Nevada
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41-1781991
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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Page
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September 30,
2016 |
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June 30,
2016 |
||||
Assets
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
28,236,711
|
|
|
$
|
34,077,060
|
|
Receivables
|
2,518,470
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|
|
2,638,188
|
|
||
Deferred tax asset
|
—
|
|
|
105,321
|
|
||
Derivative assets, net
|
—
|
|
|
14,132
|
|
||
Prepaid expenses and other current assets
|
273,114
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|
|
251,749
|
|
||
Total current assets
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31,028,295
|
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|
37,086,450
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|
||
Oil and natural gas property and equipment, net (full-cost method of accounting)
|
61,451,021
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59,970,463
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|
||
Other property and equipment, net
|
50,585
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|
28,649
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|
||
Total property and equipment
|
61,501,606
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|
59,999,112
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Other assets
|
348,014
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|
365,489
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Total assets
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$
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92,877,915
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$
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97,451,051
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Liabilities and Stockholders’ Equity
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|
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Current liabilities
|
|
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Accounts payable
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$
|
2,509,041
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$
|
5,809,107
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Preferred shares called for redemption
|
7,932,975
|
|
|
—
|
|
||
Accrued liabilities and other
|
839,313
|
|
|
2,097,951
|
|
||
State and federal income taxes payable
|
97,078
|
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|
621,850
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Total current liabilities
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11,378,407
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8,528,908
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Long term liabilities
|
|
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|
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Deferred income taxes
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12,444,045
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11,840,693
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Asset retirement obligations
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772,175
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760,300
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Total liabilities
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24,594,627
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21,129,901
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Commitments and contingencies (Note 15)
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Stockholders’ equity
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Preferred stock, par value $0.001; 5,000,000 shares authorized:8.5% Series A Cumulative Preferred Stock, 1,000,000 shares designated, 317,319 shares issued and outstanding at September 30, 2016 and June 30, 2016; with a liquidation preference of $7,932,975; called for redemption at September 30, 2016 (Note 8)
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—
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317
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|
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Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,045,515 shares and 32,907,863 as of September 30, 2016 and June 30, 2016, respectively
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33,045
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32,907
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Additional paid-in capital
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40,222,825
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47,171,563
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Retained earnings
|
28,027,418
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29,116,363
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Total stockholders’ equity
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68,283,288
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76,321,150
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Total liabilities and stockholders’ equity
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$
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92,877,915
