# EDGAR Filing Document

**Accession Number:** 0001842556
**File Stem:** 0001213900-25-056721
**Filing Date:** 2025-6
**Character Count:** 144942
**Document Hash:** e6d670976cdc2132d499c41fd5e6f74e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-056721.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001213900-25-056721

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250617

**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**: 20250623

**DATE AS OF CHANGE**: 20250623

**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:** 251065300

**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 17, 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**

***Purchase and Sale Agreement***

In consideration of EON Energy's purchase of the Assets, the Company issued 1,000,000 shares (the "Purchase Shares") of its Class A Common Stock, par value $0.0001 per share ("Class A Common Stock"), to the Seller, with such Purchase Shares having an agreed upon deemed value of $1.00 per share. The Purchase Shares are subject to adjustments following Closing as follows: (i) reduction by the proceeds received by the Seller between June 1, 2025 (the "Effective Date") and the date of Closing, (ii) reduction by any ad valorem and similar production taxes payable with respect to the Assets for all periods ending on or prior to the Effective Date to the extent not paid prior to the Closing Date, (iii) reduction by an amount equal to the Allocated Values (as defined in the PSA) of any Assets affected by a Title Defect (as defined in the PSA), and (iv) increase by the value of all merchantable oil in storage above the pipeline connection at the Effective Date that is credited to the Assets.

Within 60 business days following the Closing, EON Energy agreed to cause the Company to cause the registration of the Purchase Shares with the Securities and Exchange Commission (the "SEC") by filing a registration statement on appropriate form (Form S-1 or Form S-3) covering the resale by the Seller of the Purchase Shares to permit their resale under Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"). The Purchase Shares are also subject to a leak out provision for a one-year period from the date of issuance which prohibits the Seller from selling the Purchase Shares, together with any other shares of Class A Common Stock that the Seller and/or it's assigns may own, in any one trading day in an amount that would exceed ten percent (10%) of the average daily volume of all shares of Class A Common Stock traded during the immediately preceding 30-day trading period.

The PSA also contains customary representations, warranties and covenants of EON Energy and the Seller.

The foregoing description of the PSA is qualified in its entirety by reference to the full text of the PSA, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K, and is incorporated herein by reference.

***Master Services Agreement***

On June 17, 2025, LH Operating, LLC ("LHO"), a wholly owned subsidiary of the Company, entered into a Master Services Agreement (the "MSA") with Corsair Well Services, LLC (the "Contractor"). Pursuant to the MSA, the Contractor agreed to provide workover services in the Grayburg-Jackson Oil Field operated by LHO and the South Justis Field acquired by EON Energy (the "Services") for an initial period of four months (the "Initial Period"), to continue thereafter until LHO has no further Credit (as defined below) with the Contractor.

LHO agreed to (i) prepay an initial $500,000 in cash to the Contractor, and (ii) cause the Company to issue 1,000,000 shares of Class A Common Stock (the "Service Shares") to the Contractor with an agreed upon deemed value of $1.00 per share, each to be credited to LHO's account with the Contractor (the "Credit"). The Contractor will provide the Services without cost or consideration to LHO for the first 30 days following commencement of the Services, and thereafter, the Services will be provided at agreed upon rates against the Credit.

If the Contractor sells any Service Shares prior to full application of the Credit, the actual gross price per share received by the Contractor for the sale of the Service Shares shall replace the $1.00 per share agreed upon deemed value for purposes of the Credit. In addition, if the Contractor sells any Service Shares at prices insufficient to cover the full amount of any invoices due for Services performed, then LHO will pay the Contractor in cash the shortfall between (i) the gross proceeds actually received by the Contractor from the sale of Service Shares, and (ii) the total amount of unpaid invoice(s) owed to the Contractor.

Within 60 business days following execution of the MSA, LHO agreed to cause the Company to cause the registration of the Service Shares with the SEC by filing a registration statement on appropriate form (Form S-1 or Form S-3) covering the resale by the Seller of the Service Shares to permit their resale under Rule 415 under the Securities Act. If the Service Shares are not timely registered, then LHO agreed to pay in cash for any Services provided and the Contractor will be obligated to remit Service Shares back to the Company in the amount of cash paid (using a $1.00 per share value). The Service Shares are also subject to a leak out provision for a one-year period from the date of issuance which prohibits the Contractor from selling the Service Shares, together with any other shares of Class A Common Stock that the Contractor and/or it's assigns may own, in any one trading day in an amount that would exceed ten percent (10%) of the average daily volume of all shares of Class A Common Stock traded during the immediately preceding 30-day trading period.

The foregoing description of the MSA is qualified in its entirety by reference to the full text of the MSA, a copy of which is included as Exhibit 10.2 to this Current Report on Form 8-K, and is 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 the Purchase Shares and the Service Shares is hereby incorporated by reference into this Item 3.02. The Company issued the Purchase Shares and the Service Shares in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities 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 20, 2025, the Company issued a press release announcing the PSA 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** |
| 10.1† | [Purchase and Sale Agreement by and among EON Energy, LLC, WPP NM, L.L.C., and Northwest Central, L.L.C., dated June 17, 2025.](ea024643701ex10-1_eonres.htm) |
| 10.2 | [Master Services Agreement by and between LHO Operating, LLC and Corsair Well Services, LLC, dated June 17, 2025.](ea024643701ex10-2_eonres.htm) |
| 99.1 | [Press Release of EON Resources Inc. dated June 20, 2025](ea024643701ex99-1_eonres.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

† Schedules and exhibits to this Exhibit omitted pursuant to
Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon
request.

**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 23, 2025 | **EON Resources Inc.** | **EON Resources Inc.** |
|  | By: | /s/ Mitchell B. Trotter |
|  | Name: | Mitchell B. Trotter |
|  | Title: | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

 

*Execution Version*

 

**PURCHASE AND SALE AGREEMENT**

by and between

WPP NM, L.L.C., and Northwest Central, L.L.C. , as Seller

and

EON Energy, LLC, as Purchaser

Dated as of June 17, 2025, but Effective as of June 1, 2025

**PURCHASE AND SALE AGREEMENT**

This Purchase and Sale Agreement (the "**Agreement**"), dated as of June 17, 2025, but effective as of the Effective Time as set forth in Section 1.3 hereof, is made and entered into by and between WPP NM, L.L.C., a Delaware limited liability company ("**<u>WPP NM</u>**") and Northwest Central, L.L.C., a Delaware limited liability company ("**<u>NW Central</u>**", and collectively with WPP NM, the "**Seller"**), whose address is 16202 Butera Road, Magnolia, Texas 77355-3793, and EON Energy, LLC, a Delaware limited liability company ("**Purchaser"**), whose address is 3730 Kirby Drive, Suite 1200, Houston, Texas 77098.

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Seller owns various oil and gas properties, leaseholds, wells and assets in Lea County, New Mexico, either
of record or beneficially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Seller desires to sell to Purchaser and Purchaser desires to purchase from Seller the assets, properties,
interests and rights of Seller hereinafter described located in Lea County, New Mexico, in the manner and upon the terms and conditions
hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations, warranties, covenants, conditions and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound by the terms hereof, agree as follows:

**ARTICLE I**

**PURCHASE AND SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 PURCHASE AND SALE. Subject to the terms and conditions of this Agreement, Seller agrees to sell and convey to Purchaser and Purchaser agrees to purchase, accept and pay for the Assets (as defined in Section 1.2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 ASSETS. As used herein, the term "**Assets**" means the following:

&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) All of Seller's rights in, to and under, and obligations arising from, all agreements relating to the Leases or Wells, including, but not limited to, joint operating agreements, unitization agreements, pooling agreements, farmout agreements, drilling agreements, exploration agreements, oil or gas product purchase and sale contracts, gas processing or transportation agreements, leases, permits, rights-of-way, easements, licenses, options, orders and decisions of state and federal regulatory authorities establishing units which appear of record or in the Records or which have been otherwise disclosed to Purchaser and are effective without having previously terminated, been canceled waived or otherwise not effective;

&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) All of Seller's interest in fixtures, personal property, facilities and equipment, used or held for use or charged to the Leases or Wells for the production, treatment, transportation, sale or disposal of hydrocarbons or water produced therefrom or attributable thereto; and

&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) All books, files, engineering files, logs, lease and land files, maps, data and records in Seller's possession relating to the Leases or Wells, or the maintenance or operation thereof, to be provided to Seller in an organized, clearly labeled and inventoried manner; provided, however, that Seller is not otherwise precluded from transferring to a third party by proscription of contract (the "**Records**"); reserving, however, the rights with respect to such Records granted to Seller in Section 1.5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 EFFECTIVE TIME. Possession of the Assets shall be transferred from Seller to Purchaser at the Closing, but ownership shall be effective as of 12:00 A.M. (local time where the Assets are located) on the first day of June 2025 (the "**Effective Time"**). Seller shall be entitled to any production revenues or other amounts realized from and accruing to the Assets prior to the Effective Time and shall be liable for the payment of all expenses attributable to the Assets prior to the Effective Time except expenses attributable to obligations assumed by Purchaser in Section 9.3, if any. Purchaser shall be entitled to any production revenues or other amounts realized from and accruing to the Assets and arising subsequent to the Effective Time and shall be liable for the payment of all expenses attributable to the Assets subsequent to the Effective Time and attributable to pre-Effective Time obligations assumed by Purchaser in Section 9.3, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 GAUGING AND STRAPPING. Seller shall cause the oil storage facilities on, or utilized in connection with, the Assets to be gauged or strapped as of the Effective Time. The production in such storage facilities as of the Effective Time is owned by Seller and production placed in such storage facilities thereafter shall belong to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 RECORDS. Seller shall deliver the original Records to Purchaser at Closing or within a reasonable amount of time after Closing; however, Purchaser (for a period of four (4) years after Closing) shall make available to Seller (at the location of such original Records in Purchaser's organization), access to the original Records, upon written request of Seller during normal business hours, and Seller shall have the right to copy and retain such copies of the original Records as are necessary and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 DUE DILIGENCE. Purchaser shall have sixty (60) days from the date of full execution of this Agreement (the "**Review Period**") to investigate the legal, business, environmental, financial condition, and review audited financials of the Seller and other aspects of the Seller's Assets or business it may deem necessary in order to identify and apply any Exclusion Adjustment or Defect Adjustment as defined in Section 3.4(b) or 3.5. Seller will continue to extend its full cooperation to Purchaser and its lawyers, accountants, and other representatives in connection with such investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 INVENTORY. On the date of execution of this Agreement, Seller shall furnish Purchaser with a full and complete inventory of personal property comprising the Assets including, without limitation, all spare parts and equipment, vehicles, pumping units that may be in use or idle, tanks, flow lines, separators and rolling stock.

