EON Resources Launches 92-Well Phase 1 Drilling, Three Horizontal Wells Approved
EONR•EON Resources completed three vertical recompletions in the San Andres Formation and obtained approval to drill the first three horizontal wells of its 92-well Phase 1 program. The company expects to drill ten more horizontal wells by year-end 2026, targeting production growth with a 35% working interest.
1. Drilling Program Update
EON Resources has completed three vertical well recompletions in the San Andres Formation and has commenced Phase 1 of its 92-well drilling program with regulatory approval to drill the first three horizontal wells.
2. Regulatory Approval and Timeline
Virtus Energy Partners, as operator, cleared all Bureau of Land Management and New Mexico state requirements, allowing the company to drill three wells this July and initiate permitting for ten additional horizontal wells to be drilled by year-end 2026.
3. Production and Working Interest
The company averages over 1,000 barrels of oil per day from its Permian Basin fields, holds a 35% working interest in the San Andres horizontal wells, and continues waterflood operations in the Seven Rivers and South Justus formations.
4. Outlook and Next Steps
EON Resources anticipates releasing results of its 2026 horizontal wells in Q1 2027 and aims to drill ten wells every six months over a five-to-ten-year program to capitalize on stacked pay formations.
