITDAX (59% margin) Closed Acquisition Closed Silverback on 7/1/25 and successfully transitioned the assets to Riley operations Dividend Increased dividend by 5% to $0.40 per share Upstream Reinvestment Reinvested 24% of CFFO into Upstream Capex on an accrual basis and 27% on a cash basis FCF Conversion Converted 73% of CFFO into Upstream FCF and 47% into Total FCF
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15 46.6 10.3 2.5 (2.9) (5.3) 3.1 54.3 2Q25 CFFO Volumes Price Hedge Settlements LOE + Admin Costs Income Taxes & Other 3Q25 CFFO $MM 17.8 7.8 10.4 (10.7) 25.3 2Q25 Total FCF Change in CFFO Change in Upstream Capex Change in Midstream Capex 3Q25 Total FCF $MM (1) Cash Flow From Operations before the impact of changes in working capital (2) A non-GAAP financial measure as defined in the supplemental financial tables available on the company’s website at www.rileypermian.com (3) Upstream Cash Capex and Midstream Cash Capex; Excludes acquisitions and contributions to equity method investments (Power JV) Drivers of Quarter-over-Quarter Change in Cash Flow Cash Flow From Operations (CFFO)(1) Q/Q: 3 Months Ending 9/30/25 vs 6/30/25 Total Free Cash Flow (FCF)(2) Q/Q: 3 Months Ending 9/30/25 vs 6/30/25 (2) (3) (2)(3)(1)(1) (1)
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16 176.4 13.7 (38.3) 9.4 (5.4) 0.7 156.5 3Q24 CFFO Volumes Price Hedge Settlements LOE + Admin Costs Income Taxes & Other 3Q25 CFFO $MM 99.4 (20.0) 20.6 (20.4) 79.6 3Q24 Total FCF Change in CFFO Change in Upstream Capex Change in Midstream Capex 3Q25 Total FCF $MM (1) Cash Flow From Operations before the impact of changes in working capital (2) A non-GAAP financial measure as defined in the supplemental financial tables available on the company’s website at www.rileypermian.com (3) Upstream Cash Capex and Midstream Cash Capex; Excludes acquisitions and contributions to equity method investments (Power JV) Drivers of Year-over-Year Change in Cash Flow Cash Flow From Operations (CFFO)(1) Y/Y: 9 Months Ending 9/30/25 vs 9/30/24 Total Free Cash Flow (FCF)(2) Y/Y: 9 Months Ending 9/30/25 vs 9/30/24 (1) (1) (2) (3) (2)(3)(1)
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17 Full-Year 2025 Upstream Capex Guidance 4Q 2025 and Full-Year Oil Production Guidance Riley is raising its full-year and 4Q25 oil production guidance while maintaining its full-year capex guidance More Production with the Same Capital ▪ Raising 4Q25 oil production guidance range by 4% at the midpoint (19.2 MBbls/d) ▪ Raising full-year oil production guidance range by 2% at the midpoint (17.1 MBbls/d) ▪ Guided to 3Q25 Upstream accrual capex of $20MM (midpoint of guidance), however only spent ~$13MM; Capex not spent in 3Q25 is shifted to 4Q25 ▪ Full-year 2025 Upstream accrual capex guidance midpoint is unchanged at $92MM Prior (8/6/25) Current (11/5/25) $84 $89 $100 $95 $84 $89 $100 $95 Full-Year Midpoint: $92MM Full-Year Midpoint: $92MM Prior (8/6/25) Current (11/5/25) 18.0 18.7 18.8 19.7 18.0 18.7 18.8 19.7 4Q25 Midpoint: 18.4 MBbls/d 4Q25 Midpoint: 19.2 MBbls/d
