Evolution Petroleum Corp. released an update on its oil and gas exploration and development activities, including reserve information, for the fiscal year ending June 30, 2010.
Evolution Petroleum Corporation reported that the company had proved reserves of 12.4 million barrels oil equivalent (BOE) as of 7/1/2010. The company reported proved reserves of 3.0 million BOE a year earlier.
Evolution Petroleum Corporation attributed the increase in proved reserves to the inclusion of reserves at the company’s properties at the Delhi Field. The Delhi Field is an enhanced oil recovery project operated by Denbury Resources (DNR), where carbon dioxide is injected into older oil wells to enhance production.
“The assignment of proved reserves at Delhi is one more major milestone achieved in our steady growth of share value, further confirming our business model and strategy,” said Robert Herlin, the CEO of Evolution Petroleum Corporation.
Evolution Petroleum Corporation reported probable reserves of 7.2 million BOE as of 7/1/2010. The company said that the amount of probable reserves declined on a year over basis as reserves were moved from the probable to the proved category.
DeGolyer & MacNaughton, W.D Von Gonten & Co. and Lee Keeling and Associates, Inc. conducted the reserve study for Evolution Petroleum Corporation.
For more information on the company, go to www.evolutionpetroleum.com
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