EON Resources (EONR) shares rose 8% in recent Wednesday trading after the company secured $45.5 million in funding through a combination of production-based financing and a drilling partnership with Virtus Energy Partners

A private family office contributed $40.5 million, including $20 million for a 15% royalty stake in existing wells at the Grayburg Jackson Field, and $20.5 million for a 5% royalty stake in future wells planned under a drilling deal with Virtus, EON said Wednesday in a statement.

Virtus provided the remaining $5 million in exchange for the right to drill in the San Andres formation, where it will operate with a 65% ownership stake.

EON used the proceeds to pay $20.5 million to the previous owner of the Grayburg Jackson Field, retire a $20 million seller-financed loan and issue 1.5 million Class A shares to reclaim preferred units previously owed to the seller.

Separately, the company closed a $19.3 million senior debt deal.

Price: 0.38, Change: +0.03, Percent Change: +8.02