EON Resources closes $45.5M recapitalization, signs San Andres farmout; expects 10 horizontal wells in 2026

EON Resources Inc.

Closed $20M senior debt retirement, $7M settlement of $20M note, and $27M preferred unit conversion to 1.5M shares.
Farmout with Virtus: $5M sale of 65% San Andres WI; EON retains 35% carried for first 3 wells (cost $3.5-4M each).
Virtus estimates 92 horizontal locations; drilling permits expected Q1 2026, drilling Q2; initial well production 300-500 BOPD.
GJF operations: 206 wells worked over in 2025, Skelly water trunkline restored, production stabilized near 900 BOPD.
Management now owns ~10% of shares after 1.56M-share purchase in Dec 2025; hedging covers 50% of H1 2026 at $60+.

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