Investor Presentaiton

10 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

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