# EDGAR Filing Document

**Accession Number:** 0001842556
**File Stem:** 0001213900-25-055186
**Filing Date:** 2025-6
**Character Count:** 54955
**Document Hash:** a1cf7e10050202b84090aca58353cd12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-055186.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001213900-25-055186

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250602

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EON Resources Inc.
- **CENTRAL INDEX KEY:** 0001842556
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 854359124
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41278
- **FILM NUMBER:** 251053485

**BUSINESS ADDRESS:**
- **STREET 1:** 3730 KIRBY DRIVE, SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77098
- **BUSINESS PHONE:** 713.834.1145

**MAIL ADDRESS:**
- **STREET 1:** 3730 KIRBY DRIVE, SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77098

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HNR Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210126

?xml version='1.0' encoding='ASCII'?

**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): June 2, 2025**

**EON RESOURCES INC.**

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

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41278** | **85-4359124** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission File Number)** | **(IRS Employer<br> Identification No.)** |

---

**3730 Kirby Drive, Suite 1200**

**Houston, Texas 77098**

**(Address of principal executive offices, including zip code)**

**(713) 834-1145**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report.)**

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:

☐ 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:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading symbol** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.0001 per share | EONR | NYSE American |
| Redeemable warrants, exercisable for three quarters of one share of Class A Common Stock at an exercise price of $11.50 per share | EONR WS | 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 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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 1.01 Entry into a Material Definitive Agreement**

As previously reported, on November 15, 2023, EON Resources Inc. (the "Company") closed on its acquisition (the "Pogo Acquisition") of Pogo Resources, LLC, a Texas limited liability company ("Pogo") pursuant to that certain Amended and Restated Membership Interest Purchase Agreement, dated as of August 28, 2023 (as amended, the "MIPA"), by and among the Company, HNRA Upstream, LLC, a Delaware limited liability company, which is managed by, and is a subsidiary of, the Company ("OpCo"), and HNRA Partner, Inc., a Delaware corporation, which is a wholly owned subsidiary of OpCo ("SPAC Subsidiary", and together with the Company and OpCo, "Buyer" and each a "Buyer"), CIC Pogo LP, a Delaware limited partnership ("CIC"), DenCo Resources, LLC, a Texas limited liability company ("DenCo"), Pogo Resources Management, LLC, a Texas limited liability company ("Pogo Management"), 4400 Holdings, LLC, a Texas limited liability company ("4400" and, together with CIC, DenCo and Pogo Management, collectively, "Seller" and each a "Seller").

In connection with the Pogo Acquisition, among other consideration, the Company and its subsidiaries, as applicable, issued to Pogo Royalty, LLC ("Pogo Royalty"), as representative of Seller: (a) 2,000,000 Class B common units of OpCo ("OpCo Class B Units") valued at $10.00 per unit, which, together with shares of the Company's Class B Common Stock, par value $0.0001 per share ("Class B Common Stock"), are exchangeable for shares of the Company's Class A Common Stock, par value $0.0001 per share ("Class A Common Stock"), on a one-for-one basis, issuable upon exercise of the Pogo Royalty's exchange right as described further in OpCo's amended and restated limited liability company agreement, (b) a promissory note in the aggregate principal amount of $15,000,000 (the "Seller Note"), and (c) 1,500,000 preferred units of OpCo (the "OpCo Preferred Units"), which are convertible into OpCo Class B Units on November 15, 2025 at a ratio equal to the quotient of $20 divided by the average of the daily VWAP of the Class A Common Stock during the five trading days prior to conversion, and thereafter may be exchanged for shares of Class A Common Stock on a one-to-one basis.

In addition, in connection with the Pogo Acquisition, a subsidiary of the Company, HNRA Royalties, LLC, a Delaware limited liability company ("HNRA Royalties"), and Pogo Royalty entered into an Option Agreement, pursuant to which Pogo Royalty granted an irrevocable and exclusive option to HNRA Royalties to purchase a certain 10% overriding royalty interest in certain oil and gas assets owned by Pogo (the "ORRI") at any time prior to November 15, 2024.

As previously reported, on February 10, 2025, the Company entered into a Purchase, Sale, Termination and Exchange Agreement (the "PSTE Agreement"), by and among the Company, OpCo, SPAC Subsidiary, HNRA Royalties, Pogo Royalty, CIC, DenCo, Pogo Management, and 4400. Pursuant to the PSTE Agreement, the Company agreed to purchase the ORRI from Pogo Royalty for $14,000,000 (the "ORRI Purchase Price"), payable in cash at the closing of the transactions contemplated by the PSTE Agreement (the "Closing"). In addition, at the Closing, Pogo Royalty agreed to waive all outstanding interest accrued under the Seller Note, reduce the outstanding principal amount of the Seller Note to $8,000,000 and settle and discharge the Seller Note in exchange for the payment of $8,000,000 in cash. Pogo Royalty further agreed to assign and transfer the OpCo Preferred Units to OpCo in exchange for the issuance by the Company of 3,000,000 shares of Class A Common Stock (the "Share Consideration") at the Closing. If the Closing did not occur prior to 1:00 p.m. Central Time on June 3, 2025 (the "Outside Date"), the PSTE Agreement would automatically terminate.

On June 2, 2025, the Company entered into an Amendment No. 1 to the PSTE Agreement ("Amendment No. 1") whereby the Outside Date was extended to 5:00 p.m. Central Time on June 6, 2025. On June 6, 2025, the Company entered into an Amendment No. 2 to the PSTE Agreement ("Amendment No. 1") whereby the Outside Date was extended to 5:00 p.m. Central Time on June 13, 2025.

