This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Evolution Petroleum's CEO Discusses Q4 2011 Results - Earnings Call Transcript

And today, management is going to discuss certain topics that may contain forward-looking information which is based on management's beliefs, as well as assumptions made by management and information currently available to them. Forward-looking information includes statements regarding the expected future drilling results, production, expenses, reserves. And although management believes that these expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. And such statements are subject to certain risks and uncertainties and assumptions, which are listed and described in the company's filings with the Securities and Exchange Commission. If one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may differ materially from those expected. And also, today's call may include discussion of probable or possible reserves or use terms like volumes, reserve potential or recoverable reserves. And please note that these estimates are non-proved reserves or resources that are by their very nature more speculative than estimates of proved resources and reserves and accordingly, are subject to substantially greater risks.

Now with that, I'll turn the call over to Bob Herlin, Evolution's Chief Executive Officer. Bob?

Robert Herlin

Thanks, Lisa. Good morning, everyone. Certainly appreciate you joining the call today. I'll briefly review reserves in operating results and then update you on our future plans. Sterling, our CFO, is here today and he will highlight some of our select financial information and then we'll take your questions.

This morning, we put out a press release that reported our substantial increase in proved reserves and our improved financial and operating results for the fourth quarter and year ended June 30. Now these results are primarily due to the success of the Delhi project, which has continued to performed well.

Let's start with reserves first as of June 30, 2011, end of our fiscal year. Overall, we're very pleased to report that our proved reserves increased substantially some 11.5% to a total of 13.8 million barrels of oil equivalent and that's obviously net of production during the year, sales in place and any revisions. Our PV-10 increased by 41% to a total of $375 million. In particular, our proved developed reserves, almost all of which are producing, increased 378% to a total of 5.3 million barrels equivalent. Proved developed reserves now total 39% of our total proved category. Probable reserves, 94% of which are associated with Delhi are a total of 6.2 million barrels equivalent with a PV-10 of $76 million. I'd also like to point out that about 30% of our probable reserves are actually in a developed producing category and obviously, that would be all at Delhi.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.21 -0.82%
FB $100.99 1.50%
GOOG $684.83 0.99%
TSLA $143.78 -3.00%
YHOO $27.10 1.00%


Chart of I:DJI
DOW 15,914.53 -99.85 -0.62%
S&P 500 1,854.31 +2.10 0.11%
NASDAQ 4,289.1690 +20.4060 0.48%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs