10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2026

OR

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

Commission file number 001-15555

Riley Exploration Permian, Inc.

(Exact name of registrant as specified in its charter)

Delaware	87-0267438
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
29 E. Reno Avenue, Suite 500 Oklahoma City, Oklahoma	73104
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: (405) 415-8699

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001	REPX	NYSE American

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  x    No  o 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).     Yes  x   No  o 

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

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

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. o

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

The total number of shares of common stock, par value $0.001 per share, outstanding as of May 4, 2026, was 21,695,947.

RILEY EXPLORATION PERMIAN, INC.
FORM 10-Q
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026
TABLE OF CONTENTS
		Page
Part I. FINANCIAL INFORMATION
Item 1.	Financial Statements	6
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations	7
	Condensed Consolidated Statements of Changes in Shareholders' Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to the Condensed Consolidated Financial Statements	11
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	40
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signatures		44

2

DEFINITIONS

As used in this Quarterly Report on Form 10-Q (the "Quarterly Report"), unless otherwise noted or the context otherwise requires, we refer to Riley Exploration Permian, Inc., together with its consolidated subsidiaries, as "Riley Permian," "REPX," "the Company," "Registrant," "we," "our," or "us." In addition, this Quarterly Report includes certain terms commonly used in the oil and natural gas industry, and the following are abbreviations and definitions of certain terms used within this Quarterly Report:

Measurements.
Bbl	One barrel or 42 U.S. gallons liquid volume of oil or other liquid hydrocarbons
Boe	One stock tank barrel equivalent of oil, calculated by converting gas volumes to equivalent oil barrels at a ratio of 6 thousand cubic feet of gas to 1 barrel of oil and by converting NGL volumes to equivalent oil barrels at a ratio of 1 barrel of NGL to 1 barrel of oil
Boe/d	Stock tank barrel equivalent of oil per day
Btu	British thermal unit. One British thermal unit is the amount of heat required to raise the temperature of one pound of water by one degree Fahrenheit
MBbl	One thousand barrels of oil or other liquid hydrocarbons
MBoe	One thousand Boe
MBoe/d	One thousand Boe per day
Mcf	One thousand cubic feet of gas
MMBtu	One million British thermal units
MMcf	One million cubic feet of gas
Abbreviations.
ARO	Asset Retirement Obligation
ATM	At-the-market equity sales program
CODM	Chief Operating Decision Maker as defined by the FASB under the Accounting Standards Codification 280. Together, the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and Chief Accounting Officer form a collaborative team that functions as the CODM.
Credit Facility	A credit agreement among Riley Exploration - Permian, LLC, as borrower, and Riley Exploration Permian, Inc, as parent guarantor, with Truist Bank and certain lenders party thereto, as amended
ERCOT	Electric Reliability Council of Texas
FASB	Financial Accounting Standards Board
GP&T costs	Gathering, processing and transportation costs
NGL	Natural gas liquids
NYMEX	New York Mercantile Exchange
NYSE	New York Stock Exchange
Oil	Crude oil and condensate
OPEC+	Organization of the Petroleum Exporting Countries ("OPEC") members and non-OPEC allies
RRC	Railroad Commission of Texas
SEC	Securities and Exchange Commission
Senior Notes	The Company's unsecured 10.5% senior notes due April 2028
U.S. GAAP	Accounting principles generally accepted in the United States of America
WTI	West Texas Intermediate

3

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, contained in this Quarterly Report that include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position and potential growth opportunities represent management's beliefs and assumptions based on currently available information and they do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "intends," "may," "should," "anticipates," "expects," "could," "plans," "estimates," "projects," "targets" or comparable terminology or by discussions of strategy or trends. Such statements by their nature involve risks and uncertainties that could significantly affect expected results, and actual future results could differ materially from those described in such forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed under "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part II, Item 1A. Risk Factors" in this Quarterly Report and "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). We continue to face many risks and uncertainties including, but not limited to:

•the volatility of oil, natural gas and NGL prices, including basis differentials between published indices and the prices we actually receive for our production;

•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, power and other midstream and downstream activities, which could result in a prolonged shut-in of our wells that may adversely affect our reserves, financial condition and results of operations;

•severe weather and other risks that lead to a lack of any available markets;

•our ability to successfully complete mergers, acquisitions or divestitures;

•the inability or failure of the Company to successfully integrate the acquired assets into our operations and development activities;

•the potential delays in the development, construction or start-up of planned projects;

•failure to realize any of the anticipated benefits of our joint ventures or other equity investments;

•risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells;

•inability to prove up undeveloped acreage and maintain production on leases;

•any reduction in our borrowing base on our 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 Facility and in our Senior Notes;

•changes in general economic, business or industry conditions, including changes in inflation rates, interest rates and foreign currency exchange rates;

•conditions in the capital, financial and credit markets and our ability to obtain capital needed to fund our exploration and development 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;

•risks associated with concentration of operations in one major geographic area;

•legislative or regulatory changes, including initiatives related to hydraulic fracturing, regulation of greenhouse gases, water conservation, seismic activity, weatherization, or protection of certain species of wildlife, or of sensitive environmental areas;

•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;

4

•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 crises, 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 military conflicts, global economic growth, unpredictability of new tariffs, actions of OPEC+ countries and changes to the current political environment under the current administration;

•risks related to litigation; and

•cybersecurity threats, technology system failures and data security issues.

In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this Quarterly Report, or if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities law.

5

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
	(Unaudited)
	March 31, 2026		December 31, 2025
	(In thousands, except share amounts)
Assets
Current Assets:
Cash	$	15,809	$	17,889
Accounts receivable, net	56,629		41,045
Prepaid expenses	2,710		7,763
Inventory	7,919		7,929
Current derivative assets	—		19,141
Total Current Assets	83,067		93,767
Oil and natural gas properties, net (successful efforts)	1,018,168		995,539
Other property and equipment, net	22,784		21,872
Non-current derivative assets	1,388		5,117
Equity method investment	39,820		36,188
Funds held in escrow	1,196		1,196
Other non-current assets, net	13,658		15,899
Total Assets	$	1,180,081	$	1,169,578
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable	$	22,716	$	5,083
Accrued liabilities	44,377		37,690
Revenue payable	57,186		59,606
Current derivative liabilities	77,937		37
Current portion of long-term debt	20,000		20,000
Other current liabilities	41,439		34,089
Total Current Liabilities	263,655		156,505
Non-current derivative liabilities	14,587		112
Asset retirement obligations	59,426		59,977
Long-term debt	220,675		227,855
Deferred tax liabilities	62,811		86,119
Other non-current liabilities	5,487		4,768
Total Liabilities	626,641		535,336
Commitments and Contingencies (Note 15)
Shareholders' Equity:
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued	—		—
Common stock, $0.001 par value, 240,000,000 shares authorized; 21,567,428 and 21,718,800 shares issued at March 31, 2026 and December 31, 2025, respectively	22		22
Additional paid-in capital	304,900		306,660
Retained earnings	248,518		327,560
Total Shareholders' Equity	553,440		634,242
Total Liabilities and Shareholders' Equity	$	1,180,081	$	1,169,578

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended March 31,
		2026		2025
	(In thousands, except per share amounts)
Revenues:
Oil and natural gas sales, net		$	113,881	$	102,457
Total Revenues		113,881		102,457
Costs and Expenses:
Lease operating expenses		24,071		18,331
Production and ad valorem taxes		9,032		6,670
Exploration costs		967		9
Depletion, depreciation, amortization and accretion		25,720		19,138
General and administrative:
Administrative costs		8,120		7,438
Stock-based compensation expense		2,301		1,369
Total Costs and Expenses		70,211		52,955
Income from Operations		43,670		49,502
Other Expense:
Interest expense, net		(6,357)		(6,661)
Loss on derivatives, net		(126,970)		(5,850)
Loss from equity method investment		(368)		(119)
Loss on acquisitions and divestitures, net		(2,697)		—
Total Other Expense		(136,392)		(12,630)
Net Income (Loss) from Operations before Income Taxes		(92,722)		36,872
Income tax benefit (expense)		22,288		(8,239)
Net Income (Loss)		$	(70,434)	$	28,633
Net Income (Loss) per Share:
Basic		$	(3.38)	$	1.36
Diluted		$	(3.38)	$	1.36
Weighted Average Common Shares Outstanding:
Basic		20,869		21,111
Diluted		20,869		21,111

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands)
	Shareholders' Equity
	Common Stock
	Shares	Amount		Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balance, December 31, 2025	21,719	$	22	$	306,660	$	327,560	$	634,242
Stock-based compensation expense	—	—		2,301		—		2,301
Repurchased shares for tax withholding	—	—		(13)		—		(13)
Dividends declared	—	—		—		(8,608)		(8,608)
Repurchase and retirement of shares	(152)	—		(4,048)		—		(4,048)
Net loss	—	—		—		(70,434)		(70,434)
Balance, March 31, 2026	21,567	$	22	$	304,900	$	248,518	$	553,440
Balance, December 31, 2024	21,483	$	21	$	310,232	$	200,362	$	510,615
Stock-based compensation expense	404	—		1,369		—		1,369
Repurchased shares for tax withholding	(2)	—		(72)		—		(72)
Dividends declared	—	—		—		(8,162)		(8,162)
Net income	—	—		—		28,633		28,633
Balance, March 31, 2025	21,885	$	21	$	311,529	$	220,833	$	532,383

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended March 31,
	2026		2025
	(In thousands)
Cash Flows from Operating Activities:
Net income (loss)	$	(70,434)	$	28,633
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Exploratory well costs and lease expirations	913		9
Depletion, depreciation, amortization and accretion	25,720		19,138
Loss on derivatives, net	126,970		5,850
Settlements on derivative contracts	(11,725)		1,115
Amortization of deferred financing costs and discount	1,182		1,182
Stock-based compensation expense	2,301		1,369
Deferred income tax benefit	(23,308)		(1,826)
Loss from equity method investment	368		119
Loss on acquisitions and divestitures, net	2,697		—
Other	—		(8)
Changes in operating assets and liabilities
Accounts receivable, net	(17,071)		6,893
Prepaid expenses	(627)		(269)
Inventory	(1,087)		(1,435)
Other non-current assets, net	502		(914)
Accounts payable and accrued liabilities	10,727		(3,457)
Revenue payable	(2,420)		(625)
Other current liabilities	2,468		(5,393)
Net Cash Provided by Operating Activities	47,176		50,381
Cash Flows from Investing Activities:
Additions to oil and natural gas properties	(29,570)		(16,150)
Additions to midstream property and equipment	(1,054)		(2,879)
Additions to other property and equipment	(560)		(124)
Acquisitions of oil and natural gas properties	(2,175)		—
Acquisitions of land	(544)		—
Proceeds from divestitures	7,607		—
Contributions to equity method investment	(4,000)		(6,250)
Distributions from equity method investment	1,487		—
Net Cash Used in Investing Activities	(28,809)		(25,403)
Cash Flows from Financing Activities:
Deferred financing costs	(26)		(140)
Proceeds from Credit Facility	8,000		—
Repayments under Credit Facility	(11,000)		(16,000)
Repayments of Senior Notes	(5,000)		(5,000)
Payment of cash dividends	(8,360)		(8,033)
Repurchase of common shares	(4,048)		—
Repurchase of common shares for tax withholding and other	(13)		(72)
Net Cash Used in Financing Activities	(20,447)		(29,245)
Net Decrease in Cash	(2,080)		(4,267)
Cash, Beginning of Period	17,889		13,124
Cash, End of Period	$	15,809	$	8,857

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
(Unaudited)
	Three Months Ended March 31,
	2026		2025
	(In thousands)
Supplemental Disclosure of Cash Flow Information
Cash Paid For:
Interest, net of capitalized interest	$	5,469	$	5,860
Income taxes	$	10,000	$	9,000
Non-cash Investing and Financing Activities:
Changes in capital expenditures in accounts payable and accrued liabilities	$	13,513	$	5,264
Transfer of inventory to oil and natural gas properties	$	(26)	$	1,640
Right-of-use assets obtained in exchange for operating lease liability	$	352	$	300

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Nature of Business

Riley Permian is a growth-oriented, independent oil and natural gas company focused on horizontal drilling of conventional oil-saturated and liquids-rich formations in the Permian Basin that produce long-term cash flows. The majority of our acreage is located in Yoakum County, Texas, which represents our Champions field and Eddy County, New Mexico, which represents our Red Lake field.