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$
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97,451,051
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Three Months Ended September 30,
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||||||
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2016
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2015
|
||||
Revenues
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|
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Crude oil
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$
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7,593,855
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$
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7,325,813
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Natural gas liquids
|
89
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|
|
1,050
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|
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Natural gas
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(4
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)
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|
704
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Artificial lift technology services
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—
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51,839
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Total revenues
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7,593,940
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7,379,406
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Operating costs
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Production costs
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2,344,641
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2,608,579
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Cost of artificial lift technology services
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—
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9,868
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|
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Depreciation, depletion and amortization
|
1,273,439
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|
1,218,273
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Accretion of discount on asset retirement obligations
|
13,224
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11,343
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General and administrative expenses *
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1,235,043
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1,684,845
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Total operating costs
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4,866,347
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5,532,908
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Income from operations
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2,727,593
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1,846,498
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Other
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Gain on realized derivative instruments, net
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90
|
|
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866,427
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Gain (loss) on unrealized derivative instruments, net
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(14,132
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)
|
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1,071,962
|
|
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Delhi field insurance recovery related to pre-reversion event
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—
|
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|
1,074,957
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|
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Interest and other income
|
12,745
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|
5,812
|
|
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Interest expense
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(20,345
|
)
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(18,460
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)
|
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Income before income taxes
|
2,705,951
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|
4,847,196
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|
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Income tax provision
|
889,176
|
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|
1,754,969
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|
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Net income attributable to the Company
|
1,816,775
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|
3,092,227
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Dividends on preferred stock
|
250,990
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|
168,575
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Deemed dividend on preferred shares called for redemption
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$
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1,002,440
