Evolution Petroleum Announces Closing of the Barnett Shale Acquisition
ACCESSWIRE
Purchase of Minerals and Non-operated Working Interests in Long-Life, Liquids Rich Barnett Shale
Increases Scale and Further Diversifies Assets
Accretive Transaction Supports the Company's Long-Term Dividend Strategy
HOUSTON, TX / ACCESSWIRE / May 10, 2021 / Evolution Petroleum (NYSE American:EPM) ('Evolution' or the 'Company') announced today the closing of the acquisition of non-operated oil and gas assets in the Barnett Shale (the 'Transaction') from TG Barnett Resources, LP ('TGBR'), a wholly owned subsidiary of Tokyo Gas Americas, Ltd. ('Tokyo Gas') for $18.2 million, net of preliminary purchase price adjustments. The final purchase price before adjustments of the Transaction was $19.6 million in cash, with an effective date of January 1, 2021 and a closing date of May 7, 2021. The Company acquired substantially all of the assets, however a portion of the non-operated dry gas working interests were excluded as a result of potential title defects that the seller was unable to timely cure. Upon resolution of the potential title defects, Evolution may purchase those interests at a mutually agreed upon price.