UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐ Accelerated Filer ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of June 30, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-06-30
Evolution Petroleum Corporation is a public reporting company classified under Crude Petroleum & Natural Gas. Our oil and natural gas properties consist primarily of non-operated interests in the following areas (as well as small overriding royalty interests in four onshore central Texas wells). Our strategy is focused on owning interests in producing properties that are operated by third parties, and our results are dependent upon the operating and development decisions of those operators. [COMPLETE: description of principal products, markets and strategy beyond the retrieved prior-filing excerpts]
Our non-operated interest in TexMex consists of oil and natural gas producing properties where we hold an approximate 42% net working interest and 35% average net revenue interest located on approximately 27,800 gross (11,200 net) acres (all held by production) primarily in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas. The oil and natural gas properties are operated by Texian Operating Company. Our non-operated interests in the SCOOP and STACK plays consist of oil and natural gas producing properties in the Anadarko basin, where we hold approximately 2.6% average net working interest and approximately 2.0% average net revenue interests located on approximately 103,700 gross (4,200 net) acres (approximately 97% held by production) across Blaine, Canadian, Carter, Custer, Dewey, Garvin, Grady, Kingfisher, McClain, Murray, and Stephens counties in Oklahoma. The oil and natural gas properties are operated by Continental Resources, Inc., Ovintiv USA Inc. [COMPLETE: additional operators and any other property areas]
For the fiscal year ended June 30, 2025, we generated revenue of $85,840,000 and net income of $1,473,000, with revenue essentially unchanged from $85,877,000 in the prior year. Cost of revenue was $49,338,000 compared to $48,273,000 in the prior year, and depreciation, depletion and amortization was $21,993,000 compared to $20,062,000. At year end we held cash and cash equivalents of $2,507,000, total liabilities of $88,439,000 and total equity of $71,813,000. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. [COMPLETE: number of employees, principal executive office location, competition, regulatory environment, and availability of SEC filings]
Our business is concentrated in the crude petroleum and natural gas industry, and our results depend heavily on the performance of oil and natural gas properties that we do not operate. We are a public reporting company classified under Crude Petroleum & Natural Gas. Our non-operated working interests and overriding royalty interests in the Delhi Field, a CO2-EOR project, consist of approximately 24% average net working interest, with an associated 19% average net revenue interest and separate overriding royalty and mineral interests of approximately 7% yielding a total average net revenue interest of approximately 26%, and the field is operated by Denbury Onshore LLC, a subsidiary of Exxon Mobil Corporation. Our non-operated working interests in TexMex consist of oil and natural gas producing properties where we hold an approximate 42% net working interest and 35% average net revenue interest located primarily in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas, and these properties are operated by Texian Operating Company. Our non-operated interests in the Chaveroo Field consist of a 50% net working interest, with an average associated 41% revenue interest, and the field is operated by PEDEVCO Corp. Our non-operated interests in the Jonah Field, a natural gas and NGL property in Sublette County, Wyoming, consist of approximately 20% average net working interest and approximately 15% average net revenue interest, and the properties are operated by Jonah Energy. Because we rely on third-party operators to make decisions regarding the timing and amount of capital expenditures, drilling, production and operating practices, our ability to influence costs, production levels and the pace of development on these properties is limited, and operator performance, financial condition or strategic priorities may adversely affect our results.
Our revenues and profitability are sensitive to changes in commodity prices and production volumes, and a small margin between revenues and costs leaves limited room to absorb adverse developments. For the period ended June 30, 2025, we reported revenue of $85,840,000 and net income of $1,473,000. Revenue was essentially unchanged from $85,877,000 in the prior period, while cost of revenue increased 2.2% to $49,338,000, depreciation, depletion and amortization increased 9.6% to $21,993,000, and general and administrative expense increased 7.2% to $10,334,000. Interest expense increased 103.6% to $2,970,000 from $1,459,000 in the prior period. We recognized a net gain on derivative contracts of $473,000 in the current period compared with a net loss of $1,292,000 in the prior period, and the results of our hedging activities may vary significantly from period to period. Continued cost inflation, higher borrowing costs or declines in realized prices that are not offset by our derivative positions could reduce or eliminate our net income and adversely affect our ability to fund capital expenditures and return capital to shareholders.
