Evolution Petroleum Corporation has completed its previously announced $16 million acquisition of mineral and royalty interests in the core Midland Basin of the Permian Basin, effective August 1, 2026, subject to customary post-closing adjustments. The interests cover approximately 3,420 net royalty acres across Reagan, Upton, Glasscock, Midland and Martin Counties, Texas. Evolution said the transaction is immediately accretive to cash flow per share based on current development expectations and expects production from the acquired assets to more than double by the end of fiscal 2029. The assets require no lifting expense, future drilling capital or overhead from Evolution and are expected to produce approximately $3.9 million in next-twelve-month asset-level cash flow, implying an acquisition multiple of about 4.1x. The portfolio includes royalties on an estimated 832 producing wells, 7 completed wells, 34 drilled but uncompleted wells, 27 permitted wells and approximately 1,257 upside locations. Current production is estimated at about 210 BOE/d and is approximately 65% liquids, comprising 38% oil and 27% natural gas liquids. Based on expectations for 125 newly completed wells annually, Evolution expects acquired production to more than double by fiscal 2029 without capital expenditures by the company. Mineral and royalty interests are expected to represent about 20% of Evolution's pro forma fiscal 2027 asset cash flow mix, compared with less than 10% in fiscal 2026. The acquisition was financed with net proceeds from Evolution's recently announced common-stock offering, cash on hand and borrowings under its revolving credit facility. Pro forma liquidity increased to approximately $19 million, including additional borrowing capacity under its senior secured reserve-based credit facility. President and Chief Executive Officer Kelly Loyd said the transaction adds a liquids-weighted royalty position at a compelling valuation, strengthens the asset base and establishes mineral and royalty assets as a second engine for the company alongside its existing non-operated and mineral and royalty assets. Evolution said further information is available in a new investor presentation in the Investor Relations section of ir.evolutionpetroleum.com.