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EON Resources Inc
Pogo Resources LLC engages in the acquisition, development, exploration, production, and divestiture of oil and natural gas properties in the Permian Basin. The company is headquartered in Houston, Texas. The company went IPO on 2022-02-11. The firm is focused on the development of onshore oil and natural gas properties in the United States. The Company, through its subsidiary, is focused on the Northwest Shelf of the Permian Basin, with a specific emphasis on oil and gas producing properties located in the Grayburg-Jackson Field in Eddy County, New Mexico. Through, LH Operating, LLC it holds oil and gas waterflood production comprising 13,700 contiguous leasehold acres, 342 producing wells and 207 injection wells situated on 20 federal and 3 state leases in the Grayburg-Jackson Oil Field, New Mexico. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico. The Company’s subsidiaries include HNRA Upstream, LLC., HNRA Partner, Inc., HNRA Investment, LLC, HNRA Royalties, LLC, Pogo Resources, LLC, and LH Operating, LLC.
Pogo Resources LLC engages in the acquisition, development, exploration, production, and divestiture of oil and natural gas properties in the Permian Basin. The company is headquartered in Houston, Texas. The company went IPO on 2022-02-11. The firm is focused on the development of onshore oil and natural gas properties in the United States. The Company, through its subsidiary, is focused on the Northwest Shelf of the Permian Basin, with a specific emphasis on oil and gas producing properties located in the Grayburg-Jackson Field in Eddy County, New Mexico. Through, LH Operating, LLC it holds oil and gas waterflood production comprising 13,700 contiguous leasehold acres, 342 producing wells and 207 injection wells situated on 20 federal and 3 state leases in the Grayburg-Jackson Oil Field, New Mexico. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico. The Company’s subsidiaries include HNRA Upstream, LLC., HNRA Partner, Inc., HNRA Investment, LLC, HNRA Royalties, LLC, Pogo Resources, LLC, and LH Operating, LLC.
Balance sheet: Management completed a financing on Sept 9 that retired senior/seller debt and preferred shares without taking on new debt, which they say materially cleaned up the balance sheet and raised shareholder equity.
Profitability: Company reported a record Q3 net income (quoted as "$5.6 billion" early in the call; CFO later referred to "$5.6 million"), driven largely by below‑the‑line gains from debt retirements and ORRI/volumetric financing.
San Andres Farmout: Sold a 65% working interest to Virtus for a $5 million cash consideration while retaining 35% WI; Virtus to drill horizontals starting in 2026 (10–20 wells/yr; 5‑yr program; initial IPs 300–500 bbl/d; well cost $3.5–4.0M).
Operational upside: Management expects near‑term production gains (they forecast ~500 bbl/d additional without drilling within 6–9 months) from waterflood work, stimulations, reactivating producers, and completing a 2‑mile injection line.
Cost & liquidity focus: Management targets cutting ~ $200,000/month from LOE and ~$200,000/month from G&A, cites reduced interest expense (~from $1.7M to $1.2M in the quarter) and fewer recurring G&A items going forward.
Gas & midstream: Gas volumes (~600–700 Mcf/d) have been curtailed recently by outages/maintenance at the local plant (Maljamar); management expects resolution and possible monetization options (turbines, power or crypto use) in future.
Capital allocation & M&A: Company is pursuing accretive acquisitions and says it can structure deals without debt or share dilution; management is open to being acquired but would require a price that reflects the large drilling/workover inventory.
