EON Resources Inc.

2025. At this time, all participants have been placed on a listen-only mode. If you have any questions or comments during the presentation, you may press star 1 on your phone to enter the question queue at any time, and we'll open the floor for your questions and comments after the presentation. If you're listening on webcast, you can submit a question by clicking on the Ask Question button on the left of your screen. Type your question into the box and hit the Send button to submit your question. It is now my pleasure to turn the floor over to your host, Michael Porter. Sir, the floor is yours.

Thank you, Matthew. Good afternoon, ladies and gentlemen, and welcome to the Eon Resources first quarter earnings call. This call comes under the forward-looking statements rules of the Private Securities Litigation Reformed Act of 1995 that involves risks and uncertainties that could cause, affect, result, and to differ materially from what is expected, words such as expect, believe, anticipate, et cetera, such forward-looking statements. But in the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results. Any results and changes that are material, the company's expectations are disclosed in the company's documents filed from time to time with Edgar and with the Series and Exchange Commission. And without further ado, I'd like to introduce Dante to you. Dante, the floor is yours.

Thank you, Mike. All of you, thank you for dialing in. It's a warm day in Houston. here in the afternoon. I just got my air conditioner fixed, so I'm in a very nice way to be speaking with each of you. We just spoke to all of you 30 days ago for our year-end financial results. So the focus of this call is what's happened in Q1. And I'm going to do this as a good, bad, good sandwich here. So the good, of course, is We've got this wonderful asset. We all believe in it. This management team is committed to making this thing much bigger, much more profitable than it is today. And we've made a lot of progress on the things we mentioned a month ago. Advancing the financing to retire all of our senior debt and our seller debt. We'll talk a little bit about that. We've made great advances to find a driller that will bring money and drill, and we put this out on our website, 50 San Andreas horizontal wells, and I was delighted to hear that one of our potential drilling partners said, oh, no, it's not 50, it's 90. And these are big wells. These are big wells. We're talking about 400-plus barrels a day per well. So those kind of jump way up to the top of the list of the goods. On the bad side, in the last quarter, oil prices have been down. Our stock has been down. Our debt has stayed about the same. We continue to pay down our debt, but we still have high debt. We don't make money each month, but we've been reducing our costs to cut the amount of loss that we have each month. That's kind of a good story out of a bad story. And we are short of capital. We need to invest more money than we are in the field. But right now our priorities just pay our bills. So a lot of our cash goes to that. So on to the slide that you have is slide one. We're trending in the right direction. If you compare what we did year-end last year to what we did in Q1, we lowered our costs and we lowered our loss per quarter. I'm figuring, and if you cut through all the, I'll say the accounting rules and get to our cash loss per month, we're close to probably $400,000 right now is the run rate that we need to find, either through increased production or increased costs. I mean, sorry, reduced cost or increased production. There, now I got it right. And that's almost twice as good as it was this time last year. And a lot of these cuts were responding to lower commodity pricing, even though we're hedged. We're hedged at 70 plus percent, meaning we get $70 a barrel. Even if today oil prices are $55 or $60 or $62 or whatever they are, we get $70. The financing to retire our big debt is worth talking about. So that's occupying most of my time and a lot of our team's time. So we met with OnStream in Dallas this past week. We're on track to get the financing needed to retire our senior debt. So we've reported that to our bank and the timing to get that all taken care of. is end of June, middle of July. And that's about the best forecast I can give for that. Part of the on-stream financing is to also give us $9.5 million to do workovers. And I previously mentioned we have 45 workovers approved. It's a mixed bag of injectors and producers. We are a water flood producing field, which means we need producers that are completed in our water flood zone, which right now the Seven Rivers is our dominant zone. At the same time, we need water injectors injecting water in those same zones. So you're gonna hear Jesse when he gets on talking about that. In parallel with that, we accelerated our search for a drilling partner and we've got one LOI in hand and we expect additional ones to come in. But the format of these things is a little bit of a leasehold payment, a sharing of production, and a sharing of drilling costs. And we are looking for an experienced driller familiar with the formation in our area. And I'm delighted to report we've got keen interest in that regard. And this is where we're going to make the big move to the upside. I already mentioned that New Mexico State OCD has approved Forty-five workovers for us, that's a milestone. So that gives us a big backlog of work to do once the funding is in place. I'm also delighted to report that our acid stimulations, a new formulation cooked up by Jesse Allen, our VP of Ops, has doubled and tripled production. Now, we've done this before where we did simple acid. It doubled and tripled production, but it was short-lived. So we had to go back to the drawing board to find a better formulation that would hold up. So in conclusion, I believe all this hard work that hasn't put money in the bank for us yet has positioned us for launch. And as we continue to do these workovers and refine our formulas for sand fracks, for acid jobs, for drilling, I believe we're in terrific position to take off in Q3 and Q4 of this year. With that, for the details, I'm going to turn it over first to Mitch Trotter.