Riley Exploration Permian : Company Overview

Company Overview

March 2024

Forward-Looking Statements

Forward-Looking Statements

This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.'s ("Riley Permian") current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in Riley Permian's periodic reports filed with the U.S. Securities and Exchange Commission ("SEC").

All statements, other than historical facts, that address activities that Riley Permian assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, including the volatility of oil, natural gas and NGL prices; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the inability or failure of the Company to successfully integrate the acquired assets into its operations and development activities; the potential delays in the development, construction or start-up of planned projects; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving credit facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our credit agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the RRC in an effort to control induced seismicity in the Permian Basin; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; public health crisis, such as pandemics and epidemics, and any related government policies and actions and the effects of such public health crises on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the Israel-Hamas conflict and the global response to such conflicts; risks related to litigation; and cybersecurity threats, technology system failures and data security issues. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Riley Permian.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that Riley Permian may reduce, suspend or totally eliminate dividend payments in the future, whether variable or fixed, due to insufficient liquidity or other factors, potential adverse reactions or changes to the business or operations of Riley Permian resulting from the recently completed merger, including Riley Permian's future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of Riley Permian to finance operations in the manner expected; the risk that the Company's EOR and CCUS projects may not perform as expected or produce the anticipated benefits; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the consummation of the merger.

Riley Permian encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, Riley Permian assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

For additional discussion of the factors that may cause us not to achieve our financial projections and/or production estimates, see Riley Permian's filings with the SEC, including its forms 10-K,10-Q and 8-K and any amendments thereto. We do not undertake any obligation to release publicly the results of any future revisions we may make to this prospective data or to update this prospective data to reflect events or circumstances after the date of this presentation. Therefore, you are cautioned not to place undue reliance on this information.

None of the information contained in this presentation has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Riley Permian may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors.

Use of non-GAAP Financial Information

This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Adjusted Net Income, (ii) Adjusted EBITDAX, (iii) Cash Margins, and (iv) Free Cash Flow. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. See the Company's website, www.rileypermian.com, for the descriptions and reconciliations of non-GAAP measures presented in this presentation to the most directly comparable financial measures calculated in accordance with GAAP.

Oil & Gas Reserves

The SEC generally permits oil and natural gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC's definitions for such terms. In this presentation, Riley Permian may use the terms "resource potential," "resource play," "estimated ultimate recovery," or "EURs," "type curve" and "standardized measure," each of which the SEC guidelines restrict from being included in filings with the SEC without strict compliance with SEC definitions. These terms refer to Riley Permian's internal estimates of unbooked hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. "Resource potential" is used by Riley Permian to refer to the estimated quantities of hydrocarbons that may be added to proved reserves, largely from a specified resource play potentially supporting numerous drilling locations. A "resource play" is a term used by Riley Permian to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section potentially supporting numerous drilling locations, which, when compared to a conventional play, typically has a lower geological and/or commercial development risk. "EURs" are based on Riley Permian's previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. Unbooked resource potential or "EURs" do not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or SEC rules and do not include any proved reserves. Actual quantities of reserves that may be ultimately recovered from Riley Permian's interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of Riley Permian's ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil, natural gas liquids and natural gas prices, well spacing, drilling and production costs, availability and cost of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, negative revisions to reserve estimates and other factors, as well as actual drilling results, including geological and mechanical factors affecting recovery rates. "EURs" from reserves may change significantly as development of Riley Permian's core assets provides additional data. In addition, Riley Permian's production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. "Type curve" refers to a production profile of a well, or a particular category of wells, for a specific play and/or area.

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Corporate Overview and Strategy

Riley Permian is a growth-oriented, oil and natural gas company with operations focused in Texas and New Mexico

• We focus on modern horizontal drilling and completions applied to conventional formations in the Permian Basin
• We believe our assets' economics compare favorably to those of typical shale assets
• We have a track record of growth through organic development and acquisitions
• We invest in infrastructure assets and related ventures that we believe can optimize our business and offer attractive rates of return
• We allocate excess cash flow to debt reduction and direct return of capital to shareholders

Select Company Metrics

Net Acres	44K
4Q23 Production	19.9 Mboe/d
FY23 Oil Production as a % of	71%
Total
Equity Market Cap(1)	$501MM
Enterprise Value(2)	$855MM
Dividend Yield(1)	5.9%
Insider Ownership(3)	30%

1. Equity Market Cap and Dividend Yield based on share price and shares outstanding as of 3/1/24. Future dividends subject to approval by the Board of Directors.
2. Enterprise Value based on share price and shares outstanding as of 3/1/24 and debt and cash balance as of 12/31/23.

(3) Source: SEC Filings. Insiders include Yorktown, management and the Board of Directors.	3

Conventional Asset Base Compares Favorably to Shale(1)

• Riley Permian's focus is on horizontal well development of conventional hydrocarbon formations on the Northwest Shelf of the Permian Basin
• Large degree of operatorship and generally high net working interests across assets

	Yoakum
Northwest Shelf
Lea	Midland
	Basin
Eddy
Delaware Basin	Central Basin
	Platform

30 Miles

Rock Properties	Higher porosity and
permeability
Well Depth	~50-60%
shallower
Well Cost per Completed	~20-40%
Lateral Length	less expensive
5-Yr Cumulative Oil	Comparable
Production per 1K ft Lateral

1. Riley Permian well characteristics are a composite of Texas and New Mexico assets. Permian shale well characteristics based on public data provided by Enverus on wells drilled from 2017 to March 2023 in both the Delaware and Midland Basins. Permian shale well costs based on 2023 activity provided by IHS.

