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.