#1AEVOLUTION Petroleum Corporation Investor Presentation February 2023#22 | 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 statements." Forward-looking statements are based on current expectations and include any statement that is not a current or historical fact. Such statements include those relating to drilling locations and potential drilling activities; potential acquisitions; potential proved, probable and possible reserves; future operating or financial results; cash flow and anticipated liquidity; business strategy; future dividend policies and other matters. These forward-looking statements may generally, but not always, be identified by words such as "may", "expected", "estimated", "projected", "potential", "anticipated", "forecasted" or other words indicating future events or outcomes. Although we believe the expectations and forecasts reflected in forward-looking statements are reasonable, we can give no assurance they will prove to be correct. These statements are based on current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in the "Risk Factors" found in our Forms 10-K and 10-Q. Therefore, actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement, and we caution readers not to place undue reliance on forward looking statements, which speak only as of the date of this presentation. We undertake no obligation to update forward looking statements to reflect events or circumstances occurring after the date of this presentation. Cautionary Note Regarding Oil and Gas Reserves Current SEC rules regarding oil and gas reserves information allow oil and gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC's definitions of such terms. We disclose only proved reserves in our filings with the SEC, but do disclose probable and possible reserves in this presentation. Our reserves as of June 30, 2022, were estimated by our independent petroleum engineering firms, DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. 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. We also disclose proved and unproved drilling locations in this presentation. Actual locations drilled and quantities that may be ultimately recovered may differ substantially from these estimates. There is no commitment by us to drill any of the drilling locations that have been attributed these quantities. Factors affecting ultimate recovery include the scope of our drilling program, which will be directly affected by the decisions of the operators of our properties, availability of capital, drilling and production costs, availability of drilling and completion services and equipment, drilling results, agreement terminations, regulatory approvals and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of reserves may change significantly as development of our oil and gas properties provides additional data. Non-GAAP 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 performance as compared to that of other companies in our industry, without regard to financing methods, capital structure or historical costs basis. We use this measure 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. We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion and accretion (DD&A), stock-based compensation, ceiling test impairment and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. PV-10 is a non-GAAP financial measure which represents the present value of estimated future cash inflows from provided oil and natural gas reserves, less future development costs and future production costs and severance taxes, discounted at 10% per annum to reflect the timing of future cash flows. PV-10 is a supplemental financial measure used by our management and by external users of our financial statements, such as investors, commercial banks and others, to assess reserves on a pre-tax basis since the estimated amounts and timing of future income tax expense can be unique and vary between oil and natural gas companies. PV-10 should not be considered as an alternate to the standardized measure of discounted future net cash flows as calculated under GAAP. We believe PV-10 is relevant and useful to our investors as a supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV-10 is based on prices and discount factors that are consistent for all companies. Because of this, PV-10 can be used within the industry and by creditors and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis. REVOLUTION Petroleum Corporation#3NYSE American: EPM Company Overview NYSE American Shares Outstanding (2/16/2023) Share Price (2/16/2023) 52 Week Range (2/16/2023) Market Cap (2/16/2023) EPM 33.717 MM $6.36 $4.81 - $8.55 $214 MM Asset Locations (2,4) Hamilton Dome 2.4 MMBOE Proved Reserves 413 BOEPD WY ND Williston Basin 6.1 MMBOE Proved Reserves 489 BOEPD Jonah Field 7.1 MMBOE Proved Reserves 1,902 BOEPD 43 Common Dividend (3Q 2023) Dividend Yield (2/16/2023) Cash Returned to Shareholders (1) Avg. Net Production (2Q 2023) Proved Reserves (2) (FYE 2022) $0.48 per share (annualized) 7.5% (annualized) $2.92/share ($94.4MM dividends, $4MM buybacks) 7,250 BOEPD(*) (59% Gas, 25% Oil, 16% NGL) 36.2 MMBOE (90% PDP) Net Debt (2Q 2023)(**) Net Income (2Q 2023) Adjusted EBITDA (3) (2Q 2023) Notes: $0.0 MM $10.4 MM $16.4 MM *2Q 2023 average net production includes de minimus other volumes of 11 BOEPD not listed on map. **Net debt as of 12/31/2022 represents total debt of $0.0 million less $3.7 million cash on hand. Barnett Shale 14.7 MMBOE Proved Reserves 3,304 BOEPD Delhi 6.0 MMBOE Proved Reserves 1,131 BOEPD TX LA EPM Headquarters Houston, TX Evolution Petroleum Corporation is an independent energy company focused on maximizing total returns to its shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. Our long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisitions and through selective development, production enhancements, and other exploitation efforts on our oil and natural gas properties. AEVOLUTION Petroleum Corporation 3 See Slide 19 in Appendix for additional footnotes.#4NYSE American: EPM Q2 FY2023 Highlights Recorded revenue of $33.7 MM and net income of $10.4 MM, or $0.31 per diluted share ✓ Generated Adjusted EBITDA1 of $16.4 MM during current quarter with YTD FY23 Adjusted EBITDA¹ growing 79% year over year ✓ YTD fiscal 2023 daily production was 7,418 BOEPD, an 37% increase year over year Paid a dividend of $0.12 per share, a 60% increase over FY22 Q2 and announced a $0.12 per share dividend for FY23 Q3 Eliminated all debt in the second quarter through repayment of $12.3 MM outstanding borrowings; $21.3 MM in total debt payments YTD FY23 ✓ $50 million availability under the senior secured credit facility Notes: Continued to fund all operations, development capital expenditures, and dividends out of operating cash flow 1. See Non-GAAP Reconciliation disclosure on slide 2 and Non-GAAP Reconciliation table on slide 26. AEVOLUTION Petroleum Corporation#5Pillars of Success Business & Portfolio Investment Strategy 5 AEVOLUTION Petroleum Corporation OUR GOAL Maximize Total Shareholder Return Flexibility to Direct Free Cash Flow to Best Uses Return of Capital Sustainable Dividends Opportunistic Share Buybacks • OUR PILLARS Minimal Debt Repay borrowings from acquisitions Remain <1x Debt/Adjusted EBITDA Maintain conservative financial management Grow Asset Base Acquisitions Accretive Cyclically Opportunistic Organic Growth New Drills Workovers & Recompletes OUR FOUNDATION Strong Balance Sheet Long-Life, Low Decline Assets Low-Risk Development Inventory Geographic & Commodity Diversity Commitment to Long-Term Corporate Sustainability AEVOLUTION Petroleum Corporation#66 NYSE American: EPM Proven History of Total Shareholder Return $ • TA Kil • • • Consistent Return of Capital • Consecutively paid dividends since December 2013 Steady increase in base dividend in response to increased cash flow generation Share buybacks have been and remain part of the equation. Proven Non-op Accretive Acquiror . Closed 4 acquisitions from 11/19 - 4/22 increasing reserves & production by ~6x Recent acquisitions provide potential upside from drilling and workover opportunities Ample available liquidity with cash on hand and remaining unused borrowing base High Quality, Low Risk, Long-Lived Asset Base Low production decline; 20+ years remaining life Minimal capital requirements leading to positive free cash flow throughout commodity cycle Option to generate incremental share value through development drilling Solid Financial Position $98.4 Million Returned to Shareholders Since December 2013 (dividends and buybacks) $ Low leverage at less than 1x debt/Adjusted EBITDA (¹) ($0.0 MM debt outstanding at 12/31/22) Conservative balance sheet and strong cash flows allow patience and flexibility . Minimal hedges in place through March 2023 • Substantial additional free cash flow from recent acquisitions Current Dividend Yield (Annualized 3Q23) 7.5 % Shareholder Return Per Share since December 2013 (including buybacks) 2.85 I 1 Notes: 1. See Non-GAAP Reconciliation disclosure on slide 2 and Non-GAAP Reconciliation table on slide 26. AEVOLUTION Petroleum Corporation#7$0 $20 $80 WTI Average Price ($/BBL) 440 $40 $100 I $0.100/share Consistently Paid Dividends Through Commodity Cycles Common Stock Dividends vs. Average Oil & Natural Gas Prices $140 $120 Cumulative Dividend Payout Dec'13 - Dec'22 ~$94.4MM ($2.85/share) $14 FY23 Q3 Dividend Declared at $0.12/share $12 $0.075/share $0.070/share $0.065/share $60 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 $0.050/share $0.030/share I I 7 1 Note: Common Stock Dividends -WTI EIA Avg Daily Price for Quarter -HH EIA Avg Daily Price for Quarter 1. Average prices represent the average of daily close prices for WTI and Henry Hub within the associated quarter as reported by EIA. WTI EIA prices through 2/6/2023. HH EIA prices through 2/7/2023. AEVOLUTION Petroleum Corporation Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 $0.025/share Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 $0 $2 ☑ $8 $10 50 Henry Hub Avg. Price ($/MMBTU) $6#800 Executing a Disciplined Growth Strategy Scaling Evolution Through Acquisitions Total Proved Reserves PV-10 ($MM)(1) Asset AEVOLUTION Petroleum Corporation Hamilton Dome (Wyoming) Barnett Shale (Texas) Williston Basin (North Dakota) Date Announced Pre-2019 11/6/2019 3/30/2021 Acquisition Price Operator Denbury $9.5 MM $18.2 MM 0 M DIVERSIFIED ENERGY COMPANY PLC MERIT ENERGY COMFANY $403.8 MM (1) 1/14/2022 $25.9 MM FOUNDATION ENERGY MANAGEMENT Jonah Field (Wyoming) 2/9/2022 $27.5 MM JONAH ENERGY LLC AEVOLUTION Petroleum Corporation FYE22 2Q FY2023 Avg. Daily Production (2) 1,131 BOEPD 413 BOEPD 3,304 BOEPD 489 BOEPD 1,905 BOEPD 7,250 BOEPD FYE22 Total Proved Reserves (2,4) 5,956 MBOE 2,374 MBOE 14,682 MBOE 6,102 MBOE 7,129 MBOE 36,243 MBOE 74% Gas 73% Oil Commodity Mix (3) (Reserves) 88% Gas 70% Oil 100% Oil 25% NGL 17% NGL 7% NGL 32% Oil 49% Gas 30% NGL 1% Oil 10% Gas 5% Oil 19% NGL See Slide 19 in Appendix for footnotes. AEVOLUTION Petroleum Corporation#9Corporate Sustainability Report Published October 2022 Committed to Long-Term Corporate Sustainability Environmental • Partnering with operators that share a common goal of upholding high standards of environmental stewardship, achieving compliance with regulatory requirements, and minimizing the impact on the environment. • Leveraging enhanced recovery methods to extend the life of hydrocarbon reservoirs, which reduces the environmental footprint vs. establishing new operations Social • Strong focus on employee engagement through open communication across all levels of the organization • Providing a safe and secure workplace, utilizing policies and procedures that are intended to protect the health and wellbeing of our employees and other stakeholders • Fostering and cultivating a culture of diversity, equity, and inclusion • Supporting and making a positive impact in the communities in which we live and work Governance Jonah Field - Wyoming AEVOLUTION Petroleum Corporation • • • Promoting sound governance practices that lead to informed decision making Ensuring we conduct our business with honesty and integrity in accordance with the highest legal and ethical standards Driving Governance fundamentals and clear accountability across our business is key to our long-term success and sustainability Board oversight of ESG practices and policies EVOLUTION PETROLEUM 2022 CORPORATE SUSTAINABILITY REPORT Defeber 2022 Please visit our website to access our 2022 Corporate Sustainability Report: https://www.evolutionpetroleum.com/sustainability/ AEVOLUTION Petroleum Corporation 6#1010 Daily Production Evolution's Business Model Life Cycle of Oil & Gas Assets 1 • Identification & Delineation Higher risk with higher return High capex to define field and. install infrastructure 1. Identification & Delineation High Risk High Capex 2 • Development • . Moderate risk with moderate return Extension and infill drilling Capex directly tied to added production and increased proved reserves 2. Development Moderate Risk Large, Regular Capex 3 • • Harvest Modest maintenance capex Long-life and low decline. Evolution's business model 3. Harvest High Margins Lower Risk Lower Capex EPM Development Drilling Long-Life & Low Decline Production Profile EVOLUTION Petroleum Corporation Production & Corporate Acquisitions DECREASING RISK PROFILE & CAPEX REQUIREMENTS Cash Flow AEVOLUTION Petroleum Corporation#1111 PRIVATE CONFIDENTIAL 18 I I Disciplined Growth & Targeted Assets M&A Strategy ✔ Long-lived reserves with value dominated by proved developed producing cash flow ✔ Highly accretive to cash flow & supportive of dividend strategy ✔ Low ongoing maintenance