**ARTICLE II**

**PURCHASE CONSIDERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 PURCHASE CONSIDERATION. Conditioned upon the approval of this Agreement by the Board of Directors of EON, the purchase consideration for the Assets ("**Purchase Consideration**") shall, subject to adjustment as set forth in Section 2.2, be payable at Closing by the grant and issuance of 1,000,000 restricted shares of Class A common stock ("**Purchase Shares**") of EON Resources Inc. ("**EON**"), NYSE American trading symbol **EONR**, to Seller and/or its assigns subject to a leak out restriction which would prohibit Seller and/or its assigns from the selling of Purchase Shares, together with other shares that Seller and/or its assigns may own, in any one trading day that would exceed ten percent (10%) of the average daily volume of all EON Class A Common shares traded during the immediately preceding 30-day trading period. For the purposes of this purchase and sale, the Purchase Shares will have an agreed deemed value of $1.00 per share. The Purchase Shares will be restricted stock when granted and issued at Closing; however, Purchaser shall cause all Purchase Shares to be registered as fully tradeable and unrestricted stock within sixty (60) business days of Closing in an S-4 or other appropriate filing. Seller and/or its assigns is advised that upon Closing, Seller and/or its assigns may own in excess of 5% of all issued and outstanding shares of EON. Seller's ownership percentage will require certain filing and reporting requirements with the SEC and NYSE American Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ADJUSTMENTS TO PURCHASE CONSIDERATION. The Purchase Consideration for the Assets shall be adjusted as follows and the resulting amount shall be referred to herein as the "**Adjusted Purchase Consideration**":

&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) The Purchase Shares and any Shares used for adjustments purposes shall have an agreed deemed value of
$1.00 per share regardless of the date of adjustment to the Purchase Consideration;

&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) Reduced by the aggregate amount of the following described proceeds received by Seller between the Effective
Time and the Closing Date (with the full period between the Effective Time and the Closing Date referred to as the "**Adjustment Period** ": (i) for the sale of oil, gas, liquids or other associated minerals (net of any applicable royalties or other lease
burdens, marketing, gathering and transportation costs and production, severance or sales taxes not reimbursed to Seller by the purchaser
of production) produced from the Assets during the Adjustment Period, and (ii) for the sale, salvage or other disposition during the Adjustment
Period of any property, equipment or rights included in the Assets without Purchaser having received full payment therefor;

&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) Reduced by an amount established pursuant to Section 10.4
for ad valorem and similar production taxes payable with respect to the Assets for all periods ending on or prior to the Effective Time
or prorated to the Effective Time to the extent not paid prior to the Closing Date, if and only if Purchaser expressly assumes the responsibility
for and agrees to pay such taxes when due and indemnifies Seller therefrom;

&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) Reduced by an amount equal to the value of any Exclusion
Adjustment or Defect Adjustment as defined in Section 3.4(b) or 3.5; and

&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) Increased by the amount equal to the value of all merchantable
oil in storage above the pipeline connection at the Effective Time that is credited to the Assets (value to be market or contract price
in effect as of the Effective Time net of any production royalties, transportation costs and of any production, severance or sales taxes);

&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) Further adjusted by any other amount agreed upon by Seller
and Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 PAYMENT OF ADJUSTED PURCHASE PRICE. The Adjusted Purchase Consideration shall be paid 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) 150,000 Class A Common shares issued to Seller at Closing
shall be held by Purchaser's Transfer Agent with a restriction in the legend citing that such shares are contractually restricted
from sale. The contractual restriction is for the accommodation of any Exclusion Adjustment or Defect Adjustment as defined in Section
3.4(b) or 3.5. The restrictions on such shares shall be removed when the final Purchase Consideration is determined and the final accounting
of the Purchase Consideration between Seller and Purchaser shall occur in the amount of Purchase Shares required with no cash to be exchanged.

&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) As soon as reasonably practicable after the Closing but not later than ninety (90) days following the
Closing Date, Purchaser shall prepare and deliver to Seller a statement setting forth each final adjustment to the Purchase Consideration
(including a credit to Seller in the amount held out of the payment made pursuant to Section 2.3(a) above) and showing the calculation
of each such adjustment. As soon as reasonably practicable but not later than twenty (20) days following receipt of Purchaser's
statement hereunder and any substantiating records reasonably requested by Seller within such time, Seller shall deliver to Purchaser
a written report containing any changes that Seller proposes be made to such statement. The parties shall undertake to agree on the final
statement of the Purchase Consideration no later than one hundred twenty (120) days after the Closing Date and the required payments indicated
thereon shall be remitted no later than such time. In the event that the parties cannot reach agreement within such period of time, they
shall designate an independent accounting firm mutually acceptable to both parties whose decision as to adjustments shall be binding upon
both parties and whose costs shall be shared equally between Purchaser and Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ALLOCATION OF PURCHASE CONSIDERATION. Schedule 2.4 sets forth the allocation of the Purchase Consideration among certain of the Assets (known as the ("**Allocated Values**") of the respective Assets). Seller and Purchaser are obligated to recognize or give effect to such Allocated Values, or any allocation of the Purchase Consideration that may be extrapolated from assignment of such values with respect to Sections 3.4 and 3.5 and Article V.

**ARTICLE III**

**TITLE MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 SELLER'S TITLE.

&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 set forth on Schedule 3.1, Seller represents that Seller's title to the Assets as of the Effective Time is (and as of the Closing shall be) Defensible Title as defined in Section 3.2.

&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) The conveyance to be delivered by Seller to Purchaser shall be substantially in the form of <u>Exhibit "B"</u> and/or the form required by the New Mexico OCD or Bureau of Land Management, as the case may be, and shall be without warranty of title other than against the claims of third parties claiming the same or any part thereof by, through and under Seller. As reasonably requested by Purchaser, Seller also agrees to execute and deliver at and after Closing such other assignments, bills of sale and other documents which are appropriate to transfer the Assets to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 DEFINITION OF DEFENSIBLE TITLE. As used in this Agreement, the terms "**Defensible Title**" shall mean:

&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) As to each Lease and Well, that title of Seller which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sellers' net revenue interest in the Wells is not less than the net revenue interest set forth on <u>Exhibit A-1;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sellers' working interest in the Wells is not greater than the working interest shown on <u>Exhibit A-1</u> without a corresponding increase in net revenue interest for such affected property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is free and clear (except for Permitted Encumbrances as defined
in Section 3.3 below) of all liens, claims, charges and encumbrances.

&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) As to the Assets other than each Lease, that title of Seller which grants to Seller the benefits and burdens of ownership therein to the following extent: (i) with respect to personal property, facilities and equipment located on the Leases, that title of Seller that is free and clear of all liens, claims, charges and encumbrances and defects arising by, through or under Seller, except for Permitted Encumbrances, and (ii) with respect to all other personal property, facilities and equipment included in the Assets, all of Seller's right, title and interest therein.

As used in this Agreement, the term "**Title Defect**" shall mean any defect which causes Seller not to have Defensible Title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 DEFINITION OF PERMITTED ENCUMBRANCES. As used herein, the term "**Permitted Encumbrances**" shall mean:

&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) Lessor's royalties, overriding royalties, reversionary interests and similar burdens that appear of public record and which remain effective at Closing;

&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) Division orders and sales contracts;

&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) Preferential rights to purchase and required third-party consents and similar agreements, all of which are set forth on Schedule 3.5, with respect to which waivers or consents are obtained from the appropriate parties or the appropriate time period for asserting the right has

expired without an exercise of the rights;

&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) All rights to consent by, required notices to, filings with, or other actions by governmental entities in connection with the sale or conveyance of oil and gas leases or interests therein if they are customarily obtained subsequent to the sale or conveyance;

&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) Conventional rights of reassignment prior to release of a leasehold interest requiring ninety (90) days or less notice to the holders of the rights;

&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) Easements, rights-of-way, servitudes, permits, surface leases and other rights in respect of surface operations;

&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) All rights reserved to or vested in any governmental, statutory or public authority to control or regulate any of the Leases or Wells in any manner, and all applicable laws, rules and orders of governmental authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any encumbrance on or affecting the Assets which is assumed or paid by Purchaser at or prior to Closing or which is discharged at or prior to Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Title Defects that Purchaser shall have expressly waived in writing or which are deemed to have been waived by operation of Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 TITLE FAILURE; DEFECT ADJUSTMENTS.

&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) "**Defective Interests**" shall mean that portion of the value of any of the Assets as described on Schedule 2.4 affected by a Title Defect or that Purchaser is otherwise entitled under Section 3.4 or 3.5 to treat as Defective Interests, and of which Seller has been given notice by Purchaser on or before a date which is three (3) business days prior to the Closing Date. Such notice shall be in writing and shall include (i) a description of the Defective Interests, (ii) the basis for the defect that Purchaser believes causes such Assets to be treated as Defective Interests, (iii) the Allocated Values of the Defective Interests, and (iv) the amount by which Purchaser reasonably believes the Allocated Values of the Defective Interests has been reduced and the computations and information upon with Purchaser's belief is based. Purchaser shall be deemed to have waived all Title Defects and any Defective Interests of which Seller has not been given such notice; provided, however that such waiver shall not apply with respect to any defect under Section 3.5(a) if such defect did not exist on or before the date such notice is due, but arose after such 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;(b) Subject to subsection (d) of this Section 3.4, Defective Interests shall be excluded from the Assets to be purchased by Purchaser hereunder and the Purchase Consideration shall be reduced in accordance with Section 2.2(c) by an amount equal to the Allocated Values thereof as agreed upon by Seller and Purchaser (which reduction shall be called an "**Exclusion Adjustment**" unless (i) prior to the Closing, the basis for treating such Assets as Defective Interests has been removed to the mutual satisfaction of the parties, (ii) Seller agrees to provide Purchaser an indemnity acceptable to Purchaser indemnifying Purchaser against all losses, costs, expenses and liabilities with respect to such Defective Interests arising from the defect or basis for such Assets being treated as Defective Interests, or (iii) Purchaser and Seller agree to an amount by which the Allocated Values of the Defective Interests has been reduced and the Purchase Consideration is reduced by such amount in accordance with Section 2.2(c), the amount of which reduction will in no event exceed the Allocated Value amount set forth on Schedule 2.4 (which reduction shall be called a "**Defect Adjustment**".

&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) In determining which portion of the Assets are Defective Interests, it is the intent of the parties to include, when practical, only that portion of the Assets materially affected by the defect or the basis for such Assets being treated as Defective interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 IDENTIFICATION OF ADDITIONAL DEFECTIVE INTERESTS.

&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) CONSENTS. On or prior to Closing, Seller shall furnish to Purchaser copies of all written waivers or consents to the sale and transfer of the Assets which have been obtained from any third party. If any third-party preferential rights, waiver or consent to the sale and transfer of the Assets set are required, they shall be described by Seller on Schedule 3.5.

&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) PREFERENTIAL RIGHTS. If any preferential right to purchase set forth on Schedule 3.5 is exercised on or before Closing, that portion of the Assets affected by the exercise of or notice of the intent to exercise such preferential right shall be treated as Defective Interests.

&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) CASUALTY LOSS. As used herein, the term "**Casualty Loss**" shall mean, with respect to all or any portion of any of the Assets, any destruction by fire, blowout, storm or other casualty prior to Closing. Seller shall promptly notify Purchaser of any Casualty Loss of which Seller becomes aware. Purchaser shall assume any Casualty Loss which occurs during the Adjustment Period as to any Asset operated by Purchaser and Seller shall transfer to Purchaser all rights to insurance proceeds, claims, awards and other payments arising out of such Casualty Loss. If any Casualty Loss occurs during the Adjustment Period to any of the Assets not operated by Purchaser and such Casualty Loss may be repaired prior to Closing and, when repaired, the value of such Asset shall not be materially diminished, then Seller may repair such Casualty Loss prior to Closing and shall immediately notify Purchaser of such election. If Seller elects to repair such Casualty Loss in respect of an Asset not operated by Purchaser and such repair is not completed prior to Closing or the repair completed by Seller does not cause the value of such Asset to be substantially the same as such value prior to the Casualty Loss, or Seller does not elect to repair the Casualty Loss, then Purchaser may elect to (i) cause Seller to retain the Asset affected by the Casualty Loss, and to treat the Casualty Loss as a Defective Interest, in which case Seller shall retain all insurance proceeds relating to the Casualty Loss or (ii) require Seller to (1) transfer to Purchaser such Asset notwithstanding such Casualty Loss, (2) transfer to Purchaser all rights to unpaid insurance proceeds, claims, awards and other payments arising out of such Casualty Loss, and (3) pay to Purchaser all sums paid to Seller as insurance proceeds, awards or other payment arising out of such Casualty Loss.

**ARTICLE IV**

**PRE-CLOSING, AND CLOSING ACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 TIME AND PLACE OF CLOSING.

&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) The parties hereto shall use their best efforts to consummate the purchase and sale transaction as contemplated by this Agreement (the "**Closing**") at the office of the law firm of Seller unless otherwise agreed as soon hereafter that the conditions to Closing set forth in this Agreement are satisfied, but in no event shall Closing occur after June 19, 2025, unless otherwise agreed to in writing by Purchaser and Seller.

