EVOLUTION PETROLEUM CORP (EPM): M&A transaction — Evolution Petroleum completes Red Sky asset acquisitions; historical revenue $20M

EVOLUTION PETROLEUM CORP

Combined purchase price ~$36.5M net of adjustments for Red Sky Properties in SCOOP/STACK.
Historical revenue $20.0M, direct op ex $4.6M, DD&A $5.9M for 12 months ended Dec 31, 2023.
Proved reserves at Dec 31, 2023: 3,215 MBOE; standardized measure of $61.2M.
Non-operated working interest ~3% in 237 wells in central Oklahoma.
Coriolis acquisition deemed not significant; only Red Sky financials provided.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

EVOLUTION PETROLEUM CORP completed an acquisition involving Red Sky Resources III, LLC and Red Sky Resources IV, LLC for approximately $36.5 million, net of preliminary purchase price adjustments (closed 2024-02-12).

Action: acquisition
Counterparty: Red Sky Resources III, LLC and Red Sky Resources IV, LLC
Consideration: approximately $36.5 million, net of preliminary purchase price adjustments
Closing: 2024-02-12

Exact text from the filing

Corporation (the “Company”), on February 12, 2024 from Red Sky Resources III, LLC and Red Sky Resources IV, LLC (the “Sellers”) for a combined purchase price of approximately $36.5 million, net of preliminary purchase price adjustments, and subject to final purchase price adjustments (the “Red Sky Acquisition”). The accompanying Combined S

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Source: SEC EDGAR

accession 0001558370-24-005610

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