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EON Resources Inc. Announces Farmout of San Andres Rights to Virtus Energy Partners, LLC $300+ million San Andres Horizontal Drilling Program Up to 90 Wells with a Reserve Value Estimated at $95+ million in Net PV-10
HOUSTON, TX / ACCESS Newswire / September 11, 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 11, 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 entering into a Farmout Agreement (the "Farmout") with a subsidiary of Virtus Energy Partners, LLC ("Virtus") on September 9, 2025.","length":520,"tagName":"p"},{"type":"text","content":"Under the Farmout, Virtus acquired the right to develop the Company's San Andres formation within the Grayburg Jackson Field ("GJF") where it believes as many as 90 horizontal drilling locations are prospective. Virtus will be the designated operator and lead the development efforts.","length":298,"tagName":"p"},{"type":"text","content":"The Frisco, Texas based Virtus team has a recent and relevant history as the preeminent horizontal San Andres developer in the Permian Basin. Organically and through acquisitions, Virtus created immense value in the state line area of Texas and New Mexico; growing from zero to more than thirty thousand gross operated barrels of oil equivalent per day from more than two hundred horizontal San Andres wells. Virtus' management team gained their expertise developing conventional and unconventional reservoirs with modern technology in most of the notable United States basins before settling on their strategy of redeveloping conventional oilfields in the Permian Basin of Texas and New Mexico.","length":699,"tagName":"p"},{"type":"text","content":"The closing of the drilling program farmout was simultaneous with the closing of the funding for the settlement of seller obligations and the retirement of senior debt. For additional information regarding the funding, the related press release is available on the EON press releases page of our website.","length":304,"tagName":"p"},{"type":"text","content":"Highlights of the program and farmout agreement:","length":48,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Virtus paid EON $5.0 million for the acquisition of a 65% working interest in the leasehold rights in the San Andres formation. The Company retains a 35% non-operated working interest in the...