OKLAHOMA CITY, August 6, 2025 -- Riley Exploration Permian, Inc. (NYSE American: REPX) (“Riley Permian” or the “Company”), today reported financial and operating results for the second quarter ended June 30, 2025.

•Averaged 24.4 MBoe/d of total equivalent production (oil production of 15.2 MBbls/d)

•Generated $34 million of operating cash flow or $47 million before changes in working capital(1), $18 million of Total Free Cash Flow(1) and $21 million of Upstream Free Cash Flow(1)

•Incurred total accrual (activity-based) capital expenditures before acquisitions of $28 million ($22 million for upstream) and cash capital expenditures before acquisitions of $29 million ($25 million for upstream)

•Closed on the purchase of 100% of the ownership interests of Silverback Exploration II, LLC and its subsidiaries (“Silverback”) on July 1, 2025, for $142 million in cash, subject to customary purchase price adjustments

•Executed equipment purchase agreements and advanced operations with midstream and power projects

•Updating capital expenditures guidance for additional drilling and completion activity in the second half of 2025

Bobby Riley, Chief Executive Officer and Chairman of the Board commented, “Riley Permian demonstrated solid overall performance in the second quarter in spite of a challenging oil market and regional operating environment. We adjusted our development activity and capital budget in response to lower oil prices and generated significant free cash flow for the first half of the year. We experienced constraints with infrastructure, like many operators in the Permian Basin, which impacted our second quarter production. These challenges also present opportunities, which we’re addressing through our midstream and power generation initiatives. We closed our acquisition of Silverback in July, marking our third successful transaction in the region since 2023. This deal significantly increased our regional footprint and offers substantial undeveloped potential for future growth.”

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(1)A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com.

The table below provides a summary of our operated well activity:

Average oil production during the second quarter was 15.2 MBbls/d and average total equivalent production was 24.4 MBoe/d (62% oil and 83% liquids). Daily oil volumes decreased 3% and daily total equivalent volumes remained constant quarter-over-quarter. During the second quarter, the Company drilled 10.0 net wells, completed 2.0 net wells and turned to sales 5.8 net wells. The Company voluntarily turned to sales 40% fewer net wells in the six months ending June 30, 2025, as compared to the same period ending June 30, 2024, in reaction to lower oil prices during the second quarter 2025.

The Company continues to advance the build-out of its midstream infrastructure in New Mexico. During the second quarter, we commissioned the initial phases of low-pressure gathering and high-pressure compression facilities, and we commenced receipt of our operated natural gas. These initial facilities allow for the delivery of up to 15 MMcf/d of natural gas into our current midstream partner’s high-pressure treating and processing facilities, which enabled us turning to sales 5 gross wells during the second quarter.

Additionally, we entered into a purchase agreement for high-pressure grade pipe to be delivered in late 2025. Further, we began assessment to potentially include the acquired Silverback acreage within this project scope. We continue to make progress on subsequent phases of the project and our planned 2026 in-service date. The Company has invested a total of $22 million to date into this midstream project.

SECOND QUARTER 2025 FINANCIAL RESULTS

Revenues totaled $85 million, net cash provided by operating activities was $34 million and net income was $30 million, or $1.44 per diluted share.

On a non-GAAP basis, Adjusted EBITDAX(1) was $59 million, cash flow from operations before changes in working capital(1) was $47 million, Total Free Cash Flow(1) was $18 million and Adjusted Net Income(1) was $22 million, or $1.02 per diluted share.

Average realized prices, before derivative settlements, were $62.17 per barrel of oil, $(0.39) per Mcf of natural gas and $0.75 per barrel of natural gas liquids (“NGL”). The Company reported a $19 million gain on derivatives, which included a $5 million realized gain on settlements and a $14 million non-cash gain due to changes in the fair value of derivatives.

Operating expenses included lease operating expense (“LOE”) of $19 million, or $8.52 per Boe, cash G&A expense(1) of $6 million, or $2.80 per Boe and production and ad valorem taxes of $6 million or $2.76 per Boe.

The Company incurred $28 million in total accrued capital expenditures ($22 million for upstream). On a cash basis, the Company had total capital expenditures of $29 million ($25 million for upstream).

