Evolution Petroleum : September 2023 Investor Presentation

DISCLAIMERS

This presentation is for information purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe for any shares in the Company in any jurisdiction.

Forward-Looking Statements

This presentation contains "forward-looking statements." Forward-looking statements are based on current expectations and include any statement that is not a current or historical fact. Such statements include those relating to drilling locations and potential drilling activities; potential acquisitions; potential proved, probable and possible reserves; expected future operating or financial results; cash flow and anticipated liquidity; business strategy; future dividend policies and other matters. These forward-looking statements may generally, but not always, be identified by words such as "may", "expected", "estimated", "projected", "potential", "anticipated", "forecasted" or other words indicating future events or outcomes. Although we believe the expectations and forecasts reflected in forward-looking statements are reasonable, we can give no assurance they will prove to be correct. These statements are based on current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in the "Risk Factors" found in our Forms 10-K and 10-Q. Therefore, actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement, and we caution readers not to place undue reliance on forward looking statements, which speak only as of the date of this presentation. We undertake no obligation to update forward looking statements to reflect events or circumstances occurring after the date of this presentation.

Cautionary Note Regarding Oil and Natural Gas Reserves

Current SEC rules regarding oil and natural gas reserves information allow oil and natural gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC's definitions of such terms. We disclose only proved reserves in our filings with the SEC but do disclose probable and possible reserves in this presentation. Our reserves as of June 30, 2023, were estimated by our independent petroleum engineering firms, Netherland, Sewell & Associates, Inc. and DeGolyer & MacNaughton. Estimates of probable and possible reserves are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly, the likelihood of recovering those reserves is subject to substantially greater risk. We also disclose proved and unproved drilling locations in this presentation. Actual locations drilled and quantities that may be ultimately recovered may differ substantially from these estimates. There is no commitment by us to drill any of the drilling locations that have been attributed to these quantities. Factors affecting ultimate recovery include the scope of our drilling program, which will be directly affected by the decisions of the operators of our properties, availability of capital, drilling and production costs, availability of drilling and completion services and equipment, drilling results, agreement terminations, regulatory approvals and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of reserves may change significantly as development of our oil and gas properties provides additional data.

Non-GAAP Reconciliation

Adjusted EBITDA is a non-GAAP financial measure that is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors, commercial banks and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure or historical costs basis. We use this measure to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion and accretion (DD&A), stock-based compensation, ceiling test impairment and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

Evolution Petroleum (NYSE American: EPM) 2

ACCRETIVE ACQUISITIONS ENHANCES SHAREHOLDER VALUE

COMPANY TIMELINE & KEY STATISTICS

Purchased royalty interest in Delhi
Field & sold partial working			Entered into Strategic
interest to Denbury with	Began paying quarterly	Acquisition of interest in
agreement to install CO2 flood	Permian Development
with reversionary working interest	dividends to shareholders	Barnett Shale in North TX	Partnership

2003

2006

2009

2013

2019

2021

2022

2023

COMPANY OVERVIEW

Shares Outstanding	33.2 MM
Share Price	$7.00
52 Week Range	$5.39 - $10.11
Market Cap	$233 MM
Annual Common Dividend(1)	$0.48/share
Total Debt (FYE 6/30/23)	-
Net Income (FYE 6/30/23)	$35.2 MM
Adjusted EBITDA (FYE 6/30/23)(3)	$60.1 MM

6.9%

Current Dividend Yield 102(Annualized 1Q24)(3) .4

• Founded in 2003 and went public as Natural Gas Systems in 2004
• Acquisition of interest in Delhi Field in northeast LA from Denbury Resources

CO2 injection begins at	Acquisition of interest in	•	Acquisition of interest
Delhi Field with	Hamilton Dome Field in WY		in Williston Basin in ND
continued development		•	Acquisition of interest
			in Jonah Field in WY

$

Million

Dividends Returned to Shareholders Since December 2013

$3.09

Source: Company data; FactSet data and analytics. Stats as of 9/13/23 unless otherwise noted.

1. Annualized based upon the most recently declared quarterly distribution ($0.12 payable 9/29/23).
2. Adjusted EBITDA is a non-GAAP financial measure; refer to slide 27 for the reconciliation to the respective GAAP measure.
3. Current yield calculated by annualizing the most recently declared quarterly distribution divided by the 9/13/23 stock price.

Dividends/Share Returned to

Shareholders Since December 2013

Evolution Petroleum (NYSE American: EPM) 3

SUCCESS BASED ON THREE CORE PILLARS

BUSINESS & PORTFOLIO INVESTMENT STRATEGY

OUR PILLARS TO MAXIMIZING SHAREHOLDER RETURN

ASSET BASE	MINIMAL
GROWTH	DEBT

Accretive & cyclically	RETURN CAPITAL	Maintain strong
opportunistic acquisitions	balance sheet
TO SHAREHOLDERS
Organic growth via new		Targeted net leverage of
drills, workovers &		<1x Debt/Adjusted EBITDA
recompletes	Sustainable dividends
	Opportunistic
	share buybacks

FOUNDATIONS OF OUR SUCCESS

Long-life, low decline assets	Geographic &
& low-risk development	commodity diversity
inventories

	Ability to support and grow
Highly qualified team with	dividend through low risk,
diversified skill sets utilizing	accretive acquisitions and
best-in-classapproach to	controlled development of
evaluating investment	repeatable organic drilling
opportunities	opportunities

Evolution Petroleum (NYSE American: EPM) 4

NON-OPERATED BUSINESS MODEL

SIMPLE STRUCTURE

LEAN OPERATIONS

LEVERAGE G&A

SCALABLE

• Lower risk investment vehicle in the energy industry
• Own working interests and royalty interests providing proportionate share of net cash flow received from the operator of the assets
• Target properties that provide the ability to influence capital decisions and monitor expenses
• Team of ~10 people primarily engaged in management tasks
• No field operations staff needed; field work performed by operating partners
• Large-scaleoperators concentrated in each area provides more efficient cost structure
• Lower G&A costs than an operator since many functional areas are not required
• Ability to integrate new assets quickly without material incremental costs
• Substantial free cash flow generation
• Geographic diversification easier to achieve as scale is not required in any given asset
• Ability to add new assets without drastically changing staff or operating procedures

Evolution Petroleum (NYSE American: EPM) 5