Evolution Petroleum closes $25.9M Williston Basin asset acquisition; adds ~596 BOEPD

EVOLUTION PETROLEUM CORP

Acquired ~39% working interest in 73 producing wells across 47,500 net acres in North Dakota.
Assets hold 2.0 MMbbls liquids + 1.6 Bcf natural gas; commodity mix 80% oil.
Purchase price $25.9M, funded from cash on hand and borrowings under senior credit facility.
Incremental production of ~596 BOEPD (based on Q3 2021 average) increases total output ~10%.
Transaction expected to support quarterly dividend; limited drilling program expected to start in 2023.

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