# EDGAR Filing Document

**Accession Number:** 0001581552
**File Stem:** 0001437749-25-034698
**Filing Date:** 2025-11
**Character Count:** 89721
**Document Hash:** 32cdeaeb11a96866240be967e0b4d0d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-034698.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001437749-25-034698

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energy 11, L.P.
- **CENTRAL INDEX KEY:** 0001581552
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 463070515
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55615
- **FILM NUMBER:** 251476415

**BUSINESS ADDRESS:**
- **STREET 1:** 814 EAST MAIN STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23219
- **BUSINESS PHONE:** 804-344-8121

**MAIL ADDRESS:**
- **STREET 1:** 814 EAST MAIN STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Energy XI, L.P.
- **DATE OF NAME CHANGE:** 20130715

?xml version='1.0' encoding='ASCII'? eele20250930_10q.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 10-Q**

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☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number 000-55615

**<u>Energy 11, L.P.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **46-3070515** |
| (State or other jurisdiction<br> of incorporation or organization) | (IRS Employer<br> Identification No.) |
| **120 W 3rd Street, Suite 220**<br> **Fort Worth, Texas** | **76102** |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(817) 882-9192</u>**

(Registrant's telephone number, including area code)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☑  | Smaller reporting company ☑ |
| 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of November 13, 2025, the Partnership had 18,973,474 common units outstanding.

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[**Table of Contents**](#toc)

**Energy 11, L.P.**

**Form 10-Q**

**Index**

---

| | | |
|:---|:---|:---|
| | | **Page Number** |
| **PART I. FINANCIAL INFORMATION** | **PART I. FINANCIAL INFORMATION** |  |
| Item 1. | [<u>Financial Statements (Unaudited)</u>](#financialstmts) | [3](#financialstmts) |
|  | [<u>Consolidated Balance Sheets</u> <u>–</u> <u>September</u> <u>30, 2025 and December 31, 2024</u>](#bs) | [3](#bs) |
|  | [<u>Consolidated Statements of Operations</u> <u>–</u> <u>Three and nine months ended September 30, 2025 and 2024</u>](#ops) | [4](#ops) |
|  | [<u>Consolidated Statements of Partners</u><u>'</u> <u>Equity</u> <u>–</u> <u>Three and nine months ended September 30, 2025 and 2024</u>](#equity) | [5](#equity) |
|  | [<u>Consolidated Statements of Cash Flows</u> <u>–</u> <u>Nine</u> <u>months ended September 30, 2025 and 2024</u>](#cf) | [6](#cf) |
|  | [<u>Notes to Consolidated Financial Statements</u>](#notes) | [7](#notes) |
| Item 2. | [<u>Management</u><u>'</u><u>s Discussion and Analysis of Financial Condition and Results of Operations</u>](#mda) | [13](#mda) |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quant) | [20](#quant) |
| Item 4. | [<u>Controls and Procedures</u>](#controls) | [20](#controls) |
| **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** |  |
| Item 1. | [<u>Legal Proceedings</u>](#legal) | [21](#legal) |
| Item 1A. | [<u>Risk Factors</u>](#risk) | [21](#risk) |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#unregistered) | [21](#unregistered) |
| Item 3. | [<u>Defaults upon Senior Securities</u>](#defaults) | [21](#defaults) |
| Item 4. | [<u>Mine Safety Disclosures</u>](#mine) | [21](#mine) |
| Item 5. | [<u>Other Information</u>](#otherinfo) | [21](#otherinfo) |
| Item 6. | [<u>Exhibits</u>](#exhibits) | [21](#exhibits) |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | [22](#signatures) |

---

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[**Table of Contents**](#toc)

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**Energy 11, L.P.**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
|  | (unaudited) |  |
| **Assets** |  |  |
| Cash and cash equivalents | $5922389 | $227859 |
| Accounts receivable | 7559853 | 13152609 |
| Other current assets, net | 161594 | 155581 |
| Total Current Assets | 13643836 | 13536049 |
| Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization of $196,640,479 and $175,017,198, respectively | 321652713 | 340222534 |
| Other assets |  | 10064 |
| Total Assets | $335296549 | $353768647 |
| **Liabilities** |  |  |
| Accounts payable and accrued expenses | $5685975 | $7731188 |
| Total Current Liabilities | 5685975 | 7731188 |
| Revolving credit facility |  | 5000000 |
| Asset retirement obligations | 2204423 | 2195629 |
| Total Liabilities | 7890398 | 14926817 |
| **Partners' Equity** |  |  |
| Limited partners' interest (18,973,474 common units issued and outstanding, respectively) | 327407878 | 338843557 |
| General partner's interest | (1727) | (1727) |
| Class B Units (62,500 units issued and outstanding, respectively) |  |  |
| Total Partners' Equity | 327406151 | 338841830 |
| Total Liabilities and Partners' Equity | $335296549 | $353768647 |

---

See notes to consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**Energy 11, L.P.**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** | ***Nine Months Ended*** | ***Nine Months Ended*** |
|  | ***September 30, 2025*** | ***September 30, 2024*** | ***September 30, 2025*** | ***September 30, 2024*** |
| **Revenues** |  |  |  |  |
| Oil | $12908227 | $22406998 | $43522900 | $53029563 |
| Natural gas | 830190 | 505561 | 3511892 | 1716501 |
| Natural gas liquids | 2058730 | 2420368 | 6165698 | 5974799 |
| Total revenue | 15797147 | 25332927 | 53200490 | 60720863 |
| **Operating costs and expenses** |  |  |  |  |
| Production expenses | 6196246 | 5743883 | 18210343 | 15862490 |
| Production taxes | 1103811 | 2071571 | 3682360 | 4838498 |
| General and administrative expenses | 237769 | 230058 | 1065520 | 914400 |
| Depreciation, depletion, amortization and accretion | 7185043 | 8526435 | 21632075 | 19985915 |
| Total operating costs and expenses | 14722869 | 16571947 | 44590298 | 41601303 |
| **Operating income** | 1074278 | 8760980 | 8610192 | 19119560 |
| Interest expense, net | (28565) | (43456) | (123723) | (121683) |
| Total interest expense, net | (28565) | (43456) | (123723) | (121683) |
| **Net income** | $1045713 | $8717524 | $8486469 | $18997877 |
| **Basic and diluted net income per common unit** | $0.06 | $0.46 | $0.45 | $1.00 |
| **Weighted average common units outstanding - basic and diluted** | 18973474 | 18973474 | 18973474 | 18973474 |

---

See notes to consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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[**Table of Contents**](#toc)

