HOUSTON, Nov. 16, 2015 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE MKT: EPM) ("Evolution" or the "Company") announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per common share, a rate of $0.20 per share on an annualized basis, payable on December 31, 2015, to shareholders of record as of the close of business on December 15, 2015.
Randy Keys, President and Chief Financial Officer, commented: "Our crude oil price hedges continue to protect about two-thirds of our production at WTI prices above $51 through March of 2016, which supports our quarterly dividend program in this challenging market. We have no debt, substantial cash and a strong balance sheet. Our key Delhi asset continues its steady rate of oil production and we still expect that the Delhi NGL plant being fabricated will begin contributing substantial additional cash flows next year as planned."
Expected Tax Treatment of Dividends
Based on our current projections for the fiscal year ending June 30, 2016, we expect that common stock dividends will be treated as qualified dividend income. We will make a final determination regarding the tax treatment of dividends for the current fiscal year when we report this information to recipients.
IDEAS Investor Conference
Evolution also announced that Randy Keys will present at the Southwest IDEAS Investor Conference on Thursday, November 19, 2015 at the Marriott – Quorum Hotel in Dallas, Texas. The Company's presentation is scheduled to begin at 2:10 p.m. Eastern Standard Time (1:10 p.m. Central). The presentation will be webcast live and may be accessed at the conference website, www.IDEASConferences.com, or from the company's website, http://www.evolutionpetroleum.com.
About Evolution Petroleum
Evolution develops petroleum reserves and shareholder value by applying conventional and specialized technology to known oil and gas resources, onshore in the United States. Principal assets include interests in a CO2-EOR project in Louisiana's Delhi Field and a patented artificial lift technology designed to extend the life and increase ultimate recoveries of depletion drive oil and gas wells. Additional information, including the Company's annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website at www.evolutionpetroleum.com. Additional information regarding GARP® is available on the www.garplift.com website.
Cautionary Statement
All statements contained in this press release regarding potential results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in our documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Statements regarding our ability to complete transactions, successfully apply technology applications in the re-development of oil and gas fields, realize future production volumes, realize success in our drilling and development activity and forecasts of legal claims, prices, future revenues and income and cash flows and other statements that are not historical facts contain predictions, estimates and other forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved and these statements will prove to be accurate. Important factors could cause actual results to differ materially from those included in the forward-looking statements.
Company Contact:
Randy Keys, President and CFO
(713) 935-0122
rkeys@evolutionpetroleum.com
SOURCE Evolution Petroleum Corporation