REPX Filings — Riley Exploration Permian, Inc. - FilingSpy
REPX
Riley Exploration Permian, Inc.
An independent oil and gas producer that drills horizontal wells into oil-rich rock in the Permian Basin of West Texas and New Mexico, producing crude oil, natural gas, and natural gas liquids. It took its current form in 2021, when the public company Tengasco merged with the private firm Riley Exploration–Permian, founded by veteran oilman Bobby Riley, whose name the company now carries. Riley is also a named inventor on patented drilling equipment licensed to Baker Hughes.
At the May 12, 2026 annual meeting, stockholders approved the Second Amended and Restated 2021 Long Term Incentive Plan, increasing available shares by 2,800,000 to 5,137,022.
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All seven director nominees were elected: Brent Arriaga, Rebecca L. Bayless, Beth A. di Santo, Bryan H. Lawrence, E. Wayne Nordberg, Bobby D. Riley, and Bobby Saadati.
Ratification of BDO USA, P.C. as independent auditor for 2026 was approved with 17,109,342 votes for.
Advisory approval of executive compensation passed with 14,974,754 votes for.
The LTIP amendment received 11,927,676 votes for and 3,427,837 against.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
Riley Exploration Permian appoints Bobby Saadati as independent director effective Feb. 4, 2026
His initial term expires at the 2026 Annual Meeting of Stockholders, where he will stand for election.
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Bobby Saadati was appointed as an independent director to a newly-created board seat, effective February 4, 2026.
He will receive an annual cash retainer of $120,000 and $200,000 in restricted stock, vesting one year from grant.
Saadati also entered into an indemnification agreement with the company on February 4, 2026.
He is CEO of IKAV Energy USA and has prior roles at Aera Energy, California Resources Corporation, Devon Energy, Jefferies, and BP.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Riley Exploration Permian completes sale of midstream assets to Targa for ~$121M plus earnout
Riley Exploration Permian sold all membership interests in Dovetail Midstream, LLC to Targa Northern Delaware LLC for ~$111 million cash, subject to adjustments.
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The sale also included compressor station assets for ~$10 million plus $1.4 million reimbursement of capital improvements, with the second closing on December 24, 2025.
The company may earn up to an additional $60 million in cash contingent on volume-based performance thresholds over five years.
Proceeds will be used to reduce borrowings on the company's credit facility and pay selling costs.
The company filed unaudited pro forma financial statements reflecting the sale as if it occurred on September 30, 2025, for the balance sheet and January 1, 2024, for the statements of operations.
2.01 Completion of Acquisition or Disposition of Assets · 9.01 Financial Statements and Exhibits
Riley Exploration Permian authorizes $100 million share repurchase program over 24 months
Repurchases may be made through open market purchases, privately-negotiated transactions, block purchases, or other means, and the Company may enter into Rule 10b-18 written trading plans with a third-party broker.
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On December 15, 2025, the Board of Directors authorized a share repurchase program of up to $100 million of outstanding common stock over 24 months.
The program is intended to return capital to shareholders in addition to quarterly dividends, following the closing of the previously-announced midstream sale.
The timing and amount of repurchases depend on factors such as stock price, market conditions, liquidity, and management's assessment of intrinsic value; the program does not obligate the Company to purchase shares and may be suspended or discontinued at any time.
The press release was issued on December 16, 2025, and the information is furnished under Item 7.01 and Item 8.01 of Form 8-K.
7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Riley Exploration Permian sells Dovetail Midstream to Targa for ~$111M cash
Riley Exploration Permian, Inc. sold all membership interests in Dovetail Midstream, LLC to Targa Northern Delaware LLC for approximately $111 million in cash, subject to customary adjustments.
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The sale closed on December 3, 2025, simultaneously with execution of the purchase and sale agreement.
Proceeds will be used to reduce borrowings on the company's credit facility and to pay income taxes and transaction costs.
Riley can earn up to an additional $60 million in cash if certain volume-based performance thresholds are met over a five-year period.
The agreement also provides for the sale of certain compressor station assets to Targa for approximately $10 million, with closing anticipated no later than the first quarter of 2026.
1.01 Entry into a Material Definitive Agreement · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits