EON Resources completes infrastructure upgrades increasing daily oil production

EON Resources announced the completion of infrastructure improvements and upgrades increasing daily oil production to over 1,000 gross barrels of oil per day range from the inherited baseline of 925 BOPD. In addition to the oil production starting to increase, infrastructure improvements have increased water injection by 50% from previous levels. The impact of water injection is not immediate, but does improve oil production over the following several months. The completion of these projects will enhance production for the next three-to-five years. Along with the aforementioned improvements, the company instituted a chemical /acidizing treatment program on 24 wells which resulted in an increase of 80 BOPD; the cost of this project was only $5,500 per well, with a payback period of less than 2 months. Oil production stabilized during the summer, and the company is now seeing increased daily production without increased operating costs.