Riley Exploration Permian, Inc. reports developments as an upstream oil and gas company operating in Texas and New Mexico with infrastructure projects that complement its operations. Company news centers on production, oil and natural gas operating results, capital expenditures, operating cash flow, free cash flow measures, debt levels and guidance.
Recurring updates also cover capital allocation decisions, including quarterly cash dividends, common stock repurchases and debt reduction. Governance items, board changes and completed asset or infrastructure-related transactions appear alongside the company's periodic financial and operating releases.
Riley Exploration Permian, Inc. (REPX) announced its fiscal Q1 2021 operational and financial results, highlighting a production increase of 7% to 7,588 net Boe/d and an Adjusted EBITDAX of $19.7 million. The board declared a quarterly cash dividend of $0.28 per share, record date April 16, 2021, with payment expected on May 7, 2021. Additionally, the company reduced debt by $3.5 million to $97.5 million as of December 31, 2020. The recent merger with Tengasco, completed on February 26, 2021, marks a significant milestone.
Tengasco and Riley Exploration – Permian announced a merger with a 1-for-12 reverse stock split effective March 1, 2021. Following the merger on February 26, Tengasco will rebrand to Riley Exploration Permian, Inc., and trade under the new symbol 'REPX'. The reverse split will consolidate shares, maintaining their par value at $0.001. A majority of stockholders approved the split, which will not change ownership percentages, except for fractional shares compensated with whole shares. Continental Stock Transfer & Trust Company will manage the exchange.