Evolution Petroleum Corporation (NYSE:EPM) Q4 2022 Earnings Conference Call September 14, 2022 2:00 PM ET Company Participants Ryan Stash - Chief Financial Officer Kelly Loyd - Interim President and Chief Executive Officer Conference Call Participants John White - ROTH Capital Partners Donovan Schafer - Northland Capital Markets John Bair - Ascend Wealth Advisors Operator Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Evolution Petroleum Fiscal Year-End 2022 Earnings Release Confe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32942 EVOLUTION PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) Nevada 41-1781991 (State or other jurisd ...

Wyoming AEVOLUTION Petroleum Corporation Investor Presentation June 2022 Disclaimer 2 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. ...

Financial Performance - Total revenues for the three months ended March 31, 2022, were $25,689,104, a significant increase from $7,635,748 in the same period of 2021, representing a growth of approximately 236%[14]. - Crude oil revenues reached $14,868,519 for the three months ended March 31, 2022, compared to $7,076,965 in the prior year, indicating an increase of about 110%[14]. - The company reported a net income of $5,705,811 for the three months ended March 31, 2022, compared to a net income of $1,191,001 for the same period in 2021, reflecting a growth of approximately 378%[14]. - Basic earnings per share for the three months ended March 31, 2022, were $0.17, up from $0.04 in the same period of 2021, marking a 325% increase[14]. - Net income attributable to common stockholders for the nine months ended March 31, 2022, was $17,756,384, a significant recovery from a loss of $18,654,154 in the same period of the previous year[17]. - Total revenues for the nine months ended March 31, 2022, reached $66.9 million, a 252.2% increase from $19.0 million in the same period of 2021[186]. Assets and Liabilities - Total current assets increased to $32,137,077 as of March 31, 2022, from $18,108,374 as of June 30, 2021, representing an increase of approximately 77.5%[12]. - Total assets grew to $116,207,239 as of March 31, 2022, compared to $76,705,662 as of June 30, 2021, indicating an increase of about 51.6%[12]. - Total liabilities increased to $51,447,213 as of March 31, 2022, from $22,110,859 as of June 30, 2021, reflecting an increase of approximately 132.5%[12]. - The company’s cash and cash equivalents rose to $13,368,538 as of March 31, 2022, compared to $5,276,510 as of June 30, 2021, representing an increase of about 153%[12]. - The company’s retained earnings increased to $21,354,940 as of March 31, 2022, from $12,020,064 as of June 30, 2021, reflecting a growth of approximately 77.5%[12]. Cash Flow and Expenditures - Net cash provided by operating activities increased to $28,691,050 for the nine months ended March 31, 2022, compared to $2,559,382 for the same period in 2021[17]. - The company reported capital expenditures for oil and natural gas properties of $825,872, up from $183,690 in the previous year[17]. - Cash and cash equivalents at the end of the period were $13,368,538, down from $17,039,538 at the end of the previous year[17]. - The company reported a net cash used in investing activities of $28,139,918 for the nine months ended March 31, 2022, compared to $2,508,690 in the previous year[17]. - Total company capital expenditures for the remainder of fiscal year 2022 is expected to be in the range of $0.5 million to $1.0 million[155]. Acquisitions and Investments - The Company completed the Williston Basin Acquisition on January 14, 2022, for a cash consideration of $25.7 million, funded by cash on hand and $16.0 million in borrowings[46]. - The Jonah Field Acquisition closed on April 1, 2022, with cash consideration at closing totaling $27.7 million[48]. - The company acquired non-operated working interests in 73 producing wells in the Williston Basin for cash consideration of $25.7 million[127]. Production and Revenue Breakdown - Natural gas revenue increased significantly to $6,070,866 for the three months ended March 31, 2022, compared to only $141 in the same period of 2021[39]. - Crude oil revenue for the three months ended March 31, 2022, was $14,868,519, up from $7,076,965 in the same period of 2021, reflecting a growth of about 110%[39]. - Equivalent volumes increased by 206.2% to 1,495,709 BOE for the nine months ended March 31, 2022, compared to 488,549 BOE in the prior year[186]. - Average realized crude oil price per barrel increased by 79.1% to $76.69 for the nine months ended March 31, 2022, compared to $42.81 in the prior year[198]. Derivative Contracts and Hedging - The Company reported a total net loss on derivative contracts of $2,591,465 for the three months ended March 31, 2022[103]. - The unrealized loss on derivative contracts for the same period was $2,398,237, indicating significant market volatility[103]. - The company’s derivative contracts are primarily with large utilities with investment-grade credit ratings, minimizing credit risk[113]. - The company entered into natural gas collar arrangements covering approximately 25% of natural gas production for the subsequent twelve months, with weighted average floor prices of $5.25/MMBtu and ceilings ranging from $6.67/MMBtu to $7.50/MMBtu[118]. Dividends and Stockholder Returns - Common stock dividends paid amounted to $8,421,508 for the nine months ended March 31, 2022, compared to $2,666,334 in the same period of 2021[17]. - The company declared a quarterly cash dividend of $0.10 per share of common stock, payable on June 30, 2022[120]. - The company had 33,719,621 shares of common stock outstanding, with cumulative cash dividends paid exceeding $82.9 million since December 2013[63][64]. Operational Challenges and Responses - The Company is continuously monitoring the impacts of the COVID-19 pandemic on its operations and financial results[26]. - The Company has implemented a business continuity plan to allow employees to work securely from home or the corporate office in Houston, Texas[27].

