InvestorsHub Logo

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Live Updating
profile icon
conix Free
06/29/22 1:24 PM
profile icon
eFinanceMarkets Free
07/06/17 4:02 PM
profile icon
eFinanceMarkets Free
07/06/17 4:00 PM
profile icon
CashCowMoo Free
09/07/16 2:38 PM
profile icon
SeaOhToo Free
02/08/16 7:08 PM
profile icon
SeaOhToo Free
12/03/15 1:43 PM
profile icon
SeaOhToo Free
11/05/15 2:37 PM
profile icon
SeaOhToo Free
09/11/15 7:54 PM
profile icon
SeaOhToo Free
09/11/15 9:30 AM
profile icon
SeaOhToo Free
09/11/15 9:28 AM
profile icon
SeaOhToo Free
09/11/15 9:26 AM
profile icon
SeaOhToo Free
09/09/15 8:41 PM
profile icon
Timothy Smith Free
09/09/15 5:35 PM
profile icon
SeaOhToo Free
05/19/15 9:41 PM
profile icon
SeaOhToo Free
05/19/15 8:57 PM
profile icon
Zardiw PremiumMember
05/19/15 8:46 PM
profile icon
SeaOhToo Free
05/19/15 6:03 PM
profile icon
SeaOhToo Free
05/19/15 5:59 PM
profile icon
SeaOhToo Free
05/15/15 10:27 AM
profile icon
SeaOhToo Free
05/06/15 11:41 AM
profile icon
SeaOhToo Free
01/08/15 5:33 PM
profile icon
SeaOhToo Free
10/02/14 11:14 AM
profile icon
SeaOhToo Free
09/13/14 2:25 PM
profile icon
SeaOhToo Free
08/27/14 8:20 PM
profile icon
DOWNSOUTHPENNY Free
05/08/14 7:28 AM
profile icon
SeaOhToo Free
04/12/14 1:08 PM
profile icon
SeaOhToo Free
03/02/14 9:04 PM
profile icon
SeaOhToo Free
02/06/14 7:01 PM
profile icon
SeaOhToo Free
01/20/14 7:55 PM
profile icon
SeaOhToo Free
01/10/14 9:07 PM
profile icon
SeaOhToo Free
01/10/14 9:06 PM
profile icon
SeaOhToo Free
01/10/14 9:05 PM
profile icon
SeaOhToo Free
11/25/13 7:07 PM
profile icon
SeaOhToo Free
08/03/13 1:02 AM
profile icon
Timothy Smith Free
07/13/13 9:02 PM
profile icon
SeaOhToo Free
07/02/13 11:34 PM
profile icon
SeaOhToo Free
07/02/13 11:28 PM
profile icon
SeaOhToo Free
05/28/13 7:24 PM
profile icon
SCREAMING EAGLE Free
05/21/13 11:26 AM
profile icon
SeaOhToo Free
05/07/13 8:47 PM
profile icon
SCREAMING EAGLE Free
03/28/13 9:03 AM
profile icon
SCREAMING EAGLE Free
03/11/13 1:50 PM
profile icon
SCREAMING EAGLE Free
03/11/13 1:49 PM
profile icon
SCREAMING EAGLE Free
03/11/13 1:48 PM
profile icon
Timothy Smith Free
03/04/13 8:21 PM
profile icon
Timothy Smith Free
01/30/13 8:34 PM

Evolution Petroleum Corporation (EPM) RSS Feed

Followers
5
Posters
18
Posts (Today)
0
Posts (Total)
116
Created
08/06/06
Type
Free
Moderators
Evolution Petroleum Corp - Securities Registration: Employee Benefit Plan (S-8) Date : 07/03/2008 @ 2:41PM Title of each class of securities to be registered, Amount to be registered: Common Stock, par value $0.001 per share 1,500,000 shares (2) 5.46 (3) $8,190,000 (3) $321.87 Common Stock, par value $0.001 per share(1) 4,058,500 shares (4)(5) $1.55 (4) $6,290,675 (4) $673.12 (5) Common Stock, par value $0.001 per share(2) 1,344,000 shares (4)(5) $2.83 (4) $3,803,520 (4) $406.99 (5) Total 6,902,500 shares Evolution Petroleum Reports Fiscal 2008 Third Quarter Financial Results HOUSTON, May 14 /PRNewswire-FirstCall/ -- Evolution Petroleum Corporation (AMEX:EPM) today reported financial and operating results for the three and nine month fiscal periods ended March 31, 2008. Oil and gas revenues for fiscal third quarter 2008 ("Q3-08") increased 61% to $744,702 from $462,951 for Q3-07, despite the recent sale of the Company's primary producing assets that were held during all of fiscal 2007 and the first eight months of fiscal 2008. The increase in revenues was due to a 34% increase in sales volumes and a 20% increase in oil and gas prices. The increase in sales volumes resulted from drilling operations in the Giddings Field in Central Texas, partially offset by reduced contributions from the Tullos Field due to its sale on March 3, 2008. HOUSTON, April 7, 2008 /PRNewswire-FirstCall/ -- Evolution Petroleum Corporation (AMEX:EPM) has drilled and completed the first three wells in its horizontal re-development drilling program in the Giddings Field in central Texas and placed all three into production. EPM is currently drilling the second leg in its fourth well, the Polansky-Kacer #2H. The three wells were re-entries into existing well bores, in order to drill new horizontal penetrations into undepleted proved portions of the Austin Chalk formation. The initial combined gross production rate of the three wells is approximately 2.3 million cubic feet of gas equivalent per day (converted at 1 barrel of oil to six thousand cubic feet of gas). The combined oil and gas rate is expected to steadily increase as the wells continue to recover the water lost to the formation during drilling operations. Production is about 22% oil and 78% natural gas, excluding substantial quantities of natural gas liquids ("NGL"). Evolution owns 100% of the working interests in all of its proved locations and wells in the Giddings Field. Robert Herlin, Chief Executive Officer of Evolution, stated, "We are pleased with the Giddings Field's drilling results to date, particularly the strong total fluid rates." Evolution has modified its Giddings Field drilling program by extending the length of the laterals being drilled in most of the wells and, in some cases, adding a second lateral to develop an additional section of the Austin Chalk formation, some of which may be other than proved. These modifications are primarily a result of additional leasing and the incorporation of more data from offset wells. Consequently, the Fiscal 2008 drilling program will incorporate fewer, but higher potential, wells than the original projected ten wells. Capital expenditures, however, will be maintained at the originally authorized $8.5 million level, to be funded from working capital. With respect to Evolution's enhanced oil recovery ("EOR") initiative at the Delhi Field in northeast Louisiana, Denbury Resources (NYSE:DNR) recently announced an $80MM capital budget to complete the CO2 pipeline to Delhi during 2008. Combined with its expenditures in 2007 related to pipeline and field work in the Delhi project, Denbury continues to meet its financial commitment to Evolution to expend at least $100 million on the enhanced oil recovery project in the Delhi Field. Robert Herlin further stated, "Based on DNR's past and present capital spending at Delhi, our CO2-EOR project is clearly well underway." Regarding EPM's Unconventional Gas Resource initiative, Evolution continues to add to its position in two gas shale projects with a total of over 14,900 net and gross acres of leases, generally with five year terms. The balance of its targeted 25,000 net acres is in various stages of leasing. Both of these gas shale projects are located in Oklahoma and are focused on developing the Woodford Shale at medium and shallow depths on-trend with existing producing wells. Within the last year, other operators have established nearby commercial Woodford production. BUSINESS SUMMARY Evolution Petroleum Corporation engages in the acquisition, exploitation, and development of properties for the production of crude oil and natural gas in Louisiana, the United States. It owns a 100% working interest in Tullos Field Area, which consists of approximately 156 producing wells located in the Tullos Urania, Colgrade, and Crossroads Fields in LaSalle and Winn Parishes, Louisiana. The company also has non-operated interests in the 13,636 acre Delhi Field, which consist of a 7.4% overriding and mineral royalty interest in the Delhi Holt Bryant Unit; a 25% reversionary working interest in the Delhi Holt Bryant Unit; and a 25% working interest in certain other depths in the Delhi Field. As of July 1, 2007, Evolution Petroleum had proved reserves of approximately 1,084,000 barrels of oil, and 3,838,000 thousand cubic feet of gas. The company is headquartered in Houston, Texas. Fact Sheet: • Evolution Petroleum Corporation (EPM) is a small-cap oil and gas company that develops known bypassed onshore resources in the United States. It applies conventional and specialized technology to accelerate production and develop incremental reserves and value per share. Its strategic initiatives include: I-Enhanced Oil Recovery (EOR), IIConventional Redevelopment of mature oil and gas fields, and III-Unconventional Natural Gas