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Here are 1-2 brief analogies for Riley Exploration Permian (REPX):

• Like a smaller, Permian-focused oil and gas producer, similar to a mini-Pioneer Natural Resources.
• An independent oil and gas driller, akin to a smaller EOG Resources, with a strong focus on the Permian Basin.

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• Crude Oil: A naturally occurring, unrefined petroleum product extracted from the earth.
• Natural Gas: A naturally occurring hydrocarbon gas mixture, primarily methane, extracted and sold as an energy source.
• Natural Gas Liquids (NGLs): Hydrocarbon components like propane, butane, and ethane that are separated from natural gas and exist as liquids.

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Riley Exploration Permian (REPX) sells its crude oil, natural gas, and natural gas liquids (NGLs) primarily to other companies in the energy sector, rather than directly to individuals.

While REPX's 2023 10-K filing indicates that a significant portion of its sales were concentrated among a small number of purchasers (e.g., approximately 82% of crude oil sales to two purchasers and 91% of natural gas sales to two purchasers), the company does not publicly disclose the specific names of these major customer companies in its SEC filings.

However, based on typical industry practices for exploration and production (E&P) companies, REPX's customers generally fall into the following categories:

• Midstream Companies: These companies purchase crude oil, natural gas, and NGLs for gathering, processing, and transportation through pipelines to market hubs or end-users. They often serve as the initial point of sale for producers.
• Refiners: These are companies that purchase crude oil to process into refined petroleum products such as gasoline, diesel, and jet fuel.
• Natural Gas Marketers/Traders: These entities purchase natural gas from producers and resell it to local distribution companies (LDCs), industrial customers, power generators, or other end-users.
• NGL Marketers/Petrochemical Companies: These companies purchase natural gas liquids (like ethane, propane, and butane) for further processing, use as feedstocks in the petrochemical industry, or resale.

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Bobby D. Riley, Chairman of the Board and Chief Executive Officer

• Mr. Riley was appointed CEO in June 2016.
• He co-founded Riley Exploration, LLC (REX) in 2007, serving as Chairman and CEO until 2012, and founded his first independent exploration and production company, Durango Energy, Inc., in 1984.
• From 2012 to May 2018, he served as CEO of Riley Exploration Group, Inc. (REG).
• He was the Managing Partner of Tuleta Energy Partners, LLC, a privately-held exploration and production company, from 2002 to 2005, until its acquisition by Activa Resources, Inc.
• In 2009, Mr. Riley established a joint venture with a private equity group to invest in unconventional oil and gas plays, deploying over $350 million in capital.
• He has nearly 40 years of experience in the independent oil and gas sector.
• Mr. Riley designed and patented specialized completion equipment that was licensed to Baker-Hughes, and he participated in the design, development, and testing of Intelligent Well Bore Systems, which was sold to Weatherford International in 2000.

Philip Riley, Chief Financial Officer and Executive Vice President, Strategy

• Mr. Riley was appointed Chief Financial Officer on September 1, 2021, and joined Riley Permian in March 2021 as Executive Vice President - Strategy.
• He has over 25 years of experience in the energy and other industries as an executive officer, investor, and strategic advisor.
• Prior to joining the company, he served as Managing Director for private capital funds Bluescape Energy Partners (from May 2015) and Parallel Resource Partners (from November 2012), where he developed investment strategies, sourced opportunities, and managed investment operations.
• He also worked as an investment banker at Lazard, Imperial Capital, and Petrie Parkman, advising on transactions exceeding $135 billion.

Kevin Riley, President

• Mr. Riley began his career in 2007 at Riley Exploration, LLC, as a Partner and Chief Operating Officer.
• He served as Executive Vice President of Business Development at Riley Exploration Group, Inc. from 2013 to 2016.
• He became Chief Operating Officer for new ventures at Riley Exploration - Permian, LLC in 2016, and later that year became President of Riley Exploration Permian, Inc.

John P. Suter, Chief Operating Officer

• Mr. Suter was appointed Chief Operating Officer in June 2024.
• He is responsible for Land, Operations, Subsurface, Reservoir, Regulatory, Commercial Development, and special projects.
• He brings 38 years of experience in oil and gas and 31 years of expertise in management, previously serving as the State of Oklahoma Chief Operating Officer.

Corey Neil Riley, Chief Information Officer and Chief Compliance Officer

• Mr. Riley was appointed Chief Information Officer and Chief Compliance Officer in April 2024.
• He previously served as Executive Vice President - Business Intelligence of REP LLC starting in April 2019.
• He is the son of Bobby D. Riley.

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Here are the key risks to Riley Exploration Permian's business:

1. Volatility of Oil and Natural Gas Prices: As an independent oil and natural gas company, Riley Exploration Permian is highly susceptible to the inherent volatility and low visibility of future commodity prices. A significant and sustained downturn in oil and natural gas prices could materially harm the company's financial condition and operational outlook.
2. High Debt Levels and Financial Health Concerns: Riley Exploration Permian carries a high level of debt, with its net debt to equity ratio considered elevated. Concerns about the company's financial health are further indicated by an Altman Z-Score placing it in the "distress zone," suggesting potential financial challenges. Additionally, the company's short-term assets currently do not cover its short or long-term liabilities.
3. Operational Challenges and Infrastructure Constraints: The company has faced operational challenges, including infrastructure constraints in the Permian Basin. While Riley Exploration Permian is expanding its midstream infrastructure and exploring new ventures like power generation, delays in these projects could impact net production volumes and investing expenditures. There are also inherent risks associated with entering these new lines of business.