**Energy 11, L.P.**

**Consolidated Statements of Partners**' **Equity**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Limited Partner*** | ***Limited Partner*** | ***Class B*** | ***Class B*** | ***General Partner*** | ***Total Partners'*** |
|  | ***Common Units*** | ***Amount*** | ***Units*** | ***Amount*** | ***Amount*** | ***Equity*** |
| **Balances - December 31, 2023** | **18973474** | $**339990998** | **62500** | $**-** | $**(1727)** | $**339989271** |
| Distributions declared to common units ($0.40 per unit) | *-* | (7589390) | *-* |  |  | (7589390) |
| State tax withholding payments made on behalf of limited partners | *-* | (1221768) | *-* |  |  | (1221768) |
| Reversal of estimated state tax withholding for limited partners | *-* | 1315000 | *-* |  |  | 1315000 |
| Net income - three months ended March 31, 2024 | *-* | 5270636 | *-* |  |  | 5270636 |
| **Balances - March 31, 2024** | **18973474** | **337765476** | **62500** | **-** | **(1727)** | **337763749** |
| Distributions declared to common units ($0.35 per unit) | *-* | (6640716) | *-* |  |  | (6640716) |
| Net income - three months ended June 30, 2024 | *-* | 5009717 | *-* |  |  | 5009717 |
| **Balances - June 30, 2024** | **18973474** | **336134477** | **62500** | **-** | **(1727)** | **336132750** |
| Distributions declared to common units ($0.35 per unit) | *-* | (6640716) | *-* |  |  | (6640716) |
| Net income - three months ended September 30, 2024 | *-* | 8717524 | *-* |  |  | 8717524 |
| **Balances - September 30, 2024** | **18973474** | $**338211285** | **62500** | $**-** | $**(1727)** | $**338209558** |
| **Balances - December 31, 2024** | **18973474** | $**338843557** | **62500** | $**-** | $**(1727)** | $**338841830** |
| Distributions declared to common units ($0.35 per unit) | *-* | (6640716) | *-* |  |  | (6640716) |
| Net income - three months ended March 31, 2025 | *-* | 5581927 | *-* |  |  | 5581927 |
| **Balances - March 31, 2025** | **18973474** | **337784768** | **62500** | **-** | **(1727)** | **337783041** |
| Distributions declared to common units ($0.35 per unit) | *-* | (6640716) | *-* |  |  | (6640716) |
| State tax withholding payments made on behalf of limited partners | *-* | (400000) | *-* |  |  | (400000) |
| Reversal of estimated state tax withholding for limited partners | *-* | 400000 | *-* |  |  | 400000 |
| Net income - three months ended June 30, 2025 | *-* | 1858829 | *-* |  |  | 1858829 |
| **Balances - June 30, 2025** | **18973474** | **333002881** | **62500** | **-** | **(1727)** | **333001154** |
| Distributions declared to common units ($0.35 per unit) | *-* | (6640716) | *-* |  |  | (6640716) |
| Net income - three months ended September 30, 2025 | *-* | 1045713 | *-* |  |  | 1045713 |
| **Balances - September 30, 2025** | **18973474** | $**327407878** | **62500** | $**-** | $**(1727)** | $**327406151** |

---

See notes to consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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[**Table of Contents**](#toc)

**Energy 11, L.P.**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***Nine Months Ended*** | ***Nine Months Ended*** |
|  | ***September 30, 2025*** | ***September 30, 2024*** |
| **Cash flow from operating activities:** |  |  |
| Net income | $8486469 | $18997877 |
| Adjustments to reconcile net income to cash from operating activities: |  |  |
| Depreciation, depletion, amortization and accretion | 21632075 | 19985915 |
| Non-cash expenses, net |  | 58879 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | 5592757 | (4914318) |
| Other assets | 4051 | (39149) |
| Accounts payable and accrued expenses | 121154 | (1404223) |
| Net cash flow provided by operating activities | 35836506 | 32684981 |
| **Cash flow from investing activities:** |  |  |
| Additions to oil and natural gas properties | (4819828) | (13833990) |
| Net cash flow used in investing activities | (4819828) | (13833990) |
| **Cash flow from financing activities:** |  |  |
| Cash paid for loan costs |  | (120771) |
| Proceeds on BancFirst revolving credit facility |  | 1300000 |
| Payments on BancFirst revolving credit facility | (5000000) |  |
| Payments for state withholding taxes on behalf of limited partners | (400000) |  |
| Distributions paid to limited partners | (19922148) | (20870822) |
| Net cash flow used in financing activities | (25322148) | (19691593) |
| Increase (decrease) in cash and cash equivalents | 5694530 | (840602) |
| Cash and cash equivalents, beginning of period | 227859 | 1209813 |
| Cash and cash equivalents, end of period | $5922389 | $369211 |
| Interest paid | $98096 | $19139 |
| Supplemental non-cash information: |  |  |
| Accrued capital expenditures related to additions to oil and natural gas properties | $125133 | $1157357 |

---

See notes to consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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[**Table of Contents**](#toc)

**Energy 11, L.P.**

**Notes to Consolidated Financial Statements**

**September 30, 2025**

**(Unaudited)**

**Note *1.* Partnership Organization**

Energy *11,* L.P. (the "Partnership") is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on *July 9, 2013.* The Partnership completed its best-efforts offering on *April 24, 2017* with a total of approximately 19.0 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

As of *September 30, 2025*, the Partnership owned an approximate 24% non-operated working interest in 309 producing wells and future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the "Sanish Field Assets"). Chord Energy Corporation ("Chord") is *one* of the largest producers in the basin and operates substantially all of the Sanish Field Assets.

The general partner of the Partnership is Energy *11* GP, LLC (the "General Partner"). The General Partner manages and controls the business affairs of the Partnership.

The Partnership's fiscal year ends on *December 31.*

**Note *2.* Summary of Significant Accounting Policies**

*Basis of Presentation*

The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article *10* of SEC Regulation S-*X.* Accordingly, they do *not* include all of the information required by generally accepted accounting principles ("GAAP") in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership's audited consolidated financial statements included in its *2024* Annual Report on Form *10*-K. Operating results for the *three* and *nine* months ended *September 30, 2025* are *not* necessarily indicative of the results that *may* be expected for the *twelve*-month period ending *December 31, 2025*.

*Segment Information*

The Partnership has identified only one reportable business segment, which as a non-operated interest owner of the Sanish Field Assets, is the production and sale of oil, natural gas and NGLs. All of the Partnership's operations and assets are located in North Dakota, and substantially all of its revenues are attributable to United States customers.

The operating results of the Partnership's single reportable segment are evaluated by the General Partner's Chief Executive Officer, who has been determined to be the Partnership's Chief Operating Decision Maker ("CODM"), to make key operating decisions, such as the allocation of resources and the evaluation of operating segment performance. The primary measure of profit and loss evaluated by the Partnership's CODM for its single reportable segment is net income. Net income, total assets and all significant segment expense items are presented in the Partnership's consolidated financial statements and notes to the consolidated financial statements.

*Cash and Cash Equivalents*

Cash and cash equivalents consist of highly liquid investments with original maturities of *three* months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances *may* at times exceed federal depository insurance limits.

