Evolution Petroleum Announces Positive Results from Joint Interest Audit of Barnett Operator and Provides Update on Chaveroo Wells
Evolution Petroleum (NYSE American: EPM) has announced positive results from its joint interest audit of Barnett Shale properties and provided an update on Chaveroo wells performance. The audit, conducted with BRI Consulting Group, revealed approximately $1.8 million in over-charges from operator Diversified Energy Company for the period September 2021 through December 2023.
The discovered amount will be recognized as a reduction to lease operating expenses and accounts payable in Evolution's fiscal Q4 and full-year 2025 results. The company plans to continue auditing future periods under its joint operating agreement rights.
Additionally, Evolution reported that its four new Chaveroo wells, which were completed under budget, continue to significantly outperform type curves after 50 days of production data, surpassing initial expectations observed during the first 10 days of operation.
Evolution Petroleum (NYSE American: EPM) ha annunciato risultati positivi dall'audit congiunto degli interessi sulle propriet脿 del Barnett Shale e ha fornito un aggiornamento sulle prestazioni dei pozzi Chaveroo. L'audit, condotto con BRI Consulting Group, ha rivelato circa 1,8 milioni di dollari di addebiti eccessivi da parte dell'operatore Diversified Energy Company per il periodo da settembre 2021 a dicembre 2023.
La somma scoperta sar脿 riconosciuta come una riduzione delle spese operative di locazione e dei conti da pagare nei risultati fiscali del quarto trimestre e dell'intero anno 2025 di Evolution. L'azienda prevede di continuare a effettuare audit per i periodi futuri in base ai diritti previsti dal suo accordo di operazione congiunta.
Inoltre, Evolution ha riferito che i suoi quattro nuovi pozzi Chaveroo, completati sotto il budget, continuano a superare significativamente le curve tipo dopo 50 giorni di dati di produzione, superando le aspettative iniziali osservate nei primi 10 giorni di attivit脿.
Evolution Petroleum (NYSE American: EPM) ha anunciado resultados positivos de su auditor铆a conjunta de intereses en las propiedades de Barnett Shale y proporcion贸 una actualizaci贸n sobre el desempe帽o de los pozos Chaveroo. La auditor铆a, realizada con BRI Consulting Group, revel贸 aproximadamente 1,8 millones de d贸lares en cobros excesivos por parte del operador Diversified Energy Company durante el per铆odo de septiembre de 2021 a diciembre de 2023.
La cantidad descubierta se reconocer谩 como una reducci贸n en los gastos operativos de arrendamiento y cuentas por pagar en los resultados fiscales del cuarto trimestre y del a帽o completo 2025 de Evolution. La compa帽铆a planea continuar auditando per铆odos futuros bajo sus derechos del acuerdo de operaci贸n conjunta.
Adem谩s, Evolution inform贸 que sus cuatro nuevos pozos Chaveroo, completados por debajo del presupuesto, contin煤an superando significativamente las curvas tipo despu茅s de 50 d铆as de datos de producci贸n, superando las expectativas iniciales observadas durante los primeros 10 d铆as de operaci贸n.
Evolution Petroleum (NYSE American: EPM)鞚� Barnett Shale 鞛愳偘鞐� 雽�頃� 瓿惦彊 鞚挫瀽 臧愳偓鞐愳劀 旮嶌爼鞝侅澑 瓴瓣臣毳� 氚滍憸頃橁碃 Chaveroo 鞙犾爼鞚� 靹标臣 鞐呺嵃鞚错姼毳� 鞝滉车頄堨姷雼堧嫟. BRI Consulting Group瓿� 頃粯 靾橅枆霅� 臧愳偓 瓴瓣臣, 2021雲� 9鞗旊秬韯� 2023雲� 12鞗旉箤歆� 鞖挫榿靷澑 Diversified Energy Company搿滊秬韯� 鞎� 180毵� 雼煬鞚� 瓿茧嫟 觳惮臧� 氚滉铂霅橃棃鞀惦媹雼�.
氚滉铂霅� 旮堨暋鞚� Evolution鞚� 2025 須岅硠鞐半弰 4攵勱赴 氚� 鞐瓣皠 鞁れ爜鞐愳劀 鞛勲寑 鞖挫榿牍勳毄 氚� 氙胳旮夑笀 臧愳唽搿� 氚橃榿霅� 鞓堨爼鞛呺媹雼�. 須岇偓電� 瓿惦彊 鞖挫榿 瓿勳暯 甓岆Μ鞐� 霐半澕 頄ロ泟 旮瓣皠鞐� 雽�頃� 臧愳偓毳� 瓿勳啀頃� 瓿勴殟鞛呺媹雼�.
霕愴暅 Evolution鞚� 鞓堨偘 雮挫棎 鞕勲霅� 雱� 臧滌潣 靸堧鞖� Chaveroo 鞙犾爼鞚� 50鞚� 臧勳潣 靸濎偘 雿办澊韯� 鞚错泟鞐愲弰 旮办 瓿§劆鞚� 韥矊 靸來殞頃橂┌, 鞖挫榿 觳� 10鞚� 霃欖晥 甏�彀半悳 齑堦赴 旮半寑旃橂ゼ 雱橃柎靹半嫟瓿� 氤搓碃頄堨姷雼堧嫟.
Evolution Petroleum (NYSE American: EPM) a annonc茅 des r茅sultats positifs issus de son audit d'int茅r锚ts conjoints sur les propri茅t茅s de Barnett Shale et a fourni une mise 脿 jour sur la performance des puits Chaveroo. L'audit, r茅alis茅 avec BRI Consulting Group, a r茅v茅l茅 environ 1,8 million de dollars de surfacturations de la part de l'op茅rateur Diversified Energy Company pour la p茅riode de septembre 2021 脿 d茅cembre 2023.
