on EON Resources Inc. (NASDAQ:EONR)
EON Resources Inc. Sets Stage for Growth in Fiscal Year 2024
Houston-based EON Resources Inc. reports its fiscal 2024 results, highlighting strategic moves to position the company for future growth. The company, focused on oil and gas properties in the Permian Basin, stabilized production after acquiring LH Operating, LLC.
Key developments include an agreement with Pogo Royalty, LLC to restructure debt by $40 million and a $52.8 million arrangement with Enstream Capital for field development. EON is also initiating a horizontal drilling program targeting untapped reserves in the San Andres formation, estimated to yield 20 million barrels.
Fiscal 2024 financials reveal $19.4 million in revenue, with operational income at $6.5 million. The company reduced operating expenses and debt, aiming for profitability. Despite improvements, an audit raised concerns about EON's ability as a going concern due to capital deficiencies.
R. E.
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