On June 13, 2025, the Company entered into an Amendment No. 3 to the PSTE Agreement ("Amendment No. 3," and together with Amendment No. 1 and Amendment No. 2, collectively, the "Amendments") whereby the Outside Date was extended to 5:00 p.m. Central Time on September 15, 2025. In addition, pursuant to Amendment No. 3, the ORRI Purchase Price was decreased to $13,500,000 and the parties agreed to reduce the outstanding principal amount of the Seller Note to $7,000,000 and settle and discharge the Seller Note in exchange for the payment of $7,000,000 in cash at the Closing; provided, however, that the Company may instead discharge the Seller Note at the Closing by payment of $4,500,000 in cash and the issuance of a promissory note having a principal amount of $2,500,000, bearing interest at a rate of 18% per annum, compounding monthly, maturing 60 days after the Closing, and secured by a first lien on certain of the Company's surface and well equipment. Furthermore, pursuant to Amendment No. 3, the Share Consideration was reduced to 1,500,000 shares of Class A Common Stock.

The foregoing is a summary description of certain terms of Amendment No. 1, Amendment No. 2, and Amendment No. 3. For a full description of all terms, please refer to the copies of Amendment No. 1, Amendment No. 2, and Amendment No. 3 that are filed as Exhibit 2.1, Exhibit 2.2, and Exhibit 2.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

**Item 3.02 Unregistered Sales of Equity Securities**

The information contained above in "Item 1.01 Entry into a Material Definitive Agreement" related to the issuance of Class A Common Stock in connection with Amendment No. 3 is hereby incorporated by reference into this Item 3.02. The Company will issue such shares of Class A Common Stock in reliance upon the exemption from registration provided by Section 4(a)(2) of the Act, Rule 506(b) of Regulation D promulgated thereunder, and/or Section 3(a)(9) of the Act.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from the registration requirements and certificates evidencing such shares contain a legend stating the same.

**Item 8.01. Other Events**

On June 17, 2025, the Company issued a press release announcing the Amendments and the transactions contemplated thereby. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits

The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 2.1 | [Amendment No. 1 to Purchase, Sale, Termination and Exchange Agreement by and among Company, OpCo, SPAC Subsidiary, HNRA Royalties, Pogo Royalty, CIC, DenCo, Pogo Management, and 4400 dated June 2, 2025](ea024595301ex2-1_eonresour.htm) |
| 2.2 | [Amendment No. 2 to Purchase, Sale, Termination and Exchange Agreement by and among Company, OpCo, SPAC Subsidiary, HNRA Royalties, Pogo Royalty, CIC, DenCo, Pogo Management, and 4400 dated June 6, 2025](ea024595301ex2-2_eonresour.htm) |
| 2.3 | [Amendment No. 3 to Purchase, Sale, Termination and Exchange Agreement by and among Company, OpCo, SPAC Subsidiary, HNRA Royalties, Pogo Royalty, CIC, DenCo, Pogo Management, and 4400 dated June 13, 2025](ea024595301ex2-3_eonresour.htm) |
| 99.1 | [Press Release of EON Resources Inc. dated June 17, 2025](ea024595301ex99-1_eonresour.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

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.

---

| | | |
|:---|:---|:---|
| June 17, 2025 | **EON Resources Inc.** | **EON Resources Inc.** |
|  | By: | /s/ Mitchell B. Trotter |
|  | Name: | Mitchell B. Trotter |
|  | Title: | Chief Financial Officer |

---

## Exhibit 2.1

**Exhibit 2.1**

***Execution Version***

**Amendment No. 1** 

**to**

**purchase, SALE, TERMINATION AND EXCHANGE AGREEMENT**

This Amendment No. 1 (this "**<u>Amendment</u>**") dated June 2, 2025 (the "**<u>Amendment Effective Date</u>**") to that certain Purchase, Sale, Termination and Exchange Agreement, dated as of February 10, 2025, is made by and among Pogo Royalty, LLC, a Texas limited liability company ("**<u>Pogo Royalty</u>**"), CIC Pogo LP, a Delaware limited partnership ("**<u>CIC</u>**"), DenCo Resources, LLC, a Texas limited liability company ("**<u>DenCo</u>**"), Pogo Resources Management, LLC, a Texas limited liability company ("**<u>Pogo Resources Management</u>**"), and 4400 Holdings, LLC, a Texas limited liability company ("**<u>4400</u>**" and, together with Pogo Royalty, CIC, DenCo and Pogo Resources Management, the "**<u>Sellers</u>**"), EON Resources Inc., a Delaware corporation (the "**<u>Company</u>**"), HNRA Upstream, LLC, a Delaware limited liability company ("**<u>OpCo</u>**"), HNRA Royalties, LLC, a Delaware limited liability company ("**<u>EONR Royalties</u>**") and HNRA Partner, Inc. a Delaware corporation (the "**<u>SPAC Subsidiary</u>**" and, together with the Company, OpCo and EONR Royalties, the "**<u>Purchasers</u>**"). The Sellers and the Purchasers are referred to herein individually as a "**<u>Party</u>**" and, collectively, as the "**<u>Parties</u>**."

