Evolution Petroleum Corporation Corporate Presentation ......utilizing existing recycle and NGL plants § Solid FinancialPosition ü$30million cash as of 12/31/18, $0 debt and untapped

Corporate Presentation – February 2019Evolution Petroleum CorporationCorporate Presentation – February 2019

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Corporate Presentation – February 2019

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Forward Looking StatementsThis presentation contains “forward-looking statements.” Such statements may relate to capitalexpenditures, drilling and exploitation activities, production efforts and sales volumes, Proved,Probable, and Possible reserves, operating and administrative costs, future operating or financialresults, cash flow and anticipated liquidity, business strategy and potential property acquisitions.These forward-looking statements are generally accompanied by words such as “estimated”,“projected”, “potential”, “anticipated”, “forecasted” or other words that convey the uncertainty offuture events or outcomes. Although we believe the expectations and forecasts reflected in these andother forward-looking statements are reasonable, we can give no assurance they will prove to havebeen correct. These statements are based on our current plans and assumptions and are subject toa number of risks and uncertainties as further outlined in our Forms 10-K and 10-Q. Therefore, theactual results may differ materially from the expectations, estimates or assumptions expressed in orimplied by any forward-looking statement and we undertake no obligation to update these estimatesfor events after this presentation.

Cautionary Note regarding Oil and Gas Reserves – SEC rules allow oil and gas companies todisclose not only Proved reserves, but also Probable and Possible reserves that meet the SEC’sdefinitions of such terms. We disclose Proved, Probable and Possible reserves in our filings with theSEC and this presentation. Estimates of Probable and Possible reserves are by their nature morespeculative than estimates of Proved reserves and are subject to greater uncertainties, andaccordingly the likelihood of recovering those reserves is subject to substantially greater risk. Ourreserves as of June 30, 2018 were estimated by DeGolyer and MacNaughton (“D&M”), anindependent petroleum engineering firm.


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§ Evolution Petroleum co-founded in 2003 by Robert Herlin, Executive Chairman

§ Delhi Field acquired in 2003

§ Delhi Field CO2 project initiated in 2006 with first production in 2010 with expansion ongoing into 2020

Texas / Gulf Coast Focus Overview

New York Stock Exchange EPM

Shares Outstanding 33.1 MM

Share Price (2/22/2019) $7.70

Total Equity Value (2/22/2019) $255 MM

Common Stock Dividend (Annualized Rate) $0.40 per share

Dividend Yield (2/22/2019) 5.2%

(Quarter ending 12/31/18)

Delhi Gross Liquids Production (87% Oil) ~7,800 BOEPD

EPM Net Liquids Production ~2,040 BOEPD

Proved Reserves (6/30/2018) 9.4 MMBOE (78% dev)

Probable Reserves (6/30/2018) 4.5 MMBOE (80% dev)

Possible Reserves (6/30/2018) 4.6 MMBOE (88% dev)

Cash on hand (12/31/18) $30 MM ($0.91/Shr)

Debt ($40 MM+ Avail Capacity) $0.0

Delhi Field

EPM HoustonHeadquarters


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§ High Quality, Long-lived Asset BaseSteady cash flow from large, Delhi field resource; 20+ years remaining life Potential production additions from continuing developmentü Phase V scheduled for fiscal 2020ü Upside unquantified potential by extending CO2 flood to other reservoirs

utilizing existing recycle and NGL plants

§ Solid Financial Positionü $30 million cash as of 12/31/18, $0 debt and untapped $40 million revolverü Current free cash flow well in excess of dividend plus balance sheet cash can

fuel acquisitions without undue leverageü Demonstrated conservative management philosophy provides stability to

weather future industry downturns and maintain a cash dividend to shareholders

ü Positioned to capitalize on new opportunities to grow

§ Attractive Dividend Yield of 5.2% as of 2/22/2019

Investment Considerations


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§ Directly benefit our shareholders by distributing ~40-60% of cash flow through cash dividendsTax Reform makes C-Corps like EPM more tax-efficient

§ Conservatively invest balance of cash flow into similar, long-life assets that fit our model and capabilities

§ Diversify asset base Geologic, product and market diversity

§ Maintain solid financial positionExtend our consistent record of earnings and dividend distributions without high leverage

§ Increase scale to enhance public market liquidity and leverage overhead

Core Objectives


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$20

$40

$60

$80

$100

$120

$140

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

Mar-14

Jun-1

4

Sep-14

Dec-14

Mar-15

Jun-1

5

Sep-15

Dec-15

Mar-16

Jun-1

6

Sep-16

Dec-16

Mar-17

Jun-1

7

Sep-17

Dec-17

Mar-18

Jun-1

8

Sep-18

Dec-18

Common Stock Dividends WTI Oil Prices (Qtr Avg)

Mar-19 Dividend declared at $0.10

Quarterly DividendRate per

Share

WTI AvgOil Prices

(Bloomberg)