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$
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—
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Net income available to common stockholders
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$
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563,345
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$
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2,923,652
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Earnings per common share
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Basic
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$
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0.02
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$
|
0.09
|
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Diluted
|
$
|
0.02
|
|
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$
|
0.09
|
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Weighted average number of common shares
|
|
|
|
|
|
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Basic
|
32,957,010
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32,718,244
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|
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Diluted
|
33,007,599
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32,774,176
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Three Months Ended September 30,
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||||||
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2016
|
|
2015
|
||||
Cash flows from operating activities
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|
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Net income attributable to the Company
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$
|
1,816,775
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$
|
3,092,227
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Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
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Depreciation, depletion and amortization
|
1,287,523
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|
1,230,432
|
|
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Stock-based compensation
|
311,688
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|
|
218,115
|
|
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Accretion of discount on asset retirement obligations
|
13,224
|
|
|
11,343
|
|
||
Settlements of asset retirement obligations
|
(15,899
|
)
|
|
—
|
|
||
Deferred income taxes
|
708,673
|
|
|
(12,568
|
)
|
||
(Gain) loss on derivative instruments, net
|
14,042
|
|
|
(1,938,389
|
)
|
||
Write-off of deferred loan costs
|
—
|
|
|
50,414
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
119,808
|
|
|
757,617
|
|
||
Prepaid expenses and other current assets
|
(21,365
|
)
|
|
47,815
|
|
||
Accounts payable and accrued expenses
|
(2,235,240
|
)
|
|
(1,563,847
|
)
|
||
Income taxes payable
|
(524,772
|
)
|
|
343,704
|
|
||
Net cash provided by operating activities
|
1,474,457
|
|
|
2,236,863
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Derivative settlement payments (paid) received
|
(318,708
|
)
|
|
551,772
|
|
||
Capital expenditures for oil and natural gas properties
|
(4,818,816
|
)
|
|
(6,571,757
|
)
|
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Capital expenditures for other property and equipment
|
(26,347
|
)
|
|
—
|
|
||
Other assets
|
—
|
|
|
(23,802
|
)
|
||
Net cash used in investing activities
|
(5,163,871
|
)
|
|
(6,043,787
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Cash dividends to preferred stockholders
|
(168,575
|
)
|
|
(168,575
|
)
|
||
Cash dividends to common stockholders
|
(1,652,290
|
)
|
|
(1,629,703
|
)
|
||
Common share repurchases, including shares surrendered for tax withholding
|
(330,070
|
)
|
|
(1,175,920
|
)
|
||
Tax benefits related to stock-based compensation
|
—
|
|
|
2,980,832
|
|
||
Other
|
—
|
|
|
(1,276
|
)
|
||
Net cash (used in) provided by financing activities
|
(2,150,935
|
)
|
|
5,358
|
|
||
Net decrease in cash and cash equivalents
|
(5,840,349
|
)
|
|
(3,801,566
|
)
|
||
Cash and cash equivalents, beginning of period
|
34,077,060
|
|
|
20,118,757
|
|
||
Cash and cash equivalents, end of period
|
$
|
28,236,711
|
|
|
$
|
16,317,191
|
|
Supplemental disclosures of cash flow information:
|
Three Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Income taxes paid
|
$
|
787,366
|
|
|
$
|
—
|
|
Louisiana carryback income tax refund and related interest received
|
—
|
|
|
1,556,999
|
|
||
Non-cash transactions:
|
|
|
|
|
|
||
Change in accounts payable used to acquire property and equipment
|
(2,030,485
|
)
|
|
(4,072,935
|
)
|
||
Accrued redemption of called preferred shares
|
7,932,975
|
|
|
—
|
|
||
Accrued preferred dividends through redemption date
|
82,415
|
|
|
—
|
|
||
Deferred loan costs charged to oil and gas property costs
|
—
|
|
|
108,472
|
|
||
Settlement of accrued treasury stock purchases
|
—
|
|
|
(170,283
|
)
|
|
Preferred
|
|
Common Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Total
Stockholders' Equity |
||||||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
|||||||||||||||||||||
Balance at June 30, 2016
|
317,319
|
|
|
$
|
317
|
|
|
32,907,863
|
|
|
$
|
32,907
|
|
|
$
|
47,171,563
|
|
|
$
|
29,116,363
|
|
|
$
|
—
|
|
|
$
|
76,321,150
|
|
Issuance of restricted common stock