**Recitals**

**Whereas**, the Sellers and the Purchasers are parties to that certain Purchase, Sale, Termination and Exchange Agreement, dated as of February 10, 2025 (the "**<u>PSA</u>**");

**WHEREAS**, pursuant to Section 7.2 of the PSA, the PSA shall automatically terminate at 1:00 p.m. Central Time on June 3, 2025;

**WHEREAS**, pursuant to Section 8.3 of the PSA, the PSA may be amended by a written agreement duly executed by each of the Parties thereto; and

**WHEREAS**, the Sellers and the Purchasers desire to enter into this Amendment in order to amend the PSA in the manner set forth herein.

**Now, Therefore**, in consideration of the representations, warranties, covenants and agreements herein made and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Amendment to PSA</u>**. The PSA is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 7.2 of the PSA is hereby amended and restated in its entirety as follows:

"This Agreement shall automatically terminate at 5:00 p.m. Central Time on June 6, 2025 (the "**<u>Outside Date</u>**")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Effect on the PSA</u>**. Except as specifically amended by this Amendment, the PSA shall remain in full force and effect, and the PSA, as amended by this Amendment, is hereby ratified and confirmed in all respects. From and after the Amendment Effective Date, each reference in the PSA to "this Agreement," "herein," "hereof," "hereunder" or words of similar import, or to any provision of the PSA, as the case may be, shall be deemed to refer to the PSA or such provision as amended by this Amendment, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Miscellaneous</u>**. The provisions of Sections 8.2 (Governing Law; Submission to Jurisdiction; Consent to Service of Process), 8.3 (Entire Agreement; Amendments and Waivers), 8.4 (Notices), 8.5 (Severability), 8.6 (Binding Effect; Assignment), 8.7 (Non-Recourse), 8.8 (Counterparts), 8.9 (Exhibits), 8.10 (Specific Performance) and 8.11 (Waiver of Jury Trial) of the PSA are incorporated by reference into this Amendment *mutatis mutandis*.

[*Remainder of Page Intentionally Left Blank; Signature Pages Follow*]

IN WITNESS WHEREOF, the Parties have executed this Agreement on the dates indicated below, effective as of the Amendment Effective Date.

---

| | |
|:---|:---|
| **<u>THE SELLERS</u>:** | **<u>THE SELLERS</u>:** |
| **pogo royalty, LLC** | **pogo royalty, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |
| **CIC POGO LP** | **CIC POGO LP** |
| By: | cic iv gp, llc |
| Its: | General Partner |
| By: | /s/ Fouad Bashour |
| Name: | Fouad Bashour |
| Title: | Manager |
| **DENCO Resources, LLC** | **DENCO Resources, LLC** |
| By: | /s/ John L. Denman, Jr. |
| Name: | John L. Denman, Jr. |
| Title: | President |
| **pogo resources management, LLC** | **pogo resources management, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |
| **4400 holdings, LLC** | **4400 holdings, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |

---

[*Signature Page to Amendment to Purchase, Sale, Termination and Exchange Agreement*]

---

| | |
|:---|:---|
| **<u>THE PURCHASERS</u>:** | **<u>THE PURCHASERS</u>:** |
| **EON RESOURCES INC.** | **EON RESOURCES INC.** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | Chief Financial Officer |
| **HNRA UPSTREAM, LLC** | **HNRA UPSTREAM, LLC** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |
| **HNRA ROYALTIES, LLC** | **HNRA ROYALTIES, LLC** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |
| **HNRA PARNTER, INC.** | **HNRA PARNTER, INC.** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |

---

[*Signature Page to Amendment to Purchase, Sale, Termination and Exchange Agreement*]

## Exhibit 2.2

**Exhibit 2.2**

***Execution Version***

**Amendment No. 2** 

**to**

**purchase, SALE, TERMINATION AND EXCHANGE AGREEMENT**

This Amendment No. 2 (this "**<u>Amendment</u>**") effective at 4:59 p.m. Central Time June 6, 2025 (the "**<u>Amendment Effective Date</u>**") to that certain Purchase, Sale, Termination and Exchange Agreement, dated as of February 10, 2025, is made by and among Pogo Royalty, LLC, a Texas limited liability company ("**<u>Pogo Royalty</u>**"), CIC Pogo LP, a Delaware limited partnership ("**<u>CIC</u>**"), DenCo Resources, LLC, a Texas limited liability company ("**<u>DenCo</u>**"), Pogo Resources Management, LLC, a Texas limited liability company ("**<u>Pogo Resources Management</u>**"), and 4400 Holdings, LLC, a Texas limited liability company ("**<u>4400</u>**" and, together with Pogo Royalty, CIC, DenCo and Pogo Resources Management, the "**<u>Sellers</u>**"), EON Resources Inc., a Delaware corporation (the "**<u>Company</u>**"), HNRA Upstream, LLC, a Delaware limited liability company ("**<u>OpCo</u>**"), HNRA Royalties, LLC, a Delaware limited liability company ("**<u>EONR Royalties</u>**") and HNRA Partner, Inc. a Delaware corporation (the "**<u>SPAC Subsidiary</u>**" and, together with the Company, OpCo and EONR Royalties, the "**<u>Purchasers</u>**"). The Sellers and the Purchasers are referred to herein individually as a "**<u>Party</u>**" and, collectively, as the "**<u>Parties</u>**."

**Recitals**

**Whereas**, the Sellers and the Purchasers are parties to that certain Purchase, Sale, Termination and Exchange Agreement, dated as of February 10, 2025 (the "**<u>PSA</u>**");

**WHEREAS**, pursuant to Section 7.2 of the PSA, the PSA shall automatically terminate at 1:00 p.m. Central Time on June 3, 2025;

**WHEREAS**, the Parties entered into that certain amendment to the PSA, dated June 2, 2025, which extended the termination date of the PSA to 5:00 p.m. Central Time June 6, 2025;

**WHEREAS**, pursuant to Section 8.3 of the PSA, the PSA may be amended by a written agreement duly executed by each of the Parties thereto; and

**WHEREAS**, the Sellers and the Purchasers desire to enter into this Amendment in order to amend the PSA in the manner set forth herein.

