Probable and Possible Reserves
The Company's fiscal year ended June 30, 2023, probable and possible reserves were 24.4 MMBOE, up 16% from 21.1 MMBOE from the prior fiscal year ended June 30, 2022. This increase was due to the inclusion of Test Site 5 development at Delhi as well as the potential for increased recoveries in the 2 new Delhi Field PUDs. The Williston Basin probable reserves meet all of the criteria for being determined proved undeveloped reserves, except that they are associated with drilling locations that are not presently scheduled to be developed within the next five years and, therefore, do not meet SEC requirements for proved undeveloped reserves. The Williston Basin possible reserves represent incremental drilling locations within our acreage that the Company expects to continue to evaluate for potential future drilling.
Developed probable and possible categories at Delhi Field represent greater potential recoveries from the CO2 flood than those included in the proved reserves. Consequently, while both the probable and possible reserves are 100% developed and require de minimus capital expenditures, they remain less certain of attainment and have more risk of recovery than proved reserves and should not be aggregated with other categories. These categories of reserves reflect the incremental reserves associated with different engineering assumptions with respect to the percentage of original oil in place that can be recovered through CO2 enhanced oil recovery. The undeveloped probable and possible categories at Delhi Field consist of Test Site 5 development which is technically proven, however currently not scheduled.
Operations Update
At Delhi Field, the heat exchanger project was successfully installed and operational during the fiscal fourth quarter. This project is expected to reduce expenses and improve operational efficiency. During this quarter we approved authorization for expenditure elections to drill two vertical wells in the Delhi Field. These wells were recently drilled and completed during the first quarter of fiscal 2024 and are awaiting results.
In the Williston, the Birdbear sidetrack project was pushed back due to a delay in the NDIC’s approval of operations. The Bakken vertical recompletion and fracture stimulation completed in third quarter fiscal 2023 is online and producing approximately 20 gross BOPD.
At Hamilton Dome, facility consolidation to improve operating efficiency and reduce emissions is ongoing. We expect the project to be finished in fiscal year 2024.
Balance Sheet, Liquidity, and Capital Spending
On June 30, 2023, cash and cash equivalents totaled $11.0 million, and working capital was $8.9 million. Evolution did not have any debt outstanding under its $50 million revolving credit facility after retiring all of the debt incurred in the Williston Basin and Jonah Field acquisitions. As a result, total liquidity on June 30, 2023, was $61.0 million, including cash and cash equivalents. This represents an increase in liquidity of 65% since June 30, 2022.
During fiscal 2023, the Company fully funded operations, development capital expenditures, cash dividends, and share repurchases through cash generated from operations and working capital. For the year ended June 30, 2023, Evolution paid $16.1 million in common stock dividends, repurchased $3.9 million of common shares under its previously announced share repurchase plan, and incurred $6.2 million in development capital expenditures.
Based on discussions with our operators, we expect capital workover projects to continue in all the fields. Overall, for fiscal year 2024, we expect budgeted capital expenditures to be in the range of $4.0 million to $5.0 million, which excludes any potential acquisitions. Our expected capital expenditures for the next 12 months include two new drill wells at Delhi Field and also include Foundation, the operator of our Williston Basin properties, drilling two sidetrack locations targeting the Birdbear formation. Evolution believes its near-term capital spending requirements will be met from cash flows from operations and current working capital.