Evolution Petroleum FY2022 proved reserves +55% to 36.2 MMBOE; exit production up 36%

EVOLUTION PETROLEUM CORP

Proved reserves 36.2 MMBOE (up from 23.4 MMBOE) driven by two acquisitions and positive revisions.
Exit rate production 7,600-7,900 BOE/d, +36% YoY; Q4 revenue est. $40-43M vs $13.7M prior year.
Debt reduced by $15.7M in quarter to $21.3M; cash on hand $8.3M.
Added 9.4 MMBOE PDP through Williston Basin and Jonah Field acquisitions; reserves replaced >550% of 2022 production.
SEC oil price assumption $85.82/bbl (+73% YoY); gas $5.19/MMBtu (+111% YoY).

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