# EDGAR Filing Document

**Accession Number:** 0001001614
**File Stem:** 0001001614-23-000010
**Filing Date:** 2023-3
**Character Count:** 98124
**Document Hash:** d2a500e92ee6b800575910cb7f27c80d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001001614-23-000010.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001001614-23-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Riley Exploration Permian, Inc.
- **CENTRAL INDEX KEY:** 0001001614
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 870267438
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15555
- **FILM NUMBER:** 23716666

**BUSINESS ADDRESS:**
- **STREET 1:** 29 E. RENO AVENUE
- **STREET 2:** SUITE 500
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73104
- **BUSINESS PHONE:** 405-415-8699

**MAIL ADDRESS:**
- **STREET 1:** 29 E. RENO AVENUE
- **STREET 2:** SUITE 500
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TENGASCO INC
- **DATE OF NAME CHANGE:** 19960612

?xml version="1.0" ? repx-20230308

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 8, 2023**

**Riley Exploration Permian, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-15555** | **87-0267438** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**29 E. Reno Avenue, Suite 500**

**Oklahoma City, Oklahoma 73104**

Address of Principal Executive Offices, Including Zip Code)

**405-415-8699**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, par value $0.001 per share | REPX | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02 Results of Operations and Financial Condition.**

On March 8, 2023, Riley Exploration Permian, Inc. (the "Company") announced its financial condition and results of operations for the fourth quarter and year ended December 31, 2022. In connection with this announcement, the Company issued an earnings press release. A copy of this document is furnished as Exhibit 99.1 to this Form 8-K and is available on the Company's website at www.rileypermian.com.

In accordance with General Instructions B.2. of Form 8-K, the information described in this Item 2.02, including the matters discussed on the Company's earnings conference call, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

**Item 7.01. Regulation FD Disclosure.**

On March 8, 2023, the Company provided information in investor presentations on its website, www.rileypermian.com, regarding its financial and operational results for the year ended December 31, 2022 (the "Earnings Presentation") and a Company overview and update (the "Overview Presentation"). The Earnings Presentation, which is attached hereto as Exhibit 99.2, and the Overview Presentation, which is attached hereto as Exhibit 99.3, are being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

 **Item 9.01 Financial Statements and Exhibits**

**(d)**&nbsp;&nbsp;&nbsp;&nbsp;**Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](q42022earningsrelease.htm)</u> | Press Release dated March 8, 2023. |
| <u>[99.2](a23034q22resultsupdate_0.htm)</u> | Earnings Presentation dated March 8, 2023. |
| <u>[99.3](a2303companyoverview_030.htm)</u> | Overview Presentation dated March 8, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | RILEY EXPLORATION PERMIAN, INC. | RILEY EXPLORATION PERMIAN, INC. |
| Date: March 8, 2023 | By: | /s/ Philip Riley |
|  |  | Philip Riley |
|  |  | *Chief Financial Officer* |

---

## Exhibit 99.1

**Riley Permian Reports Fourth Quarter Results and Provides 2023 Guidance**

OKLAHOMA CITY, March 8, 2023 -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the fourth quarter and year ended December 31, 2022.

**FOURTH QUARTER 2022 HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Averaged oil production of 10.0 MBbls/d, exceeding the high end of guidance and representing an increase of 37% as compared year-over-year to the fourth quarter 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported net income of $27 million, or $1.37 per share, which includes $7 million of non-cash gain on derivative contracts and income from operations of $41 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $46 million of Adjusted EBITDAX<sup>(1)</sup> and $40 million of operating cash flow, representing a decrease of 10% and 28%, respectively, over the prior quarter, driven primarily by lower commodity pricing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incurred total accrual (activity-based) capital expenditures before acquisitions of $27 million and total cash capital expenditures before acquisitions of $30 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid dividends of $0.34 per share in the fourth quarter for a total of $7 million

**FULL YEAR 2022 HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased net oil production by 31% year-over-year to 8.8 MBbls/d and total net equivalent production by 25% year-over-year to 11.5 MBoe/d

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported net income of $118 million, or $6.04 per share, with income from operations of $204 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $176 million of Adjusted EBITDAX<sup>(1)</sup>, $170 million of operating cash flow from continuing operations and $56 million of Free Cash Flow<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invested total cash capital expenditures before acquisitions of $113 million, corresponding to a reinvestment rate of 66% of operating cash flow from continuing operations, down from 88% in 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid $25 million in dividends on common shares, corresponding to 44% of Free Cash Flow<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported total proved developed reserves of 47 MMBoe and total proved reserves of 72 MMBoe based on NYMEX pricing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed change in fiscal year end to December 31st from September 30th during the calendar third quarter 2022

In February 2023, Riley Permian entered into a definitive purchase agreement to acquire oil and natural gas assets from Pecos Oil & Gas, LLC, an investment of Cibolo Energy Partners LLC, for cash consideration of $330 million, subject to customary closing adjustments, (the "New Mexico Acquisition"). The acquisition will be funded through a combination of borrowings under the Company's revolving credit facility and the issuance of new unsecured senior notes. The oil and natural gas assets are located in Eddy County, New Mexico and primarily target the Yeso trend.

___________________

(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.

------

**2023 GUIDANCE HIGHLIGHTS**

Riley Permian is providing 2023 guidance including pro forma combined guidance for the pending New Mexico Acquisition based on an expected close date early in the second quarter of 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2023<sup>(1)</sup> guidance for oil production of 12.8 - 13.4 MBbls/d (18.4 - 19.2 MBoe/d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2023<sup>(1)</sup> guidance for activity-based investing expenditures before acquisitions of $160 - $180 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First quarter 2023 guidance for oil production of 9.8 - 10.2 MBbls/d (13.2 - 13.8 MBoe/d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First quarter 2023 guidance for activity-based investing expenditures before acquisitions of $47 - $54 million

"2022 was another record year for Riley Permian, with our out-performance continuing through the fourth quarter," said Riley Permian Chairman and CEO, Bobby Riley. "We continue to deliver record production levels while working to minimize the impact of inflationary and supply chain pressures on costs, which is reflected in our financial results. Our team has worked tirelessly to optimize our core business as well as to execute on a variety of exciting new ventures. Most significantly, we entered into a purchase agreement to acquire oil and gas assets in the Yeso trend in New Mexico. The New Mexico Acquisition provides us with a combination of material current production and a significant number of high quality drilling locations for future development. The New Mexico asset, with its many similarities to our core asset in Yoakum County, allows us to leverage our experience and enhance our scale, which we believe will result in efficiencies and an improved cost structure. Additionally, we recently announced our entry into a joint venture that will facilitate better control over electric power supply, which we expect will improve operations, control costs and reduce our gas flaring. Further, we're progressing on CCUS initiatives, including advancing with partners on the potential development of a large-scale CO2 storage hub in our immediate region of the Permian Basin. Finally, consistent with our historical practice, our management team and Board are committed to continued performance management and value creation for shareholders."

