Slide 1: Q2'26 Investor Presentation
Q2’26 Investor Presentation August 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.’s (“Riley Permian”) current views with respect to
Slide 3: Riley Permian Overview
Riley Permian Overview Riley Permian is a growth-oriented upstream company operating in the Northwest Shelf of Texas and New Mexico, with infrastructure projects that complement our operations Founded in 2016 and achieved public listing in 2021 Riley Permian by the Numbers via reverse merger ~$1.0 B
Slide 4: Riley Permian Asset Overview
Riley Permian Asset Overview Riley Permian operates in the Northwest Shelf of the Permian Basin in Yoakum County, TX and Eddy County, NM NEW MEXICO Champions Field – Yoakum County, TX Primary Formation Target: ▪ San Andres Yoakum Co. Northwest Shelf Net Acres (% HBP)(1): ▪ ~31,000 Net Acres (89% HBP
Slide 5: Riley Permian Has a Deep, High Value Inventory Base
Riley Permian Has a Deep, High Value Inventory Base Riley Permian wells benefit from high production rates, shallow declines and low well costs OilProduction Oil ProductionRates RatesOver overTime Time (1) Cumulative Oil Prod. Over Time(1) Net Locations by DROI(2)(3) Bbls/d per 1,000’ of Lateral Len
Slide 6: Track Record of Growth on a Per Share Basis
Track Record of Growth on a Per Share Basis Total Production per Share(1) Barrels of Oil Equivalent per 1,000 Shares (1) Represents total production volumes divided by average basic shares outstanding for the period 6
Slide 7: Track Record of Returning Capital to Shareholders
Track Record of Returning Capital to Shareholders 1 History of paying a fixed dividend every quarter as a public company ▪ Track record of raising dividend annually ▪ 4.7% current dividend yield 2 Share Repurchases ▪ Announced $100MM share repurchase authorization in December 2025 ▪ Repurchased 177K
Slide 8: 2Q26 Financial Highlights
2Q26 Financial Highlights Key Results 2Q26 2Q26 Highlights Completion activity and wells turned to sales focused in TX in 2Q26 Total Daily Production 34.3 ▪ Texas: 11.9 net wells drilled, 17.3 net wells completed and 13.9 net wells turned to sales MBoe/d ▪ New Mexico: 8.0 net wells drilled, no wells
Slide 9: Downtime Due to Midstream Constraints Impacted Volumes
Downtime Due to Midstream Constraints Impacted Volumes Impact of Third-Party Midstream Disruptions on Second Quarter Production Volumes ▪ Third-party midstream disruptions in Total Oil Production (MBbls/d) April and May during the second quarter, resulted in periodic production curtailments in New M
Slide 10: Workover Projects Provide Low-Cost Incremental Production
Workover Projects Provide Low-Cost Incremental Production Production at Silverback Asset Nearly Double Underwriting Forecast Workovers Providing Low-Cost Barrels Underwritten Volumes ▪ Riley Permian incurred approximately $11 million of workover expense, 3,000 Actual Volumes 100% included in lease o
Slide 11: 3Q 2026 and Updated Full-Year 2026 Guidance
3Q 2026 and Updated Full-Year 2026 Guidance Q3 2026 Full-Year 2026 Metric Guidance Guidance Activity and Production Net Operated Well Activity Drilled # 4.9 - 6.9 51.6 - 53.6 Completed # 8.2 - 10.2 41.1 - 43.1 Turned to Sales # 15.2 - 17.2 42.8 - 44.8 Non-Operated, Net # 1.9 - 2.9 1.9 - 2.9 Net Prod
Slide 12: Full-Year 2026 Oil Price Sensitivities
Full-Year 2026 Oil Price Sensitivities Estimates Based on Midpoint of Guidance Adjusted EBITDAX ($MM)(1) Total Free Cash Flow ($MM)(1) Note: Forecasted metrics based on management estimates and midpoint 2026 guidance. Price sensitivity for WTI uses actual prices through July 2026 and the respective
Slide 13: Appendix
Appendix 13
Slide 14: Capitalization and Debt Maturity Profile
Capitalization and Debt Maturity Profile REPX Capitalization and Leverage Debt Maturity Profile(3)(4) $400MM Elected MM, except share price Commitments(3) $MM Total Common Stock Outstanding (8/3/26) 22.2 Share Price (8/3/26) $34.13 Sr. Notes (scheduled qrtly pmts) Market Capitalization $756 Sr. Note
Slide 15: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 9% Daniel Steffens Energy Prospectus 8% dmsteffens@comcast.net Nick Pope Roth Capital 10% npope@roth.com Derrick Whitfield Texas Capital derrick.whitfield@texascapital.com 73% Gabe Daoud Truist Gabe.Daoud@truis
Slide 16: Debt Summary
Debt Summary 1 33% of principal value of debt at 6/30/26 is hedged through 2 66% of the principal value of debt at 6/30/26 is fixed rate or April ’27; SOFR swaps in place for $45MM(1) of notional hedged absent any paydown on the credit facility through value through April ’27 April ’27 Elected Princ
Slide 17: Hedging Summary Positions as of 8/3/26
Hedging Summary Positions as of 8/3/26 2026 2027 2028 3Q 4Q FY 2026 1Q 2Q 3Q 4Q FY 2027 1Q 2Q Crude Oil (WTI) Fixed Swap - Volume Bbls 860,000 820,000 3,456,000 725,000 650,000 630,000 605,000 2,610,000 330,000 0 Weighted Average Price $/Bbl $61.65 $61.42 $61.81 $61.48 $61.68 $61.38 $61.62 $61.54 $7