EON Resources targets 10 more San Andres horizontal wells by the end of 2026

EON Resources (NYSE American: EONR) expects to complete an additional 10 horizontal wells in the San Andres zone of its Grayburg-Jackson Field in New Mexico's Eddy County by the end of 2026. The company says they should add 1,000 net barrels of oil a day (BOPD) by year-end. The statement came in its April 28 earnings presentation, and the stated window runs to December 31.

Why it matters

EON says it produces about 1,000 gross BOPD across its two fields. The 1,000 net BOPD target is a net figure, so it is not directly comparable. Still, if it were met, the horizontal program would be a large part of the company's output.

The wells are drilled under a farmout signed with Virtus on September 9, 2025. EON expects 92 horizontal San Andres wells in total, which it says adds $95 million of probable reserves.

What EON holds

• Grayburg-Jackson Field: 14 million barrels of P50 oil reserves (January 2026); EON's interest is not disclosed.
• San Andres Horizontal Program: 40 million barrels of P50 prospective oil (September 2025); EON's interest is 35%.
• Seven Rivers waterflood: 20 million barrels of P50 prospective oil (November 2024); interest not disclosed.
• South Justis Field: 0.15 million barrels of P50 reserves (August 2025); EON's interest is 94%.

The presentation also cites about 11.0 million net barrels of proven and probable reserves at both fields as of December 2025, plus about 11.0 million of probable reserves under the horizontal program. These do not match the figures above, and the inputs do not explain why.

What is uncertain

The schedule is staged. The first three horizontal wells were expected in June to July, adding 500 net BOPD. The inputs do not say whether that happened, so the pace of the program is unconfirmed.

EON's reporting has also slipped. It missed its fiscal 2025 10-K deadline, which brought a second NYSE American noncompliance notice with a cure period to October 2026. It also flagged a late quarterly report on May 18. In February it restated 2023 and 2024 results, a non-cash correction that reduced losses attributed to EON shareholders.

The presentation says management and directors bought 1.5 million shares. In February, four executives and directors reported acquiring and disposing of shares in related equity transactions. Higher oil prices are central to the company's outlook, but the filings give no guarantee they will hold.