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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Evolution Petroleum Corporation | AMEX:EPM | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.18% | 5.54 | 5.6399 | 5.50 | 5.50 | 185,499 | 01:00:00 |
Nevada
|
|
41-1781991
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange On Which Registered
|
Common Stock, $0.001 par value
|
|
EPM
|
|
NYSE American
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
x
|
|
Non-accelerated filer
|
o
|
|
Smaller reporting company
|
x
|
Emerging growth company
|
o
|
|
|
|
|
|
|
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
December 31,
2019 |
|
June 30,
2019 |
||||
Assets
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
20,935,968
|
|
|
$
|
31,552,533
|
|
Receivables
|
4,008,414
|
|
|
3,168,116
|
|
||
Prepaid expenses
|
518,396
|
|
|
458,278
|
|
||
Total current assets
|
25,462,778
|
|
|
35,178,927
|
|
||
Oil and natural gas properties, net (full-cost method of accounting)
|
68,814,569
|
|
|
60,346,466
|
|
||
Other property and equipment, net
|
21,914
|
|
|
26,418
|
|
||
Total property and equipment
|
68,836,483
|
|
|
60,372,884
|
|
||
Other assets, net
|
331,608
|
|
|
210,033
|
|
||
Total assets
|
$
|
94,630,869
|
|
|
$
|
95,761,844
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
2,985,901
|
|
|
$
|
2,084,140
|
|
Accrued liabilities and other
|
548,676
|
|
|
537,755
|
|
||
State and federal income taxes payable
|
246,972
|
|
|
130,799
|
|
||
Total current liabilities
|
3,781,549
|
|
|
2,752,694
|
|
||
Long term liabilities
|
|
|
|
|
|
||
Deferred income taxes
|
11,362,943
|
|
|
11,322,691
|
|
||
Asset retirement obligations
|
2,493,741
|
|
|
1,560,601
|
|
||
Operating lease liability
|
112,870
|
|
|
—
|
|
||
Total liabilities
|
17,751,103
|
|
|
15,635,986
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity
|
|
|
|
|
|
||
Common stock; par value $0.001; 100,000,000 shares authorized; 33,106,988 and 33,183,730 shares issued and outstanding, respectively
|
33,107
|
|
|
33,183
|
|
||
Additional paid-in capital
|
41,306,353
|
|
|
42,488,913
|
|
||
Retained earnings
|
35,540,306
|
|
|
37,603,762
|
|
||
Total stockholders’ equity
|
76,879,766
|
|
|
80,125,858
|
|
||
Total liabilities and stockholders’ equity
|
$
|
94,630,869
|
|
|
$
|
95,761,844
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||
Crude oil
|
$
|
8,974,237
|
|
|
$
|
10,515,875
|
|
|
$
|
17,819,741
|
|
|
$
|
21,913,327
|
|
Natural gas liquids
|
406,634
|
|
|
532,243
|
|
|
712,578
|
|
|
1,441,870
|
|
||||
Natural gas
|
744
|
|
|
—
|
|
|
1,511
|
|
|
—
|
|
||||
Total revenues
|
9,381,615
|
|
|
11,048,118
|
|
|
18,533,830
|
|
|
23,355,197
|
|
||||
Operating costs
|
|
|
|
|
|
|
|
||||||||
Production costs
|
4,234,605
|
|
|
3,452,168
|
|
|
7,324,694
|
|
|
6,910,598
|
|
||||
Depreciation, depletion and amortization
|
1,461,049
|
|
|
1,603,633
|
|
|
2,910,803
|
|
|
3,152,093
|
|
||||
General and administrative expenses *
|
1,436,197
|
|
|
1,258,570
|
|
|
2,774,550
|
|
|
2,563,832
|
|
||||
Total operating costs
|
7,131,851
|
|
|
6,314,371
|
|
|
13,010,047
|
|
|
12,626,523
|
|
||||
Income from operations
|
2,249,764
|
|
|
4,733,747
|
|
|
5,523,783
|
|
|
10,728,674
|
|
||||
Other
|
|
|
|
|
|
|
|
|
|
|
|||||
Enduro transaction breakup fee
|
—
|
|
|
—
|
|
|
—
|
|
|
1,100,000
|
|
||||
Interest and other income
|
52,941
|
|
|
59,858
|
|
|
119,070
|
|
|
106,429
|
|
||||
Interest expense
|
(29,345
|
)
|
|
(29,345
|
)
|
|
(58,690
|
)
|
|
(58,690
|
)
|
||||
Income before income taxes
|
2,273,360
|
|
|
4,764,260
|
|
|
5,584,163
|
|
|
11,876,413
|
|
||||
Income tax provision
|
508,442
|
|
|
859,695
|
|
|
1,026,425
|
|
|
2,176,047
|
|
||||
Net income available to common stockholders
