Investor Presentaiton

26 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

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