Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

Riley Exploration Permian / Equity Bottom-Up

<div><ul><li>Riley entered 2026 from a position of strength buoyed by the sales proceeds from midstream asset sales, which closed in December 2025. </li><li>We estimate net proceeds of ~$118 million (assuming 4% transaction costs) were used to reduce RBL borrowings in December.</li><li>As of September 30, 2025, outstanding borrowings under the RBL were $225 million and liquidity was $192 million. </li></ul></div>

Riley entered 2026 from a position of strength buoyed by the sales proceeds from midstream asset sales, which closed in December 2025. We estimate net proceeds of ~$118 million (assuming 4% transaction costs) were used to reduce RBL borrowings in December.As of September 30, 2025, outstanding borrowings under the RBL were $225 million and liquidity was $192 million. 

REPX：バランスシートは2026年の資本の柔軟性を提供する