Evolution Petroleum Closes $17 Million Mineral & Royalty Acquisition in SCOOP/STACK Area of Oklahoma
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Evolution Petroleum has closed on the acquisition of mineral and royalty interests in the SCOOP/STACK area of Oklahoma from a non-affiliated private seller in a cash transaction valued at approximately $17 million, subject to customary post-closing adjustments.
“Building on our established presence and deep knowledge of the SCOOP/STACK, this complementary acquisition of mineral and royalty interests represents an exciting addition to our established portfolio of long-life, low-decline assets. We value this transaction utilizing similar metrics as we would for a non-op working interest acquisition, particularly when accompanied by substantial development upside that we expect will maintain or grow cash flow and significantly enhance our ability to pay dividends to our shareholders for years to come,” said Kelly Loyd, president and chief executive officer.
“We’re particularly enthusiastic about the anticipated robust, perpetual cash flows from the approximate 400 producing wells, along with over 650 undrilled locations that come with zero future capital obligations which presents meaningful upside. This structure uniquely positions Evolution to benefit from exceptional margins due to the minimal operating cost and the current and future drilling at no incremental cost to generate sustained returns,” added Loyd.
“We anticipate this deal will set a strong foundation for future diversified growth and demonstrates our continued commitment to disciplined, value-accretive expansion,” concluded Loyd.
Evolution Petroleum is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts.
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