Bluescape group reports 17.9% stake in Riley Exploration (REPX)

Rhea-AI Filing Summary

Riley Exploration Permian, Inc. (REPX) received an updated beneficial ownership report from a Bluescape-affiliated group in Amendment No. 5 to their Schedule 13D. The filing states that Bluescape Riley Exploration Holdings LLC directly holds 3,922,699 shares of common stock, which the reporting persons may be deemed to beneficially own, representing approximately 17.9% of the company’s common stock.

This percentage is calculated using 21,968,906 shares outstanding as of October 31, 2025, as disclosed in Riley’s Form 10-Q. The Bluescape structure includes multiple Delaware entities and C. John Wilder Jr., whose roles give them shared voting and dispositive power over the same 3,922,699 shares. The group describes itself as investing in private oil and gas assets, and notes that its recent trades in Riley stock over the past 60 days were open-market transactions listed in an exhibit.

Insights

Equity ownership and governance analyst

Bluescape reaffirms a sizable 17.9% stake in Riley, signaling continued involvement but not a new control move in this excerpt.

The filing shows a Bluescape-led group may be deemed to beneficially own 3,922,699 shares of Riley Exploration Permian common stock, or 17.9% of the company. This is based on 21,968,906 shares outstanding as of October 31, 2025. Voting and dispositive power are shared across several affiliated Bluescape entities, with Bluescape Riley Exploration Holdings LLC as the direct holder.

The ownership chain runs from Bluescape Riley Exploration Holdings up through multiple Delaware entities to C. John Wilder Jr. as Executive Chairman of Bluescape Resources, who has authority to direct that top-level entity. The group characterizes its business as investing in private oil and gas assets, aligning with Riley’s sector. The excerpt notes that transactions over the last sixty days were open-market trades, detailed in an exhibit, but does not quantify changes versus prior ownership levels, so the main takeaway here is confirmation of a significant, coordinated shareholder rather than a clearly new directional move.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Riley Exploration Permian, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

76665T102

(CUSIP Number)

Jonathan Siegler
Bluescape Energy Partners LLC, Crescent Court, Ste. 1860
Dallas, TX, 75201
(469) 398-2205

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/23/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 76665T102

1

Name of reporting person

Bluescape Riley Exploration Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,922,699.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,922,699.00

11

Aggregate amount beneficially owned by each reporting person

3,922,699.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 76665T102

1

Name of reporting person

Bluescape Energy Recapitalization & Restructuring Fund III LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,922,699.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,922,699.00

11

Aggregate amount beneficially owned by each reporting person

3,922,699.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 76665T102

1

Name of reporting person

Bluescape Energy Partners III GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,922,699.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,922,699.00

11

Aggregate amount beneficially owned by each reporting person

3,922,699.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 76665T102

1

Name of reporting person

Bluescape Resources GP Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,922,699.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,922,699.00

11

Aggregate amount beneficially owned by each reporting person

3,922,699.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 76665T102

1

Name of reporting person

Bluescape Resources Co LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,922,699.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,922,699.00

11

Aggregate amount beneficially owned by each reporting person

3,922,699.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 76665T102

1

Name of reporting person

C JOHN WILDER JR.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,922,699.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,922,699.00

