Riley Exploration Permian, Inc.

Item 1.02 Termination of a Material Definitive Agreement On October 5, 2026, Riley Exploration - Permian, LLC (“REP LLC”), a wholly-owned subsidiary of Riley Exploration Permian, Inc. (“REPX,” together with REP LLC, hereinafter referred to as the “Company”), voluntarily prepaid in full all of its outstanding 10.50% Senior Unsecured Notes due 2028 (the “Senior Notes”) issued pursuant to that certain Note Purchase Agreement, dated as of April 3, 2023, as amended, (the “Note Purchase Agreement”), by and among REP LLC, as issuer, REPX, as parent, the subsidiaries of REP LLC party thereto, as guarantors, the holders of the Senior Notes, and U.S. Bank Trust Company, National Association, as agent for the holders, pursuant to Section 2.08 of the Note Purchase Agreement. Immediately prior to the prepayment, the aggregate principal amount of Senior Notes outstanding was $130.0 million. The Company prepaid the Senior Notes at 100% of the outstanding principal amount, plus accrued and unpaid interest through the prepayment date. No prepayment premium was payable in connection with the prepayment. The Company funded the prepayment with borrowings under the Credit Agreement described in Item 2.03 below. Upon completion of the prepayment, no Senior Notes remained outstanding, all commitments under the Note Purchase Agreement were terminated and the Company’s obligations under the Note Purchase Agreement were satisfied and discharged, other than certain customary continuing obligations under the Note Purchase Agreement. In connection with the prepayment of the Senior Notes, the Company expects to recognize a non-cash loss on extinguishment of debt related to the write-off of the remaining unamortized discount and deferred financing costs.

On October 5, 2026, the Company borrowed $130 million under the Credit Agreement, dated as of September 28, 2017, among REP LLC, as borrower, Truist Bank, as administrative agent, and the lenders party thereto (as amended, the “Credit Agreement”), to fund the prepayment of the Senior Notes. REPX is party to the Credit Agreement as parent guarantor. The borrowing refinanced the Senior Notes, and the aggregate principal amount of the Company’s outstanding indebtedness is substantially unchanged as a result. Following such borrowing, the aggregate principal amount of borrowings outstanding under the Credit Agreement was $245 million, the borrowing base was $425 million and the aggregate elected commitments were $400 million. Borrowings under the Credit Agreement are secured by substantially all of the Company’s assets. The Credit Agreement allows for SOFR Loans and Base Rate Loans (each as defined in the Credit Agreement). The interest rate on each SOFR Loan will be the adjusted Term SOFR for the applicable interest period plus a margin between 2.75% and 3.75% (depending on the borrowing base utilization percentage). The annual interest rate on each Base Rate Loan will be the Base Rate for the applicable interest period plus a margin between 1.75% and 2.75% (depending on the borrowing base utilization percentage). The Company is also subject to an unused commitment fee of between 0.375% and 0.500% (depending on the borrowing base utilization percentage). As a result of the repayment in full of the Senior Notes, the maturity date of the Credit Agreement is December 13, 2028. The material terms of the Credit Agreement, including the events upon which the obligations thereunder may be accelerated, have been previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026.