We are a petroleum company engaged primarily in the acquisition, exploitation and development of properties for the production of crude oil and natural gas, onshore in the United States. We acquire known, underdeveloped oil and natural gas resources and exploit them through the application of capital, sound engineering and modern technology to increase production, ultimate recoveries, or both.
Our strategic focus is on increasing asset value on a per share basis. 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 are fully aligned with shareholders through more than 20% beneficial ownership of the company.
To carry out this strategy, we work to generate and execute scalable, low unit cost, development and re-development opportunities that minimize or eliminate exploration risks. These opportunities involve the application of modern technology, our own proprietary technology and our specific expertise in overlooked areas of the United States, where we may or may not choose to be the operator.
Evolution Petroleum was formed in September 2003 under the name Natural Gas Systems, Inc. and began trading under the symbol NGSY:OB in 2004. In 2006, we changed our name to Evolution Petroleum Corporation and listed on the American Stock Exchange (now the NYSE MKT) under the symbol EPM. Our preferred stock trades under the symbol EPM-PA. Our fiscal year ends on June 30.
At March 31, 2013, we had approximately 28.4 million common shares and 0.3 million preferred shares outstanding, and approximately 5.0 million incentive and nonqualified stock options and warrants to purchase common shares outstanding, all of which are vested. On a fully diluted basis, approximately 24% is held by our employees and directors.