As of June 30, 2025, the Company had $129 million of borrowings outstanding on its Credit Facility and $155 million principal value of its Senior Notes, for a combined principal value of debt of $284 million. The Company increased total debt by $25 million, including a principal increase of $30 million on the Credit Facility and $5 million reduction on the Senior Notes. The increase in total debt can be attributed to a $14 million deposit associated with the Silverback Acquisition (in an escrow account as of June 30, 2025), a $5 million increase in cash quarter-over-quarter and general working capital purposes. Net interest expense was $7 million.

Subsequent to quarter-end the Company closed on the acquisition of 100% of the ownership interests of Silverback, on July 1, 2025, for $142 million in cash, subject to customary purchase price adjustments. The acquisition was funded using cash on hand and borrowings under our Credit Facility. As of August 1, 2025, the Company had $246 million of borrowings outstanding on its Credit Facility and $155 million principal value of its Senior Notes, for a combined principal value of debt of $401 million.

The Company paid a cash dividend of $0.38 per share, for a total of $8 million.

RPC Power LLC (“RPC Power”), our power-focused joint venture with Conduit Power LLC, provides a portion of our electric power needs for our field operation at our Champions field in Texas. During the second quarter 2025, RPC Power served approximately 65% of the Company’s load for this field, which is forecasted to increase through the end of 2025. Additionally, RPC Power entered into a purchase agreement for battery energy storage systems, which are planned for installation at the Texas facility to complement the currently operational thermal generation units.

During the second quarter, RPC Power continued to progress on the construction of four thermal generation facilities (10 MW each) for the sale of power into ECROT. These facilities have planned in-service dates throughout 2026.

The Company has invested a total of $30 million to date in RPC Power and has 50% ownership.

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(1)A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com.

Selected Operating and Financial Data
(Unaudited)
						Three Months Ended																		Six Months Ended
						June 30, 2025						March 31, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Select Financial Data (in thousands):
Oil and natural gas sales, net						$	85,394					$	102,457					$	105,343					$	187,851					$	204,767
Income from Operations						$	28,754					$	49,502					$	53,612					$	78,256					$	104,179
Adjusted EBITDAX(1)						$	59,340					$	71,133					$	73,264					$	130,473					$	143,410
Cash Flow from Operations						$	33,640					$	50,381					$	51,641					$	84,021					$	107,766
Upstream Free Cash Flow(1)						$	21,250					$	39,307					$	38,263					$	60,557					$	61,571
Total Free Cash Flow(1)						$	17,835					$	36,428					$	38,263					$	54,263					$	61,571
Production Data, net:
Oil (MBbls)						1,382						1,406						1,342						2,788						2,631
Natural gas (MMcf)						2,213						2,228						1,608						4,441						3,239
NGLs (MBbls)						465						422						330						887						623
Total (MBoe)						2,216						2,199						1,940						4,415						3,794
Daily combined volumes (Boe/d)						24,352						24,433						21,319						24,392						20,846
Daily oil volumes (Bbls/d)						15,187						15,622						14,747						15,403						14,456
Average Realized Prices:(2)
Oil ($ per Bbl)						$	62.17					$	70.12					$	79.25					$	66.18					$	77.29
Natural gas ($ per Mcf)						$	(0.39)					$	0.71					$	(0.61)					$	0.16					$	(0.09)
NGLs ($ per Bbl)						$	0.75					$	5.41					$	(0.10)					$	2.96					$	2.75
Average Realized Prices, including the effects of derivative settlements:(2)(3)
Oil ($ per Bbl)						$	66.10					$	70.97					$	76.96					$	68.55					$	75.68
Natural gas ($ per Mcf)						$	(0.52)					$	0.68					$	0.16					$	0.08					$	0.69
NGLs ($ per Bbl)(4)						$	0.75					$	5.41					$	(0.10)					$	2.96					$	2.75
Weighted Average Common Shares Outstanding (in thousands):
Basic						21,141						21,111						20,866						21,126						20,378
Diluted						21,158						21,111						21,087						21,135						20,539

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(1)A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com.

(2)The Company's oil, natural gas and NGL sales are presented net of gathering, processing and transportation costs. The costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.

(3)The Company's calculation of the effects of derivative settlements includes gains (losses) on the settlement of our commodity derivative contracts. These gains (losses) are included under other income (expense) on the Company’s condensed consolidated statements of operations.

(4)During the periods presented, the Company did not have any NGL derivative contracts in place.