Our liquidity position and leverage expose us to financial risk. Cash and cash equivalents declined 61.1% to $2,507,000 from $6,446,000, while accounts payable increased 55.3% to $12,901,000 and accrued liabilities increased 10.7% to $6,909,000. Total liabilities were $88,439,000 compared with total equity of $71,813,000, and retained earnings declined 37.2% to $25,129,000 from $40,003,000. Our asset retirement obligations increased 12.1% to $21,535,000, and the ultimate cost and timing of plugging, abandonment and site restoration on the properties in which we hold interests may differ materially from our estimates. Our primary market risk exposure is interest rate risk on cash, cash equivalents and short-term investments. Any inability to maintain adequate liquidity, comply with the terms of our credit arrangements or refinance obligations on acceptable terms could materially and adversely affect our financial condition. [COMPLETE: description of credit facility terms, borrowing base and covenant compliance]
We are also subject to legal, regulatory and internal control risks common to publicly reporting oil and gas companies. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter. Notwithstanding these conclusions, any failure to maintain effective controls, an adverse outcome in litigation, or changes in environmental, tax or other regulations applicable to CO2-enhanced oil recovery and conventional oil and gas operations could result in additional costs, reputational harm or a decline in the market price of our common stock. [COMPLETE: description of environmental, climate-related and regulatory risks specific to CO2-EOR operations and applicable jurisdictions]
EVOLUTION PETROLEUM CORP is a public reporting company classified under Crude Petroleum & Natural Gas. The following discussion compares our results of operations and financial condition for the fiscal year ended June 30, 2025 to the comparable prior-year period and should be read together with our consolidated financial statements and related notes. Revenue for fiscal 2025 was $85,840,000 compared to $85,877,000 in the prior year, a decrease of less than 0.1%, reflecting essentially flat top-line performance year over year [COMPLETE: describe production volume and realized commodity price drivers underlying the revenue comparison]. Net income for the year was $1,473,000, and basic earnings per share were $0.03 on weighted-average basic shares outstanding of 33,158,000.
Operating costs increased modestly across most categories while revenue held steady, which compressed our operating margin relative to the prior year. Cost of revenue increased 2.2% to $49,338,000 from $48,273,000, an increase of $1,065,000 [COMPLETE: identify lease operating expense and production tax drivers]. Depreciation, depletion and amortization rose 9.6% to $21,993,000 from $20,062,000, an increase of $1,931,000, consistent with the growth in our asset base as other assets increased 2.7% to $144,165,000 from $140,312,000. General and administrative expense increased 7.2% to $10,334,000 from $9,636,000, an increase of $698,000 [COMPLETE: identify personnel, professional fee, or other G&A drivers]. Interest expense more than doubled, increasing 103.6% to $2,970,000 from $1,459,000, an increase of $1,511,000 attributable to higher average borrowings during the year [COMPLETE: confirm credit facility balances and rates]. We recognized a net gain on derivative contracts of $473,000 in fiscal 2025, compared to a net loss of $1,292,000 in the prior year, a favorable swing of $1,765,000 that partially offset the cost increases described above. Other income statement items contributed income of $191,000 compared to $342,000 in the prior year. Income tax expense declined 72.1% to $396,000 from $1,417,000, a decrease of $1,021,000 driven primarily by lower pre-tax income.
Our principal sources of liquidity are cash on hand, cash generated from operating activities, and availability under our credit arrangements, and our principal uses of cash are capital expenditures, dividends, debt service, and working capital requirements. Cash and cash equivalents were $2,507,000 at June 30, 2025, compared to $6,446,000 at the end of the prior year, a decrease of 61.1%, or $3,939,000. Accounts receivable were essentially unchanged at $10,804,000 compared to $10,826,000, while prepaid expenses and other current assets decreased 40.7% to $2,287,000 from $3,855,000. Accounts payable increased 55.3% to $12,901,000 from $8,308,000, and accrued liabilities increased 10.7% to $6,909,000 from $6,239,000, reflecting the timing of payments for capital and operating activities at year end. Asset retirement obligations increased 12.1% to $21,535,000 from $19,209,000, and deferred tax liabilities decreased 7.0% to $6,234,000 from $6,702,000. Total liabilities were $88,439,000 and total equity was $71,813,000 at June 30, 2025. Management believes that [COMPLETE: confirm whether cash on hand, expected operating cash flow, and available borrowing capacity are sufficient to fund operations, capital expenditures, and dividends for at least the next twelve months].
