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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December 31,
2016 |
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June 30,
2016 |
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Assets
|
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Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
19,156,377
|
|
|
$
|
34,077,060
|
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Receivables
|
3,101,169
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|
|
2,638,188
|
|
||
Deferred tax asset
|
—
|
|
|
105,321
|
|
||
Derivative assets, net
|
—
|
|
|
14,132
|
|
||
Prepaid expenses and other current assets
|
618,788
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251,749
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Total current assets
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22,876,334
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37,086,450
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Oil and natural gas property and equipment, net (full-cost method of accounting)
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63,832,372
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59,970,463
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Other property and equipment, net
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48,096
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28,649
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||
Total property and equipment
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63,880,468
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59,999,112
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Other assets
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330,300
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365,489
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Total assets
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$
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87,087,102
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$
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97,451,051
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Liabilities and Stockholders’ Equity
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Current liabilities
|
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Accounts payable
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$
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3,259,711
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$
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5,809,107
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Accrued liabilities and other
|
701,031
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2,097,951
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State and federal income taxes payable
|
310,544
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621,850
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|
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Total current liabilities
|
4,271,286
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8,528,908
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Long term liabilities
|
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Deferred income taxes
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13,444,891
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11,840,693
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Asset retirement obligations
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784,247
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760,300
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Total liabilities
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18,500,424
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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; no shares outstanding at December 31, 2016 as all shares were redeemed November 14, 2016 (Note 8); and 317,319 shares outstanding at June 30, 2016 with a liquidation preference of $7,932,975 ($25.00 per share)
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—
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317
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|
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Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,062,297 shares and 32,907,863 as of December 31, 2016 and June 30, 2016, respectively
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33,062
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32,907
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Additional paid-in capital
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40,368,236
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47,171,563
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Retained earnings
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28,185,380
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29,116,363
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Total stockholders’ equity
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68,586,678
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76,321,150
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Total liabilities and stockholders’ equity
