Evolution Petroleum Corp. reported a net loss of $531,000, or ($0.02) per share, in the third fiscal quarter ending 3/31/2010. The company lost $1.0 million, or ($0.04) per share, in the same quarter of 2009.
Evolution Petroleum Corporation reported an 11% increase in revenues on a year over year basis, from $1.16 million in the third fiscal quarter of 2009, to $1.29 million in the quarter just ended.
Evolution Petroleum Corporation reported a decline in production on a sequential and year over basis in the third fiscal quarter. The company reported oil and gas production of 319 barrels oil equivalent per day (BOE), down 8% from the quarter ending 12/31/2009, and 33% from the third fiscal quarter last year.
Evolution Petroleum Corporation realized a much higher price for oil and natural gas sales in the third fiscal quarter of 2010. The average selling price for its oil volumes in the quarter was $77.17 per barrel, up from $39.47 per barrel in the same quarter of 2009.
The average selling price for natural gas in the third fiscal quarter of 2010 was $5.48 per Mcf, compared to $4.12 per Mcf in last year’s third fiscal quarter.
For more information on the company, visit www.evolutionpetroleum.com
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