We began paying cash quarterly dividends on our common stock in December 2013, and we paid $0.12 per share in each quarter of fiscal 2025 and fiscal 2024, and as of June 30, 2025, we have paid 47 consecutive quarterly dividends on our common stock. In September 2025, the Company declared a $0.12 per share dividend payable on September 30, 2025. Retained earnings decreased 37.2% to $25,129,000 from $40,003,000, a decline of $14,874,000, as dividends paid to stockholders exceeded net income for the year, while additional paid-in capital increased 13.5% to $46,650,000 from $41,091,000, reflecting share issuances during the period. Any future determination with regard to the payment of dividends will be at the discretion of the Board of Directors and will be dependent upon our future earnings, financial condition, results of operations, applicable dividend restrictions, capital requirements, and other factors deemed relevant by the Board of Directors.
| Year Ended June 30, 2025 | Year Ended June 30, 2024 | |
|---|---|---|
| Revenue | ||
| Total Revenue | ||
| Cost of revenue | ||
| Total COGS | ||
| Gross Profit | ||
| Depreciation, depletion and amortization | ||
| General and administrative | ||
| Other income statement items (derived) | - | - |
| Total operating expenses | ||
| Operating income | ||
| Other income (expense) | ||
| Interest expense | ||
| Net gain (loss) on derivative contracts | - | |
| Income before income taxes | ||
| Income tax expense (benefit) | ||
| Net Income | ||
| Basic earnings per share | ||
| Diluted earnings per share | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| June 30, 2025 | June 30, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Accounts receivable | ||
| Cash and cash equivalents | ||
| Prepaid expenses and other current assets | ||
| Other current assets (derived) | ||
| Total current assets | ||
| Noncurrent assets | ||
| Operating lease right-of-use assets | ||
| Other noncurrent assets | ||
| Other assets (derived) | ||
| Total noncurrent assets | ||
| Total Assets | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | ||
| Accrued liabilities | ||
| Operating lease liabilities, current | ||
| Taxes payable | 0 | 74,000 |
| Other current liabilities (derived) | ||
| Total current liabilities | ||
| Noncurrent liabilities | ||
| Asset retirement obligations | ||
| Deferred tax liabilities | ||
| Operating lease liabilities, noncurrent | 0 | 58,000 |
| Other liabilities (derived) | ||
| Total noncurrent liabilities | ||
| Total Liabilities | ||
| Equity | ||
| Additional paid-in capital | ||
| Common stock | ||
| Common stock, par value per share | ||
| Common stock, shares authorized | ||
| Common stock, shares issued | ||
| Common stock, shares outstanding | ||
| Retained earnings (accumulated deficit) | ||
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended June 30, 2025 | Year Ended June 30, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | ||
| Depreciation and amortization | ||
| Stock-based compensation | ||
| Deferred income taxes | - | - |
| Change in income taxes payable | - | - |
| Change in prepaid expenses and other assets | - | |
| Changes in operating assets and liabilities, net | - | |
| Net cash from operating activities | ||
| Investing activities | ||
| Investing activities, net | -21,642,000 | -49,633,000 |
| Net cash from investing activities | - | - |
| Financing activities | ||
| Repurchases of common stock | - | - |
| Dividends paid | - | - |
| Proceeds from issuance of common stock | 0 | |
| Other financing activities (derived) | - | |
| Net cash from financing activities | - | |
| Net change in cash | - | - |
| Cash at beginning of period | 11,034,000 | |
| Cash at end of period | 6,446,000 | |
| Supplemental cash flow information | ||
| Cash paid for interest | ||
| Cash paid for income taxes | ||
| Supplemental disclosure of noncash investing and financing activities | ||
| Capital expenditures incurred but not yet paid | ||
| Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Total | |
|---|---|---|---|---|
| Balance at beginning of prior year | 33,000 | 40,098,000 | 51,963,000 | 92,094,000 |
| Net income | ||||
| Other equity movements | 0 | 993,000 | -16,040,000 | -15,047,000 |
| Balance at June 30, 2024 | ||||
| Net income | ||||
| Dividends | - | - | ||
| Other equity movements | 1,000 | 5,559,000 | 0 | 5,560,000 |
| Balance at June 30, 2025 |
Evolution Petroleum Corp is a public reporting company classified under Crude Petroleum & Natural Gas. Our oil and natural gas properties consist primarily of non-operated interests, including our interest in TexMex, where we hold an approximate 42% net working interest and 35% average net revenue interest located on approximately 27,800 gross (11,200 net) acres primarily in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas, and our non-operated interests in the SCOOP and STACK plays in the Anadarko basin, where we hold approximately 2.6% average net working interest and approximately 2.0% average net revenue interests located on approximately 103,700 gross (4,200 net) acres in Oklahoma. The accompanying condensed financial statements as of and for the period ended June 30, 2025 are unaudited, have been prepared from our books and records, and reflect all adjustments that management considers necessary for a fair presentation; results for the interim period are not necessarily indicative of the results to be expected for a full year. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled, and a valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized. Share-based compensation is measured at the grant-date fair value of the award and recognized as expense over the requisite service period of the award.
