Business
EON Resources Inc. Announces Its 2026 Drilling Program Commencing with Recompletion of 5 Wells in the San Andres, and 3 of 92 New San Andres Horizontal Wells
HOUSTON, TX / ACCESS Newswire / March 19, 2026 /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 ...
About this update from Eon Resources Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESS Newswire / March 19, 2026 / 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 its drilling and production plan for 2026.","length":403,"tagName":"p"},{"type":"text","content":"The company has selected 5 existing vertical wells to recomplete into the San Andres formation to test various completion methods ahead of the planned drilling of 92 new horizontal wells. These well recompletions will be reported in the second quarter at a total estimated cost of $2 million to perforate and frac the 5 wells.","length":326,"tagName":"p"},{"type":"text","content":""In advance of spending $3.5 million per well to drill and complete the horizontal wells in the San Andres, the results from the 5 vertical wells will help guide us as to best completion practices for the horizontal wells. This information will be valuable to our partner, Virtus, as they prepare to begin drilling the new horizontal wells in the second quarter of this year," said Dante Caravaggio, President and CEO of the Company.","length":443,"tagName":"p"},{"type":"text","content":"Farmout Agreement with Virtus Energy Partners, LLC ("Virtus")","length":71,"tagName":"p"},{"type":"text","content":"EON's Farmout agreement to drill 92 wells with Virtus, has commenced. Funding is in place. The first 10 drill sites have been selected. The initial 3 permits are prepared and submitted to the BLM and the State of New Mexico. The Company expects approval within 90 days. Preparations are underway to commence drilling in Q2 of 2026.","length":335,"tagName":"p"},{"type":"text","content":""Our plan is to drill 10 new horizontal wells in 2026. We will drill the first three wells in Q2 and report results in Q3. Our plan is to drill 10 to 20 wells per year depending on results and oil prices," said Jesse Allen, Vice President of Operations for the Company. "Our technical team estimates a 400 BOPD average for each well. EON's 35% working interest is pre-funded partially within our farmout agreement. EON expects net oil production to be 500 BOPD from the 5 vertical well recomple...