capital investment ✔ Locations with reasonable market access & stable regulatory environment Efficient operations economic at a range of commodity prices Comes with unvalued or undervalued drilling upside Hamilton Dome 2.4 MMBOE Proved Reserves 413 BOEPD Jonah Field 7.1 MMBOE Proved Reserves 1,902 BOEPD WY ND Williston Basin 6.1 MMBOE Proved Reserves 489 BOEPD Barnett Shale 14.7 MMBOE Proved Reserves 3,304 BOERD Delhi 6.0 MMBOE Proved Reserves 1,131 BOEPD LA TX I Strategy Illustration: Cash Flow From Operations Reinvesting Cash Flow to Support Dividends BASE PRODUCTION BASE DIVIDEND Future Acquisition Future Acquisition Future Drilling Program TIME Notes: 1. Reserves as of FYE2022. FYE2022 reserves prepared by DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. 2. Average daily production as of Q2 FY2023, includes 11 BOEPD of other production. AEVOLUTION Petroleum Corporation#1212 I BOEPD(1) 4,000 3,000 2,000 1,000 Substantially Building Daily Barrels Through Acquisitions Daily Production 9,000 Jonah Field Williston Basin 8,000 Barnett Shale Delhi Field Hamilton Dome Acquisition of Jonah Field April 2022 7,000 6,000 Low decline assets provide Acquisition of Barnett Shale May 2021 Acquisition of Williston Basin January 2022 5,000 20+ years of reserves life (2) 0 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Notes: 1. Gas conversion ratio of 6:1; NGL ratio of 1:1 2. FYE2022 reserves prepared by DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. Acquisition of Hamilton Dome Field November 2019 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 AEVOLUTION Petroleum Corporation#13I Acquisitions Diversify & Strengthen Proved Reserves Base Diversified Portfolio ✓ Commodity ✓ Reserve Category ✓ Geography ✓ Operator Commodity Type: Oil NGLS Gas Q2 Revenue 10% $33.7 MM 39% Classification: 51% PDP PDNP PUD Fiscal Year 2022 Reserves: Q2 Average Daily Production (2) 16% 25% 7,250 BOE/d 59% FYE '22 Proved Reserves (MMBOE) (2,3) FYE '22 Proved Reserves by Classification (3) < 1% 10% Oil Gas NGL Total Pre-Tax PV-10(1) 19% Total Proved 32% 49% 19% Reserves 36.2 $403.8 MM 11.5 17.8 6.9 (MMBOE) PDP 27% 54% 19% 32% 36.2 MMBOE 32.5 $357.8 MM (MMBOE) 8.7 17.5 6.3 PDNP 84% 6% 10% 49% 0.19 $2.5 MM (MMBOE) 0.157 0.012 0.019 72% 11% 17% PUD 3.6 $43.5 MM (MMBOE) 2.6 -0 0.4 0.6 See Slide 19 in Appendix for footnotes. 36.2 MMBOE 89% AEVOLUTION Petroleum Corporation#14High-Quality Drilling Locations Significant Upside in Williston Acquisition Williston 3P Reserves by Classification (1,2) 1% Williston 3P Reserves by Commodity (1,2) 10% 17% 16% Classification: 22.8 PDP 11% 56% MMBoe PDNP 22.8 MMBoe Commodity Type: Oil PUD NGLS 17% PROB Gas 72% POSS I Notes: Proved Undeveloped (1) Probable & Possible (1) • 20 Pronghorn/Three Forks 2-mile lateral locations classified. • · as SEC Proved Undeveloped (3) 4 Birdbear sidetracks classified as SEC Proved Undeveloped • Infrastructure in place and drilling pads already built on majority of locations 1. FYE2022 reserves prepared by Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. 2. Gas conversion ratio of 6:1; NGL ratio of 1:1 14 I I 3. SEC Proved Undeveloped locations are planned with ability to be drilled within 5 years. • • 136 remaining Pronghorn/Three Forks 2-mile lateral locations. classified as Probable or Possible Probable locations (30) meet SEC Proved location criteria, except for requirement to be scheduled within five years Possible locations (106) meet SEC Proved location criteria except for requirement to be scheduled within five years as they are schedules after completion of Probable locations • Years of high-quality drilling inventory AEVOLUTION Petroleum Corporation#15$/BOE I Adding Significant Scale with Conservative Leverage & without Diluting Shareholders Evolution's Growth Story 0.065 Average Daily Production (BOEPD) 10,000 Jonah Field 9,000 Williston I Barnett Shale I 8,000 | Hamilton Dome Giddings 7,000 | Delhi Total Production / Shares Outstanding 6,000 | BOEPD 5,000 4,000 0.026 0.023 0.022 0.023 3,000 2,000 2,430 2,042 2,025 2,035 1,000 0 FY18 FY19 FY20 FY21 $30.00 CO2 Expenses Other LOE $25.00 (2) Cash G&A $20.00 $7.25 $15.00 Lease Operating Expenses & Cash G&A) 0.090 0.080 0.080 0.070 7,418 0.060 0.050 5,953 0.040 0.030 0.020 0.010 BOE/Shares Outstanding $MM Adjusted EBITDA(1) ($MM) Adjusted EBITDA Adj EBITDA" Shares Outstanding $0.787 $0.718 $26.1 $0.390 $23.8 $0.242 $12.9 $8.1 FY21 0.000 FY22 FY '23A FY18 FY19 FY20 (2) $3.19 $3.09 $5.66 $6.20 $5.34 $10.27 $21.95 $18.84 $9.33 $13.43 $15.25 $10.00 $5.00 $9.03 $6.35 $4.70 $3.45 $3.55 $3.08 $0.00 FY18 FY19 FY20 FY21 FY22 FYTD '23 $22.93 $24.96 $23.47 $24.90 $25.48 $28.22 Notes: 15 I 1. See Non-GAAP Reconciliation disclosure on slide 2 and Non-GAAP Reconciliation table on slide 26. I 2 Cash G&A excludes stock-based compensation. Total Debt/ Adjusted EBITDA FY22 $1.979 $1.577 $66.9 $52.8 Total Debt/Adjusted EBITDA (1) & Shares Outstanding FY '23 Annualized Total Debt / Adj EBITDA Shares Outstanding 33.1 33.2 33.0 33.5 33.5 33.8 0.4x 0.0x 0.0x 0.0x 0.0x 0.0x FY18 FY19 FY20 FY21 FY22 FY '23A Shares Outstanding (MM) $/Share AEVOLUTION Petroleum Corporation#1616 NYSE American: EPM Evolution's Value Proposition High Quality Assets Provide Years of Dividend Coverage Long-life, low decline, 20+ year reserve life Positive free cash flow throughout commodity cycle (1) Attractive Dividend Supports Total Shareholder Return Consecutively paid dividends since 2013 Currently ~7.5% yield at $0.48/share annually Primed for Growth • Ample available liquidity with cash on hand and remaining unused borrowing base Preferred non-op buyer with proven ability to close Financial Flexibility to Maximize Total Shareholder Return Dividends Share buybacks Drilling Acquisitions/Mergers • Debt Repayment Notes: 1. Free cash flow is cash from operations less development capital expenditures. AEVOLUTION Petroleum Corporation#17REACH US Contact Information 1155 Dairy Ashford Rd., Suite 425 Houston, TX 77079 17 +1 713 935 0122 [email protected] 8 www.evolutionpetroleum.com Thank you for your interest in Evolution Petroleum Corporation NYSE American: EPM Management Team Kelly Loyd | President & CEO | Petralis Energy Partners, LLC, JVL Advisors, LLC | [email protected] Ryan Stash | Senior Vice President & CFO | Harvest Oil & Gas, Wells Fargo Securities, Ernst & Young | [email protected] Kelly Beatty | Company Controller | Halcon Resources, Petrohawk Energy Corporation, QuarterNorth Energy | kbeatty@evolution petroleum.com Mark Bunch | COO | Alamo Resources III, LLC, Davis Petroleum, Mecom Oil, LLC mbunch@evolution petroleum.com Board of Directors Robert Herlin | Evolution Petroleum Chairman & Co-founder Edward DiPaolo | Halliburton, Duff & Phelps William Dozier | Vintage Petroleum, Santa Fe Minerals, Amoco Kelly Loyd | Petralis Energy Partners, LLC, JVL Advisors, LLC, RBC CM, Jefferies Marjorie Hargrave | Enservco, High Sierra Energy, Merrill Lynch Myra Bierria | Southern Company, Brobeck, Phleger & Harrison LLP AEVOLUTION Petroleum Corporation#18I I I I I I I I I I I I 18 I Appendix AEVOLUTION Petroleum Corporation#19Footnotes Slide 3: 1. 2. 3. 4. Cash returned to shareholders represents the sum of $94.4MM of dividends paid and $4MM of share repurchases through 12/31/2022 divided by the current shares outstanding as of 2/3/2023 of 33.717 million shares. FYE2022 reserves prepared by DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. See Non-GAAP Reconciliation disclosure on slide 2 and Non-GAAP Reconciliation table on slide 26. Average daily production as of Q2 FY2023. Slide 8: 2. 3. The present value, discounted at 10% per annum, of future net revenues (estimated future gross revenues less estimated future costs of production, development, and asset retirement costs) associated with reserves and is not necessarily the same as market value. PV-10 does not include estimated future income taxes. Unless otherwise noted, PV-10 is calculated using the pricing scheme as required by the SEC. See Non-GAAP Reconciliation disclaimer on Slide 2. Gas conversion ratio of 6:1; NGL ratio of 1:1. FYE2022 reserves prepared by DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. Slide 13: 1. The present value, discounted at 10% per annum, of future net revenues (estimated future gross revenues less estimated future costs of production, development, and asset retirement costs) associated with reserves and is not necessarily the same as market value. PV-10 does not include estimated future income taxes. Unless otherwise noted, PV-10 is calculated using the pricing scheme as required by the SEC. See Non-GAAP Reconciliation disclaimer on Slide 2. 