Evolution Petroleum (EPM) Investor presentation summary

Business model and strategy

• Operates as a non-operated energy company, focusing on onshore oil and natural gas properties to maximize shareholder returns through a lean, scalable structure and low-risk investments.

• Pursues both organic and inorganic growth via accretive acquisitions and participation in low-risk development drilling.

• Core pillars include asset-based growth, sustainable dividends, opportunistic share buybacks, and maintaining a strong balance sheet with minimal net leverage.

• Targets properties that allow influence over capital decisions and expense monitoring, leveraging large-scale operators for efficient cost structures.

• Focuses on disciplined, opportunistic acquisitions and organic growth through new drills, workovers, and recompletes.

Asset portfolio and acquisitions

• Holds a diversified portfolio across multiple U.S. basins, including Delhi, Hamilton Dome, Barnett Shale, Williston Basin, Jonah Field, Chaveroo, SCOOP/STACK, and TexMex.

• Recent acquisitions have expanded the footprint, with notable additions in TexMex, Barnett Shale, Williston Basin, and Louisiana minerals.

• Portfolio is balanced among oil, natural gas, and NGLs, with 27.1 MMBOE of proved reserves as of FY2025.

• Recent royalty acquisitions add high-margin, long-life assets with minimal capital requirements and enhance cash flow and dividend coverage.

• Acquisition program has delivered approximately 91% IRR and 1.2x MOIC, supporting future cash flow and portfolio upside.

Financial performance and shareholder returns

• Reported FQ3'26 revenue of $20.2 million and adjusted EBITDA of $3.1 million; annualized dividend yield stands at 11.3%.

• Since December 2013, returned $147.4 million in dividends, with $4.654 capital per share returned.

• Maintains a 12+ year history of issuing dividends, consistently returning capital through commodity cycles.

• Daily production has increased over 3.5x since 2019, while minimizing debt and equity dilution.

• Financial flexibility supported by a $65 million borrowing base facility and active liquidity management.