IDEAS Investor ConferenceDallas, Texas

November 18-19, 2015

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NYSE MKT: EPM Forward-Looking Statement

The data contained in this presentation that are not historical facts are “forward-looking statements” within the meaning

of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange

Act. Such statements may relate to capital expenditures, drilling and exploitation activities, production efforts and sales

volumes, Proved, Probable, and Possible reserves, operating and administrative costs, future operating or financial

results, cash flow and anticipated liquidity, business strategy, property acquisitions, and the availability of drilling rigs

and other oil field equipment and services. These forward-looking statements are generally accompanied by words such

as “estimated”, “projected”, “potential”, “anticipated”, “forecasted” or other words that convey the uncertainty of future

events or outcomes. Although we believe the expectations and forecasts reflected in these and other forward-looking

statements are reasonable, we can give no assurance they will prove to have been correct. These statements are based

on our current plans and assumptions and are subject to a number of risks and uncertainties such as potential litigation

as further outlined in our most recent 10-K and 10-Q. Therefore, the actual results may differ materially from the

expectations, estimates or assumptions expressed in or implied by any forward-looking statement made by or on behalf

of the Company. Cautionary Note to U.S. Investors – The SEC modified its rules regarding oil and gas reserve information

that may be included in filings with the SEC. The current rules allow oil and gas companies to disclose not only Proved

reserves, but also Probable and Possible reserves that meet the SEC’s definitions of such terms. We disclose Proved,

Probable and Possible reserves in our filings with the SEC. Our reserves as of June 30, 2015 were estimated by DeGolyer

& MacNaughton (“D&M”), and reserves in prior years include work by D&M, W. D. Von Gonten & Co., and Pinnacle Energy

Services, LLC, all independent petroleum engineering firms. In this presentation, we make reference to Probable and

Possible reserves, and “2P” and “3P” reserves that aggregate categories of reserves. These estimates are by their

nature more speculative than estimates of Proved reserves and are subject to greater uncertainties, and accordingly the

likelihood of recovering those reserves is subject to substantially greater risk.

3

NYSE MKT: EPM Vital Statistics

Overview (Fiscal Year End June 30)

Shares Outstanding (9/30/2015) 32.7 MM

Dilutive Securities (9/30/2015) 0.1 MM

Fully Diluted Shares (9/30/2015) 32.8 MM

Share Price (11/17/2015) $6.03

Market Capitalization (11/17/2015) $197 MM

Common Dividend (Annualized) $0.20 Per Share

Debt (9/30/2015) None

Proved Reserves – 6/30/2015 12.4 MMBOE

Proved PV-10 – 6/30/2015 (a) $219 MM

% Oil 80% (0% gas)

% PDP 59%

Avg Production (Gross/Net) 9/30/15

6,423 / 1,698 BOPD

Net Working Capital (9/30/2015) $16.3 MM

Borrowing Capacity (b) $5 MM(a) Based on SEC prices at 6/30/2015 of $71.88 per Bbl(b) Unsecured revolver, undrawn.

Houston Headquarters

Delhi Field

Texas/Gulf Coast Focus

Evolution Petroleum Founded 2003 Delhi Field Acquired in 2003,

Operated By Denbury Resources

Company Profile

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Generating Returns for Shareholders

RECOVERING MORE OIL

Applying Innovative Engineerin

g

Into Known

Oil & Gas Assets

By People Aligned

with Shareholde

rs

To Generate Cash Flow

to Fund Growth

and Dividends

Recovering

More

NYSE MKT: EPM

How We Allocate Capital

• The engineering must be understandable and economics make sense

• The financial risk must be reasonable and conservative

• The investment/deal must be accretive in value and cash flow

• The investment/deal must support cash returns to shareholders

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NYSE MKT: EPM Financially Strong and Shareholder Friendly

High Quality Asset Base

Extremely Long-Lived Production (~40 Years for Delhi)

Solid, Debt-Free Balance Sheet

Competitive Dividend Yield (3.3%, as of 11/17/2015)

Every Employee Aligned with Shareholders through Significant Stock Ownership

Well-Positioned for Opportunities in the Cycle

Near-Term Growth Catalysts

Investment Considerations

Delhi FieldLong-Lived Foundation Oil Resource

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NYSE MKT: EPM

Huge Resource 418 MMBO of Gross Original Oil In Place 192 MMBO Production Prior

to EOR Project, 5+ MMBO Since

Current Production1,698 Net (6,423 gross) BOPD

Growth Catalysts NGL Recovery Plant Expected Online

~Summer of 2016, Targeting 2,000+ BLPD of Higher Valued NGLs and Improved Oil Rate

Planned Expansion of CO2 Flood To Remaining Eastern Area Expected To Materially Increase Oil Rate

