Evolution Petroleum (EPM) said Tuesday that it has agreed to acquire non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana for $9 million.
The company said the portfolio consists of approximately 254 gross producing wells, which will be managed by a private operator.
Evolution said it expects the deal to close by the end of fiscal Q3, and that it plans to finance the acquisition with cash on hand and borrowings under its existing credit facility.
The seller of the assets was not disclosed.
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