The properties include 389,700 barrels of proved developed oil reserves, as reported in the company’s independent engineering report for the fiscal year ended June 30, 2007, reduced by current fiscal year sales. The transaction is expected to close in early March 2008 pursuant to the terms and conditions of the definitive asset purchase and sale agreement.
Robert Herlin, president and CEO of Evolution Petroleum, said: Considering the approximately $2.6 million we’ve invested, the considerable operating income generated to date, and the pending sales proceeds, Tullos has been very profitable for us and has allowed the testing of promising completion technology that could be applicable to many other fields in the onshore Gulf Region.