(2) Basis of Presentation

These unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2026, and 2025, include the accounts of Riley Permian and our consolidated subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's 2025 Annual Report.

These condensed consolidated financial statements have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full-year ending December 31, 2026, for various reasons, including fluctuations in prices received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, unpredictability of new tariffs, the current and future impacts of military conflicts, changes to the political environment under the current administration and other factors.

(3) Summary of Significant Accounting Policies

Significant Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include, but are not limited to, estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, accrued capital expenditures and operating expenses, ARO, the fair value determination of acquired assets and assumed liabilities, certain tax accruals and the fair value of derivatives.

11

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Accounts Receivable, net

Accounts receivable, net is summarized below:

	March 31, 2026		December 31, 2025
	(In thousands)
Oil, natural gas and NGL sales	$	50,196	$	31,037
Joint interest accounts receivable	7,031		6,291
Allowance for credit losses	(614)		(601)
Other accounts receivable	16		4,318
Total accounts receivable, net	$	56,629	$	41,045

As of December 31, 2024, the Company had accounts receivables, net from oil, natural gas and NGL sales of $33.6 million.

The Company estimates uncollectible amounts based on the length of time that the accounts receivable has been outstanding, historical collection experience and current and future economic and market conditions. Allowances for credit losses are recorded as reductions to the carrying values of the accounts receivable included in the Company’s condensed consolidated balance sheets and are recorded in administrative costs in our condensed consolidated statements of operations if failure to collect an estimable portion is determined to be probable.

Other Property and Equipment, net

Other property and equipment, net is summarized below:

	March 31, 2026		December 31, 2025
	(In thousands)
Furniture, fixtures and other	7,983		7,583
Land	18,526		17,983
Other property and equipment	$	26,509	$	25,566
Accumulated depreciation and amortization	(3,725)		(3,694)
Total other property and equipment, net	$	22,784	$	21,872

Other Non-Current Assets, net

Other non-current assets, net consisted of the following:

	March 31, 2026		December 31, 2025
	(In thousands)
Deferred financing costs, net (1)	$	3,751	$	4,064
Right of use assets	3,353		3,323
Prepaid capital expenditures	661		2,116
Deposits	4,343		4,846
Other	1,550		1,550
Total other non-current assets, net	$	13,658	$	15,899

_____________________

(1)Deferred financing costs, net reflects costs associated with the Company's Credit Facility which are amortized over the term of the Credit Facility.

12

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2026		December 31, 2025
	(In thousands)
Accrued capital expenditures	$	21,162	$	12,125
Accrued lease operating expenses	7,561		7,160
Accrued general and administrative costs	13,672		11,403
Accrued inventory	—		1,123
Accrued ad valorem tax	1,302		5,277
Other accrued expenditures	680		602
Total accrued liabilities	$	44,377	$	37,690

Other Current Liabilities

Other current liabilities consisted of the following:

	March 31, 2026		December 31, 2025
	(In thousands)
Advances from joint interest owners	$	16,532	$	4,451
Income taxes payable	13,196		22,175
Current ARO liabilities	3,987		3,455
Current portion of earnout payments	4,547		1,040
Other	3,177		2,968
Total other current liabilities	$	41,439	$	34,089

Asset Retirement Obligations

Components of the changes in ARO for the three months ended March 31, 2026, and the year ended December 31, 2025, are shown below:

	March 31, 2026		December 31, 2025
	(In thousands)
ARO, beginning balance	$	63,432	$	35,268
Liabilities incurred	27		143
Liabilities assumed in acquisitions	—		19,284
Liabilities removed upon sale	(71)		(88)
Revision of estimated obligations	—		7,724
Liability settlements	(1,245)		(2,591)
Accretion	1,270		3,692
ARO, ending balance	$	63,413	$	63,432
Less: current ARO (1)	(3,987)		(3,455)
ARO, long-term	$	59,426	$	59,977

_____________________

(1)Current ARO is included within other current liabilities in our accompanying condensed consolidated balance sheets.

13

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Revenue Recognition

The following table presents oil and natural gas sales, net disaggregated by product:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Oil and natural gas sales:
Oil sales, net		$	124,968	$	98,592
Natural gas sales, net		(6,359)		1,584
NGL sales, net		(4,728)		2,281
Total oil and natural gas sales, net (1)		$	113,881	$	102,457

_____________________

(1) The Company's oil, natural gas and NGL sales are presented net of GP&T costs. These costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40) Reporting Comprehensive Income-Expense Disaggregation Disclosures, which broadens the disclosures required for certain costs and expenses in the Company’s annual and interim consolidated financial statements. This ASU is effective prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact to disclosures related to our annual report for fiscal year 2027.

(4) Acquisitions and Divestitures

Silverback Acquisition

On July 1, 2025, the Company completed the acquisition of 100% of the ownership interests of Silverback Exploration II, LLC and its subsidiaries ("Silverback") which owns oil and natural gas assets and operations located primarily in the Yeso trend of the Permian Basin in Eddy County, New Mexico for approximately $123 million, which included approximately $120 million paid in cash and approximately $3 million of estimated fair value related to potential earnout payments ("Silverback Acquisition"). The purchase price is subject to change pending final purchase price adjustments including the release of $1.2 million remaining in escrow, until one year from the closing date.

The Silverback Acquisition qualified as a business combination using the acquisition method of accounting. The assets acquired and liabilities assumed were recognized at fair value as of the acquisition date. The preliminary purchase price allocation is subject to change for up to one year subsequent to the closing date of the acquisition due to final customary purchase price adjustments. The assets acquired and liabilities assumed were recognized on the consolidated balance sheet at fair value as of the acquisition date. The fair value measurements of the oil and natural gas properties acquired and ARO assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future development, future operating costs, future cash flows and the use of weighted average cost of capital. These inputs required the use of significant judgments and estimates at the date of valuation, and use of different estimates and judgments could yield different results.

14

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following presents the allocation of the total purchase price of the Silverback Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the closing date of the acquisition:    

Preliminary purchase price allocation as of March 31, 2026 (in thousands):
Consideration:
Cash consideration paid to sellers upon closing	$	119,559
Preliminary estimated fair value of earnout payments	3,100
Total consideration transferred	$	122,659
Fair value of assets acquired:
Cash	$	1,857
Accounts receivable	7,476
Prepaid expenses	313
Inventory	5,371
Current derivative assets	1,029
Oil and gas properties	140,317
Other property and equipment	602
Other non-current assets	1,421
Amount attributable to assets acquired	$	158,386
Fair value of liabilities assumed:
Accounts payable	$	364
Accrued liabilities	1,708
Revenue payable	14,371
Asset retirement obligations	19,284
Amount attributable to liabilities assumed	$	35,727
Net assets acquired	$	122,659

Cash consideration included deposits into escrow of $14.2 million at signing and $6.9 million at closing for title defects. As of March 31, 2026, $4.6 million of the closing escrow was returned to the Company, $1.1 million was paid to the sellers and $1.2 million remains in escrow and is reflected as funds held in escrow in our condensed consolidated balance sheets.

The Company funded the acquisition with cash on hand and borrowings under our Credit Facility.

The Company may potentially pay the sellers quarterly earnout payments of up to $1.9 million per fiscal quarter during calendar years 2026 and 2027 if the NYMEX WTI quarterly average exceeds certain stated amounts set forth in the Purchase Agreement, ranging from $70 to $75 per barrel or higher. For the three months ended March 31, 2026, the average WTI was $72.67. The Company remeasured the fair value of its earnout payment liability at March 31, 2026, for the remaining 7 quarters and, as a result of the increase in the WTI forward strip pricing, a $4.1 million unrealized loss was reflected in loss on acquisitions and divestitures, net in our condensed consolidated statements of operations, inclusive of the payout of $937,500, which was realized and paid in April 2026. See additional information on the fair value measurement of the earnout payments in Note 7 - Fair Value Measurements.

15

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Loss on acquisitions and divestitures, net consisted of the following:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Gain on sale of oil and natural gas properties (1)		$	1,446	$	—
Loss on earnout liabilities - Silverback Acquisition		(4,120)		—
Loss on sale of other property and equipment		(23)		—
Total loss on acquisitions and divestitures, net		$	(2,697)	$	—

_____________________

(1) Represents sale of interest in non-operated wells.

Post-Acquisition Operating Results

The results of operations attributable to the Silverback Acquisition since the closing date of the acquisition have been included in the condensed consolidated statements of operations and include $14.2 million of total revenues and $8.4 million of earnings, which represents total revenues less production taxes and lease operating expenses ("LOE"), for the three months ended March 31, 2026.

Pro Forma Operating Results (Unaudited)

The results of operations of the Silverback Acquisition have been included in the Company's condensed consolidated financial statements since the closing date of the acquisition. The following supplemental, unaudited pro forma combined financial information for the three months ended March 31, 2025, reflect the consolidated results of operations of the Company as if the Silverback Acquisition had occurred on January 1, 2024. The information below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2024 instead of being recorded in the year ended December 31, 2025, (ii) depletion, depreciation and amortization expense and (iii) interest expense related to the financing for the Silverback Acquisition. In addition, the pro forma information has been effected for income taxes with a blended statutory rate of 25.7% for the three months ended March 31, 2025.

	Three Months Ended
	March 31, 2025
	(In thousands, except per share amounts)
Total revenues	$	122,971
Net income	$	31,631
Basic net income per common share	$	1.50
Diluted net income per common share	$	1.50

The unaudited pro forma combined financial information is for informational purposes only and is not intended to represent or to be indicative of the combined results of operations that the Company would have reported had the Silverback Acquisition been completed as of January 1, 2024, and should not be taken as indicative of the Company's future combined results of operations. The actual results may differ significantly from that reflected in the unaudited pro forma combined financial information for a number of reasons, including, but not limited to, differences in assumptions used to prepare the unaudited pro forma combined financial information and actual results.

16

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(5) Oil and Natural Gas Properties

Oil and natural gas properties, net are summarized below:

	March 31, 2026		December 31, 2025
	(In thousands)
Proved	$	1,184,748	$	1,153,126
Unproved	155,532		155,979
Work-in-progress	41,569		25,668
Oil and natural gas properties	$	1,381,849	$	1,334,773
Accumulated depletion, amortization and impairment	(363,681)		(339,234)
Total oil and natural gas properties, net	$	1,018,168	$	995,539

Depletion expense for proved oil and natural gas properties was $24.8 million and $17.5 million, respectively, for the three months ended March 31, 2026, and 2025.

Exploration costs were $1 million and nominal for the three months ended March 31, 2026, and 2025, respectively, and were primarily attributable to the expiration of oil and natural gas leases.

(6) Derivative Instruments

Oil and Natural Gas Contracts

The Company uses commodity based derivative contracts to reduce exposure to fluctuations in oil and natural gas prices. While the use of these contracts partially limits the downside risk for adverse price changes, their use also partially limits future revenues from favorable price changes. We have not designated our derivative contracts as hedges for accounting purposes, and therefore changes in the fair value of derivatives are included and recognized in other expense in our accompanying condensed consolidated statements of operations.

