Evolution Petroleum enters to install GARP technology on ten wells Evolution Petroleum announced that it has entered into an agreement with a large independent oil and gas operator to install its patented GARP artificial lift technology on 10 of the operator's wells. All of the wells are located in the Giddings Field in central Texas, with an option to extend to additional wells. The GARP technology is marketed by NGS Technologies, a wholly owned subsidiary of Evolution Petroleum. Under the terms of the master agreement, NGS Technologies' subsidiaries will provide use of the technology, pay a portion of the installation costs and oversee the installation in return for a continuing contract fee equal to 25% of the net profits from each well for as long as the technology is utilized.
Evolution Petroleum and Denbury Resources sign reversal of suspended revenue Evolution Petroleum (EPM) and Denbury (DNR) executed an agreement under which Denbury will reverse the previously disclosed suspension of 2.89% of Evolution's overriding royalty interest revenues and will release to Evolution amounts previously suspended totaling approximately $712K Denbury further agreed not to suspend any future revenues attributable to any of Evolution's revenue interests, except under limited circumstances, and will limit any cash calls to amounts needed to fund near term capital expenditures. This agreement does not settle any of the outstanding litigation matters with Denbury, including their counterclaim related to the net revenue interest conveyed in the 2006 Purchase and Sale Agreement. The litigation is continuing and currently scheduled for trial in July 2015.