Slide 1: Evolution Petroleum Corporation Investor Presentation
EVOLUTION PETROLEUM CORPORATION INVESTOR PRESENTATION MARCH 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: Evolution Petroleum (EPM) Overview
WHO WE ARE Evolution Petroleum (EPM) Overview 10+ Year Dividend History EPM is an independent energy company focused on maximizing returns to shareholders through the ownership What We Do of onshore oil and natural gas properties, utilizing a non- $143.1 Million operated business model. { } Dividend
Slide 4: Non-Operated Business Model
Non-Operated 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 work proportion
Slide 5: Evolution's Footprint
ACCRETIVE ACQUISITIONS HAVE SIGNIFCANTLY EXPANDED OUR NETWORK Evolution’s Footprint Asset locations Williston Basin Hamilton Dome ~41,300 Net Acres ~1,400 Net Acres (Acquired Jan'22) (Acquired Nov‘19) ND Jonah Field WY SCOOP/STACK ~950 Net Acres ~4,200 Net Acres (Acquired Apr'22) ~5,500 Net Royalty
Slide 6: Diversified & Balanced Portfolio of Assets
Diversified & Balanced Portfolio of Assets 12% 17% Oil FY‘25 Oil FQ2'26 27.1 45% $20.7 MM 52% Nat Gas Proved Nat Gas Revenue Reserves1,2 MMBOE { } 36% NGLs NGLs 38% 17% 13% 11% TexMex 28% SCOOP/STACK 7% 14% FQ2'26 Oil FY’25 Proved Chaveroo Field 7,380 27.1 Jonah Field Average Daily Nat Gas Reserves
Slide 7: Business & Portfolio Investment Strategy
Business & Portfolio Investment Strategy Our core pillars to maximizing shareholder return Asset based Return capital to Minimize debt & growth shareholders shareholder dilution Accretive & cyclically Sustainable Maintain strong opportunistic acquisitions dividends balance sheet Organic growth via n
Slide 8: Disciplined & Opportunistic Asset Based Growth
Disciplined & Opportunistic Asset Based Growth Focused on finding the best incremental IRR for our portfolio that complements existing assets Long-life reserves Supportive of with value dominated Highly accretive to Reasonable market continued Efficient operations Includes unvalued by cash flow cash
Slide 9: Proven Track Record of Value-Driven Producing Acquisitions
DISCIPLINED GROWTH WITH INCREMENTAL IRR: COMPLEMENTING AND ENHANCING PORTFOLIO ASSETS Proven Track Record of Value-Driven Producing Acquisitions Acquisition Program Currently Delivering ~98% IRR and ~1.8x MOIC1 Acquisition Cash Outflow Cumulative Operating Cashflow Recent Royalties SCOOP/STACK Acq.
Slide 10: Business & Portfolio Investment Strategy
Business & Portfolio Investment Strategy Our core pillars to maximizing shareholder return Asset based Return capital to Minimize debt & growth shareholders shareholder dilution Accretive & cyclically Sustainable Maintain strong opportunistic acquisitions dividends balance sheet Organic growth via n
Slide 11: 12+ Year History of Issuing Dividends
CONSISTENTLY RETURNING CAPITAL TO SHAREHOLDERS THROUGH COMMODITY CYCLES 12+ Year History of Issuing Dividends Common Stock Dividends ($) Annualized Dividend Yield (%) WTI $120 15.3% $100 13.6% $80 10.2% 10.4% 10.0% 9.3% 9.2% 9.1%9.0% 8.3% $60 7.6% 7.8% 7.3% 7.3% 6.8% 6.9% 7.0% 6.4% 5.9%5.9%5.6% 5.9%
Slide 12: 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 13: Consistently Minimizing Debt & Equity Dilution Despite Material Growth
EVOLUTION’S GROWTH STORY Consistently Minimizing Debt & Equity Dilution Despite Material Growth Daily Barrels have increased >3.5x since 2019 via accretive acquisitions Daily Production (BOEPD)1 Shares Outstanding (MM) Net Debt/ Adjusted EBITDA2,3 33.2 34.3 35.0 33.1 33.2 33.0 33.5 33.5 33.3 7,380 7
Slide 14: 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 cycle(1) Driving and Returning Long-Term Shareholder Value • Quarterly dividend: $0.12 per share(2) • Track record of returning capital
Slide 15: 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 Ashford Rd, Suite 425 www.evolutionpetroleum.com Houston, TX 77079 Evolution Petroleum (NYSE American: EPM) 15
Slide 16: Appendix
APPENDIX Evolution Petroleum (NYSE American: EPM) 16
Slide 17: Market Trends: Growing Demand in both the U.S. and Abroad
Natural Gas Bull Case Driven by Incremental Demand Market Trends: Growing Demand in both the U.S. and Abroad Material U.S. LNG Power Demand and Load Growth U.S. LNG Export Build Out Wave 2 LNG Data Center Coal Retirement EV/Crypto Industrial Load Bcf/d Buildout Underway 55 550 Wave 1 LNG 35 Data cen
Slide 18: Market Trends: Oil Demand and Growth
Oil Bull Case Driven by Persistent Incremental Demand and Dwindling DUCs Market Trends: Oil Demand and Growth Monthly U.S. Tight Oil Production by Formation Permian DUCs vs Well Completions Rest of U.S. L48 Woodford Mississippian Austin Chalk Niobrara-Codell Eagle Ford Bakken Permian 10 9 8 7 6 Mbbl
Slide 19: Company Leadership
Company Leadership Management Team Board of Directors Kelly Loyd Robert Herlin William Dozier President & Chief Executive Officer Chairman of the Board of Directors Director Petralis Energy Partners, LLC | JVL Advisors, LLC | Co-founder of Evolution Petroleum Vintage Petroleum | Santa Fe Minerals |
Slide 20: Highlights of Recent Royalties Acquisitions
Highlights of Recent Royalties Acquisitions ~321 Net Royalty Acres 13 gross producing wells, 24 gross wells in progress, & 20 gross drilling Strategic proximity to LA's Gulf locations, all providing Coast LNG export terminals ~3 years of projected providing mineral owners with drilling inventory acc
Slide 21: Company Overview
Company Overview Shares Outstanding Market Cap Average Production (FQE 12/31/25) 35.0 MM { } $160.7 MM { } 7,380 BOEPD Share Price Annual Common Dividend1 Revenue (FQE 12/31/25) $4.59 { } $0.48/share { } $20.7 MM { } 52 Week Range Net Debt (FQE 12/31/25) { } Adj. EBITDA (FQE 12/31/25)2 { } {$3.19 -
Slide 22: Financial Highlights
Financial Highlights Total Revenue ($000s) Adjusted EBITDA1 ($000s) $140,000 $140,000 $120,000 $120,000 $100,000 $100,000 $80,000 $80,000 $60,000 $60,000 $40,000 $40,000 $20,000 $20,000 $- $- FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 Note: Fiscal year end is June 30. Evol
Slide 23: Adjusted EBITDA Reconciliation
NON-GAAP RECONCILIATIONS 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 perfo
Slide 24: FY 2025 Reserve Summary
FY 2025 Reserve Summary Total Reserves by Commodity1 Total Proved Reserves by Asset1 Total Proved Total Proved Oil Natural Gas NGLs Reserves Oil Natural Gas NGLs Reserves Reserve Category (MBbls) (MMcf) (MBbls) (MBOE) Reserve Category (MBbls) (MMcf) (MBbls) (MBOE) Proved Developed Producing 8,349 57