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• Accelerating Global Energy Transition: The rapid growth of renewable energy sources (solar, wind) and the accelerating adoption of electric vehicles (EVs) globally represent a clear emerging threat by progressively reducing the long-term demand for fossil fuels. This trend, supported by significant investments and technological advancements, threatens the core market for REPX's products, potentially leading to future price depression and stranded asset risk.
• Increased ESG Pressure and Regulatory Scrutiny: Investors are increasingly integrating Environmental, Social, and Governance (ESG) factors into their investment decisions, leading to higher capital costs, potential divestment from institutional funds, and more difficulty in attracting financing for fossil fuel projects. Concurrently, governments worldwide are implementing stricter environmental regulations (e.g., methane emissions, flaring restrictions, water management) and considering carbon pricing mechanisms, which will increase operational costs and compliance burdens for oil and gas producers like REPX.

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Riley Exploration Permian (REPX) primarily operates in the Permian Basin, located in West Texas and southeastern New Mexico, United States, focusing on the exploration and production of crude oil, natural gas, and natural gas liquids (NGLs).

Addressable Markets:

• Crude Oil: The crude oil market in the Permian Basin, United States, produced 5,790 thousand barrels per day (mbd) in 2023. Production is projected to increase to 6.3 million barrels per day (b/d) in 2024 and 6.6 million b/d in 2025. The Permian Basin is the largest petroleum-producing basin in the United States and contributed 46.1% of U.S. oil production in December 2023.
• Natural Gas: The natural gas market in the Permian Basin, United States, produced 19,315 million cubic feet per day (mmcfd) in 2023. Marketed natural gas production is expected to reach 25.8 billion cubic feet per day (Bcf/d) in 2025. The Permian Basin accounts for nearly 18% of the total U.S. dry gas output, and overall U.S. dry natural gas production, driven largely by the Permian, is forecast to increase to 104.5 Bcfd in 2025 and 107.2 Bcfd in 2026.
• Natural Gas Liquids (NGLs): null

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1. Increased Oil and Gas Production Volumes: Riley Exploration Permian has consistently reported significant production increases, including a 22% quarter-over-quarter and 19% year-over-year rise in total net oil production in Q3 2025. Total equivalent production also saw a substantial increase of 34% quarter-over-quarter and 38% year-over-year. The company plans to continue its drilling program, with 8 to 10 gross wells in Q4 2025, specifically to support 2026 production. Furthermore, Riley Permian aims to maintain Q3 2025 oil volume levels through 2026, which would equate to an 8% year-over-year growth, or potentially grow full-year oil volumes by approximately 12% to 15% if upstream capital expenditures remain flat.
2. Strategic Acquisitions and Successful Integration: The successful integration of the Silverback acquisition has been a key driver, leading to impressive production increases and disciplined cost management, with production on the acquired assets exceeding underwriting cases by over 50% for September and October. The company also announced the closing of a New Mexico acquisition in July 2025. Continued strategic acquisitions and their efficient integration are expected to contribute to expanding the company's asset base and production capacity.
3. Enhancements in Midstream Infrastructure and Power Generation Projects: Riley Permian is progressing with its midstream and power generation projects. These initiatives are aimed at enhancing operational efficiency, reducing disruptions, and leading to more processed gas and less flaring. Improvements in midstream capabilities are expected to result in positive natural gas and natural gas liquids (NGL) revenue, especially considering previous challenges in the natural gas market.
4. Operational Efficiencies and Cost Management (Indirect Revenue Impact): While not a direct revenue driver, the company's focus on operational efficiencies and cost reductions indirectly supports revenue growth by improving profitability and freeing up capital for further development. The discontinuation of the Enhanced Oil Recovery (EOR) Project to focus on more cost-effective primary production methods, along with reported drilling and completion cost savings (e.g., nearly 10% reduction in D&C costs in New Mexico), allows for maintaining or increasing production levels with potentially lower capital expenditure, thereby maximizing the revenue generated per barrel or BOE. The company anticipates a potential 15% reduction in 2026 upstream CapEx while maintaining oil volume levels.

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Share Issuance

• In June 2021, Riley Exploration Permian executed a public offering of 1,666,667 shares of common stock at $30.00 per share, generating approximately $50 million in gross proceeds, with a portion intended to accelerate its enhanced oil recovery (EOR) pilot program.
• The company raised $25.4 million in net proceeds from an equity offering of 1,015,000 shares of common stock at $27.00 per share in August 2024.

Outbound Investments

• In April 2023, Riley Exploration Permian completed the acquisition of oil and gas assets in New Mexico from Pecos Oil & Gas, LLC for $330 million in cash, primarily targeting the Yeso trend.
• The company closed on the acquisition of Silverback Exploration II, LLC in July 2025 for $120 million in cash, plus $3.1 million in contingent consideration, expanding its acreage in Eddy County, New Mexico.
• In May 2024, Riley Exploration Permian purchased oil and natural gas properties in Eddy County, New Mexico, for approximately $17.6 million, adding 13,900 contiguous net acres to its position.

Capital Expenditures

• For the full year 2025, the company maintains its guidance for total capital expenditures and investments at a midpoint of $92 million on an accrual basis.
• In 2024, total accrued capital expenditures were $108 million ($97 million for upstream), with upstream cash capital expenditures seeing a 27% reduction compared to previous guidance.
• Total capital expenditures before acquisitions for 2023 amounted to $136 million on both an accrual and cash basis, with a focus on drilling and completing horizontal wells.