Evolution Petroleum Declares Monthly Cash Dividends on 8.5% Series A Preferred Stock - ABC 33/40 - Birmingham News, Weather, Sports

Evolution Petroleum Declares Monthly Cash Dividends on 8.5% Series A Preferred Stock

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Evolution Petroleum Corporation

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

©2012 PR Newswire. All Rights Reserved.

  • Latest StoriesMore>>

  • 13th body pulled from snow in Everest avalanche

    13th body pulled from snow in Everest avalanche

    Sunday, April 20 2014 1:53 AM EDT2014-04-20 05:53:09 GMT
    Rescuers were digging through piles of snow and ice Saturday for four Sherpa guides buried on Mount Everest when an avalanche swept down the slopes and killed 12 other Nepalese guides in the deadliest disaster on...More >>
    Nepal's authorities temporarily halted climbing on Mount Everest while search teams dug through snow and ice Sunday for three Sherpa guides missing in the deadliest avalanche on the world's highest peak that killed...More >>
  • Civil War movie "Union" filming in Montevallo

    Civil War movie "Union" filming in Montevallo

    Saturday, April 19 2014 11:52 PM EDT2014-04-20 03:52:27 GMT
    An independent film crew is in Montevallo this weekend to shoot scenes for an upcoming feature.The movie is titled "Union" and is about a "female" confederate soldier in the civil war.Whitney Hamilton wrote the screenplay. She said she wrote a play about a decade ago that told the story of Joan of Arc, and wanted to write another script about some female combatants from the United States.She researched the subject and learned more than 400 women disguised themselves as men during the Civil Wa...More >>
    An independent film crew is in Montevallo this weekend to shoot scenes for an upcoming feature.The movie is titled "Union" and is about a "female" confederate soldier in the civil war.Whitney Hamilton wrote the screenplay. She said she wrote a play about a decade ago that told the story of Joan of Arc, and wanted to write another script about some female combatants from the United States.She researched the subject and learned more than 400 women disguised themselves as men during the Civil Wa...More >>
  • Police believe former student is behind threat at UNA

    Police believe former student is behind threat at UNA

    Saturday, April 19 2014 10:23 PM EDT2014-04-20 02:23:32 GMT
    University of North Alabama police say that 22-year-old Brian Mitchell of Madison, Alabama surrendered to police on Friday. Police say Mitchell is behind a message posted on social media site, Yik Yak,More >>
    University of North Alabama police say that 22-year-old from of Madison, Alabama surrendered to police on Friday.More >>
  • Alabama defense dominates spring game

    Alabama defense dominates spring game

    Blake Sims' bid to replace AJ McCarron as Alabama's starting quarterback hit a snag Saturday afternoon when the Crimson Tide defense dominated the annual A-Day game at Bryant-Denny Stadium.More >>
    Blake Sims' bid to replace AJ McCarron as Alabama's starting quarterback hit a snag Saturday afternoon when the Crimson Tide defense dominated the annual A-Day game at Bryant-Denny Stadium.More >>
  • Marshall leads Auburn 1st team to rout of 2nd team

    Marshall leads Auburn 1st team to rout of 2nd team

    Nick Marshall threw four touchdowns in two quarters as Auburn's first team routed its second team 58-3 on Saturday in a spring football game.More >>
    Nick Marshall threw four touchdowns in two quarters as Auburn's first team routed its second team 58-3 on Saturday in a spring football game.More >>
  • Crime Stoppers April 19: Who took Manquel Mertez Whittsett's life?

    Crime Stoppers April 19: Who took Manquel Mertez Whittsett's life?

    Saturday, April 19 2014 7:00 PM EDT2014-04-19 23:00:10 GMT
    It hasn't even been a year since a Birmingham man lost his life. The homicide happened in the summer of 2013, and police don't want to waste any more time. That's why they're calling on you to help in
    It hasn't even been a year since a Birmingham man lost his life. The homicide happened in the summer of 2013, and police don't want to waste any more time. That's why they're calling on you to help in this unsolved killing.More >>
  • Two families lose homes during apartment fire

    Two families lose homes during apartment fire

    Friday, April 18 2014 11:45 PM EDT2014-04-19 03:45:09 GMT
    Two families lost their homes during a fire Friday night at the Crestwood Hills Apartments in the 1200 block of 49th Place South in Birmingham. Firefighters responded around 9:30pm and they had the fireMore >>
    Two families lost their homes during a fire Friday night at the Crestwood Hills Apartments.More >>
  • Pickens County lawmen are looking for armed robbery suspects

    Pickens County lawmen are looking for armed robbery suspects

    Friday, April 18 2014 11:20 PM EDT2014-04-19 03:20:19 GMT
    Karen Michelle BarkerKaren Michelle Barker
    Pickens County Sheriff's Office want Karen Michelle Barker and Anthony Glenn Poe in custody. Lawmen say the duo followed a lady home and robbed her as she exited her vehicle. It happened around 12pm onMore >>
    Pickens County Sheriff's Office want Karen Michelle Barker and Anthony Glenn Poe in custody.More >>