17

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

As of March 31, 2026, the Company’s oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivative positions as of March 31, 2026, related to our future oil and natural gas production:

	2026						2027								2028
	Second Quarter		Third Quarter		Fourth Quarter		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		First Quarter
Oil
WTI Oil Swaps
Volume (Bbl)	960,000		1,020,000		1,020,000		755,000		620,000		600,000		570,000		180,000
Weighted average price ($/Bbl)	$	62.52	$	62.59	$	62.42	$	62.24	$	62.42	$	62.13	$	62.45	$	72.11
WTI Oil Collars
Volume (Bbl)	541,000		570,000		550,000		475,000		537,000		400,000		225,000		180,000
Weighted  average floor  price ($/Bbl)	$	58.84	$	58.25	$	57.75	$	57.15	$	55.84	$	52.93	$	56.33	$	55.00
Weighted average ceiling price ($/Bbl)	$	73.60	$	72.66	$	69.59	$	66.42	$	67.97	$	65.87	$	67.06	$	73.33
Natural Gas
Henry Hub Natural Gas Swaps
Volume (MMBtu)	450,000		300,000		500,000		600,000
Weighted average price ($/MMBtu)	$	3.64	$	3.59	$	4.07	$	4.19
Henry Hub Natural Gas Collars
Volume (MMBtu)	900,000		900,000		600,000		450,000
Weighted average floor price ($/MMBtu)	$	3.05	$	3.05	$	3.43	$	3.80
Weighted average ceiling price ($/MMBtu)	$	3.74	$	3.74	$	4.79	$	5.84
Waha Basis Swaps
Volume (MMBtu)	450,000		450,000		600,000		3,150,000		3,150,000		3,150,000		3,150,000		1,800,000
Weighted average price ($/MMBtu)	$	(2.26)	$	(2.26)	$	(1.31)	$	(0.94)	$	(0.95)	$	(0.95)	$	(0.95)	$	(1.01)

18

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Interest Rate Contracts

The Company entered into floating-to-fixed interest rate swaps, in which it will receive a floating market rate equal to one-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate ("SOFR") Rate and will pay a fixed interest rate to manage future interest rate exposure related to the Company’s Credit Facility.

The following table summarizes the open interest rate derivative positions as of March 31, 2026:

Open Coverage Period	Position	Notional Amount		Fixed Rate
		(In thousands)
April 2026 - April 2026	Long	$	30,000	3.18	%
April 2026 - April 2026	Long	$	50,000	3.04	%
April 2026 - April 2027	Long	$	45,000	3.90	%

Balance Sheet Presentation of Derivatives    

The following tables present the location and fair value of the Company’s derivative contracts included in our accompanying condensed consolidated balance sheets:

	March 31, 2026
Balance Sheet Classification	Gross Fair Value		Amounts Netted		Net Fair Value
	(In thousands)
Current derivative assets	$	8,728	$	(8,728)	$	—
Non-current derivative assets	11,388		(10,000)		1,388
Current derivative liabilities	(86,665)		8,728		(77,937)
Non-current derivative liabilities	(24,587)		10,000		(14,587)
Total	$	(91,136)	$	—	$	(91,136)
	December 31, 2025
Balance Sheet Classification	Gross Fair Value		Amounts Netted		Net Fair Value
	(In thousands)
Current derivative assets	$	22,121	$	(2,980)	$	19,141
Non-current derivative assets	9,316		(4,199)		5,117
Current derivative liabilities	(3,017)		2,980		(37)
Non-current derivative liabilities	(4,311)		4,199		(112)
Total	$	24,109	$	—	$	24,109

The following table presents the components of the Company's loss on derivatives, net for the periods presented below:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Settlements on derivative contracts		$	(11,725)	$	1,115
Non-cash loss on derivatives		(115,245)		(6,965)
Loss on derivatives, net		$	(126,970)	$	(5,850)

(7) Fair Value Measurements

The FASB has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability.

19

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The carrying values of financial instruments comprising cash, payables, receivables and advances from joint interest owners approximate fair values due to the short-term maturities of these instruments and are classified as Level 1 in the fair value hierarchy. The carrying value reported for the Credit Facility approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of the Senior Notes is based on estimates of current rates available for similar issuances with similar maturities and is classified as Level 2 in the fair value hierarchy. The oil and natural gas properties acquired and ARO assumed in the Silverback Acquisition in addition to the fair value of assets and liabilities when considered for impairment are considered Level 3 measurements.

Assets and Liabilities Measured on a Recurring Basis

The fair values of commodity derivatives and interest rate swaps are estimated using discounted cash flow calculations based on forward curves and are classified as Level 2 within the fair value hierarchy. The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy:

	March 31, 2026
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial assets:
Commodity derivative assets	$	—	$	20,116	$	—	$	20,116
Financial liabilities:
Commodity derivative liabilities	$	—	$	(111,186)	$	—	$	(111,186)
Interest rate liabilities	$	—	$	(66)	$	—	$	(66)
Silverback earnout payment liabilities	$	—	$	—	$	(7,220)	$	(7,220)
	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial assets:
Commodity derivative assets	$	—	$	31,437	$	—	$	31,437
Financial liabilities:
Commodity derivative liabilities	$	—	$	(7,179)	$	—	$	(7,179)
Interest rate liabilities	$	—	$	(149)	$	—	$	(149)
Silverback earnout payment liabilities	$	—	$	—	$	(3,100)	$	(3,100)

Silverback Earnout Payments

The earnout payments in connection with the Silverback Acquisition were valued using a Monte Carlo simulation model that incorporated forward strip pricing as of March 31, 2026. The valuation process involved modeling the potential earnout payments over numerous scenarios based on WTI futures prices. The average expected value from the simulations was then discounted using the Company's weighted average cost of debt. Based on the forward strip pricing as of March 31, 2026, the earnout payment liability was increased from $3.1 million to $7.2 million, which includes $937,500 realized and paid in April 2026 and $6.3 million unrealized. The fair value of the unrealized earnout payments is considered a Level 3 measurement due to the unobservable inputs including volatility and the discount rate, as well as the detailed modeling required to estimate fair value. See Note 4 - Acquisitions and Divestitures for additional information on the earnout payments. The following table summarizes the changes in the fair value of our Silverback earnout payments, in addition to the range and arithmetic mean of the significant unobservable inputs used in the Level 3 fair value measurement:

				Unobservable Inputs
	Fair Value (In thousands)		Valuation Technique	WTI Futures (Arithmetic Average)
December 31, 2025	$	3,100	Monte Carlo	$56.91 - $57.96 ($57.23)
Loss on earnout liabilities	4,120
March 31, 2026	$	7,220	Monte Carlo	$68.09 - $98.64 ($74.07)

20

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

As of March 31, 2026, $4.5 million, which includes the earned payout of $937,500 for the first quarter of 2026, is accrued in other current liabilities and $2.7 million is accrued in other long-term liabilities in our accompanying condensed consolidated balance sheets.

Liabilities Not Measured on a Recurring Basis

The following table summarizes the fair value and carrying amount of the Company's financial instruments:

	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Credit Facility (Level 2)	$	107,000	$	107,000	$	110,000	$	110,000
Senior Notes (Level 2)(1)	$	133,675	$	143,798	$	137,855	$	149,312

_____________________

(1)The carrying value for the Senior Notes is shown net of unamortized discount and unamortized deferred financing costs.

The carrying value reported for the Credit Facility approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of the Senior Notes was determined utilizing a discounted cash flow approach.

(8) Equity Method Investment

RPC Power

RPC Power LLC ("RPC Power") is our power-focused joint venture with Conduit Power LLC, in which we have 50% ownership. The Company is currently involved in two projects with RPC Power.

The first project provides a portion of our electric power needs for our field operations in our Champions field. This project consists of two sites located within the Company's operating area. The power generated and delivered by RPC Power is consumed by operating activities and not sold to the electric grid.

The second project is intended to provide power for the sale into ERCOT, the primary electric grid of Texas, with none of the generation consumed by Riley Permian. This project consists of four sites located outside of the Company's operating area, but in the west Texas region.

As the Company has significant influence due to our ownership percentage, but lacks control, RPC Power is accounted for as an equity method investment. In November 2024, the Company signed the Second Amendment to the A&R LLC Agreement, which increased the capital commitment for each owner from $42.5 million to $51.5 million. As of March 31, 2026, the Company had invested $43.5 million in the joint venture, comprised of $41.2 million in cash and $2.3 million of contributed assets, which was reduced by distributions and the Company's share of losses and increased by our share of income in the joint venture.

During the three months ended March 31, 2026, the Company contributed an additional $4.0 million to RPC Power. The Company has a remaining commitment to invest up to an additional $8.0 million, if required, to fund our portion of the future capital budget for the RPC Power joint venture. On December 31, 2025, RPC Power declared a $3 million dividend, of which $1.5 million was the Company's portion. The dividend was paid in January 2026.

See Note 9 - Transactions with Related Parties for further discussion of the contractual agreements between the Company and RPC Power and its affiliates and Note 15 - Commitments and Contingencies for additional information on future commitments.

21

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the Company's equity method investment activity:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Equity method investment, beginning balance		$	36,188	$	22,811
Contributions		4,000		6,250
Loss from equity method investment		(368)		(119)
Equity method investment, ending balance		$	39,820	$	28,942

(9) Transactions with Related Parties

RPC Power

In January 2023, the Company entered into a 10-year agreement with RPC Power, which provides for the conversion of specified quantities of the Company’s produced natural gas to electricity to power a portion of our oilfield operations in our Champions field ("Tolling Agreement"). The Tolling Agreement was amended and restated in June 2024 ("A&R Tolling Agreement") primarily to reflect the new in-service date of September 2024. The Company also entered into a 10-year agreement (“Asset Optimization Agreement”) in January 2023 that requires RPC Power to provide operational expertise on the implementation and management of the power generating assets subject to the A&R Tolling Agreement for a monthly fee of $20 thousand.

In May 2024, the Company entered into the Second Amended and Restated Limited Liability Company Agreement (“A&R LLC Agreement”) to expand the scope of our joint venture to include the constructing, owning and operating of additional new power generation and storage assets, for the sale of energy and ancillary services to ERCOT ("Merchant Deal").

In May 2024, the Company entered into a 10-year natural gas supply agreement ("Supply Agreement") with RPC Merchant LLC, a wholly owned subsidiary of RPC Power ("RPC Merchant"), to supply natural gas to fuel the natural gas generators under the Merchant Deal. The Company's commitment under the Supply Agreement is contingent upon project start-up which is expected to commence during the second half of 2026.

The Company incurred LOE from RPC Power of approximately $2.0 million and $1.6 million, respectively, for the three months ended March 31, 2026, and 2025. As of March 31, 2026, and December 31, 2025, the Company had approximately $0.7 million accrued for RPC Power, which was included in accrued liabilities in our accompanying condensed consolidated balance sheets.

See additional information related to RPC Power in Note 8 - Equity Method Investment and Note 15 - Commitments and Contingencies for additional information on future commitments.

Consulting and Legal Fees

The Company has an engagement agreement with di Santo Law PLLC ("di Santo Law"), a law firm owned by Beth di Santo, a member of our Board of Directors, pursuant to which di Santo Law's attorneys provide legal services to the Company.

The Company incurred legal fees from di Santo Law of approximately $0.3 million and $0.4 million for the three months ended March 31, 2026, and 2025, respectively. As of March 31, 2026, and December 31, 2025, the Company had approximately $1.8 million and $1.7 million, respectively, in amounts accrued for di Santo Law, which was included in other current liabilities in our accompanying condensed consolidated balance sheets.

22

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(10) Long-Term Debt

The following table summarizes the Company's outstanding debt:

	March 31, 2026		December 31, 2025
	(In thousands)
Credit Facility	$	107,000	$	110,000
Senior Notes
Principal	$	140,000	$	145,000
Less: Unamortized discount(1)	4,506		5,095
Less: Unamortized deferred financing costs(1)	1,819		2,050
Total Senior Notes	$	133,675	$	137,855
Total debt	$	240,675	$	247,855
Less: Current portion of long-term debt(2)	20,000		20,000
Total long-term debt	$	220,675	$	227,855

___________________

(1)Unamortized discount and unamortized deferred financing costs are attributable to and amortized over the term of the Senior Notes.

(2)As of March 31, 2026, and December 31, 2025, the current portion of long-term debt reflects $20 million due on the Senior Notes over the next twelve months.

