Riley Exploration Permian, Inc. (NYSE American: REPX) announced today that it has priced its previously announced public offering of 1,666,667 shares of its common stock at a price to the public of $30.00 per share (the "Offering") for total gross proceeds (before the underwriting discount and estimated expenses) of approximately $50 million. The Company has granted the underwriters a 30-day option to purchase up to an additional 250,000 shares of its common stock sold in the Offering. The Offering is expected to close on July 2, 2021, subject to the satisfaction of customary closing conditions.

The Company intends to use approximately $25 million of the net proceeds from the Offering to accelerate its enhanced oil recovery ("EOR") pilot program, including funding capital expenditures related to drilling, completions and infrastructure. The EOR pilot program encompasses a 960-acre project area in Yoakum County, Texas, and will apply water and CO2 through vertical injection wells adjacent to horizontal producing wells, with the goal of using anthropogenic CO2 ("ACO2"). The Company intends to use the remaining net proceeds from the Offering for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment or refinancing of outstanding debt, financing acquisitions or investments, financing other business opportunities, and working capital purposes.

Truist Securities is acting as sole book-running manager for the Offering. Roth Capital Partners is acting as a joint lead manager and Seaport Global Securities is acting as a co-manager.

The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC") on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement, once available, may be obtained on the SEC's website at www.sec.gov or by contacting Truist Securities, Inc., Attention: Prospectus Department, 3333 Peachtree Road NE, 9th floor, Atlanta, Georgia 30326, [email protected].

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.