Summary by Moomoo AI
EON Resources Inc. (formerly HNR Acquisition Corp) announced its corporate name change and new NYSE American trading symbols effective September 18, 2024. The company's Class A Common Stock now trades under "EONR" and warrants under "EONR WS", while CUSIP numbers remain unchanged.The company operates as an independent upstream energy company, focusing on oil production in the Grayburg-Jackson Oil Field of the Permian Basin. Their New Mexico holdings include 13,700 contiguous leasehold acres, 342 producing wells, and 207 injection wells. According to December 2023 third-party engineering reports, the company has proven reserves of 15.4 million barrels of oil and 3.5 billion cubic feet of natural gas.The field contains approximately 956 million barrels of original-oil-in-place, with current production primarily from the Seven Rivers zone. The company believes it can access an additional 34 million barrels by adding perforations in the Grayburg and San Andres formations, potentially sustaining production for over two decades with a slow decline rate.