Evolution Petroleum Corporation (NYSE:EPM) Q3 2022 Earnings Conference Call May 11, 2022 2:00 PM ET Company Participants Ryan Stash - Chief Financial Officer Jason Brown - President and Chief Executive Officer Conference Call Participants John White - ROTH Capital John Bair - Ascend Wealth Advisors Jeff Robertson - Water Tower Research Zach Pancratz - DePrince, Race & Zollo, Inc Charles Finnie - EFW Partners Operator Good day, ladies and gentlemen. And welcome to the Evolution Petroleum Third Quarter Fiscal ...

Financial Data and Key Metrics Changes - For Q2 2022, net income increased by 31% to $6.8 million or $0.20 per diluted share, compared to $5.2 million or $0.16 per diluted share in the previous quarter [10] - Adjusted EBITDA rose by 20% to $10.2 million from $8.5 million in Q1 2022, with adjusted EBITDA per BOE at $22.32, a 41% increase from the prior quarter [23][34] - Total revenue grew to $22.3 million, an 18% increase from the previous quarter [34] - Cash position improved to $13.6 million, a 71% increase from September 30, 2021 [11][26] Business Line Data and Key Metrics Changes - Production in Delhi decreased by 8% to 108,245 BOE or 1,177 BOE per day, impacted by CO2 purchase suspensions and maintenance [14] - At Hamilton Dome, net production increased by 2% to 3,021 barrels or 413 barrels of oil per day due to restoration efforts [16] - Barnett assets saw a 25% decrease in production to 285,761 BOE or 3,106 BOE per day, affected by operator decisions to maximize cash flow [17] Market Data and Key Metrics Changes - The company benefited from higher commodity prices as it was unhedged during the quarter, leading to increased cash flow generation [8] - Natural gas revenue reached $9.2 million for Q2, driven by production mix adjustments [35] Company Strategy and Development Direction - The company aims to operate within cash flow while paying meaningful cash dividends to shareholders, with a focus on geographic expansion and targeted acquisitions [8][44] - Recent acquisitions in the Williston Basin and Jonah Field are expected to enhance the longevity of the dividend payout program [9][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business and economic environment, declaring a third-quarter dividend of $0.10 per share, a 33% increase from the previous quarter [21][22] - The company anticipates continued cash flow generation and plans to maintain a strong balance sheet while pursuing strategic acquisitions [30][70] Other Important Information - The company amended its credit facility to reflect the acquisition of Barnett Shale assets, increasing the borrowing base to $50 million [27] - The company plans to hedge a portion of its production to protect cash flows and maintain compliance with its credit facility [32] Q&A Session Summary Question: What is the current rate on the credit facility, the interest rate? - The current interest rate is 3%, which is LIBOR plus 2.75% with a 25 basis point floor [74] Question: Looking at the two acquisitions, is there likely to be more activity in the Williston Asset compared to Jonah? - Yes, the Williston Asset is expected to have more operational activity, while Jonah will be limited to operational optimization [77] Question: Can you explain the optionality in the Williston acquisition? - The company has the flexibility to propose wells and can choose to drill or not, providing significant optionality in operations [88] Question: Is the operator continuing to ramp up CO2 injection? - CO2 injection has been ramped up to about 105 million cubic feet per day, with expectations to stabilize production over the next 18 to 24 months [84]

