Evolution’s interests in the Delhi Field, a CO2-EOR project, consist of approximately 24% average net working interest, with an associated 19%revenue interest and separate overriding royalty and mineral interests of approximately 7% yielding a total average net revenue interest of approximately 26%. The field is operated by Denbury Onshore LLC, a subsidiary of Denbury Inc. The Delhi Field is located in northeast Louisiana in Franklin, Madison, and Richland Parishes and encompasses approximately 14,000 gross unitized acres, or approximately 3,200 net acres.
For the year ended June 30, 2022, Evolution’s average net daily production from the Delhi Field properties was 1.2 MBOE per day (“MBOEPD”) consisting of 81% oil and 19% natural gas liquids (“NGLs”). The primary producing reservoirs in the field are the Tuscaloosa and Paluxy formations. Produced oil from the field is priced off of Louisiana Light Sweet crude, which often trades at a premium to West Texas Intermediate.