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$
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87,087,102
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$
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97,451,051
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Three Months Ended
December 31, |
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Six Months Ended
December 31, |
||||||||||||
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2016
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2015
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2016
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2015
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||||||||
Revenues
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Crude oil
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$
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8,529,817
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$
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6,565,804
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$
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16,123,672
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$
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13,891,617
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Natural gas liquids
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—
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|
685
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|
89
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1,735
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||||
Natural gas
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—
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317
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(4
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)
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1,021
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||||
Artificial lift technology services
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—
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56,121
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—
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107,960
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|
||||
Total revenues
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8,529,817
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6,622,927
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16,123,757
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14,002,333
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Operating costs
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||||||||
Production costs
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2,292,421
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2,229,741
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4,637,062
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4,838,320
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Cost of artificial lift technology services
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—
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50,131
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—
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59,999
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Depreciation, depletion and amortization
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1,307,510
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1,471,571
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2,580,949
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2,689,844
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Accretion of discount on asset retirement obligations
|
13,106
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11,517
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26,330
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22,860
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General and administrative expenses *
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1,241,399
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2,057,521
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2,476,442
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3,742,366
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|
||||
Restructuring charges **
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—
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1,257,433
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—
|
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1,257,433
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|
||||
Total operating costs
|
4,854,436
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7,077,914
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9,720,783
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12,610,822
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Income (loss) from operations
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3,675,381
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(454,987
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)
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6,402,974
