EON Resources Inc. Reports Management and Directors Buy 301,000 Shares of EON Class A Common Stock
'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.
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.'
About the Grayburg-Jackson Oil Field Property
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.
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 report from our third-party engineer, Haas and Cobb Petroleum Consultants, LLC ('Haas & Cobb' or 'Cobb'), reflects LHO to have proven reserves of approximately 14.0 million barrels of oil and 2.8 billion cubic feet of natural gas. The mapped original-oil-in-place ('OOIP') in the LHO leasehold is approximately 876 million barrels of oil in the Grayburg and San Andres intervals and 80 million barrels in the Seven Rivers interval for a total OOIP of approximately 956,000,000 barrels of oil.
Our primary production is currently from the Seven Rivers zone. In addition to proven reserves, the Company believes it may access an additional 34 million barrels of oil by adding perforations in the Grayburg and San Andres formations. With proven oil reserves of over 15 million barrels, combined with the potential 34 million additional barrels from the Grayburg and San Andres zones, LHO should produce oil and a revenue stream for more than two decades with a low decline rate.
About the South Justis Field Property
The South Justis Field ('SJF' or 'Field') is a carbonate reservoir, similar to the rest of the Permian. The Field was first developed in the 1960's and had an initial production in the 6,000 BOPD range. The waterflood implemented at a cost of $40 million dollars in the 1990's by a major oil company. The subsequent owners of the Field had higher priorities, which led to an increase in idle wells with downhole failures, thus allowing the production to drop dramatically. The Seller acquired the field and has reactivated several wells and increased the production of oil.
The SJF comprises of 5,360 contiguous acres with 208 combined producing and injection wells with large spacing of 50 acres. The field is located in the Central Basin of the prolific Permian Basin in Lea County, New Mexico located approximately 100 miles from EON's Grayburg-Jackson Oil Field property. The rights include the Glorietta, Blinebry, Tubb, Drinkard and Fusselman intervals that range from 5,000 feet to 7,000 feet in depth. The original-oil-in-place ('OOIP') is approximately 207 million barrels of oil.
About EON Resources Inc.
EON is an independent upstream energy company focused on maximizing total returns to its shareholders through the development of onshore oil and natural gas properties in the United States. EON's long-term goal is to maximize total shareholder value from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development, production enhancement, and other exploitation efforts on its oil and natural gas properties.
EON's Class A Common Stock trades on the NYSE American Stock Exchange (NYSE American: EONR) and the Company's public warrants trade on the NYSE American Stock Exchange (NYSE American: EONR WS). For more information on EON, please visit the Company's website: https://www.eon-r.com/
Forward-Looking Statements
This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as 'expects,' 'believes,' 'anticipates,' 'intends,' 'estimates,' 'seeks,' 'may,' 'might,' 'plan,' 'possible,' 'should' and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect the Company's management's current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Important factors – including the availability of funds, the results of financing efforts and the risks relating to our business – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on EDGAR (see www.edgar-online.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations
Michael J. Porter, President
PORTER, LEVAY & ROSE, INC.
mike@plrinvest.com
SOURCE: EON Resources Inc.
View the original press release on ACCESS Newswire
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
40 minutes ago
- Business Wire
LINE Investors Have Opportunity to Lead Lineage, Inc. Securities Fraud Lawsuit with the Schall Law Firm
LOS ANGELES--(BUSINESS WIRE)-- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Lineage, Inc. ('Lineage' or 'the Company') (NASDAQ: LINE) for violations of the federal securities laws. Investors who purchased the Company's securities pursuant and/or traceable to the Company's Offering Documents issued in connection with its initial public offering ('IPO') conducted in July 2024, are encouraged to contact the firm before September 30, 2025. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at or by email at bschall@ The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. According to the Complaint, the Company made false and misleading statements to the market. Lineage suffered a weakening of demand as customers destocked excessive inventory and adjusted their businesses to changing consumer trends. The Company raised prices leading up to the IPO in an unsustainable manner. The Company failed to counteract its demand problems through marketing or its supposed competitive advantages. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Lineage, investors suffered damages. Join the case to recover your losses. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
Yahoo
3 hours ago
- Yahoo
Experts Share How Much Savings You Really Need To Retire in Hawaii
