On January 14, 2022, Evolution acquired non-operated working interests in 73 producing wells in the Williston Basin with an average networking interest of approximately 39% and average net revenue interest of approximately 33% located on approximately 45,000 net acres (approximately 90% held by production) across Billings, Golden Valley, and McKenzie Counties in North Dakota. The properties are operated by Foundation, an established operator in the geographic region.
Average net daily production from the date of acquisition through June 30, 2022 was 0.5 MBOEPD. For the year ended June 30, 2022, Evolution’s average net daily production from the Willison Basin properties consisted of 81% oil, 11% NGLs, and 8% natural gas. The primary producing reservoirs are the Three Forks, Pronghorn, and Bakken formations. Hydrocarbons produced from the Williston Basin properties are sold to local refineries and purchasers.