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1,391,511
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Other
|
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||||
Gain on realized derivative instruments, net
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—
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1,298,201
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90
|
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2,164,628
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||||
Gain (loss) on unrealized derivative instruments, net
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—
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361,761
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(14,132
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)
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1,433,723
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|
||||
Delhi field insurance recovery related to pre-reversion event
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—
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—
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—
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1,074,957
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||||
Interest and other income
|
14,061
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5,853
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26,806
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|
11,665
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|
||||
Interest expense
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(20,711
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)
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(18,666
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)
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(41,056
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)
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(37,126
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)
|
||||
Income before income taxes
|
3,668,731
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|
1,192,162
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6,374,682
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|
6,039,358
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|
||||
Income tax provision
|
1,361,097
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|
368,889
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|
2,250,273
|
|
|
2,123,858
|
|
||||
Net income attributable to the Company
|
2,307,634
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|
823,273
|
|
|
4,124,409
|
|
|
3,915,500
|
|
||||
Dividends on preferred stock
|
—
|
|
|
168,576
|
|
|
250,990
|
|
|
337,151
|
|
||||
Deemed dividend on preferred shares called for redemption
|
—
|
|
|
—
|
|
|
1,002,440
|
|
|
—
|
|
||||
Net income available to common stockholders
|
$
|
2,307,634
|
|
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$
|
654,697
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$
|
2,870,979
|
|
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$
|
3,578,349
|
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Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.07
|
|
|
$
|
0.02
|
|
|
$
|
0.09
|
|
|
$
|
0.11
|
|
Diluted
|
$
|
0.07
|
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|
$
|
0.02
|
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|
$
|
0.09
|
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$
|
0.11
|
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
33,047,166
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|
|
32,741,166
|
|
|
33,002,088
|
|
|
32,729,705
|
|
||||
Diluted
|
33,083,027
|
|
|
32,802,440
|
|
|
33,037,269
|
|
|
32,789,461
|
|
|
Six Months Ended
December 31, |
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income attributable to the Company
|
$
|
4,124,409
|
|
|
$
|
3,915,500
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, depletion and amortization
|
2,609,356
|
|
|
2,714,162
|
|
||
Impairments included in restructuring charge
|
—
|
|
|
569,228
|
|
||
Stock-based compensation
|
586,872
|
|
|
490,178
|
|
||
Accretion of discount on asset retirement obligations
|
26,330
|
|
|
22,860
|
|
||
Settlements of asset retirement obligations
|
(121,391
|
)
|
|
—
|
|
||
Deferred income taxes
|
1,709,519
|
|
|
(547,579
|
)
|
||
(Gain) loss on derivative instruments, net
|
14,042
|
|
|
(3,598,351
|
)
|
||
Write-off of deferred loan costs
|
—
|
|
|
50,414
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
(462,981
|
)
|
|
1,167,391
|
|
||
Prepaid expenses and other current assets
|
(367,039
|
)
|
|
(119,515
|
)
|
||
Accounts payable and accrued expenses
|
(1,955,546
|
)
|
|
(310,054
|
)
|
||
Income taxes payable
|
(311,306
|
)
|
|
152,898
|
|
||
Net cash provided by operating activities
|
5,852,265
|
|
|
4,507,132
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Derivative settlement payments (paid) received
|
(318,618
|
)
|
|
1,561,979
|
|
||
Capital expenditures for oil and natural gas properties
|
(7,978,130
|
)
|
|
(8,650,217
|
)
|
||
Capital expenditures for other property and equipment
|
(30,447
|
)
|
|
—
|
|
||
Other assets
|
—
|
|
|
(161,345
|
)
|
||
