EON Resources, Inc. is an independent oil and natural gas exploration and production company focused on the Permian Basin in Texas and New Mexico.

# EON Resources, Inc. Overview

**Company Name:** EON Resources, Inc.  
**Location:** 3730 Kirby Drive, Suite 1200, Houston, TX 77098  

## Business Description
EON Resources, Inc. is an independent oil and natural gas exploration and production company focused on acquiring, developing, and producing crude oil and natural gas properties primarily within the Permian Basin of Texas and New Mexico. The company's primary operational assets are located in the Grayburg-Jackson Field in Eddy County, New Mexico.

## Key Operational Details
- **Operational Focus:**  
   - Primarily utilizes waterflooding recovery methods for oil extraction.
   - Owns 100% working interest in approximately **13,700 gross acres** in the Permian Basin.
   - Operates 100% of the net acreage across the company’s assets, consisting solely of vertical wells with average depths of approximately **3,810 feet**.

- **Production Metrics:**  
   - **Average daily production for the year ended December 31, 2024:** 
     - Oil: **700 barrels per day**
     - Natural Gas: **585 Mcf per day**
     - Total BOE (Barrel of Oil Equivalent): **798 BOE per day**
   - Total number of producing wells: **342**

- **Employee Count:**  
   - **Total Employees:** **12**  
     - 5 executive officers (4 based in Houston, 1 in Lubbock)
     - 7 field staff in Loco Hills, NM
   - Relies on contract workers on an as-needed basis for additional responsibilities.

## Financial Performance
- **Revenue for the Year Ended December 31, 2024:** 
   - Total revenue: **$19,418,919**
     - Crude oil sales: **$19,298,698**
     - Natural gas and NGLs: **$483,486**
   - **Average realized oil price:** **$75.52 per barrel**
   - **Average realized natural gas price:** **$2.27 per Mcf**

- **Expenses for the Year Ended December 31, 2024:**
   - Total expenses: **$23,263,053**
     - Lease operating expenses: **$8,614,080**
     - Production taxes, transportation, and processing: **$1,715,792**
     - General and administrative expenses: **$10,381,095**

- **Net Income for the Year Ended December 31, 2024:** 
   - Experienced a significant reporting loss due to increased costs, including general and administrative expenses, and the loss of production volumes.

## Market Environment
- The Permian Basin is characterized by high oil and liquids-rich natural gas content, indicating a potential for profitability.
- Commodity prices significantly affect revenue, leading to fluctuations in earnings based on performance and market conditions.

## Customer Base
- **Number of Customers:** Specific customer count not disclosed, but revenues are derived primarily from the sale of crude oil and natural gas to energy companies and retailers.

## Summary
EON Resources, Inc. is a focused oil and gas producer, leveraging its robust assets in the lucrative Permian Basin. It has a small, dedicated workforce and aims to enhance operational efficiency and profitability through continual development and strategic acquisitions. Despite challenges with production volumes and fluctuations in commodity prices, the company remains positioned for growth with a solid asset base and operational strategy.

HNR Acquisition Corp, after merging with Pogo Resources LLC, focuses on exploration, development, and production of oil and gas in North America, particularly in the Permian Basin.

# Overview of HNR Acquisition Corp and Pogo Resources

## Company Structure
HNR Acquisition Corp is a publicly traded company, incorporated in Delaware. Initially formed as a blank check company to seek business combinations, the company transitioned into a functioning entity following its merger with **Pogo Resources LLC** on November 15, 2023.

### Business Model
HNR Acquisition Corp focuses on the exploration, development, production, and marketing of natural gas, natural gas liquids, crude oil, and refined products, primarily within North America. The merger with Pogo Resources has solidified its position in the oil and gas industry, targeting assets located in the **Northwest Shelf of the Permian Basin**, specifically the **Grayburg-Jackson Field** in Eddy County, New Mexico.

## Pogo Resources Overview
- **Established**: February 2017
- **Headquarters**: Dallas, Texas, with a field office in Loco Hills, New Mexico.
- **Employees**: 15 total employees (5 corporate staff and 10 field staff)
  
### Properties and Production
- **Acreage**: 13,700 gross acres in the Northwest Shelf of the Permian Basin.
- **Working Interests**: 100% working interest across all leasehold.
- **Average Net Daily Production (as of December 31, 2023)**: 1,022 barrels of oil equivalent (BOE) per day (94% oil, 6% natural gas).
- **Estimated Proved Reserves (as of December 31, 2023)**:
  - **Total**: 16,002 MBOE (15,414 MBbls crude oil and 3,525 MMcf natural gas)

### Financial Performance
- **Revenue**: For the year ended December 31, 2023, Pogo Resources generated **positive cash flow from operations** of **$8,675,037**.
- **Expenses**: Lifting costs were approximately **$27.21 per BOE** with a realized price of **$72.69 per BOE**.
- **Market Presence**: Pogo aims for aggressive growth by enhancing its production capabilities, optimizing drilling operations, and pursuing strategic acquisitions in attracting regions.

### Future Growth and Strategy
- Pogo Resources plans to develop **115 proved developed non-producing (PDNP)** well patterns from its current reserves by enhancing production efficiency and leveraging advanced extraction technologies.
- The company aims to increase its presence in the Permian Basin through additional acquisitions, seeking high-quality, low-risk-producing properties.

### Customer Base
While specific numbers relating to the customer base are not publicly disclosed, Pogo's operations reach a diverse set of partners and clients across the energy sector, benefiting from its accumulated expertise, strategic asset positions, and existing contracts with major oil firms.

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This summary provides a concise yet detailed view of HNR Acquisition Corp and its operational arm, Pogo Resources, offering insights into its business model, financial health, and strategic vision for the future. 

EON Resources Inc.

10-K / April 16, 2025

10-K / May 3, 2024

10-K / April 16, 2025

EON Resources, Inc. Overview

Business Description

Key Operational Details

Financial Performance

Market Environment

Customer Base

Summary