Evolution Petroleum Corp. reported an increase in sales and net income for the third quarter of fiscal 2011. The company also provided an update on its oil and gas operational activity in the United States.
Evolution Petroleum reported net income of $0.01 per diluted share for the quarter ending 3/31/2011, compared to a net loss of ($0.02) per diluted share in the same quarter last year. Sales for the most recent quarter came in at $2 million compared to $1.2 million in the third quarter of fiscal 2010.
Evolution Petroleum attributed the better financial results to a higher volume of oil and gas sales as well as higher realized oil prices. The company also reduced operating expenses by 14% compared to last year.
Evolution Petroleum began implementation of phase 2 of its enhanced oil recovery project at the Delhi Field. The company reported that the first tertiary oil response began in March 2011.
Evolution Petroleum recently started using a pipeline to transport oil from the Delhi field and has discontinued the use of trucks to get the oil to market. The company estimates that it has proved reserves of 9.4 million barrels of oil equivalent at the Delhi field.
For more information on the company, go to www.evolutionpetroleum.com