On May 7, 2021, Evolution closed on the acquisition of non-operated oil and natural gas assets in the Barnett Shale, including an average working interest of 17% and average revenue interest of 14%. The assets are primarily located in Hill, Johnson, Somervell, Hood, Tarrant, and Denton Counties of north Texas and comprise approximately 21,000 net acres.
The assets are estimated to produce approximately 17 MMcf/d of natural gas and 1.3 MBbls/d of liquids. The commodity mix is approximately 35% natural gas liquids and 65% natural gas. The assets are characterized by a low decline rate, less than 10%.
As of June 30, 2021, Evolution has recorded a total of 48.6 BCF of natural gas, 4.9 MMBL of natural gas liquids, and 0.1 MMBO of oil net proved reserves for its Barnett Shale assets.