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[STK] AMEX:EPM AMEX:EPM.PRA
[IN] UTI OIL GAS
[SU] DIV
TO BUSINESS, AND ENERGY EDITORS:
Evolution Petroleum Declares Monthly Cash Dividends on 8.5% Series A
Preferred Stock
HOUSTON, March 3, 2014 /PRNewswire/ -- Evolution Petroleum Corporation
(NYSE MKT: EPM) today declared a monthly cash dividend on its
perpetual non-convertible 8.5% Series A Cumulative Preferred Stock.
The dividend is for the month of March 2014 and is payable on March
31, 2014 to holders of record at the close of business on March 17,
2014. The payment will be 1/12th of the 8.5% annualized amount, or
approximately $0.177083 per share, based on the $25.00 per share
liquidation preference.
Expected Tax Treatment:
As a result of the previously announced exercise in November 2013 of
the substantial majority of the outstanding stock options and warrants
held by officers, directors and staff, the Company realized $31.2
million in current and future income tax deductions related to these
exercises. Due to the magnitude of these tax deductions, we expect
that all monthly preferred stock dividends paid through at least June
30, 2014 will be treated for tax purposes as return of capital to
shareholders. Such dividends will not be reported as taxable income to
the recipients, but will instead generally be treated as a reduction
in the shareholder's basis in the stock.
The Series A Preferred Stock is listed on the NYSE MKT under the
ticker symbol "EPM.PRA."
About Evolution Petroleum
Evolution Petroleum Corporation develops incremental petroleum
reserves and shareholder value by applying conventional and
specialized technology to known oil and gas resources, onshore in the
United States. Principal assets as of June 30, 2013 include 13.8 MMBOE
of proved, 11.2 MMBOE of probable reserves, 3.7 MMBOE of possible
reserves, and no debt. Assets include a CO2-EOR project with growing
production in Louisiana's Delhi Field and a patented artificial lift
technology designed to extend the life and ultimate recoveries of
wells with oil or associated water production. Other assets include
royalty interests in almost 3,000 net acres in the Giddings Field and
an interest in a joint venture in the Mississippian Lime play in Kay
County, OK. Additional information, including the Company's annual
report on Form 10-K and its quarterly reports on Form 10-Q, is
available on its website at www.evolutionpetroleum.com. Additional
information regarding GARP@ is available on the www.garplift.com
website.
Cautionary Statement
All statements contained in this press release regarding potential
results and future plans and objectives of the Company are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. The Company
undertakes no obligation to update or review any forward-looking
statement, whether as a result of new information, future events, or
otherwise. Important factors that could cause actual results to differ
materially from our expectations include, but are not limited to,
those factors that are disclosed under the heading "Risk Factors" and
elsewhere in our documents filed from time to time with the United
States Securities and Exchange Commission and other regulatory
authorities. Statements regarding our ability to complete
transactions, successfully apply technology applications in the
re-development of oil and gas fields, realize future production
volumes, realize success in our drilling and development activity and
forecasts of legal claims, prices, future revenues, income, cash flows
and other comments that are not historical facts contain predictions,
estimates and other forward-looking statements. Although the Company
believes that its expectations are based on reasonable assumptions, it
can give no assurance that its goals will be achieved and these
statements will prove to be accurate. Important factors could cause
actual results to differ materially from those included in the
forward-looking statements.
Company Contact: Robert Herlin, CEO (713) 935-0122
bherlin@evolutionpetroleum.com
SOURCE Evolution Petroleum Corporation
-0- 03/03/2014
/Web Site: http://www.evolutionpetroleum.com
(AMEX:EPM /
AMEX:EPM.PRA) /
CO: Evolution Petroleum Corporation
ST: Texas
IN: UTI OIL GAS
SU: DIV
PRN
-- LA75976 --
0000 03/03/2014 23:34:00 EDT http://www.prnewswire.com
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