*Use of Estimates*

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *7*

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[**Table of Contents**](#toc)

*Reclassifications*

Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with *no* effect on previously reported net income, partners' equity or cash flows.

*Revenue Recognition*

The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership's proportionate share of production is marketed at the discretion of the operators. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. As the Partnership does *not* operate its properties, it receives actual oil, natural gas, and NGL sales volumes and prices, net of costs incurred by the operators, *two* to *three* months after the date production is delivered by the operator. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from the Partnership's operators are accrued in Accounts receivable in the consolidated balance sheets. Variances between the Partnership's estimated revenue and actual payments are recorded in the month the payment is received; differences have been and are insignificant. As a result, the variable consideration is *not* constrained. The Partnership has elected to utilize the practical expedient in *ASC 606 that* states the Partnership is *not* required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Each delivery of product represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is *not* required.

Virtually all of the Partnership's contracts' pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers.

*Accounts Receivable and Concentration of Credit Risk*

For the quarter ended *September 30, 2025*, the Partnership's oil, natural gas and NGL sales were through *two* operators. Substantially all the Partnership's accounts receivable is due from Chord, the largest operator of the Sanish Field Assets (operators have accounts receivable from purchasers of oil, natural gas and NGLs). Oil, natural gas and NGL sales receivables are generally unsecured. This industry and location concentration has the potential to impact the Partnership's overall exposure to credit risk, in that the purchasers of the Partnership's oil, natural gas and NGLs and the operators of the properties the Partnership has an interest in *may* be similarly affected by changes in economic, industry or other conditions. At *September 30, 2025* and *December 31, 2024*, the Partnership did *not* reserve for bad debt expense, as all amounts are deemed collectible. Chord is the current operator of 99% of the Partnership's producing properties. All oil and natural gas producing activities of the Partnership are in North Dakota and represent substantially all the business activities of the Partnership.

*Income Tax*

The Partnership is taxed as a partnership for federal and state income tax purposes. Typically, the Partnership has *not* recorded a provision for income taxes since the liability for such taxes is that of each of the partners rather than the Partnership. In mid-*2022,* the Partnership was contacted by the state of North Dakota, which asserted that the Partnership has an obligation to make tax payments on behalf of certain non-resident partners. In accordance with its settlements with the state of North Dakota, the Partnership made payments of (i) approximately $243,000 (approximately $0.013 per common unit) in *May 2023* for tax year *2021;* (ii) approximately $353,000 (approximately $0.019 per common unit) in *April 2024* for tax year *2022;* (iii) approximately $869,000 (approximately $0.046 per common unit) in *April 2024* for tax year *2023;* and (iv) approximately $400,000 (approximately $0.021 per common unit) in *April 2025* for tax year *2024.*

The Partnership's income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the partners. The Partnership has evaluated whether any material tax position taken will more likely than *not* be sustained upon examination by the appropriate taxing authority and believes that all such material tax positions taken are supportable by existing laws and related interpretations.

*Fair Value of Other Financial Instruments*

The carrying value of the Partnership's other financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, reflect these items' cost, which approximates fair value based on the timing of the anticipated cash flows, current market conditions and short-term maturity of these instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *8*

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*Net Income Per Common Unit*

Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were *no* common units with a dilutive effect for the *three* and *nine* months ended *September 30, 2025*. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are *not* included in net income per common unit until such time that it is probable Payout (as discussed in Note *6*) will occur.

*Recently Issued Accounting Standards*

In *November 2024,* the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") *No. 2024*-*03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses*. This standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU is effective for annual reporting periods beginning after *December 15, 2026,* and interim periods within annual reporting periods beginning after *December 15, 2027.* Early adoption is permitted. The Partnership is currently evaluating this ASU to determine its impact on the Partnership's financial statements and related disclosures.

**Note *3.* Oil and Natural Gas Investments**

The Partnership incurred approximately $3.1 million in capital drilling and completion costs for the *nine*-month period ending *September 30, 2025*. During the summer of *2024,* Chord substantially completed the drilling of 15 new wells, in which the Partnership had an average approximate non-operated working interest of 18%. The Partnership incurred and paid its proportionate share of the related capital expenditures of approximately $28.0 million through the *third* quarter of *2025*.

The Partnership has drilled and completed 101 new wells since the beginning of *2018;* the Partnership's estimated share of capital expenditures for the drilling and completion of these 101 wells has totaled approximately $148.0 million.

**Note *4.* Debt**

On *May 13, 2021,* the Partnership and its wholly-owned subsidiary, as borrowers, entered into a loan agreement ("BF Loan Agreement") with BancFirst, as administrative agent for the lenders (the "Lender"), which provided for a revolving credit facility ("BF Credit Facility") with an approved maximum credit amount ("Maximum Credit Amount") of $60 million, subject to borrowing base restrictions. The Partnership paid an origination fee of 0.50% of the Maximum Credit Amount, or $300,000. Total capitalized loan costs, which were approximately $400,000, were recorded as Other assets on the Partnership's balance sheets and were amortized in full through *February 2024.* The Partnership also paid an annual fee to the Lender of $30,000, and an unused facility fee of 0.25% on the unused portion of the BF Credit Facility, based on borrowings outstanding during a quarter.

On *February 27, 2024,* the Partnership and its Lender entered into an amendment ("Fifth Amendment") to the BF Loan Agreement, effective *March 1, 2024 (*"Effective Date"), that renewed and extended the BF Credit Facility for two additional years to *March 1, 2026 (*"Revised Maturity Date"). Key terms and conditions of the Fifth Amendment include:

● As of the Effective Date, the borrowing base of the BF Credit Facility was, and remains, $20,000,000.

● As amended, the Partnership remains subject to a semiannual redetermination of its borrowing base, but the Partnership is only required to perform an annual analysis of its proven oil and natural gas reserves as of *January 1* of each year.

● The Partnership paid a loan fee to the Lender associated with the Fifth Amendment of $100,000.

● Previously under the BF Loan Agreement, the Partnership was required to pay a $30,000 annual administrative fee to the Lender. Because BancFirst will be the only Lender effective *March 1, 2024,* the administrative fee has been waived through the Revised Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

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Loan costs associated with the Fifth Amendment, which totaled approximately $121,000, were capitalized and will be amortized through the Revised Maturity Date. The interest rate is equal to the Wall Street Journal Prime Rate plus 0.50%, with a floor of 4.00%.

Any advances under the BF Credit Facility are to be used to fund capital expenditures for the development of the Partnership's undrilled acreage. Under the terms of the BF Loan Agreement, the Partnership *may* make voluntary prepayments, in whole or in part, at any time with *no* penalty. The BF Credit Facility is secured by a mortgage and *first* lien position on certain of the Partnership's producing wells.

