Riley Exploration Permian, Inc. provided production guidance for the fourth quarter and full year 2022. For the quarter, the company forecasts fiscal fourth quarter 2022 oil production to average 8.2 MBbls per day to 8.6 MBbls per day, with the midpoint average representing 21% year-over-year growth. The midstream gas gathering and processing expansion project has been fully commissioned. Following completion of the expansion project in mid July, the Company has realized a larger volume of contractual, firm capacity, which has led to increased sales for natural gas and NGLs and reduced flaring. However, despite the physical and contractual increases in processing capacity, the Company is currently producing natural gas in excess of contractual minimum processing capacity, which will lead to continued, partial curtailment. Based on estimates of available gas processing capacity, the company forecast total equivalent production to average 11.1 MBoe per day to 11.6 MBoe per day for the fiscal fourth quarter.

The company forecast full-year fiscal 2022 oil production to average 7.8 MBbls per day to 7.9 MBbls per day (corresponding to approximately 2.9 MMBbls), representing 22% to 24% growth from fiscal year 2021 average oil production and corresponding with upward revisions from previously provided growth estimates of 17% to 22% during the prior quarter. Further, the company forecast that full-year fiscal 2022 total equivalent production could average 10.3 MBoe per day to 10.4 MBoe per day.