Riley Permian to acquire Silverback for $142M; Q1 net income $29M

Riley Exploration Permian, Inc.

Acquired Silverback Exploration II for ~$142M cash, adding 5 MBoe/d production and 300+ undeveloped locations in Eddy County, NM; expected close early Q3 2025.
Q1 2025 net income $29M ($1.36 diluted EPS), revenue $102M; adjusted EBITDAX $71M; production 24.4 MBoe/d (15.6 MBbls/d oil).
Revised 2025 standalone guidance: upstream capex midpoint cut 50%, production midpoint down 3%; combined with Silverback, total investing up 5% vs standalone.
Reduced total debt by $21M in Q1; debt-to-adjusted EBITDAX ratio 0.9x; liquidity $310M as of March 31, 2025.
Declared Q1 cash dividend of $0.38 per share, paid $8M total.

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