Evolution Petroleum (EPM) Investor presentation summary

Business overview and strategy

• Focuses on maximizing shareholder returns through ownership of onshore oil and natural gas properties, using a capex-light model with non-operated assets and royalty interests.

• Employs both organic and inorganic growth strategies, including accretive acquisitions and participation in low-risk development drilling.

• Maintains a lean team of about 10 people, leveraging operating partners for field work and keeping G&A costs low.

• Diversifies geographically across multiple basins, enabling scalable asset additions without significant staffing changes.

• Prioritizes asset-based growth, sustainable dividends, opportunistic share buybacks, and minimal net leverage.

Asset portfolio and acquisitions

• Holds a diversified portfolio with interests in Barnett, Jonah, Hamilton Dome, SCOOP/STACK, TexMex, Northwest Shelf, and more.

• Recent acquisitions include significant expansions in the Permian/Midland Basin, Louisiana, and SCOOP/STACK, increasing net royalty acres by 58% pro forma.

• The latest Permian/Midland Basin acquisition adds 3,420 net royalty acres, 832 producing wells, and 1,257 undeveloped locations for $16 million.

• Acquisition metrics show a purchase price of $4,678 per net royalty acre and a 4.1x next-twelve-month cash flow multiple, a steep discount to recent comparable transactions.

• 10+ years of drilling inventory at an assumed pace of 125 wells per year, with major operators like ExxonMobil and Diamondback active in the area.

Financial performance and returns

• FY'26 revenue estimated at $84–88 million, with adjusted EBITDA of $24.5 million (annualized nine months ended 3/31/26).

• Maintains a 13% annualized dividend yield as of FQ4'26, with over $151.7 million returned to shareholders since 2013.

• 16th consecutive quarterly dividend of $0.12 per share, demonstrating a consistent return of capital through commodity cycles.

• Pro forma cash flow mix is shifting toward minerals and royalties, expected to represent 80% of cash flow after the Permian/Midland Basin acquisition.

• Portfolio features long-life, low-decline reserves with a 15+ year reserve life and positive free cash flow across cycles.