2. Gas conversion ratio of 6:1; NGL ratio of 1:1 3. FYE2022 reserves prepared by DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. AEVOLUTION Petroleum Corporation#20I FYE2022 Reserve Summary Reserve Category Oil (MBbls) Natural Gas (MMcf) NGLS (MBbls) Proved Developed Producing 8,705 Proved Non-Producing 157 104,723 71 6,299 Total Reserves (MBOE) 32,458 19 188 Proved Undeveloped 2,608 2,197 623 3,597 Total Proved 11,470 106,991 6,941 36,243 Probable Developed (1) 1,632 709 2,341 Probable Undeveloped (2) 2,917 2,275 622 3.918 Total Probable 4,549 2,275 1,331 6,259 Possible Developed (¹) 1,817 285 2,102 Possible Undeveloped (2) 9,298 8,057 2,102 12,743 Total Possible 11,115 8,057 2,387 14,845 20 20 Total Proved Reserves By Asset: Total Proved Oil Property Delhi Field Hamilton Dome Field Barnett Shale (MBbls) Natural Gas (MMcf) NGLS Reserves (MBbls) (MBOE) 4,159 1,797 5,956 2,374 2,374 96 65,619 3,649 14,682 Williston Basin 4,472 3,709 1,012 6,102 Jonah Field Total Proved 369 11,470 37,663 483 7,129 106,991 6,941 36,243 Notes: 1. Probable and Possible Developed Reserves are associated with Delhi Field only. AEVOLUTION 2. Probable and Possible Undeveloped Reserves are associated with Williston Basin only. Petroleum Corporation 3. FYE2022 reserves prepared by DeGolyer & MacNaughton and Netherland, Sewell & Associates, Inc. as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl.#21Prolific Natural Gas Field Jonah Field Overview • 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 Energy, a top-tier, responsible, and established operator, has operated the asset since 2014 The purchase price, including preferential rights exercised by Jonah Energy, was $27.5MM with a 2/1/2022 effective date and closed on 4/1/2022 Highlights Long-life reserves with low production decline Multiple takeaway options for gas sales - Kern (West Coast), NWPL (Northwest), Overthrust/REX (Midcontinent) Statistics Operator Avg. Net Daily Prod (2Q FY2023) Acreage Average WI%/RI%/LNRI% (2) Pricing Commodity Split (Reserves) (3) Net PDP Reserves (3) Net PDP Reserves / Net Production (R/P) (3) Jonah Energy 11,412 MCFEPD / 1,902 BOEPD(1) ~950 net acres, 100% HBP 19.6% WI / 14.9% RI / 75.9% LNRI Opal - Northwest Pipeline 88% Gas / 7% NGL / 5% Oil 42.8 BCFE/7.1 MMBOE 10 years Notes: 1. Gas conversion ratio of 6:1; NGL ratio of 1:1. 21 2. Mathematical average of 595 PDP wells. 3. FYE2022 reserves prepared by Netherland Sewell & Associates as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. WY Hamilton Dome 100 miles Jonah Field 19 20 21 22 11 12 8 Sublette County N 14 13 18 17 16 15 14 29N 108W 23 29N 107W 24 20 21 22 23 19 30 29 28 27 26 25 27 26 30 29 28 36 31 ~950 Net Acres 34 35 31 32 33 34 35 1 6 5 4 12 2 1 1 2 28N 108W 10 11 12 MILES Marketing Optionality CA NV ID NWPL Ruby Kern River UT Opal NWPL SD WY TBPL NE Cheyenne Hub REX Denver CPP CIG SSCGP KS AZ OK NM TX AEVOLUTION Petroleum Corporation#22Established PDP Production with Significant Upside Williston Basin Overview Properties located in the Williston Basin in western North Dakota in McKenzie, Golden Valley, and Billings Counties 22 22 Production primarily from the Three Forks, Pronghorn, and Bakken formations • Properties operated by Foundation Energy Management Acquisition closed on 1/14/2022 with an effective date of 6/1/2021 and net purchase price of $25.7 MM Highlights . Evolution is able to propose, fund, and drill wells via a joint development agreement with Foundation Acquisition and a moderate capex drilling program will allow for reinvestment of free cash flow to maximize shareholder value Large inventory of documented upside drilling locations Statistics Operator Avg. Net Daily Prod (2Q FY2023) Acreage Foundation Energy Management ~489 BOEPD(1) Dawson Williston Basin McKenzie ~47,500 Net Acres ~44,700 net acres, ~90% HBP Average WI%/RI%/LNRI% (2) 38.7% WI/32.5% RI / 84.0% LNRI Golden Valley Wibaux Pricing Commodity Split (Reserves) (3) Net PDP Reserves / Net PUD Reserves(3) Net PDP Reserves / Net Production (R/P) (3) Williston Basin Sweet (WBS) 73% Oil / 17% NGL / 10% Gas 2.3 MMBOE/3.6 MMBOE Billings MT ND ~13 years Notes: 1. Gas conversion ratio of 6:1; NGL ratio of 1:1. 2. Mathematical average of 73 PDP wells. 3. FYE2022 reserves prepared by Netherland Sewell & Associates as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. Dunn Stark 1 N 0 10 20 MILES AEVOLUTION Petroleum Corporation#2323 | Mature Natural Gas & NGL Production North Texas Barnett Shale Overview • Properties located in north Texas in Bosque, Denton, Hill, Hood, Johnson, Parker, Somervell, and Tarrant Counties • Production out of the Barnett Shale formation • • Increased natural gas pricing encouraging operators to reject ethane processing • Diversified Energy performing low-cost workovers and return to sales projects Highlights • Long-lived PDP reserves (2), < 10% base decline ~25% natural gas liquids content . Majority of wells completed between 2007-2010 • Mature, low decline production with potential upside workover opportunities Location OK AR NM Barnett Shale