___________________

(1)Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Selected Operating and Financial Data</u>** | | | | | |
| *(Unaudited)* |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021**<sup>(1)</sup> |
| **Select Financial Data (in thousands):** |  |  |  |  |  |
| Oil and natural gas sales, net | $77446 | $87471 | $56650 | $319343 | $182872 |
| Net income (loss) | $26807 | $59817 | $21398 | $118011 | $(36328) |
| Adjusted EBITDAX<sup>(2)</sup> | $45876 | $51240 | $27074 | $176396 | $97274 |
| **Production Data, net:** |  |  |  |  |  |
| Oil (MBbls) | 916 | 866 | 669 | 3217 | 2462 |
| Natural gas (MMcf) | 990 | 985 | 844 | 3229 | 2985 |
| Natural gas liquids (MBbls) | 141 | 140 | 105 | 444 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (MBoe) | 1222 | 1170 | 915 | 4199 | 3371 |
| Daily combined volumes (Boe/d) | 13283 | 12717 | 9940 | 11505 | 9237 |
| Daily oil volumes (Bbls/d) | 9957 | 9413 | 7271 | 8814 | 6744 |
| **Average Realized Prices:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil ($ per Bbl) | $80.60 | $92.40 | $75.67 | $92.86 | $67.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas ($ per Mcf) | 1.92 | 4.28 | 3.20 | 3.33 | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids ($ per Bbl) | 12.10 | 23.13 | 31.64 | 22.22 | 19.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average price ($ per Boe) | $63.38 | $74.76 | $61.94 | $76.05 | $54.24 |
| **Average Realized Prices, including the effects of derivative settlements**<sup>(3)</sup>**:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil ($ per Bbl) | $67.02 | $75.80 | $54.05 | $71.75 | $52.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas ($ per Mcf) | 0.28 | 1.57 | 1.37 | 1.06 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids ($ per Bbl)<sup>(4)</sup> | 12.10 | 23.13 | 31.64 | 22.22 | 19.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average price ($ per Boe) | $51.87 | $60.20 | $44.43 | $58.13 | $43.14 |
| Cash Costs ($ per Boe)<sup>(2)</sup> | $13.77 | $16.98 | $15.85 | $16.52 | $15.60 |
| Cash Margin ($ per Boe)<sup>(2)</sup> | $49.61 | $57.78 | $46.09 | $59.53 | $38.64 |
| &nbsp;&nbsp;&nbsp;Cash Margin, including derivative settlements<br>($ per Boe)<sup>(2)</sup> | $38.10 | $43.22 | $28.58 | $41.61 | $27.54 |

---

_____________________

(1)Calculated by adding the results of our prior fiscal year ended September 30, 2021 plus the three months ended December 31, 2021 less the prior three months ended December 31, 2020.

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

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

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

------

**OPERATIONS AND DEVELOPMENT ACTIVITY UPDATE**

Riley Permian averaged oil production of 10.0 MBbls per day for the three months ended December 31, 2022, representing an increase of 37% as compared year-over-year to the fourth quarter 2021 and 6% as compared quarter-over-quarter to the third quarter 2022. The Company averaged total equivalent production of 13.3 MBoe per day for the fourth quarter, an increase of 34% as compared to the same period in 2021 and 4% as compared to the prior quarter.

The Company turned to sales 1 gross (1.0 net) horizontal well during the fourth quarter and 15 gross (11.8 net) horizontal wells during the year ended December 31, 2022. In November 2022, the Company began CO2 injection on its EOR pilot project with longer term assessment of the project continuing.

The Company incurred $27 million in total accrued capital expenditures before acquisitions for the fourth quarter, 30% lower than the Company's previously released midpoint guidance. The lower than anticipated accrued capital expenditures were driven primarily by deferred activity - including drilling one less well in the fourth quarter than planned and less activity on the EOR Project due to certain facility buildout delays - as well as better than anticipated cost performance on drilling and completions. On a cash basis, the Company had total capital expenditures before acquisitions of $30 million for the quarter. Additionally, the Company acquired surface acreage positions within its operating footprint in Yoakum County, Texas. This surface land will be used to support a variety of initiatives, including the recently announced on-site power generation joint venture, and is expected to contribute to operating synergies.

**FINANCIAL RESULTS** <br> For the three months ended December 31, 2022, the Company reported net income of $27 million and operating income of $41 million. The Company generated Adjusted EBITDAX<sup>(1)</sup> of $46 million, operating cash flow of $40 million and Free Cash Flow<sup>(1)</sup> of $15 million.

For the year ended December 31, 2022, the Company reported net income of $118 million and operating income of $204 million. The Company generated Adjusted EBITDAX<sup>(1)</sup> of $176 million, operating cash flow of $170 million and Free Cash Flow<sup>(1)</sup> of $56 million. The pattern of the Company's development activity affects cash capital expenditures and may continue to cause fluctuations in Free Cash Flow<sup>(1)</sup> from quarter to quarter with longer periods more representative of Free Cash Flow<sup>(1)</sup> generation potential than an individual quarter.

Fourth quarter 2022 average realized prices, before derivative settlements were $80.60 per barrel of oil, $1.92 per Mcf of natural gas and $12.10 per barrel of natural gas liquids, resulting in a total equivalent price, before derivative settlements, of $63.38 per Boe. Adjusted for derivative settlements, total equivalent price was $51.87 per Boe, corresponding to realized derivative settlement losses of $11.51 per Boe or $14 million. The Company reported a $7 million loss on derivatives, which includes a $14 million loss on settlements and a $7 million non-cash gain due to changes in the fair value of derivatives. Total oil and natural gas sales revenue, net of derivative settlements, was $63 million, a decrease of $7 million or 10% over the third quarter of 2022. Year-over-year, total oil and natural gas sales revenue, net of derivative settlements, increased 56%.

Riley Permian's total Cash Costs<sup>(1)</sup> for the fourth quarter of 2022 were $16.8 million, representing a decrease of 15% compared to the third quarter of 2022. Lease operating expense ("LOE") was $8.8 million, 10% lower than midpoint guidance, which remained flat quarter-over-quarter despite increased volumes. Cash G&A expense<sup>(1)</sup> was $4.5 million, 9% below midpoint guidance. The Company reported interest income for the quarter of $0.9 million, which includes a $1.5 million favorable settlement related to the termination of the Company interest rate swap, partially offset by $0.6 million of interest expense.

During the fourth quarter 2022, the Company raised the common dividend by 10% to $0.34 per share and paid a cash dividend of $6.5 million. Subsequent to the year end, the Company declared a cash dividend of $0.34 per share, which was paid in February 2023.

As of December 31, 2022, the Company had $56 million drawn on its credit facility, reflecting a net drawdown of $8 million during the fourth quarter. The drawdown was used primarily to fund the surface land acquisition. In October 2022, the Company completed an amendment to its credit facility which increased the borrowing base from $200 million to $225 million.

__________________

(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.

------

**RESERVES**

Estimated proved reserves increased 6% over 2021 to 77.7 MMBoe at December 31, 2022 based on SEC pricing. Of the total proved reserves, 82% was oil and NGLs, and 37% was associated with proved undeveloped reserves. The increase to proved developed reserves and total proved reserves was primarily attributable to drilling activity by the Company and higher commodity prices in 2022, slightly offset by adjustments in certain well type curves and higher service costs.

**FIRST QUARTER AND FULL YEAR 2023 OUTLOOK AND GUIDANCE** 

Riley Permian is providing 2023 guidance based on currently scheduled development activity and current market conditions, including combined guidance for the pending New Mexico Acquisition based on an expected close date early in the second quarter of 2023.

---

| | | |
|:---|:---|:---|
| **Activity and Investing Guidance** | **Q1 2023** | **Full Year 2023** <sup>(1)</sup><br>**(Reporting)** |
| **Forecasted Contribution of New Mexico Acquisition to Period** | —% | 75% |
| **Texas Activity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operated wells drilled | 7 - 9 | 13 - 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average working interest on gross operated wells drilled | 99% - 100% | 98% - 99% |
| **New Mexico Activity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operated wells drilled |  | 7 - 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average working interest on gross operated wells drilled | NA | 90% - 97% |
| **Investing Expenditures by Category (Accrual, in millions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E&P<sup>(2)</sup>  | $44 - 50 | $150 - 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint Venture investment | $3 - 4 | $10 - 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $47 - 54 | $160 - 180 |
| **E&P Capital Expenditures by Region**<sup>(2)</sup> **(Accrual)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas | 99% - 100% | 65% - 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico | —% | 35% - 25% |

---

__________________

(1)Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023.

(2)Expenditures are before acquisitions.

