Evolution Petroleum acquires oil, gas assets in Chaves, Roosevelt counties in NM

Houston-based Evolution Petroleum said last week it agreed to acquire non-operated oil and natural gas assets in New Mexico and Louisiana for $9 million.  Closing is expected in 3Q.  Kelly Loyd, president and CEO, said March 4 the deal strengthens Evolution’s production base “by adding high-quality, low-decline production at an attractive valuation… These assets complement our existing portfolio….”  The New Mexico assets are in the Chaveroo oilfield in Chaves and Roosevelt counties.

The acquisition extends Evolution’s asset portfolio with about 440 boed of net production (60 percent oil, 40 percent natural gas).  Evolution said the assets “will be managed by a top-tier private operator.”