The story so far
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
shares on issue market cap (log scale)
202534.3m shares · US$166m market cap
- 6 Aug
Evolution Petroleum bought mineral and royalty interests across 5,500 net acres in Oklahoma's SCOOP/STACK area for about $17.0 million, expanding its royalty exposure in a play it had entered via working interests in 2024.
asset acquisition disposition
34.3m shUS$166m - 2 July
Evolution Petroleum refinanced into a much larger $200 million MidFirst Bank credit facility (borrowing base now $65 million, $37.5 million drawn), and separately recovered about $1.8 million in overcharges after auditing its Barnett Shale operator's expenses.
material agreement
34.3m shUS$161m
202433.5m shares · US$188m market cap
- 13 Feb
Evolution Petroleum closed its SCOOP/STACK acquisitions from Red Sky Resources and Coriolis Energy Partners, funding the $43.5 million-plus deal with cash and a $42.5 million credit-line draw.
asset acquisition disposition
33.5m shUS$188m - 10 Jan
Evolution Petroleum agreed to buy non-operated oil and gas interests in Oklahoma's SCOOP/STACK plays from Red Sky Resources and Coriolis Energy Partners for a combined $43.5 million, its next acquisition after a quiet 2023.
material agreement
33.5m shUS$195m
202233.7m shares · US$229m market cap
- 6 Apr
Evolution Petroleum closed its Jonah Field acquisition from Exaro Energy for a net $26.2 million, funded with cash and a $17 million draw on its credit line.
asset acquisition disposition
33.7m shUS$229m - 10 Feb
Evolution Petroleum agreed to buy non-operated natural gas interests in Wyoming's Jonah Field from Exaro Energy for about $29.4 million, its third acquisition in a year-long buying spree, while also declaring its regular $0.10 quarterly dividend.
material agreement
33.7m shUS$194m - 21 Jan
Evolution Petroleum bought non-operated Williston Basin (North Dakota) oil assets from Foundation Energy for $25.9 million, adding a 39% interest in 73 wells and roughly 400 future drilling locations -- its second major bolt-on acquisition in under a year.
asset acquisition disposition
33.7m shUS$170m
202133.5m shares · US$111m market cap
- 11 May
Evolution Petroleum closed its Barnett Shale acquisition from Tokyo Gas's TG Barnett Resources for $18.2 million net, adding about 50 Bcf of gas reserves across North Texas.
asset acquisition disposition
33.5m shUS$111m - 31 Mar
Evolution Petroleum agreed to buy non-operated working interests in Barnett Shale gas properties from Tokyo Gas's U.S. subsidiary for about $23.25 million, its first acquisition since the 2016 Denbury settlement freed up cash.
material agreement
33.5m shUS$113m
201833.1m shares · US$326m market cap
- 19 July
Evolution Petroleum lost a bankruptcy-court auction for Enduro Resource Partners' oil and gas assets after being outbid despite raising its offer above its original $27.5 million stalking-horse bid; it collects a $1.1 million breakup fee for its trouble.
material agreement termination
33.1m shUS$326m
201632.9m shares · US$207m market cap
- 5 Oct
Evolution Petroleum redeemed all of its 8.5% Series A Preferred Stock for about $8 million cash, closing out the preferred-equity financing program it had run since 2011, funded by the just-collected Denbury settlement.
security holder rights change
32.9m shUS$207m - 30 June
Evolution Petroleum settled all outstanding disputes with Denbury over the Delhi Field, including the 2013 spill and reversion-timing disagreements -- Denbury will pay Evolution $27.5 million cash plus additional interests, resolving years of friction between the two companies.
material agreement
32.9m shUS$180m
201328.6m shares · US$345m market cap
- 12 Nov
Evolution Petroleum declared its first-ever quarterly common stock dividend ($0.10/share) as part of a strategic pivot toward a growth-and-income model, while also disclosing a dispute with Delhi Field operator Denbury over a delayed reversion of its working interest following a 2013 spill.
dividend declaration
28.6m shUS$345m
201227.8m shares · US$259m market cap
- 23 Apr
Evolution Petroleum entered a new growth play, agreeing with Orion Exploration Partners to earn a 45% non-operated interest in Mississippian Lime acreage in Oklahoma by funding drilling, targeting 25-33 potential well locations.
material agreement
27.8m shUS$259m
201127.6m shares · US$196m market cap
- 1 July
the New York Stock Exchange certified EVOLUTION PETROLEUM CORP's securities for listing, clearing them to begin trading.
listing compliance notice
27.6m shUS$196m
2006
- 14 July
the American Stock Exchange certified EVOLUTION PETROLEUM CORP's securities for listing, clearing them to begin trading.
listing compliance notice
- 16 June
The Denbury Delhi Field transaction closed: NGS received $50 million and handed over its working interest in the CO2 flood unit while keeping a 4.8% royalty and other retained interests, resolving the deal first announced in May.
asset acquisition disposition
- 11 May
NGS agreed to bring in Denbury Onshore to fund and run a CO2 enhanced-oil-recovery project at its Delhi Field, collecting $50 million upfront while keeping a royalty and a future reversionary working interest once the project pays out -- the deal that would define the company's finances for the next decade.
asset acquisition disposition
- 8 Mar
Chairman Laird Q. Cagan personally loaned NGS $250,000 at 10% interest, subordinated to the company's $5 million Prospect Energy facility -- insider bridge financing for working capital during the company's early acquisition buildout.
capital raising announcement
2005
- 11 May
NGS raised $3.0 million selling 1.2 million shares to Rubicon Master Fund at $2.50/share, paying fees and warrants to both broker Chadbourn Securities and Chairman Laird Cagan in his capacity as a Chadbourn registered representative.
capital raising announcement
- 21 Mar
NGS drew another $1.0 million under its $4.8 million senior secured loan facility with Prospect Energy Corporation (14%+ interest), bringing total borrowings to $4.0 million to fund oil and gas acquisitions and development.
capital raising announcement
- 8 Feb
NGS secured a $4.8 million loan facility from Prospect Energy Corporation and used part of it to buy the Chadco oil and gas properties in the Tullos Urania and Colgrade fields for $3.0 million, also refinancing Chairman Cagan's earlier bridge loan.
asset acquisition disposition
2004
- 3 June
Natural Gas Systems (later renamed Evolution Petroleum) became a public company through a reverse merger into shell company Reality Interactive, with NGS shareholders taking over about 96% of the stock and NGS's Robert Herlin becoming CEO. This reverse merger is the origin of the company's public listing.
business combination