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**FIRST QUARTER AND FULL YEAR 2023 OUTLOOK AND GUIDANCE, Continued**

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| | | | |
|:---|:---|:---|:---|
| **Production, Realizations and Cost Guidance** | **Q1 2023** | **Full Year 2023** <sup>(1)</sup><br>**(Reporting)** | **Full Year 2023** <sup>(2)</sup><br>**(Illustrative**<br> **Pro Forma)** |
| **Forecasted Contribution of New Mexico Acquisition to Period** | —% | 75% | 100% |
| **Net Production** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total (MBoe/d) | 13.2 - 13.8 | 18.4 - 19.2 | 20.1 - 21.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (MBbl/d) | 9.8 - 10.2 | 12.8 - 13.4 | 13.8 - 14.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (%) | 74% - 75% | 70% - 71% | 68% - 69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas (%) | 16% - 14% | 16% - 15% | 18% - 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;NGL (%) | 10% - 11% | 14% | 14% - 15% |
| **Basis Differentials and Fees** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil ($ per Bbl) | ($3.65) - (3.15) | ($3.90) - (2.90) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas ($ per Mcf) | ($2.90) - (2.50) | ($2.70) - (2.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NGL (% of WTI) | 9% - 13% | 12% - 16% |  |
| **Operating and Corporate Costs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expense, including workover expense ($ per Boe) | $8.00 - 9.00 | $8.00 - 9.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production tax (% of revenue) | 6.0% - 8.0% | 6.0% - 8.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash G&A<sup>(3)</sup> ($ per Boe) | $3.80 - 4.40 | $3.00 - 3.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments for income taxes ($ in millions) | $0.0 - 0.5 | $6.0 - 8.0 |  |

---

_______________

(1)Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023.

(2)Pro forma full year 2023 guidance information reflects combined Riley Permian with the New Mexico Acquisition as if the New Mexico Acquisition closed on January 1, 2023. This is shown for illustrative purposes only.

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

------

**CONFERENCE CALL**<br> Riley Permian management will host a conference call for investors and analysts on March 9, 2023 at 9:00 a.m. CT to discuss the Company's results. Interested parties are invited to participate by calling:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S./Canada Toll Free, (888) 330-2214

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International, +1 (646) 960-0161

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conference ID number 5405646

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). A replay of the call will be available until March 23, 2023 by calling:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (800) 770-2030 or (647) 362-9199

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conference ID number 5405646

**About Riley Exploration Permian, Inc.**<br> Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and natural gas liquids. For more information, please visit <u>www.rileypermian.com</u>.

**Investor Contact:**

Rick D'Angelo

405-438-0126

<u>IR@rileypermian.com</u>

------

**Cautionary Statement Regarding Forward Looking Information**

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; the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 ("COVID-19") pandemic and any related variants), including reactive or proactive measures taken by governments, regulatory agencies and businesses related to the pandemic, and the effects of COVID-19 on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; 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 and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving 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 agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations 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; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; 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; risks related to litigation; evolving geopolitical and military hostilities in other areas of the world; and cybersecurity threats, technology system failures and data security issues. 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, 2022 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.

------

**Cautionary Statement Regarding Guidance**

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, and operating costs. 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 "Cautionary Statement Regarding Forward Looking Information" section above, as well as "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein.

Source: Riley Exploration Permian, Inc.

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---

| | | |
|:---|:---|:---|
| **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands, except share amounts)** | **(In thousands, except share amounts)** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;**Current Assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $13301 | $8317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 25551 | 18002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3236 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 8886 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current derivative assets | 20 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **50994** | **31304** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and natural gas properties, net (successful efforts) | 440102 | 359131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other property and equipment, net | 20023 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current derivative assets |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets, net | 4175 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**515294** | $**396169** |
| **Liabilities and Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;**Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3939 | $7737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - related parties | 324 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 35582 | 12874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue payable | 17750 | 11370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current derivative liabilities | 16472 | 30984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2238 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **76305** | **64076** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current derivative liabilities | 12 | 9515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | 2724 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 56000 | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 45756 | 17384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 1051 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **181848** | **158331** |
| **Commitments and Contingencies** |  |  |
| &nbsp;&nbsp;&nbsp;**Shareholders' Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 240,000,000 shares authorized; 20,160,980 and 19,836,885 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 274643 | 271737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (Accumulated deficit) | 58783 | (33919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** | **333446** | **237838** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $**515294** | $**396169** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021**<sup>(1)</sup> |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and natural gas sales, net | $77446 | $56650 | $319343 | $182872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract services - related parties | 600 | 600 | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | **78046** | **57250** | **321743** | **185272** |
| **Costs and Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expenses | 8753 | 7419 | 32458 | 24826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and ad valorem taxes | 4419 | 3005 | 19273 | 10352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration costs | 492 | 611 | 2032 | 9753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion, depreciation, amortization and accretion | 9946 | 6867 | 32113 | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of oil and natural gas properties | 7325 |  | 7325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative costs | 4929 | 3633 | 18496 | 15155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation expense |  |  |  | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1165 | 951 | 3439 | 7055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of contract services - related parties | 187 | 150 | 450 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs |  | 1258 | 2638 | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Costs and Expenses** | **37216** | **23894** | **118224** | **98729** |
| **Income From Operations** | **40830** | **33356** | **203519** | **86543** |
| **Other Income (Expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (expense), net | 870 | (896) | (1090) | (4195) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivatives | (7179) | (5193) | (51574) | (80479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Expense** | **(6309)** | **(6089)** | **(52664)** | **(84674)** |
| **Net Income from Continuing Operations Before Income Taxes** | **34521** | **27267** | **150855** | **1869** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (7714) | (5869) | (32844) | (19400) |
| **Net Income (Loss) from Continuing Operations** | **26807** | **21398** | **118011** | **(17531)** |
| **Discontinued Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations |  |  |  | (18738) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on discontinued operations |  |  |  | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss on Discontinued Operations** | **—** | **—** | **—** | **(18797)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Income (Loss)** | **26807** | **21398** | **118011** | **(36328)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred units |  |  |  | (574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Income (Loss) Attributable to Common Shareholders/Unitholders** | $**26807** | $**21398** | $**118011** | $**(36902)** |
| **Net Income (Loss) per Share/Unit from Continuing Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.37 | $1.10 | $6.04 | $(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.35 | $1.09 | $5.99 | $(1.02) |
| **Weighted Average Common Shares/Units Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 19621 | 19470 | 19553 | 17806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 19849 | 19569 | 19686 | 17806 |

---

___________________

(1)Calculated by adding the results of our prior fiscal year ended September 30, 2021 plus the three months ended December 31, 2021 less the prior three months ended December 31, 2020.