&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) The date on which the Closing occurs is herein referred to as the "**Closing Date**". The Conveyance shall be effective as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ACCESS TO RECORDS. Between the date of this Agreement and the Closing Date, Seller shall, subject to Section 4.8 hereof, give Purchaser and its representatives access to, and the right to copy, at Purchaser's expense, the Records in Seller's possession directly relating to the Assets, but only to the extent that Seller may do so without violating any confidentiality or contractual obligation to a third party and to the extent that Seller has authority to grant such access. Such access by Purchaser shall be limited to Seller's normal business hours, by appointment only, and shall be without disruption of Seller's normal and usual operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 GOVERNMENT REVIEWS. Seller and Purchaser shall in a timely manner (a) make all required filings, if any, with and prepare applications to and conduct negotiations with, each governmental agency as to which such filings, applications or negotiations are necessary or appropriate in the consummation of the transactions contemplated hereby, and (b) provide such information as each may reasonably request to make such filings, prepare such applications and conduct such negotiations. Each party shall cooperate with and use all reasonable efforts to assist the other with respect to such filings, applications and negotiations including, without limitation, a change of operator for the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 CONTRACT OPERATOR. Seller will continue to operate the Assets after Closing as an Independent Contractor in the same manner as operations were conducted on the Leases and Wells in the ninety (90) days prior to the date of Closing. Seller will act as the contract Operator of the Assets at its actual cost. Seller and Purchaser will enter into the form of Contract Operating Agreement substantially in the same form as Exhibit "C" attached hereto which shall govern the relationship of the Seller and Purchaser as Contractor and Owner, respectively, thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 PRE-CLOSING ACTION. Seller and Purchaser shall use all reasonable efforts to cause all of the conditions precedent to the consummation of the transactions contemplated by this Agreement applicable to each of them to be met as promptly as possible and to take all such other actions as may be reasonably necessary to effect the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 LETTERS-IN-LIEU, ASSIGNMENTS AND NOTICES.

&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) Seller shall execute on the Closing Date Letters in Lieu of Division and Transfer Orders relating to the Assets on forms prepared by Purchaser and reasonably satisfactory to Seller to reflect the transactions contemplated hereby.

&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) Purchaser shall prepare and Seller and Purchaser shall execute on the Closing Date all assignments necessary to convey to Purchaser the Assets, which assignments shall be substantially in the form of <u>Exhibit "B"</u> and/or the form required by the New Mexico OCD or Bureau of Land Management, as the case may be.

&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) Purchaser shall prepare and Seller and Purchaser shall execute on the Closing Date all assignments necessary to convey to Purchaser all federal, state or Indian leases in the form as prescribed by the applicable governmental body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 PUBLIC ANNOUNCEMENTS. Seller shall consult with Purchaser prior to any public announcement by Seller regarding the existence of this Agreement, the contents hereof or the transactions contemplated hereby. Purchaser may make public announcements as it deems appropriate or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 INDEMNITY REGARDING ACCESS. Purchaser agrees to indemnify, defend and hold harmless Seller, its directors, officers, employees, agents and representatives from and against any and all claims, liabilities, losses, costs and expenses (including, without limitation, court costs, expenses of litigation and reasonable attorneys' fees) in connection with personal injuries, including death or property damage arising out of or relating to the access of Purchaser, its officers, employees, and representatives to the Assets and to the records and other related information as permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 HIRING. Purchaser may, in its sole discretion and without obligation, hire or contract with employees of Seller whose responsibilities relate to the operation of the Assets. It is anticipated that three (3) of Seller's employees or independent contractors will be hired or contracted as independent contractors of Purchaser.

**ARTICLE V**

**REPRESENTATIONS AND WARRANTIES OF SELLER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 DISCLAIMERS. Except as specifically set forth in this Article V and Section 3.1, Seller makes no warranties or representations, express or implied, in connection with the Assets, and expressly disclaims any warranties or representations with regard to any information or data disclosed or provided by them, their agents, representatives, employees or advisors to Purchaser or Purchaser's agents, representatives, employees, or advisors. Subject to this Section 5.1, Seller makes the warranties and representations set forth in Sections 5.2 through 5.17. SELLER EXPRESSLY DISCLAIMS ANY WARRANTY AS TO THE CONDITION OF ANY PERSONAL PROPERTY, FIXTURES AND ITEMS OF MOVABLE PROPERTY COMPRISING ANY PART OF THE ASSETS INCLUDING (a) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (b) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (c) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS OF PURCHASER UNDER APPLICABLE STATUTES TO CLAIM DIMINUTION OF CONSIDERATION, AND (e) ANY CLAIM BY PURCHASER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, IT BEING EXPRESSLY UNDERSTOOD BY PURCHASER THAT THE PERSONAL PROPERTY, FIXTURES AND ITEMS ARE BEING CONVEYED TO PURCHASER AS IS, WHERE IS, WITH ALL FAULTS, AND IN THEIR PRESENT CONDITION AND STATE OF REPAIR AND THAT PURCHASER HAS MADE OR CAUSED TO BE MADE SUCH INSPECTIONS AS PURCHASER DEEMS APPROPRIATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 EXISTENCE. Seller is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 POWER. Seller has the power to enter into and perform this Agreement and the transactions contemplated by this Agreement. Subject to preferential purchase rights and restrictions on assignment of the type generally found in the oil and gas industry, and to rights to consent by, required notices to, and filings with or other actions by governmental entities where the same are customarily obtained subsequent to the assignment of oil and gas interests, the execution, delivery and performance of this Agreement by Seller, and the transactions contemplated by this Agreement, will not violate (a) any provision of the certificate or agreement of formation of Seller, (b) any material agreement or instrument to which Seller is a party or by which Seller or any of the Assets are bound, (c) any judgment, order, ruling, or decree applicable to Seller as a party in interest, or (d) any law, rule or regulation applicable to Seller relating to the Assets other than a violation which would not have a material adverse effect on Seller or the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 AUTHORIZATION AND ENFORCEABILITY. The execution, delivery and performance of this Agreement, and the transaction contemplated hereby, have been duly and validly authorized by all necessary action on the part of Seller. This Agreement constitutes the valid and binding obligation of Seller, enforceable in accordance with its terms except as such enforceability may be limited by applicable bankruptcy or other similar laws affecting the rights and remedies of creditors generally as well as to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 LIABILITY FOR BROKERS' FEES. Purchaser shall not directly or indirectly incur any liability or expense, as a result of undertakings or agreements of Seller, for brokerage fees, finder's fees, agent's commissions or other similar forms of compensation in connection with this Agreement or any agreement or transaction contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 CLAIMS AND LITIGATION. To Seller's knowledge, there are no claims, actions, suits or proceedings pending or threatened against Seller which, if determined adversely to Seller, would have a material adverse effect on the Assets or which would materially and adversely affect Seller's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 TAXES AND ASSESSMENTS. All material ad valorem, production, severance, excise, and similar taxes and assessments based upon or measured by the ownership of or the production of hydrocarbons from the Assets which have become due and payable have been properly paid, all applicable tax returns have been filed, and Seller knows of no claim by any applicable taxing authority against Seller or the Assets in connection with the payment of such taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 NO PRODUCTION IMBALANCES. There are no production imbalances concerning or related to Seller's working interest with respect to any of the wells or production therefrom as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 CONSENTS AND PREFERENTIAL RIGHTS. All required notices in respect of consents to assignment and preferential rights to purchase relating to the Assets set forth on Schedule 3.5 shall be prepared by Purchaser for execution by Seller on forms customarily used in the industry and shall be furnished to Purchaser at Closing. Seller shall use its best efforts to cause

such consents and preferential rights to purchase to be obtained and delivered on or before Closing. Purchaser shall cooperate with the Seller in seeking to obtain such consents and preferential rights. Should a third party fail to exercise its preferential right to purchase as to any portion of the Assets

prior to Closing, such portion of the Assets shall be conveyed to Purchaser subject to such right and Purchaser agrees to perform the obligations of Seller with respect to such preferential rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 COMPLIANCE WITH LAWS AND REGULATIONS. As to the Assets, (i) such Assets are in compliance in all material respects with all Laws and Regulations (as hereinafter collectively defined) and all orders or requirements of any court or federal, state, or local governmental authority, and possess and are in compliance with all required permits, licenses, or similar authorizations, (ii) such Assets and related operations are not subject to any existing or threatened suit, investigation, or proceeding related to any obligation under any Laws or Regulations, and (iii) there is no liability (contingent or otherwise) as a result of or in connection with such Assets or the operations related thereto under Laws and Regulations. As used in this Agreement, the term "**Laws and Regulations**" shall mean any and all laws, regulations, ordinances and judicial interpretations pertaining to the exploration and production of oil and gas that are in effect in all jurisdictions in which any of the Assets or related operations are located or conducted, including, without limitation, on lands situated and/or owned by the State of New Mexico, the Federal Government or Indians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 ENVIRONMENTAL LAWS. To the best of Seller's knowledge, as to the Assets, (i) such Assets are in compliance in all material respects with all Environmental Laws (as hereinafter defined) and all orders or requirements of any court or federal, state, or local governmental authority, and possess and are in compliance with all required permits, licenses, or similar authorizations, (ii) such Assets and related operations are not subject to any existing or threatened suit, investigation, or proceeding related to any obligation under any Environmental Law, and (iii) there is no liability (contingent or otherwise) in connection with the release or threatened release into the environment of any Hazardous Substance (as defined below) as a result of or in connection with such Assets or the operations related thereto. As used in this Agreement, the term "**Environmental Laws**" shall mean any and all laws, regulations, ordinances and judicial interpretations pertaining to the prevention, abatement or elimination of pollution or to the protection of public health or the environment that are in effect in all jurisdictions in which any of the Assets or related operations are located or conducted, including, without limitation, the federal Comprehensive Environmental Response, Compensation and Liability Act ("**CERCLA**"), the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act, the Toxic Substance Control Act, the Hazardous Materials Act and the Clean Air Act and the term "**Hazardous Substance**" shall have the meaning described under Section 101 of CERCLA at 42 U.S.C. Section 9601(14), except that it shall also include petroleum, natural gas, natural gas liquids, nitrous oxide, carbon monoxide and Sulphur oxide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 SALE OF PRODUCTION. Except as set forth on Schedule 5.12 and as to that portion of the Assets not operated by Purchaser, no hydrocarbons produced from such Assets or existing as in-ground reserves in such Assets are subject to a sales contract (other than a contract or division order terminable upon no more than 30 days' notice), and no person or entity other than a lessor under the Leases has any call upon, option to purchase or similar rights with respect to production from such Assets. Except as set forth on Schedule 5.12, Seller is receiving proceeds from the sale of production from the Wells from the production purchasers in a timely manner, and the proceeds payable to Seller are not being held in suspense by any production purchaser or operator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 LEASES. All Leases have been complied with by the applicable Seller, including payment and/or royalty payment provisions of the underlying leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 FURTHER ASSURANCES. Commencing June 1, 2025, and commencing until the first to occur of Closing or termination of this Agreement, without the prior written consent of Purchaser, Seller will not: (i) enter into any new agreements or commitments with respect to the Assets; (ii) incur any liabilities other than in the ordinary course for normal operating expenses associated with individual Wells; (iii) abandon, or consent to abandonment of, any producing or shut-in Well or any injection well located on the premises associated with the Assets, nor release or abandon all or any portion of the Leases; (iv) modify or terminate any of the agreements relating to the Assets or waive any right thereunder; (v) encumber, sell or otherwise dispose of any of the Assets other than personal property which is replaced with equivalent property or consumed in the ordinary course of operation of the Assets and other than hydrocarbons sold in the ordinary course of business; and (vi) purchase any additional interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 MATERIAL AGREEMENTS. All agreements with respect to which Seller is a party and Purchaser is not a party and that are material to the ownership or value of the Assets are set forth on Schedule 5.15 and, as to such agreements, (i) all are in full force and effect; (ii) all payments due thereunder have been made by Seller; (iii) Seller is not in breach or default thereunder; (iv) no other party is in breach or default with respect to its obligations thereunder; and (v) neither Seller nor any other party to any such contract has given or threatened to give notice of any action to terminate, cancel, rescind or procure a judicial reformation of any such contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 BURDENS. Schedule 3.1 identifies (and sets forth all recording and filing information to the extent recorded or filed) all liens, encumbrances or other burdens on the Assets whether recorded or unrecorded as of the Effective Time. Such liens, encumbrances or other burdens have not changed since the Effective Time and no additional liens, encumbrances or other burdens have been incurred since the Effective Time in respect of any of the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 EMPLOYEES. Seller has not provided in the last 120 days prior to the Closing Date, and will not provide after the Effective Date, a bonus or increased wages of its Employees. and will not provide Employees with a bonus or increase in wages.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES OF PURCHASER**

