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Riley Exploration Permian Talks Q1 Production, Drilling

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   |    Thursday,March 04,2021

Riley Exploration Permian, Inc. provided an update on its fiscal first quarter 2021 operational and financial results.

Q2 2021 Highlights:

• FQ1 2021 production of 7,588 net Boe/d, up 7% over FQ4 2020.
• FQ1 2021 Adjusted EBITDAX of $19.7 million.
• Reduced debt by $3.5 million during FQ1 2021, with $97.5 million outstanding against the Company's Senior Credit Facility as of December 31, 2020, 1.4x Net Debt/EBITDA.
• Commenced Fiscal Year 2021 CAPEX plan, bringing online 5 gross (2.7 net) during the period, and drilling 2 gross (2 net) operated wells which are being completed in FQ2 2021.
• Declared a quarterly cash dividend of $0.28 per share, with a record date of April 16, 2021 and payable on or about May 7, 2021.
• Closed the previously announced merger between Tengasco, Inc. and Riley Exploration - Permian LLC ("Riley Permian") on February 26, 2021.

Bobby Riley, CEO, said: "We are pleased to announce the record date of our quarterly cash dividend. While this is the first quarterly dividend we are paying as a public company following the merger, this represents the 9th straight quarter in which Riley Permian has paid a cash dividend. We continue to believe that with our solid asset base, strong balance sheet and manageable production profile that we will be able to maintain a dividend for the foreseeable future. Since we commenced our first quarterly dividend in June of 2019, Riley Permian has distributed a total of $32.6 million to our shareholders."