EON Resources Inks Farmout Deal with Virtus Energy Partners

On September 11, 2025, EON Resources Inc., an independent energy company, announced a Farmout Agreement with Virtus Energy Partners, LLC. This deal grants Virtus the rights to develop the San Andres formation within the Grayburg Jackson Field. Virtus anticipates drilling up to 90 horizontal wells, with a projected investment of over $300 million. EON retains a 35% non-operated interest while Virtus takes a 65% working interest.

The drilling program, set to span several years, expects 10-20 wells per annum with initial production rates of 300-500 barrels per day. EON's net reserves could exceed 10 million barrels of oil and 6 billion cubic feet of natural gas. The venture is bolstered by the successful track record of Virtus, known for its innovative horizontal drilling techniques in the Permian Basin.

Virtus will fund the first three wells, securing a reserve value estimated at over $95 million in net present value for EON. The first completions are slated for mid-2026, promising a boost to EON's asset base and positioning both companies for promising future returns.