Evolution Petroleum Corporation entered into definitive agreement to acquire Non-operated oil and natural gas assets in the SCOOP plays in central Oklahoma from Red Sky Resources III, LLC, Coriolis Energy Partners I, LLC and Red Sky Resources IV, LLC.

Evolution Petroleum Corporation (NYSEAM:EPM) entered into definitive agreement to acquire Non-operated oil and natural gas assets in the SCOOP plays in central Oklahoma from Red Sky Resources III, LLC, Coriolis Energy Partners I, LLC and Red Sky Resources IV, LLC on January 5, 2024. In a related agreement, Evolution Petroleum Corporation entered into definitive agreement to acquire Non-Operating Working Interests in Oil And Natural Gas Properties in STACK plays in Central Oklahoma. As part of transaction, Evolution expects to fund the transactions from cash on hand and borrowings from the Company's senior credit facility with MidFirst Bank.

As of December 31, 2023, and prior to the transaction, the Company had approximately $8 million in cash on hand and had no outstanding borrowings under the credit . The transaction is expected to close in mid-February during the Company?s third quarter of fiscal 2024 and is subject to customary closing adjustments.