Purchaser represents and warrants to Seller the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 EXISTENCE. Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly qualified to do business as a foreign corporation in the state(s) where the Assets are located, except where the failure to so qualify would not have a material adverse effect on Purchaser or its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 POWER. Purchaser has the corporate power to enter into and perform this Agreement and the transactions contemplated by this Agreement. Subject to preferential purchase rights and restrictions on assignment of the type generally found in the oil and gas industry, and to rights to consent by, required notices to, and filings with or other actions by governmental entities where the same are customarily obtained subsequent to the assignment of oil and gas interests, the execution, delivery and performance of this Agreement by Purchaser, and the transactions contemplated by this Agreement, will not violate (a) any provision of the certificate of incorporation or bylaws of Purchaser, (b) any material agreement or instrument to which Purchaser is a party or by which Purchaser or any of the Assets are bound, (c) any judgment, order, ruling, or decree applicable to Purchaser as a party in interest, or (d) any law, rule or regulation applicable to Purchaser relating to the Assets other than a violation which would not have a material adverse effect on Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 AUTHORIZATION AND ENFORCEABILITY. The execution, delivery and performance of this Agreement, and the transaction contemplated hereby, have been duly and validly authorized by all necessary action on the part of Purchaser. This Agreement constitutes the valid and binding obligation of Purchaser, enforceable in accordance with its terms except as such enforceability may be limited by applicable bankruptcy or other similar laws affecting the rights and remedies of creditors generally as well as to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 LIABILITY FOR BROKERS' FEES. Seller shall not directly or indirectly incur any liability or expense, as a result of undertakings or agreements of Purchaser, for brokerage fees, finder's fees, agent's commissions or other similar forms of compensation in connection with this Agreement or any agreement or transaction contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 DISTRIBUTION. Purchaser is an experienced and knowledgeable investor in the oil, gas and mineral resources industry that has previously expended substantial amounts in the acquisition and development of oil and gas properties. Prior to entering into this Agreement, Purchaser has been advised by its counsel and such other persons as it has deemed appropriate concerning this Agreement. The Assets to be acquired by Purchaser pursuant to this Agreement are being acquired by Purchaser for its own account, for investment and not with a view to distribution or resale within the meaning of the Securities Act of 1933, as amended, or any other applicable securities law, rule, regulation or order. Purchaser is a sophisticated buyer, fully knowledgeable and aware of the risks and uncertainties associated with buying oil and gas properties like the Assets that are the subject of this Agreement. Purchaser is not relying on the Sellers or on any representation or warranty of a Seller (other than those express warranties contained in this Agreement that survive the closing) in deciding whether or not to purchase the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 CLAIMS AND LITIGATION. To the actual knowledge of Purchaser, there are no claims, actions, suits, or proceedings pending or threatened against Purchaser which, if determined adversely to Purchaser, would materially and adversely affect Purchaser's ability to perform its obligations under this Agreement.

**ARTICLE VII**

**CONDITIONS TO CLOSING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 CONDITIONS OF SELLER TO CLOSING. The obligations of Seller to consummate the transaction contemplated by this Agreement are subject, at the option of Seller, to the satisfaction on or prior to Closing of each of the following conditions:

&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) REPRESENTATIONS. The representations and warranties of Purchaser set forth in this Agreement herein shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of 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;(b) PERFORMANCE. Purchaser shall have performed all obligations, covenants and agreements hereunder and shall have complied with all covenants and conditions applicable to it contained in this Agreement prior to or on 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) PENDING MATTERS. No suit, action or other proceeding by a third party or a governmental authority shall be pending or threatened which seeks to restrain, enjoin or otherwise prohibit, the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 CONDITIONS OF PURCHASER TO CLOSING. The obligations of Purchaser to consummate the transaction contemplated by this Agreement are subject, at the option of Purchaser, to the satisfaction on or prior to Closing of each of the following conditions:

&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) DIVISION OF INTEREST DISCLOSURE. Seller shall disclose all parties holding a division of interest, also called a Pay Deck including royalty, overriding royalty and working interest owners in the Leases, Wells and production therefrom who are entitled to payments from production.

&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) REPRESENTATIONS. The representations and warranties of Seller set forth in this Agreement shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of 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;(b) PERFORMANCE. Seller shall have performed all obligations, covenants and agreements hereunder and shall have complied with all covenants and conditions applicable to it contained in this Agreement prior to or on the Closing Date and shall have executed and delivered the Conveyance on 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) PENDING MATTERS. No suit, action or other proceeding by a third party or governmental authority shall be pending or threatened to restrain, enjoin or otherwise prohibit, the consummation of the transactions contemplated by this Agreement.

&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) PLUGGING AND ABANDONMENT OR OTHER ACTION REQUIRED CONCERNING WELLS. To the extent that Seller has received a notice or is subject to an order or direction from a governmental authority having jurisdiction to plug and abandon Wells or take other action, Seller shall have provided Purchaser with such notice and shall on a post-closing basis be obligated, at no cost to or obligation of Purchaser, to comply with and remedy such matters including, without limitation, those actions set forth and identified in Schedule 7.2(d) as submissions of C-141 forms, Remediation Plans and/or Remediation Closure Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 OBLIGATIONS OF SELLER AT CLOSING. At the Closing, upon the terms and subject to the conditions of this Agreement, Seller shall execute and deliver or cause to be executed and delivered to Purchaser, among other things, the following:

&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) Conveyances of the Assets, in sufficient original counterparts to allow recording;

&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) Assignments, on appropriate forms, of state and federal leases comprising portions of the Assets;

&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) Letters-in-lieu of transfer orders covering the Assets;

&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) Copies of all consents, waivers and approvals of the third parties set forth on Schedule 3.5, other than unexercised preferential rights;

&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) Execution and delivery of a Transition Services Agreement ("<u>TSA</u>") as set forth on Schedule 7.3(e) in mutually agreeable form between Purchaser and the Operator for operation of the Assets for a period from the Closing Date until the Purchaser is in full compliance with any regulatory agency or/or third-party requirements, including the bonding requirements ("<u>Transition Period</u>"). During this time, Seller shall cause the current operator of the Assets (the "**Operator**"), to agree to continue to operate the Assets in the normal course of business and on behalf of Buyer, including both field and back-office operations. Notwithstanding anything in this Agreement to the contrary, the Parties agree that Team Operating shall continue as operator of the Properties until Buyer has provided all documents necessary for Team Operating to be able to obtain a release of all bonds applicable to such Properties in such state and described on Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 OBLIGATIONS OF PURCHASER AT CLOSING. At the Closing, upon the terms and subject to the conditions of this Agreement, Purchaser shall execute and deliver or cause to be executed and delivered to Seller, among other things, the following:

&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) 1,000,000 shares of restricted Class A common stock of EON issued in the name of Seller or Seller's designee;

&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) Certificate by an authorized attorney-in-fact or corporate officer of Purchaser dated as of Closing, certifying on behalf of Purchaser that the conditions set forth in Section 7.1(a) have been fulfilled.

&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) Execution and delivery of the mutually agreed form of <u>TSA</u> for operation of the Assets by the Operator during the <u>Transition Period</u>.

**ARTICLE VIII**

**TERMINATION AND AMENDMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 TERMINATION. This Agreement may be terminated at any time prior to the Closing Date: (a) by the mutual prior written consent of Seller and Purchaser, (b) by Purchaser or Seller if the provisions of Section 3.4(d) give it the right to terminate, (c) at the option of the non-breaching party if the other party is in material default of its obligations under this Agreement, or (d) by Seller, if Closing has not occurred by June 15, 2025. Any party shall exercise a right of termination provided above by written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 EFFECT OF TERMINATION. If this Agreement is terminated pursuant to Section 8.1(a), (b) or (d), this Agreement shall become void and of no further force or effect (except for the provisions of Section 4.7 which shall continue in full force and effect); provided, however, that if either party is in material default of its obligations under this Agreement at the time this Agreement is so terminated pursuant to Section 8.1(c), such defaulting party shall continue to be liable to the other party for damages or specific performance relating to such default and such liability shall not be affected by such termination.

**ARTICLE IX**

**POST-CLOSING OBLIGATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 RECEIPTS AND CREDITS. Following final adjustment of the Purchase Consideration, all monies, proceeds, receipts, credits and income attributable to the Assets for all periods of time subsequent to the Effective Time shall be the sole property and entitlement of Purchaser, and, to the extent received by Seller, Seller shall fully disclose, account for and transmit the same promptly to Purchaser. Following final adjustment of the Purchase Consideration, all monies, proceeds, receipts and income attributable to the Assets, except as otherwise provided in this Agreement, for all periods of time prior to the Effective Time, shall be the sole property and entitlement of Seller and, to the extent received by Purchaser, Purchaser shall fully disclose, account for and transmit the same promptly to Seller. Except as otherwise provided in this Agreement, all costs, expenses, disbursements, obligations and liabilities attributable to the Assets for periods of time prior to the Effective Time, regardless of when due or payable, shall be the sole obligation of Seller and Seller shall promptly pay, or if paid by Purchaser, promptly reimburse Purchaser for and hold Purchaser harmless from and against same. All costs, expenses, disbursements, obligations, and liabilities attributable to the Assets for periods of time subsequent to the Effective Time, regardless of when due or payable, shall be the sole obligation of the Purchaser and Purchaser shall promptly pay, or if paid by Seller, promptly reimburse Seller for and hold Seller harmless from and against same. Seller shall be entitled to a credit for and reimbursement in an amount equal to any amount received by Purchaser after Closing for any delivery or performance by Seller prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 ASSUMPTION AND INDEMNITY. If the Closing occurs,

&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) Purchaser assumes all obligations that are attributable to the Assets from and after the Effective Time including, but not limited to, any obligation to cash balance or to allow third parties to make-up gas according to the terms and conditions of the applicable gas balancing or other contracts or governing law, rule or regulation, all obligations to properly plug and abandon all wells now or thereafter located on the Leases and restore the surface of the Leases in accordance with applicable lease or other agreements and governmental (including environmental) laws, orders, and regulations (regardless of whether any such obligation to plug, abandon and restore is attributable to periods of time prior to or after the Effective Time) and the obligation to pay ad valorem and similar production taxes with respect to the Assets as set forth in Sections 10.4 and 2.2(b);

&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) Purchaser agrees to indemnify, defend and hold harmless Seller, its affiliates, officers, directors, agents and representatives from and against any and all claims, liabilities, losses, costs and expenses (including, without limitation, court costs, expenses of litigation and reasonable attorneys' fees) that are attributable to the Assets after the Effective Time (including, without limitation, (i) the obligation to cash balance or to allow third parties to make-up gas according to the terms and conditions of the applicable gas balancing or other contracts or governing law, rule or regulation, (ii) the obligation to properly plug and abandon all wells now or hereafter located on the Leases, (iii) the obligation to restore the surface of the Leases in accordance with applicable lease or other agreements and governmental laws, orders and regulations, and (iv) damage to property, or injury to or death of persons attributable to the Assets and occurring after the Effective Time). Notwithstanding the foregoing, Purchasers' indemnification obligations exclude liabilities in respect of Environmental Laws as to the Assets and to conditions that existed prior to the Effective Time;

&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) Seller agrees to indemnify, defend and hold harmless Purchaser, its affiliates, officers, directors, agents and representatives from and against any and all claims, liabilities, losses, costs and expenses (including, without limitation, court costs, expenses of litigation and reasonable attorneys' fees) that are attributable to the Assets before the Effective Time (other than (i) the obligation to cash balance or to allow third parties to make-up gas according to the terms and conditions of the applicable gas balancing or other contracts or governing law, rule or regulation, (ii) the obligation to properly plug and abandon wells now or hereafter located on the Leases, (iii) the obligation to restore the surface of the Leases in accordance with applicable lease or other agreements and governmental laws, orders and regulations, and (iv) damage to property, or injury to or death of persons attributable to the Assets and occurring after the Effective Time). Notwithstanding the foregoing, Seller's indemnification obligations include liabilities in respect of Environmental Laws as to the Assets and to conditions that existed prior to the Effective Time; and

&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) The indemnity, defense and hold harmless obligations set forth above shall not apply to (i) any amount, other than as set forth in Section 9.2, that was taken into account as an adjustment to the Purchase Consideration pursuant to the provisions of this Agreement, (ii) any liability of one party to the other party under the provisions of this Agreement, (iii) any liability Purchaser would ordinarily have vis-à-vis Seller under the terms of applicable operating agreements, and (iv) either party's costs and expenses with respect to the negotiation and consummation of this Agreement and the purchase and sale of the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 RECORDING. As soon as practicable after Closing, Purchaser shall record the conveyances in the appropriate counties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 FURTHER ASSURANCES. After Closing, Seller and Purchaser agree to take such further actions and to execute, acknowledge and deliver all such further documents that are necessary or useful in carrying out the purposes of this Agreement or of any document delivered pursuant to this Agreement.

**ARTICLE X**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original instrument, but all such counterparts together shall constitute but one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 NOTICE. All notices which are required or may be given pursuant to this Agreement shall be sufficient in all respects if given in writing and delivered personally, by overnight courier, by email, or by registered or certified mail, postage prepaid, as follows:

If to Seller:

WPP NM, L.L.C., and Northwest Central, L.L.C. 16202 Butera Road

Magnolia, Texas 77355-3793

Attention: April Hammel

Telephone: (281) 356-7767

Email: april.hammel@teamoperating.com

If to Purchaser:

EON Energy, LLC

3730 Kirby Drive, Suite 1200

Houston, Texas 77098

Attention: Mitchell B. Trotter, CFO

Telephone: (281) 989-3618

Email: mbtrotter@comcast.net

and to:

EON Energy, LLC

10142 Holly Chase Drive

Houston, Texas 77042-4251

Attention: David M. Smith, General Counsel

Telephone: (713) 854-0148

Email: dmsmith@dmslegal.com

All notices shall be deemed to have been duly given at the time of receipt by the party to which such notice is addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 SALES TAX, RECORDING FEES AND SIMILAR COSTS. Purchaser shall bear any tax, recording fees and similar costs incurred and imposed upon, or with respect to, the property transfers contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 AD VALOREM TAXES. All unpaid ad valorem and similar taxes that are payable with respect to the Assets for all periods ending on or prior to the Effective Time shall be as estimated by the parties and shall be an adjustment to the Purchase Consideration. In the case of tax periods that included but did not end on the Effective Time, taxes shall be prorated to the Effective Time and be an adjustment to the Purchase Consideration. Purchaser shall pay all such taxes payable for all such periods which are adjusted or prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 EXPENSES. All expenses incurred by Seller in connection with or related to the authorization, preparation or execution of this Agreement, the Conveyance and the Exhibits and Schedules hereto and thereto, and all other matters related to the Closing, including without limitation, all fees and expenses of counsel, accountants and financial advisers employed by Seller, shall be borne solely and entirely by Seller; and all such expenses incurred by Purchaser shall be borne solely and entirely by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 GOVERNING LAW. This Agreement and the legal relations between the parties and the rights and obligations of the Parties hereunder will be governed by and construed under and in accordance with the laws of the State of Texas without regard to the conflict of law rules or principles thereof. Any dispute, controversy or claim arising out of or relating to this Agreement, whether arising in contract, tort or otherwise, shall be resolved at arbitration before a single arbitrator in accordance with the rules of the American Arbitration Association. The arbitration shall be held at a location within the City of Houston, Harris County, Texas. The parties hereto agree any arbitration award rendered on any claim submitted to arbitration shall be final and binding upon the parties, and judgment may be entered upon any arbitration award by any court of competent jurisdiction. The parties hereto agree the expenses of any arbitration shall be borne equally by the parties to the proceeding, except the party determined to have prevailed in any arbitration shall be awarded its reasonable attorneys' fees and costs of its own experts, evidence and the like. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION, DISPUTE, CLAIM, LEGAL ACTION OR OTHER LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT. For the avoidance of doubt, each Party acknowledges and agrees that in the event of a breach of this Agreement, the aggrieved Party(ies) shall be entitled to seek, in addition to any other remedy at law or in equity to which they may be entitled, specific performance or other equitable relief, all without the necessity of posting any bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 CAPTIONS. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 WAIVERS. Any failure by any party or parties to comply with any of its or their obligations, agreements or conditions herein contained may be waived in writing, but not in any other manner, by the party or parties to whom such compliance is owed. No waiver of, or consent to a change in, any of the provisions of this Agreement shall be deemed or shall constitute a waiver

of, or consent to a change in, other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 ASSIGNMENT. No party shall assign all or any part of this Agreement, nor shall any party assign or delegate any of its rights or duties hereunder, without the prior written consent of the other party and any assignment made without such consent shall be void except as otherwise provided in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 ENTIRE AGREEMENT. This Agreement and the documents to be executed hereunder and the Exhibits and Schedules attached hereto constitute the entire agreement between the parties pertaining to the subject matter hereof, and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties pertaining to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 SURVIVAL. The representations and warranties of Seller and Purchaser set forth in Articles V and VI of this Agreement shall survive the Closing and shall only be applicable for one hundred eighty (180) days thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 AMENDMENT.

&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) At any time prior to the Closing Date this Agreement may be amended or modified in any respect by the parties by an agreement in writing executed in the same manner as this Agreement.

&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) No supplement, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the party to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 EXHIBITS AND SCHEDULES. All Exhibits and Schedules attached to or referred to in this Agreement are incorporated into and made a part of this Agreement.

IN WITNESS WHEREOF, this Agreement has been signed by each of the parties hereto, all as of the date above written.

---

| | |
|:---|:---|
| PURCHASER: | PURCHASER: |
| **EON ENERGY, LLC** | **EON ENERGY, LLC** |
| By: | /s/ Mitchell B. Trotter |
|  | Mitchell B. Trotter, CFO |
| SELLER: | SELLER: |
| **WPP NM, L.L.C.** | **WPP NM, L.L.C.** |
| By: | /s/ April Hammel |
|  | April Hammel, Secretary |
| **NORTHWEST CENTRAL, L.L.C.** | **NORTHWEST CENTRAL, L.L.C.** |
| By: | /s/ Houdit Makbeh |
|  | Houdit Makabeh, Secretary |

---

## Exhibit 10.2

**Exhibit 10.2**

*Execution Version*

**MASTER SERVICE AGREEMENT**

**<u>THIS AGREEMENT CONTAINS PROVISIONS RELATING TO</u>**

**<u>INDEMNITY, RELEASE OF LIABILITY, AND ALLOCATION OF RISK</u>**

THIS MASTER SERVICE AGREEMENT (the "**Agreement**") is made and entered into effective as of this 17th day of June 2025, by and between the parties herein designated as "**Operator**" and "**Contractor**".

---

| | |
|:---|:---|
| **Operator**: | LH Operating, LLC, its subsidiaries and/or its affiliates,<br> 3730 Kirby Drive, Suite 1200, Houston, Texas 77098<br> with field office at 13694 Lovington Highway, Artesia NM 88210<br> email directed to all: dvcaravaggio321@gmail.com (Dante Caravaggio); RedRaiderDad62@gmail.com<br> (Jesse Allen); dmsmith@dmslegal.com (David M. Smith) |

---

---

| | |
|:---|:---|
| **Contractor**: | Corsair Well Services, LLC, with a mailing address at PO Box 1472, Pinehurst, TX 77362 or Hobbs, NM Yard april.hammel@teamoperating.com (April Hammel) |

---

**WITNESSETH:**

**WHEREAS,** Operator is engaged in the business of drilling oil and gas wells or is engaged in the production of oil and gas, and in the course of such operations regularly and customarily enters into contracts with independent contractors for the performance of services relating thereto; and

**WHEREAS,** Contractor is engaged in the business of providing workover services for oil and gas wells, including but not limited to the furnishing of personnel, equipment, and associated services customarily required for such operations. Contractor shall perform such services on an independent contractor basis and subject to availability, consistent with industry standards and the terms of this Agreement.

**NOW THEREFORE IN CONSIDERATION** of the mutual promises, conditions and agreements herein contained, the sufficiency of which is hereby acknowledged, and the specifications and special provisions set forth in any exhibits or appendix attached and hereby incorporated, the parties mutually agree as follows:

**1.0** **NATURE AND TERM OF AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 This Agreement shall remain in force and effect for an initial period of four (4) months ()"**Initial Period"**) and shall thereafter continue in force and effect until (i) Operator has exhausted use of any credit to which it may
be entitled with Contractor, and (ii) if Operator has no further credit with Contractor, canceled by either party by giving the other
party ten (10) days' notice in writing at the respective Email address of said party. If current work extends past ten (10) days,
then cancellation shall not be effective until work is completed or terminated in the sole discretion of Operator. All indemnity and insurance
provisions shall survive termination. At any time and from time to time during the term of this Contract, when Operator desires work to
be performed by Contractor, a representative of the Operator shall give Contractor a request for such work. The request ()"**Work Order**") may be in the form of a work order, purchase order, letter, memorandum or other written document. Upon acceptance of
any such Work Order, Contractor shall thereafter promptly commence and diligently perform the work in accordance with the terms of the
Work Order and this Agreement. This Agreement shall control and govern all work performed by Contractor under written Work Orders. Agreements
or stipulations in any such Work Order or Contractor originated documentation, including field tickets, purchase orders or credit applications,
not in conformity with the terms and provisions hereof or purporting to burden Operator Group with additional obligations or liabilities,
shall be null and void. No waiver of any terms, provisions or conditions hereof shall be effective unless in writing and signed by an
authorized officer of Operator and Contractor. Nothing herein shall be construed to obligate Operator to order work from Contractor or
obligate Contractor to accept work from Operator; provided, however, Contractor shall be obligated to furnish all services ordered by
Operator for which Contractor is capable of performing during the initial period of four (4) months of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Operator may, at any time, in its sole discretion terminate work covered by any written Work Order, ,
issued hereunder. In such event, Contractor shall be entitled to payment at the applicable rates stipulated in Contractor's rate
schedule or bid for services properly rendered up to and including the date of such termination. On notice of such termination, Contractor
shall promptly remove its personnel, machinery, and equipment from the location and shall further cooperate with Operator or its designee
to ensure an orderly and expeditious transition and completion of the work.

**2.0** **LABOR, EQUIPMENT, MATERIALS, SUPPLIES AND SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 When agreement is reached by written Work Order, for the services and/or equipment desired or when work
is commenced, Contractor shall commence furnishing same at the agreed upon time, and continue such operations diligently and without delay,
in conformity with the specifications and requirements contained herein and in such Work Orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 All work or services rendered or performed by Contractor shall be done in accordance with good oilfield
servicing practices.