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| | | | | |
|:---|:---|:---|:---|:---|
| **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Cash Flows from Operating Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $26807 | $21398 | $118011 | $(36328) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations |  |  |  | 18797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas lease expirations | 488 | 588 | 1953 | 9511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depletion, depreciation, amortization and accretion | 9946 | 6867 | 32113 | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of proved properties | 7325 |  | 7325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on derivatives | 7179 | 5193 | 51574 | 80479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements on derivative contracts | (14059) | (16014) | (75257) | (37491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 183 | 282 | 731 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation expense |  |  |  | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1262 | 951 | 3946 | 7055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 5170 | 5756 | 28372 | 19108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | (4365) | (3294) | 1520 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by Operating Activities - Continuing Operations** | **39936** | **21727** | **170288** | **91913** |
| **Cash Flows from Investing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to oil and natural gas properties | (29561) | (29011) | (111662) | (79258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of oil and natural gas properties |  |  |  | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of land | (15342) |  | (15342) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to other property and equipment | (171) | (117) | (1252) | (1513) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tengasco acquired cash |  |  |  | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in Investing Activities - Continuing Operations** | **(45074)** | **(29128)** | **(128256)** | **(80357)** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** | **RILEY EXPLORATION PERMIAN, INC.** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Cash Flows from Financing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | (220) | (274) | (1942) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 18000 | 5000 | 22000 | 8500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment under revolving credit facility | (10000) |  | (31000) | (41000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of common share/unit dividends | (6809) | (6056) | (25066) | (20624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock |  |  |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public offering costs |  |  |  | (3316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of preferred unit dividends |  |  |  | (1491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock repurchased for tax withholding | (440) | (19) | (1040) | (533) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common units under long-term incentive plan |  |  |  | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by (Used in) Financing Activities - Continuing Operations** | **531** | **(1349)** | **(37048)** | **(9015)** |
| **Net Increase (Decrease) in Cash and Cash Equivalents from Continuing Operations** | **(4607)** | **(8750)** | **4984** | **2541** |
| **Cash Flows from Discontinued Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities |  |  |  | 3892 |
| **Net Increase in Cash and Cash Equivalents from Discontinued Operations** | **—** | **—** | **—** | **3899** |
| **Net Increase (Decrease) in Cash and Cash Equivalents** | **(4607)** | **(8750)** | **4984** | **6440** |
| **Cash and Cash Equivalents, Beginning of Period** | **17908** | **17067** | **8317** | **1877** |
| **Cash and Cash Equivalents, End of Period** | $**13301** | $**8317** | $**13301** | $**8317** |

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**OIL, NATURAL GAS AND NGL RESERVES**

Netherland, Sewell & Associates, Inc. ("NSAI") is the Company's third-party reservoir engineer, who prepared the estimates of the Company's proved reserves as of December 31, 2022 , in accordance with the rules and regulations of the SEC using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended December 31, 2022 of $94.14 per Bbl for oil and $6.36 per Mcf for natural gas. The Company prepared estimates of proved reserves as of December 31, 2022 using NYMEX pricing, which were not reviewed by NSAI. A summary of our proved reserves as of December 31, 2022 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SEC Pricing** | **SEC Pricing** | **NYMEX Pricing**<sup>(1)</sup> | **NYMEX Pricing**<sup>(1)</sup> |
|<br>**Reserves as of December 31, 2022** | **Proved Developed Reserves** | **Total Proved Reserves** | **Proved Developed Reserves** | **Total Proved Reserves** |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (MBbls) | 29632 | 48882 | 28270 | 45151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas (MMcf) | 59314 | 86018 | 56492 | 79762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids (MBbls) | 9604 | 14454 | 9170 | 13393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total (MBoe) | 49122 | 77673 | 46855 | 71838 |
| &nbsp;&nbsp;&nbsp;&nbsp;PV-10<sup>(2)</sup> (in thousands) | $1010251 | $1401148 | $652817 | $802174 |

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___________________

(1)See table below for the NYMEX pricing used to prepare internal reserve estimates.

(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.

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| | | |
|:---|:---|:---|
| | Oil | Natural Gas |
| | ($ per Bbl) | ($ per Mcf) |
| Calendar year 2023 | $79.07 | $4.24 |
| Calendar year 2024 | $73.89 | $4.27 |
| Calendar year 2025 | $69.77 | $4.39 |
| Calendar year 2026 | $66.55 | $4.46 |
| Calendar year 2027 | $63.87 | $4.50 |
| After 2027 | $63.87 | $4.50 |

---

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**OIL, NATURAL GAS AND NGL RESERVES, Continued**

NSAI prepared the estimates of the Company's proved reserves as of December 31, 2021, in accordance with the rules and regulations of the SEC using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended December 31, 2021 of $66.55 per Bbl for oil and $3.60 Mcf for natural gas. The Company prepared estimates of proved reserves as of December 31, 2021 using NYMEX pricing, which were not reviewed by NSAI. The table below presents a summary of our proved reserves as of December 31, 2021.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **SEC Pricing** | **SEC Pricing** | **NYMEX Pricing**<sup>(1)</sup> | **NYMEX Pricing**<sup>(1)</sup> |
|<br>**Reserves as of December 31, 2021** | **Proved Developed Reserves** | **Total Proved Reserves** | **Proved Developed Reserves** | **Total Proved Reserves** |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (MBbls) | 27096 | 47021 | 26964 | 46848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas (MMcf) | 47974 | 77486 | 47728 | 77185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids (MBbls) | 7949 | 13471 | 7910 | 13423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total (MBoe) | 43041 | 73406 | 42829 | 73135 |
| &nbsp;&nbsp;&nbsp;&nbsp;PV-10<sup>(2)</sup> (in thousands) | $616231 | $879143 | $589287 | $808676 |

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___________________

(1)See table below for the NYMEX pricing used to prepare internal reserve estimates.

(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.

---

| | | |
|:---|:---|:---|
| | Oil | Natural Gas |
| | ($ per Bbl) | ($ per Mcf) |
| Calendar year 2022 | $72.23 | $3.69 |
| Calendar year 2023 | $66.39 | $3.36 |
| Calendar year 2024 | $62.66 | $3.13 |
| Calendar year 2025 | $60.12 | $3.07 |
| After 2025 | $59.19 | $3.33 |

---

Reserve estimates above do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties, all of which are located within the continental United States. NYMEX pricing does not comport with the reporting requirements of the SEC and should not be used as a substitute for or compared with estimates of proved reserves using SEC pricing.

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**DERIVATIVE CONTRACTS**

The following table summarizes the open financial derivatives as of March 3, 2023, related to oil and natural gas production. As discussed above, the Company entered into a purchase agreement for the New Mexico Acquisition. In conjunction, the Company added to its open derivative contracts in anticipation of an early second quarter close on the acquisition.

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average Price** | **Weighted Average Price** | **Weighted Average Price** |
|<br>**Period** <sup>(1)</sup> |<br>**Notional Volume** | **Fixed** | **Put** | **Call** |
|  |  | ($ per unit) | ($ per unit) | ($ per unit) |
| ***Oil Swaps (Bbl)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Q1 2023 | 225000 | $53.65 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 2023 | 315000 | $62.78 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 | 216000 | $63.04 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | 189000 | $62.51 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 240000 | $71.60 | $— | $— |
| ***Oil Collars (Bbl)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Q1 2023 | 210000 | $— | $70.95 | $89.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 2023 | 300000 | $— | $71.50 | $88.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 | 330000 | $— | $68.64 | $88.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | 330000 | $— | $68.64 | $88.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1293000 | $— | $61.02 | $86.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 315000 | $— | $60.00 | $77.98 |
| ***Natural Gas Swaps (MMBtu)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Q1 2023 |  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 2023 | 450000 | $2.60 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 | 450000 | $2.60 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | 400000 | $3.23 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1500000 | $3.43 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 375000 | $4.05 | $— | $— |
| ***Natural Gas Collars (MMBtu)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Q1 2023 |  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 2023 | 300000 | $— | $2.55 | $3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 | 300000 | $— | $2.55 | $3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | 300000 | $— | $3.12 | $4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1065000 | $— | $3.19 | $4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 255000 | $— | $3.65 | $4.95 |
| ***Oil Basis (Bbl)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Q1 2023 | 240000 | $1.28 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 2023 | 360000 | $1.28 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 | 360000 | $1.28 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | 360000 | $1.28 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 960000 | $0.87 | $— | $— |

---

__________________

(1)Q1 2023 derivative positions shown include January and February 2023 contracts, some of which have settled as of March 3, 2023.