|
$
|
1,764,918
|
|
|
$
|
3,904,565
|
|
|
$
|
4,557,738
|
|
|
$
|
9,700,366
|
|
Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.05
|
|
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
$
|
0.29
|
|
Diluted
|
$
|
0.05
|
|
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
$
|
0.29
|
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
32,988,737
|
|
|
33,167,159
|
|
|
33,057,691
|
|
|
33,134,726
|
|
||||
Diluted
|
32,988,737
|
|
|
33,176,503
|
|
|
33,061,555
|
|
|
33,147,775
|
|
|
Six Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
4,557,738
|
|
|
$
|
9,700,366
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, depletion and amortization
|
2,910,803
|
|
|
3,152,093
|
|
||
Stock-based compensation
|
568,203
|
|
|
469,484
|
|
||
Settlements of asset retirement obligations
|
(26,773
|
)
|
|
—
|
|
||
Deferred income tax expense (benefit)
|
40,252
|
|
|
506,297
|
|
||
Other
|
32,149
|
|
|
9,648
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
(840,298
|
)
|
|
507,689
|
|
||
Prepaid expenses
|
(60,118
|
)
|
|
(70,048
|
)
|
||
Accrued liabilities and other
|
875,929
|
|
|
(144,638
|
)
|
||
Income taxes payable
|
116,173
|
|
|
13,364
|
|
||
Net cash provided by operating activities
|
8,174,058
|
|
|
14,144,255
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Acquisition of oil and natural gas properties
|
(9,337,716
|
)
|
|
—
|
|
||
Capital expenditures for oil and natural gas properties
|
(1,080,874
|
)
|
|
(5,048,987
|
)
|
||
Capital expenditures for other property and equipment
|
—
|
|
|
(2,066
|
)
|
||
Net cash used in investing activities
|
(10,418,590
|
)
|
|
(5,051,053
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Cash dividends to common stockholders
|
(6,621,194
|
)
|
|
(6,634,896
|
)
|
||
Common share repurchases, including shares surrendered for tax withholding
|
(1,750,839
|
)
|
|
(138,638
|
)
|
||
Net cash used in financing activities
|
(8,372,033
|
)
|
|
(6,773,534
|
)
|
||
Net change in cash, cash equivalents and restricted cash
|
(10,616,565
|
)
|
|
2,319,668
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
31,552,533
|
|
|
27,681,133
|
|
||
Cash and cash equivalents, end of period
|
$
|
20,935,968
|
|
|
$
|
30,000,801
|
|
Supplemental disclosures of cash flow information:
|
Six Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Income taxes paid
|
$
|
1,100,000
|
|
|
$
|
1,862,919
|
|
Non-cash transactions:
|
|
|
|
|
|
||
Change in accounts payable used to acquire oil and natural gas properties
|
39,361
|
|
|
(1,094,249
|
)
|
||
Oil and natural gas property costs incurred through recognition of asset retirement obligations and revision of previous estimates
|
871,076
|
|
|
31,268
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Total
Stockholders' Equity |
|||||||||||||
|
Shares
|
|
Par Value
|
|
||||||||||||||||||
For the Three Months Ended December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at September 30, 2019
|
33,003,134
|
|
|
$
|
33,003
|
|
|
$
|
41,458,682
|
|
|
$
|
37,090,174
|
|
|
$
|
—
|
|
|
$
|
78,581,859
|
|
Issuance of restricted common stock
|
212,750
|
|
|
213
|
|
|
(213
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Forfeitures of restricted stock
|
(40,870
|
)
|
|
(41
|
)
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common share repurchases, including shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(388,415
|
)
|
|
(388,415
|
)
|
|||||
Retirements of treasury stock
|
(68,026
|
)
|
|
(68
|
)
|
|
(388,347
|
)
|
|
—
|
|
|
388,415
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
236,190
|
|
|
—
|
|
|
—
|
|
|
236,190
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,764,918
|
|
|
—
|
|
|
1,764,918
|
|
|||||
