Evolution Completes Sale of Interests in Tullos Field, Louisiana
Evolution Petroleum Corporation announced that its wholly owned subsidiary, NGS Sub. Corp, has completed the sale of its 100% working interests in certain oil fields in LaSalle and Winn Parishes, Louisiana, ("Tullos") to a private buyer for approximately $4.6 million in net cash proceeds. The properties include 389,700 barrels of proved developed oil reserves, as reported in the company's independent engineering report for the fiscal year ended June 30, 2007, reduced by current fiscal year sales.
Robert Herlin, President and Chief Executive Officer, commented, "We are pleased to redeploy our profits and invested cash from the Tullos Field into our Giddings Field development projects. The ten well drilling program we recently commenced in Giddings offers a great opportunity for us to quickly build revenues and earnings ahead of the 2009 production response we expect from the Delhi enhanced oil recovery project. I look forward to reporting the drilling results of our first group of Giddings wells in April."