Evolution Petroleum Enters Williston Basin with Nonop Deal

Evolution Petroleum closed the acquisition of 50% of certain interests held by privately-owned Foundation Energy Management within the Williston Basin for $25.9 million.

Evolution Petroleum Enters Williston Basin with Nonop Deal

The transaction also establishes a strategic operational relationship with Foundation, which CEO Jason Brown says will provide Evolution Petroleum direct collaboration and involvement with the pace of asset development. (Source: Hart Energy)

Evolution Petroleum closed on Jan. 20 a $25.9 million acquisition of nonoperated Williston Basin assets that the Houston-based company’s CEO said will immediately provide incremental free cash flow in support of its current dividend policy.

“This represents a significant increase in potential undeveloped reserves that we anticipate will be supportive of our dividend for many years to come,” Jason Brown, president and CEO of Evolution Petroleum, commented in a company release.

In the release, Evolution said it closed the acquisition of 50% of certain interests held by privately-owned Foundation Energy Management LLC within the Williston Basin in North Dakota’s Billings, Golden Valley and McKenzie counties.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.