Evolution Petroleum Corp. reported an operations update and financial results for the fourth quarter and fiscal year-ended June 30, 2011, as well as outlined its capital plan for 2012.
The company reported fourth-quarter revenue of $3.2 million, a substantial increase compared to revenues of $1.4 million for the comparable quarter of 2010. Net income for the fourth quarter of 2011 increased to $0.53 million, $0.02 per share, compared to net loss of $0.4 million, or $(0.02) per share, reported in the fourth quarter of 2010.
For the full fiscal year 2011, Evolution Petroleum’s net loss narrowed 90 percent to $0.2 million, or $(0.01) per share, on revenues of $7.5 million, compared to a net loss of $2.4 million, or $(0.09) per share, on revenues of $5.0 million for 2010.
Robert Herlin, Evolution Petroleum president and CEO, noted strong performance in the company’s Delhi EOR project, which achieved continuous gross oil sales.
“We are pleased to report steady improvements in our net income and cash flows from operations. Continued strong performance in our Delhi EOR project combined with the premium oil price currently being realized there has substantially accelerated the projected date of our 24% reversionary working interest, resulting in additional net reserves and a much improved PV-10 metric,” Herlin stated in the press release. “Gross oil sales at Delhi continue to improve and averaged 2,960 barrels of oil per day during the fourth fiscal quarter. We believe that we now have the financial resources in hand, supplemented by recent sales of our preferred stock and projected operating cash flow to fund an expanded capital expenditure program during fiscal 2012.”
The company also noted its board of directors approved a flexible capital budget of up to $12 million, or more, contingent on drilling results, the establishment of joint ventures and other opportunities.
For more information visit www.evolutionpetroleum.com
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