EON Resources is a small, independent oil and gas E&P company focused exclusively on the Permian Basin. Through its subsidiary Pogo Resources, EON owns and operates a 100% working interest in 13,700 gross acres in the Grayburg-Jackson Field in Eddy County, New Mexico. The company produces crude oil (roughly 86% of production) and natural gas from 342 shallow vertical wells averaging 1,500 to 4,000 feet in depth, with net daily production of approximately 811 BOE/day in FY24. EON sells crude oil and natural gas to commodity buyers at market prices, with revenue closely tied to WTI prices. As the sole working interest owner, EON bears all operating and capital costs but retains roughly 74% of net revenue after royalties. EON's development model centers on waterflood techniques — injecting produced water back into the reservoir to maintain pressure — which produces more stable, sustained output compared to hydraulically fractured shale wells. Near-term growth is organic, focused on low-cost workovers of existing wellbores in the Seven Rivers waterflood zone at roughly $150,000 per workover, targeting production growth of ~1,000 BOE/day per year. Longer term, EON plans to shift toward new well drilling and pursue bolt-on acquisitions of additional Permian Basin working interests. EON originated as a SPAC and trades on NYSE American under "EONR," with only 12 employees, making it more comparable to a private E&P operator than a typical publicly traded peer.