Common stock cash dividends, $0.10 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,314,786
|
)
|
|
—
|
|
|
(3,314,786
|
)
|
|||||
Balance at December 31, 2019
|
33,106,988
|
|
|
$
|
33,107
|
|
|
$
|
41,306,353
|
|
|
$
|
35,540,306
|
|
|
$
|
—
|
|
|
$
|
76,879,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For the Six Months Ended December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at June 30, 2019
|
33,183,730
|
|
|
$
|
33,183
|
|
|
$
|
42,488,913
|
|
|
$
|
37,603,762
|
|
|
$
|
—
|
|
|
$
|
80,125,858
|
|
Issuance of restricted common stock
|
271,778
|
|
|
272
|
|
|
(272
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Forfeitures of restricted stock
|
(49,118
|
)
|
|
(49
|
)
|
|
49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common share repurchases, including shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,750,839
|
)
|
|
(1,750,839
|
)
|
|||||
Retirements of treasury stock
|
(299,402
|
)
|
|
(299
|
)
|
|
(1,750,540
|
)
|
|
—
|
|
|
1,750,839
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
568,203
|
|
|
—
|
|
|
—
|
|
|
568,203
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,557,738
|
|
|
—
|
|
|
4,557,738
|
|
|||||
Common stock cash dividends, $0.10 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,621,194
|
)
|
|
—
|
|
|
(6,621,194
|
)
|
|||||
Balance at December 31, 2019
|
33,106,988
|
|
|
$
|
33,107
|
|
|
$
|
41,306,353
|
|
|
$
|
35,540,306
|
|
|
$
|
—
|
|
|
$
|
76,879,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For the Three Months Ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at September 30, 2018
|
33,157,852
|
|
|
$
|
33,157
|
|
|
$
|
41,882,949
|
|
|
$
|
37,978,770
|
|
|
$
|
—
|
|
|
$
|
79,894,876
|
|
Issuance of restricted common stock
|
35,215
|
|
|
36
|
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common share repurchases, including shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,646
|
)
|
|
(48,646
|
)
|
|||||
Retirements of treasury stock
|
(6,402
|
)
|
|
(7
|
)
|
|
(48,639
|
)
|
|
—
|
|
|
48,646
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
254,111
|
|
|
—
|
|
|
—
|
|
|
254,111
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,904,565
|
|
|
—
|
|
|
3,904,565
|
|
|||||
Common stock cash dividends, $0.10 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,319,111
|
)
|
|
—
|
|
|
(3,319,111
|
)
|
|||||
Balance at December 31, 2018
|
33,186,665
|
|
|
$
|
33,186
|
|
|
$
|
42,088,385
|
|
|
$
|
38,564,224
|
|
|
$
|
—
|
|
|
$
|
80,685,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For the Six Months Ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at June 30, 2018
|
33,080,543
|
|
|
$
|
33,080
|
|
|
$
|
41,757,645
|
|
|
$
|
35,498,754
|
|
|
$
|
—
|
|
|
$
|
77,289,479
|
|
Issuance of restricted common stock
|
121,611
|
|
|
122
|
|
|
(122
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common share repurchases, including shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138,638
|
)
|
|
(138,638
|
)
|
|||||
Retirements of treasury stock
|
(15,489
|
)
|
|
(16
|
)
|
|
(138,622
|
)
|
|
—
|
|
|
138,638
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
469,484
|
|
|
—
|
|
|
—
|
|
|
469,484
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,700,366
|
|
|
—
|
|
|
9,700,366
|
|
|||||
Common stock cash dividends, $0.10 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,634,896
|
)
|
|
—
|
|
|
(6,634,896
|
)
|
|||||
Balance at December 31, 2018
|
33,186,665
|
|
|
$
|
33,186
|
|
|
$
|
42,088,385
|
|
|
$
|
38,564,224
|
|
|
$
|
—
|
|
|
$
|
80,685,795
|
|
•
|
Whether an expired or existing pre-adoption date contracts contained leases.
|
•
|
Lease classification of any expired or existing leases.
|
•
|
Initial direct costs for any expired or existing leases.
