EON Resources Inc. (NYSE: EONR-WT)

HNR Acquisition Corp., also known as HNRA, operates in the oil and gas industry, specifically as an exploration and production company. The company recently completed its initial public offering (IPO) in February 2022, generating proceeds of $75,000,000. HNRA's business combination was with Pogo, a company that began operations in February 2017 and focuses on the Northwest Shelf of the Permian Basin, with a specific emphasis on oil and gas producing properties located in the Grayburg-Jackson Field in Eddy County, New Mexico.

Pogo's main business activities involve owning, managing, and operating 100% working interest in a gross 13,700 acres located on the Northwest Shelf of the Permian Basin. The company's operations are primarily located in the Delaware Basin, a sub-basin within the Permian Basin complex, and it benefits from cash flow growth through continued development of its working interest's ownership, with relatively low capital cost and lease operating expenses. As of December 31, 2023, Pogo's average net daily production associated with its working interests was 1,022 barrels of oil equivalent (BOE) per day, consisting of 94% oil and 6% natural gas.

Pogo generates revenue through the production and sale of oil and natural gas. Its primary products are crude oil and natural gas, and its customer base is primarily comprised of oil and gas companies that purchase these products for use in their operations. Pogo's working interests entitle it to receive an average of 97% of the net revenue from crude oil and natural gas produced from the oil and gas reservoirs underlying its acreage. The company is not under any mandatory obligation to fund drilling and completion costs associated with oil and gas development because 100% of its lease holdings are held by production.

Pogo's competitive advantages include its focus on the Permian Basin, a major oil and gas producing region in the United States, as well as its low-risk, predictable, and scalable development model. The company's management team has extensive oil and gas engineering, geologic, and land expertise, long-standing industry relationships, and a history of successfully managing a portfolio of working and leasehold interests, producing crude oil and natural gas assets.

Pogo's primary producing region is the Northwest Shelf of the Permian Basin, specifically the Grayburg-Jackson Field in Eddy County, New Mexico. The company believes the stacked-play potential of the Delaware Basin combined with favorable drilling economics support continued production growth as Pogo develops its leasehold position and improves well-spacing and completion techniques.

Pogo's brand names and/or trade names of its products and services include crude oil and natural gas, which are produced from its properties in the Permian Basin. The company sells its natural gas production to customers through a network of pipelines and storage facilities, and its crude oil production to customers through a network of pipelines and storage facilities. Pogo's operations are subject to various types of regulation at the federal, state, and local level, including permits for drilling and production, drilling bonds, reports concerning operations, and requirements for employee health and safety. The company is committed to providing a safe and healthy work environment for its employees.