EON Resources (EONR) announced it has received multiple non-binding offers to fund the $41M to $53M needed for the previously announced purchase, sale, termination and exchange agreement with the seller that will result in the restructure of the company’s balance sheet by eliminating all current and future obligations to the seller in a discounted manner, and re-purchase of an overriding royalty interest equal to 10% in the Grayburg-Jackson Field and a farmout to a team for the previously announced San Andres horizontal drilling program in the Grayburg-Jackson Field. Subject to execution of definitive documents, the company expects to fund the $41M to $53M using volumetric funding via the sale of one or more ORRI packages. The schedule is to close and fund in approximately four weeks. The funding is to discharge its $20.5M settlement with seller and to retire the company’s senior debt for $18.5M.
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