Evolution Petroleum buys Oklahoma SCOOP/STACK assets for $43.5M cash, ~1,550 BOEPD

EVOLUTION PETROLEUM CORP

$43.5M cash acquisition, effective Nov 1, 2023, closing mid-Feb 2024.
Assets: ~230 wells in SCOOP/STACK (Oklahoma), ~1,550 BOEPD, 42% oil, avg 3% working interest.
Also includes ~3,700 net acres with >300 drilling locations (avg 3% WI).
Funded by $8M cash and revolver; pro forma net debt within 1x leverage target.
Largest transaction in EPM history; accretive to EPS, CFPS; supports dividend.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EVOLUTION PETROLEUM CORP entered into Purchase and Sale Agreements with Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC valued at approximately $43.5 million (effective 2024-01-05).

Action: entry
Agreement: asset purchase
Counterparty: Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC
Value: approximately $43.5 million
Effective: 2024-01-05

Exact text from the filing

On January 5, 2024, Evolution Petroleum Corporation (the “Company”) entered into separate Purchase and Sale Agreements (“PSAs”) with Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC. Pursuant to the PSAs, the Company will acquire non-operating working interests in oil and natural gas assets in the SCOOP and STACK plays in central Oklahoma for a combined purchase price of approximately $43.5 million in cash.

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EVOLUTION PETROLEUM CORP filing history →

Source: SEC EDGAR

accession 0001558370-24-000186

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