The BF Loan Agreement requires the Partnership to maintain a risk management program to manage the commodity price risk of the Partnership's future oil and gas production under certain conditions. As amended in *August 2022,* the Partnership is *not* required to enter into future hedging transactions as long as the Partnership maintains a BF Credit Facility utilization rate of less than or equal to 20% of the Partnership's PV-*9* (defined as the net present value, discounted at 9% per annum), as calculated by the Lender during the Lender's scheduled redeterminations. However, the Partnership must hedge at least 50% of its rolling *12*-month projected future production if the Partnership's utilization of the BF Credit Facility is greater than 20% but less than or equal to 30% of PV-*9,* and at least 50% of its rolling *24*-month projected future production if the Partnership's utilization of the Revolving Credit Facility is greater than 30% of PV-*9.* Based on the Partnership's utilization of the BF Credit Facility and Lender's current calculation of PV-*9,* the Partnership was *not* subject to any hedging requirements under the amended BF Loan Agreement as of *September 30, 2025*.

The BF Credit Facility contains prepayment requirements, customary affirmative and negative covenants and events of default. Certain of the financial covenants include:

● A minimum ratio of trailing *12*-month EBITDAX to debt service coverage of 1.20 to *1.0*

● A minimum ratio of current assets to current liabilities of 1.00 to *1.00*

The Partnership is permitted to make distributions to its limited partners so long as the Partnership is in compliance with its debt service coverage ratio and *no* other event of default has occurred. In addition, the Sixth Amendment to the BF Loan Agreement allows the Partnership to include any unused amount of BF Credit Facility in its calculation of current assets, which began with the quarter ended *September 30, 2024.*

The Partnership was in compliance with its applicable covenants and had no outstanding borrowings on the BF Credit Facility at *September 30, 2025*. At *December 31, 2024,* the outstanding balance on the BF Credit Facility was approximately $5.0 million, and the interest rate was 8.00%. At *December 31, 2024,* the outstanding balance on the BF Credit Facility approximated the fair market value of the BF Credit Facility. The Partnership estimated the fair value of its credit facility by discounting the future cash flows of the instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level *3* inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity.

**Note *5.* Asset Retirement Obligations**

The Partnership records an asset retirement obligation ("ARO") and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows:

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| | | |
|:---|:---|:---|
|  | ***2025*** | ***2024*** |
| Balance at January 1 | $2195629 | $2060520 |
| Well additions |  | 20607 |
| Accretion | 138006 | 84904 |
| Revisions | (129212) |  |
| Balance at September 30 | $2204423 | $2166031 |

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**Note *6.* Capital Contribution and Partners**' **Equity**

At inception, the General Partner and organizational limited partner made initial capital contributions totaling $1,000 to the Partnership. Upon closing of the minimum offering, the organizational limited partner withdrew its initial capital contribution of $990, and the General Partner received Incentive Distribution Rights (defined below).

The Partnership completed its best-efforts offering of common units on *April 24, 2017.* As of the conclusion of the offering on *April 24, 2017,* the Partnership had completed the sale of approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

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Under the agreement with David Lerner Associates, Inc. (the "Dealer Manager"), the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Dealer Manager will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold through the best-efforts offering, the total contingent fee is a maximum of approximately $15.0 million.

Prior to "Payout," which is defined below, all of the distributions made by the Partnership, if any, will be paid to the holders of common units. Accordingly, the Partnership will *not* make any distributions with respect to the Incentive Distribution Rights or with respect to Class B units and will *not* make the contingent incentive payments to the Dealer Manager, until Payout occurs.

The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines "Payout Accrual" as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.

All distributions made by the Partnership after Payout, which *may* include all or a portion of the proceeds of the sale of all or substantially all of the Partnership's assets, will be made as follows:

● First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;

● Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).

All items of income, gain, loss and deduction will be allocated to each Partner's capital account in a manner generally consistent with the distribution procedures outlined above.

For the *three* and *nine* months ended *September 30, 2025*, the Partnership paid distributions of $0.35 per common unit and $1.05 per common unit, or $6.6 million and $19.9 million, respectively. In addition, the Partnership declared a monthly cash distribution to its holders of common units of $0.12 per common unit for the month of *September 2025*. The declared distribution of approximately $2.3 million, which is included in Accounts payable and accrued expenses on the Partnership's balance sheet as of *September 30, 2025*, was paid on *October 3, 2025* to the common unit holders on record as of *September 30, 2025*.

For the *three* and *nine* months ended *September 30, 2024*, the Partnership paid distributions of $0.35 per common unit and $1.10 per common unit, or $6.6 million and $20.9 million, respectively.

The Partnership accumulates unpaid distributions based on an annualized return of *seven* percent (7%), and all accumulated unpaid distributions are required to be paid before final Payout occurs, as defined above. The unpaid Payout Accrual, for the period from *March 2020* through *November 2021,* totaled $2.239365 per common unit, or approximately $42 million, at *September 30, 2025*.

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**Note *7.* Related Parties**

The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm's length and the results of the Partnership's operations *may* be different than if conducted with non-related parties. The General Partner's Board of Directors oversees and reviews the Partnership's related party relationships and is required to approve any significant modifications to any existing related party transactions, as well as any new significant related party transactions.

For the *three* and *nine* months ended *September 30, 2025*, approximately $78,000 and $245,000 of general and administrative costs were incurred by a member of the General Partner and have been or will be reimbursed by the Partnership. At *September 30, 2025*, approximately $78,000 was due to a member of the General Partner; these costs are included in Accounts payable and accrued expenses in the consolidated balance sheets. For the *three* and *nine* months ended *September 30, 2024*, approximately $74,000 and $248,000 of general and administrative costs were incurred by a member of the General Partner and have been reimbursed by the Partnership.

**Note *8.* Subsequent Events**

In *October 2025,* the Partnership paid approximately $2.3 million, or $0.12 per outstanding common unit, in distributions to its holders of common units.

In *October 2025 ,* the Partnership declared a monthly cash distribution to its holders of common units of $0.11 per outstanding common unit for the month of *October 2025.* The distribution of approximately $2.1 million was paid on *November 5, 2025* to common unit holders on record as of *October 31, 2025.*

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**Item 2. Management**'**s Discussion and Analysis of Financial Condition and Results of Operations.**

Certain statements within this report may constitute forward-looking statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as "may," "will," "could," "anticipate," "believe," "estimate," "expect," "intend," "predict," "continue," "further," "seek," "plan" or "project" and variations of these words or comparable words or phrases of similar meaning.

These forward-looking statements include such things as:

● any impact of the ongoing Russian-Ukrainian and Middle Eastern conflicts on the global energy markets;

● references to future success in the Partnership's drilling and marketing activities;

● the Partnership's business strategy;

● estimated future distributions;

● estimated future capital expenditures;

● sales of the Partnership's properties and other liquidity events;

● competitive strengths and goals; and

● other similar matters.

