EON Energy To Acquire South Justis Field In Permian Basin For 1M Class A Common Shares

The Company will exchange 1.0 million Class A common shares of the Company without any cash consideration or debt for EON Energy to acquire a 94% working interest in the South Justis Field. With the estimated $1.2 million in net annual cash flow, the transaction is expected to be accretive. The effective date of the acquisition is June 1, 2025.The transaction is expected to close June 20, 2025.