|
Asset (Liability)
|
Balance June 30, 2019
|
|
Adjustment at Adoption July 1, 2019
|
||||
Operating lease right-of-use asset
|
$
|
—
|
|
|
$
|
161,125
|
|
Accrued liabilities and other:
|
|
|
|
||||
Deferred rent
|
$
|
(4,338
|
)
|
|
$
|
4,338
|
|
Operating lease liability
|
$
|
—
|
|
|
$
|
(26,194
|
)
|
Operating lease liabilities - long-term
|
$
|
—
|
|
|
$
|
(139,269
|
)
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||
Crude oil
|
$
|
8,974,237
|
|
|
$
|
10,515,875
|
|
|
$
|
17,819,741
|
|
|
$
|
21,913,327
|
|
Natural gas liquids
|
406,634
|
|
|
532,243
|
|
|
712,578
|
|
|
1,441,870
|
|
||||
Natural gas
|
744
|
|
|
—
|
|
|
1,511
|
|
|
—
|
|
||||
Total revenues
|
$
|
9,381,615
|
|
|
$
|
11,048,118
|
|
|
$
|
18,533,830
|
|
|
$
|
23,355,197
|
|
|
December 31,
2019 |
|
June 30,
2019 |
||||
Prepaid insurance
|
$
|
90,504
|
|
|
$
|
206,198
|
|
Prepaid subscription and licenses
|
48,895
|
|
|
55,435
|
|
||
Prepaid federal and state income taxes
|
351,679
|
|
|
121,679
|
|
||
Prepaid investor relations and other
|
27,318
|
|
|
74,966
|
|
||
Total prepaid expenses
|
$
|
518,396
|
|
|
$
|
458,278
|
|
|
December 31,
2019 |
|
June 30,
2019 |
||||
Oil and natural gas properties
|
|
|
|
|
|
||
Property costs subject to amortization
|
$
|
106,951,180
|
|
|
$
|
95,622,153
|
|
Less: Accumulated depreciation, depletion, and amortization
|
(38,136,611
|
)
|
|
(35,275,687
|
)
|
||
Unproved properties not subject to amortization
|
—
|
|
|
—
|
|
||
Oil and natural gas properties, net
|
$
|
68,814,569
|
|
|
$
|
60,346,466
|
|
Other property and equipment
|
|
|
|
|
|
||
Furniture, fixtures, office equipment and other, at cost
|
$
|
154,731
|
|
|
$
|
154,731
|
|
Less: Accumulated depreciation
|
(132,817
|
)
|
|
(128,313
|
)
|
||
Other property and equipment, net
|
$
|
21,914
|
|
|
$
|
26,418
|
|
•
|
Discount Rate - Our lease does not provide an implicit rate. Accordingly, we are required to use our incremental borrowing rate in determining the present value of lease payments based on the information available at commencement date. Our incremental borrowing rate reflects the estimated rate of interest that we would pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At adoption, July 1, 2019,we used our prime-rate-based borrowing rate under our senior secured credit facility as our incremental borrowing as the term facility was based on a similar term and is appropriately risk-adjusted.
|
•
|
Lease Term - At inception the Company evaluates the contract containing a lease arrangement to determine the length of the lease term when recognizing a ROU asset and corresponding lease liability. When determining the lease term, an option available to extend or to early terminate the arrangement is evaluated and included when it is reasonably certain an option will be exercised. Because of the Company’s intent to maintain operational flexibility, there is no available option to extend that the Company is reasonably certain it will exercise. We have no expectation to use the early termination option that we are reasonably certain to exercise.
|
|
Three Months Ended December 31, 2019
|
|
Six Months Ended December 31, 2019
|
|||
Operating lease cost
|
13,015
|
|
|
$
|
26,030
|
|
Variable lease expense (1)
|
5,594
|
|
|
6,584
|
|
|
Total lease expense
|
18,609
|
|
|
$
|
32,614
|
|
|
As of and For the Six Months Ended December 31, 2019
|
||
Cash Flow:
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
4,903
|
|
ROU asset added in exchange for lease obligation at adoption
|
161,125
|
|
|
|
|
||
Balance Sheet:
|
|
||
Operating lease ROU asset (included in other assets)
|
139,379
|
|
|
Accrued liabilities - current
|
51,974
|
|
|
Operating lease liability - long-term
|
112,870
|
|
|
|
|
||
Other:
|
|
||
Weighted average remaining lease term in years
|
2.91
|
|
|
Weighted average discount rate
|
5.15
|
%
|
Fiscal Year
|
Operating Lease Liability
|
||
Remainder of 2020
|
$
|
29,419
|
|
2021
|
59,945
|
|
|
2022
|
61,843
|
|
|
2023
|
26,098
|
|
|
Total lease payments
|
177,305
|
|
|
Less imputed interest
|
(12,461
|
)
|
|
Total lease liability
|
$
|
164,844
|
|
|
December 31,
2019 |
|
June 30,
2019 |
||||
Royalty rights
|
$
|
108,512
|
|
|
$
|
108,512
|
|
Less: Accumulated amortization of royalty rights
|
(54,256
|
)
|
|
(47,474
|
)
|
||
Investment in Well Lift Inc., at cost
|
108,750
|
|
|
108,750
|
|
||
Deferred loan costs
|
168,972
|
|
|
168,972
|
|
||
Less: Accumulated amortization of deferred loan costs
|
(149,505
|
)
|
|
(141,927
|
)
|
||
Right of use asset under operating lease
|
161,125
|
|
|
—
|
|
||
Less: Accumulated amortization of right of use asset
|
