We are a petroleum company engaged primarily in the development of properties for the production of crude oil and natural gas onshore in the United States and in recovery of bypassed oil and natural gas through our patented artificial lift technology.
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 10% beneficial ownership of the company.
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 February 3, 2014, we had 32.4 million common shares and 0.3 million preferred shares and approximately 0.4 million incentive and nonqualified stock options to purchase common shares outstanding, all of which are vested. On a fully diluted basis, approximately 10% is held by our employees and directors.