Evolution Petroleum Corporation (EPM)

[Timothy Smith]

$EPM - As Evolution revealed during its most recent conference call for Q1 2013 results, quarterly earnings to common shareholders increased 24% to $2.2 million, or $0.07 per diluted share, compared to $1.8 million, or $0.06 per diluted share in the prior quarter. Net income increased 71% over the year-ago quarter's $1.3 million.

Revenues also reached an all-time high by increasing 6% to $6.0 million, compared to last quarter's record $5.6 million, and increasing 24% compared to the year-ago quarter's $4.8 million. The increase over the prior quarter was primarily due to a higher rate of Delhi oil production at an oil price of $111.41 per barrel, which more than offset the loss of Giddings production divested during the second fiscal quarter.

The positive production volume trends are expected to continue, and the price of Louisiana Light Crude Oil remained high during the second quarter of 2013, and spiked higher with WTI crude surpassing the $100 mark due to Egypt tensions, providing a strong revenue base for the remainder of 2013.