## Exhibit 99.2

![](a23034q22resultsupdate_0001.jpg)

4Q22 Results Update March 2023

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![](a23034q22resultsupdate_0002.jpg)

2 Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.'s ("Riley Permian") current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in Riley Permian's periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"). All statements, other than historical facts, that address activities that Riley Permian assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, including the volatility of oil, natural gas and NGL prices; the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 ("COVID-19") pandemic and any related variants), including reactive or proactive measures taken by governments, regulatory agencies and businesses related to the pandemic, and the effects of COVID-19 on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; 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 and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving 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 agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations 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; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; 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; risks related to litigation; evolving geopolitical and military hostilities in other areas of the world; and cybersecurity threats, technology system failures and data security issues. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Riley Permian. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that Riley Permian may reduce, suspend or totally eliminate dividend payments in the future, whether variable or fixed, due to insufficient liquidity or other factors, potential adverse reactions or changes to the business or operations of Riley Permian resulting from the recently completed merger, including Riley Permian's future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of Riley Permian to finance operations in the manner expected; the risk that the Company's EOR and CCUS projects may not perform as expected or produce the anticipated benefits; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the consummation of the merger. Riley Permian encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, Riley Permian assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. For additional discussion of the factors that may cause us not to achieve our financial projections and/or production estimates, see Riley Permian's filings with the SEC, including its forms 10-K, 10-Q and 8-K and any amendments thereto. We do not undertake any obligation to release publicly the results of any future revisions we may make to this prospective data or to update this prospective data to reflect events or circumstances after the date of this presentation. Therefore, you are cautioned not to place undue reliance on this information. None of the information contained in this presentation has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Riley Permian may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors. Use of non-GAAP Financial Information This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Adjusted Net Income, (ii) Adjusted EBITDAX, (iii) Cash Margins, (iv) Free Cash Flow and (v) PV-10. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. See the Company's website, www.rileypermian.com, for the descriptions and reconciliations of non-GAAP measures presented in this presentation to the most directly comparable financial measures calculated in accordance with GAAP. Oil & Gas Reserves The SEC generally permits oil and natural gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC's definitions for such terms. In this presentation, Riley Permian may use the terms "resource potential," "resource play," "estimated ultimate recovery," or "EURs," "type curve" and "standardized measure," each of which the SEC guidelines restrict from being included in filings with the SEC without strict compliance with SEC definitions. These terms refer to Riley Permian's internal estimates of unbooked hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. "Resource potential" is used by Riley Permian to refer to the estimated quantities of hydrocarbons that may be added to proved reserves, largely from a specified resource play potentially supporting numerous drilling locations. A "resource play" is a term used by Riley Permian to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section potentially supporting numerous drilling locations, which, when compared to a conventional play, typically has a lower geological and/or commercial development risk. "EURs" are based on Riley Permian's previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. Unbooked resource potential or "EURs" do not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or SEC rules and do not include any proved reserves. Actual quantities of reserves that may be ultimately recovered from Riley Permian's interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of Riley Permian's ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil, natural gas liquids and natural gas prices, well spacing, drilling and production costs, availability and cost of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, negative revisions to reserve estimates and other factors, as well as actual drilling results, including geological and mechanical factors affecting recovery rates. "EURs" from reserves may change significantly as development of Riley Permian's core assets provides additional data. In addition, Riley Permian's production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. "Type curve" refers to a production profile of a well, or a particular category of wells, for a specific play and/or area.

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![](a23034q22resultsupdate_0003.jpg)

Highlights of 4Q22 Results 3 RILEY PERMIAN NYSE: REPX Share Price1 [$25.95] Shares Out1 [19.54MM] Market Cap1 [$507MM] Debt1 [$61MM] Insider Holdings [32%] Current Qrtly. Dividend1 [$0.34/Sh.] Ann. Dividend Yield1,2 [4.8%] 1) As of [10/28/22]. 2) Future dividends are subject to approval by the board of directors. Production CFFO(1) E&P Capex (Accrual)(2) 10.0 MBbls/d 13.3 MBoe/d $44MM for 4Q22 $169MM for 12 Mos. $27MM for 4Q22 $123MM for 12 Mos. 6% oil increase Q/Q 37% oil increase Y/Y for the quarter 31% oil increase Y/Y for the 12 mo. period 12% decrease Q/Q 77% increase Y/Y for the quarter 89% increase Y/Y for the 12 mo. period 28% decrease Q/Q 31% increase Y/Y for the quarter 49% increase Y/Y for the 12 mo. period FCF(3) Dividends(4) Debt $15MM for 4Q22 $56MM for 12 Mos. $0.34/Sh. Paid in 4Q $0.34/Sh. Paid in 1Q23 $8MM Draw $56MM Balance 5% decrease Q/Q 455% increase Y/Y for the quarter 572% increase Y/Y for the 12 mo. Period 10% increase in 4Q vs. 3Q 17% increased balance Q/Q 14% decreased balance Y/Y Note: The Company recently changed its fiscal year from a 9/30 fiscal year-end to 12/31 fiscal year-end. The fourth quarter of 2022 above reflects the quarter ending 12/31/22. (1) Cash Flows from Operations before the impact of changes in working capital. (2) Activity-based capital expenditures before acquisitions. (3) A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com. (4) Future dividends are subject to approval by the board of directors.

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![](a23034q22resultsupdate_0004.jpg)

Drivers of Growth in Cash Flow from Operations(1) 4 RILEY PERMIAN NYSE: REPX Share Price1 [$25.95] Shares Out1 [19.54MM] Market Cap1 [$507MM] Debt1 [$61MM] Insider Holdings [32%] Current Qrtly. Dividend1 [$0.34/Sh.] Ann. Dividend Yield1,2 [4.8%] 1) As of [10/28/22]. 2) Future dividends are subject to approval by the board of directors. Q/Q: 3 Months Ending 12/31/22 vs 9/30/22 Y/Y: 12 Months Ending 12/31/22 vs 12/31/21 12% decrease Q/Q due to 13% lower realized oil prices 89% higher Y/Y driven by volumes and price (1) Cash Flows from Operations before the impact of changes in working capital. (2)

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![](a23034q22resultsupdate_0005.jpg)

Improving Capital Efficiency: More Growth with Less Spending Increased Allocation of Capital to Dividends + Balance Sheet Materially Increased FCF(1) 5 Reinvesting for Significant Growth While Also Increasing FCF(1) $MM Note: All periods shown above are for the 12 months ended 12/31/21 or 12/31/22. (1) A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com. 0% 10% 20% 30% 40% 0% 25% 50% 75% 100% Y/ Y Oi l P ro du ct io n G ro w th Reinvestment Rate: Cash Capex before Acquisitions vs CFFO 2021 2022 88% 66% 12% 34% 2021 2022 Dividends and Balance Sheet Cash Capex before Acquisitions

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![](a23034q22resultsupdate_0006.jpg)

Acquisitions and New Ventures 6 EOR Pilot • Injecting water and CO2 but still early in the process of repressurizing the reservoir CCUS • Advancing with partners on the potential development of a large-scale CO2 storage hub in our immediate region of the Permian Basin Onsite Power JV • Formed JV for the purposes of improving operations via electric power supply quality and consistency, controlling costs and reducing emissions from flare gas Land Acquisition • Closed acquisitions of large surface land acreage within Yoakum County footprint which will lead to operating synergies, including for the power JV New Mexico Acquisition • Announced transformational acquisition in new region (Yeso trend of Eddy County, NM) with similar Northwest Shelf and other qualities to core asset in Yoakum County, TX

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![](a23034q22resultsupdate_0007.jpg)