|
—
|
|
|
—
|
|
|
195,799
|
|
|
196
|
|
|
(196
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Common share repurchases, including shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
(58,147
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(330,070
|
)
|
|
(330,070
|
)
|
||||||
Retirements of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(58
|
)
|
|
(330,012
|
)
|
|
—
|
|
|
330,070
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
311,688
|
|
|
—
|
|
|
—
|
|
|
311,688
|
|
||||||
Accrued redemption of preferred shares
|
—
|
|
|
(317
|
)
|
|
—
|
|
|
—
|
|
|
(6,930,218
|
)
|
|
(1,002,440
|
)
|
|
—
|
|
|
(7,932,975
|
)
|
||||||
Accrued dividends on preferred stock through redemption date
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82,415
|
)
|
|
—
|
|
|
(82,415
|
)
|
||||||
Net income attributable to the Company
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,816,775
|
|
|
—
|
|
|
1,816,775
|
|
||||||
Common stock cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,652,290
|
)
|
|
—
|
|
|
(1,652,290
|
)
|
||||||
Preferred stock cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(168,575
|
)
|
|
—
|
|
|
(168,575
|
)
|
||||||
Balance at September 30, 2016
|
317,319
|
|
|
$
|
—
|
|
|
33,045,515
|
|
|
$
|
33,045
|
|
|
$
|
40,222,825
|
|
|
$
|
28,027,418
|
|
|
$
|
—
|
|
|
$
|
68,283,288
|
|
|
September 30,
2016 |
|
June 30,
2016 |
||||
Receivables from oil and gas sales
|
$
|
2,514,990
|
|
|
$
|
2,637,593
|
|
Receivable from settled derivatives
|
90
|
|
|
—
|
|
||
Other
|
3,390
|
|
|
595
|
|
||
Total receivables
|
$
|
2,518,470
|
|
|
$
|
2,638,188
|
|
|
September 30,
2016 |
|
June 30,
2016 |
||||
Prepaid insurance
|
$
|
111,927
|
|
|
$
|
168,681
|
|
Retainers and deposits
|
30,568
|
|
|
30,568
|
|
||
Prepaid federal and state income taxes
|
82,091
|
|
|
—
|
|
||
Other prepaid expenses
|
48,528
|
|
|
52,500
|
|
||
Prepaid expenses and other current assets
|
$
|
273,114
|
|
|
$
|
251,749
|
|
|
September 30,
2016 |
|
June 30,
2016 |
||||
Oil and natural gas properties
|
|
|
|
|
|
||
Property costs subject to amortization
|
$
|
80,196,684
|
|
|
$
|
77,408,353
|
|
Less: Accumulated depreciation, depletion, and amortization
|
(18,745,663
|
)
|
|
(17,437,890
|
)
|
||
Unproved properties not subject to amortization
|
—
|
|
|
—
|
|
||
Oil and natural gas properties, net
|
$
|
61,451,021
|
|
|
$
|
59,970,463
|
|
Other property and equipment
|
|
|
|
|
|
||
Furniture, fixtures and office equipment, at cost
|
$
|
255,099
|
|
|
$
|
228,752
|
|
Artificial lift technology equipment, at cost
|
7,000
|
|
|
7,000
|
|
||
Less: Accumulated depreciation
|
(211,514
|
)
|
|
(207,103
|
)
|
||
Other property and equipment, net
|
$
|
50,585
|
|
|
$
|
28,649
|
|
|
September 30,
2016 |
|
June 30,
2016 |
||||
Royalty rights
|
$
|
108,512
|
|
|
$
|
108,512
|
|
Less: Accumulated amortization of royalty rights
|
(10,173
|
)
|
|
(6,782
|
)
|
||
Investment in Well Lift Inc., at cost
|
108,750
|
|
|
108,750
|
|
||
Deferred loan costs
|
168,972
|
|
|
168,972
|
|
||
Less: Accumulated amortization of deferred loan costs
|
(28,047
|
)
|
|
(13,963
|
)
|
||
Other assets, net
|
$
|
348,014
|
|
|
$
|
365,489
|
|
|
September 30,
2016 |
|
June 30,
2016 |
||||
Accrued incentive and other compensation
|
$
|
161,408
|
|
|
$
|
999,172
|
|
Asset retirement obligations due within one year
|
145,209
|
|
|
201,896
|
|
||
Accrued royalties, including suspended accounts
|
43,679
|
|
|
49,580
|
|
||
Accrued franchise taxes
|
36,900
|
|
|
62,834
|
|
||
Accrued restructuring costs
|
316,625
|
|
|
419,488
|
|
||
Payables for settled derivatives
|
—
|
|
|
318,708
|
|
||
Dividends declared on preferred shares
|
82,415
|
|
|
—
|
|
||
Other accrued liabilities
|
53,077
|
|
|
46,273
|
|
||
Accrued liabilities and other
|
$
|
839,313
|
|
|
$
|
2,097,951
|
|
Type of Cost
|
|
December 31,
2015 |
|
Payments
|
|
September 30,
2016 |
||||||
Salary expense
|
|
$
|
530,387
|
|
|
$
|
(265,193
|
)
|
|
$
|
265,194
|
|
Payroll taxes and benefits expense
|
|
98,479
|
|
|
(47,048
|
)
|
|
51,431
|
|
|||
Accrued liability for restructuring costs
|
|
$
|
628,866
|
|
|
$
|
(312,241
|
)
|
|
$
|
316,625
|
|
|
September 30,
2016 |
|
June 30,
2016 |
||||
Asset retirement obligations — beginning of period
|
$
|
962,196
|
|
|
$
|
772,990
|
|
Liabilities incurred
|
—
|
|
|
28,505
|
|
||
Liabilities settled
|
(10,219
|
)
|
|
—
|
|
||
Liabilities sold (a)
|
(47,817
|
)
|
|
—
|
|
||
Accretion of discount
|
13,224
|
|
|
49,054
|
|
||
Revision of previous estimates
|
—
|
|
|
111,647
|
|
||
Asset retirement obligations — end of period
|
$
|
917,384
|
|
|
$
|
962,196
|
|
Less current portion in accrued liabilities (b)
|
(145,209
|
)
|
|
(201,896
|
)
|
||
Long-term portion of asset retirement obligations
|
$
|
772,175
|
|
|
$
|
760,300
|
|
Consideration to preferred shareholders upon redemption at liquidation preference
|
$
|
7,932,975
|
|
Accrued and unpaid dividends (1)
|
$
|
82,415
|
|
Deemed dividend (2)
|
$
|
1,002,440
|
|
|
Number of Stock
Options |
|
Weighted Average
Exercise Price |
|
Aggregate
Intrinsic Value (1) |
|
Weighted
Average Remaining Contractual Term (in years) |
|||||
Stock Options outstanding at July 1, 2016
|
35,231
|
|
|
$
|
2.19
|
|
|
|
|
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Expired
|
—
|
|
|
—
|
|
|
|
|
|
|||
Stock Options outstanding at September 30, 2016