(21,746
|
)
|
|
—
|
|
||
Software license
|
20,662
|
|
|
20,662
|
|
||
Less: Accumulated amortization of software license
|
(10,906
|
)
|
|
(7,462
|
)
|
||
Other assets, net
|
$
|
331,608
|
|
|
$
|
210,033
|
|
|
December 31,
2019 |
|
June 30,
2019 |
||||
Accrued incentive and other compensation
|
$
|
370,456
|
|
|
$
|
369,719
|
|
Asset retirement obligations due within one year
|
—
|
|
|
50,244
|
|
||
Operating lease liability, current
|
51,974
|
|
|
—
|
|
||
Accrued franchise taxes
|
62,178
|
|
|
5,738
|
|
||
Accrued ad valorem taxes
|
52,515
|
|
|
100,500
|
|
||
Other accrued liabilities
|
11,553
|
|
|
11,554
|
|
||
Accrued liabilities and other
|
$
|
548,676
|
|
|
$
|
537,755
|
|
|
December 31,
2019 |
|
June 30,
2019 |
||||
Asset retirement obligations — beginning of period
|
$
|
1,610,845
|
|
|
$
|
1,422,955
|
|
Liabilities incurred
|
903,580
|
|
(a)
|
31,268
|
|
||
Liabilities settled
|
(50,610
|
)
|
|
—
|
|
||
Liabilities sold
|
—
|
|
|
—
|
|
||
Accretion of discount
|
62,430
|
|
|
101,506
|
|
||
Revision of previous estimates
|
(32,504
|
)
|
|
55,116
|
|
||
Asset retirement obligations — end of period
|
$
|
2,493,741
|
|
|
$
|
1,610,845
|
|
Less current portion in accrued liabilities
|
—
|
|
|
(50,244
|
)
|
||
Long-term portion of asset retirement obligations
|
$
|
2,493,741
|
|
|
$
|
1,560,601
|
|
Common Stock Cash Dividends per Share
|
2019
|
|
2018
|
||||
First quarter ended September 30,
|
$
|
0.10
|
|
|
$
|
0.10
|
|
Second quarter ended December 31,
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
Six Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Number of treasury shares acquired (1)
|
299,402
|
|
|
15,489
|
|
||
Average cost per share
|
$
|
5.85
|
|
|
$
|
8.95
|
|
Total cost of treasury shares acquired
|
$
|
1,750,839
|
|
|
$
|
138,638
|
|
|
Six Months Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Weighted average fair value of market-based awards granted
|
$
|
3.79
|
|
|
$
|
8.24
|
|
Risk-free interest rate
|
1.65% to 1.87%
|
|
|
2.69
|
%
|
||
Expected vesting term in years
|
1.35 to 2.56
|
|
|
2.82
|
|
||
Expected volatility
|
38.6% to 43.7%
|
|
|
41.8
|
%
|
||
Dividend yield
|
6% to 7.2%
|
|
|
4.0
|
%
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|||
Service-based awards
|
171,609
|
|
|
$
|
5.95
|
|
Market-based awards
|
129,710
|
|
|
5.10
|
|
|
Unvested Restricted Stock at December 31, 2019
|
301,319
|
|
|
$
|
5.59
|
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at December 31, 2019
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2019
|
176,683
|
|
|
$
|
8.09
|
|
|
|
|
|
||
Service-based shares granted
|
157,386
|
|
|
5.73
|
|
|
|
|
|
|||
Market-based shares granted
|
104,236
|
|
|
4.34
|
|
|
|
|
|
|||
Vested
|
(87,868
|
)
|
|
7.29
|
|
|
|
|
|
|||
Forfeited
|
(49,118
|
)
|
|
9.35
|
|
|
|
|
|
|||
Unvested Restricted Stock at December 31, 2019
|
301,319
|
|
|
$
|
5.59
|
|
|
$
|
1,442,559
|
|
|
2.08
|
|
Number of
Contingent Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at December 31, 2019
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2019
|
10,156
|
|
|
$
|
3.42
|
|
|
|
|
|
||
Market-based awards granted
|
200,000
|
|
|
3.50
|
|
|
|
|
|
|||
Vested
|
(10,156
|
)
|
|
3.42
|
|
|
|
|
|
|||
Unvested contingent shares at December 31, 2019
|
200,000
|
|
|
$
|
3.50
|
|
|
$
|
433,878
|
|
|
0.87
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
1,764,918
|
|
|
$
|
3,904,565
|
|
|
$
|
4,557,738
|
|
|
$
|
9,700,366
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares — Basic
|
32,988,737
|
|
|
33,167,159
|
|
|
33,057,691
|
|
|
33,134,726
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent restricted stock grants
|
—
|
|
|
9,344
|
|
|
3,864
|
|
|
13,049
|
|
||||
Weighted average number of common shares and potentially dilutive common shares used in diluted earnings per share
|
32,988,737
|
|
|
33,176,503
|
|
|
33,061,555
|
|
|
33,147,775
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share — Basic
|
$
|
0.05
|
|
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
$
|
0.29
|
|
Net income per common share — Diluted
|
$
|
0.05
|
|
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
$
|
0.29
|
|
Outstanding Potentially Dilutive Securities
|
Weighted
Average Exercise Price |
|
At December 31, 2019
|
|||
Contingent Restricted Stock grants
|
$
|
—
|
|
|
200,000
|
|
Outstanding Potentially Dilutive Securities
|
Weighted
Average Exercise Price |
|
At December 31, 2018
|
|||
Contingent Restricted Stock grants
|
$
|
—
|
|
|
10,156
|
|
•
|
Acquired oil producing assets in Hamilton Dome Field in Wyoming for $9.3 million of cash, net of a $0.2 million post-closing adjustment.
