EON Resources Inc. Amends Agreement with Pogo Royalty, Reducing Cash and Stock Obligations to Aid Restructuring Process
Reuters
Jun 17
EON Resources Inc. Amends Agreement with Pogo Royalty, Reducing Cash and Stock Obligations to Aid Restructuring Process
EON Resources Inc. has announced an amendment to its agreement with Pogo Royalty, LLC, which significantly reduces its financial obligations. The company's cash obligation has been decreased by $1.5 million, now totaling $20.5 million, and its stock issuance requirement has been cut by 1.5 million shares. This restructuring is expected to enhance EON's balance sheet and bring immediate value to its stockholders. The company aims to finalize the agreement by the end of July 2025, with September 15, 2025, as the extended deadline if necessary. Financing for this agreement is anticipated from Enstream Capital Management, LLC, despite recent reductions due to weakened oil prices. The arrangement involves a revenue sharing and volumetric funding setup, aiming to satisfy EON's cash obligations while addressing approximately $40 million in debt and other liabilities.
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