HOUSTON, TX / ACCESSWIRE / August 9, 2017 / Evolution Petroleum Corporation (NYSE American: EPM) today announced that its Board of Directors increased the quarterly cash dividend to common shareholders to $0.075 per share, an increase of $0.005 per share from the previous rate of $0.07 per share. The new quarterly dividend amounts to $0.30 per share on an annual basis. It will be paid on September 29, 2017 to shareholders of record on September 15, 2017.
Randy Keys, President and CEO, said, "Evolution has a long-standing policy to return a portion of its cash flow to shareholders. This will be our sixteenth consecutive quarterly dividend and represents a 50% increase over the rate of $0.05 per share in the September quarter of last year. At the current rate, we are distributing less than 50% of our estimated cash flow from operations. With the completion of capital spending on the NGL plant, our near-term capital requirements are modest and we have well in excess of $20 million of working capital. We were recently informed by the operator of the Delhi field that the eight well infill drilling program, originally scheduled to commence this summer, has been postponed until calendar 2018. This infill program was estimated to cost $3.2 million net to Evolution. With this spending deferral and the recent relative strength in oil prices, the Board concluded that an increase in the dividend rate at this time was justified, and more importantly, sustainable."
Evolution will release its financial and operational results for the full fiscal year ended June 30, 2017 after the stock market closes on Wednesday, September 6, 2017. An investor conference call to review the results will be held on Thursday, September 7, 2017 at 11:00 a.m. Eastern (10:00 a.m. Central). An audio presentation with accompanying slides will also be available on the Company's website after the earnings release, which will provide additional details and analysis of our results of operations. Details for the conference call are as follows:
Date: Thursday, September 7, 2017
Time: 11:00 a.m. Eastern (10:00 a.m. Central)
Call: 1-855-327-6837 (United States & Canada)
Call: 1-631-891-4304 (International)
To listen live via webcast over the Internet, go to http://www.evolutionpetroleum.com
A replay will be available two hours after the end of the conference call through September 14, 2017, and will be accessible by calling 1-844-512-2921 (United States & Canada); 1-412-317-6671 (International) with the replay pin number of 10003371.
Evolution Petroleum will be presenting at EnerCom's The Oil and Gas Conference® 22 at the Westin Denver Downtown Hotel on August 13-17, 2017. The Company's presentation is scheduled for 9:40 a.m. Mountain Daylight Time (11:40 a.m. Eastern Daylight Time) on Tuesday, August 15, 2017. The presentation will be webcast live over the Internet and can be accessed, along with the accompanying slides, from http://www.theoilandgasconference.com/togc-webcast/epm/. Additionally, the presentation materials will be available on the Company's website the day of the event.
About Evolution Petroleum
Evolution Petroleum Corporation develops and produces petroleum reserves within known oil and gas reservoirs in the United States, with a focus on maximizing value per share. Our principal asset is our interest in a CO2 enhanced oil recovery project in Louisiana's Delhi Field. Additional information, including the Company's annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website at www.evolutionpetroleum.com.
All forward-looking statements contained in this press release regarding potential results and future plans and objectives of the Company involve a wide range risks and uncertainties. Statements herein using words such as "believe," "expect," "plans" and words of similar meaning are forward-looking statements. Although our expectations are based on engineering, geological, financial and operating assumptions that we believe to be reasonable, many factors could cause actual results to differ materially from our expectations and we can give no assurance that our goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic documents filed with the SEC. The Company undertakes no obligation to update any forward-looking statement.
Randy Keys, CEO
SOURCE: Evolution Petroleum Corporation