**Now, Therefore**, in consideration of the representations, warranties, covenants and agreements herein made and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Amendment to PSA</u>**. The PSA is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 7.2 of the PSA is hereby amended and restated in its entirety as follows:

"This Agreement shall automatically terminate at 5:00 p.m. Central Time on June 13, 2025 (the "**<u>Outside Date</u>**")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Effect on the PSA</u>**. Except as specifically amended by this Amendment, the PSA shall remain in full force and effect, and the PSA, as amended by this Amendment, is hereby ratified and confirmed in all respects. From and after the Amendment Effective Date, each reference in the PSA to "this Agreement," "herein," "hereof," "hereunder" or words of similar import, or to any provision of the PSA, as the case may be, shall be deemed to refer to the PSA or such provision as amended by this Amendment, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Miscellaneous</u>**. The provisions of Sections 8.2 (Governing Law; Submission to Jurisdiction; Consent to Service of Process), 8.3 (Entire Agreement; Amendments and Waivers), 8.4 (Notices), 8.5 (Severability), 8.6 (Binding Effect; Assignment), 8.7 (Non-Recourse), 8.8 (Counterparts), 8.9 (Exhibits), 8.10 (Specific Performance) and 8.11 (Waiver of Jury Trial) of the PSA are incorporated by reference into this Amendment *mutatis mutandis*.

[*Remainder of Page Intentionally Left Blank; Signature Pages Follow*]

IN WITNESS WHEREOF, the Parties have executed this Agreement on the dates indicated below, effective as of the Amendment Effective Date.

---

| | |
|:---|:---|
| **<u>THE SELLERS</u>:** | **<u>THE SELLERS</u>:** |
| **pogo royalty, LLC** | **pogo royalty, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |
| **CIC POGO LP** | **CIC POGO LP** |
| By: | cic iv gp, llc |
| Its: | General Partner |
| By: | /s/ Bayard Friedman |
| Name: | Bayard Friedman |
| Title: | Manager |
| **DENCO Resources, LLC** | **DENCO Resources, LLC** |
| By: | /s/ John L. Denman, Jr. |
| Name: | John L. Denman, Jr. |
| Title: | President |
| **pogo resources management, LLC** | **pogo resources management, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |
| **4400 holdings, LLC** | **4400 holdings, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |

---

[*Signature Page to Amendment No. 2 to Purchase, Sale, Termination and Exchange Agreement*]

---

| | |
|:---|:---|
| **<u>THE PURCHASERS</u>:** | **<u>THE PURCHASERS</u>:** |
| **EON RESOURCES INC.** | **EON RESOURCES INC.** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | Chief Financial Officer |
| **HNRA UPSTREAM, LLC** | **HNRA UPSTREAM, LLC** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |
| **HNRA ROYALTIES, LLC** | **HNRA ROYALTIES, LLC** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |
| **HNRA PARNTER, INC.** | **HNRA PARNTER, INC.** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |

---

[*Signature Page to Amendment No. 2 to Purchase, Sale, Termination and Exchange Agreement*]

## Exhibit 2.3

**Exhibit 2.3**

***Execution Version***

**Amendment No. 3** 

**to**

**purchase, SALE, TERMINATION AND EXCHANGE AGREEMENT**

This Amendment No. 3 (this "**<u>Amendment</u>**") effective at 4:59 p.m. Central Time June 13, 2025 (the "**<u>Amendment 3 Effective Date</u>**") to that certain Purchase, Sale, Termination and Exchange Agreement, dated as of February 10, 2025, is made by and among Pogo Royalty, LLC, a Texas limited liability company ("**<u>Pogo Royalty</u>**"), CIC Pogo LP, a Delaware limited partnership ("**<u>CIC</u>**"), DenCo Resources, LLC, a Texas limited liability company ("**<u>DenCo</u>**"), Pogo Resources Management, LLC, a Texas limited liability company ("**<u>Pogo Resources Management</u>**"), and 4400 Holdings, LLC, a Texas limited liability company ("**<u>4400</u>**" and, together with Pogo Royalty, CIC, DenCo and Pogo Resources Management, the "**<u>Sellers</u>**"), EON Resources Inc., a Delaware corporation (the "**<u>Company</u>**"), HNRA Upstream, LLC, a Delaware limited liability company ("**<u>OpCo</u>**"), HNRA Royalties, LLC, a Delaware limited liability company ("**<u>EONR Royalties</u>**") and HNRA Partner, Inc. a Delaware corporation (the "**<u>SPAC Subsidiary</u>**" and, together with the Company, OpCo and EONR Royalties, the "**<u>Purchasers</u>**"). The Sellers and the Purchasers are referred to herein individually as a "**<u>Party</u>**" and, collectively, as the "**<u>Parties</u>**." Any term used but not defined herein shall have the meaning assigned to such term in the PSA.

