Financial Data and Key Metrics Changes - The company recorded revenues of $5.6 million for the first fiscal quarter of 2021, representing a 67% increase from the prior quarter [9] - The average daily net production decreased by approximately 4% to 18.41 barrels of oil equivalent per day due to CO2 purchase suspensions and maintenance downtime [16] - A significant non-cash impairment charge of $9.6 million was recorded, primarily due to lower oil prices [19][22] - The net loss for the quarter was $7.1 million, or approximately $0.22 per diluted share, compared to a net loss of $2.3 million, or $0.07 per diluted share, in the prior quarter [26] Business Line Data and Key Metrics Changes - The company focused on cash flow and total shareholder return, maintaining a long-standing dividend program, marking the 28th consecutive quarter of cash dividends [8][10] - Lease operating expenses increased by about 4.9% to $2.4 million, primarily due to increased activity at Hamilton Dome and Delhi fields [24] Market Data and Key Metrics Changes - The average realized oil price was approximately $37 per barrel, with Delhi's realized oil price about $2.20 per barrel below WTI [16][17] - The company expects continued volatility in oil prices due to the global COVID-19 pandemic affecting supply and demand [7] Company Strategy and Development Direction - The company aims to create long-term shareholder returns and is well-positioned to take advantage of potential opportunities arising from the current market conditions [8] - The company plans to invest in the development of Phase 5 at Delhi, with expected expenditures of approximately $1.9 million in fiscal 2021 [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of the company's asset portfolio despite the current challenges in the oil and gas sector [14][23] - The company anticipates a gradual increase in production as CO2 volumes are restored at Delhi, which is expected to help arrest the decline in oil production [36] Other Important Information - The company maintains a strong liquidity position with $19.8 million in cash and an undrawn credit facility of $23 million [30] - The CFO, David Joe, announced his retirement, with Ryan Stash appointed as his successor [32][34] Q&A Session Summary Question: Can you touch on deal flow and asset characteristics? - Management indicated interest in both oil and gas assets, particularly long-life oil assets like Hamilton Dome and Delhi, while also exploring gas opportunities in East Texas and North Louisiana [45][46] Question: What is the outlook for cash taxes? - Management expects not to be a cash taxpayer in the current fiscal year due to projected losses, but cash taxes could return if oil prices rise significantly [50][51] Question: Will the income tax receivable be collected? - Management confirmed expectations to receive the income tax refund from federal taxpayers, primarily related to previous tax credits [52][53] Question: Can gross production volumes be provided? - Management stated that gross production volumes would be included in the upcoming 10-Q filing [55]

Evolution Petroleum Corporation (NYSE:EPM) Q4 2020 Earnings Conference Call September 10, 2020 10:00 AM ET Company Participants David Joe - Chief Financial Officer Jason Brown - President and Chief Executive Officer Conference Call Participants John White - ROTH Capital Jeff Grampp - Northland Capital David Snow - Energy Equities Incorporated Andrew Bond - AGP Alliance Global Rich Howard - Boiling Point Resources Operator Good day, ladies and gentlemen and welcome to Evolution Petroleum Fourth Quarter and F ...

Forward-Looking Statements and Risk Factors - The company emphasizes the importance of forward-looking statements and the associated risk factors that could lead to actual results differing materially from expectations[11]. - The company does not undertake to update forward-looking statements except as required by law, advising stakeholders to review periodic filings for further disclosures[12]. Financial Performance - Total revenues for the year ended June 30, 2020, were $29,599,296, a decrease of 31.5% compared to $43,229,621 for the year ended June 30, 2019[346]. - Net income attributable to common shareholders for the year ended June 30, 2020, was $5,937,072, down from $15,377,066 in the previous year, representing a decline of 61.4%[346]. - The company reported a basic and diluted earnings per share of $0.18 for the year ended June 30, 2020, compared to $0.46 for the year ended June 30, 2019[346]. - Net cash provided by operating activities decreased to $12,396,651 in 2020 from $24,057,900 in 2019, representing a decline of 48.6%[352]. - Revenues for the first quarter of fiscal 2020 were $9,152,215, compared to $12,307,079 in the first quarter of fiscal 2019, reflecting a decrease of approximately 25.5%[502]. - The net income attributable to common shareholders for the first quarter of fiscal 2020 was a loss of $2,786,164, compared to a profit of $5,795,801 in the first quarter of fiscal 2019[502]. - Basic earnings per common share for the first quarter of fiscal 2020 were $(0.07), compared to $0.18 in the first quarter of fiscal 2019[502]. Cash and Assets - Cash and cash equivalents decreased to $19,662,528 as of June 30, 2020, from $31,552,533 as of June 30, 2019, reflecting a decline of 37.7%[343]. - Total assets as of June 30, 2020, were $92,138,236, down from $95,761,844 as of June 30, 2019, indicating a decrease of 3.3%[343]. - The company’s retained earnings decreased to $32,800,080 as of June 30, 2020, from $37,603,762 as of June 30, 2019, reflecting a decline of 13.5%[343]. - The company’s prepaid expenses and other current assets increased to $491.686 million as of June 30, 2020, from $458.278 million in the previous year[408]. Liabilities and Debt - Total liabilities increased to $18,013,754 as of June 30, 2020, compared to $15,635,986 as of June 30, 2019, marking an increase of 15.2%[343]. - The company completed its spring redetermination of the credit facility on April 27, 2020, resulting in a decrease of the borrowing base to $27 million, with borrowings limited to approximately $8 million as of June 30, 2020[458]. - The company had no borrowings outstanding under the credit facility as of June 30, 2020, and was in compliance with all financial covenants[459]. Production and Costs - Production costs for the year ended June 30, 2020, were $13,505,502, a slight decrease from $14,266,784 in the previous year[346]. - Total costs incurred for oil and natural gas activities amounted to $11,768,226 for the year ended June 30, 2020, compared to $5,229,235 for the year ended June 30, 2019, representing a significant increase[486]. - Development costs incurred during the fiscal year were $1,431,444, down from $2,089,139 in the previous year[501]. Revenue Sources - Crude oil revenues decreased to $28,578,879 in 2020 from $40,779,052 in 2019, representing a decline of 30%[395]. - The company derived 87% of its net oil and natural gas revenues from Plains Marketing L.P. for the year ended June 30, 2020[467]. Derivative Instruments and Risk Management - The company entered into NYMEX WTI oil swaps covering approximately 42,000 barrels per month at a fixed swap price of $32.00 per barrel for the period of April 2020 through December 2020[332]. - The company did not post collateral under its derivative contracts as of June 30, 2020, indicating an uncollateralized trade[333]. - The company recorded a net gain of $1,383,204 on derivative contracts for the year ended June 30, 2020, with realized losses of $(528,139) and unrealized gains of $1,911,343[474]. Tax and Regulatory Matters - The company recognized an income tax benefit of $(2.2) million for the year ended June 30, 2020, reflecting an effective tax rate of (58.1)%[449]. - The company recorded a net tax benefit of $2.8 million during the current year, primarily due to Enhanced Oil Recovery credits[449]. Shareholder Activities - Common stock dividends paid decreased to $10,740,754 in 2020 from $13,272,058 in 2019, a reduction of 19.0%[355]. - Common share repurchases totaled $2,483,357 in 2020, significantly higher than $156,791 in 2019[355]. - The company repurchased 440,666 common shares at an average price of $5.51 per share under its share repurchase program during the year ended June 30, 2020[426]. Asset Retirement Obligations - The company recorded asset retirement obligations of $2.589 million as of June 30, 2020, an increase from $1.611 million in the previous year[419]. - Significant Level 3 inputs for asset retirement obligations include costs for plugging and abandoning wells and surface restoration[486]. Reserves and Future Cash Flows - Proved oil and natural gas reserves as of June 30, 2020, were estimated at 10,218,826 BOE, an increase from 8,980,492 BOE as of June 30, 2019[492]. - The standardized measure of discounted future net cash flows related to proved oil and natural gas reserves was $62,490,836 as of June 30, 2020, down from $126,732,042 as of June 30, 2019, indicating a decrease of approximately 50.7%[497]. - Future cash inflows for 2020 were estimated at $399,358,481, compared to $524,037,200 for 2019, reflecting a decrease of about 23.7%[497]. Employee Compensation and Benefits - The company has a 401(k) Retirement Plan with matching contributions totaling $41,127 for the year ended June 30, 2020[469]. - The total stock-based compensation expense recognized for the years ended June 30, 2020, and 2019 was $1,285,663 and $888,162, respectively[443].

AEVOLUTION Petroleum Corporation Jason Brown President & Chief Executive Officer June 2020 Disclaimer NYSE American: EPM Forward Looking Statements This presentation contains "forward-looking statements." Such statements may relate to capital expenditures, drilling and exploitation activities, production efforts and sales volumes, Proved, Probable, and Possible reserves, operating and administrative costs, future operating or financial results, cash flow and anticipated liquidity, business strategy and pote ...