|
•
|
Paid 25th consecutive quarterly cash dividend on common shares and declared the next dividend payment of $0.10 per share, payable on March 31, 2020.
|
•
|
Generated total revenues of $9.4 million for the quarter, up 2.5% from the prior quarter.
|
•
|
Reported net income of $1.8 million.
|
•
|
Ended the quarter with $20.9 million in cash and a $40 million undrawn credit facility.
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
8,974,237
|
|
|
$
|
10,515,875
|
|
|
$
|
(1,541,638
|
)
|
|
(14.7
|
)%
|
NGL revenues
|
406,634
|
|
|
532,243
|
|
|
(125,609
|
)
|
|
(23.6
|
)%
|
|||
Natural gas revenues
|
744
|
|
|
—
|
|
|
744
|
|
|
n.m.
|
|
|||
Total revenues
|
$
|
9,381,615
|
|
|
$
|
11,048,118
|
|
|
$
|
(1,666,503
|
)
|
|
(15.1
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
168,117
|
|
|
163,361
|
|
|
4,756
|
|
|
2.9
|
%
|
|||
NGL volumes (Bbl)
|
27,260
|
|
|
23,701
|
|
|
3,559
|
|
|
15.0
|
%
|
|||
Natural gas volumes (Mcf)
|
356
|
|
|
—
|
|
|
356
|
|
|
n.m.
|
|
|||
Equivalent volumes (BOE)
|
195,437
|
|
|
187,062
|
|
|
8,375
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil (BOPD, net)
|
1,827
|
|
|
1,776
|
|
|
51
|
|
|
2.9
|
%
|
|||
NGLs (BOEPD, net)
|
296
|
|
|
258
|
|
|
38
|
|
|
14.7
|
%
|
|||
Natural gas (BOEPD, net)
|
1
|
|
|
—
|
|
|
1
|
|
|
n.m.
|
|
|||
Equivalent volumes (BOEPD, net)
|
2,124
|
|
|
2,034
|
|
|
90
|
|
|
4.4
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
53.38
|
|
|
$
|
64.37
|
|
|
$
|
(10.99
|
)
|
|
(17.1
|
)%
|
NGL price per Bbl
|
14.92
|
|
|
22.46
|
|
|
(7.54
|
)
|
|
(33.6
|
)%
|
|||
Natural gas price per Mcf
|
2.09
|
|
|
—
|
|
|
2.09
|
|
|
n.m.
|
|
|||
Equivalent price per BOE
|
$
|
48.00
|
|
|
$
|
59.06
|
|
|
$
|
(11.06
|
)
|
|
(18.7
|
)%
|
1.
|
CO2 Cost (at Delhi); and
|
2.
|
Other Production Costs, which now includes both Delhi field and Hamilton Dome field.
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
CO2 costs (a)
|
$
|
1,410,213
|
|
|
$
|
1,504,930
|
|
|
$
|
(94,717
|
)
|
|
(6.3
|
)%
|
Other production costs
|
2,824,392
|
|
|
1,947,238
|
|
|
877,154
|
|
|
45.0
|
%
|
|||
Total production costs
|
$
|
4,234,605
|
|
|
$
|
3,452,168
|
|
|
$
|
782,437
|
|
|
22.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
CO2 costs per BOE
|
$
|
7.22
|
|
|
$
|
8.05
|
|
|
$
|
(0.83
|
)
|
|
(10.3
|
)%
|
All other production costs per BOE
|
14.45
|
|
|
10.40
|
|
|
4.05
|
|
|
38.9
|
%
|
|||
Production costs per BOE
|
$
|
21.67
|
|
|
$
|
18.45
|
|
|
$
|
3.22
|
|
|
17.5
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
CO2 costs per mcf
|
$
|
0.77
|
|
|
$
|
0.90
|
|
|
$
|
(0.13
|
)
|
|
(14.4
|
)%
|
CO2 volumes (MMcf per day, gross)
|
83.6
|
|
|
76.3
|
|
|
7.3
|
|
|
9.6
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
DD&A of proved oil and gas properties
|
$
|
1,419,333
|
|
|
$
|
1,571,321
