Evolution Petroleum Corp. Files 2024 10-K

TL;DR

EPM 2024 10-K filed: $33.3M assets, $0.6M liabilities. Year ended 6/30/24.

AI Summary

Evolution Petroleum Corp. filed its 10-K for the fiscal year ending June 30, 2024, reporting total assets of $33.34 million and total liabilities of $600,000. The company's fiscal year concluded on June 30, 2024, with the filing submitted on September 11, 2024. Evolution Petroleum Corp. is incorporated in Nevada and operates in the crude petroleum and natural gas sector.

Why It Matters

This filing provides a comprehensive overview of Evolution Petroleum Corp.'s financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or significant new risks.

Key Numbers

• $33.34M — Total Assets (As of June 30, 2024)
• $0.60M — Total Liabilities (As of June 30, 2024)
• 2024 — Fiscal Year End (Reported in the 10-K)

Key Players & Entities

• Evolution Petroleum Corp. (company) — Filer of the 10-K
• June 30, 2024 (date) — Fiscal year end
• September 11, 2024 (date) — Filing date
• $33,339,535 (dollar_amount) — Total assets for fiscal year 2024
• $600,000 (dollar_amount) — Total liabilities for fiscal year 2024

FAQ

Key Financial Figures

• $0.001 — nge On Which Registered Common Stock, $0.001 par value EPM NYSE American Secur
• $5.81 — ed on the closing price on that date of $5.81 on the NYSE American was $ 176.2 millio
• $0 — he registrant's common stock, par value $0.001, as of September 6, 2024, was 33,32
• $0.12 — ed and declared a quarterly dividend of $0.12 per common share payable September 30,
• $39.2 m — OP/STACK Acquisitions was approximately $39.2 million, which includes $43.9 million pai
• $43.9 million — oximately $39.2 million, which includes $43.9 million paid at closing less purchase price adj
• $4.7 million — rice adjustments totaling approximately $4.7 million related to net cash flows earned on the

Filing Documents

• epm-20240630x10k.htm (10-K) — 2894KB
• epm-20240630xex21d1.htm (EX-21.1) — 11KB
• epm-20240630xex23d1.htm (EX-23.1) — 3KB
• epm-20240630xex23d2.htm (EX-23.2) — 7KB
• epm-20240630xex23d3.htm (EX-23.3) — 6KB
• epm-20240630xex23d4.htm (EX-23.4) — 8KB
• epm-20240630xex31d1.htm (EX-31.1) — 13KB
• epm-20240630xex31d2.htm (EX-31.2) — 13KB
• epm-20240630xex32d1.htm (EX-32.1) — 8KB
• epm-20240630xex32d2.htm (EX-32.2) — 7KB
• epm-20240630xex99d1.htm (EX-99.1) — 141KB
• epm-20240630xex99d2.htm (EX-99.2) — 108KB
• epm-20240630xex99d3.htm (EX-99.3) — 91KB
• epm-20240630x10k001.jpg (GRAPHIC) — 11KB
• epm-20240630x10k003.jpg (GRAPHIC) — 63KB
• epm-20240630xex23d2001.jpg (GRAPHIC) — 8KB
• epm-20240630xex23d4001.jpg (GRAPHIC) — 31KB
• epm-20240630xex99d1001.jpg (GRAPHIC) — 8KB
• epm-20240630xex99d1002.jpg (GRAPHIC) — 33KB
• epm-20240630xex99d1003.jpg (GRAPHIC) — 19KB
• epm-20240630xex99d1004.jpg (GRAPHIC) — 10KB
• epm-20240630xex99d3001.jpg (GRAPHIC) — 5KB
• epm-20240630xex99d3002.jpg (GRAPHIC) — 31KB
• 0001558370-24-012740.txt ( ) — 10731KB
• epm-20240630.xsd (EX-101.SCH) — 55KB
• epm-20240630_cal.xml (EX-101.CAL) — 65KB
• epm-20240630_def.xml (EX-101.DEF) — 215KB
• epm-20240630_lab.xml (EX-101.LAB) — 554KB
• epm-20240630_pre.xml (EX-101.PRE) — 393KB
• epm-20240630x10k_htm.xml (XML) — 1612KB

Forward-Looking Statements

Forward-Looking Statements ii Glossary of Selected Petroleum Industry Terms iv PART I 1 Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II 31 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. Reserved 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk s

Quantitative and Qualitative Disclosures About Market Risk s 44 Item 8. Consolidated Financial Statements and Supplementary Data 46 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 78 Item 9A.