Revenue for the period was $85,840,000, compared with $85,877,000 in the prior period, a change of less than 0.1%. Cost of revenue increased 2.2% to $49,338,000 from $48,273,000, and depreciation, depletion and amortization increased 9.6% to $21,993,000 from $20,062,000. We recognized a net gain on derivative contracts of $473,000 in the current period, compared with a net loss on derivative contracts of $1,292,000 in the prior period. At period end, derivative assets totaled $1,975,000, of which $1,777,000 was current and $198,000 was noncurrent, and derivative liabilities totaled $3,360,000, of which $1,577,000 was current and $1,783,000 was noncurrent. Income tax expense was $396,000, compared with $1,417,000 in the prior period, reflecting an effective tax rate of 21.2% against a federal statutory rate of 21.0%. Net income for the period was $1,473,000.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period, and diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive. For the period, basic earnings per share was $0.03 and diluted earnings per share was $0.03, based on weighted-average basic shares outstanding of 33,158,000 and net income of $1,473,000. [COMPLETE: weighted-average diluted shares outstanding and number of antidilutive securities excluded from the computation]
Total liabilities at June 30, 2025 were $88,439,000. Unamortized debt issuance costs at period end were $365,000. [COMPLETE: description of credit facility, including outstanding borrowings, borrowing base, interest rate, maturity date, and covenant compliance] Interest expense for the period was $2,970,000, compared with $1,459,000 in the prior period, an increase of 103.6%. Operating lease liabilities consisted of a current portion of $66,000, compared with $98,000 in the prior period, and no noncurrent portion, compared with $58,000 in the prior period, while operating lease right-of-use assets were $58,000, compared with $140,000 in the prior period. Stockholders' equity at period end totaled $71,813,000, consisting of common stock of $34,000, additional paid-in capital of $46,650,000 and retained earnings of $25,129,000. Common stock increased from $33,000 in the prior period, additional paid-in capital increased 13.5% from $41,091,000, and retained earnings decreased 37.2% from $40,003,000. [COMPLETE: shares authorized, issued and outstanding, dividends declared per share, and share repurchase activity during the period]
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
Receivables are recorded at the amounts contractually due from customers and other counterparties, net of any allowance for amounts not expected to be collected.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Derivative instruments are recognized as assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives are recognized in earnings unless the derivative is designated and qualifies as a hedging instrument, in which case recognition follows the applicable hedge accounting model.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Operating lease liabilities, current | ||
| Operating lease liabilities, noncurrent | 0 | |
| Total debt | 66,000 | 156,000 |
| Amount | |
|---|---|
| Unamortized debt issuance costs |
| Current | Prior | |
|---|---|---|
| Additional paid-in capital | ||
| Common stock | ||
| Retained earnings (accumulated deficit) | ||
| Total stockholders' equity | 71,813,000 | 81,127,000 |
| Current | Prior | |
|---|---|---|
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | 0.03 | 0.12 |
| Diluted earnings per share |
| Current | Prior | |
|---|---|---|
| Current federal | ||
| Current state and local | ||
| Total current | ||
| Deferred federal | ( | ( |
| Deferred state and local | ( | |
| Total deferred | ( | ( |
| Total income tax expense (benefit) | 396,000 | 1,417,000 |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ||
| Federal statutory rate | ||
| State and local taxes | ||
| State and local rate | ||
| Valuation allowance change | ( | |
| Valuation allowance change rate | ( | |
| Nondeductible share-based compensation | ( | |
| Nondeductible share-based compensation rate | ( | |
| Nondeductible depletion | ( | ( |
| Nondeductible depletion rate | ( | ( |
| Other adjustments | ||
| Other adjustments rate | ||