These forward-looking statements reflect the Partnership's current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside the Partnership's control that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under "Risk Factors" in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024 and the following:

● that the Partnership's development of its oil and gas properties may not be successful or that the Partnership's operations on such properties may not be successful;

● general economic, market, or business conditions;

● changes in local, state, and federal laws, regulations or policies that may affect the Partnership or the oil and natural gas industry as a whole (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs);

● the risk that the wells in which the Partnership acquired an interest are productive, but do not produce enough revenue to return the investment made;

● the risk that the wells the Partnership drills do not find hydrocarbons in commercial quantities or, even if commercial quantities are encountered, that actual production is lower than expected on the productive life of wells is shorter than expected;

● current credit market conditions and the Partnership's ability to obtain long-term financing or refinancing debt for the Partnership's drilling activities in a timely manner and on terms that are consistent with what the Partnership projects;

● uncertainties concerning the price of oil and natural gas, which may decrease and remain low for prolonged periods; and

● the risk that any hedging policy the Partnership employs to reduce the effects of changes in the prices of the Partnership's production will not be effective.

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Although the Partnership believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Partnership cannot assure investors that its expectations will be attained or that any deviations will not be material. Investors are cautioned that forward-looking statements speak only as of the date they are made and that, except as required by law, the Partnership undertakes no obligation to update these forward-looking statements to reflect any future events or circumstances. All subsequent written or oral forward-looking statements attributable to the Partnership or to individuals acting on its behalf are expressly qualified in their entirety by this section.

The following discussion and analysis should be read in conjunction with the Partnership's Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the information contained in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024.

***Overview***

The Partnership was formed as a Delaware limited partnership. The general partner is Energy 11 GP, LLC (the "General Partner"). The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership began offering common units of limited partner interest (the "common units") on a best-efforts basis on January 22, 2015, the date the Partnership's initial Registration Statement on Form S-1 (File No. 333-197476) was declared effective by the SEC. The Partnership completed its best-efforts offering on April 24, 2017. Total common units sold were approximately 19.0 million for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

The Partnership has no officers, directors or employees. Instead, the General Partner manages the day-to-day affairs of the Partnership. All decisions regarding the management of the Partnership made by the General Partner are made by the Board of Directors of the General Partner and its officers.

The Partnership was formed to acquire and develop oil and gas properties located onshore in the United States. On December 18, 2015, the Partnership completed its first purchase in the Sanish field, acquiring an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. On January 11, 2017, the Partnership closed on its second purchase in the Sanish field, acquiring an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. On March 31, 2017, the Partnership closed on its third purchase in the Sanish field, acquiring an additional approximate average 10.5% non-operated working interest in 82 of the Partnership's then 216 existing producing wells and 150 of the Partnership's then 253 future development locations in the Sanish Field Assets for approximately $52.4 million.

The Partnership has drilled and completed 101 new wells since the beginning of 2018; the Partnership's estimated share of capital expenditures for the drilling and completion of these 101 wells totaled approximately $148.0 million. The Partnership has incurred approximately $2.0 million in capital expenditures through the nine months ended September 30, 2025.

As a result of its acquisitions and completed drilling during the period of ownership, as of September 30, 2025, the Partnership owned an approximate 24% non-operated working interest in 309 producing wells and future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the "Sanish Field Assets"). Chord Energy Corporation ("Chord") is one of the largest producers in the basin and operates substantially all of the Sanish Field Assets.

**Current Price Environment**

Oil, natural gas and natural gas liquids ("NGL") prices are determined by many factors outside of the Partnership's control and are subject to macroeconomic market volatility. Historically, factors contributing to uncertainty within the industry include real or perceived geopolitical risks in oil-producing regions of the world, particularly Russia and the Middle East; forecasted levels of global economic growth combined with forecasted global supply; supply levels of oil and natural gas due to exploration and development activities in the United States; environmental and climate change regulation; actions taken by and production quotas set by the Organization of the Petroleum Exporting Countries ("OPEC"); and the strength of the U.S. dollar in international currency markets.

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The Partnership's oil and natural gas revenues are heavily weighted to oil, so any material change to market pricing for oil has a more significant impact to the Partnership's operational performance. Oil prices declined through the first and second quarters of 2025, with oil prices closing at $57.13 per barrel on May 5, 2025 (the lowest level since the first quarter of 2021). Oil prices recovered in June and July 2025, but fell through the remainder of the third quarter and into the fourth quarter of 2025. Factors negatively impacting oil prices in 2025 include (i) confusion and uncertainty regarding U.S. trade policies and tariffs and the related concern of increased inflation; (ii) the decision by OPEC to increase its production quotas starting in May 2025, with the expectation increases will continue through year-end; and (iii) global economic growth projections and the impact on global oil consumption.

Significant reductions in commodity prices along with inflationary costs could impact the Partnership and its financial performance. Future growth is dependent on the Partnership's ability to add reserves in excess of production. In addition to commodity price fluctuations, the Partnership faces the challenge of natural production volume declines. As reservoirs are depleted, oil and natural gas production from Partnership wells will decrease.

The following table lists average NYMEX prices for oil and natural gas for the three and nine months ended September 30, 2025 and 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Percent Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Percent Change** |
|  | **2025** | **2024** | **2025** | **2024** | | |
| Average market closing prices (1) |  |  |  |  |  |  |
| Oil (per Bbl) | $64.91 | $75.27 | -13.8% | $66.71 | $77.61 | -14.0% |
| Natural gas (per Mcf) | $3.03 | $2.11 | 43.6% | $3.45 | $2.11 | 63.5% |

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(1) Based on average NYMEX futures closing prices (oil) and NYMEX/Henry Hub spot prices (natural gas)

**Results of Operations**

In evaluating financial condition and operating performance, the most important indicators on which the Partnership focuses are (1) total quarterly sold production in barrel of oil equivalent ("BOE") units, (2) average sales price per unit for oil, natural gas and natural gas liquids ("NGL" or "NGLs"), (3) production costs per BOE and (4) capital expenditures.