Riley Permian is providing third and fourth quarter detailed guidance and modifying previously disclosed full-year 2025 activity guidance based on currently scheduled development activity and current market conditions. The Company’s operating and financial results for the third and fourth quarters 2025 will incorporate the addition of Silverback, while full-year 2025 guidance reflects the impact of only six months for Silverback.

The average working interest on gross operated wells drilled is subject to change and may have corresponding impacts on net production volumes and investing expenditures. Total equivalent production estimates, inclusive of production from natural gas and NGLs, may be subject to variability based on third-party midstream service provider conditions. In the event our midstream project is delayed, it may have corresponding impacts on net production volumes and investing expenditures.

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(1)Activity-based investing expenditures before acquisitions

(2)A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company’s website at www.rileypermian.com

(3)Interest expense is net of interest rate derivative settlements CONFERENCE CALL In connection with the earnings release, Riley Permian management will host a conference call for investors and analysts on August 7, 2025 at 9:00 a.m. CT to discuss the Company's results and to host a Q&A session. Interested parties are invited to participate by calling:

•Toll Free Dial-In, +1 (888) 596-4144

•Toll Dial-in, +1 (646) 968-2525

•Conference ID number 1303008

An updated company presentation, which will include certain items to be discussed on the call, will be posted prior to the call on the Company's website (www.rileypermian.com). In addition to a webcast of the call available on the Company’s website, a replay of the call will be available until August 21, 2025 by calling:

•Toll Free Dial-In, +1 (800) 770-2030

•Toll Dial-in, +1 (609) 800-9909

•Conference ID number 1303008

About Riley Exploration Permian, Inc.
Riley Permian is a growth-oriented upstream company operating in Texas and New Mexico with midstream and power projects that complement our operations. For more information, please visit www.rileypermian.com.

405-438-0126

IR@rileypermian.com

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this release that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “intends,” “may,” “should,” “anticipates,” “expects,” “could,” “plans,” “estimates,” “projects,” “targets,” “forecasts” or comparable terminology or by discussions of strategy or trends. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties the Company is exposed to. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to: the volatility of oil, natural gas and NGL prices; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation, power and other midstream and downstream activities, which could result in a prolonged shut-in of our wells that may adversely affect our reserves, financial condition and results of operations; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions or divestitures; the inability or failure of the Company to successfully integrate the acquired assets into our operations and development activities; the potential delays in the development, construction or start-up of planned projects; failure to realize any of the anticipated benefits of our joint ventures or other equity investments; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; inability to prove up undeveloped acreage and maintain production on leases; any reduction in our borrowing base on our Credit Facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our Credit Facility and Senior Notes; changes in general economic, business or industry conditions, including changes in inflation rates, interest rates and foreign currency exchange rates; conditions in the capital, financial and credit markets and our ability to obtain capital needed to fund our exploration and development and midstream project on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, regulation of greenhouse gases, water conservation, seismic activity, weatherization, or protection of certain species of wildlife, or of sensitive environmental areas; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the Railroad Commission of Texas in an effort to control induced seismicity in the Permian Basin; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; public health crisis, such as pandemics and epidemics, and any related government policies and actions and the effects of such public health crises on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; general domestic and international economic, market and political conditions, including military conflicts, global economic growth, unpredictability of new tariffs, actions of OPEC+ countries and changes to the current political environment under the new administration; risks related to litigation; and cybersecurity threats, technology system failures and data security issues.

The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, operating costs and the timing and completion of pending projects and acquisitions. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable as of the date on which they are made, they are inherently uncertain and are subject to, among other things, significant business, economic, operational, and regulatory risks, and uncertainties, some of which are not known as of the date of the statement. Guidance and estimates, and the assumptions on which they are based, are subject to material revision. Actual results may differ materially from estimates and guidance.

Please read the "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein. Additional factors that could cause results to differ materially from those described above can be found in Riley Permian’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and available from the Company’s website at www.rileypermian.com under the “Investor” tab, and in other documents the Company files with the SEC.

The forward-looking statements in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

The Company’s oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivatives as of August 1, 2025, related to our future oil and natural gas production:

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(1)Q3 2025 derivative positions shown include 2025 contracts, some of which have settled as of August 1, 2025.

The following table summarizes the open interest rate derivative positions as of June 30, 2025: