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 CEO of Evolution Petroleum, said: We are pleased to re-deploy our profits and invested cash from the Tullos field into our Giddings field development projects. The 10-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.
