Business
EON Resources Inc. Announces $45.5 million of Funding Closed with the Simultaneous Settlement of Seller Obligations and Retirement of Senior Debt
HOUSTON, TX / ACCESS Newswire / September 10, 2025 /EON Resources Inc. (NYSE American:EONR) ("EON" or the "Company") is an independent upstream energy company with 20,000 leasehold acres in the Permian Basin. The fields have a total of 750 producing ...
About this update from Eon Resources Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESS Newswire / September 10, 2025 / EON Resources Inc. (NYSE American:EONR) ("EON" or the "Company") is an independent upstream energy company with 20,000 leasehold acres in the Permian Basin. The fields have a total of 750 producing and injection wells producing over 1,000 barrels of oil per day. Today, the Company announced the successful closing of total funding of $45.5 million yesterday, September 9, 2025, through a combination of volumetric funding instrument ("VMA") and a farmout of the Company's San Andres rights across its leasehold to a subsidiary of Virtus Energy Partners, LLC ("Virtus").","length":667,"tagName":"p"},{"type":"text","content":"$40.5 million of the funding was provided by a private family office that invests directly in upstream energy industry projects.","length":128,"tagName":"p"},{"type":"text","content":"The $45.5 million funding components and sources:","length":49,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$20.0 million of the funding was from the private family office in consideration for a 15% perpetual overriding royalty interest in existing leases and wells in the Grayburg Jackson Field ("GJF").","length":206,"tagName":"p"}]},{"val":[{"type":"text","content":"$20.5 million of the funding was from the private family office for a 5% perpetual overriding royalty interest in the San Andres formation in wells to be drilled under the farmout program with Virtus.","length":200,"tagName":"p"}]},{"val":[{"type":"text","content":"$5.0 million of the funding was from Virtus in consideration for a farmout of the Company's rights in the San Andres formation in which Virtus will own a 65% operated working interest and EON retains a 35% non-operated working interest. Virtus and the Company believe as many as 90 horizontal San Andres wells are prospective in the GJF. Based in Frisco Texas, Virtus is a newly formed exploration and production company with an impressive track record in the Permian Basin and many other US Basins. The primary business strategy of Virtus is to create value in under-managed conventional reservoirs by applying modern technology and techniques. Combining Virtus' skillset with the EON assets is intended to unlock great value for all parties.","length":751,"tagName":"p"}]}],"tagN...