| Effective tax rate |
| Current | Prior | |
|---|---|---|
| Operating loss carryforwards | ||
| Share-based compensation | ||
| Other deferred tax assets | ||
| Valuation allowance | ||
| Deferred tax assets, net | ||
| Derivative instruments | ||
| Asset retirement obligations | ||
| Operating loss carryforwards, pre-tax | ||
| Deferred tax liabilities | ||
| Deferred income tax liabilities | ||
| Property and equipment |
| Current | Prior | |
|---|---|---|
| Interest expense, nonoperating | 2,970,000 | 1,459,000 |
| Current | Prior | |
|---|---|---|
| Derivative assets | ||
| Derivative assets, current | ||
| Derivative assets, noncurrent | ||
| Derivative liabilities | ||
| Derivative liabilities, current | ||
| Derivative liabilities, noncurrent |
| Balance sheet captions for these amounts are not separately disclosed: |
Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we carried out this evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of June 30, 2025 for EVOLUTION PETROLEUM CORP. Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure. [COMPLETE: management to review and adopt the foregoing conclusion language, including identification of the certifying officers, before filing.]
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements, and projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may deteriorate. [COMPLETE: management's annual report on internal control over financial reporting as of June 30, 2025, including the framework used (e.g., COSO 2013) and management's conclusion on effectiveness.] [COMPLETE: attestation report of the independent registered public accounting firm, or statement that the report is not required.]
No changes materially affected internal control over financial reporting during the quarter. Accordingly, there were no changes in our internal control over financial reporting during the fourth fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements, and no such matter has been identified as bearing on the effectiveness of our controls.
We are a public reporting company engaged in the crude petroleum and natural gas business, and we recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. EVOLUTION PETROLEUM CORP is a public reporting company classified under Crude Petroleum & Natural Gas. Our cybersecurity risk management program is [COMPLETE: description of the company's cybersecurity risk management program, including whether it is integrated into the overall enterprise risk management process, the frameworks or standards referenced, and the key processes for identifying, assessing, and managing cybersecurity threats]. Because our principal oil and natural gas properties are non-operated, our exposure to cybersecurity threats also extends to the systems and controls maintained by the third-party operators of our fields. Our non-operated interests in the Hamilton Dome Field, a secondary recovery field utilizing water injection wells to pressurize the reservoir, consist of approximately 24% average net working interest, with an associated 20% average net revenue interest (inclusive of a small overriding royalty interest). The 5,900 gross acre unitized field, of which we hold approximately 1,400 net acres, is operated by Merit Energy Company, who owns the majority of the remaining working interest in the Hamilton Dome Field. Our non-operated interests in the Delhi Field, a CO 2 -EOR project, consist of approximately 24% average net working interest, with an associated 19% revenue interest and separate overriding royalty and mineral interests of approximately 7% yielding a total average net revenue interest of approximately 26%. The field is operated by Denbury Onshore LLC, a subsidiary of Exxon Mobil Corporation. Our processes for overseeing and identifying cybersecurity risks associated with our use of third-party service providers and operators include [COMPLETE: description of third-party risk oversight processes, including vendor assessments, contractual protections, and monitoring]. We also engage [COMPLETE: description of any assessors, consultants, auditors, or other third parties engaged in connection with the cybersecurity program, including the nature and frequency of assessments, penetration testing, or tabletop exercises].
