HOUSTON, TX / ACCESSWIRE / April 26, 2018 / Evolution Petroleum Corporation (NYSE American: EPM) today announced that it will release its financial and operational results for the quarter ended March 31, 2018 (its third fiscal quarter of 2018) after the market closes on Tuesday, May 8, 2018. An investor conference call to review the results will be held on Wednesday, May 9, 2018 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. Details of the call follow:
Date: Wednesday, May 9, 2018
Time: 10:00 a.m. Central (11:00 a.m. Eastern)
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 May 16, 2018 and will be accessible by calling 1-844-512-2921 (US & Canada); 1-412-317-6671 (International) with the passcode 10004763.
Delhi Field Update
The Company started the twelve-well infill drilling program in the Delhi field in late March as scheduled. We have drilled two wells and spudded a third in this twelve-well program that is planned to be completed by late July 2018. The Company also began construction of flowlines and facilities and expects to have the first wells online by the end of May 2018. This infill program targets productive oil zones in the developed area of the field that the Company believes are not being swept effectively by the current CO2 flood. This infill program is expected to both add production and increase ultimate recoveries above the current proved producing oil reserves.
As previously disclosed, the Delhi field had two weather-related disruptions to operations in January from unusually cold temperatures in the field. The Company lost approximately seven days of oil production and over 25 days of natural gas liquid ("NGL") production in January. However, production in February and March returned to normal levels of approximately 7,000 barrels of oil per day (BOPD) and 1,100 barrels of NGL's per day. The Company's net share of production for the quarter was 1,685 BOPD and 199 barrels of NGL's per day.
Evolution's net realized oil pricing in the quarter improved dramatically to $63.56 per barrel from $57.30 per barrel in the prior quarter. This was based on an average WTI price of $62.89 per barrel for the quarter. The Company has seen oil prices continue to strengthen in April. Net NGL pricing averaged approximately 54% of WTI oil prices.
Upcoming Investor Conferences
Evolution is scheduled to make presentations and hold investor meetings at the following conferences:
Burkenroad Investment Conference, New Orleans, LA, April 27, 2018, 11:00 a.m. CDT
IDEAS Conference - Boston, MA, May 10, 2018, 1:50 p.m. CDT
Louisiana Energy Conference, New Orleans, LA, May 30-31 (TBA)
Evolution's presentation at the IDEAS Conference will be webcast live and may be accessed through the conference website at http://www.wsw.com/webcast/threepa25/epm, or on the home page of the Company's website: www.EvolutionPetroleum.com. The presentation materials will be available on the Company's website the day of the event. In addition to the Boston IDEAS Conference, Three Part Advisors hosts annual IDEAS investor conferences in Chicago and Dallas, each of which the Company plans to attend.
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