Denton LA N TX Dallas Parker Tarrant ~21,000 Acres Johnson Ellis • 100% HBP acreage primarily in rural areas allowing for more efficient operations Statistics Operator Avg. Net Daily Prod (2Q FY2023) Acreage (100% HBP) EPM Average WI % / Avg. NRI % Pricing Commodity Split (Reserves) (2) Net PDP Reserves(2) Net PDP Reserves / Net Production (R/P)(2) Notes: 1. Gas conversion ratio of 6:1; NGL ratio of 1:1. Diversified Energy Company 19.8 MMCFED / 3,304 BOEPD(1) ~21,000 net acres 17.0% / 14.0% Access to premium Gulf Coast gas markets ~74% Gas, ~25% NGLS, ~1% Oil Palo Pinto Hood Somervell Erath Bosque 0 10 20 ~65.6 BCF, ~3.6 MMBbls NGLS, ~0.1 MMBbls Oil MILES ~ 12 years 2. FYE2022 reserves prepared by DeGolyer & MacNaughton as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. Hill Extent of Barnett Shale AEVOLUTION Petroleum Corporation#2424 Low Historical Decline Rate Waterflood Hamilton Dome Field Overview Hamilton Dome Field is located in the northwestern Wyoming Big Horn Basin in Hot Springs County Discovered in 1918 and primarily developed from the Phosphoria and Tensleep reservoirs (~3,000' depth) • Merit Energy purchased the property in 1995 • The field has been produced via waterflood since the 1970s BOEPD Historical Net Production 10,000 1,000 ~3.4% Yearly Decline Since 1974 COVID-19 Impacts Highlights Long-life, low decline reserves; premier field having produced over 160 MMBO over 100 years • 100% oil production; averaging low single-digit decline rates • Top tier operator; Merit Energy operates this field as they have for 20+ years Statistics Operator Avg. Net Daily Prod (2Q FY2023) Acreage (100% HBP) EPM Average WI % / Avg. NRI % Pricing Commodity Split (Reserves) (1) Net PDP Reserves (1) Net PDP Reserves / Net Production (R/P)(1) Merit Energy Company 413 BOPD ~3,160 gross/~620 net acres 23.5% / 19.7% Western Canadian Select (WCS) 100% Oil ~2.4 MMBbls 16 years 100 ~0.8% Yearly Decline Since 2016 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 Year Operations Notes: 1. FYE2022 reserves prepared by DeGolyer & MacNaughton as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. AEVOLUTION Petroleum Corporation#25Long-Life Enhanced Oil Recovery CO 2 Flood Delhi Field Overview • • • • • Delhi Field is in northeast Louisiana in Franklin, Madison, and Richland parishes • Produces out of the Tuscaloosa and Paluxy (Holt-Bryant) reservoirs • Produced over 210 MMBO since it was discovered in the 1940s © CO₂ enhanced oil recovery (EOR) development began in 2009 by Denbury . CO2 injection allows improved mobility of the oil from the reservoir NGL Plant Highlights • • • • No Louisiana oil severance taxes (at 12.5%) until payout Delhi crude price based on Louisiana Light Sweet (LLS) pricing which is historically a premium to WTI; ~70% of production is oil Oil transported by pipeline from field - no current capacity constraints Rich mix of heavier NGLs, or 60% C4 + C5 • Third party reserve report demonstrates remaining field life of over 20 years (1) • 418 MMBO of gross original oil in place (OOIP) Statistics Operator Avg Net Daily Prod (2Q FY2023) Acreage (100% HBP) EPM Average WI % / Avg. NRI % Pricing Commodity Split (Reserves) (1) Net PDP Reserves (1) Net PDP Reserves / Net Production (R/P)(1) 2012-2013 Denbury Resources 2009 I 2010 I 1,131 BOEPD I Phase V I Unquantified Future I 1 Phase IV ~13,600 gross/~3,600 net acres I Expansion 23.9% / 26.2% Louisiana Light Sweet (LLS) Mengel Unit Phase I Phase II 70% Oil, 30% NGLS 6.0 MMBOE Phase III T 14 years 2018 Notes: 2015-2017 PUD Infill 25 1. FYE2022 reserves prepared by DeGolyer & MacNaughton as of 7/1/2022 at 6/30/2022 SEC prices of $5.19/MMBTU and $85.82/bbl. 2011 Infill Drilling in Phases I & II Program Town of Delhi Unquantified future expansion in downdip thinner reservoirs & eastern phase-dependent on oil price AEVOLUTION Petroleum Corporation#2626 Non-GAAP Reconciliation Adjusted EBITDA Reconciliation Adjusted EBITDA is a non-GAAP financial measure that is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use this measure to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion and accretion (DD&A), stock-based compensation, ceiling test impairment and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. FY18 FY19 Year Ended FY20 FY21 FY22 FYTD '23 Adjusted EBITDA Calculation ($ in 000s) Net Income (Loss) $ 19,618 15,377 $ 5,937 (16,438) $ + Fixed Charges [Interest Expense] 111 117 111 91 32,628 572 $ 21,094 372 + Income Tax Expense (Benefit) (3,432) 3,482 (2,181) (4,984) 8,513 5,997 + DD&A 6,012 6,253 5,761 5,167 8,053 7,056 + Stock-Based Compensation [Noncash] + Other amortization and accretion 1,367 888 1,286 1,258 125 702 90 25 10 + Provision for Impairment [Noncash] - Unrealized (Gain) Loss on Derivatives Other non-cash income 24,938 1,911 (1,911) 1,994 (2,189) (12) +/- Other transaction costs Adjusted EBITDA 887 $ 23,766 $ 26,117 12,850 $ 8,119 $ 52,772 $ 419 33,451 AEVOLUTION Petroleum Corporation#27History of Accretive Acquisitions & Development Supporting Dividend Timeline & Key Statistics AEVOLUTION Petroleum Corporation 2003-04 Company is founded in 2003 and went public as Natural Gas Systems in 2004 SEPT-2003 Acquisition of interest in Delhi Field 2006 in northeast Louisiana from Denbury Resources NOV-2019 Acquisition of interest in Hamilton Dome field in Wyoming MAY-2021 2013 Began paying quarterly dividend to shareholders JAN-2021 Purchased royalty interest in Delhi for $1.5 MM. Sold Delhi working interests to Denbury for $50MM cash and agreement to install CO2 flood with reversionary working interest 2009 CO2 injection begins at Delhi Field with continued development Current Dividend Yield (Annualized 3Q23) 7.5% €94.4 Million In Dividends Returned to Shareholders Since December 2013 APR-2022 27 Acquisition of Barnett Shale in North Texas Acquisition of interest in Williston Basin in North Dakota Acquisition of interest in Jonah Field in Wyoming In Dividends Per Share Returned to Shareholders Since December 2013 $2.85 AEVOLUTION Petroleum Corporation#2828 Seasoned Leadership Management Team Kelly Loyd President & CEO 20+ years of experience in energy industry focused on investment banking, buy side, analyzing and investing in public and private energy opportunities, corporate finance, and mergers and acquisitions Evolution board member since 2008, Chairman of the Investment Committee BS in Economics with Finance Applications from Southern Methodist University and MBA from Rice University P RBC Petralis Energy Partners, LLC Capital Markets Richardson Barr JVL Advisors, LLC Jefferies Ryan Stash Senior Vice President & CFO 20+ years of experience in the energy industry focused on capital raising, mergers and acquisitions, and accounting and financial reporting Certified Public Accountant in the State of Texas BA in Business Administration, MBA, and Masters in Professional Accounting from the McCombs School of Business at the University of Texas at Austin Harvest Oil & Gas REGIONS SECURITIES WELLS FARGO SECURITIES HEWLETT® PACKARD Kelly Beatty Company Controller 15+ years of experience in accounting working for a variety of E&P companies in both the private and public sector, most recently as Controller of QuarterNorth Energy Certified Public Accountant in the State of Texas BA in Business Administration and Masters of Science in Accounting from Texas A&M University at College Station QUARTER NORTH ENERGY PETROHAWK HALCÓN RESOURCES ENERGY CORPORATION Mark Bunch COO 40+ years of experience in the energy industry focused on reservoir, production, drilling, and field operations Registered Professional Engineer in the State of Texas BS in Petroleum Engineering from Texas A&M University at College Station SALAMO mecom RESOURCES, LLC Oil EY Davis Petroleum Corp AEVOLUTION Petroleum Corporation#2929 Experienced Advisors Board of Directors Robert Herlin Chairman & Co-Founder Edward DiPaolo Chairman of Nominating & Corporate Governance Committee Founded Evolution in 2003 and served as CEO from 2003-2015 30+ years of experience in engineering, energy transactions, operations, and finance AEVOLUTION Petroleum Corporation ENSERVCO BOOTSCOOTS 30+ years of experience in oil field services and corporate advisory DUFF & PHELPS SEVENTY SEVEN ENERGY HALLIBURTON Marjorie Hargrave Chairman of Audit Committee 25+ years of experience in financial management, strategic planning, mergers and acquisitions, risk management, and investment banking ENSERVCO S N MERRILL LYNCH gop growth capital partners HIGH SIERRA ENERGY, LP William Dozier Chairman of Compensation Committee 40+ years of experience in oil and gas operations, business development, and engineering AMOCO Kelly Loyd Chairman of Investment Committee President and CEO of Evolution Petroleum 20+ years of experience in energy investments and finance RBC VINTAGE PETROLEUM, INC. Petralis Energy Partners, LLC Jefferies Capital Markets Richardson Barr D Myra Bierria Chairman of Sustainability Committee 20+ years of experience in corporate governance and shareholder services Southern Company Southern Company Gas Brobeck ATTORNEYS AT LAW JVL Advisors, LLC AEVOLUTION Petroleum Corporation