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Track Record of Growth

Total Net Production		CFFO(1)			Shareholders' Equity
Mboe/d		$MM			$MM
18.6			422
			206
			333
	169
11.5
			238
9.2
	89

2021

2022

2023

2021

2022

2023

2021

2022

2023

(1) Cash Flows from Operations before the impact of changes in working capital.

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Leveraging Low-Cost Gas to Generate Baseload Power

Background	Formation of JV	Current	Future
• Low quality power supply: remote	• Formed RPC Power LLC, joint venture	• Initial operations for Phase 1 program	• Phase 2 expansion
operating area in Yoakum County, TX	with Conduit Power, LLC	began in late 2023 with mobilized,
led to low quality power for operations,		behind-the-meter generation	• Reduce reliance on grid and avoid
with frequent power outages leading to	• Riley Permian operating perspective:		peak demand charges
delayed production and costly	sells processed gas to RPC Power at	• Currently powering over one-third of
workovers	market price to fuel thermal	our Yoakum County, TX operations	• Reduce diesel fuel consumption for
• Influx of renewable generation leads to	generation; receives power; pays		rigs and other heavy service
capacity and generation charge	• Fully powered drilling rig for most	equipment; reduce traffic and fuel
increasingly intermittent power grid,		recent development well	deliveries
further impacting our power	• Riley Permian investing perspective:
consistency and quality	invests capital in RPC Power relative to		• Exploring additional outlets for gas to
• Low natural gas realizations due to	ownership level		capture optionality and achieve value
		uplift
high gathering and processing fees	• Conduit provides management of the
and basin differentials	power operations and capital
	investment into RPC Power

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Capital Allocation Priorities

	MAINTAIN & GROW	DELEVER	RETURN CAPITAL TO
	SHAREHOLDERS
	Reinvest to maintain and grow	Strengthen balance sheet to	Provide sustainable and growing
Objectives	cash flow from operations and	optimize capital structure, maintain
return of capital
	Free Cash Flow(1)	flexibility and increase liquidity
Performance	66% reinvestment rate of 2023	61% of 2023 Free Cash Flow(1)	39% of 2023 Free Cash Flow(1)
CFFO in capital expenditures(2) led	allocated to debt reduction or the
Metrics	to 22% Y/Y organic growth in net	balance sheet such as cash and	allocated to fixed base dividend
	operated oil volumes	working capital
Additional	Periodic investments in other	Debt reductions increase	Total 2023 dividends per share
ventures (e.g., infrastructure) that
Considerations	shareholder equity	increased 9% Y/Y
offer attractive rates of return

1. A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com.
2. Reinvestment rate calculated as cash-based capital expenditures (includes Additions to Oil & Gas Properties and Other Additions to Property & Equipment) divided by Cash Flow

From Operations before the impact of changes in working capital.	7

2024 Forecasted FCF(1) Sensitivity Based on Oil Price(2)

$MM

Excess CF for Credit Facility paydown and opportunistic investments

Annual paydown on Sr. Notes ($20MM per year)

Dividend (current level of $0.36 per share per quarter)(3) FCF(1) Yield on market value of equity(3)

$200

$150

$100

$50

$0

$60

$70

$80

$90

WTI, $/Bbl

30%

20%

10%

0%

(1)(3) FCF Yield on market value of equity

1. A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com.
2. Analysis based on management estimates and midpoint 2024 guidance. Price sensitivity for WTI and Henry Hub uses actual prices through 3/1/2024 and flat price case

thereafter.	8
(3) Equity Market Cap and Dividend Yield based on share price and shares outstanding as of 3/1/24. Future dividends subject to approval by the Board of Directors.

Summary Hedging Program and Potential Impact(1)

2024 Implied Oil Price Realizations at Various WTI Prices(2)

• Hedged 54% of 2024 forecasted oil production
• 2024's mix of 58% collars / 42% fixed price swaps by volume allows for downside protection while maintaining optionality for higher prices
• 2024 weighted average floor price of $66/Bbl and ceiling price of $80/Bbl
• Hedge profile leads to smaller effects at $70-80/Bbl price levels with more impactful effects at extremes, with asymmetric benefit to the upside(2)
• While less impactful, gas hedges currently forecasted to yield positive settlements during most of 2024

		WTI, $/Bbl	$50	$55-65	$70-80	$85-95	$100
		Realized Delta	+21%	+13% to +4%	+2% to -2%	-4% to -7%	-12%
		Over/(Under) WTI
(1)	2024 derivative positions shown include all contracts that have settled as of 3/1/24. Production volume based on midpoint guidance.
(2)	Realized price represents the forecasted impact of derivatives only, but does not account for basin differentials and midstream counterparty fees.

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Appendix

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