Evolution Petroleum CFO to retire

Evolution Petroleum Corp. (NYSE MKT: EPM) today announced executive changes and additional information regarding its previously announced restructuring of operations.

Sterling McDonald, who will turn 65 in 2014, plans to retire from his positions as CFO, VP, and treasurer. McDonald has served as CFO and treasurer since 2003 and was the second employee hired by the company.

The roles of CFO and principal accounting officer are expected to be filled in January 2014 with the help of a corporate recruiter. McDonald will continue his present duties until his successor has been identified and elected by the Board of Directors.

In addition and as part of the recent restructuring of operations, the Board of Directors has elected David Joe, the current controller and corporate secretary, to the additional positions of vice president and chief administrative officer. Joe joined the company in 2005.

In November, the company announced plans for an operational restructuring that focuses on two core assets: the Delhi Field CO2 enhanced oil recovery project and the company’s patented GARP® artificial lift technology. The company divested all non-GARP assets in December and expects to incur $2 million in pretax compensation ($0.6 million non-cash) for the quarter ending December 31, along with $0.65 million in one-time derivatives-related expenses, noted Global Hunter Securities analysts in a note Tuesday.

“While we believe Mr. McDonald’s contribution has been invaluable to EPM’s success to date, we think the company is on solid footing as it prepares for a step-change in FCF – we estimate a ~$40MM run-rate once the 24% reversionary WI kicks in at Delhi early this year – and management looks to redistribute income to shareholders,” the analysts concluded.

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