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18 Updated 2025 Guidance (1) Activity-based investing expenditures before acquisitions (2) Interest expense is net of interest rate derivative settlements Full-Year 2025 Guidance 4Q25 Current Prior Midpoint Variance Guidance 11/5/25 8/6/25 # % Activity and Production Guidance Net Operated Well Activity Drilled # 8.0 - 10.0 18.0 - 20.0 18.3 - 19.5 0.1 1% Completed # 3.0 - 5.0 16.3 - 18.3 14.2 - 17.2 1.6 10% Turned to Sales # 2.0 - 3.0 15.3 - 16.3 14.2 - 17.2 0.1 1% Non-Operated D&C # 0.5 - 1.3 0.5 - 1.3 0.3 - 1.8 (0.2) (14%) Net Production Total MBoe/d 32.9 - 33.9 28.6 - 28.8 27.0 - 28.0 1.2 4% Oil MBbls/d 18.7 - 19.7 17.0 - 17.2 16.5 - 17.0 0.4 2% Capital Expenditure and Investing Guidance(1) Drilling, Completions and Capitalized Workovers $MM 27 - 31 76 - 80 73 - 83 0 0% Upstream Infrastructure (Excluding New Mexico Midstream) $MM 4 - 5 4 - 5 5 - 7 (2) (25%) Land and Other $MM 4 - 5 9 - 10 6 - 10 2 19% Upstream Capital Expenditures $MM 35 - 41 89 - 95 84 - 100 0 0% Midstream Capital Expenditures $MM 15 - 30 30 - 45 29 - 46 0 0% Total Capital Expenditures $MM 50 - 71 119 - 140 113 - 146 0 0% Power JV Investment $MM 1 16 15 - 18 (1) (3%) Total Investments $MM 51 - 72 135 - 156 128 - 164 (1) 0% Operating and Corporate Cost Guidance Lease Operating Expenses $/Boe 8.50 - 9.50 Production and Ad Valorem Taxes % of Revenue 7.5% - 8.5% Administrative Costs $/Boe 2.75 - 3.25 Interest Expense (2) $MM 6 - 8
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19 Appendix
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20 Hedging Summary Positions as of 10/31/25 Note: 4Q 2025 derivative positions shown include all contracts that have settled as of 10/31/25 2025 2026 2027 4Q 1Q 2Q 3Q 4Q FY 2026 1Q 2Q 3Q 4Q FY 2027 Crude Oil (WTI) Fixed Swap - Volume Bbls 679,947 636,000 600,000 600,000 600,000 2,436,000 305,000 170,000 0 0 475,000 Weighted Average Price $/Bbl $66.93 $61.98 $61.71 $60.99 $60.70 $61.35 $61.07 $60.81 $0.00 $0.00 $60.98 Collar - Volume Bbls 480,000 516,000 486,000 480,000 440,000 1,922,000 355,000 477,000 60,000 0 892,000 Weighted Average Floor Price $/Bbl $63.10 $59.55 $57.78 $56.99 $56.39 $57.74 $57.03 $55.31 $52.00 $0.00 $55.77 Weighted Average Ceiling Price $/Bbl $77.07 $77.16 $73.54 $72.31 $68.61 $73.07 $66.19 $68.35 $67.55 $0.00 $67.44 Total Oil Volumes Bbls 1,159,947 1,152,000 1,086,000 1,080,000 1,040,000 4,358,000 660,000 647,000 60,000 0 1,367,000 Downside Weighted Average Price $/Bbl $65.34 $60.89 $59.95 $59.21 $58.87 $59.76 $58.90 $56.76 $52.00 $0.00 $57.58 Natural Gas (HH) Fixed Swap - Volume MMBtu 965,000 1,005,000 450,000 300,000 500,000 2,255,000 600,000 0 0 0 600,000 Weighted Average Price $/MMBtu $3.74 $3.97 $3.64 $3.59 $4.07 $3.87 $4.19 $0.00 $0.00 $0.00 $4.19 Collar - Volume MMBtu 400,000 225,000 900,000 900,000 600,000 2,625,000 450,000 0 0 0 450,000 Weighted Average Floor Price $/MMBtu $3.30 $3.67 $3.05 $3.05 $3.43 $3.19 $3.80 $0.00 $0.00 $0.00 $3.80 Weighted Average Ceiling Price $/MMBtu $4.00 $4.30 $3.74 $3.74 $4.79 $4.03 $5.84 $0.00 $0.00 $0.00 $5.84 Total Natural Gas Volumes MMBtu 1,365,000 1,230,000 1,350,000 1,200,000 1,100,000 4,880,000 1,050,000 0 0 0 1,050,000 Downside Weighted Average Price $/MMBtu $3.61 $3.91 $3.25 $3.19 $3.72 $3.51 $4.02 $0.00 $0.00 $0.00 $4.02 Waha Basis Waha Basis Swap Volume MMBtu 450,000 450,000 450,000 450,000 600,000 1,950,000 1,350,000 675,000 675,000 675,000 3,375,000 Weighted Average Price $/MMBtu ($2.07) ($2.01) ($2.26) ($2.26) ($1.31) ($1.91) ($0.87) ($0.74) ($0.74) ($0.74) ($0.79) Interest Rate Swap - Notional Volume at quarter end 000's $80,000 $80,000 $45,000 $45,000 $45,000 $215,000 $45,000 $45,000 $0 $0 $90,000 1-Month Term SOFR % 3.09% 3.09% 3.90% 3.90% 3.90% 3.60% 3.90% 3.90% 0.00% 0.00% 3.90%
