EON Resources, Inc. Announces an Update on Its 2026 Drilling Program

About this update from Eon Resources Inc.

• 3 successful vertical well recompletions into the San Andres Formation testing completion methods • Phase 1 of a 92-well drilling program commenced with regulatory approval for first three horizontal wells • 10 new horizontal wells anticipated to be drilled in San Andres Formation by year-end 2026 HOUSTON, TX / ACCESS Newswire / June 26, 2026 / EON Resources, Inc. (the "Company" or "EON") (NYSE American:EONR) is an independent upstream energy company with two fields in the prolific Permian Basin in Southeast New Mexico held by its wholly owned subsidiary, LH Operating, LLC ("LHO"), comprising 20,000 leasehold acres; the fields produce over 1,000 barrels of oil per day. Today the Company and LHO provided an update to its previous landmark strategic transaction of September 9, 2025, with one or more subsidiaries of Virtus Energy Partners (collectively "Virtus") to drill up to 92 horizontal wells in the San Andres formation across the Company's 13,700 leasehold acres in the Grayburg-Jackson field in Eddy County, New Mexico. "We are on track to drill the first three horizontal wells this July. Virtus, the Operator of the horizontal wells, has completed all regulatory requirements with the Bureau of Land Management and State of New Mexico," said Dante Caravaggio, President and CEO of EON. "The permitting process to drill ten wells every six months during a five-to-ten-year drilling program has been initiated," Mr. Caravaggio added. LHO has a 35 percent working interest in the horizontal wells drilled in the San Andres formation, with Virtus leading this effort. EON will release results of newly drilled horizontal wells in Q1 of 2027, after all 2026 horizontal wells are drilled. "Few events in the oil business have the potential to change a company's trajectory in such a dramatic and sudden fashion," Mr. Caravaggio continued. "With workover completion tests now finalized, we look forward to positive Q3 and Q4 2026 drilling results." The Permian Basin is unique because of its numerous stacked pay formations and intervals at various depths, with many showing commercial oil pay thicknesses. The detailed analysis of our unique pay zones is confidential. The Permian Basin offers an oil company much longer well life than most other U.S. oil fields by allowing producers to move from pay zone to pay zone as a pay zone depletes. EON (through LHO) today averages 950 ba...

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