Our Board of Directors oversees the management of risks from cybersecurity threats through [COMPLETE: identification of the Board or committee responsible for cybersecurity oversight, the frequency of reporting to the Board or committee, and the nature of the information reported]. At the management level, [COMPLETE: title(s) of the management position(s) or committee(s) responsible for assessing and managing cybersecurity risk, together with a summary of the relevant expertise of such individuals] is responsible for the day-to-day oversight of our cybersecurity program, including [COMPLETE: description of processes by which management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents, and the escalation procedures to the Board]. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), and our cybersecurity-related processes are considered as part of these controls. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level. No changes materially affected internal control over financial reporting during the quarter.
As of the date of this report, [COMPLETE: statement as to whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the company, its business strategy, results of operations, or financial condition]. Although we maintain the processes described above, there can be no assurance that our cybersecurity risk management program and processes, including our policies, controls, or procedures, will be fully implemented, complied with, or effective in protecting our systems and information. For additional discussion of the cybersecurity risks we face, see [COMPLETE: cross-reference to the relevant cybersecurity risk factor(s) under Item 1A. Risk Factors].
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
Our board of directors currently consists of six members: Kelly William Loyd, who also serves as President and Chief Executive Officer, together with Myra C. Bierria, Marjorie Anne Hargrave, William Dozier, Edward John Dipaolo and Robert S. Herlin, each of whom serves as a director. Our executive officers are Kelly William Loyd, President and Chief Executive Officer; Ryan Stash, Senior Vice President and Chief Financial Officer; John Mark Bunch, Chief Operating Officer; and Kelly Beatty, Chief Accounting Officer. Mr. Loyd serves as our principal executive officer and Mr. Stash serves as our principal financial officer. The ages, business experience, qualifications and periods of service of each director and executive officer are as follows: [COMPLETE: director and executive officer biographies, ages and terms]. [COMPLETE: identification of the audit committee, its members and the audit committee financial expert, and a description of the code of ethics and where it is available]. Based solely on our review of Section 16(a) reports filed with the Securities and Exchange Commission and written representations from our directors and executive officers, we believe that all Section 16(a) filing requirements applicable to our directors, executive officers and greater than ten percent beneficial owners were satisfied on a timely basis during the fiscal year ended June 30, 2025. [COMPLETE: counsel to confirm Form 3 timeliness for insiders whose became-insider dates were not available for testing].
The compensation paid to or earned by our named executive officers for the fiscal year ended June 30, 2025, including salary, bonus, stock and option awards, non-equity incentive plan compensation and all other compensation, is set forth in the summary compensation table and related narrative below: [COMPLETE: summary compensation table, outstanding equity awards at fiscal year-end, employment agreements, and potential payments upon termination or change in control]. Compensation paid to our non-employee directors for the fiscal year ended June 30, 2025 is as follows: [COMPLETE: director compensation table and narrative]. [COMPLETE: compensation committee interlocks and insider participation, pay versus performance disclosure, and any clawback or hedging policy disclosures required by Item 402].
The following table sets forth information regarding the beneficial ownership of our common stock as of [COMPLETE: record date] by each person known by us to beneficially own more than five percent of our outstanding common stock, each of our directors and named executive officers, and all of our directors and executive officers as a group: [COMPLETE: beneficial ownership table, including shares outstanding and footnotes describing the nature of ownership]. [COMPLETE: securities authorized for issuance under equity compensation plans table]. Since the beginning of the fiscal year ended June 30, 2025, there have been no transactions, and there are no currently proposed transactions, in which we were or are to be a participant and in which any related person had or will have a direct or indirect material interest requiring disclosure under Item 404 of Regulation S-K, except as follows: [COMPLETE: related person transactions, if any, and description of the policies and procedures for review and approval of such transactions]. [COMPLETE: identification of directors determined to be independent under applicable exchange listing standards and the independence standards applied].
Our independent registered public accounting firm audited our consolidated financial statements included in our annual report on Form 10-K for the fiscal year ended June 30, 2025. The aggregate fees billed to us by our independent registered public accounting firm for the fiscal years ended June 30, 2025 and June 30, 2024 for audit fees, audit-related fees, tax fees and all other fees were as follows: [COMPLETE: name of independent registered public accounting firm and principal accountant fees and services table for fiscal 2025 and fiscal 2024]. [COMPLETE: description of the audit committee's pre-approval policies and procedures and the percentage of services approved under those procedures].