The following table summarizes the results from operations, including production, of the Partnership's non-operated working interest for the three and nine months ended September 30, 2025 and 2024.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |
|  | **2025** | **Percent of Revenue** | **2024** | **Percent of Revenue** | **Percent Change** | **2025** | **Percent of Revenue** | **2024** | **Percent of Revenue** | **Percent Change** |
| Total revenues | $15797147 | 100.0% | $25332927 | 100.0% | -37.6% | $53200490 | 100.0% | $60720863 | 100.0% | -12.4% |
| Production expenses | 6196246 | 39.2% | 5743883 | 22.7% | 7.9% | 18210343 | 34.2% | 15862490 | 26.1% | 14.8% |
| Production taxes | 1103811 | 7.0% | 2071571 | 8.2% | -46.7% | 3682360 | 6.9% | 4838498 | 8.0% | -23.9% |
| Depreciation, depletion, amortization and accretion | 7185043 | 45.5% | 8526435 | 33.7% | -15.7% | 21632075 | 40.7% | 19985915 | 32.9% | 8.2% |
| General and administrative expenses | 237769 | 1.5% | 230058 | 0.9% | 3.4% | 1065520 | 2.0% | 914400 | 1.5% | 16.5% |
| Production (BOE): |  |  |  |  |  |  |  |  |  |  |
| Oil | 200373 |  | 303235 |  | -33.9% | 664732 |  | 697455 |  | -4.7% |
| Natural gas | 75872 |  | 60693 |  | 25.0% | 222541 |  | 176495 |  | 26.1% |
| Natural gas liquids | 78269 |  | 74840 |  | 4.6% | 211031 |  | 181602 |  | 16.2% |
| Total | 354514 |  | 438768 |  | -19.2% | 1098304 |  | 1055552 |  | 4.1% |
| Average sales price per unit: |  |  |  |  |  |  |  |  |  |  |
| Oil (per Bbl) | $64.42 |  | $73.89 |  | -12.8% | $65.47 |  | $76.03 |  | -13.9% |
| Natural gas (per Mcf) | 1.82 |  | 1.39 |  | 30.9% | 2.63 |  | 1.62 |  | 62.3% |
| Natural gas liquids (per Bbl) | 26.30 |  | 32.34 |  | -18.7% | 29.22 |  | 32.90 |  | -11.2% |
| Combined (per BOE) | 44.56 |  | 57.74 |  | -22.8% | 48.44 |  | 57.53 |  | -15.8% |
| Average unit cost per BOE: |  |  |  |  |  |  |  |  |  |  |
| Production expenses | 17.48 |  | 13.09 |  | 33.5% | 16.58 |  | 15.03 |  | 10.3% |
| Production taxes | 3.11 |  | 4.72 |  | -34.1% | 3.35 |  | 4.58 |  | -26.9% |
| Depreciation, depletion, amortization and accretion | 20.27 |  | 19.43 |  | 4.3% | 19.70 |  | 18.93 |  | 4.1% |
| Capital expenditures | $1021413 |  | $11111409 |  |  | $3053460 |  | $23215294 |  |  |

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***Oil, natural gas and NGL revenues***

For the three months ended September 30, 2025, revenues from oil, natural gas and NGL sales were $15.8 million. Revenues for the sale of crude oil were $12.9 million, which resulted in a realized price of $64.42 per barrel. Revenues for the sale of natural gas were $0.8 million, which resulted in a realized price of $1.82 per Mcf. Revenues for the sale of NGLs were $2.1 million, which resulted in a realized price of $26.30 per BOE of sold production. For the three months ended September 30, 2024, revenues from oil, natural gas and NGL sales were $25.3 million. Revenues for the sale of crude oil were $22.4 million, which resulted in a realized price of $73.89 per barrel. Revenues for the sale of natural gas were $0.5 million, which resulted in a realized price of $1.39 per Mcf. Revenues for the sale of NGLs were $2.4 million, which resulted in a realized price of $32.34 per BOE of sold production.

For the nine months ended September 30, 2025, revenues from oil, natural gas and NGL sales were $53.2 million. Revenues for the sale of crude oil were $43.5 million, which resulted in a realized price of $65.47 per barrel. Revenues for the sale of natural gas were $3.5 million, which resulted in a realized price of $2.63 per Mcf. Revenues for the sale of NGLs were $6.2 million, which resulted in a realized price of $29.22 per BOE of sold production. For the nine months ended September 30, 2024, revenues from oil, natural gas and NGL sales were $60.7 million. Revenues for the sale of crude oil were $53.0 million, which resulted in a realized price of $76.03 per barrel. Revenues for the sale of natural gas were $1.7 million, which resulted in a realized price of $1.62 per Mcf. Revenues for the sale of NGLs were $6.0 million, which resulted in a realized price of $32.90 per BOE of sold production.

The Partnership's sold production volumes of approximately 3,900 BOE per day for the three months ended September 30, 2025 was a substantial decrease compared to the three months ended September 30, 2024, primarily due to the Partnership's primary operator completing 15 new wells during the summer of 2024. The wells completed in summer of 2024 boosted daily production for the three months ended September 30, 2024 to 4,800 BOE per day. New wells often have high levels of production immediately following completion, then decline to more consistent levels. Sold production for the Sanish Field Assets was 4,000 BOE per day for the nine months ended September 30, 2025. Adverse weather conditions in North Dakota during a multi-day stretch in mid-January 2024 led to suspended production throughout the Bakken, which offset the higher production volumes from the new wells in the third quarter of 2024; sold production was approximately 3,900 BOE per day for the nine months ended September 30, 2024.

The downward pressure on oil market prices during 2025 has continued to negatively impact the Partnership's revenues compared to the three and nine months ended September 30, 2024. On the other hand, supply constraints and heightened demand have led to higher natural gas prices during the three and nine months ended September 30, 2025, contributing to higher Partnership natural gas revenue in 2025 compared to 2024.

If the operators of the Sanish Field Assets are unable to produce, process and sell oil and natural gas at economical prices, these operators may curtail daily production, shut-in producing wells or seek other cost-cutting measures, and could continue so long as producing is uneconomical. Consequently, any of these measures could significantly impact the Partnership's oil, natural gas and NGL production. Further, production is dependent on the investment in existing wells and the development of new wells. See further discussion of the Partnership's investment in new wells in "Liquidity and Capital Resources" below.

*Oil differentials*

The realized prices per barrel of oil above are based upon the NYMEX benchmark price less a cost to distribute the oil, or the differential. Oil price differentials primarily represent the transportation costs in moving produced oil at the wellhead to a refinery and are based on the availability of pipeline, rail and other transportation methods out of the Sanish field. Oil price differentials to the NYMEX benchmark price vary by operator based upon operator-specific contracts. On average, the Partnership's realized oil differential has improved throughout 2025, as the differentials for the three and nine months ended September 30, 2025 were approximately $0.50 per barrel and $0.25 per barrel lower compared to the three and nine months ended September 30, 2024. Lower oil differentials increase the Partnership's realized oil sales prices.

The Dakota Access Pipeline is a significant pipeline that transports oil and natural gas from North Dakota fields. Its use by operators in the region is currently in ongoing litigation in the United States. If use of the Dakota Access Pipeline or any other region pipelines is suspended at a future date, the disruption of transporting the Partnership's production out of North Dakota could negatively impact the Partnership's oil differentials, realized sales prices, results of operations and/or cash flows.

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***Operating costs and expenses***

*Production expenses*

Production expenses are daily costs incurred by the Partnership to bring oil and natural gas out of the ground and to market, along with the daily costs incurred to maintain producing properties. Such costs include field personnel compensation, saltwater disposal, utilities, maintenance, repairs and servicing expenses related to the Partnership's oil and natural gas properties, along with the gathering and processing contract in effect for the extraction, transportation, treatment and marketing of oil and natural gas.