|
35,231
|
|
|
2.19
|
|
|
$
|
144,095
|
|
|
0.9
|
|
Vested and exercisable at September 30, 2016
|
35,231
|
|
|
$
|
2.19
|
|
|
$
|
144,095
|
|
|
0.9
|
Award Type
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|||
Service-based awards
|
|
252,167
|
|
|
6.64
|
|
|
Performance-based awards
|
|
54,475
|
|
|
5.67
|
|
|
Market-based awards
|
|
147,729
|
|
|
5.48
|
|
|
Unvested at September 30, 2016
|
|
454,371
|
|
|
$
|
6.15
|
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at September 30, 2016
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2016
|
406,848
|
|
|
$
|
6.74
|
|
|
|
|
|
||
Service-based shares granted
|
54,473
|
|
|
5.67
|
|
|
|
|
|
|||
Performance-based shares granted
|
54,475
|
|
|
5.67
|
|
|
|
|
|
|||
Market-based shares granted
|
54,475
|
|
|
5.44
|
|
|
|
|
|
|||
Vested
|
(115,900
|
)
|
|
7.44
|
|
|
|
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Unvested at September 30, 2016
|
454,371
|
|
|
$
|
6.15
|
|
|
$
|
2,152,183
|
|
|
2.8
|
Award Type
|
|
Number of
Contingent Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|||
Performance-based awards
|
|
39,403
|
|
|
$
|
7.02
|
|
Market-based awards
|
|
73,867
|
|
|
3.37
|
|
|
Unvested at September 30, 2016
|
|
113,270
|
|
|
$
|
4.64
|
|
|
Number of
Contingent Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at September 30, 2016 (1)
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2016
|
91,172
|
|
|
$
|
5.21
|
|
|
|
|
|
||
Performance-based awards granted
|
27,237
|
|
|
5.67
|
|
|
|
|
|
|||
Market-based awards granted
|
27,237
|
|
|
3.42
|
|
|
|
|
|
|||
Vested
|
(32,376
|
)
|
|
6.09
|
|
|
|
|
|
|||
Unvested at September 30, 2016
|
113,270
|
|
|
$
|
4.64
|
|
|
$
|
186,703
|
|
|
2.7
|
|
Three Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Numerator
|
|
|
|
|
|
||
Net income available to common shareholders
|
$
|
563,345
|
|
|
$
|
2,923,652
|
|
Denominator
|
|
|
|
|
|
||
Weighted average number of common shares — Basic
|
32,957,010
|
|
|
32,718,244
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
||
Contingent restricted stock grants
|
28,845
|
|
|
6,788
|
|
||
Stock options
|
21,744
|
|
|
49,144
|
|
||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS
|
33,007,599
|
|
|
32,774,176
|
|
||
|
|
|
|
||||
Net income per common share — Basic
|
$
|
0.02
|
|
|
$
|
0.09
|
|
Net income per common share — Diluted
|
$
|
0.02
|
|
|
$
|
0.09
|
|
Outstanding Potentially Dilutive Securities
|
|
Weighted
Average Exercise Price |
|
At September 30, 2016
|
|||
Contingent Restricted Stock grants (a)
|
|
$
|
—
|
|
|
113,270
|
|
Stock Options
|
|
2.19
|
|
|
35,231
|
|
|
|
|
$
|
0.52
|
|
|
148,501
|
|
Outstanding Potentially Dilutive Securities
|
|
Weighted
Average Exercise Price |
|
At September 30, 2015
|
|||
Contingent Restricted Stock grants (a)
|
|
$
|
—
|
|
|
17,961
|
|
Stock Options
|
|
2.40
|
|
|
85,231
|
|
|
|
|
$
|
1.98
|
|
|
103,192
|
|
•
|
We reported net income of $1.8 million in the current quarter. Our net income to common shareholders was $0.6 million, or $0.02 per share, which includes a nonrecurring, noncash deemed dividend of $1.0 million related to the redemption of our preferred stock and $0.3 million of final dividends on the preferred stock.
|
•
|
Gross production in the Delhi field was 5.8% higher than the prior quarter, increasing to 7,371 barrels of oil equivalent per day (“BOEPD”) from 6,964 BOEPD, primarily from conformance and production enhancement operations. This production does not yet include expected volumes from the new Delhi NGL plant, which is scheduled for completion and start-up in the next fiscal quarter.
|
•
|
Our net production increased to 1,935 BOEPD, after a small 0.2% (.002) adjustment to our net revenue interest from the June 2016 litigation settlement. Our average realized price per equivalent barrel was $42.66, down slightly from the $42.87 average price in the prior quarter.
|
•
|
We announced the redemption of all of our 8.5% Series A Cumulative Preferred Stock. Annual preferred dividend savings will amount to $674,302 per year.
|
•
|
We ended the quarter with $19.6 million of working capital, substantially all of which was cash, after reduction for the $7.9 million commitment to retire our preferred stock. We remain debt free.
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production:
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
7,593,855
|
|
|
$
|
7,325,813
|
|
|
$
|
268,042
|
|
|
3.7
|
%
|
NGL revenues
|
89
|
|
|
1,050
|
|
|
(961
|
)
|
|
(91.5
|
)%
|
|||
Natural gas revenues
|
(4
|
)
|
|
704
|
|
|
(708
|
)
|
|
n.m.
|
|
|||
Total revenues
|
$
|
7,593,940
|
|
|
$
|
7,327,567
|
|
|
$
|
266,373
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
178,002
|
|
|
156,916
|
|
|
21,086
|
|
|
13.4
|
%
|
|||
NGL volumes (Bbl)
|
4
|
|
|
82
|
|
|
(78
|
)
|
|
(95.1
|
)%
|
|||
Natural gas volumes (Mcf)
|
16
|
|
|
307
|
|
|
(291
|
)
|
|
n.m.
|
|
|||
Equivalent volumes (BOE)
|
178,009
|
|
|
157,049
|
|
|
20,960
|
|
|
13.3
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Equivalent volumes per day (BOE/D)
|
1,935
|
|
|
1,745
|
|
|
190
|
|
|
10.9
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
42.66
|
|
|
$
|
46.69
|
|
|
$
|
(4.03
|
)
|
|
(8.6
|
)%
|
NGL price per Bbl
|
22.25
|
|
|
12.80
|
|
|
9.45
|
|
|
73.8
|
%
|
|||
Natural gas price per Mcf
|
(0.25
|
)
|
|
2.29
|
|
|
(2.54
|
)
|
|
n.m.
