- EON Resources Inc. entered into a **Farmout Agreement** with Virtus Energy Partners, LLC on **September 9, 2025**, for the development of its San Andres formation in the Grayburg Jackson Field, initiating a **$300+ million horizontal drilling program** for up to **90 wells**.  **[1842556_0001213900-25-087039_ea025701901ex99-2_eon.htm:0]** 
- Under the agreement, Virtus acquired a **65% operated working interest** for **$5.0 million**, with EON retaining a **35% non-operated working interest**.  **[1842556_0001213900-25-087039_ea025701901ex99-2_eon.htm:0]** **[1842556_0001213900-25-087039_ea025701901ex99-1_eon.htm:0]**  The program is projected to yield a reserve value of **$95+ million in Net PV-10** net to EON's retained interest.  **[1842556_0001213900-25-087039_ea025701901ex99-2_eon.htm:0]** 
- EON also closed **$45.5 million in funding** on **September 9, 2025**, sourced from a private family office (**$20.0 million** and **$20.5 million** for overriding royalty interests) and Virtus (**$5.0 million** from the farmout).  **[1842556_0001213900-25-087039_ea025701901ex99-1_eon.htm:0]** 
- The proceeds were utilized to settle **$20.5 million in cash consideration** to the Grayburg Jackson Field seller, retire a **$20 million Seller note** (plus accrued interest), and pay off approximately **$19.3 million in senior debt**.  **[1842556_0001213900-25-087039_ea025701901ex99-1_eon.htm:0]**  The retirement of senior debt is expected to improve monthly cash flow by **$400,000 to $600,000**.  **[1842556_0001213900-25-087039_ea025701901ex99-1_eon.htm:0]**

EON Resources (EONR)