Business
EON Resources Inc. Reports Management and Directors Buy 301,000 Shares of EON Class A Common Stock
HOUSTON, TEXAS / ACCESS Newswire / July 1, 2025 /EON Resources Inc. (NYSE American:EONR) ("EON" or the "Company") is an independent upstream energy company with 20,000 leasehold acres comprising two fields in the Permian Basin in southeast New Mexico. ...
About this update from Eon Resources Inc.
[{"type":"text","content":"HOUSTON, TEXAS / ACCESS Newswire / July 1, 2025 / EON Resources Inc. (NYSE American:EONR) ("EON" or the "Company") is an independent upstream energy company with 20,000 leasehold acres comprising two fields in the Permian Basin in southeast New Mexico. Today, the Company reports that the management team and independent directors ("Team") bought a combined 301,000 shares of the Company's Class A Common Stock on the open market.","length":464,"tagName":"p"},{"type":"text","content":""The Team, during a short window between the announcement of the South Justis Field acquisition and the quarter-end black-out period, was able to buy a significant number of shares," said Mitchell B. Trotter, CFO of the Company.","length":238,"tagName":"p"},{"type":"text","content":"Dante Caravaggio, President and CEO of the Company, stated that "We have two major projected events, previously announced, that make a step change for EON. The first is the Enstream funding of $52 million to pay off the agreement with the Seller, to pay off our senior debt, and to fund $9.5 million in oil well workovers. Combined, these actions dramatically change our balance sheet and oil production. The second major event is the selection of a drilling partner who will bring potentially $50 to $100 million in funding to develop our tremendous San Andres reserves. Both events are forecasted to close in August; however, there is no assurance that we will do so. Clearly the EON management team is optimistic."","length":727,"tagName":"p"},{"type":"text","content":"About the Grayburg-Jackson Oil Field Property","length":45,"tagName":"p"},{"type":"text","content":"LH Operating, LLC ("LHO"), a wholly owned subsidiary of EON, operates its holdings in New Mexico of oil and gas waterflood production comprising 13,700 contiguous leasehold acres, 342 producing wells and 207 injection wells situated on 20 federal and 3 state leases in the Grayburg-Jackson Oil Field. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico.","length":433,"tagName":"p"},{"type":"text","content":"Leasehold rights of LHO include the Seven Rivers, Queen, Grayburg and San Andres intervals that range from as shallow as 1,500 feet to 4,000 feet in depth. The December 2024 reserve re...