Net cash used in investing activities
|
(8,327,195
|
)
|
|
(7,249,583
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Cash dividends to preferred stockholders
|
(250,990
|
)
|
|
(337,151
|
)
|
||
Cash dividends to common stockholders
|
(3,801,962
|
)
|
|
(3,268,319
|
)
|
||
Common share repurchases, including shares surrendered for tax withholding
|
(459,858
|
)
|
|
(1,354,743
|
)
|
||
Tax benefits related to stock-based compensation
|
—
|
|
|
3,910,163
|
|
||
Redemption of preferred shares
|
(7,932,975
|
)
|
|
—
|
|
||
Other
|
32
|
|
|
(1,243
|
)
|
||
Net cash (used in) provided by financing activities
|
(12,445,753
|
)
|
|
(1,051,293
|
)
|
||
Net decrease in cash and cash equivalents
|
(14,920,683
|
)
|
|
(3,793,744
|
)
|
||
Cash and cash equivalents, beginning of period
|
34,077,060
|
|
|
20,118,757
|
|
||
Cash and cash equivalents, end of period
|
$
|
19,156,377
|
|
|
$
|
16,325,013
|
|
Supplemental disclosures of cash flow information:
|
Six Months Ended
December 31, |
||||||
|
2016
|
|
2015
|
||||
Income taxes paid
|
$
|
1,278,773
|
|
|
$
|
440,000
|
|
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
|
(1,516,932
|
)
|
|
(2,442,183
|
)
|
||
Deferred loan costs charged to oil and gas property costs
|
—
|
|
|
108,472
|
|
||
Settlement of accrued treasury stock purchases
|
—
|
|
|
(170,283
|
)
|
||
Royalty rights acquired through non-monetary exchange of patent and trademark assets
|
|
|
|
108,512
|
|
|
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
|
—
|
|
|
—
|
|
|
227,889
|
|
|
228
|
|
|
(196
|
)
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
Common share repurchases, including shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
(73,455
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(459,858
|
)
|
|
(459,858
|
)
|
||||||
Retirements of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|
(459,785
|
)
|
|
—
|
|
|
459,858
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
586,872
|
|
|
—
|
|
|
—
|
|
|
586,872
|
|
||||||
Redemption of preferred shares
|
(317,319
|
)
|
|
(317
|
)
|
|
—
|
|
|
—
|
|
|
(6,930,218
|
)
|
|
(1,002,440
|
)
|
|
—
|
|
|
(7,932,975
|
)
|
||||||
Net income attributable to the Company
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,124,409
|
|
|
—
|
|
|
4,124,409
|
|
||||||
Common stock cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,801,962
|
)
|
|
—
|
|
|
(3,801,962
|
)
|
||||||
Preferred stock cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(250,990
|
)
|
|
—
|
|
|
(250,990
|
)
|
||||||
Balance at December 31, 2016
|
—
|
|
|
$
|
—
|
|
|
33,062,297
|
|
|
$
|
33,062
|
|
|
$
|
40,368,236
|
|
|
$
|
28,185,380
|
|
|
$
|
—
|
|
|
$
|
68,586,678
|
|
|
December 31,
2016 |
|
June 30,
2016 |
||||
Receivables from oil and gas sales
|
$
|
3,095,155
|
|
|
$
|
2,637,593
|
|
Other
|
6,014
|
|
|
595
|
|
||
Total receivables
|
$
|
3,101,169
|
|
|
$
|
2,638,188
|
|
|
December 31,
2016 |
|
June 30,
2016 |
||||
Prepaid insurance
|
$
|
126,663
|
|
|
$
|
168,681
|
|
Retainers and deposits
|
7,553
|
|
|
30,568
|
|
||
Prepaid federal and state income taxes
|
426,713
|
|
|
—
|
|
||
Other prepaid expenses
|
57,859
|
|
|
52,500
|
|
||
Prepaid expenses and other current assets
|
$
|
618,788
|
|
|
$
|
251,749
|
|
|
December 31,
2016 |
|
June 30,
2016 |
||||
Oil and natural gas properties
|
|
|
|
|
|
||
Property costs subject to amortization
|
$
|
83,869,552
|
|
|
$
|
77,408,353
|
|
Less: Accumulated depreciation, depletion, and amortization
|
(20,037,180
|
)
|
|
(17,437,890
|
)
|
||
Unproved properties not subject to amortization
|
—
|
|
|
—
|
|
||
Oil and natural gas properties, net
|
$
|
63,832,372
|
|
|
$
|
59,970,463
|
|
Other property and equipment
|
|
|
|
|
|
||
Furniture, fixtures, office equipment and other, at cost
|
$
|
134,964
|
|
|
$
|
235,752
|
|
Less: Accumulated depreciation
|
(86,868
|
)
|
|
(207,103
|
)
|
||
Other property and equipment, net
|
$
|
48,096
|
|
|
$
|
28,649
|
|
|
December 31,
2016 |
|
June 30,
2016 |
||||
Royalty rights
|
$
|
108,512
|
|
|
$
|
108,512
|
|
Less: Accumulated amortization of royalty rights
|
(13,564
|
)
|
|
(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
|
(42,370
|
)
|
|
(13,963
|
)
|
||
Other assets, net
|
$
|
330,300
|
|
|
$
|
365,489
|
|
|
December 31,
2016 |
|
June 30,
2016 |
||||
Accrued incentive and other compensation
|
$
|
275,260
|
|
|
$
|
999,172
|
|
Asset retirement obligations due within one year
|
49,050
|
|
|
201,896
|
|
||
Accrued royalties, including suspended accounts
|
40,870
|
|
|
49,580
|
|
||
Accrued franchise taxes
|
77,151
|
|
|
62,834
|
|
||
Accrued restructuring costs
|
212,013
|
|
|
419,488
|
|
||
Payables for settled derivatives
|
—
|
|
|
318,708
|
|
||
Other accrued liabilities
|
46,687
|
|
|
46,273
|
|
||
Accrued liabilities and other
|
$
|
701,031
|
|
|
$
|
2,097,951
|
|
Type of Cost
|
|
December 31,
2015 |
|
Payments (1)
|
|
December 31,
2016 |
||||||
Salary expense
|
|
$
|
530,387
|
|
|
$
|
(353,591
|
)
|
|
$
|
176,796
|
|
Payroll taxes and benefits expense
|
|
98,479
|
|
|
(63,262
|
)
|
|
35,217
|
|
|||
Accrued liability for restructuring costs
|
|
$
|
628,866
|
|
|
$
|
(416,853
|
)
|
|
$
|
212,013
|
|
|
December 31,
2016 |
|
June 30,
2016 |
||||
Asset retirement obligations — beginning of period
|
$
|
962,196
|
|