Le montant d茅couvert sera comptabilis茅 comme une r茅duction des d茅penses d'exploitation des baux et des comptes fournisseurs dans les r茅sultats du quatri猫me trimestre et de l'ann茅e compl猫te 2025 d'Evolution. La soci茅t茅 pr茅voit de poursuivre les audits des p茅riodes futures dans le cadre de ses droits li茅s 脿 l'accord d'exploitation conjointe.
De plus, Evolution a rapport茅 que ses quatre nouveaux puits Chaveroo, r茅alis茅s sous budget, continuent de surperformer significativement les courbes types apr猫s 50 jours de donn茅es de production, d茅passant les attentes initiales observ茅es durant les dix premiers jours d'exploitation.
Evolution Petroleum (NYSE American: EPM) hat positive Ergebnisse aus seiner gemeinsamen Interessenpr眉fung der Barnett Shale-Immobilien bekannt gegeben und ein Update zur Leistung der Chaveroo-Bohrungen bereitgestellt. Die Pr眉fung, die mit BRI Consulting Group durchgef眉hrt wurde, ergab etwa 1,8 Millionen US-Dollar an 脺berzahlungen vom Betreiber Diversified Energy Company f眉r den Zeitraum von September 2021 bis Dezember 2023.
Der entdeckte Betrag wird als Reduzierung der Betriebsaufwendungen f眉r Pachtvertr盲ge und Verbindlichkeiten in den Ergebnissen des vierten Quartals und des Gesamtjahres 2025 von Evolution anerkannt. Das Unternehmen plant, zuk眉nftige Zeitr盲ume weiterhin im Rahmen seiner Rechte aus dem gemeinsamen Betriebsvertrag zu pr眉fen.
Dar眉ber hinaus berichtete Evolution, dass seine vier neuen Chaveroo-Bohrungen, die unter Budget abgeschlossen wurden, nach 50 Tagen Produktionsdaten weiterhin die Typkurven deutlich 眉bertreffen und die anf盲nglichen Erwartungen aus den ersten 10 Tagen des Betriebs 眉bertreffen.
- Audit revealed $1.8 million in over-charges to be returned to Evolution
- Four Chaveroo wells significantly outperforming type curves after 50 days
- Chaveroo wells completed under budget
- Additional benefits expected from January 2024 onwards due to updated billing practices
- Discovery of historical over-charging in Barnett Shale operations
Insights
EPM recovered $1.8M from audit of Barnett Shale expenses and reports Chaveroo wells significantly outperforming expectations.
Evolution Petroleum's joint interest audit has yielded immediate financial benefits, uncovering approximately
What's particularly notable is that this audit covered only a subset of discrepancies for the audited period, suggesting potential for additional recoveries. Management's indication that they expect "additional benefits" from January 2024 onward points to ongoing financial improvements from corrected billing practices. For a smaller independent producer like Evolution, this
The Chaveroo wells update reinforces the positive financial trajectory. After initially reporting exceptional performance at 10 days, these wells continue to "significantly outperform" type curves after 50 days of production data. This sustained outperformance is particularly meaningful as production profiles typically begin to establish reliable patterns after 30-60 days. The wells being completed under budget while delivering above-forecast production creates a double benefit 鈥� lower capital intensity combined with higher returns 鈥� that should meaningfully enhance the economic performance of this asset.
HOUSTON, July 01, 2025 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced the initial results of its joint interest audit of its Barnett Shale properties and is providing an update on its latest Chaveroo drilling results.
Joint Interest Audit Results
In fiscal year 2024, Evolution exercised its right to perform a joint interest audit of expenses charged from Diversified Energy Company (鈥淒iversified鈥�), the largest operator of its Barnett Shale properties, for the calendar years 2022鈥�2023. This is being completed with the assistance of its joint venture auditors, BRI Consulting Group, Inc., a Houston based consulting company servicing the energy industry.
Calendar year 2022 represented the first full year that Diversified operated the Barnett Shale properties for Evolution. The initial findings produced several areas where it appeared Evolution had been over-charged and, so far, Evolution and Diversified have discovered approximately
Kelly Loyd, President and Chief Executive Officer, commented, 鈥淎pproximately one year ago, Evolution exercised its right to conduct a thorough audit of joint interest costs passed along to us over the last several years on our Barnett Shale properties. This initial audit was conducted for the 2022-2023 time period and we have preliminarily agreed on a subset of discrepancies, totaling an approximate
Chaveroo New Drill Wells Update
Mark Bunch, Chief Operating Officer, commented, 鈥淎s stated in our Fiscal third quarter earnings release, we are pleased to provide additional data on our most recent four wells at Chaveroo. We previously reported that these wells were completed on schedule and under budget. At that time, with only 10 days of production, the wells were significantly exceeding our expectations. I am pleased to report that with more than 50 days of production data, the wells continue to significantly outperform our type curves.鈥�
About Evolution Petroleum
Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit for more information.
Cautionary Statement
All forward-looking statements contained in this press release regarding the Company's current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "believe," "expect," "may," "plans," "outlook," "should," "will," and words of similar meaning are forward-looking statements. Although the Company's expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic reports filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update any forward-looking statement.
Contact
Investor Relations
(713) 935-0122
FAQ
How much money will Evolution Petroleum (EPM) recover from the Barnett Shale audit?
How will the audit findings affect Evolution Petroleum's (EPM) financial results?
What is the performance status of Evolution Petroleum's new Chaveroo wells?
Will Evolution Petroleum (EPM) conduct additional audits of the Barnett Shale operations?