**3.0** **PAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Operator shall pay Contractor for all work performed, equipment used, or materials furnished at the agreed-upon rates, without delay,
and regardless of Operator's internal review status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Operator shall pay all invoices within thirty (30) days of the invoice date or, if different, according
to agreed upon written payment terms. Any amounts that remain outstanding after such agreed payment terms will accrue interest at the
rate of one percent (1%) per month or at the maximum rate permitted by applicable law, whichever is lower. In the event Operator, in good
faith, disputes the amount of any invoice, it shall notify Contractor of such dispute and shall pay any undisputed amount of the invoice
within said payment terms. No payment of any amount, disputed or undisputed, shall act as a waiver of any of Operator's rights,
including the right to later contest such payment and obtain a reimbursement.  **<u>Appendix A attached to this Agreement sets forth and describes the Rate Schedule and Equipment List.</u>** 

**4.0** **REPORTS TO BE FURNISHED BY CONTRACTOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Contractor must obtain approval of Operator's representative by furnishing delivery tickets for
materials and supplies for which Contractor is to be reimbursed by Operator. The quantity, description and condition of the materials
and supplies and/or services furnished shall be monitored and checked by Contractor, and all delivery tickets shall be acknowledged as
to receipt by Contractor's representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Contractor shall orally report to Operator, as soon as practicable, followed by an appropriate written
report, all accidents or occurrences resulting in death or injuries to Contractor's employees or third parties, damage to property
of Operator or physical damage to Contractor's property or property of third parties, arising out of or during the course of work
to be performed. Contractor shall furnish Operator with a copy of all non-privileged reports made by Contractor to Contractor's
insurer, governmental authorities or to others of such accidents and occurrences.

**5.0** **INDEPENDENT CONTRACTOR RELATIONSHIP** 

In the performance of any work by Contractor for Operator, Contractor shall be deemed to be an independent contractor, with the authority and right to direct and control all of the details of the work, Operator being interested only in the results obtained. However, all work contemplated shall meet the approval of Operator and shall be subject to a general right of inspection. Operator shall have no right or authority to supervise or give instructions to the employees, agents, or representatives of Contractor, and such employees, agents or representatives at all times shall be under the direct and sole supervision and control of Contractor. It is the understanding and intention of the parties hereto that no relationship of master and servant, principal and agent or employer and employee shall exist between Operator and Contractor, its employees, agents, or representatives.

In all cases where Contractor or employees of Contractor (defined to include Contractor's direct, borrowed, special or statutory employees) are covered by state's workers' compensation laws, rules and regulations Operator and Contractor agree that all work and operations performed by Contractor and its employees pursuant to this Agreement are an integral part of and are essential to the ability of Operator to generate Operator's goods, products and services for purposes of the applicable state's workers' compensation laws, rules and regulations. Contractor shall remain primarily responsible for the payment of workers' compensation benefits to its employees, and shall owe indemnity for, and shall not be entitled to seek contribution for, any such payments from Operator.

Master Service Agreement – Page 2

**6.0** **INSURANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Contractor shall, at its sole cost and discretion, maintain insurance coverage with an insurance company
or companies authorized to do business in the state where the work is to be performed consistent with prudent industry practices and reasonably
proportionate to the nature and scope of the work to be performed under this Agreement in the minimum amounts as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If required, Workers' Compensation Insurance and Employers' Liability Insurance complying
with applicable state laws with limits not less than $1,000,000 covering the employees of the applicable party working under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commercial (or Comprehensive) General Liability Insurance, including contractual obligations covered in
this Agreement and proper coverage for all other obligations assumed in this Agreement. The limit shall be not less than $1,000,000 combined
single limit per occurrence for Bodily Injury and Property Damage. If the policy has an annual aggregate limit, the aggregate will be
at least $2,000,000, and the Contractor shall carry Excess Liability (or Umbrella) coverage that will "drop down" over each
claim if such primary limit becomes exhausted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Automobile Liability Insurance with Bodily Injury limits of not less than $1,000,000 for each person and
$1,000,000 for each accident; and Property Damage limits of not less than $1,000,000 for each accident or $1,000,000 combined single limit
for Bodily Injury and Property Damage. If hauling hazardous materials is part of the work, the policy must include an MCS 90 endorsement
and the ISO Form 9948.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Excess Liability Insurance over that required in Section 6.1 (a), (b) and (c) with minimum limits of $5,000,000,
specifically including Contractor's Contractual Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Contractor shall, on all of its policies of insurance, whether or not required by this Contract, waive
subrogation against Operator Group (as defined in Section 7.1), name Operator Group as an additional insured (except on Workman's
Compensation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 All required insurance shall be maintained in full force and effect during the term of this Contract,
and shall not be canceled, altered, or amended without thirty (30) days prior written notice via Email to Operator. Contractor agrees
to have its insurance carrier furnish Operator a certificate or certificates on a form acceptable to Operator, evidencing insurance coverage
in accordance with the above requirements. Acceptance by Operator of a certificate evidencing less insurance coverage than the amounts
required in Section 6.1 shall not be deemed a waiver of the requirements of Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Contractor shall name Operator as additional insured (on form CG 2010 1001 and CG 2037 1001, or equivalent) on all insurance policies (except Workers' Compensation) covering exposures for which Contractor has agreed to indemnify Operator. A party's additional insured status will not limit the application of insurance protection as required by this Exhibit which arises out of the other party's indemnity obligations. These policies shall provide primary coverage only for claims in which one Party has agreed to hold harmless and/or to indemnify the other.** Coverages required by this Agreement will be primary and non-contributory
coverage and no "other insurance" clause may be invoked by any insurer. This coverage shall apply whether or not the indemnification
is valid. Operator shall have its insurer(s) waive its right of subrogation against Contractor on all insurance carried, in accordance
with the risk allocation, release and indemnities in this Agreement. Contractor shall have its insurer(s) waive its right of subrogation
against Operator Group on all insurance carried, in accordance with the risk allocation, release and indemnities in this Agreement. (For
clarity, but not by way of limitation, no workers compensation lien or subrogation interest may be asserted against any Party or its Group
that is the indemnitee under the applicable risk allocation.) Unless expressly stated to the contrary elsewhere in this Agreement or prohibited
by applicable law or legal statute, neither Party's indemnification obligations under this Agreement shall be limited by amount
or in scope to coverage provided by insurance which is required by such Party under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Contractor does hereby release, defend, indemnify, and hold harmless the Operator Group from any loss Operator Group may suffer due to Contractor failure to comply with all of the above insurance requirements, including the obtaining waivers of subrogation by Contractor Group, or due to any insurance coverage being invalidated due to Contractor failure to comply with the terms, conditions, and warranties of the insurance, "regardless of negligence or fault".** 

Master Service Agreement – Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Special Insurance Provisions

The indemnity obligations set forth in Section 7 shall only be effective to the maximum extent permitted by applicable law. In particular, but without limiting the generality of the foregoing, if federal or state statute dictates or it is judicially determined that the monetary limits of insurance required or the indemnities voluntarily assumed hereunder exceed the maximum limits permitted under applicable law, the parties hereby agree that said indemnities or insurance requirement shall automatically be amended to conform to the maximum extent permitted by law.

**7.0** **RESPONSIBILITY FOR LOSS OR DAMAGE, INDEMNITY, RELEASE OF LIABILITY AND ALLOCATION OF RISK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Contractor shall release Operator from any liability for, and shall protect, defend and indemnify Operator, its parent, subsidiary and affiliated entities, its and their co-lessees, joint owners, joint operators, partners, joint venturers and pipeline owners (excluding Contractor Group) and any officers, directors, shareholders, employees and invitees of all of the foregoing ("Operator Group") from and against all claims, demands and causes of action of every kind and character, arising in connection herewith in favor of any person or entity on account of bodily injury, death or damage to property of any of Contractor, its parent, subsidiary and affiliated entities, and the officers, directors, agents, employees and invitees of all of the foregoing ("Contractor Group") REGARDLESS OF THE CAUSE OR CAUSES THEREOF, INCLUDING THE SOLE, JOINT OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL FAULT OF OPERATOR GROUP (OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT), OR ANY PRESENCE ON ANY PREMISES, OR ANY PREEXISTING DEFECT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Operator shall release Contractor from any liability for, and shall protect, defend and indemnify Contractor Group from and against all claims, demands and causes of action of every kind and character, arising in connection herewith in favor of any person or entity on account of bodily injury, death or damage to property of Operator or its employees, REGARDLESS OF THE CAUSE OR CAUSES THEREOF, INCLUDING THE SOLE, JOINT OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL FAULT OF CONTRACTOR GROUP (OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT), OR ANY PRESENCE ON ANY PREMISES, OR ANY PREEXISTING DEFECT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Except as may be otherwise provided in this Agreement each party shall notify the other party immediately of any claim, demand, or suit that may be presented to or served upon it by any party arising out of or as a result of work performed under this Agreement affording such other party full opportunity to assume the defense of such claim, demand or suit and to protect itself according to this article.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Neither party shall be liable to the other for such waiving party's special, indirect or consequential damages resulting from or arising out of this Contract, including, without limitation, loss of profit or business interruptions including loss or delay of production, REGARDLESS OF THE CAUSE OR CAUSES THEREOF, INCLUDING THE SOLE, JOINT OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL FAULT OF THE NON-WAIVING PARTY (OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT), OR ANY PRESENCE ON ANY PREMISES, OR ANY PREEXISTING DEFECT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Except to the extent caused by the gross negligence or willful misconduct of Contractor Group, if any, which are the responsibility of Contractor Group , Operator shall release Contractor of any liability for, and shall defend and indemnify Contractor against any and all Claims resulting from operations under this Agreement on account of injury to, destruction of, or loss or impairment of any property right in or to oil, gas, or other mineral substance or water, if at the time of the act or omission causing such injury, destruction, loss, or impairment, said substance had not been reduced to physical possession above the surface of the earth, and for any loss or damage to any formation, strata, or reservoir beneath the surface of the earth.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Except to the extent caused by the gross negligence or willful misconduct of Contractor Group, if any, which are the responsibility of Contractor Group, Operator shall be liable for the cost of regaining control of any wild well, as well as for cost of removal of any debris, and shall release Contractor from, and Operator shall indemnify Contractor against any liability for such cost.** 

Master Service Agreement – Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Notwithstanding anything to the contrary contained herein except as provided in §7.1 and §7.2 concerning indemnification for personal injury, illness, or death, it is understood and agreed by and between Contractor and Operator that the responsibility for pollution and contamination shall be as follows in §7.8 and §7.9 with regard to property damage or loss.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8** **Except to the extent caused by the gross negligence or willful misconduct of Operator Group, if any, which are the responsibility of Operator Group, Contractor shall assume all responsibility for, including control and removal of, and shall protect, defend, indemnify and save Operator Group harmless from and against all Claims arising from pollution or contamination (including Naturally Occurring Radioactive Material) which originates above the surface of the land or water from Contractor Group's performance of this Agreement, for flowback fluids from flowback tanks, spills of fuels, lubricants, motor oils, pipe dope, paints, solvents, waste and garbage directly associated with Contractor Group's machinery, equipment, tools, transportation, or other items supplied by Contractor. .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9** **Except to the extent caused by the gross negligence or willful misconduct of Contractor Group, if any, which are the responsibility of Contractor Group, Operator shall assume all responsibility for, including control and removal of, and shall protect, defend, indemnify and save Contractor harmless from and against all Claims arising directly or indirectly from all other pollution or contamination which may occur during the conduct of operations hereunder, including, but not limited to, that which may result from fire, blowout, cratering, seepage or any other uncontrolled flow of oil, gas, water or other substance, as well as the use or disposition of oil emulsion, oil base or chemically treated drilling fluids, contaminated cuttings or cavings, lost circulation and fish recovery materials and fluids.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10** **Subject to and without affecting the provisions of this Agreement regarding the payment rights and obligations of the Parties or the risk allocation provisions, release and indemnity rights and obligations of the Parties, neither Party shall be liable to the other Party for, and each Party releases the other Party from and against, any and all special, indirect, or consequential damages resulting from or arising out of this Agreement, including, without limitation, loss of profit or business interruptions, however same may be caused and "regardless of negligence or fault."** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** **The liability and indemnity provisions of this Agreement shall be without limit and shall include reasonable attorneys' fees and costs incurred by the party receiving indemnification. The indemnitor shall have the right to provide a defense to the indemnitee at the indemnitor's own expense, and through counsel of indemnitor's own choosing, for any claim made or suit brought to which these indemnity provisions apply.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** **The parties agree to support their indemnity obligations with insurance in favor of the other party and its group of at least the types and kinds required of Contractor in Section 6. The parties agree that such insurance shall support, but not limit their indemnity obligations except to the extent mandated by applicable law.** 

