Evolution Petroleum (EPM) Water Tower Research Fireside Chat Series summary

Introduction and agenda

• Discussion focused on recent asset additions, capital allocation, operational performance, and shareholder returns.

Current industry trends

• Recent upstream M&A activity has created portfolio rationalization opportunities, increasing the number of potential acquisitions.

• Acquisition markets can be volatile, so organic growth is increasingly important for stability.

Challenges and overcoming obstacles

• Type curve modeling in the SCOOP/STACK is challenging due to geological variability, but conservative modeling has led to outperformance.

• Acquisition opportunities are evaluated individually, with a focus on avoiding poor deals.