**Recitals**

**Whereas**, the Sellers and the Purchasers are parties to that certain Purchase, Sale, Termination and Exchange Agreement, dated as of February 10, 2025 (as amended by Amendment No. 1 and Amendment No. 2, dated June 2, 2025 and June 6, 2025, the "**<u>PSA</u>**");

**WHEREAS**, pursuant to <u>Section 7.2</u> of the PSA, the PSA shall automatically terminate at 5:00 p.m. Central Time on June 13, 2025;

**WHEREAS**, pursuant to <u>Section 8.3</u> of the PSA, the PSA may be amended by a written agreement duly executed by each of the Parties thereto; and

**WHEREAS**, the Sellers and the Purchasers desire to enter into this Amendment in order to, among other things, extend the Outside Date.

**Now, Therefore**, in consideration of the representations, warranties, covenants and agreements herein made and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Amendment to PSA</u>**. The PSA is hereby amended as follows (with Section references below in this Section 1 being the section of the PSA that is being amended):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 1.1(b)</u> is hereby amended and restated in its entirety as follows:

"The aggregate consideration for the purchase and sale of the ORRI shall be an amount in cash equal to $13,500,000 (the "**<u>ORRI Purchase Price</u>**")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 1.2(a)</u> is hereby amended and restated in its entirety as follows:

"Upon the terms and subject to the conditions contained herein, at the Closing, Pogo Royalty shall (i) reduce the outstanding principal amount of the Seller Note to an aggregate principal amount of $7,000,000 (the "**<u>Reduced Seller Note</u>**") and (ii) discharge the Reduced Seller Note (the "**<u>Note Payoff</u>**") in exchange for an amount in cash equal to $7,000,000 (the "**<u>Note Payoff Fee</u>**"). The Parties acknowledge and agree that the reduction of the Seller Note pursuant to this <u>Section 1.2(a)</u> shall be treated for all tax purposes as an adjustment to the purchase price applicable to the Target Interests pursuant to Section 108(e)(5) of the Internal Revenue Code of 1986, as amended, to the maximum extent permitted by applicable law. Notwithstanding the foregoing, to the extent OpCo does not have sufficient funds to pay the entire Note Payoff Fee in cash, at OpCo's election, the Note Payoff Fee may be paid pursuant to (x) a cash payment equal to $4,500,000 and (y) the delivery of the Closing Note. As used herein, the term "**<u>Closing Note</u>**" means a secured promissory note, in a form reasonably agreed upon by the Company and Pogo Royalty, with the following characteristics: (A) the Company as the borrower, (B) a principal amount of $2,500,000, (C) bearing interest at a rate equal to 18% per annum, compounding monthly, (D) secured by a first lien on 100% of the Purchasers' surface and well equipment in the Grayburg Jackson field and (E) a maturity date 60 days following the Closing Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 1.3(a)</u> is hereby amended to replace the phrase "3,000,000 shares of Class A Common Stock" with the phrase "1,500,000 shares of Class A Common Stock."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Section 2.1</u> is amened to insert the phrase "the cash portion of" immediately prior to phrase "the Note Payoff Fee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 2.4(b)</u> is hereby amended and restated in its entirety as follows:

"the cash portion of Note Payoff Fee and, if applicable, the Closing Note;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Section 5.7</u> is hereby deleted in its entirety and replaced with the header "<u>Intentionally Omitted</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 7.2</u> is hereby amended and restated in its entirety as follows:

"This Agreement shall automatically terminate at 5:00 p.m. Central Time on September 15, 2025 (the "**<u>Outside Date</u>**")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Release; Covenant Not to Sue; Non-Disparagement</u>**. The releases set forth in this <u>Section 2</u> of this Amendment were specifically bargained for by the Parties and were a material part of the consideration for the Sellers entering into this Amendment to extend the Outside Date, reduce the ORRI Purchase Price and reduce the Note Payoff Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly set forth in <u>Section 2(c)</u> or with respect to intentional common law fraud, effective as of the Amendment 3 Effective Date, each Seller, on behalf of itself and its current and/or former officers, directors, members, partners, employees, agents, representatives, Affiliates, predecessors, successors, attorneys, assigns, and any other Person who may assert a claim by or through such Seller (collectively, the "**<u>Seller Releasing Parties</u>**"), hereby forever release, discharge, and acquit the Purchasers and their respective current and/or former officers, directors, members, partners, employees, equity holders, agents, representatives, Affiliates, predecessors, successors, attorneys, and assigns (collectively, the "**<u>Purchaser Released Parties</u>**") of and from any claims, demands, disputes, rights, actions or causes of action, orders, obligations, debts and liabilities, arbitration, lawsuits or Legal Proceedings of any kind, nature or description whatsoever, whether direct, derivative, individual, representative, or in any other capacity, upon any legal or equitable theory (tort, contract or otherwise), whether known or unknown, foreseen or unforeseen, matured or unmatured, concealed or hidden, suspected or unsuspected, which such Seller Releasing Party ever had, now has or may have arising out of or related to (i) the Company, OpCo, EONR Royalties, Pogo Resources, LH Operating, LLC and their Affiliates and their business, management, assets, and operations or (ii) the MIPA, in each case from the beginning of the world to the Amendment 3 Effective Date (collectively, the "**<u>Seller Released Claims</u>**"); *provided, however*, that, notwithstanding the foregoing or anything else to the contrary in this Amendment, the Seller Released Claims shall not include (A) any rights under the Seller Note (except as expressly contemplated by <u>Section 5.1</u> and <u>Section 5.2</u> of the PSA), (B) the ORRI or the Letter in Lieu of Transfer and Division Order, dated January 18, 2024, addressed to Chevron Products Company, or any other royalties payable to the Sellers or their Affiliates, (C) any rights with respect to the Preferred Units or under the OpCo A&R LLC Agreement (as defined in the MIPA), (D) the Board Designation Agreement (as defined in the MIPA), (E) any rights under <u>Section 6.20</u> and <u>Section 6.21</u> of the MIPA and (E) any rights as a holder of Class A Common Stock (the "**<u>Seller Excluded Matters</u>**"). Subject to <u>Section 2(c)</u> below, this is a full and final release of all Seller Released Claims and is intended to be and shall be deemed for all purposes to be as broad and comprehensive with respect to such matters as permitted under Law. Accordingly, effective as of the Amendment 3 Effective Date, the Seller Releasing Parties shall have been deemed to have waived any provisions, rights, and benefit conferred by any Law providing that a general release does not extend to unknown claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of the Amendment 3 Effective Date, no Seller Releasing Party shall (i) institute or prosecute against any Purchaser Released Party any action or other Legal Proceeding based in whole or in part upon the Seller Released Claims or (ii) authorize, solicit, participate in, or cooperate with, directly or indirectly, the commencement or prosecution against any Purchaser Released Party of any action or other Legal Proceeding based in whole or in part upon any Seller Released Claims. No Seller Releasing Party shall hereafter initiate or participate (except as required by a valid subpoena or other legal process directed to such Seller Releasing Party) in any claim, lawsuit, or other Legal Proceeding of any type in any way arising out of, related to or involving the Seller Released Claims. The Seller Releasing Parties shall notify the Purchasers in writing within five (5) days of any initiation of, or request to participate in, any such claim, lawsuit, or other Legal Proceeding. The Sellers agree that if any Seller Releasing Party, or any party acting on behalf of any Seller Releasing Party, commences any legal proceeding regarding the subject matter of the Seller Released Claims and any Purchaser Released Party is made a party to such legal proceeding, the Sellers will join with the Purchaser Released Party to take all actions necessary to have such Legal Proceeding immediately dismissed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section 2</u> shall prohibit any of the Sellers from enforcing the terms of this Amendment, the PSA, the Purchaser Documents or the respective obligations of the Purchasers, individually or collectively, under this Amendment, the PSA and the Purchaser Documents, to the fullest extent permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly set forth in <u>Section 2(f)</u> or with respect to intentional common law fraud, effective as of the Amendment 3 Effective Date, each Purchaser, on behalf of itself and its current and/or former officers, directors, members, partners, employees, agents, representatives, Affiliates, predecessors, successors, attorneys, assigns, and any other Person who may assert a claim by or through such Purchaser (collectively, the "**<u>Purchaser Releasing Parties</u>**"), hereby forever release, discharge, and acquit the Sellers and their respective current and/or former officers, directors, members, partners, employees, equity holders, agents, representatives, Affiliates, predecessors, successors, attorneys, and assigns (collectively, the "**<u>Seller Released Parties</u>**") of and from any claims, demands, disputes, rights, actions or causes of action, orders, obligations, debts and liabilities, arbitration, lawsuits or Legal Proceedings of any kind, nature or description whatsoever, whether direct, derivative, individual, representative, or in any other capacity, upon any legal or equitable theory (tort, contract or otherwise), whether known or unknown, foreseen or unforeseen, matured or unmatured, concealed or hidden, suspected or unsuspected, which such Purchaser Releasing Party ever had, now has or may have arising out of or related to (i) the Company, OpCo, Pogo Resources, LH Operating, LLC and their Affiliates and their business, management, assets, and operations (including with respect to LH Operating, LLC employee compensation claims) or (ii) the MIPA, in each case from the beginning of the world to the Amendment 3 Effective Date (collectively, the "**<u>Purchaser Released Claims</u>**"). Subject to <u>Section 2(f)</u> below, this is a full and final release of all Purchaser Released Claims and is intended to be and shall be deemed for all purposes to be as broad and comprehensive with respect to such matters as permitted under Law. Accordingly, effective as of the Amendment 3 Effective Date, the Purchaser Releasing Parties shall have been deemed to have waived any provisions, rights, and benefit conferred by any Law providing that a general release does not extend to unknown claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective as of the Amendment 3 Effective Date, no Purchaser Releasing Party shall (i) institute or prosecute against any Seller Released Party any action or other Legal Proceeding based in whole or in part upon the Purchaser Released Claims or (ii) authorize, solicit, participate in, or cooperate with, directly or indirectly, the commencement or prosecution against any Seller Released Party of any action or other Legal Proceeding based in whole or in part upon any Purchaser Released Claims. No Purchaser Releasing Party shall hereafter initiate or participate (except as required by a valid subpoena or other legal process directed to such Purchaser Releasing Party) in any claim, lawsuit, or other Legal Proceeding of any type in any way arising out of, related to or involving the Purchaser Released Claims. The Purchaser Releasing Parties shall notify the Sellers in writing within five (5) days of any initiation of, or request to participate in, any such claim, lawsuit, or other Legal Proceeding. Each Purchaser agrees that if any Purchaser Releasing Party, or any party acting on behalf of any Purchaser Releasing Party, commences any legal proceeding regarding the subject matter of the Purchaser Released Claims and any Seller Released Party is made a party to such legal proceeding, the Purchasers will join with the Seller Released Party to take all actions necessary to have such Legal Proceeding immediately dismissed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing in this <u>Section 2</u> shall prohibit any of the Purchasers from enforcing the terms of this Amendment, the PSA the Seller Documents or the respective obligations of the Sellers, individually or collectively, under this Amendment, the PSA and the Seller Documents, to the fullest extent permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For a period of five years after the Amendment 3 Effective Date, each Party agrees not to make, and shall instruct its officers, directors, agents, and employees not to make, any disparaging or negative statements, whether written or oral, about the other Party or its officers, directors, agents, or Affiliates. Notwithstanding the foregoing, nothing in this <u>Section 2(g)</u> shall prohibit any person from making statements that are required to made by Law or legal process (including testifying truthfully in any Legal Proceeding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Representations and Warranties</u>**. As a material inducement for the Purchasers to enter into this Amendment, the Sellers, jointly and severally, hereby represent and warrant to the Purchasers that, on and as of the Amendment 3 Effective Date, the representations and warranties set forth in <u>Article III</u> of the PSA are true and correct. As a material inducement for the Sellers to enter into this Agreement, the Purchasers, jointly and severally, hereby represent and warrant to the Sellers that, on and as of the Amendment 3 Effective Date, the representations and warranties set forth in <u>Article IV</u> of the PSA are true and correct; *provided*, that no representation and warranty is made with respect to <u>Section 4.3</u> of the PSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Cooperation</u>**. If the Closing does not occur prior to the Outside Date, and without limiting any of the Purchasers' obligations with respect to the Seller Excluded Matters, the Purchasers agree to take all actions requested by the Sellers to cause and facilitate (a) the full conversion of the Preferred Units into OpCo Class B Units and the paired shares of Class B Common Stock of the Company (the "**<u>Class B Common Stock</u>**") on, or as promptly as possible following, the Mandatory Conversion Trigger Date (as defined in the OpCo A&R LLC Agreement) (including calling a special meeting of stockholders), (b) the appointment of directors nominated by the Sellers pursuant to the Board Designation Agreement and (c) to the extent requested by the Sellers, the prompt exchange of any of OpCo Class B Units and the paired shares of Class B Common Stock into Class A Common Stock. Without limiting the generality of the foregoing, the Purchasers agree not to take any action to delay or otherwise impede the full conversion of the Preferred Units, the appointment of directors pursuant to the Board Designation Agreement or the exchange of OpCo Class B Units and the paired share of Class B Common Stock into the Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Survival</u>.** Notwithstanding anything to the contrary in this Amendment or the PSA, the provisions set forth in <u>Section 2</u> through <u>Section 7</u> of this Amendment shall survive any termination of the PSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Effect on the PSA</u>**. Except as specifically amended by this Amendment, the PSA shall remain in full force and effect, and the PSA, as amended by this Amendment, is hereby ratified and confirmed in all respects. From and after the Amendment 3 Effective Date, each reference in the PSA to "this Agreement," "herein," "hereof," "hereunder" or words of similar import, or to any provision of the PSA, as the case may be, shall be deemed to refer to the PSA or such provision as amended by this Amendment, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Miscellaneous</u>**. The provisions of <u>Sections 8.2</u> (Governing Law; Submission to Jurisdiction; Consent to Service of Process), <u>8.3</u> (Entire Agreement; Amendments and Waivers), <u>8.4</u> (Notices), <u>8.5</u> (Severability), <u>8.6</u> (Binding Effect; Assignment), <u>8.7</u> (Non-Recourse), <u>8.8</u> (Counterparts), <u>8.9</u> (Exhibits), <u>8.10</u> (Specific Performance) and <u>8.11</u> (Waiver of Jury Trial) of the PSA are incorporated by reference into this Amendment *mutatis mutandis*.

