Evolution Petroleum (NYSEAMERICAN:EPM) Enters Into Sales Agreement with Lead Agents

Evolution Petroleum Corporation (EPM) has recently disclosed the commencement of a Sales Agreement with Roth Capital Partners, LLC, acting as the Lead Agent, alongside Northland Securities Inc. and A.G.P./Alliance Global Partners. This agreement allows for the potential issuance and sale of up to $30,000,000 worth of Evolution Petroleum’s common stock, valued at $0.001 per share.

As per the terms of the Sales Agreement, Evolution Petroleum is not under any obligation to sell specific amounts of its Common Stock. Instead, the Company retains the discretion to decide when and how much Common Stock to issue and sell, providing placement notices to the Lead Agent for each sale request. The Lead Agent will then strive to sell the shares based on prevailing market conditions and in compliance with relevant laws and regulations.

Under the Sales Agreement, the Lead Agent is eligible for a fixed commission rate of 3.00% of the gross proceeds generated from the Common Stock sales. Moreover, Evolution Petroleum has agreed to reimburse the Agents for their reasonable out-of-pocket expenses, including legal fees, up to a specified amount.

The issuance of the Common Stock will occur in accordance with Evolution Petroleum’s effective shelf registration statement on Form S-3 and a prospectus supplement filed with the SEC. Both documents provide detailed information about the offering and the Company’s financial standing.

This Sales Agreement represents a strategic move by Evolution Petroleum to potentially raise capital through the issuance of its Common Stock, supported by the expertise and services of the Lead Agent and other collaborating entities.

Investors and stakeholders are advised that this report on Form 8-K does not constitute an offer to purchase or solicit shares under the Sales Agreement, and any sale of shares will adhere to regulatory requirements. Further details and the complete text of the Sales Agreement can be accessed in Exhibit 1.1 attached to this report.

Alongside the Sales Agreement, Evolution Petroleum has included the legal opinion and consent of Fennemore Craig, P.C. regarding the shares of Common Stock offered in this arrangement, as presented in Exhibit 5.1.

This initiative signifies Evolution Petroleum’s strategic approach to potential capital generation and financial maneuvering within the market.

The Company has also submitted various financial statements and exhibits as mandated in Item 9.01 of the Form 8-K filing, providing investors with a comprehensive overview of the current financial landscape.

Evolution Petroleum continues to navigate the financial markets with prudence, seeking avenues for growth and value creation for its shareholders and stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Evolution Petroleum’s 8K filing here.

About Evolution Petroleum

Evolution Petroleum Corporation, an energy company, engages in the development, production, ownership, and exploitation of onshore oil and gas properties in the United States. The company holds interests in a CO2 enhanced oil recovery project in Louisiana's Delhi field. Its Delhi Holt-Bryant Unit covers an area of approximately 13,636 acres located in Northeast Louisiana.