|
$
|
772,990
|
|
Liabilities incurred
|
—
|
|
|
28,505
|
|
||
Liabilities settled
|
(107,412
|
)
|
|
—
|
|
||
Liabilities sold (a)
|
(47,817
|
)
|
|
—
|
|
||
Accretion of discount
|
26,330
|
|
|
49,054
|
|
||
Revision of previous estimates
|
—
|
|
|
111,647
|
|
||
Asset retirement obligations — end of period
|
$
|
833,297
|
|
|
$
|
962,196
|
|
Less current portion in accrued liabilities (b)
|
(49,050
|
)
|
|
(201,896
|
)
|
||
Long-term portion of asset retirement obligations
|
$
|
784,247
|
|
|
$
|
760,300
|
|
Consideration paid to preferred shareholders at redemption at liquidation preference
|
$
|
7,932,975
|
|
Payments for dividends accrued at September 30, 2016 (1)
|
$
|
82,415
|
|
|
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 December 31, 2016
|
35,231
|
|
|
$
|
2.19
|
|
|
$
|
275,154
|
|
|
0.7
|
Vested and exercisable at December 31, 2016
|
35,231
|
|
|
$
|
2.19
|
|
|
$
|
275,154
|
|
|
0.7
|
Award Type
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|||
Service-based awards
|
|
221,956
|
|
|
$
|
7.12
|
|
Performance-based awards
|
|
54,475
|
|
|
5.67
|
|
|
Market-based awards
|
|
119,227
|
|
|
4.97
|
|
|
Unvested Restricted Stock at December 31, 2016
|
|
395,658
|
|
|
$
|
6.28
|
|
|
Number of
Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at December 31, 2016
|
|
Weighted Average Remaining Amortization Period (Years)
|
|||||
Unvested at July 1, 2016
|
406,848
|
|
|
$
|
6.74
|
|
|
|
|
|
||
Service-based shares granted
|
86,563
|
|
|
7.02
|
|
|
|
|
|
|||
Performance-based shares granted
|
54,475
|
|
|
5.67
|
|
|
|
|
|
|||
Market-based shares granted
|
54,475
|
|
|
5.44
|
|
|
|
|
|
|||
Vested
|
(206,703
|
)
|
|
7.11
|
|
|
|
|
|
|||
Unvested Restricted Stock at December 31, 2016
|
395,658
|
|
|
$
|
6.28
|
|
|
$
|
2,194,326
|
|
|
2.4
|
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 contingent shares at December 31, 2016
|
|
113,270
|
|
|
$
|
4.64
|
|
|
Number of
Contingent Restricted Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Unamortized Compensation Expense at December 31, 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 contingent shares at December 31, 2016
|
113,270
|
|
|
$
|
4.64
|
|
|
$
|
167,781
|
|
|
2.4
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
2,307,634
|
|
|
$
|
654,697
|
|
|
$
|
2,870,979
|
|
|
$
|
3,578,349
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares — Basic
|
33,047,166
|
|
|
32,741,166
|
|
|
33,002,088
|
|
|
32,729,705
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent restricted stock grants
|
9,836
|
|
|
9,795
|
|
|
10,909
|
|
|
9,322
|
|
||||
Stock options
|
26,025
|
|
|
51,479
|
|
|
24,272
|
|
|
50,434
|
|
||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS
|
33,083,027
|
|
|
32,802,440
|
|
|
33,037,269
|
|
|
32,789,461
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share — Basic
|
$
|
0.07
|
|
|
$
|
0.02
|
|
|
$
|
0.09
|
|
|
$
|
0.11
|
|
Net income per common share — Diluted
|
$
|
0.07
|
|
|
$
|
0.02
|
|
|
$
|
0.09
|
|
|
$
|
0.11
|
|
Outstanding Potentially Dilutive Securities
|
|
Weighted
Average Exercise Price |
|
At December 31, 2016
|
|||
Contingent Restricted Stock grants
|
|
$
|
—
|
|
|
113,270
|
|
Stock Options
|
|
2.19
|
|
|
35,231
|
|
|
Total outstanding potentially dilutive securities
|
|
$
|
0.52
|
|
|
148,501
|
|
Outstanding Potentially Dilutive Securities
|
|
Weighted
Average Exercise Price |
|
At December 31, 2015
|
|||
Contingent Restricted Stock grants
|
|
$
|
—
|
|
|
106,826
|
|
Stock Options
|
|
2.40
|
|
|
85,231
|
|
|
Total outstanding potentially dilutive securities
|
|
$
|
1.07
|
|
|
192,057
|
|
•
|
We reported net income of $2.3 million in the current quarter, or $0.07 per common share.
|
•
|
We paid our thirteenth consecutive quarterly cash dividend on common shares, in the amount of $0.065 per share, which reflected a 30% increase over the prior quarter. We set the March 2017 dividend at $0.07 per share, a further increase of 8%.
|
•
|
Gross production in the Delhi field was
2.8%
higher than the prior quarter, increasing to
7,580
barrels of oil per day (“BOPD”) from
7,371
BOPD, primarily from conformance and production enhancement operations. This production consisted entirely of crude oil as first sales of natural gas liquids ("NGL") occurred after the end of the quarter.
|
•
|
Our net production increased to
1,987
BOPD, from 1,935 BOPD in the prior quarter. Our average realized price per barrel increased
9.4%
to
$46.66
, up from
$42.66
per barrel in the prior quarter.
|
•
|
Our per unit lifting cost at Delhi was $12.54 per barrel, which represents a
4.8%
decline from the prior quarter and was
6.7%
lower than the year-ago quarter.
|
•
|
The Delhi NGL plant started operating in December 2016 and first NGL sales occurred in mid-January 2017 following line and storage tank fill.
|
•
|
We completed the redemption of all of our 8.5% Series A Cumulative Preferred Stock at a cost of $7.9 million utilizing working capital. This will increase cash available to common stockholders by $674,302 per year, or $0.02 per common share.
|
•
|
We ended the quarter with $18.6 million of working capital, substantially all of which was cash, with the capital expenditures related to the NGL plant completed.
|
•
|
We remain debt free.
