Material Event (Form 8-K)

November 14, 2025

Dear Partner:

We last communicated to our Energy Resources 12, L.P. (the "Partnership", "ER12", "we", "our" or "us") limited partners in July 2025, so we wanted to provide another update on recent Partnership events.

In August 2025, we worked with our lender to extend the maturity date to March 1, 2027. After a $0.6 million principal payment in September, our credit facility has an outstanding balance of approximately $5.8 million and remains collateralized by the Partnership's assets.

In October and November 2025, our operators have proposed to drill 12 new wells on our highly-coveted Williston Basin acreage, including six (6) new wells of which we have an average approximate 14% working interest (compared to the approximate 5% average working interest for our entire portfolio). Drilling and completing these six wells are critical to increase our daily oil and natural gas production. This drilling program has already commenced and based on the best information received from our operators, these wells should be producing by the first quarter of 2026. Our proportionate share of the drilling and completion capital costs for these 12 wells is approximately $9 million.

We are committed to conserving our cash on-hand and our credit facility availability to ensure we can pay for the capital commitments related to the new well proposals. Limited partner monthly distributions remain suspended and will continue to be during this drilling program and until the credit facility is repaid. We are committed to resume the limited partner distributions as soon as we can, but we do not anticipate any distributions before, at least, the second quarter of 2026. The Partnership will accumulate unpaid distributions at an annualized return of seven percent, and all accumulated distributions are required to be paid before final Payout occurs, as defined in the Partnership's limited partnership agreement. The accumulated unpaid distributions total for the period July 2025 through October 2025 is now approximately $4.9 million, or $0.44 per common unit. Since the inception of the ER12 program, we have paid approximately $122 million in distributions, or up to $12.49 per common unit, to our limited partners.

Despite lower oil market prices during the third quarter, we remained cash-flow positive. Now, with the new drilling program, we are excited and optimistic about ER12 as we prepare to close out 2025 and head into 2026.

If you have questions regarding the status of your investment, please contact your Investment Counselor at David Lerner Associates, Inc. We also encourage you to review all the Partnership's filings with the SEC, which are available online at www.energyresources12.com or www.sec.gov.

Thank you for your continued support of this investment.