[*Remainder of Page Intentionally Left Blank; Signature Pages Follow*]

IN WITNESS WHEREOF, the Parties have executed this Agreement on the dates indicated below, effective as of the Amendment 3 Effective Date.

---

| | |
|:---|:---|
| **<u>THE SELLERS</u>:** | **<u>THE SELLERS</u>:** |
| **pogo royalty, LLC** | **pogo royalty, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |
| **CIC POGO LP** | **CIC POGO LP** |
| By: | cic iv gp, llc |
| Its: | General Partner |
| By: | /s/ Bayard Friedman |
| Name: | Bayard Friedman |
| Title: | Manager |
| **DENCO Resources, LLC** | **DENCO Resources, LLC** |
| By: | /s/ John L. Denman, Jr. |
| Name: | John L. Denman, Jr. |
| Title: | President |
| **pogo resources management, LLC** | **pogo resources management, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |
| **4400 holdings, LLC** | **4400 holdings, LLC** |
| By: | /s/ Kirk Pogoloff |
| Name: | Kirk Pogoloff |
| Title: | Manager |

---

[*Signature Page to Amendment No. 3 to Purchase, Sale, Termination and Exchange Agreement*]

---

| | |
|:---|:---|
| **<u>THE PURCHASERS</u>:** | **<u>THE PURCHASERS</u>:** |
| **EON RESOURCES INC.** | **EON RESOURCES INC.** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | Chief Financial Officer |
| **HNRA UPSTREAM, LLC** | **HNRA UPSTREAM, LLC** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |
| **HNRA ROYALTIES, LLC** | **HNRA ROYALTIES, LLC** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |
| **HNRA PARNTER, INC.** | **HNRA PARNTER, INC.** |
| By: | /s/ Mitchell B. Trotter |
| Name: | Mitchell B. Trotter |
| Title: | President |

---

[*Signature Page to Amendment No. 3 to Purchase, Sale, Termination and Exchange Agreement*]

## Exhibit 99.1

**Exhibit 99.1**

**EON Resources Inc. Announces**

**Amendment to Agreement with Seller** 

**Reduces Cash Obligation by $1.5 million; and** 

**Reduces Stock Requirement by 1.5 million Shares;**

**Closing Expected by end of July 2025**

**HOUSTON, TX / June 17, 2025 / EON Resources Inc. (NYSE American: EONR) ("EON" or the "Company")** announced that on June 13, 2025 the Company amended the Purchase, Sale, Termination and Exchange Agreement dated February 10, 2025 with Pogo Royalty, LLC ("Pogo" or "Seller"). Closing on the terms of the amendment will result in further improvement to the restructuring of EON's balance sheet by reducing the total cash obligation of the Company to Seller by $1.5 million (from $22.0 million down to $20.5 million), and reducing the stock issuance consideration to Seller by 1.5 million shares of Class A Common Stock (down from 3.0 million Class A shares). A copy of the Original Agreement Press Release dated February 11, 2025 appears on the Company's website.

