Slide 1: Evolution Petroleum Corporation Investor Presentation
EVOLUTION PETROLEUM CORPORATION INVESTOR PRESENTATION SEPTEMBER 2026 | NYSE AMERICAN: EPM
Slide 2: Disclaimers
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 sta
Slide 3: Who We Are: Evolution Petroleum (EPM) Overview
WHO WE ARE Evolution Petroleum (EPM) Overview EPM is an independent energy company focused on 10+ Year What We Do maximizing returns to shareholders through the ownership of onshore oil and natural gas properties, utilizing a capex light Dividend History business model that includes non-operated ass
Slide 4: Evolution Petroleum (EPM) Business Model
Evolution Petroleum (EPM) Business Model Simple Structure Lean Operations • Lower-risk investment vehicle in the energy • Efficient team of ~10 people primarily engaged in industry management tasks • Own working interests and royalty interests providing a • No field operations staff needed; field wo
Slide 5: The Ways We Own Reserves
The Ways We Own Reserves A capital-efficient working-interest portfolio complemented by a scalable minerals & royalty growth platform 1 | NON-OPERATED / WORKING-INTEREST MODEL 2 | MINERALS & ROYALTY MODEL PARTNER-OPERATED INTERESTS A SECOND ENGINE WITH STRUCTURALLY LOWER CAPITAL REQUIREMENTS • Own w
Slide 6: Evolution's Footprint
ACCRETIVE ACQUISITIONS HAVE SIGNIFCANTLY EXPANDED OUR NETWORK Evolution’s Footprint Asset locations Williston Basin Hamilton Dome ~40,100 Net Acres ~1,400 Net Acres (Acquired Jan'22) (Acquired Nov‘19) ND Jonah Field WY SCOOP/STACK ~950 Net Acres ~4,000 Net Acres (Acquired Apr'22) ~1,800 Net Royalty
Slide 7: Building the Minerals & Royalty Platform
A DELIBERATE EXPANSION – NOT A ONE-OFF TRANSACTION Building the Minerals & Royalty Platform The Company has been building a second engine: a minerals & royalty platform now executed across 3 basins, including the core of the Permian/Midland Basin AUG 2025 DEC 2025 - JUL 2026 AUG 2026 Haynesville Per
Slide 8: Cash Flows From Oil & Gas Properties
PRO FORMA REVENUE CONTRIBUTION BY INTEREST TYPE Cash Flows From Oil & Gas Properties Mineral & royalty interests are expected to represent a larger share of cash flow on a pro forma basis for the Permian/Midland Basin Mineral & Royalty acquisition Est. Pro Forma Cash Flow Mix1 2025 Cash Flow Mix 202
Slide 9: Diversified & Balanced Portfolio of Assets
Diversified & Balanced Portfolio of Assets 14% 16% Oil Oil FY‘26 39% FQ4'26 18% $24.2MM Nat Gas 27.2 Nat Gas Proved Revenue1 NGLs Reserves1,2 MMBOE NGLs 68% 45% SCOOP/STACK 16% 10% 18% Chaveroo Field 29% 9% Jonah Field FQ4'26 Oil FY’26 Proved 6,901 6% 27.2 11% Williston Basin Average Daily Nat Gas R
Slide 10: Business & Portfolio Investment Strategy
Business & Portfolio Investment Strategy Our core pillars to maximizing shareholder return Asset based Return capital to Minimize debt & growth shareholders shareholder dilution Accretive & cyclically Sustainable Maintain strong opportunistic acquisitions dividends balance sheet Organic growth via n
Slide 11: 12+ Year History of Issuing Dividends
CONSISTENTLY RETURNING CAPITAL TO SHAREHOLDERS THROUGH COMMODITY CYCLES 12+ Year History of Issuing Dividends Common Stock Dividends ($) Annualized Dividend Yield (%) WTI HHUB $7 $120 15.3% $6 $100 13.6% 13.0% 13.2% $5 $80 10.2% $4 9.1% 9.2% 10.5% 10.0% $60 8.3% 7.6% 7.8% 9.0% 9.3% $3 7.3% 7.3% 6.8%
Slide 12: Proven Track Record of Value-Driven Producing Acquisitions
DISCIPLINED GROWTH WITH INCREMENTAL IRR: COMPLEMENTING AND ENHANCING PORTFOLIO ASSETS Proven Track Record of Value-Driven Producing Acquisitions Acquisition program currently delivering ~93% IRR and ~1.3x MOIC1 Acquisition Cash Outflow Cumulative Operating Cashflow Louisiana Royalties $200,000 Acq.
