Evolution Petroleum Corporation is an independent U.S. energy company focused on owning and investing in onshore oil and natural gas properties. It was formed in 2003 (originally under the name Natural Gas Systems) and later rebranded to better reflect its diversified hydrocarbons focus.
Rather than acting as a full-scale operator across all assets, Evolution often holds non-operated interests in producing oil and gas properties, partnering with operators who carry out day-to-day field work. Its portfolio includes stakes in the Delhi Holt-Bryant Unit (a CO₂ enhanced oil recovery project in Louisiana), Hamilton Dome (Wyoming), Barnett Shale (Texas), Williston Basin (North Dakota), Jonah Field (Wyoming), and smaller royalty/override interests in Texas wells.
A defining feature of Evolution is its lean operating structure paired with disciplined capital allocation. The company maintains a small core team (about 11 employees, per its disclosures) and focuses on acquiring long-life, low-decline assets that generate stable cash flow. Because many of its assets are mature and held non-operatively, the company places emphasis on production enhancements, selective development, and acquisition over high-risk exploration.