Controls and Procedures

Controls and Procedures 78 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III 80 Item 10. Directors, Executive Officers, and Corporate Governance 80 Item 11.

Executive Compensation

Executive Compensation 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80 Item 13. Certain Relationships and Related Transactions, and Director Independence 80 Item 14. Principal Accounting Fees and Services 80 PART IV 81 Item 15. Exhibits and Financial Statement Schedules 81 Item 16. From 10-K Summary 81 Exhibit Index 82

Signatures

Signatures 85 We use the terms, " EPM, " "Company, " " we, " " us, " and " our " to refer to Evolution Petroleum Corporation, and unless the context otherwise requires, its wholly-owned subsidiaries. i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-K and the information referenced herein contains forward-looking statements within the meaning of the Private Securities Litigations Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, except for statements of historical fact, are forward-looking statements. The words "plan," "expect," "project," "estimate," "may," "assume," "believe," "anticipate," "intend," "budget," "forecast," "predict" and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. These statements appear in a number of places and include statements regarding our plans, beliefs or current expectations, including the plans, beliefs and expectations of our officers and directors, which may include, but are not limited to, the following: our expectations of plans, strategies and objectives, including anticipated development activity and capital spending; our capital allocation strategy, capital structure, anticipated sources of funding, growth in long-term shareholder value and ability to preserve balance sheet strength; our ability to complete future acquisitions and the need for additional capital to complete future acquisitions; the benefits of our multi-basin portfolio, including operational and commodity flexibility; our ability to maximize cash flow and the application of excess cash flows to pay dividends and repurchase shares pursuant to our share repurchase program; estimates of our oil, natural gas and NGLs production and commodity mix; anticipated oil, natural gas and NGL prices; anticipated drilling and completions activity; drilling and operating risks, including accidents, equipment failures, fires, and leaks of toxic or hazardous materials; estimates of our oil, natural gas and NGL reserves and recoverable quantities; our ability to access credit

Business

Item 1. Business Note: See Glossary of Selected Petroleum Industry Terms starting on page iv. General Evolution Petroleum Corporation ("Evolution," and together with its consolidated subsidiaries, the "Company", "our", "we, "us" or similar terms) is an independent energy company focused on maximizing total returns to its shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. Our long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development opportunities, production enhancement, and other exploitation efforts on our oil and natural gas properties. Recent Developments Dividend Declaration On September 9, 2024, Evolution's Board of Directors approved and declared a quarterly dividend of $0.12 per common share payable September 30, 2024. SCOOP/STACK Acquisitions On February 12, 2024, we closed the acquisitions of certain non-operated oil and natural gas assets in the SCOOP and STACK plays in central Oklahoma (the "SCOOP/STACK Acquisitions") from Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC. After taking into account customary closing adjustments and an effective date of November 1, 2023, total combined cash consideration for the SCOOP/STACK Acquisitions was approximately $39.2 million, which includes $43.9 million paid at closing less purchase price adjustments totaling approximately $4.7 million related to net cash flows earned on the properties from the effective date to the closing date. The acquired assets consist of an average net working interest of approximately 2.6% in 253 producing wells in the SCOOP and STACK plays of the Anadarko Basin in Blaine, Canadian, Carter, Custer, Dewey, Garvin, Grady, Kingfisher, McClain, Murray, and Stephens counties, Oklahoma. The acquisitions also include approximately 4,200 net acres wit

View Full Filing

View this 10-K filing on SEC EDGAR