• A smaller, independent oil and gas producer, similar to a regional ConocoPhillips.
• A Permian Basin oil and gas explorer, like a focused Occidental Petroleum.
• A specialized Permian Basin oil and gas company, like a smaller Pioneer Natural Resources.

• Oil: Riley Exploration Permian produces and sells crude oil extracted from its reserves primarily in Texas and New Mexico.
• Natural Gas: The company engages in the production and sale of natural gas from its exploration and development activities.
• Natural Gas Liquids (NGLs): Riley Exploration Permian also extracts and sells natural gas liquids, which are byproducts of natural gas production.

• Crude oil and natural gas marketers
• Pipeline companies

Bobby Riley – President and Chief Executive Officer

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

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

Philip Riley joined Riley Permian in March 2021 and was appointed Chief Financial Officer on September 1, 2021, also serving as Executive Vice President – Strategy. He brings over 25 years of experience across energy and other industries as an executive officer, investor, and strategic advisor. Before joining Riley Permian, he was a Managing Director of private capital funds Bluescape Energy Partners (beginning May 2015) and Parallel Resource Partners (beginning November 2012), where he developed investment strategies, sourced opportunities, and managed existing investments. He also served as Bluescape's designated director for REP LLC. Earlier in his career, Mr. Riley worked as an investment banker at Lazard, Imperial Capital, and Petrie Parkman, where he advised on domestic and international transactions exceeding $135 billion in value.

John Suter – Chief Operating Officer

John Suter was appointed Chief Operating Officer of Riley Permian in June 2024. He has 38 years of experience in the oil and gas sector and 31 years in management roles. Prior to joining the company, Mr. Suter served as the State of Oklahoma Chief Operating Officer in state government.

Jeffrey Gutman – Chief Accounting Officer

Jeffrey Gutman was appointed Chief Accounting Officer of Riley Permian in June 2024. He previously served as Executive Vice President and Chief Financial Officer for Riley Exploration Permian, LLC ("REP"), a subsidiary of the Company, from 2018 to 2020. Mr. Gutman was also a co-founder, Chief Financial Officer, and board member of Sabinal Energy, LLC from 2016 to 2017, and Chief Financial Officer of Jefferson Energy Companies from 2015 to 2016.

Corey Riley – Chief Information Officer and Chief Compliance Officer

Corey Riley was appointed Chief Information Officer and Chief Compliance Officer of Riley Permian in April 2024. He previously held the position of Executive Vice President - Business Intelligence of REP LLC starting in April 2019. Before that, he was Chief Financial Officer of REG from its founding in 2012 until mid-2015, when he was promoted to President, a role he held through 2019. Mr. Riley also co-founded REX in 2007, the predecessor to REG, and was involved with the company until 2012.

The key risks to Riley Exploration Permian (REPX) are primarily associated with the inherent volatility of the oil and natural gas industry, operational challenges, and financial exposures.

1. Commodity Price Volatility: Riley Exploration Permian's financial performance is highly sensitive to the fluctuating prices of crude oil and natural gas. The company's revenue and profitability are directly impacted by these market dynamics, as evidenced by past instances of negative realized gas prices affecting margins. Significant hedging of its 2026 production (70%) may also limit the company's ability to fully capitalize on potential increases in commodity prices, impacting its bottom line.
2. Operational and Production Risks: As an exploration and production company, REPX faces inherent operational risks, including the geological and mechanical challenges of drilling and completing wells. The company has experienced infrastructure constraints, particularly concerning natural gas transportation in the Permian Basin, which has historically led to burning off production due to a lack of pipeline access. While the company is working on midstream and power generation initiatives to address these issues, the success and timing of these projects are crucial. Furthermore, the oil and gas industry is susceptible to environmental hazards, accidents, and regulatory scrutiny related to operations such as drilling and transportation.
3. Stock Volatility and Capital Allocation Risks: REPX's stock exhibits higher volatility compared to the broader market, with a beta of 1.45 and a volatility of 25.17%. Additionally, the company has disclosed liquidity and execution risks related to its $100 million share buyback program. Management's discretion regarding the timing and size of these buybacks could potentially distort the share price and limit funds available for future strategic investments. The company's financial health has been described as mixed.