Financial Performance - Total revenues for the three months ended December 31, 2021, were $22,338,361, a significant increase from $5,768,152 in the same period of 2020, representing a growth of approximately 287%[15]. - Net income attributable to common stockholders for the six months ended December 31, 2021, was $12,050,573, compared to a net loss of $19,845,155 for the same period in 2020, indicating a turnaround in profitability[19]. - The company reported earnings per share of $0.20 for the three months ended December 31, 2021, compared to a loss per share of $0.38 in the same period of 2020[15]. - As of December 31, 2021, the net income attributable to common stockholders was $12,050,573, compared to a net income of $6,832,172 for the three months ended December 31, 2020, reflecting a significant increase[24][25]. - Generated net income of $6.8 million ($0.20 per diluted share) in the current quarter, an increase of 30.9% from the prior quarter net income of $5.2 million ($0.16 per diluted share)[113]. - Net income attributable to common stockholders for the three months ended December 31, 2021, increased by $19.5 million to $6.8 million compared to the same year-ago quarter[162]. Revenue Sources - Oil revenue for the six months ended December 31, 2021, was $19,440,608, compared to $10,841,944 for the same period in 2020, marking an increase of 79%[38]. - The company recorded natural gas liquids revenue of $2,586,758 for the three months ended December 31, 2021, up from $305,200 in the same period of 2020, reflecting an increase of 748%[38]. - Oil revenues increased by 79.3% to $19.4 million, while natural gas liquids revenues surged by 1,271.6% to $7.1 million compared to the same period in 2020[165]. Assets and Liabilities - Cash and cash equivalents increased to $13,597,156 as of December 31, 2021, up from $5,276,510 as of June 30, 2021, reflecting a growth of approximately 158%[11]. - Total assets rose to $87,161,108 as of December 31, 2021, compared to $76,705,662 as of June 30, 2021, marking an increase of about 13.5%[11]. - Accounts payable increased to $8,188,421 as of December 31, 2021, from $5,609,367 as of June 30, 2021, representing a rise of approximately 46%[11]. - Total accrued liabilities decreased from $947,045 as of June 30, 2021, to $572,260 as of December 31, 2021, a reduction of 40%[51]. - The company’s total prepaid expenses and other current assets were $852,636 as of December 31, 2021, down from $1,037,259 as of June 30, 2021, indicating a decrease of 18%[43]. Stockholder Equity and Dividends - The company’s total stockholders' equity increased to $62,126,491 as of December 31, 2021, compared to $54,594,803 as of June 30, 2021, reflecting a growth of about 13.7%[11]. - Common stock dividends paid for the three months ended December 31, 2021, amounted to $2,522,381, compared to $837,264 for the same period in 2020, representing an increase of over 200%[25]. - The total stockholders' equity at December 31, 2021, was $62,126,491, up from $57,487,023 at September 30, 2021, indicating a growth of approximately 8.5%[24][25]. - A quarterly cash dividend of $0.10 per share was declared on February 3, 2022, payable on March 31, 2022[102]. Operational Efficiency - Operating costs for the three months ended December 31, 2021, were $13,717,940, down from $21,678,418 in the same period of 2020, a decrease of approximately 37%[15]. - The company incurred development capital expenditures of $0.6 million for the six months ended December 31, 2021, compared to $0.2 million for the same period in 2020, representing a 200% increase[44]. - Total lease operating costs rose to $10.67 million, a 255.5% increase from the prior year, with lease operating costs per BOE increasing to $23.40[153]. - The company reported a 9.9% decrease in total DD&A expense, with the oil and natural gas DD&A rate per BOE dropping by 69.0%[156]. Acquisitions and Future Plans - The company plans to continue focusing on the development of oil and natural gas properties to enhance future revenue streams[10]. - The company aims to build a diversified portfolio of oil and natural gas assets primarily through acquisitions and selective development[27]. - The company completed the acquisition of non-operated oil and natural gas assets in the Williston Basin for $25.9 million, funded with cash on hand and $16.0 million in borrowings[101]. - The company entered into a definitive purchase agreement to acquire non-operated interests in the Jonah Field for $29.4 million, expected to close on or about April 1, 2022[104]. Tax and Compliance - For the six months ended December 31, 2021, the company recognized an income tax expense of $3.3 million with an effective tax rate of 21.3%, compared to an income tax benefit of $5.5 million and an effective tax rate of 21.7% for the same period in 2020[75]. - The company anticipates receiving a $2.4 million receivable for income tax refunds related to Enhanced Oil Recovery credits within the next twelve months[77]. - The company maintained compliance with financial covenants under the Senior Secured Credit Facility, including a maximum total leverage ratio of not more than 3.00 to 1.00[85]. Market Conditions and Risks - The company is actively monitoring the impacts of the COVID-19 pandemic on its operations and has implemented business continuity plans to minimize disruptions[30]. - The company is exposed to interest rate risk but does not use derivative instruments to manage this exposure[186].

Evolution Petroleum Corporation (NYSE:EPM) Q3 2021 Earnings Conference Call November 10, 2021 2:00 PM ET Company Participants Ryan Stash - CFO Jason Brown - CEO Conference Call Participants John White - ROTH Capital Partners Erik Volfing - Grand Slam Asset Management LLC Operator Good day, ladies and gentlemen. And welcome to the Evolution Petroleum First Quarter Fiscal Year 2022 Earnings Release Conference Call. At this time, all participants have been placed on a listen-only mode. And the floor will be op ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32942 EVOLUTION PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) Nevada 41-178199 ...

Evolution Petroleum Corporation (NYSE:EPM) Q4 2021 Results Earnings Conference Call September 14, 2021 2:00 PM ET Company Participants Ryan Stash - Senior Vice President, Chief Financial Officer, Treasurer Jason Brown - President, Chief Executive Officer Conference Call Participants John White - ROTH Capital David Lock - Deutsche Bank John Bair - Ascend Wealth Advisors Paul Hackett - Sidus Investment Management Operator Good day, ladies and gentlemen and welcome to the Evolution Petroleum fiscal year-end 20 ...