Slide 13: Disciplined & Opportunistic Asset Based Growth
Disciplined & Opportunistic Asset Based Growth Focused on finding the best incremental IRR for our portfolio that complements existing assets Long-life reserves Supportive of with value dominated Highly accretive to Reasonable market continued Efficient operations Includes unvalued, by cash flow cas
Slide 14: Permian/Midland Basin Mineral & Royalty Acquisition
Permian/Midland Basin Mineral & Royalty Acquisition Evolution Petroleum (NYSE American: EPM) 14
Slide 15: Permian/Midland Basin Mineral & Royalty Acquisition
FIRST CORE PERMIAN POSITION AND THE LARGEST ROYALTY ADDITION TO DATE Permian/Midland Basin Mineral & Royalty Acquisition Reagan, Martin, Midland, Glasscock, and Upton Counties, Texas | Effective Date: August 1, 2026 3,420 $16.0 MM $3.9 MM Net Royalty Acres Purchase Price NTM Cash Flow1 Highlights NR
Slide 16: Acquisition Development Pace
10+ YEARS OF DRILLING INVENTORY AT A PACE OF 125 WELLS PER YEAR1 Acquisition Development Pace • Currently 7 rigs operating within the acquisition footprint • Average of 241 completions per year between 2021 and 2025 • Company has assumed 125 newly completed wells per year going forward 350 Historica
Slide 17: Acquisition Metrics vs. Recent Permian Royalty Transactions
ACQUISITION METRICS Acquisition Metrics vs. Recent Permian Royalty Transactions $4,678 4.1x 24.6% (82%) Per Net Royalty Acre NTM Cash Flow NTM Cash Flow Yield Discount to Benchmark $ / NRA The acquisition versus recent disclosed Permian royalty transactions1 Purchase price per net royalty acre ($ pe
Slide 18: Evolution Builds Towards a Re-Rate Against M&R Peers
HOW THE MARKET VALUES EPM TODAY Evolution Builds Towards a Re-Rate Against M&R Peers Evolution is benchmarked against three peer sets. EPM trades below minerals and royalty peers on cash flow multiple and value per flowing barrel, while offering a higher dividend yield than the M&R median. 6.8x 9.7x
Slide 19: Key Takeaways
Key Takeaways High Quality Assets Provide Years of Dividend Coverage • Long-life, low decline, 15+ year reserve life • Positive free cash flow throughout commodity cycle¹ Driving and Returning Long-Term Shareholder Value • 17th consecutive quarterly dividend of $0.12 per share² • Track record of ret
Slide 20: Thank you for your interest in Evolution Petroleum Corporation
Contact Information Thank you for your interest in Evolution Petroleum Corporation | NYSE American: EPM ir@evolutionpetroleum.com 713.935.0122 1155 Dairy AshfordRd, Suite 425 www.evolutionpetroleum.com Houston, TX 77079 Evolution Petroleum (NYSE American: EPM) 20
Slide 21: Appendix
APPENDIX Evolution Petroleum (NYSE American: EPM) 21
Slide 22: Company Leadership
DEEP OPERATING AND CAPITAL MARKETS EXPERTISE ACROSS THE MANAGEMENT TEAM Company Leadership 95+ YEARS OF COMBINED INDUSTRY EXPERIENCE MANAGEMENT TEAM Kelly W. Loyd Ryan Stash J. Mark Bunch Kelly M. Beatty President & Chief Executive Officer SVP, Chief Financial Officer & SVP & Chief Operating Officer
Slide 23: Recent Permian Royalty Transaction Detail
MARKET BENCHMARKING Recent Permian Royalty Transaction Detail KIMBELL ROYALTY PARTNERS / MESA ROYALTIES TEXAS PACIFIC LAND CORPORATION / ONEMAP NYSE: KRP · May 2026 NYSE: TPL · November 2025 Assets Permian minerals across Midland and Delaware counties Assets ~17,306 net royalty acres, primarily Midl
Slide 24: Adjusted EBITDA Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA 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 perfor
Slide 25: FY 2026 Reserve Summary
FY 2026 Reserve Summary Total Reserves by Commodity1 Total Proved Reserves by Asset1 Natural Proved Natural Proved Oil Gas NGLs Reserves Oil Gas NGLs Reserves Reserve Category (MBbls) (MMcf) (MBbls) (MBOE) Reserve Category (MBbls) (MMcf) (MBbls) (MBOE) Proved Developed Producing 7,049 67,400 3,750 2