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21 Equity Ownership Equity Ownership and Research Analyst Coverage (1) Source: SEC Filings including direct fund entities and Riley Exploration Group LLC. Insiders include Yorktown, Management and the Board of Directors (2) Includes affiliated entity holdings aggregated from Form 4 filings. Excludes amounts held directly by Yorktown individuals included in Management, Directors & Other Unvested (3) Includes 757K of unvested and contingent stock awards across all employees and directors, including 168K of performance-based awards at a maximum payout potential of 200%, as required by GAAP; actual payout could range from 0% to 200%, at which time the number of actual shares outstanding will be adjusted Research Analyst Coverage Derrick Whitfield derrick.whitfield@texascapital.com Texas Capital Bank Nick Pope npope@roth.com Roth Capital Jeff Robertson jeff@watertowerresearch.com Water Tower Noel Parks nparks@tuohybrothers.com Tuohy Brothers Daniel Steffens dmsteffens@comcast.net Energy Prospectus Shares (MM) Ownership % ◉ Bluescape Energy Partners 4.37 19.9% ◉ Yorktown Energy Partners(2) 4.14 18.8% ◉ Balmon Investments(2) 2.24 10.2% ◉ Mgmt, Directors & Other Unvested Awards(3) 1.22 5.6% ◉ Estimated Public Float 10.00 45.5% 21.97 100.0% 5.11 23.3% >5% Holders & Insiders as of 10/31/25(1) Total Total Insider Ownership(1) 20% 19% 10% 6% 45%
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22 Facility Principal Amount Outstanding at 9/30/25 Borrowing Base at 9/30/25 Annual Interest Rate Amortization Final Maturity Sr. Secured Credit Facility $225MM $400MM Term SOFR + 2.75% – 3.75%; most recent quarter was 3.25% margin None; Company intends to periodically pay down balance with excess cash flow December 2028(1) Sr. Unsecured Notes $150MM NA 10.5% $5MM/quarter April 2028 Total $375MM Debt Summary SOFR swaps in place for $80MM of notional value through April 2026 and $45MM in place from May 2026 through April 2027, corresponding to 36% of principal value of floating-rate debt at 9/30/25 Approximately 61% of the principal value of debt at 9/30/25 is fixed rate or hedged absent any paydown on the credit facility through April 2026, and 52% is fixed rate or hedged through April 2027 1 2 (1) Final Maturity will be October 2027 if Senior Unsecured Notes are then outstanding
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23 $MM REPX Capitalization and Leverage Maturity Profile Affords Opportunity for Future Refinancing(3)(4) Capitalization and Debt Maturity Profile (1) Leverage calculated as Debt as of 9/30/25 divided by Last Twelve Months Adjusted EBITDAX, pro forma for Silverback acquisition (2) Liquidity consists of cash and cash equivalents of $16MM, and undrawn credit facility of $175MM as of 9/30/25 (3) RBL final maturity will be October 2027 if Senior Notes are still outstanding; otherwise final maturity will occur in December 2028. RBL Utilization of $225MM as of 9/30/25 (4) Current principal amount for Senior Unsecured Notes is $150MM; scheduled amortization reduces current principal by $5MM/quarter $400MM Total Commitments Sr. Notes (scheduled qrtly pmts) Sr. Notes (due at maturity) RBL utilization RBL availability MM, except share price Total Common Stock Outstanding (10/31/25) 22.0 Share Price (10/31/25) $26.02 Market Capitalization $572 Plus: Total Debt $375 Credit Facility (Due 2027) $225 Senior Notes (Due 2028) $150 Less: Cash and Cash Equivalents $16 Enterprise Value $930 LTM Pro Forma Leverage(1) 1.3x Pro Forma Adjusted EBITDAX $289 Liquidity(2) $191