Evolution Petroleum (EPM) Extends Commercial Agreements to Install and Demonstrate GARP
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Evolution Petroleum Corporation (NYSE: EPM) today reported the execution of commercial agreements with two companies to install and demonstrate the effectiveness of its GARP artificial lift technology.
Each agreement calls for Evolution to install the technology at its sole expense in a fully equipped and currently producing horizontal well provided by the partnering company. In return, Evolution earns a substantial interest in each well, including a 50% net profits interest in one agreement and a 76.5% working interest in the second agreement after payout of installation costs.
Evolution expects to have the GARP™ technology installed in both wells prior to calendar year-end and will be the operator of both wells.
Each agreement calls for Evolution to install the technology at its sole expense in a fully equipped and currently producing horizontal well provided by the partnering company. In return, Evolution earns a substantial interest in each well, including a 50% net profits interest in one agreement and a 76.5% working interest in the second agreement after payout of installation costs.
Evolution expects to have the GARP™ technology installed in both wells prior to calendar year-end and will be the operator of both wells.
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