EON Resources Inc. Announces EON Energy, LLC Has Agreed to Acquire South Justis Field in the Permian Basin in Lea County, New Mexico with 207 Million Barrels of Original Oil in Place on 5,360 Acres

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[{"type":"text","content":"HOUSTON, TX / ACCESS Newswire / June 20, 2025 / EON Resources Inc. (NYSE American:EONR) ("EON" or the "Company") is an independent upstream energy company with oil and gas properties in the Permian Basin. The Company announced today that EON Energy, LLC, a Delaware limited liability company ("EON Energy, LLC"), a wholly owned subsidiary of the Company, has entered into a Purchase and Sale Agreement ("Agreement") with WPP NM, L.L.C. and Northwest Central, L.L.C. (collectively the "Seller") to acquire all of their respective interests in the South Justis Field located in the Permian Basin in Lea County, New Mexico.","length":670,"tagName":"p"},{"type":"text","content":"The Company will exchange 1.0 million Class A common shares of the Company without any cash consideration or debt for EON Energy to acquire a 94% working interest in the South Justis Field. With the estimated $1.2 million in net annual cash flow, the transaction is expected to be accretive. The effective date of the acquisition is June 1, 2025.The transaction is expected to close June 20, 2025.","length":397,"tagName":"p"},{"type":"text","content":"South Justis Field ("SJF" or "South Justis Field") Profile:","length":79,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"South Justis is currently producing 108 barrels of oil per day ("BOPD") from 19 actively producing wells which adds $1.2 million in net cash flow annually with minimal impact to the G&A costs of the Company. We estimate that the production and related cash flow has the potential to double and triple within a year based upon the rate remaining idle wells in the South Justis Field can be returned to active production.","length":433,"tagName":"p"}]},{"val":[{"type":"text","content":"The South Justis Field is located in Lea County, New Mexico in the Central Basin of the Permian Basin, the most prolific oil-producing region in the United States. The South Justis Field is located a short distance from our Grayburg-Jackson Field in Eddy County, New Mexico allowing for efficiencies of scale.","length":309,"tagName":"p"}]},{"val":[{"type":"text","content":"Original Oil in Place ("OOIP") was 210 million barrels of oil with 30 million barrels produced to date. EON Energy believes 15 million barrel...

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