Evolution Petroleum (EPM) will raise its quarterly dividend to $0.065 per share.

The quarterly dividend will be payable on December 30, 2016 to shareholders of record as of the close of business on December 15, 2016.

Randy Keys, President and CEO, said: "The decisions to redeem our preferred stock and increase the common stock dividend reflect our consistent focus on delivering value to our common shareholders. Our balance sheet strength, with almost $20 million of net cash, combined with the end of the capital spending on the NGL plant, the anticipated increase in field cash flow and the outstanding performance of the Delhi field, gives us the confidence to increase the dividend at this time. The Board of Directors plans to again review the dividend in 2017 based on results from the NGL plant start-up and the future outlook for crude oil prices. We ended the past fiscal year with our best financial position since this industry downturn began two years ago, and our financial position and outlook have only improved during the quarter."

Evolution Petroleum has a 3.3% dividend yield based on Wednesday’s closing price of $7.80.

Evolution Petroleum Corporation is an independent oil and gas company. The Company is engaged in the acquisition, exploitation and development of properties for the production of crude oil and natural gas, onshore in the United States.