HOUSTON, TX / ACCESSWIRE / October 17, 2017 / Evolution Petroleum Corporation (NYSE American: EPM) today announced that it will release its financial and operational results for the quarter ended September 30, 2017 (its first fiscal quarter of 2018) after the market closes on Wednesday, November 8, 2017. An investor conference call to review the results will be held on Thursday, November 9, 2017 at 10:00 a.m. Central (11:00 a.m. Eastern). The call will be hosted by Randy Keys, President and CEO and David Joe, Chief Financial Officer.
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 November 16, 2017, and will be accessible by calling 1-844-512-2921 (US & Canada); 1-412-317-6671 (International) with the passcode 10003687.
Delhi Production Update
Estimated gross oil production from the Delhi field was slightly below 7,000 barrels of oil per day ("BOPD") in the most recent quarter ended September 30, 2017, or approximately 1,812 BOPD net to the Company, which was 8.3% below the prior quarter. The primary cause of this decline has been reduced spending in the field and higher decline rates from certain recent projects. Over the past three years, we have participated in a series of highly successful and strategic conformance projects that have increased production from under 6,000 BOPD to rates over 7,700 BOPD in early 2017. Some of the projects completed in 2016 added higher than expected flush production and have stabilized during 2017 to what we believe are more sustainable levels going forward. During the most recent quarter, we also experienced some field and facility downtime, mostly from modifications to get the NGL plant running at full capacity and lower production during the hotter summer months. Without an increase in spending and new development within the field, we expect gross oil production to stabilize around 7,200 BOPD over the next two quarters, before adding new volumes from the expected infill drilling program, which is currently scheduled for early calendar 2018. Our opportunities for further development of the eastern part of the field remain strong and we expect this project to start in 2019.
Estimated gross production of natural gas liquids ("NGL's") was approximately 1,050 barrels of oil equivalent per day ("BOEPD"), or approximately 274 BOEPD net to the Company, which was up slightly from the prior quarter. As previously disclosed, we completed a capital upgrade to the inlet of the recycle plant in August. Results from the NGL plant subsequent to completion of this project have been positive, with the plant operating at or near maximum capacity and efficiency. We expect gross NGL production to average 1,200 BOEPD or higher during the next two quarters.
About Evolution Petroleum
Evolution Petroleum Corporation develops and produces petroleum reserves within known oil and gas reservoirs in the U.S., 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 most recent 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