Evolution Petroleum (EPM) Investor presentation summary

Business model and financial profile

• Independent energy model focused on shareholder returns through onshore oil and gas properties, using non-operated working interests and royalty and mineral interests.

• Lean team of ~10 manages assets while operating partners handle field work; the model is designed to add assets without materially increasing staffing or procedures.

• FY26 revenue was $86.3M and adjusted EBITDA was $24.9M; adjusted EBITDA is a non-GAAP measure.

• More than 10 years of dividend history; $151.7M in cumulative dividends and $4.775 per share in dividends plus repurchases through June 30, 2026.

Portfolio and reserves

• Assets span non-operated and mineral interests across Louisiana, Texas, New Mexico, Wyoming, Oklahoma and North Dakota, including Barnett, Jonah, Williston and SCOOP/STACK.

• FQ4'26 average daily production was 6,901 BOE/d and revenue was $24.2M; FY'26 proved reserves totaled 27.2 MMBOE as of June 30, 2026.

• Pro forma cash flow mix estimates minerals and royalties at 20%, versus 8% in FY'26; estimate annualizes legacy FY'26 YTD cash flows and adds estimated NTM acquisition cash flows.

• Portfolio highlights include 15+ years of reserve life, low decline and positive free cash flow through commodity cycles.

Minerals and royalty expansion

• The August 2026 Permian/Midland acquisition added 3,420 net royalty acres for $16.0M across five Texas counties, with 832 producing wells and 1,257 undeveloped locations.

• Estimated NTM cash flow for the acquisition is $3.9M at assumed flat prices of $75/bbl oil and $3.50/MMBtu gas; purchase price equates to 4.1x NTM cash flow and $4,678 per net royalty acre.

• Mineral interests earn lease revenue without lifting expenses, drilling capital or overhead; the minerals and royalty platform now spans SCOOP/STACK, Haynesville and Permian/Midland.

• Acquisition analysis assumes 125 completions annually from 2027; 1,257 undeveloped locations imply 10+ years of inventory, while operators control development timing.

• Acquisition program reported ~93% IRR and ~1.3x MOIC, based on illustrative unaudited program-level actual and forecast cash flows under flat-price assumptions.