Legal / Lawsuit | Contract Awarded
Denbury to Pay Evolution Petroleum $27.5 Million; Delhi Field
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Evolution Petroleum Corporation announced that it has reached a settlement with Denbury Resources Inc.
The settlement resolves all outstanding disputes between the parties and provides a new foundation for continuing the successful development of the Delhi Field.
Pursuant to the settlement agreement, Evolution will receive a cash payment of $27.5 million on or prior to June 30, 2016, along with other mutual consideration between the parties. Among such other consideration, Denbury conveyed to Evolution a working interest in the Mengel Upper Glen Rose Sand interval (the "Mengel") within the Delhi Unit, proportionate to Evolution's 23.9% working interest in the primary Holt-Bryant zones in the Delhi Unit.
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