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production:
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
8,529,817
|
|
|
$
|
6,565,804
|
|
|
$
|
1,964,013
|
|
|
29.9
|
%
|
NGL revenues
|
—
|
|
|
685
|
|
|
(685
|
)
|
|
n.m.
|
|
|||
Natural gas revenues
|
—
|
|
|
317
|
|
|
(317
|
)
|
|
n.m.
|
|
|||
Total revenues
|
$
|
8,529,817
|
|
|
$
|
6,566,806
|
|
|
$
|
1,963,011
|
|
|
29.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
182,815
|
|
|
165,847
|
|
|
16,968
|
|
|
10.2
|
%
|
|||
NGL volumes (Bbl)
|
—
|
|
|
42
|
|
|
(42
|
)
|
|
n.m.
|
|
|||
Natural gas volumes (Mcf)
|
—
|
|
|
182
|
|
|
(182
|
)
|
|
n.m
|
|
|||
Equivalent volumes (BOE)
|
182,815
|
|
|
165,919
|
|
|
16,896
|
|
|
10.2
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Equivalent volumes per day (BOE/D)
|
1,987
|
|
|
1,803
|
|
|
184
|
|
|
10.2
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
46.66
|
|
|
$
|
39.59
|
|
|
$
|
7.07
|
|
|
17.9
|
%
|
NGL price per Bbl
|
—
|
|
|
16.31
|
|
|
(16.31
|
)
|
|
n.m.
|
|
|||
Natural gas price per Mcf
|
—
|
|
|
1.74
|
|
|
(1.74
|
)
|
|
n.m.
|
|
|||
Equivalent price per BOE
|
$
|
46.66
|
|
|
$
|
39.58
|
|
|
$
|
7.08
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
costs
|
$
|
1,041,741
|
|
|
$
|
1,017,664
|
|
|
$
|
24,077
|
|
|
2.4
|
%
|
All other lease operating expense
|
1,250,680
|
|
|
1,212,077
|
|
|
38,603
|
|
|
3.2
|
%
|
|||
Production costs
|
$
|
2,292,421
|
|
|
$
|
2,229,741
|
|
|
$
|
62,680
|
|
|
2.8
|
%
|
Production costs per BOE
|
$
|
12.54
|
|
|
$
|
13.44
|
|
|
$
|
(0.90
|
)
|
|
(6.7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
volumes (Mcf per day, gross)
|
66,961
|
|
|
73,312
|
|
|
(6,351
|
)
|
|
(8.7
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A (a)
|
$
|
1,299,813
|
|
|
$
|
1,254,350
|
|
|
$
|
45,463
|
|
|
3.6
|
%
|
Oil and gas DD&A per BOE
|
$
|
7.11
|
|
|
$
|
7.56
|
|
|
$
|
(0.45
|
)
|
|
(6.0
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Artificial lift technology services:
|
|
|
|
|
|
|
|
|||||||
Services revenues
|
$
|
—
|
|
|
$
|
56,121
|
|
|
$
|
(56,121
|
)
|
|
n.m.
|
|
Cost of service
|
—
|
|
|
50,131
|
|
|
(50,131
|
)
|
|
n.m.
|
|
|||
Depreciation and amortization expense
|
$
|
—
|
|
|
$
|
213,091
|
|
|
$
|
(213,091
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Variance
|
|
Variance %
|
|||||||
Oil and gas production:
|
|
|
|
|
|
|
|
|||||||
Crude oil revenues
|
$
|
16,123,672
|
|
|
$
|
13,891,617
|
|
|
$
|
2,232,055
|
|
|
16.1
|
%
|
NGL revenues
|
89
|
|
|
1,735
|
|
|
(1,646
|
)
|
|
(94.9
|
)%
|
|||
Natural gas revenues
|
(4
|
)
|
|
1,021
|
|
|
(1,025
|
)
|
|
n.m.
