Riley Permian launches $100 million share repurchase program

Riley Exploration Permian Inc. (NYSE American: REPX) announced its board of directors authorized a share repurchase program of up to $100 million of outstanding common stock over 24 months.

The Oklahoma City-based oil and gas company also received board authorization to enter into written trading plans under the Securities Exchange Act of 1934 to facilitate the stock repurchases.

"We're excited to introduce a share repurchase program as another means of returning capital to shareholders in addition to our quarterly dividends," said Bobby Riley, chairman and CEO. "With the closing of Riley Permian's previously-announced midstream sale, we are well-positioned to pursue opportunities to unlock value and maximize shareholder returns."

The company may repurchase shares through open market transactions, block trades, privately negotiated transactions or other methods in accordance with federal securities laws. The timing and number of shares repurchased will depend on factors including management's assessment of the stock's intrinsic value, market price, general market conditions, available liquidity and compliance with debt agreements.

Riley Permian plans to purchase shares opportunistically while maintaining sufficient liquidity for its capital development program. The repurchase program does not obligate the company to purchase stock and may be suspended, modified, extended or discontinued by the board at any time.

Repurchased shares will no longer be outstanding and will be available for future issuances. Riley Permian operates upstream oil and gas operations in Texas and New Mexico.

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