Riley Permian's Borrowing Base Increased 14% to $200MM

Riley Exploration Permian, Inc. has completed an amendment to its senior secured revolving credit facility.

Credit Facility Amendment Highlights:

• Extended the facility maturity from September 2023 to April 2026
• Increased the borrowing base by 14% from $175 million to $200 million
• Rebalanced allocations among six lenders in the syndicate
• Relaxed minimum hedging requirements to allow for more discretionary hedging decisions when the Company is less levered

As of April 29, 2022, the Company had $63MM drawn on the credit facility with $137MM of availability.

The amended Credit Facility now includes hedging requirements that are based on both facility utilization as well as the Company's leverage ratio, reducing minimum thresholds required when utilization and leverage are reduced. At the current level, the Company is required to have in place commodity hedges covering 25% of forecasted PDP production volumes for a period of 24 months forward, down from a requirement of 50% of forecasted PDP volumes under the prior Credit Facility agreement.

The management team and board of directors of Riley Permian extend their gratitude to the banking syndicate partners for their continued support.

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