Riley Exploration Permian : 4Q22 Results Update

4Q22 Results Update March 2023

Forward-Looking Statements

Forward-Looking Statements

This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.'s ("Riley Permian") current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in Riley Permian's periodic reports filed with the U.S. Securities and Exchange Commission ("SEC").

All statements, other than historical facts, that address activities that Riley Permian assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, including the volatility of oil, natural gas and NGL prices; the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 ("COVID-19") pandemic and any related variants), including reactive or proactive measures taken by governments, regulatory agencies and businesses related to the pandemic, and the effects of COVID-19 on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving credit facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our credit agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; risks related to litigation; evolving geopolitical and military hostilities in other areas of the world; and cybersecurity threats, technology system failures and data security issues. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Riley Permian.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that Riley Permian may reduce, suspend or totally eliminate dividend payments in the future, whether variable or fixed, due to insufficient liquidity or other factors, potential adverse reactions or changes to the business or operations of Riley Permian resulting from the recently completed merger, including Riley Permian's future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of Riley Permian to finance operations in the manner expected; the risk that the Company's EOR and CCUS projects may not perform as expected or produce the anticipated benefits; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the consummation of the merger.

Riley Permian encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, Riley Permian assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

For additional discussion of the factors that may cause us not to achieve our financial projections and/or production estimates, see Riley Permian's filings with the SEC, including its forms 10-K,10-Q and 8-K and any amendments thereto. We do not undertake any obligation to release publicly the results of any future revisions we may make to this prospective data or to update this prospective data to reflect events or circumstances after the date of this presentation. Therefore, you are cautioned not to place undue reliance on this information.

None of the information contained in this presentation has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Riley Permian may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors.

Use of non-GAAP Financial Information

This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) Adjusted Net Income, (ii) Adjusted EBITDAX, (iii) Cash Margins, (iv) Free Cash Flow and (v) PV-10. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. See the Company's website, www.rileypermian.com, for the descriptions and reconciliations of non-GAAP measures presented in this presentation to the most directly comparable financial measures calculated in accordance with GAAP.

Oil & Gas Reserves

The SEC generally permits oil and natural gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC's definitions for such terms. In this presentation, Riley Permian may use the terms "resource potential," "resource play," "estimated ultimate recovery," or "EURs," "type curve" and "standardized measure," each of which the SEC guidelines restrict from being included in filings with the SEC without strict compliance with SEC definitions. These terms refer to Riley Permian's internal estimates of unbooked hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. "Resource potential" is used by Riley Permian to refer to the estimated quantities of hydrocarbons that may be added to proved reserves, largely from a specified resource play potentially supporting numerous drilling locations. A "resource play" is a term used by Riley Permian to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section potentially supporting numerous drilling locations, which, when compared to a conventional play, typically has a lower geological and/or commercial development risk. "EURs" are based on Riley Permian's previous operating experience in a given area and publicly available information relating to the operations of producers who are conducting operations in these areas. Unbooked resource potential or "EURs" do not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or SEC rules and do not include any proved reserves. Actual quantities of reserves that may be ultimately recovered from Riley Permian's interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of Riley Permian's ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil, natural gas liquids and natural gas prices, well spacing, drilling and production costs, availability and cost of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, negative revisions to reserve estimates and other factors, as well as actual drilling results, including geological and mechanical factors affecting recovery rates. "EURs" from reserves may change significantly as development of Riley Permian's core assets provides additional data. In addition, Riley Permian's production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. "Type curve" refers to a production profile of a well, or a particular category of wells, for a specific play and/or area.

2

Highlights of 4Q22 Results

Production

CFFO(1)

E&P Capex (Accrual)(2)

1. MBbls/d

1. MBoe/d

6% oil increase Q/Q

37% oil increase Y/Y for the quarter

31% oil increase Y/Y for the 12 mo. period

FCF(3)

$15MM for 4Q22 $56MM for 12 Mos.

5% decrease Q/Q

455% increase Y/Y for the quarter

572% increase Y/Y for the 12 mo. Period

$44MM for 4Q22 $169MM for 12 Mos.

12% decrease Q/Q

77% increase Y/Y for the quarter

89% increase Y/Y for the 12 mo. period

Dividends(4)

$0.34/Sh. Paid in 4Q $0.34/Sh. Paid in 1Q23

10% increase in 4Q vs. 3Q

$27MMRILEYforPERMIAN4Q22 $123MMNYSE:forREPX12 Mos.

Share Price1	[$25.95]
28% decrease Q/Q
Shares Out1	[19.54MM]
31% increase Y/Y for the quarter

49% increase Y/Y for the 12 mo. period
Market Cap1	[$507MM]
Debt1	[$61MM]
Debt	[32%]
Insider Holdings
$8MM Draw	[$0.34/Sh.]
Current Qrtly. Dividend1
$56MM Balance
Ann. Dividend Yield1,2	[4.8%]

1. As of [10/28/22].
2. Future dividends are subject to approval by the board of directors.

17% increased balance Q/Q

14% decreased balance Y/Y

Note: The Company recently changed its fiscal year from a 9/30 fiscal year-end to 12/31 fiscal year-end. The fourth quarter of 2022 above reflects the quarter ending 12/31/22.
(1)	Cash Flows from Operations before the impact of changes in working capital.	3
(2)	Activity-based capital expenditures before acquisitions.
(3)	A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com.
(4)	Future dividends are subject to approval by the board of directors.

Drivers of Growth in Cash Flow from Operations(1)

Q/Q: 3 Months Ending 12/31/22 vs 9/30/22	Y/Y: 12 Months Ending 12/31/22 vs 12/31/21
12% decrease Q/Q due to 13% lower realized oil prices	89% higher Y/Y driven by volumes and price
	NYSE: REPX
	Share Price1	[$25.95]
	Shares Out1	[19.54MM]
	Market Cap1	[$507MM]
	Debt1	[$61MM]
	Insider Holdings	[32%]
	Current Qrtly. Dividend1	[$0.34/Sh.]
	Ann. Dividend Yield1,2	[4.8%]
	1) As of [10/28/22].
	2) Future dividends are subject to approval by the board of directors.

(2)

(1) Cash Flows from Operations before the impact of changes in working capital.

4

Reinvesting for Significant Growth While Also Increasing FCF(1)

Y/Y Oil Production Growth

Improving Capital Efficiency:				Increased Allocation of Capital			Materially Increased FCF(1)
More Growth with Less Spending	to Dividends + Balance Sheet
																	$MM
40%
												Dividends and Balance Sheet
30%													Cash Capex before Acquisitions
										12%
					2022
20%														34%
						2021
10%											88%
														66%
0%
0%	25%	50%	75%	100%
			Reinvestment Rate:
	Cash Capex before Acquisitions vs CFFO		2021	2022

Note: All periods shown above are for the 12 months ended 12/31/21 or 12/31/22.	5
(1) A non-GAAP financial measure as defined in the supplemental financial tables available on the company's website at www.rileypermian.com.