Evolution closes $200M credit facility, recovers $1.8M from Barnett audit

EVOLUTION PETROLEUM CORP

New $200M senior secured credit facility; initial borrowing base $65M, matures June 30, 2028; $37.5M drawn.
Joint interest audit of Barnett operator Diversified found ~$1.8M overcharges for Sep 2021-Dec 2023.
Overcharges to reduce lease operating expenses and accounts payable in fiscal Q4 2025.
Four new Chaveroo wells with >50 days production data significantly outperforming type curves.
Covenants: max leverage 3.00x, min current ratio 1.00x, min tangible net worth $40M.

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