EPM Dividend History vs WTI Oil Prices

Cumulative Payout Dec 2013 thru Dec 2018 $53 MM (or $1.61/share)


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Balance Sheet

Cash $ 30,001

Other current assets 4,029

Property and equipment, net 62,162

Other assets 228

Total assets $ 96,420

Current liabilities $ 3,205

Long-term debt 0

Deferred taxes and ARO 12,529

Stockholders’ equity 80,686

Total liabilities and equity $ 96,420

Income Statement (Six months fiscal YTD)

Delhi field revenues $ 23,355

Lease operating expenses 6,910

DD&A and accretion 3,152

G&A expenses 2,564

Income before income taxes $ 10,729

Other (income) (1,147)

Income tax provision 2,176

Net income $ 9,700

Earnings per share (fully diluted) $ 0.29

Summary Financial StatementsDecember 31, 2018Amounts in $000’s, except EPS


$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2012 2013 2014 2015 2016 2017 2018 2019

Revenues Net Income

$Mill

ion

6 Mos YTD

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Seven Consecutive Years of Net Income

(a)

(b)

(a) Includes Litigation Settlement(b) Includes Tax Reform


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Delhi Recycle Facility & NGL Plant

Delhi Field EOR CO2 Flood• ~7,800 BOE per day• ~87% premium Louisiana Light Sweet (LLS)

oil, connected by pipeline to market• 3 trains of processing of recycle gas• Rich mix of heavier NGLs, or 60% C5 + C4


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Exceptional resource:§ 418 MMBO of gross original oil in place (“OOIP”)§ 325 MMBO gross OOIP in current proved flood area§ 195 MMBO gross production prior to EOR § Over 18 MMBO gross produced from CO2 flood since

inception § Over 9 MMBOE of net unproven reserves that are 80+%

developed & based on increased oil recovery§ Unquantified upside through expansion as noted above§ At fixed $58 oil price, proved reserves extend field life over

20 years, and unproved reserves extend life by additional20 years.

§ Over 13,600 gross acres in units held by production

Other advantages:§ No LA oil severance taxes (12.5%) at current oil price§ Oil transported by pipeline from field – no current

capacity constraints§ Delhi crude price based on LLS pricing (current

premium to WTI)§ Investigating options for uplift in NGL pricing through

onsite processing§ Due to long life, small change in discount rate

results in large impact on present value of reserves while reducing impact of short term price swings

Delhi Field EOR Project

Phase IPhase

II

Phase III

Phase IV

Phase V

Mengel

Unit

Unquantified future expansion

in downdip thinner reservoirs & eastern phase –dependent on oil

price

2011

2010 2009 2012-13Unquantified Future

Expansion

2020PUD2015-17

Infill Drilling in Phases I & II

Town of Delhi

2018PUD Infill

Pgm

Delhi Unit12+ miles long


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100

1,000

10,000

Mar

-10

Jun-

10Se

p-10

Dec

-10

Mar

-11

Jun-

11Se

p-11

Dec

-11

Mar

-12

Jun-

12Se

p-12

Dec

-12

Mar

-13

Jun-

13Se

p-13

Dec

-13

Mar

-14

Jun-

14Se

p-14

Dec

-14

Mar

-15

Jun-

15Se

p-15

Dec

-15

Mar

-16

Jun-

16Se

p-16

Dec

-16

Mar

-17

Jun-

17Se

p-17

Dec

-17

Mar

-18

Jun-

18Se

p-18

Dec

-18

Mar

-19

Jun-

19Se

p-19

Dec

-19

Mar

-20

Jun-

20

Gross BOEPD Total Net BOEPD

Reversion of Working Interest

in Nov 2014

WI & Royalty Interests

Infill Drilling 2018

Program

Conformance Projects & NGL Plant

Phase V Fiscal 2020

First production from CO2 flood

Delhi Field Daily Production (Tertiary)Gross and Net BOE per Day

BOEPD

Royalty Interests Only


EPM Interests in the Delhi FieldCosts Revenues

Working Interest (a) 23.9% 19.0%Royalty Interests None 7.2%

Combined Interests 23.9% 26.2%

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(a) Field Payout and Reversion of Working Interest to EPM Occurred Effective November 1, 2014

As part of 2016 litigation settlement, EPM also received 23.9% working interest in the Mengel Unit within the Delhi Field that represents unquantified nonproven upside from future expansion of project


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Delhi Revenue and Field Operating Margin per BOE

$-

$10

$20

$30

$40

$50

$60

$70

YE Jun 2015 YE Jun 2016 YE Jun 2017 YE June 2018 FYTD Dec 2018

LOE CO2 Costs Field Operating Margin

$63.06Rev / BOE

$61.52

$39.71$44.88

(69% of Rev)

$55.39

(65% of Rev)

(69% of Rev)

(71% of Rev)

