• 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 barrels of oil per day ("BOPD") from the Seven Rivers formation, which has been waterflooded since 2021, plus 100 BOPD from waterflood operations at the South Justis Field. Both oil fields have multiple pay formations with horizontal drilling potential.
About EON Resources Inc.
EON is an independent upstream energy company focused on acquiring and developing stacked pay formations for conventional (e.g., waterflooding) and unconventional (e.g., horizontal drilling) recovery. The Company today produces over 1000 BOPD from two fields, one in Eddy County and another in Lea County, New Mexico through its wholly owned subsidiaries.
Class A Common Stock of EON trades on the NYSE American Stock Exchange under the symbol "EONR". The Company's public warrants trade under the symbol "EONR WS". For more information on the Company, please visit the EON website.
About the Grayburg-Jackson Field
Our Grayburg-Jackson Field ("GJF") is located on the Northwest Shelf of the Permian Basin in Eddy County, New Mexico. The GJF is comprised of 13,700 contiguous leasehold acres where the leasehold rights include the Seven Rivers, Queen, Grayburg and San Andres intervals, which range from as shallow as 1,500 feet to 4,000 feet in depth. The mapped original-oil-in-place ("OOIP") is approximately 956 million barrels of oil. More information on the GJF can be located on the Grayburg-Jackson Field page of the Company's website.
About the South Justus Field
Our South Justus Field ("SJF") is a carbonate reservoir in the Permian Oil Field located in Lea County, New Mexico. The SJF comprises 5,360 contiguous leasehold acres. The producing formations include the Glorietta, Blinebry, Tubb, Drinkard and Fusselman intervals, which range from 5,000 feet to 7,000 feet in depth. The original-oil-in-place ("OOIP") is approximately 207 million barrels of oil. More information on the SJF can be located on the South Justus Field page of our website.
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:
https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/eon-resources-inc.-announces-an-update-on-its-2026-drilling-program-1183062