Transaction Overview Regional Map • Strategic acquisition in the prolific Yeso trend (Eddy County, NM) • Purchase price of $330 million with 100% cash consideration • To be funded through a combination of borrowings under the Company's revolving credit facility and the proceeds from the issuance of new senior unsecured notes (5-year maturity, 10.5% annual interest) • Transaction is valued at 3.4x 2023 Adjusted EBITDAX(1) and a 15% free cash flow yield(1) • Accretive to relevant financial and valuation metrics • Adds high-quality drilling inventory including locations primarily in the Blinebry, Glorieta and Paddock formations Asset Highlights Net Acres 11,700 (99% HBP) Current Production 7.2 Mboe/d, 4.2 Mbo/d Gross Undeveloped Locations 100+ PDP PV10 at NYMEX Pricing(1)(2) $260MM PDP Reserves(2) 16.5 MMBoe 7 Enhancing Scale with Transformative New Mexico Acquisition (1) A non-GAAP financial measure as defined in the supplemental financial tables available on the Company's website at www.rileypermian.com. (2) Riley Permian's estimate of proved developed reserve volumes and values as of January 1, 2023, discounting cash flows at a rate of 10% and utilizing NYMEX strip pricing as of February 24, 2023. SWD infrastructure Crude takeaway Gas takeaway Acreage Position Legacy Champions Asset

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![](a23034q22resultsupdate_0008.jpg)

8 Forward Guidance (1) Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023. (2) Pro forma full year 2023 guidance information reflects combined Riley Permian with the New Mexico Acquisition as if the New Mexico Acquisition closed on January 1, 2023. This is shown for illustrative purposes only. (3) Activity-based investing expenditures before acquisitions. (4) A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com. Act ivity and Investing Guidance Production, Realizat ions and Cost Guidance 1Q23 2023 Reporting(1) 1Q23 2023 Reporting(1) 2023 Il lustrative Pro Forma(2) Forecasted Contribution of New Mex ico Asset to Period 0% 75% Forecasted Contribution of New Mex ico Asset to Period 0% 75% 100% Texas Activity Net Production Gross Operated Wells Drilled # 7 - 9 13 - 15 Total MBoe/d 13.2 - 13.8 18.4 - 19.2 20.1 - 21.2 Avg. WI on Gross Oper. Wells Drilled % 99% - 100% 98% - 99% Oil MBbls/d 9.8 - 10.2 12.8 - 13.4 13.8 - 14.6 New Mex ico Activity % Oil % 74% - 75% 70% - 71% 68% - 69% Gross Wells Drilled # 0 7 - 9 % Natural Gas % 16% - 14% 16% - 15% 18% - 16% Avg. WI on Gross Oper. Wells Drilled % NA 90% - 97% % NGL % 10% - 11% 14% - 14% 14% - 15% Investing Expenditures by Category (Accrual) (3) Basis Differentials and Fees E&P $MM 44 - 50 150 - 165 Oil $/Bbl (3.65) - (3.15) (3.90) - (2.90) Power JV Investment $MM 3 - 4 10 - 15 Natural Gas $/Mcf (2.90) - (2.50) (2.70) - (2.10) Total Investments $MM 47 - 54 160 - 180 NGL as a % of WTI % of WTI 9% - 13% 12% - 16% E&P Capital Expenditures by Region (Accrual) (3) Operating and Corporate Costs Texas % 99% - 100% 65% - 75% LOE & Workover Expense (WOE) $/Boe 8.00 - 9.00 8.00 - 9.00 New Mexico % 0% 25% - 35% Severance & Ad Valorem Tax % of revenue 6.0% - 8.0% 6.0% - 8.0% Cash G&A(4) $/Boe 3.80 - 4.40 3.00 - 3.50 Assumed year-over-year inflation on service costs: 15-20% Cash Income Taxes $MM 0.0 - 0.5 6.0 - 8.0

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![](a23034q22resultsupdate_0009.jpg)

Appendix 9[ insert footnotes here ]

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![](a23034q22resultsupdate_0010.jpg)

Capitalization Summary 10 RILEY PERMIAN NYSE: REPX Share Price1 [$25.95] Shares Out1 [19.54MM] Market Cap1 [$507MM] Debt1 [$61MM] Insider Holdings [32%] Current Qrtly. Dividend1 [$0.34/Sh.] Ann. Dividend Yield1,2 [4.8%] 1) As of [10/28/22]. 2) Future dividends are subject to approval by the board of directors. (1) Values in MM except for share price (2) Source: SEC Filings. Insiders include Yorktown, management and the board of directors. (3) Affiliated entity holdings aggregated from Form 4 filings (4) Future dividends are subject to approval by the board of directors > 5% Holders and Insiders as of 3/7/231 Shares (MM) Ownership % Share Price (3/7/23) $33.32 Yorktown Energy Partners2 5.51 27.3% Shares Outstanding, MM (3/7/23) 20.2 Bluescape Energy Partners 5.22 25.9% Equity Value, $MM $671.7 Balmon Investments2 2.02 10.0% VandenBrink Estate2 1.97 9.8% Credit Facility Debt, $MM (12/31/22) $56.0 Riley Permian Management 0.83 4.1% Cash and Cash Equivalents, $MM (12/31/22) (13.3) Board of Directors 0.03 0.2% Enterprise Value, $MM $714.4 Estimated Public Float 4.58 22.7% Total 20.16 100.0% Total Insider Ownership 6.37 31.6% Current Qrtly. Dividend3: $0.34/Sh Total shares inclusive of restricted stock awards Balance as of: 12/31/2022 Annual Dividend Yield3: 4.1% Syndication: 6 banks with Truist Bank as Administrative Agent Debt to EV: 7.8% Interest Rate: Term SOFR + 285-385bps Maturity: April 2026 Equity Ownership Credit FacilityMarket Capitalization NYSE: REPX $56MM Drawn $169MM Available Liquidity $- $50 $100 $150 $200 $250 $M M $225MM Borrowing Base

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![](a23034q22resultsupdate_0011.jpg)

11 Hedging Positions as of 3/3/23 Note: Q1 2023 derivative positions shown include contracts that have settled as of 3/3/23 2023 2024 2025 Calendar Quarters 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q CRUDE OIL Fixed Swap - Volume, Bbls/Qtr 225,000 315,000 216,000 189,000 60,000 60,000 60,000 60,000 - Weighted Average Price, $/Bbl $53.65 $62.78 $63.04 $62.51 $71.60 $71.60 $71.60 $71.60 $0.00 Collars - Volume, Bbls/Qtr 210,000 300,000 330,000 330,000 363,000 330,000 300,000 300,000 315,000 Weighted Average Floor Price, $/Bbl $70.95 $71.50 $68.64 $68.64 $61.16 $60.91 $61.00 $61.00 $60.00 Weighted Average Ceiling Price, $/Bbl $89.96 $88.98 $88.85 $88.85 $86.95 $87.41 $85.50 $85.50 $77.98 Total Oil Price Hedges, Bbls/Qtr 435,000 615,000 546,000 519,000 423,000 390,000 360,000 360,000 315,000 CRUDE OIL BASIS Mid/Cush Basis Swaps - Volume, Bbls/Qtr 240,000 360,000 360,000 360,000 240,000 240,000 240,000 240,000 - Weighted Average Price, $/Bbl $1.28 $1.28 $1.28 $1.28 $0.87 $0.87 $0.87 $0.87 $0.00 NATURAL GAS Swaps - Volume, MMBtu/Qtr - 450,000 450,000 400,000 375,000 375,000 375,000 375,000 375,000 Weighted Average Price, $/MMBtu $0.00 $2.60 $2.60 $3.23 $3.61 $3.17 $3.17 $3.75 $4.05 Collars - Volume, MMBtu/Qtr - 300,000 300,000 300,000 300,000 255,000 255,000 255,000 255,000 Weighted Average Floor Price, $/MMBtu $0.00 $2.55 $2.55 $3.12 $3.40 $2.95 $2.95 $3.42 $3.65 Weighted Average Ceiling Price, $/MMBtu $0.00 $3.20 $3.20 $4.07 $4.50 $3.72 $3.72 $4.54 $4.95 Total NG Price Hedges, MMBtu/Qtr - 750,000 750,000 700,000 675,000 630,000 630,000 630,000 630,000

