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    Evolution Petroleum Corporation

    Locke Lord Partner Chris Verducci and Associate Deanna Willson (both of Houston) represented ‎Evolution Petroleum Corporation and several of its subsidiaries in a settlement agreement regarding ‎litigation with Denbury Onshore, LLC, a subsidiary of Denbury Resources Inc. Evolution will receive a ‎‎$27.5 million cash payment and other consideration pursuant to the settlement agreement. Among ‎such other consideration, Denbury conveyed to Evolution a working interest in the Mengel Upper ‎Glen Rose Sand interval within the Delhi Unit, proportionate to Evolution's 23.9% ‎working interest in the primary Holt-Bryant zones in the Delhi Unit. The settlement further provides ‎Evolution access to certain geological, geophysical and technical information regarding the Delhi Field ‎for its internal analysis and reserves report. The effective resolution of this litigation allows the ‎companies to continue working on the successful development of Louisiana’s Delhi Field, including ‎through CO2 tertiary recovery operations.

    The settlement resolves long-running contract disputes over operations in the Delhi Field, including ‎contractual issues related to Evolution’s ownership of a CO2 recycle facility on the property and terms ‎related to long-term CO2 pipeline transportation. According to the Evolution press release Bob Herlin, ‎Executive Chairman of Evolution, said: "This settlement closes a long-running contract dispute and ‎better defines and aligns the rights and obligations of both parties. It removes the uncertainty related ‎to this litigation and clarifies the previously undefined CO2 transportation costs beginning in 2020. We ‎believe our shareholders are well-served by this agreement."‎
    Posted July 18, 2016

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