|
|
|
$
|
(151,988
|
)
|
|
(9.7
|
)%
|
Depreciation of other property and equipment
|
2,182
|
|
|
4,143
|
|
|
(1,961
|
)
|
|
(47.3
|
)%
|
|||
Amortization of intangibles
|
3,391
|
|
|
3,391
|
|
|
—
|
|
|
—
|
%
|
|||
Accretion of asset retirement obligations
|
36,143
|
|
|
24,778
|
|
|
11,365
|
|
|
45.9
|
%
|
|||
Total DD&A
|
$
|
1,461,049
|
|
|
$
|
1,603,633
|
|
|
$
|
(142,584
|
)
|
|
(8.9
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A rate per BOE
|
$
|
7.26
|
|
|
$
|
8.40
|
|
|
$
|
(1.14
|
)
|
|
(13.6
|
)%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
Interest and other income
|
$
|
52,941
|
|
|
$
|
59,858
|
|
|
$
|
(6,917
|
)
|
|
(11.6
|
)%
|
Interest expense
|
(29,345
|
)
|
|
(29,345
|
)
|
|
—
|
|
|
—
|
%
|
|||
Total other income, net
|
$
|
23,596
|
|
|
$
|
30,513
|
|
|
$
|
(6,917
|
)
|
|
(22.7
|
)%
|
|
Three Months Ended December 31,
|
|
|
|
|
||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
||||||
Income before income taxes
|
2,273,360
|
|
|
4,764,260
|
|
|
(2,490,900
|
)
|
|
(52.3
|
)%
|
||
Income tax provision
|
508,442
|
|
|
859,695
|
|
|
(351,253
|
)
|
|
(40.9
|
)%
|
||
Net income available to common stockholders
|
$
|
1,764,918
|
|
|
3,904,565
|
|
|
$
|
(2,139,647
|
)
|
|
(54.8
|
)%
|
Income tax provision as percentage of income before income taxes
|
22.4
|
%
|
|
18.0
|
%
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
17,819,741
|
|
|
$
|
21,913,327
|
|
|
$
|
(4,093,586
|
)
|
|
(18.7
|
)%
|
NGL revenues
|
712,578
|
|
|
1,441,870
|
|
|
(729,292
|
)
|
|
(50.6
|
)%
|
|||
Natural gas revenues
|
1,511
|
|
|
—
|
|
|
1,511
|
|
|
n.m.
|
|
|||
Total revenues
|
$
|
18,533,830
|
|
|
$
|
23,355,197
|
|
|
$
|
(4,821,367
|
)
|
|
(20.6
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
317,224
|
|
|
322,267
|
|
|
(5,043
|
)
|
|
(1.6
|
)%
|
|||
NGL volumes (Bbl)
|
53,776
|
|
|
48,102
|
|
|
5,674
|
|
|
11.8
|
%
|
|||
Natural gas volumes (Mcf)
|
712
|
|
|
—
|
|
|
712
|
|
|
n.m.
|
|
|||
Equivalent volumes (BOE)
|
371,119
|
|
|
370,369
|
|
|
750
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil (BOPD, net)
|
1,724
|
|
|
1,751
|
|
|
(27
|
)
|
|
(1.5
|
)%
|
|||
NGLs (BOEPD, net)
|
292
|
|
|
261
|
|
|
31
|
|
|
11.9
|
%
|
|||
Natural gas (BOEPD, net)
|
1
|
|
|
—
|
|
|
1
|
|
|
n.m.
|
|
|||
Equivalent volumes (BOEPD, net)
|
2,017
|
|
|
2,012
|
|
|
5
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
56.17
|
|
|
$
|
68.00
|
|
|
$
|
(11.83
|
)
|
|
(17.4
|
)%
|
NGL price per Bbl
|
13.25
|
|
|
29.98
|
|
|
(16.73
|
)
|
|
(55.8
|
)%
|
|||
Natural gas price per Mcf
|
2.12
|
|
|
—
|
|
|
2.12
|
|
|
n.m.
|
|
|||
Equivalent price per BOE
|
$
|
49.94
|
|
|
$
|
63.06
|
|
|
$
|
(13.12
|
)
|
|
(20.8
|
)%
|
1.
|
CO2 Cost (at Delhi); and
|
2.
|
Other Production Costs, which now includes both Delhi field and Hamilton Dome field.
