Evolution Petroleum Corporation entered into definitive agreement to acquire Non-operated oil and natural gas assets in the STACK 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 STACK 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 Purchase and Sale Agreement to acquire Non-Operating Working Interests in Oil And Natural Gas Properties in SCOOP plays in central Oklahoma. The Company will acquire non-operating working interests in oil and natural gas properties in the SCOOP and STACK plays in central Oklahoma for a combined purchase price of approximately $43.5 million in cash.

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.