Slide 1: April 2022 Investor Call Wyoming
April 2022 Investor Call Wyoming
Slide 2: Disclaimer: Forward Looking Statements
2 Disclaimer Forward Looking Statements This presentation contains “forward-looking statements.” Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. Such statements include those relating to pending acq
Slide 3: Company Overview
3 N Y S E : E P M Company Overview NYSE American EPM Shares Outstanding (2/7/2022) 33.69 MM Share Price (4/1/2022) $7.19 52 Week Range (4/1/2022) $3.01-$8.17 Market Cap (4/1/2022) $242.2 MM Common Dividend (3Q 2022) $0.40 per share (annualized) Dividend Yield (4/1/2022) 5.6% (annualized) EPM Net Pro
Slide 4: Recent Updates
4 Closed Jonah Field acquisition on April 1, 2022 Completed financial audit and pro forma financial information as required by the SEC for the Williston Basin acquisition that closed in January 2022 Held annual working interest owners meetings with new and existing operating partners to receive upda
Slide 5: Prolific Natural Gas Field: Jonah Field Overview
5 P r o l i f i c N a t u r a l G a s F i e l d Jonah Field Overview Asset Highlights • Jonah Field is located within Wyoming’s Green River Basin in Sublette County • Produces from the Lance Pool consisting of 3,000’ to 5,000’ of gross thickness (~45% net pay) of over-pressured reservoir • Jonah Ene
Slide 6: Scaling Evolution Through Acquisitions
6 1,231 7,982 409 3,630 571 2,141 G r o w i n g D a i l y P r o d u c t i o n T h r o u g h A c q u i s i t i o n s O v e r t h e L a s t 2 Ye a r s Scaling Evolution Through Acquisitions Asset Hamilton Dome (Wyoming) Barnett Shale (Texas) Williston Basin (North Dakota) Jonah Field(1) (Wyoming) Date
Slide 7: Company Pro Forma with Williston Basin & Jonah Field Acquisitions
7 C o m p a n y P r o F o r m a w i t h W i l l i s t o n B a s i n & J o n a h F i e l d A c q u i s i t i o n s EPM Daily Production Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 B O E P D Jonah Field Williston Basin Barnett Shale H
Slide 8: EPM Pro Forma: Diversified Portfolio
8 Hamilton Dome ~620 Net Acres Delhi ~3,600 Net Acres Barnett Shale ~21,000 Net Acres Williston Basin ~47,500 Net Acres (Closed January 2022) Jonah Field ~950 Net Acres (Closed April 2022) TX LA WY ND A c q u i s i t i o n s D i v e r s i f y & S t r e n g t h e n P r o v e d R e s e r v e s B a s e
Slide 9: Established PDP Production with Significant Upside: Williston Basin Overview
9 E s t a b l i s h e d P D P P r o d u c t i o n w i t h S i g n i f i c a n t U p s i d e Williston Basin Overview Asset Highlights • Assets located in the Williston Basin in western North Dakota in McKenzie, Golden Valley, and Billings Counties • Production primarily from the Three Forks, Prongho
Slide 10: High-Quality Drilling Locations
10 H i g h - Q u a l i t y D r i l l i n g L o c a t i o n s Significant Upside Nestled in Williston Acquisition 50.4 MMBoe Notes: 1. Gas conversion ratio of 6:1; NGL ratio of 1:1 2. Williston Basin Company engineered reserves as of 1/1/2022 at 12/31/2021 SEC prices of $3.64/MMBTU and $66.55/bbl. 3.
Slide 11: Working Interest Owners Meetings in March 2022
11 W o r k i n g I n t e r e s t O w n e r s M e e t i n g s i n M a r c h 2 0 2 2 Operating Partners Update • Proposed a heat exchanger project that would improve field operations and provide cost savings • Three conformance projects identified and undergoing approval process • Expected capex throu
Slide 12: Delhi Heat Exchanger FY 2023 Denbury Capital Project
12 Oil NGL D e l h i H e a t E x c h a n g e r FY 2023 Denbury Capital Project Evolution participating in installation of 3 heat exchangers at Delhi Central Facility Project Objectives: • Heat from compressed CO2 recycled stream will warm cold production fluids before entering the EOR facility, redu
Slide 13: Operating Costs, Leverage and Cash Flow Trends
13 $5.83 $6.35 $9.03 $4.70 $3.45 $2.83 $8.27 $9.33 $10.27 $13.43 $15.25 $16.59 $4.95 $7.25 $5.66 $5.34 $6.20 $1.30 FY17A FY18A FY19A FY20A FY21A 1H22A 1H22 Pro Forma $ /B O E Lease Operating Expenses (LOE) & Cash G&A(2) CO2 Expenses Other LOE Cash G&A 0.0x 0.0x 0.0x 0.0x 0.0x 0.1x < 1.0x 33.1 33.2 3
Slide 14: Consistently Paid Dividends Through Commodity Cycles
14 $0 $20 $40 $60 $80 $100 $120 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 W T I A ve ra g e O il P ri ce Q u a rt e rl y D iv id e n d P e r S h a re Common Stock Dividends WTI EIA Avg Price for Quarter C o n s i s t e n t l y P a i d D i v i d e n d s T h r o u g h C o m m o d i t y C y c l e s Com
Slide 15: Evolution's Value Proposition
15 N Y S E : E P M Evolution’s Value Proposition High Quality, Low Risk, Long-lived Asset Base • Low production decline and positive cash flow; 20+ years remaining life • Potential upside drilling and workover opportunities in recently acquired Williston Basin and Barnett Shale assets Attractive Div
Slide 16: Contact Information
16 Contact Information R E A C H U S Thank you for your interest in Evolution Petroleum Corporation NYSE: EPM +1 713 935 0122 info@evolutionpetroleum.com 1155 Dairy Ashford, Suite 425 Houston, TX 77079 www.evolutionpetroleum.com Management Team Robert Herlin | Evolution Petroleum Chairman & Co-found
Slide 17: Appendix
| Appendix Wt 1 EVOLUTION Petroleum Corporation
Slide 18: Footnotes
18 Footnotes Slide 3: 1. Pro Forma 1H FY2022 net production includes recent acquisitions in the Williston Basin and Jonah Field but excludes 130 BOEPD associated with past royalties in the Giddings Field that accumulated over a period of approximately three years and were received in Q2 FY2022. 2. R
Slide 19: Non-GAAP Reconciliation
19 N o n - G A A P R e c o n c i l i a t i o n 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 asses
Slide 20: Barnett Reserves Ethane Rejection Reconciliation
20 B a r n e t t R e s e r v e s Ethane Rejection Reconciliation Barnett Reserves as of 7-1-21 @ 6/30/2021 SEC Price Net Oil MBO Net Gas MMcf Net NGL BOE MBOE(1) Ethane Recovery (FYE 2021) 85 48,571 4,879 13,059 Ethane Rejection (Company Engineered) 87 52,516 3,135 11,975 Difference 3 3,946 -1,744 -