EVOLUTION PETROLEUM CORP (EPM): M&A transaction — Evolution Petroleum closes $43.5M acquisition of SCOOP/STACK assets in Oklahoma

EVOLUTION PETROLEUM CORP

Acquired 231 producing wells with ~3% average working interest in Anadarko Basin.
Current production ~1,550 BOE/d (42% oil, 43% gas, 15% NGLs); includes 3,700 net acres and 300+ drilling locations.
Purchase price $43.5M plus ~$0.4M adjustments; funded with cash and $42.5M from revolver.
Sellers: Red Sky Resources III/IV and Coriolis Energy Partners I; effective date Nov 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.98

EVOLUTION PETROLEUM CORP completed an acquisition involving Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC for $43.5 million plus preliminary purchase price adjustments of approximately $0.4 million (closed 2024-02-12).

Action: acquisition
Counterparty: Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC
Consideration: $43.5 million plus preliminary purchase price adjustments of approximately $0.4 million
Closing: 2024-02-12

Exact text from the filing

Oklahoma (the "Acquisitions") from Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC. The combined purchase price of the Acquisitions is $43.5 million plus preliminary purchase price adjustments of approximately $0.4 million related primarily to capital expenditures and joint interest billing payments. The Company expects to

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Source: SEC EDGAR

accession 0001558370-24-001063

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