HOUSTON, June 28, 2011 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE Amex: EPM) today reported that it has priced an underwritten public offering of 220,000 shares of its perpetual non-convertible 8.5% Series A Cumulative Preferred Stock (liquidation preference of $25.00 per share) at a public offering price of $23.00 per share. The effective current yield of the 8.5% Series A Cumulative Preferred Stock is 9.24%. The offering is expected to close on July 1, 2011, subject to customary closing conditions. The offering is being made on a "best efforts" basis pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission. Upon issuance, the Company anticipates that the 8.5% Series A Cumulative Preferred Stock will be listed for trading on the NYSE Amex under the ticker symbol "EPM.PR.A." McNicoll, Lewis & Vlak LLC is acting as book running manager for the offering. The net proceeds to the Company from the offering will be approximately $4.6 million after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use net proceeds from the offering for general corporate purposes that may include, without limitation, capital expenditures on oil and gas properties. Pending any specific application, the Company may initially invest funds in short-term marketable securities. A final prospectus supplement relating to the offering will be filed with the SEC. A copy can be obtained at the Securities and Exchange Commission's website, http://www.sec.gov, or by written request to Evolution Petroleum Corporation, 2500 CityWest Blvd, Suite 1300, Houston, Texas 77042, Attention: Chief Financial Officer. Alternatively, you may obtain these documents by contacting the book-running manager as follows: McNicoll, Lewis & Vlak LLC Randy Billhardt212-542-5882/ email@example.com This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
In this series, we look through the most recent Dividend Channel ''DividendRank'' report, and then we cherry pick only those companies that have experienced insider buying within the past six months. The officers and directors of a company tend to have a unique insider's view of the business, and presumably the only reason an insider would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both.
Looking at the universe of stocks we cover at Dividend Channel, on 12/11/14, Evolution Petroleum Corp will trade ex-dividend, for its quarterly dividend of $0.10, payable on 12/31/14. As a percentage of EPM's recent stock price of $7.20, this dividend works out to approximately 1.39%, so look for shares of Evolution Petroleum Corp to trade 1.39% lower — all else being equal — when EPM shares open for trading on 12/11/14.