Oil well at night. (Source: Shutterstock)
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.
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