Brief: Evolution Petroleum announces settlement of Denbury litigation

Evolution Petroleum

29/06/2016 11:45

June 29 (Reuters) - Evolution Petroleum Corp  EPM.A  
    * Evolution Petroleum announces settlement of Denbury 
litigation 
    * Evolution Petroleum announces settlement of Denbury 
litigation 
    * Evolution Petroleum Corp says pursuant to settlement 
agreement, evolution will receive a cash payment of $27.5 
million on or prior to June 30, 2016 
    * Entered into a settlement agreement regarding its 
litigation with Denbury Onshore, Llc, a subsidiary of Denbury 
Resources  
    * Parties also reached agreements on other contractual 
issues related to co's proportionate ownership of co 2 recycle 
facility 
    * In addition, evolution will convey to Denbury 
approximately 0.2% of its overriding royalty interest effective 
as of july 1, 2016 
    * Substantial majority of cash settlement proceeds expected 
to be offset by existing net operating loss 
    * Settlement further provides evolution access to certain 
geological, geophysical and technical information regarding 
delhi field 
 
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