EON Resources Inc. is an independent upstream oil and gas company active in the United States, with a primary focus on acquiring, developing, and producing onshore oil and natural gas assets. In September 2024, the company changed its name from HNR Acquisition Corp to EON Resources and adopted the ticker EONR on the NYSE American. Its corporate strategy centers on building a diversified portfolio of long-life properties through acquisitions and selective development.
One of the company’s core operating assets is its Grayburg-Jackson field in Eddy County, New Mexico, where EON operates via its subsidiary LH Operating, LLC. That field encompasses tens of thousands of acres, with both producing wells and injection wells (for waterflood support). EON also recently expanded by acquiring a 94% working interest in the South Justis Field in Lea County, New Mexico. This acquisition was done via an all-stock deal (no cash consideration) and adds to its Permian Basin footprint.
Operationally, EON pursues a mix of reactivations, recompletions, workovers, and new drilling to grow production from existing assets. For example, in South Justis they plan to reanimate idle wells and apply stimulation techniques used elsewhere in their portfolio. They also engage in farmout arrangements: one recent agreement with Virtus Energy Partners gives the partner operated rights to develop up to 90 horizontal wells in the San Andres formation of EON’s Grayburg-Jackson acreage. EON retains a non-operated interest in that zone, while continuing to operate other formations.EON has also secured funding packages—such as a $52.8 million volumetric production payment—to help retire debt, settle obligations, and support capital programs.
Over time, EON’s approach emphasizes capital efficiency and technical management of relatively mature assets over speculative exploration. Its growth is tied to improving recovery from existing wells, expanding operations into fracture or horizontal zones, and deploying partner capital through farmouts. Its production and revenue performance are sensitive to commodity price trends and the execution of its drilling and optimization programs. EON’s structure is lean: it acts as an upstream operator and asset owner rather than a full-service operator with broad infrastructure subsidiaries.