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![](a23034q22resultsupdate_0012.jpg)

Additional Information 12 Company www.rileypermian.com 29 E. Reno Ave., Ste 500 Oklahoma City, OK 73104 Investor Relations Direct: 405-415-8699 ir@rileypermian.com

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## Exhibit 99.3

![](a2303companyoverview_030001.jpg)

Company Overview March 2023

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![](a2303companyoverview_030002.jpg)

2 Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.'s ("Riley Permian") current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in Riley Permian's periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"). All statements, other than historical facts, that address activities that Riley Permian assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, including the volatility of oil, natural gas and NGL prices; the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 ("COVID-19") pandemic and any related variants), including reactive or proactive measures taken by governments, regulatory agencies and businesses related to the pandemic, and the effects of COVID-19 on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; 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 and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving 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 agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations 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; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; 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; risks related to litigation; evolving geopolitical and military hostilities in other areas of the world; and cybersecurity threats, technology system failures and data security issues. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Riley Permian. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that Riley Permian may reduce, suspend or totally eliminate dividend payments in the future, whether variable or fixed, due to insufficient liquidity or other factors, potential adverse reactions or changes to the business or operations of Riley Permian resulting from the recently completed merger, including Riley Permian's future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of Riley Permian to finance operations in the manner expected; the risk that the Company's EOR and CCUS projects may not perform as expected or produce the anticipated benefits; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the consummation of the merger. Riley Permian encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, Riley Permian assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. For additional discussion of the factors that may cause us not to achieve our financial projections and/or production estimates, see Riley Permian's filings with the SEC, including its forms 10-K, 10-Q and 8-K and any amendments thereto. We do not undertake any obligation to release publicly the results of any future revisions we may make to this prospective data or to update this prospective data to reflect events or circumstances after the date of this presentation. Therefore, you are cautioned not to place undue reliance on this information. None of the information contained in this presentation has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Riley Permian may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors. Use of non-GAAP Financial Information This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Adjusted Net Income, (ii) Adjusted EBITDAX, (iii) Cash Margins, (iv) Free Cash Flow and (v) PV-10. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. See the Company's website, www.rileypermian.com, for the descriptions and reconciliations of non-GAAP measures presented in this presentation to the most directly comparable financial measures calculated in accordance with GAAP. Oil & Gas Reserves The SEC generally permits oil and natural gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC's definitions for such terms. In this presentation, Riley Permian may use the terms "resource potential," "resource play," "estimated ultimate recovery," or "EURs," "type curve" and "standardized measure," each of which the SEC guidelines restrict from being included in filings with the SEC without strict compliance with SEC definitions. These terms refer to Riley Permian's internal estimates of unbooked hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. "Resource potential" is used by Riley Permian to refer to the estimated quantities of hydrocarbons that may be added to proved reserves, largely from a specified resource play potentially supporting numerous drilling locations. A "resource play" is a term used by Riley Permian to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section potentially supporting numerous drilling locations, which, when compared to a conventional play, typically has a lower geological and/or commercial development risk. "EURs" are based on Riley Permian's previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. Unbooked resource potential or "EURs" do not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or SEC rules and do not include any proved reserves. Actual quantities of reserves that may be ultimately recovered from Riley Permian's interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of Riley Permian's ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil, natural gas liquids and natural gas prices, well spacing, drilling and production costs, availability and cost of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, negative revisions to reserve estimates and other factors, as well as actual drilling results, including geological and mechanical factors affecting recovery rates. "EURs" from reserves may change significantly as development of Riley Permian's core assets provides additional data. In addition, Riley Permian's production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. "Type curve" refers to a production profile of a well, or a particular category of wells, for a specific play and/or area.

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Corporate and Strategic Overview • Riley Permian is a growth-oriented, independent oil and natural gas company with operations focused on Texas and New Mexico • Core business operations focus on modern horizontal drilling and completions applied to the conventional formations in the Permian Basin - With lower production declines than typical shale assets, our production volume can grow with lower reinvestment rates of internal cash generation, leaving a greater percentage of cash flow available to return to investors • Capital allocation prioritizes reinvesting for growth within operating cash flow and paying a growing dividend to shareholders(1), which we have done for the past 16 quarters • New business ventures associated with carbon capture (CCUS) activities and a joint venture for onsite power generation using flare gas 3 (1) Future dividends are subject to approval by the board of directors. (2) Equity Market Cap and Yield based on share price as of 3/7/23. (3) Total Assets & Debt as of 12/31/22. Select Company Metrics Equity Market Cap(2) $672MM Total Assets(3) $515MM Debt(3) $56MM 2022 Cash Flow from Operations $170MM Recent Dividend $0.34/sh Current Dividend Yield(2) 4.1%

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Prime Core Asset in Yoakum County, Texas 4 Platang Field "Champions" Legacy Regional Development Riley Permian's Modern Development • The San Andres is a proven, conventional reservoir that has been producing for over 100 years • Relative to shale, the San Andres reservoir has excellent natural permeability and porosity, which allows large volumes of fluids to move through the rock to the borehole, with only moderate stimulation • The Wasson and Brahaney Fields are giant, legacy oilfields on the Northwest Shelf of the Permian Basin, located primarily in Yoakum County, TX • These fields commenced development in the 1930s and have produced over 2.3 billion barrels of oil • These fields were developed with several thousand vertical wells, many of which are still producing ~10 bopd • Operators of Wasson and Brahaney include oil majors and large cap companies, and they have been using water and CO2 injection for decades to enhance recovery • Within this premier geologic setting, Riley Permian's focus is on horizontal development of a net ~26K acre position (Platang Field, or "Champions") • The San Andres' moderate depth generally leads to lower drilling costs compared to many of the Permian shale plays • Riley Permian has ~80 active, operated horizontal wells producing an average of ~150 bopd • Our oldest producing horizontal well is 7 years old; our average horizontal well age is 3.8 years old • This combination of high average production per well (with low base decline) and younger well life leads to lower operating costs relative to marginal vertical wells • Until 2022, we had not employed water or CO2 enhancement techniques on this asset, but we currently have a pilot program in progress to test viability

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Transaction Overview Regional Map • Strategic acquisition in the prolific Yeso trend (Eddy County, NM) • Purchase price of $330 million with 100% cash consideration • To be funded through a combination of borrowings under the Company's revolving credit facility and the proceeds from the issuance of new senior unsecured notes (5-year maturity, 10.5% annual interest) • Transaction is valued at 3.4x 2023 Adjusted EBITDAX(1) and a 15% free cash flow yield(1) • Accretive to relevant financial and valuation metrics • Adds high-quality drilling inventory including locations primarily in the Blinebry, Glorieta and Paddock formations Asset Highlights Net Acres 11,700 (99% HBP) Current Production 7.2 Mboe/d, 4.2 Mbo/d Gross Undeveloped Locations 100+ PDP PV10 at NYMEX Pricing(1)(2) $260MM PDP Reserves(2) 16.5 MMBoe 5 Enhancing Scale with Transformative New Mexico Acquisition (1) A non-GAAP financial measure as defined in the supplemental financial tables available on the Company's website at www.rileypermian.com. (2) Riley Permian's estimate of proved developed reserve volumes and values as of January 1, 2023, discounting cash flows at a rate of 10% and utilizing NYMEX strip pricing as of February 24, 2023. SWD infrastructure Crude takeaway Gas takeaway Acreage Position Legacy Champions Asset

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Total Net Production MBoe/d Adjusted EBITDAX(1) $MM Dividends per Share $/Sh 6 Track Record of Consistent Growth and Shareholder Returns (1) A non-GAAP financial measure as defined in the supplemental financial tables available on the Company's website at www.rileypermian.com. 3.9 5.6 5.7 6.7 8.8 4.1 6.6 7.2 9.2 11.5 2018 2019 2020 2021 2022 Oil, MBbls/d 0.92 0.83 1.08 1.27 2018 2019 2020 2021 2022 41 68 81 97 176 2018 2019 2020 2021 2022

