Permian Basin producer EON Resources Inc. has signed a $22.5 million letter of intent with Enstream Capital Management for well completion funding, the E&P said Dec. 2. The LOI is non-binding.

EON Resources, formerly known as HNR Acquisition Corp., plans to allocate the funds toward developing 45 wells, using low-cost workovers, on its 13,700 leasehold acres in Eddy County, New Mexico.

The funds will also be used for the acquisition of an overriding royalty interest in the leasehold, the company said. Financial details of the acquisition were not disclosed.

Permian Basin producer EON Resources Inc. has signed a $22.5 million letter of intent with Enstream Capital Management for well completion funding, the E&P said Dec. 2. The LOI is non-binding.

EON Resources, formerly known as HNR Acquisition Corp., plans to allocate the funds toward developing 45 wells, using low-cost workovers, on its 13,700 leasehold acres in Eddy County, New Mexico.

The funds will also be used for the acquisition of an overriding royalty interest in the leasehold, the company said. Financial details of the acquisition were not disclosed.