Evolution Petroleum (EPM) Noble Capital Markets Virtual Equity Investor Conference summary

Dividend-led strategy and portfolio

• Dividend-first capital model; $151.7M returned over 11+ years, equivalent to $4.77/share.

• Non-operator model spans working interests and mineral/royalty interests; lean 10-person team and scalable G&A support a diversified, lower-risk approach.

• Portfolio spans the Bakken/Williston, Barnett, SCOOP/STACK, New Mexico Permian, Haynesville and Midland Basin, diversifying by geography and commodity.

• Production and reserves are each ~55% gas, with the balance oil and liquids; no single asset dominates reserves.

• Mineral/royalty cash flow was ~10% at FY2026 year-end and ~20% pro forma for the Midland deal; management expects the share to grow and lift EBITDA margins.

Capital allocation and acquisition approach

• Strategy prioritizes shareholder returns through asset growth, dividends, opportunistic buybacks and balance-sheet strength.

• Organic growth includes operator-funded royalty development, evaluated SCOOP/STACK AFEs and Chaveroo development with PEDEVCO.

• Acquisitions prioritize cash-flow accretion, long-life producing assets, development upside, portfolio diversification, market access and regulatory conditions.

• Acquisitions completed before the Midland royalties generated 1.3x invested cash flow and a 93% IRR.

• Management will pursue whichever working-interest or mineral deal is most accretive per share; current mineral deal momentum and completions support expected growth in royalty cash flow.

Midland Basin mineral acquisition

• Acquired ~3,400 net royalty acres in the core Midland Basin for $16M; entry into the Permian and expansion of the royalty portfolio.

• The position includes 830 producing wells and 1,200+ undeveloped locations; ~9 rigs were active across the acreage at the conference.

• Operators include ExxonMobil, Diamondback and Crescent; completions averaged 241/year in 2021–2025.

• Assuming 125 wells/year, management expects production to be sustained and to grow up to 2x over the coming years.

• Purchase price was ~$4,700 per royalty acre; a negotiated deal required ~5 months of land and title work and was valued comparably to working interests.