|
|
|||
Total revenues
|
$
|
16,123,757
|
|
|
$
|
13,894,373
|
|
|
$
|
2,229,384
|
|
|
16.0
|
%
|
|
|
|
|
|
|
|
|
|||||||
Crude oil volumes (Bbl)
|
360,817
|
|
|
322,763
|
|
|
38,054
|
|
|
11.8
|
%
|
|||
NGL volumes (Bbl)
|
4
|
|
|
124
|
|
|
(120
|
)
|
|
(96.8
|
)%
|
|||
Natural gas volumes (Mcf)
|
16
|
|
|
489
|
|
|
(473
|
)
|
|
(96.7
|
)%
|
|||
Equivalent volumes (BOE)
|
360,824
|
|
|
322,968
|
|
|
37,856
|
|
|
11.7
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Equivalent volumes per day (BOE/D)
|
1,961
|
|
|
1,755
|
|
|
206
|
|
|
11.7
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Crude oil price per Bbl
|
$
|
44.69
|
|
|
$
|
43.04
|
|
|
$
|
1.65
|
|
|
3.8
|
%
|
NGL price per Bbl
|
22.25
|
|
|
13.99
|
|
|
8.26
|
|
|
59.0
|
%
|
|||
Natural gas price per Mcf
|
(0.25
|
)
|
|
2.09
|
|
|
(2.34
|
)
|
|
n.m.
|
|
|||
Equivalent price per BOE
|
$
|
44.69
|
|
|
$
|
43.02
|
|
|
$
|
1.67
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
costs
|
$
|
2,119,874
|
|
|
$
|
2,406,591
|
|
|
$
|
(286,717
|
)
|
|
(11.9
|
)%
|
All other lease operating expense
|
2,517,188
|
|
|
2,431,729
|
|
|
85,459
|
|
|
3.5
|
%
|
|||
Production costs
|
$
|
4,637,062
|
|
|
$
|
4,838,320
|
|
|
$
|
(201,258
|
)
|
|
(4.2
|
)%
|
Production costs per BOE
|
$
|
12.85
|
|
|
$
|
14.98
|
|
|
$
|
(2.13
|
)
|
|
(14.2
|
)%
|
|
|
|
|
|
|
|
|
|||||||
CO
2
volumes (Mcf per day, gross)
|
66,961
|
|
|
73,312
|
|
|
(6,351
|
)
|
|
(8.7
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Oil and gas DD&A (a)
|
$
|
2,565,450
|
|
|
$
|
2,443,222
|
|
|
$
|
122,228
|
|
|
5.0
|
%
|
Oil and gas DD&A per BOE
|
$
|
7.11
|
|
|
$
|
7.56
|
|
|
$
|
(0.45
|
)
|
|
(6.0
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Artificial lift technology services:
|
|
|
|
|
|
|
|
|||||||
Services revenues
|
$
|
—
|
|
|
$
|
107,960
|
|
|
$
|
(107,960
|
)
|
|
n.m.
|
|
Cost of service
|
—
|
|
|
59,999
|
|
|
(59,999
|
)
|
|
n.m.
|
|
|||
Depreciation and amortization expense
|
$
|
—
|
|
|
$
|
238,475
|
|
|
$
|
(238,475
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
Period
|
|
(a) Total Number of
Shares (or Units)
Purchased (1) (2) (3)
|
|
(b) Average Price
Paid per Share (or
Units) (2) (3)
|
|
(c) Total Number of Shares (or Units) Purchased as Part
of Publicly Announced Plans or Programs (3)
|
|
(d) Maximum Number (or
Approximate Dollar Value)
of Shares (or Units) that
May Yet Be Purchased
Under the Plans or
Programs (1)
|
October 1, 2016 to October 31, 2016
|
|
None
|
|
Not applicable
|
|
Not applicable
|
|
$3.4 million
|
November 1, 2016 to November 30, 2016
|
|
323,438
|
|
$24.75
|
|
317,319
|
|
$3.4 million
|
December 1, 2016 to December 31, 2016
|
|
9,189
|
|
$9.30
|
|
Not applicable
|
|
$3.4 million
|
Total
|
|
332,627
|
|
$24.32
|
|
317,319
|
|
3.4 million
|
10.1
|
|
Evolution Petroleum Corporation 2016 Equity Incentive Plan, adopted December 8, 2016.
|
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: February 8, 2017
|
|
|
1.
|
Purpose; Eligibility
.
|
Date: February 8, 2017
|
|
/s / RANDALL D. KEYS
|
|
|
Randall D. Keys
|
|
|
Chief Executive Officer
|
Date: February 8, 2017
|
|
/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
|