Evolution Petroleum targets workover gains at TexMex and six new Chaveroo permits, but the timing is unclear

Evolution Petroleum (NYSE American: EPM) said on 12 May 2026 that two operating steps were due by the end of its fiscal fourth quarter.

• TexMex: a workover program begun after quarter-end is expected to add a further 100 net barrels of oil equivalent per day (BOEPD).
• Chaveroo Field: the company expects to secure permits for its next drilling block of six gross wells.

Timing is unclear. The tracking data lists a window of 1 October to 31 December 2026. But the company's fiscal third quarter ended 31 March 2026, which would put the fourth quarter's end at 30 June 2026. If so, the stated deadline has already passed, and the inputs contain no later statement on whether either step happened. Readers should check the company's next report.

Why it matters. Third-quarter production was 6,700 BOEPD, so 100 net BOEPD would be roughly 1.5% more. That is an inference, not a company figure. The quarter was weak: revenue was $20.2 million, down 11% from a year earlier, and the net loss was $8.9 million. Adjusted EBITDA fell to $3.1 million from $7.4 million. The company pointed to lower realized prices, $2.2 million of hedge losses, and weather and equipment downtime of over 300 BOEPD, which it said was resolved.

What it holds. The valuation inputs list four non-operated interests: Delhi Field (24%), Hamilton Dome Field (24%), Jonah Field (20%) and Barnett Shale (17%). Their latest reserve estimates (P50, or median case) date from September 2021 for Delhi, Hamilton Dome and Barnett, and September 2022 for Jonah. They are old and may not reflect today's position. Neither TexMex nor Chaveroo appears in those inputs, so the effect of these two steps on the reserve picture is unknown.

Other items. The company said 23 wells tied to its Louisiana royalty acquisitions should begin producing soon. In July, four executives disposed of shares through option or appreciation-right settlements. In February, the company filed a prospectus supplement for an offering off its existing shelf.

The workovers are a small step against a weak quarter. Whether they and the permits arrived on schedule is not confirmed in the material reviewed.