Evolution Petroleum finds $1.8 million in overcharges during audit, expects increased benefits

From GlobeNewswire: 2025-07-01 08:30:00

Evolution Petroleum Corporation has announced initial results of a joint interest audit for its Barnett Shale properties and updates on Chaveroo drilling results. The audit revealed approximately $1.8 million in overcharges by Diversified Energy Company. This will be recognized as a reduction in expenses in the company’s fourth quarter and full-year 2025 results.

CEO Kelly Loyd stated that the audit process has led to a preliminary agreement on the discrepancies, resulting in increased fiscal year 2025 Adjusted EBITDA. Additional benefits are expected from future audits and updates to billing practices. The cooperation of Diversified has been appreciated throughout the audit process.

COO Mark Bunch provided an update on the Chaveroo drilling results, indicating that the new wells are exceeding expectations significantly. With over 50 days of production data, the wells continue to outperform type curves. Evolution Petroleum focuses on maximizing shareholder returns through onshore oil and gas properties in the U.S.

Evolution Petroleum emphasizes the importance of forward-looking statements, acknowledging the risks and uncertainties involved. While expectations are based on reasonable assumptions, actual results may vary. The company commits to updating stakeholders on any changes. For more information, contact Investor Relations at (713) 935-0122 or [email protected].



Read more at GlobeNewswire: Evolution Petroleum Announces Positive Results from Joint