Credit Facility

As of March 31, 2026, Riley Exploration - Permian, LLC ("REP LLC"), as borrower, and the Company, as parent guarantor, are parties to a credit agreement with Truist Bank and certain lenders party thereto, as amended, which provides for a Credit Facility with a borrowing base of $400 million. On December 13, 2024, the Company entered into the sixteenth amendment to the Credit Facility to, among other things, extend the stated maturity date from April 2026 to December 2028 (or if any Senior Notes are then outstanding, the date that is 181 days prior to the earliest stated maturity date of such Senior Notes, in this case October 2027) and increased the borrowing base from $375 million to $400 million, which was reaffirmed in December 2025 with the removal of the natural gas hedging requirement. Substantially all of the Company’s assets are pledged to secure the Credit Facility.

The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not greater than 3.00 to 1.00 and (ii) a minimum current ratio of not less than 1.0 to 1.0 as of the last day of any quarter. The Credit Facility also contains a total leverage ratio for the regulation of Restricted Payments, as defined in the credit agreement after giving pro forma effect to such Restricted Payments, which includes payments to any holder of the Company's shares, would not exceed 2.50 to 1.00. If the Company's leverage ratio, after giving pro forma effect to such Restricted Payments (as defined in the Credit Agreement), is above 2.0 to 1.0, then an additional test of free cash flow is applied, and the Company will only be permitted to make such Restricted Payments if such payment does not exceed the Company's free cash flow. In addition to and after giving effect to such Restricted Payments, the availability of funds under the Company's Credit Facility must be greater than or equal to 20% of the elected commitments. The Company must maintain a minimum hedging requirement for oil based on our proved developed producing projected volumes on a rolling 24-month basis.

The following table summarizes the Credit Facility balances:

	March 31, 2026		December 31, 2025
	(In thousands)
Outstanding borrowings	$	107,000	$	110,000
Available under the borrowing base	$	293,000	$	290,000

See additional information regarding the Credit Facility in Note 16 - Subsequent Events.

23

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Senior Notes

On April 3, 2023, the Company (as issuer) completed our issuance of $200 million aggregate principal amount of 10.50% senior unsecured notes with final maturity in April 2028 pursuant to a note purchase agreement (the "Note Purchase Agreement"), with the Senior Notes issued at a 6% discount.

Interest is due and payable at the end of each quarter. In addition to interest, the Company will repay 2.50% of the original principal amount each quarter resulting in $5 million quarterly principal payments until the maturity of the Senior Notes. As of March 31, 2026, the Company had $20 million in current liabilities in our accompanying condensed consolidated balance sheets related to the quarterly principal payments due within the next 12 months.

The Company may, at our option, redeem, at any time and from time to time on or prior to April 3, 2026, some or all of the Senior Notes at 100% of the principal amount thereof plus the make-whole amount plus a premium of 5.25% as set forth in the Note Purchase Agreement plus accrued and unpaid interest, if any. After April 3, 2026, but on or prior to October 3, 2026, the Company may, at our option, redeem, at any time and from time to time some or all of the Senior Notes at 100% of the principal amount thereof plus a premium of 5.25% as set forth in the Note Purchase Agreement plus accrued and unpaid interest, if any. After October 3, 2026, the Company may redeem some or all of the Senior Notes at 100% of the principal amount thereof plus accrued and unpaid interest, if any. The principal remaining outstanding at the time of maturity is required to be paid in full by the Company. Certain note features, including those discussed above, were evaluated and deemed to be remote. Due to the remote nature, the fair value of these features was estimated to be approximately zero.

The Senior Notes contain certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not greater than 3.00 to 1.00 and (ii) an asset coverage ratio greater than 1.50 to 1.00. The Senior Notes also contain a total leverage ratio and an asset coverage ratio for Restricted Payments, as defined in the Note Purchase Agreement. The leverage ratio, after giving pro forma effect to such Restricted Payments, cannot exceed 2.00 to 1.00, and the asset coverage ratio, after giving effect to such Restricted Payments, must be greater than or equal to 1.50 to 1.00. In addition to and after giving effect to such Restricted Payments, the availability of funds under the Company's Credit Facility must be greater than or equal to 15% of the Aggregate Elected Commitment Amount, as defined in the Note Purchase Agreement. Upon issuance of the Senior Notes, the Company must maintain a minimum hedging requirement included within the Senior Notes for oil and natural gas based on our proved developed producing projected volumes for oil and natural gas on a rolling 18-month basis.

The Senior Notes are general unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Note Purchase Agreement contains customary terms and covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness.

The following table summarizes the Company's interest expense:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Interest expense		$	5,362	$	6,025
Interest income		(175)		(130)
Capitalized interest		(291)		(691)
Amortization of deferred financing costs		593		568
Amortization of discount on Senior Notes		589		614
Unused commitment fees on Credit Facility		279		275
Total interest expense, net		$	6,357	$	6,661

During the three months ended March 31, 2026, and 2025, the weighted average interest rate on the Credit Facility was 6.53% and 7.25%, respectively.

As of March 31, 2026, the Senior Notes had $4.5 million of unamortized discount and $1.8 million of unamortized deferred financing costs, resulting in an effective interest rate of 13.4% during the three months ended March 31, 2026. As of December

24

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

31, 2025, the Senior Notes had $5.1 million of unamortized discount and $2.1 million of unamortized deferred financing costs, resulting in an effective interest rate of 13.4% during the year ended December 31, 2025.

As of March 31, 2026, the Company was in compliance with all covenants contained in the Credit Agreement and Note Purchase Agreement.

(11) Shareholders' Equity

Dividends

For the three months ended March 31, 2026, and 2025, the Company declared quarterly dividends on our common stock totaling approximately $8.6 million and $8.2 million, respectively.

Stock-Based Compensation

In April 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") which authorized up to 2,337,022 shares of common stock that may be granted as awards under the A&R LTIP. As of March 31, 2026, the A&R LTIP had 345,122 shares remaining that are available for future awards.

In March 2025, the Company introduced performance-based restricted stock awards to further align the compensation of the Company's executive officers with the long-term growth of the Company and the interests of its shareholders. Performance stock awards may be earned based on the Company’s achievement of total shareholder return ("TSR") relative to its peer group during the applicable three-year performance period. Payouts for the executive officers can range from 0% to 200% of the target and have cliff-vesting after three years, with dividends paid on the number of shares vested. As a result, the Company has reduced the remaining shares available to be granted as awards under the A&R LTIP by 168,406 shares (the full 200%), which assumes the highest percentage payout for the performance stock awards. The number of unvested shares of performance restricted stock used to calculate our fully diluted shares based on the Company's relative TSR ranking as of March 31, 2026, and December 31, 2025, is 122,936 and 149,039, respectively.

There were no performance stock awards granted during the three months ended March 31, 2026. During the three months ended March 31, 2025, the fair value of performance awards were estimated as of the date of grant using a Monte Carlo simulation with the following assumptions:

Grant-date fair value	$	45.07
Risk-free interest rate	4.02%
Volatility factor	55.88%

2021 Long-Term Incentive Plan

The following table presents the Company's restricted stock activity during the three months ended March 31, 2026, under the A&R LTIP:

	Restricted Stock Awards
	Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	569,150	$	29.67
Granted	167,690	$	33.44
Vested	(20,852)	$	23.58
Forfeited	(355)	$	30.00
Unvested at March 31, 2026	715,633	$	30.73

For the three months ended March 31, 2026, and 2025, the total stock-based compensation expense was $2.3 million and $1.4 million, respectively. Stock-based compensation expense is included in general and administrative costs in the Company's accompanying condensed consolidated statements of operations for the restricted stock awards granted under the A&R LTIP.

25

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents unrecognized stock-based compensation expense expected to be recognized and the related weighted average recognition period associated with unvested shares as of March 31, 2026:

	Restricted Stock Awards		Performance Stock Awards
Unrecognized compensation expense (in millions)	$	15.4	$	2.5
Weighted average period for recognition (months)	26		24

Share Repurchases

In December 2025, our Board of Directors approved a stock repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $100 million of our common stock from time to time over a period of 24 months, including through open market purchases, through block trades, in privately negotiated transactions, or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions. The Repurchase Program does not obligate us to purchase any common stock and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Under the Repurchase Program, 152,408 shares were purchased and subsequently retired during the three months ended March 31, 2026. The remaining repurchase authority under the Repurchase Program at March 31, 2026, was $96 million.

(12) Income Taxes

The components of the Company's consolidated provision for income taxes from operations are as follows:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Current income tax expense:
Federal		$	770	$	9,124
State		250		941
Total current income tax expense		$	1,020	$	10,065
Deferred income tax benefit:
Federal		$	(22,374)	$	(1,800)
State		(934)		(26)
Total deferred income tax benefit		$	(23,308)	$	(1,826)
Total income tax (benefit) expense		$	(22,288)	$	8,239

Beginning in the first quarter of 2026, the Company elected to change its interim income tax reporting methodology from the income statement method to the balance sheet method and will apply this method consistently for the remainder of the fiscal year. The change was made because significant unrealized losses on derivative instruments recognized during the three months ended March 31, 2026 are expected to reverse in future periods, and use of the income statement method would have caused a disproportionate amount of the related tax benefit to be recognized in the first quarter. Under the balance sheet method, interim income tax expense is based on changes in deferred tax assets and liabilities during the period, which the Company believes more appropriately reflects the allocation of the annual effective tax rate between current and deferred income tax expense. This change affects only the allocation of the interim income tax expense between current and deferred income tax expense and does not affect the Company’s full-year effective tax rate or total quarterly income tax expense.

26

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:

		Three Months Ended March 31,
		2026				2025
		Amount		Percent		Amount		Percent
	(In thousands, except percentages)
U.S federal statutory tax rate		$	(19,472)	21.0	%	$	7,248	21.0	%
State income taxes, net of federal income tax effect(1)		(2,209)		2.4	%	723		2.1	%
Nondeductible items:
Nondeductible compensation		(559)		0.6	%	269		0.8	%
Stock-based compensation		(13)		—	%	(5)		—	%
Other		(35)		—	%	4		—	%
Effective income tax rate		$	(22,288)	24.0	%	$	8,239	23.9	%

_____________________

(1)State taxes in New Mexico and Texas make up the tax effect in this category.

Cash paid for income taxes was as follows:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Total federal	$	10,000	$	9,000
Total state and local	—		—
Total income taxes paid	$	10,000	$	9,000

The Company's federal income tax returns for the years subsequent to December 31, 2021, remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2020. The Company currently believes that all other significant filing positions are highly certain and that all of our other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on our consolidated financial statements. Therefore, the Company has not established any reserves for uncertain tax positions.

27

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(13) Net Income Per Share

The Company calculated net income per share using the treasury stock method. The table below sets forth the computation of basic and diluted net income per share:

	Three Months Ended March 31,
	2026		2025
	(In thousands, except per share amounts)
Net income (loss)	$	(70,434)	$	28,633
Basic weighted average common shares outstanding	20,869		21,111
Restricted shares	—		—
Diluted weighted average common shares outstanding	20,869		21,111
Basic net income (loss) per share	$	(3.38)	$	1.36
Diluted net income (loss) per share	$	(3.38)	$	1.36

The following shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect:

	Three Months Ended March 31,
	2026	2025
	(In thousands)
Restricted shares	698	427

(14) Segments

The Company’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, the Company aggregates our operating segments into one reporting segment due to the similar nature of these operations.

28

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents consolidated net income, the significant measure of profit and loss used by the CODM, as well as total assets, capital expenditures and our equity method investment for the Company's single reportable segment:

		Three Months Ended March 31,
		2026		2025
	(In thousands)
Total Revenues		$	113,881	$	102,457
Less:
Lease operating expenses		24,071		18,331
Production and ad valorem taxes		9,032		6,670
Exploration costs		967		9
Depletion, depreciation, amortization and accretion		25,720		19,138
Administrative Costs		8,120		7,438
Stock-based compensation expense		2,301		1,369
Interest expense, net of capitalized interest(1)		6,532		6,791
Interest income		(175)		(130)
Loss on derivatives, net		126,970		5,850
Loss from equity method investment		368		119
Loss on acquisitions and divestitures, net		2,697		—
Income tax (benefit) expense		(22,288)		8,239
Segment net income (loss)(2)		$	(70,434)	$	28,633
Total assets		$	1,180,081	$	994,944
Capital expenditures(3)		$	47,087	$	24,000
Equity method investment		$	39,820	$	28,942

_____________________

(1)Interest expense is shown gross of or prior to the effect of interest income.

