Evolution to acquire oil, gas assets in 3 states for $9M

Evolution Petroleum Corporation said it is acquiring non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana for a total purchase price of $9 million, subject to customary closing adjustments.

The acquisition is expected to close by the end of Evolution’s third quarter of fiscal 2025 with an effective date of February 1, 2025, the company said in a news release.

Evolution said the acquisition expands its asset portfolio with approximately 440 barrels of oil equivalent per day (boepd) of net production, consisting of a balanced commodity mix of 60 percent oil and 40 percent natural gas with the acquired assets primarily being low-decline.

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Source: Rigzone

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