Development. • Company Maker - Delhi CO2-EOR Project. In 2006, EPM farmed out its working interest in the Delhi Field to Denbury Resources (DNR), retaining a 7.4% royalty and a 25% after payout carried working interest. DNR committed to develop the field using DNR’s capital, CO2 flooding expertise and proved natural CO2 reserves. Following $73MM of capital expenditures through 2007, DNR expects to spend $80MM in 2008 to complete the CO2 pipeline, with tertiary oil production expected to commence in 2009. Probable reserves, net to EPM’s interest, are estimated at 14.7 MMBO by the Company based on conservative assumptions of a 14.5% recovery on 400 MMBO of original oil in place. • Another Company Maker in the Offing - Near-term Earnings and Proved Reserve Contributions Visible at Giddings. During 2007, EPM acquired 22 proved undeveloped reserve locations in the Austin Chalk and Georgetown formations via leasing activities in the Giddings Field of central Texas. In late 2007, EPM initiated an $8.5 MM conventional redevelopment program in this mature field. As of early April 2008, EPM had drilled three wells and placed them on production, with a fourth well actively drilling. EPM expects to complete the initial program by this summer. This horizontal drilling program comprises mostly re-entries in existing well bores to true vertical depths of 9,000’ to 13,000’, with new lateral penetrations. The locations have been designated as proved reserves by EPM’s independent engineers, and EPM’s staff has outstanding expertise in the Giddings field gained at UPRC, Anadarko and Columbia Gas. • High-Grading Oil & Gas Reserve Base. On March 3, 2008, EPM completed the sale of its 100% working interest in the Tullos Field in Louisiana for $4.6 million in net cash proceeds, almost double its initial investment of $2.6 million. Including operating income from the property, the sale reflects a 2.5x return on investment and allows Evolution to redeploy its capital and operating staff into higher potential projects, especially at Giddings. • Intrinsic Value of Over $12/Share. As of November 1, 2007, EPM reported a total reserve base of 2.5 mmboe, which included 2.14 mmboe of proved undeveloped reserves. Assuming an oil price of $70/bbl, EPM’s proved reserves SEC PV10 was approximately $1.75 per share. Working capital and undeveloped leases add another $1.00 of value, and the discounted value of the probable reserves of the Delhi CO2 flood could add another $10 per share. Price (April 3, 2008) $4.16 Stock Data Fiscal Year-End June Symbol / Exchange: EPM / AMEX 52-Week Range: N/A Diluted Shares Outstanding: 26.8mm Market Capitalization: $111.4mm Enterprise Value (EV): $89.9mm Avg. Daily Volume (L3M): N/A Ownership Profile Management: 18% Institutions 27% Non-management Directors 41% (incl. affiliates) Financial Data (FY –June 30) Select Income Statement: 12 months FY2007 6 months FY2008 Revenues $1.9mm $1.2mm Net Income (Loss): ($1.8)mm ($1.4)mm EPS: ($0.07) ($0.05) Non-cash stock comp. expense: $1.6 $.8 Select Balance Sheet: Working Capital: $27.3mm $21.1mm Total Debt: $0 $0 Total Stockholders’ Equity: $32.8mm $32.2mm Oil & Gas Reserves at Nov 1, 2007 (7/1/07 prices) Proved: 2.5 MMBOE (increased 49% since 6/30/07 and 440% since 6/30/2006) Probable: 14.7 MMBO (solely associated w/Delhi CO2 project, un-risked) Stock Price 2500 CityWest Boulevard Suite 1300 Houston, TX 77042 United States - Map Phone: 713-935-0199 Fax: 713-935-0122 Web Site: http://www.evolutionpetroleum.com DETAILS Index Membership: N/A Sector: Basic Materials Industry: Independent Oil & Gas Full Time Employees: 6 KEY EXECUTIVES Mr. Laird Q. Cagan , 50 Co-Founder, Chairman and Sec. Mr. Robert S. Herlin , 53 Co-founder, Chief Exec. Officer, Pres Mr. Sterling H. McDonald , 59 Chief Financial Officer, Principal Accounting Officer, VP and Treasurer Mr. Daryl V. Mazzanti , 46 VP of Operations Mr. Edward Schell , Gen. Mang. of Drilling and Unconventional Devel. Outstanding 26.9 mil Float 13.4 mil
Volume:
Day Range:
Last Trade Time:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
New Post