Evolution Petroleum Corp. reported positive progression on the integration of its 3,700 net acres from the company’s three most recent acquisitions, which closed Feb. 12, in the SCOOP/STACK plays in Oklahoma, the company announced in a March 11 press release.
Production and cash flow contributions from the acquisitions are expected to “impact operational and financial results positively and substantially,” beginning with the second half of the third fiscal quarter ending March 31, the release stated.
Since Nov. 1, 2023, the effective date of the acquisition, 19 of 21 gross drilled but uncompleted wells have been completed and brought online. Evolution also agreed to participate in 15 gross new horizontal wells across the acreage, 13 of which are currently in progress.
In the Chaveroo oilfield, Evolution reported that all three horizontal wells in the first development block have been completed and are currently producing. Evolution holds a 50% working interest in the block.
Additionally, Evolution plans to participate for its full 50% working interest in the second development block, which consists of six horizontal well locations.
The company expects to participate in future development blocks, holding in aggregate over 70 additional horizontal well locations.
Evolution is scheduled to participate in a fireside chat with Water Tower Research on March 20. The company will discuss capital allocation optionality, the results to date of the Permian horizontal development program in the Chaveroo oilfield in the San Andres formation and the current state of the integration and development activities at its SCOOP/STACK acquisitions.
Recommended Reading
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.