(2)There are no reconciling items between net income (loss) presented in our accompanying condensed consolidated statements of operations and segment net income (loss).

(3)Capital expenditures are accrual (activity-based) before acquisitions.

(15) Commitments and Contingencies

Legal Matters

Due to the nature of the Company's business, the Company may at times be subject to claims and legal actions. The Company accrues liabilities when it is probable that future costs will be incurred, and such costs can be reasonably estimated. Such accruals are based on developments to date and the Company’s estimates of the outcomes of these matters. The Company did not recognize any material liability for legal matters as of March 31, 2026, or December 31, 2025. Management believes it is remote that the impact of such matters will have a materially adverse effect on the Company’s financial position, results of operations, or cash flows.

Environmental Matters

The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. These laws, which are often changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. The Company had no material environmental liabilities as of March 31, 2026, or December 31, 2025.

Contractual Commitments

The Company is a party to a gas gathering, treating and processing agreement with Targa Northern Delaware LLC ("Targa") in Texas. Under the terms of the agreement, the Company agreed to deliver an annual minimum volume during the contract term. As of March 31, 2026, approximately five years remain under this contract.

29

RILEY EXPLORATION PERMIAN, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Under the A&R Tolling Agreement with RPC Power, the Company has committed to provide specified quantities of our natural gas for 10 years following the in-service date of September 2024, for a fee based on a per MMBtu basis adjusted for contractual usage factors. The Company also entered into the Asset Optimization Agreement that requires RPC Power to provide operational expertise on the implementation and management of the power generating assets subject to the A&R Tolling Agreement for a monthly fee of $20 thousand.

Under the Supply Agreement with RPC Merchant, the Company agreed to supply natural gas to fuel the natural gas generators under the Merchant Deal for 10 years. The Company's commitment under the Supply Agreement is contingent upon project start-up which is expected to commence during the second half of 2026.

Under the A&R LLC Agreement with RPC Power, the Company agreed to make additional capital contributions to fund its portion of the capital budget for RPC Power. The Company's remaining commitment, if required, is $8.0 million.

See Note 8 - Equity Method Investment and Note 9 - Transactions with Related Parties for additional information related to RPC Power.

Midstream Gas Purchase Agreement

On December 31, 2024, the Company signed a long-term gas purchase agreement for the Company's New Mexico field with Targa, which was amended and restated ("the A&R Gas Purchase Agreement") in connection with the Company's December 2025 sale of Dovetail Midstream, LLC, a wholly owned subsidiary of the Company that holds certain midstream infrastructure projects in Eddy County, New Mexico, to Targa. The agreement has a minimum volume commitment in New Mexico for an initial 15-year term from the in-service date, which is expected to commence before the end of 2026.

Waterbridge

On January 6, 2026, the Company entered into a 15-year water management services agreement ("Waterbridge Agreement") with Waterbridge Stateline LLC ("Waterbridge") to deliver a portion of its New Mexico produced water for disposal purposes within a specified dedicated area. During the first 7 years of the agreement, the Company has both annual and a cumulative volume commitment to deliver minimum quantities of produced water. The in-service date is expected to be September 2026.

(16) Subsequent Events

Dividend Declaration

On April 15, 2026, the Board of Directors of the Company declared a cash dividend of $0.40 per share of common stock payable on May 13, 2026 to our shareholders of record at the close of business on April 29, 2026.

Credit Facility Redetermination

On April 30, 2026, in connection with the semi‑annual redetermination process under the Company’s Credit Facility, the Company entered into the eighteenth amendment to the Credit Facility, which among other things, increased the Company’s borrowing base from $400 million to $425 million and documented the Company's election to maintain commitments thereunder at $400 million. In addition, the eighteenth amendment shortens the springing maturity of the Credit Facility in advance of the Senior Notes from 181 days to 91 days, effectively extending the maturity date for the Credit Facility to January 2028, given the April 2028 stated maturity of the Senior Notes. All other significant terms of the Credit Facility remained unchanged. The Company was in compliance with all covenants under the Credit Facility as of March 31, 2026.

Equity Investment Contribution

On May 1, 2026, the Company contributed an additional $2.5 million to its equity method investment, RPC Power.

30

.Table of Contents

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

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the Company's condensed consolidated financial statements and related notes thereto presented in this report as well as the Company's audited consolidated financial statements and related notes included in the Company's Annual Report for the fiscal year ended December 31, 2025. The following discussion contains "forward-looking statements" that reflect the Company’s future plans, estimates, beliefs and expected performance. The Company’s actual results could differ materially from those discussed in these forward-looking statements. See "Cautionary Statement Regarding Forward-Looking Statements" and "Part II, Item 1A. Risk Factors" below and the information set forth in the Risk Factors under Part I, Item 1A of the Company's Annual Report for the fiscal year ended December 31, 2025.

Overview

Riley Permian is a growth-oriented, independent oil and natural gas company focused on horizontal drilling of conventional oil-saturated and liquids-rich formations in the Permian Basin that produce long-term cash flows. The majority of our acreage is located in Yoakum County, Texas and Eddy County, New Mexico.

Our strategic business objectives include enhancing the rate of return on our invested capital, generating sustainable free cash flow, maintaining a strong and flexible balance sheet and maximizing returns to shareholders. We implement this strategy primarily through identification and capture of attractive development opportunities, optimization of our assets and pursuing complementary growth opportunities that increase our scale and meet our strategic and financial objectives.

Recent Developments

Geopolitical and Economic Conditions

Commodity prices remain volatile. General domestic and international economic, market and political conditions, including military conflicts, global economic growth, unpredictability of tariffs, actions of OPEC+ countries, and changes to the current political environment could prolong market volatility and cause a decline in commodity prices.

We monitor the risk of cost pressures in specific areas of our operating expenses and capital expenditures. Our margins may be compressed if costs increase more than commodity prices and our revenues, net of derivatives. Additionally, the current interest rate environment remains sensitive to shifts in macroeconomic factors and central bank policies. Increased interest rates could have the effects of raising our cost of capital and the potential for depressing economic growth, either of which (or the combination thereof) could hurt the financial and operating results of our business.

The Company cannot estimate the length or gravity of the future impact these conditions will have on the Company's results of operations, financial position, liquidity and the value of the oil and natural gas reserves.

Midstream Disruption

Beginning on March 28, 2026, and continuing subsequent to the balance sheet date, an unplanned outage at a third-party gas processing facility in New Mexico operated by one of our midstream counterparties required us to shut in a significant portion of our New Mexico production. The duration of the outage remains uncertain; however, the impact on the three months ended March 31, 2026 was not material.

Based on the limited geographic scope of affected production, the continued strong performance of our Texas operations, and our reallocation of capital to accelerated drilling and completion activity in Texas, we do not currently expect the outage to have a material impact on our second quarter or full-year 2026 production volumes, revenues, or results of operations.

We expect our reliance on this counterparty to diminish once additional processing and takeaway capacity becomes available from the new high-pressure gathering and trunk line infrastructure currently being constructed by Targa in Eddy County, New Mexico under the A&R Gas Purchase Agreement. See Note 15 – Commitments and Contingencies for further discussion of the Gas Purchase Agreement. The in-service date of the new Targa pipeline system is currently expected to occur before the end of 2026. We will continue to monitor the situation.

31

.Table of Contents

Results of Operations

Comparison for the three months ended March 31, 2026, and 2025:

	Three Months Ended March 31,
	2026		2025
Revenues (in thousands):(1)
Oil sales, net	$	124,968	$	98,592
Natural gas sales, net	(6,359)		1,584
NGL sales, net	(4,728)		2,281
Oil and natural gas sales, net	$	113,881	$	102,457
Production Data, net:
Oil (MBbls)	1,814		1,406
Natural gas (MMcf)	3,781		2,228
NGLs (MBbls)	760		422
Total equivalent (MBoe)	3,204		2,199
Daily equivalent production (Boe/d)	35,600		24,433
Daily oil production (Bbls/d)	20,156		15,622
Average Realized Prices:(1)
Oil ($ per Bbl)	$	68.89	$	70.12
Natural gas ($ per Mcf)	$	(1.68)	$	0.71
NGLs ($ per Bbl)	$	(6.22)	$	5.41
Average Realized Prices, including the effect of derivative settlements:(1)(2)
Oil ($ per Bbl)	$	62.40	$	70.97
Natural gas ($ per Mcf)	$	(1.67)	$	0.68
NGLs ($ per Bbl)(3)	$	(6.22)	$	5.41

_____________________

(1)The Company's oil, natural gas and NGL sales are presented net of GP&T costs. These costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.

(2)The Company's calculation of the effects of derivative settlements includes gains (losses) on the settlement of our commodity derivative contracts. These realized gains (losses), along with unrealized gains (losses) from changes in the fair value of derivatives, are included under other expense on the Company’s condensed consolidated statements of operations.

(3)During the periods presented, the Company did not have any NGL derivative contracts in place.

32

.Table of Contents

Oil and Natural Gas Revenues

Our revenues are derived from the sale of our oil and natural gas production, including the sale of NGLs that are extracted from our natural gas during processing. Realized prices and revenues from product sales are a function of the volumes produced, product quality, market prices, gas Btu content, as well as GP&T costs. GP&T costs are allocated across natural gas and NGLs based on revenue, which leads to heightened fluctuations in such cost allocations across periods. Our revenues from oil, natural gas and NGL sales do not include the effects of derivatives. Our revenues may vary significantly from period to period as a result of changes in the volume of production sold or changes in commodity prices. The following table presents the Company's oil and natural gas sales prior to and net of GP&T costs:

	Three Months Ended March 31,
	2026		2025
Revenues:	(In thousands)
Oil sales, net	$	124,968	$	98,592
Gas sales	$	(3,432)	$	4,480
Less: GP&T costs	(2,927)		(2,896)
Gas sales, net	$	(6,359)	$	1,584
NGL sales	$	12,861	$	10,226
Less: GP&T costs	(17,589)		(7,945)
NGL sales, net	$	(4,728)	$	2,281
Oil and natural gas sales	$	134,397	$	113,298
Less: GP&T costs	(20,516)		(10,841)
Oil and natural gas sales, net	$	113,881	$	102,457

Three months ended March 31, 2026, compared to three months ended March 31, 2025

The Company’s total oil and natural gas sales, net increased $11.4 million, or 11%. The following tables summarize the effects of price, volume and GP&T cost changes on our revenues from oil, natural gas and NGLs:

Oil revenues

Oil revenues increased by $26.4 million, as higher volumes more than offset the impact of lower prices. Oil production volume increased by 29% from wells acquired in the Silverback Acquisition and new wells turned to sales. Realized oil price decreased by $1.23 per Bbl, as lower West Texas Sour pricing more than offset a $0.96 increase in the average WTI price.

	(In thousands)
Oil sales, net for the three months ended March 31, 2025	$	98,592
Price	(2,234)
Volume	28,610
Oil sales, net for the three months ended March 31, 2026	$	124,968

Natural gas revenues

Natural gas revenues decreased by $7.9 million, as lower prices and higher GP&T costs more than offset higher volumes. Despite a $0.57 per Mcf increase in the average Henry Hub price, realized natural gas prices before GP&T costs decreased by $2.92, which was the result of an increase in the negative basis differentials due to regional pipeline constraints. Natural gas

33

.Table of Contents

production volumes increased by 70% due to acquired wells from the Silverback Acquisition, increased processing capacity from our midstream partner in our Champions field and new wells turned to sales.