***<u>EXPRESS NEGLIGENCE/CONSPICUOUS MANNER:</u>* WITH RESPECT TO THIS SECTION 7, BOTH PARTIES ACKNOWLEDGE THAT THIS STATEMENT COMPLIES WITH THE EXPRESS NEGLIGENCE RULE, THAT THIS INDEMNITY IS EXPRESSED IN A CONSPICUOUS MANNER AND AFFORDS FAIR AND ADEQUATE NOTICE THAT <u>THIS SECTION HAS PROVISIONS REQUIRING ONE PARTY (THE "INDEMNITOR") TO BE RESPONSIBLE FOR THE NEGLIGENCE, STRICT LIABILITY OR OTHER FAULT OF ANOTHER PERSON OR ENTITY (THE "INDEMNITEE")</u>.**

**8.0** **TAXES AND CLAIMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Contractor agrees to pay all claims not subject to a bona fide good faith dispute for labor, materials,
services and supplies incurred by Contractor and agrees to allow no lien or charge to be fixed upon the rig, the lease, the well, the
land on which the well is located, or other property of Operator or the party for whom Operator is performing services. Contractor agrees
to indemnify, protect, defend, and hold Operator harmless from and against all such claims, charges, and liens. If Contractor shall fail
or refuse to pay any claims or indebtedness incurred by Contractor in connection with the services as provided hereunder, it is agreed
that Operator shall have the right to pay any such claims or indebtedness out of any money due or to become due to Contractor hereunder.
Notwithstanding the foregoing, Operator agrees that it will not pay any such claim or indebtedness as long as same is being actively contested
by Contractor and Contractor has taken all actions necessary (including the posting of a bond when appropriate) to protect the property
interests of Operator and any other parties affected by such claim or indebtedness.

Master Service Agreement – Page 5

**9.0** **LAWS, RULES AND REGULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Operator and Contractor agree to comply with all laws, rules, and regulations which are now or may become
applicable to operations covered by this Agreement or arising out of the performance of such operations. If either party is required to
pay any fine or penalty resulting from the other party's failure to comply with such laws, rules or regulations, the party failing
to comply shall immediately reimburse the other for any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 In the event any provision of this Agreement is inconsistent with or contrary to any applicable law, rule
or regulation, said provision shall be deemed to be modified to the extent required to comply with said law, rule or regulation and this
Contract, as so modified, shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 This Agreement and the work performed hereunder shall be construed, governed, interpreted, enforced and
litigated and the relations between the parties determined in accordance with the laws of the state of Texas, without giving effect to
any choice or conflict of law provision or rules that would cause the application of laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 The parties hereto irrevocably submit to the exclusive jurisdiction of any federal or state court located
within Houston, Harris County, Texas over all claims or causes of action (whether in contract, equity or tort) that may be based upon,
arise out of or relate to this Agreement or any work performed hereunder. The parties irrevocably waive, to the fullest extent permitted
by applicable law, any objection which they may now or hereafter have to the jurisdiction of such court or the laying of venue of any
such dispute, claim or cause of action brought in such court or any defense of inconvenient forum for the maintenance of such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Contractor (i) is aware that the United States securities laws prohibit any person who has material, nonpublic
information about a public company from purchasing or selling securities of that company, or from communicating that information to any
other person under circumstances where it is reasonably foreseeable that such person is likely to purchase or sell those securities, (ii)
is familiar with the Securities Exchange Act of 1934 (the "**Exchange Act** "), and (iii) shall not use, nor cause any third
party to use, any Information in contravention of the Exchange Act.

**10.0** **LIMITATION ON DAMAGES** 

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NO PARTY SHALL BE LIABLE HEREUNDER FOR EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES, WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE.

**11.0** **ASSIGNMENTS** 

Operator and Contractor agree that neither will assign nor delegate this Agreement or any of the work or services required under this Contract, except for work normally performed by subcontractors, and shall not assign any sum that may accrue to Contractor under this Contract, without prior written consent of the other party, provided however, that either party may, without the consent of the other party, assign this contract to an affiliate, including without limitation, by merger or consolidation with such affiliate. If any assignment by Operator is made that significantly alters Contractor's financial burden, Contractor's compensation shall be adjusted to give effect to any change in Contractor's operating costs. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto. Contractor warrants that in the event a subsidiary, affiliate or successor (by purchase, merger or otherwise) performs services or provides materials pursuant to this Contract, such subsidiary, affiliate or successor shall comply with the terms and conditions of this Agreement.

**12.0** **EXCLUDED** 

**13.0** **ILLEGAL DRUGS, ALCOHOL AND FIREARMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 It is the policy of Operator and a requirement under its third-party contracts that Operator's Drug,
Alcohol and Firearm Policy shall be applicable to all subcontractors of Operator. Contractor represents that it, and, if applicable, its
employees and subcontractors, is familiar with the policy and will comply with it while engaged in all work. In order to ensure compliance
with said policy, Contractor, and, if applicable, Contractor's employees, may be required to submit to and pass a drug screen prior
to reporting to work on Operator's premises or a third party owned job site and at random intervals when any work is being performed
pursuant to this Agreement. To the extent the work performed by Contractor falls under the drug and alcohol testing requirements of the
U.S. Department of Transportation, Contractor shall comply with such requirements.

Master Service Agreement – Page 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Operator and any third party for whom Operator is performing work specifically reserve the right to carry
out reasonable searches of individuals, their personal effects and vehicles when entering, on or leaving the premises where work is performed.
Operator shall initiate the searches in accordance with its policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Individuals found in violation will be immediately removed from the premises where work is performed.
Submission to such a search is strictly voluntary; however, refusal may be cause for not allowing that individual on the well site or
Operator's other premises. It is Contractor's responsibility to notify its employees of this policy and its enforcement.

**14.0** **HEALTH AND SAFETY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Contractor and Operator shall each provide all required personal protection equipment ()"**PPE** ")
to their respective personnel on the work location. All Contractor Group PPE shall be as required by Contractor HSE requirements or state
and federal regulations, whichever is more stringent. Should any individual enter the worksite without the appropriate PPE, Contractor
supervisory personnel shall demand that the PPE requirement be observed or require the individual to leave the job site until the PPE
is acquired and worn at the job location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Contractor represents and warrants to Operator that (i) Contractor has a health, safety and environmental
program in place that is consistent with all applicable federal or state laws, rules or regulations, including those enforced by the Environmental
Protection Agency, Texas Railroad Commission, New Mexico Oil Conservation District, Texas Commission on Environmental Quality (or equivalent
organization of another state) and the Occupational Safety and Health Administration (or equivalent state organization) (collectively,
" **HSE Rules** "); and (ii) Contractor Group is fully trained and experienced in compliance with HSE Rules.

**15.0** **EXCLUDED** 

**16.0** **INFORMATION CONFIDENTIAL** 

Any information obtained by Contractor Group in the conduct of work under this Contract, including, but not limited to, depths or formations penetrated, the results of coring, testing and surveying, production or operational results, operational or financial forecasts or projections, marketing arrangements, strategic information, well logs or analysis, land data and information, geological and geophysical data, business records and vendor lists (the "**Confidential Information**") shall be the property of and owned by Operator, considered confidential and shall not be divulged by Contractor Group to any person, firm, or corporation other than Operator's designated representatives or with Operator's prior written consent. Contractor (i) acknowledges and agrees that the Confidential Information has competitive value and is of a confidential and proprietary nature and that Operator would be damaged and harmed if any Confidential Information were disclosed and (ii) shall (y) keep, and shall cause Contractor Group to keep, the Confidential Information strictly confidential and (z) not disclose or use, and cause Contractor Group not to disclose or use, any Confidential Information in any manner whatsoever, in whole or in part, except as necessary for the provision of services to Operator pursuant to this Agreement.

**17.0** **NOTICES** 

All notices to be given with respect to this Contract, unless otherwise provided for, shall be given to the Operator and the Contractor respectively at the email address hereinabove shown in writing. A notice is given if sent by email, on the next business day after being sent (as recorded on the device from which the sender sent the email) unless the sender receives an automated message that the email has not been delivered. All notices and other communications under this Agreement shall be in writing and if not provided by email shall be deemed given (a) when delivered personally by hand (with written confirmation of receipt), or (b) one business day following the day sent by overnight courier (with written confirmation of receipt), in each case at the addresses and emails hereinabove shown (or to such other address or email as a Party hereto may have specified by notice given to another Party hereto pursuant to this provision).

Master Service Agreement – Page 7

**18.0** **SPECIAL PROVISIONS** 

<u>Severability</u>. The provisions of this Agreement are severable, and the invalidity of any provision or portion of any provision shall not affect the validity of any other provision or remainder of a provision. Any provision or portion of any provision of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be adjusted and reformed rather than voided, if possible, to achieve the intent of the parties. Any provision or portion of any provision of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction which cannot be adjusted and reformed shall for the purposes of that jurisdiction, be voided. Any adjustment, reformation or voidance of any provision or portion of any provision of this Agreement shall be effective only in the jurisdiction requiring such adjustment, reformation or voidance, without affecting in any way the remaining provisions or portions of any provisions of this Agreement in such jurisdiction or adjusting, reforming, voiding or rendering that provision or portion of that provision or any other provision of this Agreement invalid, illegal or unenforceable in any other jurisdiction.

<u>Joint Drafting.</u> This Agreement shall be deemed to have been jointly drafted by the parties hereto and no provision of it shall be interpreted or construed for or against another party because such party actually or purportedly prepared or requested such provision, any other provision or the Agreement as a whole.

<u>Entire Agreement</u>. This Contract, together with any Work Order, constitutes the sole and entire agreement of the parties hereto with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter. The parties have not relied on any statement, representation, warranty or agreement of the other party or of any other person on such party's behalf, including any representations, warranties or agreements, except for the representations, warranties or agreements expressly contained in this Agreement.

**19.0** **ACCEPTANCE OF AGREEMENT** 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective upon the date above shown.

