Investor Presentaiton

Established 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

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