Evolution Petroleum Corp

What Evolution Petroleum Corp does

Evolution Petroleum Corporation is an independent U.S. energy company that owns non-operated working interests, mineral rights, and royalty interests in onshore oil and natural gas properties across five basins. Its asset portfolio comprises the Delhi Field (a CO2 enhanced oil recovery project in Northeast Louisiana operated by Denbury Onshore LLC, ~24% net working interest), the Hamilton Dome Field (a waterflood secondary recovery operation in northwest Wyoming operated by Merit Energy, ~24% net working interest), the Barnett Shale (natural gas in nine North Texas counties operated primarily by Diversified Energy Company, ~17% net working interest), the Williston Basin (oil-weighted production in North Dakota operated by Foundation Energy Management, ~39% net working interest), and the Jonah Field (natural gas in southwest Wyoming operated by Jonah Energy, ~20% net working interest). Production averaged 6,700-7,380 BOE per day during fiscal 2026 across these diversified assets.

The company's core technology centers on conventional, secondary, and tertiary oil recovery methods — notably CO2 injection for tertiary recovery at Delhi (sourced from Jackson Dome) and waterflood injection at Hamilton Dome. Evolution does not operate any of its assets; instead, it partners with established operators under non-operated working interest arrangements, which minimizes capital intensity, operational headcount (1-10 employees), and direct execution risk. Revenue is generated exclusively from the sale of produced crude oil, natural gas, and natural gas liquids into regional markets priced off Louisiana Light Sweet, West Texas Intermediate, and Western Canadian Select benchmarks.

Founded in 2003 as Natural Gas Systems, the company went public in 2004 on what is now NYSE American (ticker: EPM) and rebranded to Evolution Petroleum Corporation in 2023. The company's go-to-market model is investor-relations-led rather than product-sales-led, with quarterly earnings calls, fireside chats (e.g., Water Tower Research in June 2026), and investor conferences forming the principal channels to its shareholder base. The firm has paid a consistent $0.12 per share quarterly dividend for 50+ consecutive quarters since December 2013, and approximately 60% of shares are held by institutional investors. Recent strategic emphasis has shifted toward capital-light mineral and royalty acquisitions in Louisiana's Haynesville-Bossier Shale, with $9.5M deployed across Q1 and Q3 2026 adding 321 net royalty acres and 23 wells expected on production in fiscal Q4 2026.

Name

Evolution Petroleum Corp

Legal name

Evolution Petroleum Corporation

Website

https://evolutionpetroleum.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Evolution Petroleum is an independent U.S. energy company holding non-operated working, mineral, and royalty interests across five onshore oil and gas basins (Delhi, Hamilton Dome, Barnett, Williston, Jonah), selling produced hydrocarbons to regional markets and paying consistent dividends to public shareholders.

Ownership category

akta.pro rank

Product category

Onshore Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (211130), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311), Mineral Royalty Traders (6795)

akta.pro industry

PRIMARYEUALAAAH

Unconventional Resources Development (Shale/Tight, CBM)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Upstream Exploration & Production (E&P)

SECONDARYEUAAAAAG

Onshore Natural Gas E&P (Conventional Fields)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Natural Gas Exploration & Production (Upstream)

SECONDARYFSAHAIAL

Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties)

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Real Assets (Real Estate, Infrastructure, Farmland, Timberland)

Keywords

• Oil and gas production
• Non-operated working interests
• Enhanced oil recovery
• Mineral and royalty interests
• Onshore energy properties

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Oil and Natural Gas Production Revenue: Evolution Petroleum generates revenue through the sale of oil, natural gas, and natural gas liquids produced from its non-operated working interests across multiple U.S. basins. Revenue is commodity price dependent with exposure to regional pricing dislocations.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Evolution Petroleum Corporation is an independent energy company that acquires and holds non-operated working interests, mineral interests, and overriding royalty interests in producing onshore U.S. oil and natural gas properties. The company's five core assets—Delhi Field (CO2-EOR in Louisiana), Hamilton Dome Field (waterflood in Wyoming), Barnett Shale (natural gas in North Texas), Williston Basin (oil-weighted in North Dakota), and Jonah Field (natural gas in Wyoming)—produce hydrocarbons sold at regional commodity price benchmarks. The capital-light model targets long-lived, low-decline assets and pays consistent quarterly dividends from free cash flow.

Product overview

Evolution Petroleum Corporation is an independent energy company focused on maximizing total returns to shareholders through ownership of onshore oil and natural gas properties in the United States. The company operates a portfolio of five non-operated working interests in producing oil and gas assets: Delhi Field (CO2-EOR project in Louisiana), Hamilton Dome Field (waterflood secondary recovery in Wyoming), Barnett Shale (natural gas in North Texas), Williston Basin (oil-weighted production in North Dakota), and Jonah Field (natural gas in Wyoming). The company's business model is capital-light, focusing on minerals and royalty acquisitions, with a strategy of consistent quarterly dividend payments to shareholders since December 2013.

