Riley Exploration Permian (REPX) Valuation Update - Apr 10

[dan_s]

I did not get much out of the Water Tower webinar this morning.

My current valuation stays at $50/share. TipRanks' updated price target is $50.25.

Based on Riley's December 31, 2023 3rd party reserve report that used the SEC oil price of $78.22/bbl for WTI, the PV10 Net Asset Value just based on the Company's Proved Reserves (1P) was $55.04/share.

The asset base they are building in Eddy County, NM has the potential to add a lot more proved reserves.

The Power JV they discussed should also add shareholder value by lowering lease operating expenses; turning produced ngas into more valuable electricity in the field. Also, significantly lowers the potential downtime caused by power outages.