Evolution Petroleum develops incremental petroleum reserves and shareholder value by applying conventional and specialized technology to known oil and gas resources, onshore in the United States. Principal assets include interests in a CO2-EOR project in Louisiana's Delhi Field and a patented technology designed to extend the life and increase ultimate recoveries of depletion drive oil and gas wells.
Our strategic focus is on increasing asset value on a per share basis while rewarding shareholders through our common stock dividend. In doing so, we depend on a conservative capital structure, allowing us to maintain financial control of our assets while growing value per share for the benefit of our shareholders without undue dilution. Our employees and directors are fully aligned with shareholders through their beneficial ownership of the company.
Evolution Petroleum was formed in September 2003 and is listed on the NYSE under the symbol EPM. Our preferred stock trades under the symbol EPM-PA. Our fiscal year ends on June 30.
At June 30, 2016, we had approximately 32.9 million common shares and 0.3 million preferred shares. We also had less than 0.1 million options to purchase common shares outstanding, all of which are vested.