EVOLUTION PETROLEUM CORP — Director's Dealing 2005

Jul 12, 2005

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NATURAL GAS SYSTEMS INC/NEW (NGSY)
CIK: 0001006655
Period of Report: 2005-06-23

Reporting Person: Mazzanti Daryl V (Vice President of Operations)

Holdings (Non-Derivative)

Security	Shares	Ownership
Commmon Stock	25000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$1.61	2015-06-23	Common Stock (350000)		Direct
Warrants (right to buy)	$1.61	2015-06-23	Common Stock (200000)		Direct

Footnotes

F1: These shares are subject to a forfeiture, effectively vesting monthly in equal amounts over 12 months.

F2: The option vests quarterly over four years.

F3: The warrants vest quarterly over four years, and are subject to complete revocation upon the non-commencement of certain development projects within one year.