The amendment also extends the outside closing date to September 15, 2025. However, the Company currently expects to close in July or early August with Enstream Capital Management, LLC ("Enstream"). Enstream is well underway to complete the due diligence efforts, and funding is expected to follow a few weeks later at the conclusion of final documents. The Enstream funding is a revenue sharing and volumetric funding arrangement as described in the Enstream LOI Press Release dated March 20, 2025, which may be accessed on the Company's website.

Due to weakened oil prices over the past two and half months, Enstream reduced their original funding for the cash obligations to the Seller and to the senior secured lender, First International Bank & Trust ("FIBT"). The Seller and FIBT cooperatively worked with EON to achieve an excellent outcome for all parties to retire these obligations.

Key aspects of the agreement with Seller (as amended) are:

● The retirement of a promissory note to Seller in the original principal amount of $15.0 million plus accrued interest of approximately $4.0 million for the amended cash obligation of $7.0 million (reduced from $8.0 million in the February 2025 agreement).

● The purchase from Seller of a 10% Overriding Royalty Interest ("ORRI") in the Company's oil field property for the amended cash obligation of $13.5 million (reduced from $14.0 million in the February 2025 agreement).

● The repurchase of 100% of preferred units held by Seller in EON's subsidiary that has a redemption value of approximately $27 million. The amended purchase obligation is 1.5 million shares of Class A Common Stock (reduced from 3.0 million shares in the February 2025 agreement).

● The total consideration payable to Pogo/Seller in connection with the restructuring consists of the issuance of 1.5 million shares of EON's Class A Common Stock to the Seller together with $20.5 million in cash inclusive of and for the purchase of the ORRI in the Company's oil field property and satisfaction of approximately $40 million in debt and other obligations.

● The agreement, as amended, is subject to various closing conditions, including, without limitation, that the Company obtain adequate financing to fund the cash consideration portion, and that the agreement shall terminate if the closing does not take place by September 15, 2025. The amendment contains mutual general releases that became effective June 13, 2025, upon execution of the amendment.

"Over the past 18 months, EON has continued to develop its Grayburg-Jackson Oil Field by reinvesting available cash flow into field enhancements," said Dante Caravaggio, President and CEO of EON. "The overhang from our De-SPAC transaction in terms of one-time expenses, and a very complicated and burdened balance sheet, has restricted our ability to unlock the underlying potential and value of our assets. This transaction should create immediate value for our stockholders."

**About the Grayburg-Jackson Oil Field Property**

LH Operating, LLC ("LHO"), a wholly owned subsidiary of EON, operates its holdings in New Mexico of oil and gas waterflood production comprising 13,700 contiguous leasehold acres, 342 producing wells and 207 injection wells situated on 20 federal and 3 state leases in the Grayburg-Jackson Oil Field. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico.

Leasehold rights of LHO include the Seven Rivers, Queen, Grayburg and San Andres intervals that range from as shallow as 1,500 feet to 4,000 feet in depth. The December 2024 reserve report from our third-party engineer, Haas and Cobb Petroleum Consultants, LLC ("Haas & Cobb" or "Cobb"), reflects LHO to have proven reserves of approximately 14.0 million barrels of oil and 2.8 billion cubic feet of natural gas. The mapped original-oil-in-place ("OOIP") in the LHO leasehold is approximately 876 million barrels of oil in the Grayburg and San Andres intervals and 80 million barrels in the Seven Rivers interval for a total OOIP of approximately 956,000,000 barrels of oil.

Our primary production is currently from the Seven Rivers zone. In addition to proven reserves, the Company believes it may access an additional 34 million barrels of oil by adding perforations in the Grayburg and San Andres formations. With proven oil reserves of over 15 million barrels, combined with the potential 34 million additional barrels from the Grayburg and San Andres zones, LHO should produce oil and a revenue stream for more than two decades with a low decline rate.

**About EON Resources Inc.** 

EON is an independent upstream energy company focused on maximizing total returns to its shareholders through the development of onshore oil and natural gas properties in the United States. EON's long-term goal is to maximize total shareholder value from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development, production enhancement, and other exploitation efforts on its oil and natural gas properties.

EON's Class A Common Stock trades on the NYSE American Stock Exchange (NYSE American: EONR) and the Company's public warrants trade on the NYSE American Stock Exchange (NYSE American: EONR WS). For more information on EON, please visit the Company's website: https://eon-r.com/

**Forward-Looking Statements**

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks," "may," "might," "plan," "possible," "should" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect the Company's management's current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Important factors - including the availability of funds, the results of financing efforts and the risks relating to our business - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on EDGAR (see www.edgar-online.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

**Investor Relations**

Michael J. Porter, President

PORTER, LEVAY & ROSE, INC.

mike@plrinvest.com