Evolution Petroleum Corp. Files Q1 2025 10-Q

TL;DR

EPM Q1 2025 10-Q filed. ATM Sales Agreement in place.

AI Summary

Evolution Petroleum Corp. reported its first quarter results for the fiscal year ending June 30, 2025. The company's financial statements cover the period from July 1, 2024, to September 30, 2024. A key event noted is the ATM Sales Agreement entered into on October 21, 2024, with a filing date of November 13, 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Evolution Petroleum Corp., crucial for understanding the company's current standing and future prospects.

Risk Assessment

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

Key Players & Entities

• EVOLUTION PETROLEUM CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241113 (date) — Filing Date
• ATM Sales Agreement (event) — Subsequent Event
• 2024-10-21 (date) — ATM Sales Agreement Date

FAQ

Key Financial Figures

• $0.001 — nge On Which Registered Common Stock, $0.001 par value EPM NYSE American Indic

Filing Documents

• epm-20240930x10q.htm (10-Q) — 1459KB
• epm-20240930xex31d1.htm (EX-31.1) — 13KB
• epm-20240930xex31d2.htm (EX-31.2) — 13KB
• epm-20240930xex32d1.htm (EX-32.1) — 8KB
• epm-20240930xex32d2.htm (EX-32.2) — 7KB
• epm-20240930x10q001.jpg (GRAPHIC) — 11KB
• 0001558370-24-015528.txt ( ) — 7000KB
• epm-20240930.xsd (EX-101.SCH) — 49KB
• epm-20240930_cal.xml (EX-101.CAL) — 50KB
• epm-20240930_def.xml (EX-101.DEF) — 178KB
• epm-20240930_lab.xml (EX-101.LAB) — 442KB
• epm-20240930_pre.xml (EX-101.PRE) — 316KB
• epm-20240930x10q_htm.xml (XML) — 1234KB

Forward-Looking Statements

Forward-Looking Statements 2 PART I . FINANCIAL INFORMATION 4 Item 1. Condensed Consolidated Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and June 30, 2024 4 Condensed Consolidated Statements of Operations (Unaudited) for the three months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the three months ended September 30, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 31 Item 4.

Controls and Procedures

Controls and Procedures 32

OTHER INFORMATION

PART II. OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

Signatures

Signatures 35 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. 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-Q 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; 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 operational 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 facilities and other sources of liquidity to meet financial obligation

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) EVOLUTION PETROLEUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) September 30, 2024 June 30, 2024 Assets Current assets Cash and cash equivalents $ 6,937 $ 6,446 Receivables from crude oil, natural gas, and natural gas liquids revenues 10,797 10,826 Derivative contract assets 1,253 596 Prepaid expenses and other current assets 1,998 3,855 Total current assets 20,985 21,723 Property and equipment, net of depletion, depreciation, and impairment Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization 135,477 139,685 Other noncurrent assets Derivative contract assets 202 171 Other assets 1,278 1,298 Total assets $ 157,942 $ 162,877 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 7,538 $ 8,308 Accrued liabilities and other 4,728 6,239 Derivative contract liabilities 173 1,192 — 74 Total current liabilities 12,439 15,813 Long term liabilities Senior secured credit facility 39,500 39,500 Deferred income taxes 6,421 6,702 Asset retirement obligations 19,610 19,209 Derivative contract liabilities 307 468 Operating lease liability 35 58 Total liabilities 78,312 81,750 Commitments and contingencies (Note 10) Stockholders' equity Common stock; par value $ 0.001 ; 100,000,000 shares authorized: issued and outstanding 33,606,532 and 33,339,535 shares as of September 30, 2024 and June 30, 2024, respectively 34 33 Additional paid-in capital 41,561 41,091 Retained earnings 38,035 40,003 Total stockholders' equity 79,630 81,127 Total liabilities and stockholders' equity $ 157,942 $ 162,877 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of

View Full Filing

View this 10-Q filing on SEC EDGAR