For the three months ended September 30, 2025 and 2024, production expenses were $6.2 million and $5.7 million, respectively, and production expenses per BOE of sold production were $17.48 and $13.09, respectively. For the nine months ended September 30, 2025 and 2024, production expenses were $18.2 million and $15.9 million, respectively, and production expenses per BOE of sold production were $16.58 and $15.03, respectively. Production expenses per BOE of sold production have increased in 2025 as a result of (i) increased sold production volumes for natural gas and NGLs contributing to higher gathering and processing expenses; (ii) increased LOE and workover activity to service and maintain well productivity; and (iii) lower sold production volumes (specifically in the third quarter of 2025 compared to third quarter of 2024), which decreases the production base over which fixed operating costs are spread.

*Production taxes*

Taxes on the production and extraction of oil and natural gas are regulated and set by North Dakota tax authorities. Taxes on the sale of natural gas and NGL products are less than taxes levied on the sale of oil. Therefore, production taxes as a percentage of revenue may fluctuate dependent upon the ratio of sales of natural gas and NGLs to total sales. Production taxes for the three months ended September 30, 2025 and 2024 were $1.1 million (7.0% of revenue) and $2.1 million (8.2% of revenue), respectively. Production taxes for the nine months ended September 30, 2025 and 2024 were $3.7 million (6.9% of revenue) and $4.8 million (8.0% of revenue), respectively. Oil production comprised approximately 57% and 61% of the Partnership's sold production volumes for the three and nine months ended September 30, 2025, compared to 69% and 66% for the three and nine months ended September 30, 2024.

*General and administrative expenses*

The principal components of general and administrative expense are accounting, legal and consulting fees. General and administrative expenses for the three months ended September 30, 2025 and 2024 were $0.2 million in both periods. General and administrative expenses for the nine months ended September 30, 2025 and 2024 were $1.1 million and $0.9 million, respectively. Higher legal and professional fees have contributed to the increase in general and administrative expenses in 2025.

*Depreciation, depletion, amortization and accretion (*"*DD&A*"*)*

DD&A of capitalized drilling and development costs of producing oil, natural gas and NGL properties are computed using the unit-of-production method on a field basis based on total estimated proved developed oil, natural gas and NGL reserves. Costs of acquiring proved properties are depleted using the unit-of-production method on a field basis based on total estimated proved developed and undeveloped reserves. DD&A for the three months ended September 30, 2025 and 2024 was $7.2 million and $8.5 million, and DD&A per BOE of sold production was $20.27 and $19.43, respectively. DD&A for the nine months ended September 30, 2025 and 2024 was $21.6 million and $20.0 million, and DD&A per BOE of sold production was $19.70 and $18.93, respectively. The increase in DD&A expense per BOE of production in 2025 is primarily due to the decrease of the Partnership's estimated proved reserves during the most recent reserves analyses (as of December 31, 2024 and June 30, 2025) resulting from changes in the future drill schedule and well production performance and forecasts.

***Interest expense, net***

Interest expense, net, for the three months ended September 30, 2025 and 2024 was $29,000 and $43,000, respectively. Interest expense, net, for the nine months ended September 30, 2025 and 2024 was $124,000 and $122,000, respectively. The Partnership had little to no outstanding balance on its BF Credit Facility during the first nine months of 2024 and 2025, so the expense recorded during these three-and nine-month periods primarily represented the amortization of capitalized loan costs and non-use fees under the BF Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17

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**Supplemental Non-GAAP Measure**

The Partnership uses "Adjusted EBITDAX", defined as earnings before (i) interest expense, net; (ii) income taxes; (iii) depreciation, depletion, amortization and accretion; and (iv) exploration expenses, as a key supplemental measure of its operating performance. This non-GAAP financial measure should be considered along with, but not as alternatives to, net income, operating income, cash flow from operating activities or other measures of financial performance presented in accordance with GAAP. Adjusted EBITDAX is not necessarily indicative of funds available to fund the Partnership's cash needs, including its ability to make cash distributions. Although Adjusted EBITDAX, as calculated by the Partnership, may not be comparable to Adjusted EBITDAX as reported by other companies that do not define such terms exactly as the Partnership defines such terms, the Partnership believes this supplemental measure is useful to investors when comparing the Partnership's results between periods and with other energy companies.

The Partnership believes that the presentation of Adjusted EBITDAX is important to provide investors with additional information (i) to provide an important supplemental indicator of the operational performance of the Partnership's business without regard to financing methods and capital structure, and (ii) to measure the operational performance of the Partnership's operators.

The following table reconciles the Partnership's GAAP net income to Adjusted EBITDAX for the three and nine months ended September 30, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** |
| Net income | $1045713 | $8717524 | $8486469 | $18997877 |
| Interest expense, net | 28565 | 43456 | 123723 | 121683 |
| Depreciation, depletion, amortization and accretion | 7185043 | 8526435 | 21632075 | 19985915 |
| Exploration expenses |  |  |  |  |
| Adjusted EBITDAX | $8259321 | $17287415 | $30242267 | $39105475 |

---

**Liquidity and Capital Resources**

Historically, the Partnership's principal sources of liquidity have been cash on hand, the cash flow generated from the Sanish Field Assets, and availability under the Partnership's revolving credit facility, if any. The Partnership had approximately $5.9 million in cash on hand and $20 million in availability under the BF Credit Facility at September 30, 2025. The Partnership generated approximately $35.8 million and $53.7 million in cash flow from operating activities for the nine months ended September 30, 2025 and year ended December 31, 2024, respectively.

The Partnership anticipates its cash on-hand, cash flow from operations and availability under the BF Credit Facility will be adequate to meet its liquidity requirements for at least the next 12 months. Based on the terms and conditions of the February 2024 fifth amendment to the BF Loan Agreement, the Partnership is permitted to make distributions to limited partners regardless of BF Credit Facility utilization so long as the Partnership is in compliance with the applicable covenants and no other event of default has occurred. The General Partner will monitor payment of future monthly Partnership distributions in conjunction with the Partnership's projected cash requirements for operations, capital expenditures for new wells and payments on the BF credit facility, as necessary based on usage.

The Partnership's revenues and cash flow from operations are highly sensitive to changes in oil and natural gas prices and to levels of production. If commodity prices significantly drop and remain low, the Partnership's cash flow from operations may decline. This could have a significant impact on the Partnership's available cash on-hand, the Partnership's ability to participate in future drilling programs as proposed by the operators of the Sanish Field Assets and/or to fund any future distributions to its limited partners. Future growth is dependent on the Partnership's ability to add reserves in excess of production. In addition to commodity price fluctuations, the Partnership faces the challenge of natural production volume declines. As reservoirs are depleted, oil and natural gas production from Partnership wells will decrease.

***Financing***

See further discussion of the Partnership's BF Credit Facility in "Note 4. Debt" in Part I, Item 1 of this Form 10-Q.

