Riley Permian sells midstream assets to Targa for $111M cash; up to $60M earnout

Riley Exploration Permian, Inc.

Sold Dovetail Midstream (natural gas gathering in Eddy County, NM) for ~$111M cash, subject to adjustments.
Potential earnout of up to $60M over 5 years based on volume thresholds.
Proceeds to reduce credit facility borrowings and pay taxes/transaction costs.
Separate sale of compressor station assets for ~$10M expected to close in Q1 2026.
CEO Bobby Riley: transaction provides flow assurance, allows focus on upstream assets and recent Silverback acquisition.

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