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Improving Capital Efficiency: More Growth with Less Spending Increased Allocation of Capital to Dividends + Balance Sheet Materially Increased FCF(1) 7 Reinvesting for Significant Growth While Also Increasing FCF(1) $MM Note: All periods shown above are for the 12 months ended 12/31/21 or 12/31/22. (1) A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com. 0% 10% 20% 30% 40% 0% 25% 50% 75% 100% Y/ Y Oi l P ro du ct io n G ro w th Reinvestment Rate: Cash Capex before Acquisitions vs CFFO 2021 2022 88% 66% 12% 34% 2021 2022 Dividends and Balance Sheet Cash Capex before Acquisitions

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Environmental Social Governance • Formed JV to use flare gas for onsite power generation which will reduce emissions • Pursuing CCUS activities to capture and storage industrial CO2 • Onsite pipelines transport nearly all production volumes, eliminating trucking and associated emissions • Our 2022 pneumatic device replacement project has resulted in a 92% reduction in methane emissions from pneumatic devices • Providing low-cost, reliable and secure energy to society • U.S.-based workforce, with zero offshoring of employed labor, producing U.S. natural resources • Zero recordable employee injuries in 2021 and 2022 • Large majority of employees are also stockholders, granted through long-term incentive plans • Prioritizing long-term corporate sustainability and creating value for shareholders • Balanced board of directors: significant shareholder representation; 4 of 6 directors are independent; 3 of 6 diverse (gender or ethnicity) • 100% of committee representation is from independent directors • Executive alignment with shareholders as 2/3rds of executive's target incentive compensation is in the form of stock Committed to ESG Engagement 8 Responsibly producing some of the world's most demanded natural resources

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CO2 Investment Highlights: Inflation Hedge, Yield-Oriented Growth Story 9(1) Future dividends are subject to approval by the board of directors. Yield based on share price as of 3/7/23. Multi-year track record of organic growth in production, cash flow and reserves across commodity cycles Premier, oil-based, conventional assets with low decline rates that enables capital efficiency Proven and aligned management team with substantial expertise across disciplines and long-term perspective Operating and financial performance metrics compete with top E&Ps Potential upside through new ventures such EOR, CCUS and power JV Consistent dividend payer with 4.1% current annualized yield; corporate objective to grow the dividend annually(1)

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Appendix 10[ insert footnotes here ]

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Capitalization Summary 11 RILEY PERMIAN NYSE: REPX Share Price1 [$25.95] Shares Out1 [19.54MM] Market Cap1 [$507MM] Debt1 [$61MM] Insider Holdings [32%] Current Qrtly. Dividend1 [$0.34/Sh.] Ann. Dividend Yield1,2 [4.8%] 1) As of [10/28/22]. 2) Future dividends are subject to approval by the board of directors. (1) Source: SEC Filings. Insiders include Yorktown, management and the board of directors. (2) Includes affiliated entity holdings aggregated from Form 4 filings. (3) Future dividends are subject to approval by the board of directors. > 5% Holders and Insiders as of 3/7/231 Shares (MM) Ownership % Share Price (3/7/23) $33.32 Yorktown Energy Partners2 5.51 27.3% Shares Outstanding, MM (3/7/23) 20.2 Bluescape Energy Partners 5.22 25.9% Equity Value, $MM $671.7 Balmon Investments2 2.02 10.0% VandenBrink Estate2 1.97 9.8% Credit Facility Debt, $MM (12/31/22) $56.0 Riley Permian Management 0.83 4.1% Cash and Cash Equivalents, $MM (12/31/22) (13.3) Board of Directors 0.03 0.2% Enterprise Value, $MM $714.4 Estimated Public Float 4.58 22.7% Total 20.16 100.0% Total Insider Ownership 6.37 31.6% Current Qrtly. Dividend3: $0.34/Sh Total shares inclusive of restricted stock awards Balance as of: 12/31/2022 Annual Dividend Yield3: 4.1% Syndication: 6 banks with Truist Bank as Administrative Agent Debt to EV: 7.8% Interest Rate: Term SOFR + 285-385bps Maturity: April 2026 Equity Ownership Credit FacilityMarket Capitalization NYSE: REPX $56MM Drawn $169MM Available Liquidity $- $50 $100 $150 $200 $250 $M M $225MM Borrowing Base

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Existing Proved Reserves Based on SEC Pricing(1) 12 Commodity Volume Mix Developed vs Undeveloped Volume Mix Developed vs Undeveloped PV-10(2) Mix 78 MMBoe 78 MMBoe $802 MM NYMEX value(3), $1.4BN SEC value (1) Reserves based on third party estimates as of 12/31/22, prepared by Netherland Sewell & Associates, Inc. Boe metrics converts gas mcf on a 1:6 basis to oil barrels and NGL barrels on a 1:1 basis with oil barrels. (2) A non-GAAP financial measure as defined in the supplemental financial tables available on the Company's website at www.rileypermian.com. (3) Utilizes NYMEX pricing as of 12/31/22. 63% 37% PDP PUD 63% 19% 18% Oil NGL Nat Gas 72% 28% PDP PUD

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13 Hedging Positions as of 3/3/23 Note: Q1 2023 derivative positions shown include some contracts that have settled as of 3/3/23 2023 2024 2025 Calendar Quarters 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q CRUDE OIL Fixed Swap - Volume, Bbls/Qtr 225,000 315,000 216,000 189,000 60,000 60,000 60,000 60,000 - Weighted Average Price, $/Bbl $53.65 $62.78 $63.04 $62.51 $71.60 $71.60 $71.60 $71.60 $0.00 Collars - Volume, Bbls/Qtr 210,000 300,000 330,000 330,000 363,000 330,000 300,000 300,000 315,000 Weighted Average Floor Price, $/Bbl $70.95 $71.50 $68.64 $68.64 $61.16 $60.91 $61.00 $61.00 $60.00 Weighted Average Ceiling Price, $/Bbl $89.96 $88.98 $88.85 $88.85 $86.95 $87.41 $85.50 $85.50 $77.98 Total Oil Price Hedges, Bbls/Qtr 435,000 615,000 546,000 519,000 423,000 390,000 360,000 360,000 315,000 CRUDE OIL BASIS Mid/Cush Basis Swaps - Volume, Bbls/Qtr 240,000 360,000 360,000 360,000 240,000 240,000 240,000 240,000 - Weighted Average Price, $/Bbl $1.28 $1.28 $1.28 $1.28 $0.87 $0.87 $0.87 $0.87 $0.00 NATURAL GAS Swaps - Volume, MMBtu/Qtr - 450,000 450,000 400,000 375,000 375,000 375,000 375,000 375,000 Weighted Average Price, $/MMBtu $0.00 $2.60 $2.60 $3.23 $3.61 $3.17 $3.17 $3.75 $4.05 Collars - Volume, MMBtu/Qtr - 300,000 300,000 300,000 300,000 255,000 255,000 255,000 255,000 Weighted Average Floor Price, $/MMBtu $0.00 $2.55 $2.55 $3.12 $3.40 $2.95 $2.95 $3.42 $3.65 Weighted Average Ceiling Price, $/MMBtu $0.00 $3.20 $3.20 $4.07 $4.50 $3.72 $3.72 $4.54 $4.95 Total NG Price Hedges, MMBtu/Qtr - 750,000 750,000 700,000 675,000 630,000 630,000 630,000 630,000

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Additional Information 14 Company www.rileypermian.com 29 E. Reno Ave., Ste 500 Oklahoma City, OK 73104 Investor Relations Direct: 405-415-8699 ir@rileypermian.com

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