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Evolution Petroleum Q3 Loss Narrows - Update

(RTTNews) - Evolution Petroleum Corp. (EPM) Wednesday reported a third-quarter loss that narrowed from last year, helped mainly by 11% higher revenues as well as a 20% reduction in operating expenses.

For the third quarter, net loss narrowed to $0.55 million or $0.02 per share from $1.04 million or $0.04 per share in the year-ago quarter. This includes non-cash stock-based compensation expense of approximately $0.38 million as compared to $0.54 million last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

The Houston, Texas-based company's total revenues for the quarter were $1.29 million, up from $1.16 million in the prior-year quarter, helped mainly by a 65% increase in blended oil and gas prices to $44.98 per BOE from $27.27 per BOE in the year-ago quarter.

Revenues from crude oil were $0.47 million, higher than $0.35 million last year, meanwhile natural gas liquids revenue declined to $0.28 million from $0.35 million a year ago.

Revenues from natural gas grew to $0.54 million from $0.46 million in the previous year.

For the latest quarter, net volumes were 12,300 barrels or Bbl of oil, condensate and natural gas liquids or NGLs and 98.5 million cubic feet or MMCF of natural gas or 28,710 BOE compared to 24,002 Bbls of oil, condensate and NGLs and 112.2 MMCF of natural gas, or 42,698 BOE last year.

For the quater under review, average realized price of oil surged 96% to $77.17 per barrel from $39.47 per barrel in the year-ago quarter, while average realized price of NGLs soared 95% to $45.42 per barrel from $23.25 per barrel a year ago.

Average realized price of natural gas was up 33% to $5.48 per Mcf from $4.12 per Mcf in the prior-year quarter. On a BOE basis, the blended effective price received grew 65% to $44.98 from $27.27 in the last-year quarter.

Total operating costs were reduced to $2.12 million from $2.65 million in the year-ago quarter.

Year-to-date, net loss was $1.96 million or $0.07 per share compared to $1.89 million or $0.07 per share in the same period last year. Revenues for the nine-month period declined to $3.66 million from $5.11 million last year.

EPM shares are currently trading at $5.99, up $0.15 or 2.57% on a volume of 78,491 on the AMEX.