11

Aggregate amount beneficially owned by each reporting person

3,922,699.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: Riley Exploration Permian, Inc.
(c)	Address of Issuer's Principal Executive Offices: 29 E. Reno Avenue, Suite 500, Oklahoma City, OKLAHOMA , 73104.
Item 1 Comment: This Amendment No. 5 ("Amendment No. 5") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on March 8, 2021 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed with the SEC on April 9, 2021 ("Amendment No. 1"), Amendment No. 2 filed with the SEC on April 14, 2021 ("Amendment No. 2"), Amendment No. 3 filed with the SEC on April 10, 2024 ("Amendment No. 3"), Amendment No. 4 filed with the SEC on December 5, 2025 ("Amendment No. 4" and, as amended by this Amendment No. 5, this "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 5 have the respective meanings ascribed to those terms in the Original Schedule 13D, as amended prior to this Amendment No. 5.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): (i) Bluescape Riley Exploration Holdings LLC, a Delaware limited liability company ("Bluescape Riley Holdings"); (ii) Bluescape Energy Recapitalization and Restructuring Fund III LP, a Delaware limited partnership ("Bluescape Main Fund"); (iii) Bluescape Energy Partners III GP LLC, a Delaware limited liability company ("Bluescape GP"); (iv) Bluescape Resources GP Holdings LLC, a Delaware limited liability company ("Bluescape GP Holdings"); (v) Bluescape Resources Company LLC, a Delaware limited liability company ("Bluescape Resources"); and (vi) C. John Wilder, Jr., a United States citizen.
(b)	The principal business address of the Reporting Persons is 300 Crescent Ct., Ste. 1860, Dallas, Texas 75201.
(c)	Each of the Reporting Persons is in the business of investing in private oil and gas assets. Bluescape Riley Holdings is the direct holder of the shares of Common Stock, par value $0.001 per share ("Common Stock") of Riley Exploration Permian, Inc. (the "Issuer") reported herein. Bluescape Main Fund owns 90.06% of the membership interests of Bluescape Riley Holdings. Set forth on Exhibit 99.2 hereto are the names and other required information regarding the executive officers of Bluescape Riley Holdings (collectively, the "Bluescape Riley Scheduled Persons"). Bluescape GP is the general partner of Bluescape Main Fund. Bluescape GP Holdings owns 100% of the membership interests of Bluescape GP. Bluescape Resources owns 100% of the membership interests of Bluescape GP Holdings. Bluescape Resources is governed by a Management Committee. Set forth on Exhibit 99.2 hereto are the names and other required information regarding the members of the Management Committee and the officers of Bluescape Resources (collectively, the "Bluescape Resources Scheduled Persons", and together with the "Bluescape Riley Scheduled Persons", the "Scheduled Persons"). The principal occupation of Mr. C. John Wilder, Jr., is to serve as the Executive Chairman of Bluescape Resources and Mr. Wilder has the power to direct the affairs of Bluescape Resources as its Executive Chairman and has ultimate authority to appoint the members of the Management Committee of Bluescape Resources. Except as disclosed herein, none of the Scheduled Persons beneficially owns any securities of the Issuer.
(d)	None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Bluescape Riley Holdings is a Delaware limited liability company. Bluescape Main Fund is a Delaware limited partnership. Bluescape GP is a Delaware limited liability company. Bluescape GP Holdings is a Delaware limited liability company. Bluescape Resources is a Delaware limited liability company. C. John Wilder, Jr. is a United States citizen.
Item 5.	Interest in Securities of the Issuer
(a)	As of the date hereof, each of the Reporting Persons may be deemed to beneficially own 3,922,699 shares of Common Stock, representing approximately 17.9% of the total number of shares of Common Stock issued and outstanding. Such calculation of beneficial ownership percentage ownership is based on 21,968,906 shares of Common Stock of the Issuer outstanding as of October 31, 2025, as reported in the Form 10-Q filed by the Issuer with the SEC on November 5, 2025. The shares of Common Stock reported herein are directly held and beneficially owned by Bluescape Riley Holdings. Bluescape Main Fund owns 90.06% of the membership interests of Bluescape Riley Holdings. Bluescape GP is the general partner of Bluescape Main Fund. Bluescape GP Holdings owns 100% of the membership interests of Bluescape GP. Bluescape Resources owns 100% of the membership interests of Bluescape GP Holdings. Mr. C. John Wilder, Jr. has the power to direct the affairs of Bluescape Resources as its Executive Chairman.
(b)	The response of the Reporting Persons to Items 7 through 10 on the cover page of this Schedule 13D are incorporated herein by reference.
(c)	The transactions by the Reporting Persons in the shares of Common Stock during the past sixty days are set forth in Exhibit 99.1 and Exhibit 99.1 is incorporated herein by reference. All such transactions were carried out in open market transactions
(d)	No person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any shares of Common Stock beneficially owned by the Reporting Persons.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	99.1 Schedule of Transactions 99.2 Information Regarding Scheduled Persons

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Bluescape Riley Exploration Holdings LLC

Signature:	/s/ Jonathan Siegler
Name/Title:	Jonathan Siegler / Managing Director and Chief Financial Officer
Date:	01/23/2026

Bluescape Energy Recapitalization & Restructuring Fund III LP

Signature:	/s/ Jonathan Siegler
Name/Title:	Jonathan Siegler / Managing Director and Chief Financial Officer
Date:	01/23/2026

Bluescape Energy Partners III GP LLC

Signature:	/s/ Jonathan Siegler
Name/Title:	Jonathan Siegler / Managing Director and Chief Financial Officer
Date:	01/23/2026

Bluescape Resources GP Holdings LLC

Signature:	/s/ Jonathan Siegler
Name/Title:	Jonathan Siegler / Managing Director and Chief Financial Officer
Date:	01/23/2026

Bluescape Resources Co LLC

Signature:	/s/ C. John Wilder, Jr.
Name/Title:	C. John Wilder, Jr. / Executive Chairman
Date:	01/23/2026

C JOHN WILDER JR.

Signature:	/s/ C. John Wilder, Jr.
Name/Title:	C. John Wilder, Jr. / Self
Date:	01/23/2026

FAQ

How many Riley Exploration Permian (REPX) shares does the Bluescape group report owning?

The reporting persons may be deemed to beneficially own 3,922,699 shares of Riley Exploration Permian, Inc. common stock, all directly held by Bluescape Riley Exploration Holdings LLC.

What percentage of Riley Exploration Permian (REPX) does 3,922,699 shares represent?

The filing states that 3,922,699 shares represent approximately 17.9% of Riley Exploration Permian’s outstanding common stock, based on 21,968,906 shares outstanding as of October 31, 2025.

Who are the reporting persons in this Riley Exploration Permian (REPX) ownership filing?

The reporting persons are Bluescape Riley Exploration Holdings LLC, Bluescape Energy Recapitalization and Restructuring Fund III LP, Bluescape Energy Partners III GP LLC, Bluescape Resources GP Holdings LLC, Bluescape Resources Company LLC, and C. John Wilder Jr..

How is control over the reported REPX shares structured within the Bluescape entities?

The shares are directly held by Bluescape Riley Exploration Holdings LLC. Bluescape Main Fund owns 90.06% of its membership interests, with Bluescape GP as general partner of that fund, Bluescape GP Holdings owning 100% of Bluescape GP, and Bluescape Resources owning 100% of Bluescape GP Holdings. C. John Wilder Jr., as Executive Chairman of Bluescape Resources, has power to direct its affairs.

What business does the Bluescape group report being engaged in with respect to Riley Exploration Permian (REPX)?

The filing states that each of the reporting persons is in the business of investing in private oil and gas assets, and that Bluescape Riley Exploration Holdings LLC is the direct holder of the Riley Exploration Permian common stock reported.

Were there recent trades in Riley Exploration Permian (REPX) by the Bluescape group?

Yes. The document notes that transactions in Riley Exploration Permian common stock by the reporting persons during the past sixty days are listed in Exhibit 99.1, and that all such transactions were open market transactions.