Field Operating Margins of $42.52 (2015) , $25.95 (2016), $30.78 (2017), $39.03 (2018) and $44.41 (Q2-19 YTD), respectively

(70% of Rev)


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$5,359

$2,292 $2,397

$5,430

$3,615

$1,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

FY 2015 FY 2016 FY 2017 FY 2018 Q2 FY 2019 FY 2019e

Delhi Field Capital Spending* by EPM ($000’s)(FY 2019 amounts unaudited)

Well Integrity Field Enhancement Facilities/Other New Drilling

Forecast

* Chart excludes NGL Plant net capex of ~$27 MM


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Proved Reserves based on 14.4% incremental CO2recovery (up from 13.0% in 2015). Probable* and Possible* Reserves based on better recovery

Reserve Report Prepared by DeGolyer & MacNaughton

6,291,850

1,798,340

993,741 284,031

6/30/18 Proved Reserves, BOE

Dev Oil Undev Oil Dev NGL Undev NGL

3,123,116

757,178

493,268 119,588

6/30/18 Probable Reserves*, BOE

3,458,331

487,893

546,212 77,057

6/30/18 Possible Reserves*, BOE

78% Developed

88% Developed80% Developed

* Probable and Possible reserves involve considerably more risk of recovery than proved reserves – see cautionary note page 2

Remaining PUD costs for Phase V is ~$11 MM (net), or $6.15 per BOE


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Delhi NGL Plant

NGL Component % of StreamEthane 4%Propane 24%Butanes (ISO + Normal) 32%Pentanes Plus (C5+) 40%

Total 100.0%

Very Rich NGL Mix (TTM):

Producing ~1,200 BOEof NGL’s per day

• NGL Plant online Dec 2016• Operating at effective capacity• GE turbine also at capacity

Fueled by field natural gasReplaces purchased electrical power

• NGL avg price ~51% of WTI in FQ2-19, net of deduction of transportation and fractionation charges


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Maintain/improve Delhi production & improve EOR efficiency through conformance projects & possible separation of C5+ from NGLs

Delhi infill drilling programExpansion of Delhi CO2flood to eastern part of field (Phase V)

Expand Delhi CO2flood to MengelUnit, additional thinner reservoirs and further expansion to eastern edge (Phase VI, subject to oil price)

Multiple ProjectsTo Build Long-Term

Value


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Management and Directors(Average BOD Tenure 12 Years / Insiders Own ~8%*)

§ Robert Herlin – Chairman & Interim CEO, co-founder§ David Joe – SVP & CFO (14 Years w/EPM), UNOCAL Corp§ Steve Hicks – SVP of Engineering, 39 years industry experience

and 21 years in A&D and senior management§ Independent Directors:

Jed DiPaolo – Duff & Phelps, HalliburtonBill Dozier – Vintage Petroleum, Santa Fe Minerals & AmocoKelly Loyd – JVL Advisors, LLC*, RBC CapitalMarran Ogilvie – Lehman Brothers, Ferro Corp, LSB Industries* Insider holdings cited do not include those of JVL Advisors’ funds not managed by Mr. Loyd


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Opportunity for EPM

§ We plan to maintain and grow EPM as a market-friendly platform to generate cash returns for shareholders from mostly developed oil & gas assets

§ We focus on assets that do not require high capital investment, long lead time to net cash flow, large scale efficiencies to be economic, or high dependency on near term commodity prices Targets are generally:

ü Accretive to cash flow and valueü Supportive of dividend

§ We have the financial capacity to execute, with substantial cash flow in excess of current dividend payout and no debt


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Acquisition Criteria

§ Large majority of value is attributable to proved developed producing reserves

§ Reserves are long-life§ Properties are in locations with reasonable access to markets

and stable regulatory environments § Transactions will provide a reasonable rate of return on a risk-

adjusted basis§ Transactions are appropriate for the size and capabilities of

Evolution, and§ Transactions are supportive of the Company’s cash dividend


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§ High Quality, Long-lived Asset BaseSubstantial, low decline cash flow from Delhi field; 20+ years remaining life Potential production additions from continuing developmentü Phase V scheduled for fiscal 2020ü Upside unquantified potential by extending CO2 flood to other reservoirs utilizing

existing recycle and NGL plants

§ Solid Financial Positionü $30 million cash, no debt and untapped $40 million revolverü Free cash flow well in excess of current cash dividend plus balance sheet cash can

fuel acquisitions without undue leverageü Demonstrated conservative management philosophy provides stability to weather

future industry downturn and maintain a cash dividend to shareholdersü Positioned to capitalize on new opportunities to grow

§ Attractive Dividend Yield of 5.2% as of 2/22/2019

Value Proposition

Documents

Evolution Petroleum Corporation Corporate Presentation ......utilizing existing recycle and NGL plants § Solid FinancialPosition ü$30million cash as of 12/31/18, $0 debt and untapped