---

| | | | |
|:---|:---|:---|:---|
| CONTRACTOR: | CONTRACTOR: | OPERATOR: | OPERATOR: |
| **CORSAIR WELL SERVICES, LLC** | **CORSAIR WELL SERVICES, LLC** | **LH OPERATING, LLC** | **LH OPERATING, LLC** |
| By**:** | **/s/ April Hammel** | By: | **/s/ Mitchell B. Trotter** |
|  | April Hammel, Secretary |  | Mitchell B. Trotter, CFO |

---

Master Service Agreement – Page 8

*Execution Version*

**Appendix A- Team Operating Rate Schedule and Equipment**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Initial Work and Consideration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. EON Resources, Inc. ("**EON**"), Operator's ultimate parent company, whose equities are listed on the NYSE American Exchange, shall, as consideration for Contractor's workover services to Operator, (i) prepay Five Hundred Thousand Dollars ($500,000.00) within two (2) business days of the execution of this Contract, and (ii) cause to be granted and issued 1,000,000 shares of unregistered Class A common stock of EON (the "**Shares**") to Contractor or its designee with an agreed deemed value of $1,000,000.00 ($1.00 per share) which shall be credited to Operator's account with Contractor as an additional amount of $1,000,000.00 (the "**Initial Credit**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Contractor shall provide workover services without cost or consideration to Operator for a full 30 days upon commencement of the workover services. Workover services\* shall be furnished in a manner and at the hourly and day rates set forth below under Article III, Rate Schedule and Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In the event Contractor sells Shares prior to full application of the Initial Credit, the actual gross price received by Contractor for Shares shall become the actual value of the Shares sold in lieu of the deemed value of the Shares and Operator's account shall be adjusted accordingly. The Shares shall be subject to a leak out provision for a one (1) year period of restriction from the date of issuance which shall prohibit Contractor from the selling of the Shares, including with other shares that Contractor and/or it's assigns may own, in any one (1) trading day that would exceed ten percent (10%) of the average daily volume of all EON Class A common shares traded during the immediately preceding 30-day trading period. EON shall cause all Shares to be registered as fully tradeable and unrestricted stock within sixty (60) business days of the execution of this Agreement in an S-4 or other appropriate filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Contractor shall initially supply continuous workover services for thirty (30) days without cost to Operator with one workover rig as requested by Operator commencing on the date of the first day of workover services\* and use of equipment provided by Contractor on Operator's oil and gas wells and leasehold properties in Eddy County, New Mexico which shall be comprised of 10 hour work days by Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Company shall cause all Shares to be registered with U.S. Securities and Exchange Commission, such that the Shares shall be freely tradable and unrestricted, no later than sixty (60) calendar days following the execution of this Agreement (the "**Registration Deadline**"). Contractor and/or its assigns are advised that upon issuance of the Shares, Contractor and/or its assigns acknowledges that it may own in excess of 5% of all issued and outstanding shares of EON which ownership percentage will require certain filings by Contractor and/or its assigns with the SEC and Contractor shall be solely responsible for such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. In the event that, for any reason whatsoever, the Shares are not freely tradable or cannot be sold on the open market due to adverse or illiquid market conditions after the Registration Deadline, then Company shall remit full payment, via bank wire transfer, for all invoices covering work performed by Contractor until the Shares become freely tradable (the "**Interim Period**") upon written notification to the Operator by Contractor with reasonable proof of such adverse conditions, irrespective of any prior agreement to credit such invoices against the value of the Shares. Contractor shall transfer and assign to Company an equivalent amount of Shares in which payments are made in lieu of credit for the Shares based on the deemed value of $1.00 per share. To be clear, in the Interim Period, if the Company remits $250,000.00 to Contractor for payment of invoices covering work performed by Contractor, Contractor shall transfer and assign 250,000 Shares to Operator in return.

Appendix A to Master Service Agreement – Page 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Furthermore, in the event the Shares are registered and freely tradable by the Registration Deadline, but due to adverse or illiquid market conditions Contractor sells the Shares at prices insufficient to cover the full amount of any invoices due for work performed during the Interim Period (the "**Illiquid Shares**"), then Company shall pay Contractor, via bank wire transfer, the shortfall between (i) the gross proceeds actually received by Contractor from the sale of Shares, and (ii) the total amount of unpaid invoice(s) owed to Contractor. Such payment shall be due within five (5) business days of such written demand by Contractor and accompanied by reasonable evidence of such adverse conditions and the sale proceeds received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. After the Initial Period, if Company fails to make any payment required under this Section I of Appendix A within five (5) business days following written notice from Contractor, then this Agreement shall automatically terminate without further action by Contractor, and Contractor shall be entitled to pursue all legal and equitable remedies available, including, without limitation, recovery of all unpaid sums, accrued interest, costs, and reasonable attorneys' fees.

Rate for following services is $440/hr (Standard 10-hr day)\*

\*Equipment included in the hourly rate is:

● One Workover Rig & 4-man crew + Tool Pusher

● Crew Truck and mileage to and from location

● Pump + Tank including trucking

● BOPs- standard with double rams including trucking

● Base Beam if needed including trucking

Rate for following additional services are as follows (Standard 10-hr day)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Tubing tester - $100 / hour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Cement skid - $100 / hour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Vacuum truck - $100 / hour

**II. Representations and Warranties of Contractor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contractor has full right, power and authority (i) to execute and deliver this Agreement and to perform
its obligations under this Agreement. Neither the execution, nor the carrying out of the terms of this Agreement will constitute a breach
or default of its charter documents or any agreement, indenture, trust, will or other obligation to which Contractor is a party or otherwise
bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By execution of this Contract, Contractor represents and warrants that Contractor understands and acknowledges
that the Shares constituting partial consideration for Contractor's services may not be disposed of without compliance with the
registration provisions of the Securities Act of 1933, as amended, and applicable state securities laws or the availability of an exemption
therefrom and that all certificates for such Shares may bear an appropriate legend to that effect.

Appendix A to Master Service Agreement – Page 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for the representations and warranties expressly and specifically made by Operator herein, (1)
Contractor acknowledges and agrees that, in making its determination to proceed hereunder, that Operator is not making or has not made,
and specifically disclaims, any representation or warranty, expressed or implied, at law or in equity, in respect of the Operator, any
subsidiaries or any entity in which the Operator owns any equity interest including, without limitation, their respective businesses,
assets, liabilities, operations, results of operations, prospects, or future or historical condition (financial or otherwise), including,
without limitation with respect to merchantability or fitness for any particular purpose of any assets, the nature or extent of any liabilities,
the prospects of its business, the effectiveness or the success of any operations, or the accuracy or completeness of any confidential
information memoranda, documents, projections, material or other information (financial or otherwise) regarding any of the aforementioned
entities, or in respect of any other matter or thing whatsoever; (2) Contractor specifically disclaims that it is relying upon or has
relied upon any such other representations or warranties that may have been made by any person, and acknowledges and agrees that Operator
has specifically disclaimed and does hereby specifically disclaim any such other representation or warranty made by any person; (3) Operator
specifically disclaims any obligation or duty to make any disclosures of fact not required to be disclosed pursuant to the specific representations
and warranties set forth herein; (4) Contractor is acquiring the Shares subject only to the specific representations and warranties set
forth herein; and (5) Contractor has conducted to its satisfaction an independent investigation of the financial condition, operations,
assets, liabilities and properties of the Operator and the other entities contemplated hereinabove, including, without limitation, a review
of filings with the SEC by Operator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The respective representations, warranties, covenants and agreements of the parties hereto made in this
Agreement shall survive following the execution of this Agreement.

**III.** **Rate Schedule and Equipment\* (i) commencing after the Initial Period as described above, and (ii) for a second and/or additional workover rigs and associated equipment used to render services to Operator on properties in both Lea County and Eddy County, New Mexico:** 

Rate for following services is $440/hr (Standard 10-hr day)\*

\*Equipment included in the hourly rate is:

● One Workover Rig & 4-man crew + Tool Pusher

● Crew Truck and mileage to and from location

● Pump + Tank including trucking

● BOPs- standard with double rams including trucking

● Base Beam if needed including trucking

Rate for following additional services are as follows (Standard 10-hr day)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Tubing tester - $100 / hour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Cement skid - $100 / hour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Vacuum truck - $100 / hour

Appendix A to Master Service Agreement – Page 11

## Exhibit 99.1

**Exhibit 99.1**

**EON Resources Inc.**

**EON Energy, LLC Has Agreed to**

**Acquire South Justis Field in the Permian Basin in Lea County, New Mexico**

**with 207 Million Barrels of Original Oil in Place on 5,360 Acres**

**HOUSTON, TX** / **ACCESS Newswire** / **June 20, 2025 / EON Resources Inc. (NYSE American: EONR) ("EON"** or the **"Company")** is an independent upstream energy company with oil and gas properties in the Permian Basin. The Company announced today that EON Energy, LLC, a Delaware limited liability company ("EON Energy, LLC"), a wholly owned subsidiary of the Company, has entered into a Purchase and Sale Agreement ("Agreement") with WPP NM, L.L.C. and Northwest Central, L.L.C. (collectively the "Seller") to acquire all of their respective interests in the South Justis Field located in the Permian Basin in Lea County, New Mexico.

The Company will exchange 1.0 million Class A common shares of the Company without any cash consideration or debt for EON Energy to acquire a 94% working interest in the South Justis Field. With the estimated $1.2 million in net annual cash flow, the transaction is expected to be accretive. The effective date of the acquisition is June 1, 2025.The transaction is expected to close June 20, 2025.

**South Justis Field ("SJF" or "South Justis Field") Profile**:

● South Justis is currently producing 108 barrels of oil per
day ("BOPD") from 19 actively producing wells which adds $1.2 million in net cash flow annually with minimal impact to the
G&A costs of the Company. We estimate that the production and related cash flow has the potential to double and triple within
a year based upon the rate remaining idle wells in the South Justis Field can be returned to active production.

● The South Justis Field is located in Lea County, New Mexico
in the Central Basin of the Permian Basin, the most prolific oil-producing region in the United States. The South Justis Field
is located a short distance from our Grayburg-Jackson Field in Eddy County, New Mexico allowing for efficiencies of scale.

● *Original Oil in Place ("OOIP") was 210 million barrels of oil with 30 million barrels produced to date. EON Energy believes 15 million barrels of recoverable reserves can be developed with existing well recompletions and new well drilling.* 

● The property EON Energy is acquiring includes 5,360 leasehold
acres with a total of 208 wells comprised of half being oil producing and the other half being water injection wells. There are 19 active
oil producing wells.

● Producing zones in the South Justis Field are at a depth
of 5,000 feet to 7,000 feet in the Glorietta, Blinebry, Tubb, Drinkard and Fusselman intervals.

● Approximate working interest acquired is 94% with a net revenue
interest of 82%.

**South Justis History and Planned Development**:

● The initial production from the SJF in the 1960's was
6,000 BOPD, indicating good potential for high primary production rates from recompletions into untapped behind pipe pay zones, along
with newly drilled wells.

● The South Justis Field historically has had a low decline
rate curve. The South Justis Field produced a very steady 250 BOPD before wells went offline due to mechanical issues.

● Within the last three months, the Seller repaired and reactivated
6 wells to production adding 50 BOPD with minimal costs. This is EON Energy's same strategy to increase South Justis oil production.

● The EON Energy team plans to return 30 wells this year to
production with an expected average of 5-10 BOPD per well, yielding field wide production of 250 to 400 BOPD.

● EON Energy will combine lessons learned by the Seller and
from the Company's well stimulation experience in the Grayburg-Jackson field, to develop the SJF.

● Seller will operate SJF for the next few months for the benefit
of EON Energy, with existing field employees transitioning to EON Energy.

"Step one in development of South Justis Field is to return idle wells to production to double oil production. Step two is to stimulate existing wellbores using the same techniques the Company successfully employs in our Grayburg Jackson Field," said Dante Caravaggio, President and CEO of the Company. "We also plan to seek a drilling partner who will bring the necessary capital and expertise to develop the South Justis Field, with the same approach we are taking with our Grayburg Jackson Oil Field."

"To help realize the South Justis Field potential, EON Energy has contracted with an affiliate of the Seller to provide an experienced workover crew and workover rig familiar with the SJF - the same team that already more than doubled South Justis oil production," said Jesse Allen, Vice President of Operations for the Company. "As was done for our Grayburg-Jackson Oil Field, we plan to commission a 3rd party study to optimize our development of the South Justis Field. Our in-house technical team's work gave us strong encouragement to purchase the field."

**About the Company's Grayburg-Jackson Oil Field**

LH Operating, LLC ("LHO"), a wholly owned subsidiary of the Company, operates its holdings 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 in New Mexico. The Grayburg-Jackson Oil Field is located on the Northwest Shelf of the prolific Permian Basin in Eddy County, New Mexico.

**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