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
CO2 costs (a)
|
$
|
2,694,980
|
|
|
$
|
2,988,782
|
|
|
$
|
(293,802
|
)
|
|
(9.8
|
)%
|
Other production costs
|
4,629,714
|
|
|
3,921,816
|
|
|
707,898
|
|
|
18.1
|
%
|
|||
Total production costs
|
$
|
7,324,694
|
|
|
$
|
6,910,598
|
|
|
$
|
414,096
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|||||||
CO2 costs per BOE
|
$
|
7.26
|
|
|
$
|
8.07
|
|
|
$
|
(0.81
|
)
|
|
(10.0
|
)%
|
All other production costs per BOE
|
12.48
|
|
|
10.59
|
|
|
1.89
|
|
|
17.8
|
%
|
|||
Production costs per BOE
|
$
|
19.74
|
|
|
$
|
18.66
|
|
|
$
|
1.08
|
|
|
5.8
|
%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
CO2 costs per mcf
|
$
|
0.80
|
|
|
$
|
0.93
|
|
|
$
|
(0.13
|
)
|
|
(14.0
|
)%
|
CO2 volumes (MMcf per day, gross)
|
76.6
|
|
|
72.9
|
|
|
3.7
|
|
|
5.1
|
%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
DD&A of proved oil and gas properties
|
$
|
2,837,087
|
|
|
$
|
3,088,063
|
|
|
$
|
(250,976
|
)
|
|
(8.1
|
)%
|
Depreciation of other property and equipment
|
4,504
|
|
|
8,286
|
|
|
(3,782
|
)
|
|
(45.6
|
)%
|
|||
Amortization of intangibles
|
6,782
|
|
|
6,782
|
|
|
—
|
|
|
—
|
%
|
|||
Accretion of asset retirement obligations
|
62,430
|
|
|
48,962
|
|
|
13,468
|
|
|
27.5
|
%
|
|||
Total DD&A
|
$
|
2,910,803
|
|
|
$
|
3,152,093
|
|
|
$
|
(241,290
|
)
|
|
(7.7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A rate per BOE
|
$
|
7.64
|
|
|
$
|
8.34
|
|
|
$
|
(0.70
|
)
|
|
(8.4
|
)%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
Enduro transaction breakup fee
|
—
|
|
|
1,100,000
|
|
|
(1,100,000
|
)
|
|
(100.0
|
)%
|
|||
Interest and other income
|
119,070
|
|
|
106,429
|
|
|
12,641
|
|
|
11.9
|
%
|
|||
Interest expense
|
(58,690
|
)
|
|
(58,690
|
)
|
|
—
|
|
|
—
|
%
|
|||
Total other income, net
|
$
|
60,380
|
|
|
$
|
1,147,739
|
|
|
$
|
(1,087,359
|
)
|
|
(94.7
|
)%
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Variance
|
|
Variance %
|
|||||||
Income before income taxes
|
5,584,163
|
|
|
11,876,413
|
|
|
(6,292,250
|
)
|
|
(53.0
|
)%
|
|||
Income tax provision
|
1,026,425
|
|
|
2,176,047
|
|
|
(1,149,622
|
)
|
|
(52.8
|
)%
|
|||
Net income available to common stockholders
|
$
|
4,557,738
|
|
|
$
|
9,700,366
|
|
|
$
|
(5,142,628
|
)
|
|
(53.0
|
)%
|
Income tax provision as percentage of income before income taxes
|
18.4
|
%
|
|
18.3
|
%
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
||||||||
Increases (Decreases) in Cash:
|
2019
|
|
2018
|
|
Difference
|
||||||
|
(In Millions)
|
||||||||||
Net cash provided by operating activities
|
$
|
8.2
|
|
|
$
|
14.1
|
|
|
$
|
(5.9
|
)
|
Net cash used in investing activities
|
(10.4
|
)
|
|
(5.1
|
)
|
|
(5.3
|
)
|
|||
Net cash used in financing activities
|
(8.4
|
)
|
|
(6.7
|
)
|
|
(1.7
|
)
|
|||
|
$
|
(10.6
|
)
|
|
$
|
2.3
|
|
|
$
|
(12.9
|
)
|
Period
|
|
(a) Total Number of
Shares
Purchased (1)
|
|
(b) Average Price
Paid per Share(1)
|
|
(c) Total Number of Shares Purchased as Part
of Publicly Announced Plans or Programs (2)
|
|
(d) Maximum
Dollar Value
of Shares that
May Yet Be Purchased
Under the Plans or
Programs (2)
|
October 2019
|
|
67,710
|
|
$5.71
|
|
Not applicable
|
|
$1.7 million
|
November 2019
|
|
—
|
|
$—
|
|
Not applicable
|
|
$1.7 million
|
December 2019
|
|
316
|
|
$5.12
|
|
Not applicable
|
|
$1.7 million
|
Total
|
|
68,026
|
|
$5.71
|
|
Not applicable
|
|
$1.7 million
|
|
|
By:
|
/s/ DAVID JOE
|
|
|
|
David Joe
|
|
|
|
Senior Vice President, Chief Financial Officer and
|
|
|
|
Treasurer
|
Date: February 7, 2020
|
|
|
1 Year Evolution Petroleum Chart |
1 Month Evolution Petroleum Chart |
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