The addressable market for Riley Exploration Permian (REPX), an independent oil and natural gas company, encompasses the U.S. oil and natural gas market. The company's primary operations are focused on the San Andres Formation in Texas and New Mexico, both of which are significant contributors to the overall U.S. energy landscape.

The U.S. oil and gas market was valued at approximately USD 1.55 trillion in 2024. It is projected to grow to approximately USD 1.61 trillion in 2025 and reach around USD 2.24 trillion by 2034, exhibiting a compound annual growth rate (CAGR) of 3.75% between 2025 and 2034.

Specifically, the regions where Riley Exploration Permian operates play a crucial role in this market:

• Texas is a leading producer, supplying nearly 2.1 billion barrels of oil and over 13.5 trillion cubic feet of natural gas in 2025, both setting new records.
• New Mexico is the second-largest crude oil-producing state after Texas, with 797 million barrels produced in 2025. In 2024, New Mexico was also the third-largest natural gas-producing state, accounting for 8% of the nation's total natural gas gross withdrawals.
• The Permian Basin, which spans parts of West Texas and Southeast New Mexico, is a major production hub. The San Andres Formation, where REPX focuses its activities, is the most prolific hydrocarbon reservoir in the Permian Basin and has historically accounted for a significant portion of its oil production.

• Increased Oil and Gas Production: The company forecasts significant oil production growth, with expectations of a 12% increase in 2026 compared to 2H 2025 levels and an overall target of 21,000-22,000 barrels of oil per day by 2026. This growth is supported by increased upstream investments and general outperformance.
• Elevated Capital Expenditures in Upstream Development: Riley Permian plans to increase its capital expenditures for upstream development, with a 2026 forecast of $190 million to $210 million. This increased investment, partly driven by the reallocation of $80 million from midstream divestiture, is expected to fuel production growth.
• Strategic Acquisitions and Inventory Expansion: The company has recently made strategic acquisitions, such as Silverback Exploration II, LLC, which has expanded its undeveloped inventory to provide 7-8 years of high cash-on-cash return opportunities. This expansion positions Riley Permian for a more active and value-enhancing development program in 2026 and beyond.
• Operational Efficiencies and Cost Reduction: Efforts to improve operational excellence, control costs, and enhance capital efficiency, including a 25% reduction in cost per lateral foot in Red Lake and 15% in Texas in drilling and completion, contribute to a higher netback per barrel. This makes more production economically viable and boosts overall revenue generation.
• Favorable Commodity Prices: Sustained higher oil prices, such as the projected $75 WTI oil strip price for 2026, are expected to provide a favorable macro backdrop. This directly increases revenue generated from production volumes.

Share Repurchases

• On December 16, 2025, Riley Exploration Permian, Inc. authorized a share repurchase program of up to $100 million of its outstanding common stock over a 24-month period.
• The company commenced repurchasing shares under this program in January 2026.
• Between December 16, 2025, and February 28, 2026, Riley Exploration Permian repurchased 152,408 shares for $4 million.

Share Issuance

• As of Q4 2025, the number of common shares outstanding was 21.7 million, marking a 1% increase year-over-year.
• In the last 12 months (as of March 4, 2026), shares outstanding increased by 1.53%.

Capital Expenditures

• For the full year 2024, total accrual capital expenditures were $108 million, with $97 million allocated to upstream activities, while cash capital expenditures amounted to $110 million, with $99 million for upstream.
• In the full year 2025, total accrual capital expenditures were $120 million ($83 million for upstream), and cash capital expenditures were $128 million ($91 million for upstream).
• The company's guidance for full-year 2026 projects activity-based capital expenditures before acquisitions to be between $190 million and $210 million, focusing on strategic investments, shifting development activity to New Mexico, and advancing its New Mexico gas midstream project and overall infrastructure build-out.