|
|
|||
Equivalent price per BOE
|
$
|
42.66
|
|
|
$
|
46.66
|
|
|
$
|
(4.00
|
)
|
|
(8.6
|
)%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
costs
|
$
|
1,078,133
|
|
|
$
|
1,388,926
|
|
|
$
|
(310,793
|
)
|
|
(22.4
|
)%
|
All other lease operating expense
|
1,266,508
|
|
|
1,219,653
|
|
|
46,855
|
|
|
3.8
|
%
|
|||
Production costs
|
$
|
2,344,641
|
|
|
$
|
2,608,579
|
|
|
$
|
(263,938
|
)
|
|
(10.1
|
)%
|
Production costs per BOE
|
$
|
13.17
|
|
|
$
|
16.61
|
|
|
$
|
(3.44
|
)
|
|
(20.7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
volumes mcf per day, gross
|
73,747
|
|
|
89,705
|
|
|
(15,958
|
)
|
|
(17.8
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A (a)
|
$
|
1,265,637
|
|
|
$
|
1,188,872
|
|
|
$
|
76,765
|
|
|
6.5
|
%
|
Oil and gas DD&A per BOE
|
$
|
7.11
|
|
|
$
|
7.57
|
|
|
$
|
(0.46
|
)
|
|
(6.1
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Artificial lift technology services:
|
|
|
|
|
|
|
|
|||||||
Services revenues
|
$
|
—
|
|
|
$
|
51,839
|
|
|
$
|
(51,839
|
)
|
|
n.m.
|
|
Cost of service
|
—
|
|
|
9,868
|
|
|
(9,868
|
)
|
|
n.m.
|
|
|||
Depreciation and amortization expense
|
$
|
—
|
|
|
$
|
25,384
|
|
|
$
|
(25,384
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
Period
|
|
(a) Total Number of
Shares (or Units)
Purchased (1) (2)
|
|
(b) Average Price
Paid per Share (or
Units)
|
|
(c) Total Number of Shares (or Units) Purchased as Part
of Publicly Announced Plans or Programs
|
|
(d) Maximum Number (or
Approximate Dollar Value)
of Shares (or Units) that
May Yet Be Purchased
Under the Plans or
Programs
|
Month of July 2016
|
|
None
|
|
Not applicable
|
|
Not applicable
|
|
$3.4 million
|
Month of August 2016
|
|
1,881
|
|
$5.58
|
|
Not applicable
|
|
$3.4 million
|
Month of September 2016
|
|
56,266
|
|
$5.67
|
|
Not applicable
|
|
$3.4 million
|
(1)
|
On May 12, 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Under the program's terms, shares may be repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. The timing and amount of repurchases will depend upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and the repurchase program may be suspended or discontinued at any time. Such shares are initially recorded as treasury stock, then subsequently canceled.
|
(2)
|
During current quarter the Company received 58,147 shares of common stock from certain of its employees which were surrendered in exchange for their payroll tax liabilities arising from vestings of restricted stock. The acquisition cost per share reflected the weighted-average market price of the Company's shares at the dates vested.
|
10.1
|
|
First Amendment to Credit Agreement dated April 11, 2016, between Evolution Petroleum Corporation and Midfirst Bank effective October 18, 2016 (filed herein.)
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.
|
32.1
|
|
Certification of Chief Executive Officer pursuant to18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
By:
|
/s/ RANDALL D. KEYS
|
|
|
|
Randall D. Keys
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date: November 9, 2016
|
|
|
|
2
|
First Amendment to Credit Agreement
|
|
3
|
First Amendment to Credit Agreement
|
|
4
|
First Amendment to Credit Agreement
|
|
|
|
|
|
EVOLUTION PETROLEUM
|
||
|
CORPORATION
|
||
|
|
|
|
|
By:
|
|
/s/ Randy Keys
|
|
Name:
|
|
Randy Keys
|
|
Title:
|
|
Chief Executive Officer
|
|
|
|
|
|
MIDFIRST BANK
|
||
|
|
|
|
|
By:
|
|
/s/ Chay Kramer
|
|
Name:
|
|
Chay Kramer
|
|
Title:
|
|
First Assistant Vice President
|
|
|
|
|
|
By:
|
|
/s/ Steve Griffin
|
|
Name:
|
|
Steve Griffin
|
|
Title:
|
|
Senior Vice President
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
First Amendment to Credit Agreement
|
Date: November 9, 2016
|
|
/s / RANDALL D. KEYS
|
|
|
Randall D. Keys
|
|
|
Chief Executive Officer
|
Date: November 9, 2016
|
|
/s / DAVID JOE
|
|
|
David Joe
|
|
|
Chief Financial Officer
|
|
|
/s/ RANDALL D. KEYS
|
|
|
Randall D. Keys
|
|
|
Chief Executive Officer
|
|
|
/s / DAVID JOE
|
|
|
David Joe
|
|
|
Chief Financial Officer
|