***Partners***' ***Equity***

The Partnership completed its best-efforts offering of common units on April 24, 2017. As of the conclusion of the offering on April 24, 2017, the Partnership sold approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18

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Under the agreement with the Dealer Manager, the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Dealer Manager will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold in the offering, the total contingent fee is a maximum of approximately $15.0 million, which will only be paid if Payout occurs, as defined in "Note 6. Capital Contribution and Partners' Equity" in Part I, Item 1 of this Form 10-Q.

***Distributions***

For the three and nine months ended September 30, 2025, the Partnership paid distributions of $0.35 per common unit and $1.05 per common unit, or $6.6 million and $19.9 million, respectively. In addition, the Partnership declared a monthly cash distribution to its holders of common units of $0.12 per common unit for the month of September 2025. The declared distribution of approximately $2.3 million, which is included in Accounts payable and accrued expenses on the Partnership's balance sheet as of September 30, 2025, was paid on October 3, 2025 to the common unit holders on record as of September 30, 2025.

For the three and nine months ended September 30, 2024, the Partnership paid distributions of $0.35 per common unit and $1.10 per common unit, or $6.6 million and $20.9 million, respectively.

The Partnership accumulates unpaid distributions based on an annualized return of seven percent (7%), and all accumulated unpaid distributions are required to be paid before final Payout occurs. The unpaid Payout Accrual, for the period from March 2020 through November 2021, totaled $2.239365 per common unit, or approximately $42 million, at September 30, 2025.

***Oil and Natural Gas Properties***

The Partnership incurred approximately $3.1 million million and $23.2 million in capital expenditures for the nine months ended September 30, 2025 and 2024, respectively. During the second and third quarters of 2024, Chord substantially completed the drilling of 15 new wells, in which the Partnership had an average approximate non-operated working interest of 18%. The Partnership's proportionate share of the related capital expenditures was approximately $28.0 million.

The Partnership anticipates that it may be obligated to invest at least an additional $100 million from 2026 through 2030 to participate in new well development in the Sanish Field without becoming subject to non-consent penalties under the joint operating agreements governing the Sanish Field Assets.

As described above, the Partnership's liquidity is currently dependent upon cash on-hand, cash from operations and availability under the BF Credit Facility. If the Partnership is not able to generate sufficient cash from operations or there is no availability under its credit facility to fund capital expenditures, it may not be able to complete its capital obligations presented by its operators or participate fully in future wells. If an operator elects to complete drilling or other significant capital expenditure activity and the Partnership is unable to fund the capital expenditures, the General Partner may decide to farmout the well. Also, if a well is proposed under the operating agreement for one of the properties the Partnership owns, the General Partner may elect to "non-consent" the well. Non-consenting a well will generally cause the Partnership not to be obligated to pay the costs of the well, but the Partnership will not be entitled to the proceeds of production from the well until a penalty is received by the parties that drilled the well.

**Transactions with Related Parties**

The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm's length and the results of the Partnership's operations may be different than if conducted with non-related parties. The General Partner's Board of Directors oversees and reviews the Partnership's related party relationships and is required to approve any significant modifications to existing related party transactions, as well as any new significant related party transactions, including approving the new Affiliate Loan.

See further discussion in "Note 7. Related Parties" in Part I, Item 1 of this Form 10-Q.

**Subsequent Events**

In October 2025, the Partnership paid approximately $2.3 million, or $0.12 per outstanding common unit, in distributions to its holders of common units.

In October 2025, the Partnership declared a monthly cash distribution to its holders of common units of $0.11 per outstanding common unit for the month of October 2025. The distribution of approximately $2.1 million was paid on November 5, 2025 to common unit holders on record as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

The Partnership's BF Credit Facility is subject to a variable interest rate; information regarding this credit facility is contained in Item 1 – Financial Statements (Unaudited) and Notes to Consolidated Financial Statements: Note 4. Debt and Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations, appearing elsewhere within this Quarterly Report on Form 10-Q.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

In accordance with Exchange Act Rule 13a–15 and 15d–15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Partnership carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer of the General Partner, of the effectiveness of the Partnership's disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Partnership's disclosure controls and procedures were effective as of September 30, 2025 to provide reasonable assurance that information required to be disclosed in the Partnership's reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. The Partnership's disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer of the General Partner, as appropriate, to allow timely decisions regarding required disclosure.

***Change in Internal Controls Over Financial Reporting***

There have not been any changes in the Partnership's internal controls over financial reporting that occurred during the quarterly period ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Partnership's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings.**

At the end of the period covered by this Quarterly Report on Form 10-Q, the Partnership was not a party to any material, pending legal proceedings.

**Item 1A. Risk Factors**

For a discussion of the Partnership's potential risks and uncertainties, see the section titled "Risk Factors" in the Partnership's 2024 Annual Report on Form 10-K. There have been no material changes to the risk factors previously disclosed in the 2024 Form 10-K.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

Not applicable.

**Item 3. Defaults upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item *5.* Other Information.**

Not applicable.

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1 | [<u>Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002\*</u>](ex_860167.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002\*</u>](ex_860168.htm) |
| 32.1 | [<u>Certification of Chief Executive Officer Pursuant to Section 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*</u>](ex_860169.htm) |
| 32.2 | [<u>Certification of Chief Financial Officer Pursuant to Section 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*</u>](ex_860170.htm) |
| 101 | The following materials from Energy 11, L.P.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Partners' Equity, (iv) the Consolidated Statements of Cash Flows, and (v) related notes to these consolidated financial statements, tagged as blocks of text and in detail\* |
| 104 | The cover page from the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in iXBRL and contained in Exhibit 101 |

---

\* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Energy 11, L.P.** | **Energy 11, L.P.** |
| By: Energy 11 G.P., LLC, its General Partner | By: Energy 11 G.P., LLC, its General Partner |
| By: | /s/ Glade M. Knight |
|  | Glade M. Knight |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| By: | /s/ David S. McKenney |
|  | David S. McKenney |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |
| Date: November 13, 2025 | Date: November 13, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)/15D-14(a)**

I, Glade M. Knight, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Energy 11, L.P. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Glade M. Knight |
|  | Name:  | Glade M. Knight |
|  | Title: | General Partner, Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)/15D-14(a)**

I, David S. McKenney, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Energy 11, L.P. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ David S. McKenney |
|  | Name:  | David S. McKenney |
|  | Title: | General Partner, Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the "Form 10-Q") for the three months ended September 30, 2025 of Energy 11, L.P. (the "Partnership"). I, Glade M. Knight, the Chief Executive Officer of the Partnership, certify that, based on my knowledge:

(1) The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Partnership as of and for the periods covered in this report.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Glade M. Knight |
|  | Name:  | Glade M. Knight |
|  | Title: | General Partner, Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the "Form 10-Q") for the three months ended September 30, 2025 of Energy 11, L.P. (the "Partnership"). I, David S. McKenney, the Chief Financial Officer of the Partnership, certify that, based on my knowledge:

(1) The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Partnership as of and for the periods covered in this report.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ David S. McKenney |
|  | Name:  | David S. McKenney |
|  | Title: | General Partner, Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---