Evolution Petroleum to Participate in Water Tower Research Fireside Chat and Provides Update on SCOOP/STACK and Chaveroo Operations

HOUSTON, March 07, 2024 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") announced today that the Company is scheduled to participate in a fireside chat with Water Tower Research on March 20, 2024, at 1:00 PM Central Time. Kelly Loyd, President and Chief Executive Officer, Ryan Stash, Senior Vice President and Chief Financial Officer, and Mark Bunch, Chief Operating Officer, will discuss capital allocation optionality provided by organic development opportunities, the results to date of the Permian horizontal development program in the Chaveroo oilfield in the San Andres formation, the current state of the integration and development activities at its latest SCOOP/STACK acquisitions, and other topics. Registration for the event is available at https://us06web.zoom.us/webinar/register/WN_3i5iPY-PRg6Y8TXkhsC_Sw.

Management Comments

Kelly Loyd, President and Chief Executive Officer, commented, "We are extremely pleased with the ongoing results of both our recent SCOOP/STACK acquisitions and our first three horizontal development wells in Chaveroo. The drilling results at both Chaveroo and SCOOP/STACK confirm the Company's strategy of combining low-risk development drilling with targeted acquisitions of producing properties and our assessed value of the drilling locations. The combination of our existing producing properties and the now substantial inventory of 10+ years of low-risk development locations are projected to support our dividend policy for many years to come while we continue to consider new acquisition opportunities."

SCOOP/STACK

Evolution is pleased to report that the integration of its ~3,700 net acres (average working interest of ~3%) from the Company's three most recent acquisitions in the SCOOP/STACK plays in Oklahoma (collectively, the "SCOOP/STACK"), which closed on February 12, 2024, is progressing well. The acquisitions' production and cash flow contributions are expected to impact operational and financial results positively and substantially, beginning with the second half of the Company’s third fiscal quarter ending March 31, 2024.

The Company expects to complete its reserves audit of the SCOOP/STACK acquisitions in late April, which will include proved developed producing reserves and proved undeveloped reserves. The evaluation of proved undeveloped reserves will focus on identifying which of the estimated 275+ technically proved locations in the SCOOP/STACK will be classified as SEC proved undeveloped reserves as a result of the 5-year development timeline mandated by the SEC.