Evolution Petroleum Reports Record Fiscal 2008 Fourth Quarter and Year-End Financial Results
- Fiscal Fourth Quarter Revenues Increased 363% Over Prior Year
HOUSTON, Sept. 23 /PRNewswire-FirstCall/ -- Evolution Petroleum Corporation (AMEX:EPM) today reported financial and operating results for the fiscal fourth quarter and year ended June 30, 2008 ("Q4-08" and "FY-08", respectively).
Oil and gas revenues for Q4-08 increased 363%, to approximately ("~") $2.4 million from $508,459 for Q4-07. The increase in quarterly revenues was due to a 230% increase in sales volumes and a 40% increase in blended oil and gas prices. Oil and gas revenues for FY-08 increased 128% to ~$4.3 million, from ~$1.9 million for the fiscal year ended June 30, 2007 ("FY-07"). The increase in fiscal year revenues was due to a 79% increase in sales volumes and a 27% increase in blended oil and gas prices. The substantial increases in sales volumes for Q4-08 and FY-08 were a result of drilling operations in the Giddings Field in central Texas during the second half of FY-08. Revenues and production increased during the periods despite the March 2008 sale of the Company's Tullos properties in Louisiana, which contributed essentially all of the Company's production in FY-07 and the first half of FY-08.
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