	(In thousands)
Gas sales, net for the three months ended March 31, 2025	$	1,584
Price	(11,035)
Volume	3,123
GP&T costs	(31)
Gas sales, net for the three months ended March 31, 2026	$	(6,359)

NGL revenues

NGL revenues decreased by $7.0 million, as lower prices and higher GP&T costs more than offset higher volumes. Realized NGL prices before GP&T costs decreased by $7.31 per Bbl, primarily due to lower Mont Belvieu pricing. Higher GP&T costs resulted from increased volumes, as well as from higher allocations of the GP&T costs from lower realized natural gas revenues before GP&T costs. NGL production volumes increased 80% due to new wells turned to sales, increased processing capacity from our midstream partner in our Champions field and from wells acquired in the Silverback Acquisition.

	(In thousands)
NGL sales, net for the three months ended March 31, 2025	$	2,281
Price	(5,555)
Volume	8,190
GP&T costs	(9,644)
NGL sales, net for the three months ended March 31, 2026	$	(4,728)

Costs and Expenses

The following table presents the Company's operating costs and expenses and other expenses:

	Three Months Ended March 31,
	2026		2025
Costs and Expenses:	(In thousands)
Lease operating expenses	$	24,071	$	18,331
Production and ad valorem taxes	$	9,032	$	6,670
Exploration costs	$	967	$	9
Depletion, depreciation, amortization and accretion	$	25,720	$	19,138
Administrative costs	$	8,120	$	7,438
Stock-based compensation	2,301		1,369
General and administrative expense	$	10,421	$	8,807
Interest expense, net	$	6,357	$	6,661
Loss on derivatives, net	$	126,970	$	5,850
Loss from equity method investment	$	368	$	119
Loss on acquisitions and divestitures, net	$	2,697	$	—
Income tax (benefit) expense	$	(22,288)	$	8,239

Lease Operating Expenses ("LOE")

LOE are the costs incurred in the operation and maintenance of producing properties. Expenses for electricity, compression, direct labor, saltwater disposal and materials and supplies comprise the most significant portion of our lease operating expenses. Certain operating cost components, such as direct labor and materials and supplies, generally remain relatively fixed across broad production volume ranges, but can fluctuate depending on activities performed during a specific

34

.Table of Contents

period. For instance, repairs to our pumping equipment or surface facilities or subsurface maintenance result in increased production expenses in periods during which they are performed. Certain operating cost components, such as saltwater disposal associated with produced water, are variable and increase or decrease as hydrocarbon production levels and the volume of water disposal increases or decreases.

The Company’s LOE increased by $5.7 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The LOE increase of approximately $4.5 million and workover expense increase of approximately $1.2 million were driven primarily by the Silverback Acquisition. The LOE increase was due to higher field payroll and other variable costs driven by increased production volumes.

Production and Ad Valorem Tax Expense

Production taxes are paid on produced oil, natural gas and NGLs based on a percentage of revenues at fixed rates established by federal, state or local taxing authorities. In general, the production taxes we pay correlate to changes in our oil, natural gas and NGL revenues. We are also subject to ad valorem taxes in the counties where our production is located. Ad valorem taxes are generally based on the valuation of our oil and natural gas properties, which also trend with oil and natural gas prices and vary across the different counties in which we operate.

Production and ad valorem taxes increased by $2.4 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increased production in both our Champions and Red Lake fields, with higher production in Red Lake due to the Silverback Acquisition, and an increase in crude oil prices, as well as the reversal of a previously accrued liability related to the Environmental Protection Agency’s waste emission charge that was nullified in the first quarter of 2025.

Depletion, Depreciation, Amortization and Accretion ("DD&A") Expense

DD&A expense is the systematic expensing of the capitalized costs incurred to acquire, explore and develop oil, natural gas and NGLs. All costs incurred in the acquisition, exploration and development of properties (excluding costs of surrendered and abandoned leaseholds, delay lease rentals, dry holes and overhead related to exploration activities) are capitalized. Capitalized costs are depleted using the units of production method.

Accretion expense relates to ARO. We record the fair value of the liability for ARO in the period in which the liability is incurred (at the time the wells are drilled or acquired) with the offset to property cost. The liability accretes each period until it is settled or the well is sold, at which time the liability is removed.

The following table presents the components of the Company's DD&A expense:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Depletion	$	24,784	$	17,557
Accretion	766		1,374
Depreciation and amortization	170		207
Total DD&A expense	$	25,720	$	19,138

DD&A expense increased by $6.6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to higher production volumes, which increased depletion expense by approximately $5.7 million, in addition to the inclusion of the Silverback Acquisition, which increased depletion expense by approximately $3.5 million. These increases were partially offset by a lower depletion rate in our Red Lake field, which decreased depletion expense by approximately $2.6 million due to reserve estimate revisions.

General and Administrative ("G&A") Expense

G&A expenses consist of administrative costs and stock-based compensation expense. Administrative costs include corporate overhead such as payroll and benefits for our staff, office costs, fees for professional services such as audit and legal services, technology costs, insurance and other. Stock-based compensation expense reflects costs associated with our stock granted to employees and members of our board of directors. G&A expenses are reported net of overhead recoveries.

35

.Table of Contents

Total G&A expense increased by $1.6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Administrative costs increased by $0.7 million primarily due to increased employee headcount. Stock-based compensation expensed increased by $0.9 million due to an increase in outstanding equity awards.

Interest Expense, net

Interest expense, net decreased by $0.3 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a lower total debt balance along with lower interest rates on borrowings under our Credit Facility.

Loss on Derivatives, net

The Company recognizes settlements and changes in the fair value of our derivative contracts as a single component within other expense in our condensed consolidated statements of operations. We have oil and natural gas derivative contracts, including fixed price swaps, basis swaps and collars, that settle against various indices. The following table presents the components of the Company's loss on derivatives, net:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Settlements on derivative contracts	$	(11,725)	$	1,115
Non-cash loss on derivatives	(115,245)		(6,965)
Loss on derivatives, net	$	(126,970)	$	(5,850)

Cash gains or losses on settled derivative contracts relate to contracts that settle during the period and are a function of the difference in settled versus contractual prices and the associated hedged volumes for each underlying commodity. Non-cash gains or losses on derivatives relate to unsettled contracts and are a function of changes in derivative fair values associated with fluctuations in the forward price curves for the commodities relative to contractual pricing and the associated hedged volumes for each underlying commodity for our derivative contracts outstanding.

Income Tax (Benefit) Expense

Current income taxes represent the amount the Company expects to owe to federal and state tax authorities in the current period, based on our taxable income. Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. See Note 12 - Income Taxes for further discussion of income taxes. Total income tax (benefit) expense is summarized below:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Current income tax expense	$	1,020	$	10,065
Deferred income tax benefit	(23,308)		(1,826)
Total income tax (benefit) expense	$	(22,288)	$	8,239
Effective income tax rate	24.0%		23.9%

The decrease in current income tax expense was primarily attributable to higher capital spending during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The deferred income tax benefit increased primarily due to a higher non-cash loss on derivatives over the same period.

Liquidity and Capital Resources

The business of exploring for, developing and producing oil and natural gas is capital intensive. Because oil, natural gas and NGL reserves are a depleting resource, we must make capital investments, like all upstream operators, to sustain and grow production. The Company’s principal liquidity requirements are to finance our operations, fund capital expenditures, fund acquisitions and joint venture commitments, pay dividends and satisfy any indebtedness obligations. Cash flows are subject to a number of variables, including the level of oil and natural gas production and prices, and the significant capital expenditures

36

.Table of Contents

required to more fully develop the Company’s oil and natural gas properties. Historically, our primary sources of capital funding and liquidity have been our cash on hand, cash flow from operations, borrowings under our Credit Facility and the issuance of our Senior Notes. At times and as needed, we may also issue debt or equity securities, including through transactions under our shelf registration statement filed with the SEC. We estimate the combination of the sources of capital discussed above will continue to be adequate to meet our short and long-term liquidity needs.

Cash on hand and operating cash flow can be subject to fluctuations due to trends and uncertainties that are beyond our control. Likewise, our ability to issue equity, debt and obtain credit facilities on favorable terms may be impacted by a variety of market factors as well as fluctuations in our results of operations.

For further discussion of risks related to our liquidity and capital resources, see "Item 1A. Risk Factors."

Working Capital

Working capital represents the funds available to meet day-to-day operational needs and is the difference in our current assets and our current liabilities. Working capital is an indication of liquidity and potential need for short-term funding. The change in our working capital requirements is driven generally by changes in accounts receivable, accounts payable, commodity prices, credit extended to, and the timing of collections from customers, the level and timing of spending for expansion activity, and the timing of debt maturities. Our working capital fluctuates as our drilling and completion activity changes with periods of higher and lower activity. We utilize our Credit Facility and cash on hand to manage the timing of cash flows and fund short-term working capital deficits. At March 31, 2026, we had $293 million of undrawn capacity under our Credit Facility. The following table presents the components of working capital:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Current Assets:
Cash	$	15,809	$	8,857
Accounts receivable, net	56,629		37,518
Prepaid expenses	2,710		1,838
Inventory	7,919		4,346
Current derivative assets	—		1,253
Total Current Assets	$	83,067	$	53,812
Current Liabilities:
Accounts payable	$	22,716	$	18,134
Accrued liabilities	44,377		31,588
Revenue payable	57,186		34,161
Current derivative liabilities	77,937		2,659
Current portion of long-term debt	20,000		20,000
Other current liabilities	41,439		15,292
Total Current Liabilities	$	263,655	$	121,834
Working Capital Deficit	$	(180,588)	$	(68,022)

Our working capital deficit increased by $113 million primarily due to a $75 million increase in current derivative liabilities for our unrealized positions due to the increased crude oil pricing, an increase of $11 million related to prepayments from partners and a $4.5 million increase in the current liability for the earnout payments related to the Silverback Acquisition, both of which are included in other current liabilities. Excluding the impact of derivatives, the increased working capital deficit corresponds with increased development activity, which should convert to operating cash flow over time.

37

.Table of Contents

Cash Flows

The following table summarizes the Company’s cash flows:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Net cash provided by operating activities	$	47,176	$	50,381
Net cash used in investing activities	$	(28,809)	$	(25,403)
Net cash used in financing activities	$	(20,447)	$	(29,245)

Operating Activities

Net cash provided by operating activities were $47.2 million for the three months ended March 31, 2026, compared to $50.4 million for the three months ended March 31, 2025, and primarily consisted of the following:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Total revenues, net	$	113,881	$	102,457
Operating expenses (1)	$	(41,277)	$	(32,439)
Change in accounts receivable	$	(17,071)	$	6,893
Advances from joint interest owners	$	12,081	$	(5,570)
Settlements on derivative contracts	$	(11,725)	$	1,115
Interest paid, net of capitalized interest	$	(5,469)	$	(5,860)
Tax liabilities paid	$	(10,000)	$	(9,000)

_____________________

(1)Operating expenses include LOE, production and ad valorem taxes, administrative costs and other minor operating expenses.

The decrease in net cash provided by operating activities was primarily attributable to derivative settlements received in the prior year versus paid in the current year and an increase in accounts receivable, both driven by higher crude oil prices. This was partially offset by an increase in advances from joint interest owners.

Investing Activities

Net cash flows used in investing activities were $28.8 million for the three months ended March 31, 2026, compared to $25.4 million for the three months ended March 31, 2025, and primarily consisted of the following:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Additions to oil and natural gas properties	$	(29,570)	$	(16,150)
Additions to midstream property and equipment	$	(1,054)	$	(2,879)
Acquisitions of oil and natural gas properties	$	(2,175)	$	—
Proceeds from divestitures	$	7,607	$	—
Contributions to equity method investment	$	(4,000)	$	(6,250)

Capital expenditures for oil and natural gas properties increased by $13.4 million due to an increase in wells drilled and completed. The Company had proceeds from the sale of non-operated wells in 2026.

38

.Table of Contents

Financing Activities

Net cash flows used in financing activities were $20.4 million for the three months ended March 31, 2026, compared to $29.2 million for the three months ended March 31, 2025, and primarily consisted of the following:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Repayments under Credit Facility, net	$	(3,000)	$	(16,000)
Repayments of Senior Notes	$	(5,000)	$	(5,000)
Payment of cash dividends	$	(8,360)	$	(8,033)
Repurchase of common shares	$	(4,048)	$	—

The Company decreased net debt repayments by $13.0 million, partially offset by repurchased common shares of $4.0 million.

