Evolution Petroleum : Capital One Securities Conference December 2021

December 2021 Investor Presentation

Disclaimer

Forward Looking Statements

This presentation contains "forward-looking statements." Such statements may relate to capital expenditures, drilling and exploitation activities, production efforts and sales volumes, Proved, Probable, and Possible reserves, operating and administrative costs, future operating or financial results, cash flow and anticipated liquidity, business strategy and potential property acquisitions. These forward- looking statements are generally accompanied by words such as "estimated", "projected", "potential", "anticipated", "forecasted" or other words that convey the uncertainty of future events or outcomes. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. These statements are based on our current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in our Forms 10-K and 10-Q. Therefore, the actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement and we undertake no obligation to update these estimates for events after this presentation.

Cautionary Note Regarding Oil and Gas Reserves

The United States Securities and Exchange Commission ("SEC") rules allow oil and gas companies to disclose not only Proved reserves, but also Probable and Possible reserves that meet the SEC's definitions of such terms. We disclose Proved, Probable and Possible reserves in our filings with the SEC and this presentation. 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. Our reserves as of June 30, 2021 were estimated by DeGolyer and MacNaughton, an independent petroleum engineering firm.

Non-GAAP Reconciliation - Adjusted EBITDA

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. It is also used 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. The Company defines Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion and amortization (DD&A), stock-based compensation, other amortization and accretion, ceiling test impairment and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-cash expense (income) items.

2

N Y S E : E P M

Company Overview

NYSE American	EPM
Shares Outstanding (11/5/2021)	33.63 MM
Share Price (12/1/2021)	$5.00
Market Cap (12/1/2021)	$168.2 MM
Common Dividend (1Q 2022)	$0.30 per share (annualized)
Dividend Yield (12/1/2021)	6.0%
EPM Net Production (1Q 2022)	5,843 BOEPD
Proved Reserves1 (FYE 2021)	23.4 MMBOE
(92% PDP)
Probable Reserves1 (FYE 2021)	3.3 MMBOE
Net Debt2 (1Q 2022)	$0.0
($36 MM available capacity3)
EBITDA4 (1Q 2022)	$8.5 MM

EPM Asset Locations

Hamilton

Dome

Barnett	Delhi
Shale

EPM Headquarters

Houston, TX

Notes:

1. Reserves from June 30, 2021 Fiscal Year End Reserves Report. Reserves determined using 6:1:1 ratio.
2. Net debt represents the Company's outstanding debt of $4 MM less cash and cash equivalents balance of $8 MM as of 9/30/2021.
3. Effective November 9, 2021 the borrowing base increased by $20 MM to a total borrowing base of $50 MM, but with an elected commitment

3 amount of $40 MM. There was $4 MM borrowed at 9/30/2021.

4. See Non-GAAP Reconciliation disclosure in Appendix.

N Y S E : E P M

Investment Highlights

1

2

3

4

5

Attractive Dividend Supports Total Shareholder Return

Solid Financial Position

High Quality, Low Risk, Long-lived Asset Base

Consistent Track Record of Generating Cash Flow

Executing a Disciplined Growth Plan

4

							Per Share Returned to
							Shareholders Since
						2.34
H i s t o r y o f A c c r e t i v e A c q u i s i t i o n s S u p p o r t i n g D i v i d e n d		$	December 2013
Timeline & Key Statistics
6.0	$
77
Current Dividend Yield	%
(Annualized 1Q22)
				Million
			In Dividends Returned to Shareholders Since
				December 2013
	2003-	September	2006	2009	2013		July	November	May
	2004	2003					2019	2019	2021

Company is founded in 2003 and went public as Natural Gas Systems in 2004

Acquisition of interest in Delhi Field in northeast Louisiana from Denbury Resources

5

	Began paying quarterly	New CEO	Acquisition of interest
	dividend to shareholders	in Barnett Shale in
Purchased royalty
		North Texas
interest in Delhi for
CO2 injection begins
$1.5 MM.
Sold Delhi working	at Delhi Field

interests to Denbury	Acquisition of interest in Hamilton
for $50MM cash and
Dome field in Wyoming
agreement to install
CO2 flood with
reversionary working
interest