Investor Presentaiton

16 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

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