Credit Facility and Senior Notes

The borrowing base under the Company's Credit Facility was $400 million with outstanding borrowings of $107 million at March 31, 2026, and $293 million of available borrowing capacity.

The Senior Notes had a principal balance of $140 million as of March 31, 2026.

See further discussion in Note 10 - Long-Term Debt for additional information.

Dividends

For the three months ended March 31, 2026, the Company recognized quarterly dividends totaling approximately $8.6 million, with $8.4 million paid in cash and $0.2 million accrued for the holders of unvested restricted stock awards.

Contractual Obligations

As of March 31, 2026, the Company had a remaining volume commitment of five years with Targa, formerly Stakeholder, in Texas. The Company also had natural gas delivery commitments under the A&R Tolling Agreement and a remaining equity commitment under the Second Amendment to the A&R LLC Agreement to fund our portion of the capital budget for the RPC Power joint venture. The Company also entered into the A&R Gas Purchase Agreement that required an acreage dedication and a minimum volume commitment to Targa for a significant portion of our natural gas production in New Mexico. This agreement is expected to commence before the end of 2026. In addition, the Company entered into the Waterbridge Agreement, which includes minimum produced water volume commitments for a portion of our New Mexico operations and is expected to be in service in September 2026. See Note 15 - Commitments and Contingencies for additional information.

Critical Accounting Estimates

The Company's critical accounting estimates are described in "Critical Accounting Estimates" within "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in the 2025 Annual Report. The accounting estimates used in preparing our interim condensed consolidated financial statements for the three months ended March 31, 2026, are the same as those described in the 2025 Annual Report.

See Note 3 - Summary of Significant Accounting Policies in the Company's consolidated financial statements in "Item 15. Exhibits and Financial Statement Schedules" in the 2025 Annual Report for a full discussion of our significant accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The primary objective of the following information is to provide both quantitative and qualitative insights into our exposure to market risk. Market risk refers to the potential for financial loss arising from adverse changes in commodity prices and interest rates. These disclosures are not intended to serve as precise forecasts of future losses, but rather to offer a framework for understanding reasonably possible risks. The forward-looking information presented reflects our approach to managing and mitigating market risk exposure within the context of our ongoing operational and financial strategy. All of our market risk sensitive instruments were entered into for purposes other than speculative trading.

39

.Table of Contents

Commodity Price Risk

Our results of operations and cash flows are highly sensitive to fluctuations in the prices of crude oil, natural gas and NGLs. The volatility in these prices is influenced by various factors, including market conditions, geopolitical events, supply-demand imbalances, regulatory changes and other external factors outside of the Company's control. To partially reduce the impact of price volatility on our revenues and cash flows, we utilize commodity-based derivative contracts.

See Note 6 - Derivative Instruments and Note 7 - Fair Value Measurements for a full discussion of our commodity-based derivative contracts and the fair value measurements associated with our derivatives, respectively.

For the three months ended March 31, 2026, oil and natural gas sales, net was $113.9 million, excluding any effect of our derivative contracts. Oil and natural gas sales, net would have increased or decreased by approximately $11.4 million if there was a 10% change in realized pricing. As of March 31, 2026, the fair value of our oil and natural gas derivative contracts was a net liability of $91 million. A 10% change in the forward curves associated with our oil and natural gas derivative contracts would have changed our net position by approximately $61 million.

Interest Rate Risk

Our business is subject to the effects of market interest rates. These interest rates are influenced by macroeconomic factors such as inflation, consumer spending and federal reserve monetary policy. Interest rate risk could increase our cost of capital and potentially slow economic growth, either of which (or the combination thereof) could hurt the financial and operating results of our business. We are also exposed to market risk related to changes in interest rates on our indebtedness under our Credit Facility. To mitigate this risk, the Company utilizes interest rate derivative contracts to partially reduce exposure to interest rate fluctuations.

See Note 10 - Long-Term Debt and Note 6 - Derivative Instruments for a full discussion of our long-term debt and interest rate derivative contracts, respectively.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management establishes and maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Such information is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required disclosure. We evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026, with the participation of our CEO and CFO, as well as other key members of our management. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2026.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2026, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

40

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may be involved in various legal proceedings and claims in the ordinary course of business. The ultimate outcome of any such proceedings or claims, and any resulting impact on us, cannot be predicted with certainty. The Company believes that the amount of the liability, if any, ultimately incurred with respect to any such proceedings or claims will not have a material adverse effect on our financial condition, liquidity, capital resources, results of operations or cash flows.

Refer to "Part I, Item 3 - Legal Proceedings" of the 2025 Annual Report, and "Part I, Item 1. Note 15 - Commitments and Contingencies" in the notes to the unaudited condensed consolidated financial statements set forth in this Quarterly Report (which is incorporated by reference herein) for additional information.

Item 1A. Risk Factors

In addition to the information set forth in this Quarterly Report, the risks that are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, under the headings "Part I, Item 1 and 2. Business and Properties," "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part I, Item 1A. Risk Factors" should be carefully considered, as such risks could materially affect the Company's business, financial condition or future results. Other than those noted below, there have been no material changes in the Company's risk factors from those that were described in the Company's 2025 Annual Report.

Sustained negative or depressed natural gas prices at the Waha Hub, and widening basis differentials between Waha and Henry Hub, have adversely affected, and will continue to adversely affect, our realized natural gas and NGL prices. At times, we may not be able to fully recover our GP&T costs associated with the processing of our natural gas and recovery of our NGLs, resulting in negative natural gas and NGL realized prices, negative revenues and a reduction in our results of operations.

Substantially all of our natural gas production is sold at prices referenced, directly or indirectly, to the Waha Hub in West Texas. The Waha Hub has experienced sustained periods of negative cash pricing driven by Permian Basin natural gas production outpacing available pipeline takeaway capacity to downstream markets along the Texas Gulf Coast, Mexico and the U.S. West Coast. Waha daily cash prices periodically trade in negative territory including a sustained period of consecutive negative days in the first quarter of 2026. This trend has continued into the second quarter of 2026.

At times of negative gas prices, we may have insufficient NGL revenues to fully cover our GP&T costs resulting in negative realized prices for both natural gas and NGLs. Negative or depressed Waha pricing may cause us to curtail, defer, shut in wells or take other actions where the wellhead economics no longer support continued production after deduction of our GP&T costs and related fees. Prolonged negative pricing may also adversely affect the estimated economically producible quantity of our proved reserves and may trigger non-cash impairments to our oil and natural gas reserves.

41

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

Issuer Repurchases of Equity Securities

In December 2025, our Board of Directors approved the Repurchase Program authorizing the repurchase of up to $100 million of our common stock from time to time over a period of 24 months, including through open market purchases, through block trades, in privately negotiated transactions, or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions. The Repurchase Program does not obligate us to purchase any common stock and may be suspended, modified, extended or discontinued by the Board at any time. During the first quarter of 2026, 152,408 shares were purchased for $4.0 million, or a weighted average price of $26.54 per share, under the Repurchase Program. The remaining repurchase authority under the Repurchase Program at March 31, 2026, was $96 million.

We also receive shares from employees for the payment of personal income tax withholding upon vesting of stock-based compensation transactions. The acquisition of the surrendered shares is not part of our Repurchase Program to repurchase shares of our common stock. Any shares repurchased by the Company for personal tax withholdings are immediately retired upon repurchase.

Our common stock repurchase activity during the first quarter of 2026 was as follows:

Month Ended	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs
January 31	152,744	$	26.54	152,408	$	95,954,918
February 28	151	$	27.50	—	$	95,954,918
March 31	—	$	—	—	$	95,954,918

Item 5. Other Information

During the quarter ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

42

Item 6. Exhibits

Exhibit Number	Description
2.1	Securities Purchase Agreement dated May 3, 2025, by and between Silverback Legacy, LLC and Silverback Blocker, LLC, as Seller, and Riley Exploration - Permian, LLC, as Purchaser (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 7, 2025).
2.2	Purchase and Sale Agreement dated December 3, 2025, by and between Riley Exploration - Permian, LLC and Targa Northern Delaware LLC (incorporated by reference from Exhibit 2.1 to the Registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 4, 2025).
3.1	First Amended and Restated Certificate of Incorporation of Riley Exploration Permian, Inc. (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on March 1, 2021, Registration No. 333-253750).
3.2	Third Amended and Restated Bylaws of Riley Exploration Permian, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 23, 2022).
4.1	Description of Registrant's Securities (incorporated by reference to Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 6, 2024).
4.2	Note Purchase Agreement, dated as of April 3, 2023, among Riley Exploration - Permian, LLC, as Issuer, Riley Exploration Permian, Inc., as Parent, each of the subsidiaries of the Issuer party thereto as guarantors, each of the holders from time to time party thereto, and U.S. Bank Trust Company, National Association, as agent for the holders (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 4, 2023).
4.3	First Amendment to Note Purchase Agreement dated as of December 13, 2024 by and among Riley Exploration - Permian, LLC, as Issuer, Riley Exploration Permian, Inc., as Parent, each of the subsidiaries of the Issuer party thereto as guarantors, each of the holders from time to time party thereto, and U.S. Bank Trust Company, National Association, as agent for the holders (incorporated by reference from Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 18, 2024).
10.1†	Amendment No. 1 to Amended and Restated Employment Agreement dated March 26, 2025 with an effective date of March 3, 2026 by and between Riley Exploration Permian, Inc. and Bobby D. Riley (incorporated by reference to Exhibit 10.35 to the Registrant’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 4, 2026).
10.2*	Eighteenth Amendment to the Credit Agreement dated as of April 30, 2026, by and among Riley Exploration Permian, Inc., Riley Exploration - Permian, LLC, as borrower, Truist Bank, as administrative agent, and the lenders party thereto.
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C., Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C., Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Definition Linkbase Document
101.LAB*	XBRL Taxonomy Label Linkbase Document
101.PRE*	XBRL Taxonomy Presentation Linkbase Document

*    Filed herewith.

†    Compensatory plan or arrangement.

43

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RILEY EXPLORATION PERMIAN, INC.
Date: May 6, 2026	By:	/s/ Bobby Riley
		Bobby Riley
		Chairman of the Board and Chief Executive Officer
	By:	/s/ Philip Riley
		Philip Riley
		Chief Financial Officer and Executive Vice President of Strategy

44

EX-10.2

Execution Version 4931-1057-4498 EIGHTEENTH AMENDMENT TO CREDIT AGREEMENT THIS EIGHTEENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of April 30, 2026, by and among RILEY EXPLORATION PERMIAN, INC., a Delaware corporation (“Parent”), RILEY EXPLORATION - PERMIAN, LLC, a Delaware limited liability company (the “Borrower”), each of the Lenders which is signatory hereto, and TRUIST BANK, as Administrative Agent for the Lenders (in such capacity, together with its successors in such capacity, “Administrative Agent”) and as Issuing Bank under the Credit Agreement referred to below. W I T N E S S E T H: WHEREAS, Parent, the Borrower, Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of September 28, 2017, as amended by that certain First Amendment to Credit Agreement dated as of February 27, 2018, that certain Second Amendment to Credit Agreement dated as of November 9, 2018, that certain Third Amendment to Credit Agreement dated as of April 3, 2019, that certain Fourth Amendment to Credit Agreement dated as of October 15, 2019, that certain Fifth Amendment to Credit Agreement dated as of May 7, 2020, that certain Sixth Amendment to Credit Agreement dated as of August 31, 2020, that certain Seventh Amendment and Consent to Credit Agreement dated as of October 21, 2020, that certain Eighth Amendment to Credit Agreement dated as of March 5, 2021, that certain Ninth Amendment to Credit Agreement dated as of May 5, 2021, that certain Tenth Amendment to Credit Agreement dated as of October 12, 2021, that certain Eleventh Amendment to Credit Agreement dated as of April 29, 2022, that certain Twelfth Amendment to Credit Agreement dated as of October 25, 2022, that certain Thirteenth Amendment to Credit Agreement dated as of February 22, 2023, that certain Fourteenth Amendment to Credit Agreement dated as of April 3, 2023, that certain Fifteenth Amendment to Credit Agreement dated as of November 14, 2023, that certain Sixteenth Amendment to Credit Agreement dated as of December 13, 2024 and that certain Seventeenth Amendment to Credit Agreement dated as of December 5, 2025 (as further amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”, and as amended by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), whereby upon the terms and conditions therein stated the Lenders have agreed to make certain loans to the Borrower; WHEREAS, Parent and the Borrower have requested that the Lenders amend the Existing Credit Agreement as set forth below to, among other things, evidence the increase of the Borrowing Base to $425,000,000; and WHEREAS, subject to the terms and conditions hereof, the Lenders are willing to agree to the amendments to the Existing Credit Agreement as set forth herein. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, the parties to this Amendment hereby agree as follows: SECTION 1. Definitions. Unless otherwise defined in this Amendment, each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement. The interpretive provisions set forth in Sections 1.2, 1.3 and 1.4 of the Credit Agreement shall apply to this Amendment. SECTION 2. Amendments to Existing Credit Agreement. Effective on the Amendment Effective Date, the Existing Credit Agreement is hereby amended as follows:

2 (a) Clause (d) of the definition of 2023 Unsecured Notes in Section 1.1 of the Existing Credit Agreement is hereby amended and restated as follows: (d) a scheduled maturity date or holder put right that is earlier than (x) if prior to any date of determination the 2023 Unsecured Notes Termination Date has not been extended to a date that is no earlier than March 14, 2029, then April 3, 2028, or (y) if prior to any date of determination the 2023 Unsecured Notes Termination Date has been extended to a date that is no earlier than March 14, 2029, then March 14, 2029 (except for any offer to redeem such Indebtedness required as a result of asset sales or the occurrence of a “change in control” under and as defined in any indenture, loan agreement or other agreement or instrument evidencing such Indebtedness (or substantially similar term used therein)), (b) Clause (5) of the definition of Other Senior Notes in Section 1.1 of the Existing Credit Agreement is hereby amended and restated as follows: (5) a scheduled maturity date that is earlier than ninety-one (91) days after the Stated Termination Date (as in effect on the date of incurrence of such Indebtedness) (for the avoidance of doubt, for the purposes of this clause (5) such Stated Termination Date shall refer to the actual date listed in the definition thereof without giving effect to any moving up of such Stated Termination Date by operation of the proviso in the definition of “Stated Termination Date”), (c) The definition of Stated Termination Date in Section 1.1 of the Existing Credit Agreement is hereby amended and restated as follows: “Stated Termination Date” shall mean December 13, 2028; provided, that at any time Senior Notes are outstanding, the Stated Termination Date shall be the earlier of (a) December 13, 2028 and (b) the date that is ninety-one (91) days before the earliest stated maturity date of such Senior Notes. SECTION 3. Borrowing Base. Effective on the Amendment Effective Date, the Borrowing Base is increased to $425,000,000 until the next redetermination or adjustment thereof pursuant to the Credit Agreement. The Aggregate Elected Commitment Amount remains $400,000,000 until the next adjustment thereof pursuant to Section 2.7 of the Credit Agreement. The Borrowing Base redetermination provided for by this Amendment is the Scheduled Redetermination for April 1, 2026. This Amendment shall serve as a New Borrowing Base Notice under the Credit Agreement. SECTION 4. Conditions of Effectiveness. (a) This Amendment shall become effective as of the date (the “Amendment Effective Date”) that each of the following conditions precedent shall have been satisfied (or waived in accordance with Section 10.2 of the Credit Agreement): (1) Administrative Agent shall have received (which may be by electronic transmission), in form and substance satisfactory to Administrative Agent, a counterpart of this Amendment which shall have been executed by Administrative Agent, the Issuing Bank, the Lenders, Parent and the Borrower (which may be by PDF transmission); (2) Each of the representations and warranties set forth in Section 5 of this Amendment shall be true and correct; (3) Borrower shall have paid all fees and expenses due and owing to the Lenders and Administrative Agent on or prior to the Amendment Effective Date pursuant

3 to the terms of this Amendment (including, but not limited to, reasonable attorneys’ fees of counsel to Administrative Agent (but limited to one primary outside counsel for Administrative Agent)); and (4) Administrative Agent (or its counsel) shall have received, in form and substance satisfactory to Administrative Agent, such other documents, certificates or information as Administrative Agent or the Lenders shall have reasonably requested. (b) Without limiting the generality of the provisions of Sections 3.1 and 3.2 of the Credit Agreement, for purposes of determining compliance with the conditions specified in Section 4(a), each Lender that has signed this Amendment (and its permitted successors and assigns) shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Administrative Agent shall have received written notice from such Lender prior to the proposed Amendment Effective Date specifying its objection thereto. SECTION 5. Representations and Warranties. Parent and the Borrower each represents and warrants to Administrative Agent and the Lenders, with full knowledge that such Persons are relying on the following representations and warranties in executing this Amendment, as follows: (a) It has the organizational power and authority to execute, deliver and perform this Amendment, and all organizational action on the part of it requisite for the due execution, delivery and performance of this Amendment has been duly and effectively taken. (b) The Credit Agreement, the Loan Documents and each and every other document executed and delivered to Administrative Agent and the Lenders in connection with this Amendment to which Parent, Borrower or any other Loan Party is a party constitute the valid and binding obligations of Parent, the Borrower and such Loan Party, as applicable, enforceable against Parent, the Borrower and such Loan Party, as applicable, in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. (c) This Amendment does not and will not violate any provisions of any limited liability company agreement, bylaws and other organizational and governing documents of Parent, the Borrower or any other Loan Party. (d) No consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect and except for filings necessary to perfect or maintain perfection of the Liens created under the Loan Documents is required in connection with the execution, delivery or performance by, or enforcement against, Parent, the Borrower or any other Loan Party of this Amendment. (e) At the time of and immediately after giving effect to this Amendment, the representations and warranties of Parent, the Borrower and each other Loan Party contained in Article IV of the Credit Agreement or in any other Loan Document are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), except that any representation and warranty which by its terms is made as of a specified date shall be required to be so true and correct in all material respects only as of such specified date. (f) At the time of and immediately after giving effect to this Amendment, no Default, Event of Default or Borrowing Base Deficiency shall exist and be continuing.

4 (g) Since December 31, 2025, no Material Adverse Effect has occurred and is continuing or could reasonably be expected to have occurred and be continuing. SECTION 6. Miscellaneous. (a) Reference to the Credit Agreement. Upon the effectiveness hereof, on and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Existing Credit Agreement as amended hereby. (b) Effect on the Credit Agreement; Ratification. Except as specifically amended or modified by this Amendment, the Existing Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed. By its acceptance hereof, Parent and the Borrower hereby each ratifies and confirms each Loan Document to which it is a party in all respects, after giving effect to the amendments set forth herein. (c) Extent of Amendments. Except as otherwise expressly provided herein, the Existing Credit Agreement and the other Loan Documents are not amended, modified or affected by this Amendment. Parent and the Borrower hereby each ratifies and confirms that (i) except as expressly amended or modified hereby, all of the terms, conditions, covenants, representations, warranties and all other provisions of the Existing Credit Agreement remain in full force and effect, (ii) each of the other Loan Documents are and remain in full force and effect in accordance with their respective terms, and (iii) the Collateral and the Liens on the Collateral securing the Obligations are unimpaired by this Amendment and remain in full force and effect. (d) Loan Documents. The Loan Documents, as such may be amended or modified in accordance herewith, are and remain valid and binding obligations of the parties thereto, enforceable in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. This Amendment is a Loan Document. (e) Claims. As additional consideration to the execution, delivery, and performance of this Amendment by the parties hereto and to induce Administrative Agent and Lenders to enter into this Amendment, Parent and the Borrower each represents and warrants that, as of the date hereof, it does not know of any defenses, counterclaims or rights of setoff exercisable by it or any other Loan Party, except pursuant to the terms of the Credit Agreement and Loan Documents, if any, to the payment of any Obligations of Parent, the Borrower or any other Loan Party to Administrative Agent, Issuing Bank or any Lender. (f) Execution and Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile or pdf shall be equally as effective as delivery of a manually executed counterpart. (g) Governing Law. This Amendment and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby and thereby shall be construed in accordance with and be governed by the law (without giving effect to the conflict of law principles thereof) of the State of New York. (h) Headings. Section headings in this Amendment are included herein for convenience and reference only and shall not constitute a part of this Amendment for any other purpose.

5 SECTION 7. NO ORAL AGREEMENTS. THE RIGHTS AND OBLIGATIONS OF EACH OF THE PARTIES TO THE LOAN DOCUMENTS SHALL BE DETERMINED SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS, AND INSTRUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN SUCH PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH WRITINGS. THIS AMENDMENT AND THE OTHER WRITTEN LOAN DOCUMENTS EXECUTED BY PARENT, THE BORROWER, THE OTHER LOAN PARTIES, ADMINISTRATIVE AGENT, ISSUING BANK AND/OR LENDERS REPRESENT THE FINAL AGREEMENT BETWEEN SUCH PARTIES, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN SUCH PARTIES. SECTION 8. No Waiver. Parent and the Borrower each hereby agrees that no Event of Default and no Default has been waived or remedied by the execution of this Amendment by Administrative Agent or any Lender. Nothing contained in this Amendment (i) shall constitute or be deemed to constitute a waiver of any Defaults or Events of Default which may exist under the Credit Agreement or the other Loan Documents, or (ii) shall constitute or be deemed to constitute an election of remedies by Administrative Agent, Issuing Bank or any Lender, or a waiver of any of the rights or remedies of Administrative Agent, Issuing Bank or any Lender provided in the Credit Agreement, the other Loan Documents, or otherwise afforded at law or in equity. Signature Pages Follow

Signature Page to Eighteenth Amendment to Credit Agreement Riley Exploration - Permian, LLC ADMINISTRATIVE AGENT, ISSUING BANK, AND LENDER: TRUIST BANK, as Administrative Agent, as Issuing Bank and as a Lender By: Name: Lincoln LaCour Title: Director

Signature Page to Eighteenth Amendment to Credit Agreement Riley Exploration - Permian, LLC FIFTH THIRD BANK, N.A. AS SUCCESSOR, BY MERGER TO COMERICA BANK, as a Lender By: Name: Isabel Deandar Title: Assistant Vice President

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Bobby Riley, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Riley Exploration Permian, Inc. for the quarter ended March 31, 2026.

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;

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;

4. The registrant’s other certifying officers 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:

(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;

(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;

(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

(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

5. The registrant’s other certifying officers 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):

(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

(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.

Dated:	May 6, 2026
By:	/s/ Bobby Riley
	Bobby Riley
	Chairman of the Board and Chief Executive Officer

EX-31.2

Exhibit 31.2 

CERTIFICATION

I, Philip Riley, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Riley Exploration Permian, Inc. for the quarter ended March 31, 2026.

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;

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;

4. The registrant’s other certifying officers 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:

(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;

(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;

(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

(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

5. The registrant’s other certifying officers 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):

(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

(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.

Dated:	May 6, 2026
By:	/s/ Philip Riley
	Philip Riley
	Chief Financial Officer and Executive Vice President of Strategy

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 I hereby certify that:

I have reviewed the Quarterly Report on Form 10-Q of Riley Exploration Permian, Inc. (the “Company”) for the quarter ended March 31, 2026 (the “Report”).

To the best of my knowledge the Report (i) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m (a) or 78o (d)); and, (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	May 6, 2026
By:	/s/ Bobby Riley
	Bobby Riley
	Chairman of the Board and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 I hereby certify that:

I have reviewed the Quarterly Report on Form 10-Q of Riley Exploration Permian, Inc. (the “Company”) for the quarter ended March 31, 2026 (the “Report”).

To the best of my knowledge the Report (i) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m (a) or 78o (d)); and, (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	May 6, 2026
By:	/s/ Philip Riley
	Philip Riley
	Chief Financial Officer and Executive Vice President of Strategy