Hawaii seems like the perfect retirement, but it's also the most expensive state to live in. According to an index developed by the Bureau of Economic Analysis (BEA) and as reported by Yahoo Finance, Hawaii's cost of living is 8.6% higher than the national average. This is due to the state's remote location, which requires goods to be imported, thereby increasing prices. The limited availability of land and high demand for houses also contribute to a higher cost of living. Read More: Find Out: 'As a word of caution to anyone considering relocating to Hawaii, do not discount the fact that Hawaii has a unique culture that inherently looks down upon uninitiated emigrants,' said J.R. Robinson, owner and founder of Financial Planning Hawaii. 'It very definitely helps to have a local connection.' Here's what you need to know about retiring in Hawaii. How Much You Need To Retire in Hawaii Daniel Gleich, CEO and President of Madison Trust Company, said Hawaii's high cost of living makes it the most expensive state to retire in comfortably. According to a Madison Trust Company report, residents should aim to save $2,212,084 by age 65. This figure includes basic living expenses and discretionary spending. This takes into consideration expenses such as groceries, housing, transportation, health care, utilities and supplemental funds for extracurriculars. However, there's no one-size-fits-all answer. 'There is no specific nest egg value to answer this question. It depends upon the consumer's income needs and standard of living,' said Robinson. But there are also some important considerations to make. 'First, in terms of the cost of living, Hawaii is akin to San Francisco, New York and Boston in terms of housing costs and general cost of living,' he explained. 'Real estate prices are comparable, while grocery expenses tend to be higher in Hawaii.' While real estate prices are comparable, Robinson noted that real estate costs are commonly underestimated. Many retirees are drawn to affordable older condominiums, only to be hit with major assessments for renovations. 'There is a common saying among Hawaii realtors that residential real estate in Hawaii has historically been a good investment, but that consumers would be better served by renting than buying when it comes to condos,' he said. Discover Next: How To Financially Prepare for Retirement in Hawaii Retiring in a high-cost area like Hawaii requires some extra planning. It's also important to keep in mind that Hawaii has a state income tax rate that caps out at 11% — one of the highest in the U.S. 'At the same time, Hawaii is surprisingly progressive with respect to taxing retirees' income,' Robinson added. 'The state does not tax Social Security or pensions or even distributions from rollover IRAs or 401(k)s that can be attributed to employer contributions.' While Hawaii may offer tax advantages for retirees, especially when it comes to exempting certain retirement income, planning for a financially secure future often involves more than just understanding state tax laws. For many, it also means rethinking where and how their savings are invested. 'Many individuals consider exploring long-term retirement strategies that go beyond standard Wall Street options like stocks and bonds and explore self-directed IRAs as a way to diversify their portfolios,' Gleich said. A self-directed IRA allows individuals to invest in alternative assets like real estate, private lending or private equity to generate passive income and help offset the higher living expenses. 'A self-directed IRA can help provide an added layer of control, diversification, and possible passive income for those planning retirement in higher-cost states,' he added. Ultimately, the decision to retire in Hawaii should be based on your interests. 'If the consumer leans toward cosmopolitan, then Honolulu is probably a good fit. If lower-cost real estate and more country living is an objective, then any of the outer islands may be appropriate,' Robinson recommended. More From GOBankingRates 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on Experts Share How Much Savings You Really Need To Retire in Hawaii Sign in to access your portfolio
Business Upturn
6 hours ago
- Business Upturn
FLR LEGAL ALERT: Lose Money on Your Fluor Corporation Investment? Contact BFA Law about its Securities Fraud Investigation (NYSE:FLR)
By GlobeNewswire Published on August 3, 2025, 16:07 IST NEW YORK, Aug. 03, 2025 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Fluor Corporation (NYSE: FLR) for potential violations of the federal securities laws. If you invested in Fluor, you are encouraged to obtain additional information by visiting: Why Is Fluor being Investigated? Fluor is a global professional services firm that provides engineering, procurement and construction, fabrication and modularization, and project management services. The Company has three principal segments: Urban Solutions, Energy Solutions and Mission Solutions. Its Urban Solutions segment includes infrastructure teams that provide a broad range of services, including consulting, design, planning, financial structuring, engineering, construction and operation and maintenance services. During the relevant period, the Company touted the strong productivity across its infrastructure portfolio. In truth, several of Fluor's infrastructure projects experienced undisclosed design errors, delays, and price escalation that significantly impacted its business. The Stock Declines as the Truth Is Revealed On August 1, 2025, before market hours, Fluor reported its fiscal Q2 2025 financial results and held an earnings call. The Company announced disappointing earnings and revealed 'a $54 million net impact of cost growth and expected recoveries on three infrastructure projects, due to subcontractor design errors, the related schedule impacts, and price escalation.' The Company also announced, 'a shift in expected capital spending from some clients.' On this news, the price of Fluor stock fell more than 30% during trading on August 1, 2025. Click here for more information: What Can You Do? If you invested in Fluor you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact:Ross Shikowitz [email protected] 212.789.3619 Why Bleichmar Fonti & Auld LLP? BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA , The Legal 500 , and ISS SCAS , and its attorneys have been named 'Elite Trial Lawyers' by the National Law Journal , among the top '500 Leading Plaintiff Financial Lawyers' by Lawdragon , 'Titans of the Plaintiffs' Bar' by Law360 and 'SuperLawyers' by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd. For more information about BFA and its attorneys, please visit Attorney advertising. Past results do not guarantee future outcomes. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