Differentiator

Problem solved

Functional benefit

Products and services

• Delhi Field CO2 enhanced oil recovery project located in Northeast Louisiana in Franklin, Madison, and Richland Parishes, encompassing approximately 14,000 gross unitized acres. Primary producing reservoirs are the Tuscaloosa and Paluxy formations. Evolution holds approximately 24% average net working interest with associated 19% revenue interest.
• Hamilton Dome Field Secondary recovery field utilizing water injection wells to pressurize the reservoir, located in the Big Horn Basin in northwest Wyoming. Primary producing reservoirs are the Tensleep and Phosphoria formations. Evolution holds approximately 24% average net working interest with associated 20% average net revenue interest.
• Barnett Shale Natural gas producing shale reservoir consisting of approximately 21,000 net acres held by production across nine North Texas counties (Bosque, Denton, Erath, Hill, Hood, Johnson, Parker, Somervell, and Tarrant). Evolution holds approximately 17% average net working interest with associated 14% average net revenue interest.
• Williston Basin Oil-weighted production assets located in Billings, Golden Valley, and McKenzie Counties in North Dakota across approximately 45,000 net acres (approximately 90% held by production). Primary producing reservoirs are the Three Forks, Pronghorn, and Bakken formations. Evolution holds approximately 39% average net working interest with approximately 33% average net revenue interest in 73 producing wells.
• Jonah Field Natural gas production assets in Sublette County, Wyoming in the Southwest Wyoming Green River Basin. Evolution holds approximately 20% average net working interest and approximately 15% average net revenue interest in 595 producing wells and approximately 950 net acres all held by production.

Quantifiable outcome

• 50 consecutive quarterly dividends maintained at $0.12 per share
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Jonah EnergycoreStrategic or Co-development Partner · 1 April 2022Jonah Energy operates the Jonah Field in Sublette County, Wyoming. Evolution acquired non-operated working interests averaging approximately 20% net working interest in 595 producing wells.
• Foundation Energy ManagementcoreStrategic or Co-development Partner · 14 January 2022Foundation Energy Management operates the Williston Basin properties in North Dakota across 73 producing wells in Billings, Golden Valley, and McKenzie Counties. Evolution holds approximately 39% average net working interest.
• Diversified Energy CompanycoreStrategic or Co-development Partner · 7 May 2021Diversified Energy Company is the primary operator of the Barnett Shale assets in North Texas across nine counties. Evolution holds approximately 17% average net working interest with approximately 10% of wells operated by seven other operators.
• Merit Energy CompanycoreStrategic or Co-development Partner · 1 November 2019Merit Energy Company operates the Hamilton Dome Field in northwest Wyoming, a secondary recovery field utilizing water injection wells. Evolution holds approximately 24% average net working interest with Merit owning the vast majority of remaining working interest.
• Denbury Onshore LLC (subsidiary of Denbury Inc.)coreStrategic or Co-development PartnerDenbury Onshore LLC operates the Delhi Field CO2-EOR project in northeast Louisiana. Evolution holds approximately 24% average net working interest in the field. CO2 is sourced from Jackson Dome Field in Central Mississippi for tertiary recovery operations.

Scale indicators8 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Dorchester Minerals, L.P. Dorchester Minerals is a master limited partnership that owns royalty interests and mineral properties across U.S. basins, with a focus on income generation through consistent distributions. Like Evolution, it is a small-cap, capital-light mineral/royalty and non-operated E&P vehicle with a long dividend track record.
• Black Stone Minerals, L.P. Black Stone Minerals is one of the largest mineral and royalty owners in the U.S., with diversified exposure across the Permian, Eagle Ford, Bakken, and Haynesville. It is a direct comparable to Evolution's mineral/royalty acquisition strategy in the Haynesville-Bossier Shale.
• Viper Energy, Inc. Viper Energy is a mineral and royalty interest aggregator primarily focused on the Permian Basin, with a similar capital-light model that owns non-operated interests in properties operated by Diamondback Energy. Directly comparable to Evolution's non-operated, mineral/royalty growth strategy.
• Sitio Royalties Corp. Sitio Royalties is a mineral and royalty company with a diversified acreage footprint across the Permian, Eagle Ford, and Haynesville. It shares Evolution's focus on mineral/royalty acquisitions and disciplined capital allocation.
• Kimbell Royalty Partners, L.P. Kimbell Royalty Partners is a diversified mineral and royalty company with exposure to the Permian, Mid-Continent, and other U.S. basins. It is a direct analogue to Evolution's capital-light mineral/royalty model with an income-oriented investor base.
• Granite Ridge Resources, Inc. Granite Ridge Resources is a non-operated oil and gas producer with a diversified portfolio of working interests across U.S. basins, focused on return of capital to shareholders. Closely comparable to Evolution's non-operated working interest model and dividend strategy.
• Mach Natural Resources L.P. Mach Natural Resources is a small-cap non-operated E&P company with assets in the Anadarko Basin, applying a similarly capital-light approach to acquire and operate through partnerships. Comparable to Evolution's size, business model, and focus on shareholder returns.
• Empire Petroleum Corporation: Empire Petroleum is a small-cap U.S. oil and gas producer focused on acquiring and developing long-life, low-decline reserves through both operated and non-operated interests. Comparable to Evolution in scale and asset strategy targeting mature basin acquisitions.

Emerging players

• Mesa Royalty Trust: Mesa Royalty Trust is a passive trust that owns royalty interests in oil and gas properties. While trusts are a different structure, it is comparable to Evolution's mineral/royalty income exposure and provides a benchmark for discounted royalty cash flow valuation.

Regional players

• Permian Basin Royalty Trust: Permian Basin Royalty Trust holds overriding royalty interests in Waddell Ranch properties in the Permian Basin. It provides a comparable passive royalty income model, though its basin concentration differs from Evolution's diversified portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/evolution-petroleum-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evolution Petroleum Corp