Expected Expansion of CO2 Flood To Thinner Reservoirs

Other No LA Severance Tax (12.5%)

Into Next Decade Delhi Crude Sells at LLS Price With Low

Transportation Cost(Typically at a Premium to WTI)

CO2 Enhanced Oil Recovery Asset

Delhi Field

24.7 MMBOE Net 3P to Recover

Delhi Field EOR Project Development

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NYSE MKT: EPM Reversionary WI Effective Nov-2014

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9/15

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2/15

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9

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8/15

/202

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100

1,000

10,000

Delhi Field Oil and NGL Production

Gross Barrels EPM Net

Barr

els

Per

Day

Peak Proved Pdn in 2020Peak 2P Pdn in 2026

Reversion of Working Interest (Nov-2014)

Delhi EOR Production Profile

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NYSE MKT: EPM

• 7.4% of gross revenues

• No CapEx or OpEx…ever

7.4% Royalty Interest

• Reversion occurred Nov-2014

• Bears 23.9% of CapEx and OpEx

23.9% Working Interest & 19%

NRI

26.4% Net Revenue

Interest

Delhi Field Interest ProfileHigh Value Interests

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Oil80%

NGL20%

12.4 MMBOE Proved Reserves

Proved

50%Prob.38%

Poss.12%

24.7 MMBOE 3P Reserves

At June 30, 2015Delhi Reserves Profile

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NYSE MKT: EPM High Developed Content & Low Cost Development

Proved Probable Possible0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

59%43%

55%

Developed Reserves as Percent of Total by Classifica-tion

Developed Undeveloped

High-Quality Reserves

$7.07 Per BOE Remaining 2P Development Cost

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NYSE MKT: EPM Major Growth Catalyst

Captures C3+ NGL Production By Projected 2,000+ BLPD

Improve CO2 Flood Efficiency and Expected Oil Rate

Methane Gas Recovery to Power Plant and Existing Facilities, Replacing Much or All of Currently Purchased Power & Natural Gas

$24.6 MM Net CapEx Commitment $14-15 MM Est in Calendar Year 2015 ($6.6MM incurred through 9/30/15) $10-11 MM in Calendar Year 2016

Expected Startup in Summer 2016

NGL Recovery Plant

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NYSE MKT: EPM Delhi Field Development Plan

Install NGL Recovery Plant, Increase Production ~2,000 BLPD

Expand CO2 Flood to Eastern Half of Delhi Field (Price Dependent)

Expand CO2 Flood to Additional Thinner Intervals

Building Momentum

Multiple ProjectsTo Build

Long-Term Value

Gas-Assisted Rod Pump (GARP®)Patented Technology for Recovering More

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NYSE MKT: EPM Patented Solution

PROBLEM:

Industry losing economic value and large quantities of reserves and production as horizontal and vertical wells are impacted by liquid loading and increased down hole gas/liquid separation problems

SOLUTION:

GARP® installation to accelerate production and recover tail reserves

HOW IT WORKS:

Supplements and enhances the existing rod pump while protecting from solids and reducing gas locking

Mobilizes remaining fluid to rod pump inlet to unload liquids and insulate rod pump from gas locking

PROOF OF CONCEPT:

Five commercial installations currently producing Recently installed on 4 wells in Giddings Field and 1

well in Permian Three newly signed MSA’s to install for major and

two large independent oil companies in Barnett and Permian

GARP® Recovers More Oil

16

NYSE MKT: EPM

Patent Secured

Pilot Programs Established

Analyze Results & Adapt to Meet Industry Needs in Small Casing and Deviated Holes

Early Adoption

Industry Accepted Solution

Path to CommercializationEstablished

Development PathGARP® Recovers More

FinancialWell-Positioned to Endure and Capitalize

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NYSE MKT: EPM Shareholder Friendly

Common Dividend

s

• $0.20 Per Common Share

Preferred Dividend

s• $674K per Year

Flexible Share

Repurchase Plan

• Up to $5 MM Total

CapEx 2015/201

6

• Est $14-15 MM in Cal 2015 for NGL Plant

9/30/15 Working Capital, $16.3

Unsecured Revolver;

$5.0

$21.3 MM Liquidity(Sep 30, 2015) $23.4 MM Returned

to Shareholders Since FY 2013(a)

Investing in Growth

NGL Recycle Plant to Capture 2,000+ BLPD

Liquidity and Investment

(a) (1) Includes dividends on Common Stock of $9.8 MM in FY 2014, $9.8 MM in FY 2015 and $1.6 MM in FY 2016and (2) dividends on Preferred Stock of $0.674 MM in each of FY 2013, 2014 and 2015

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NYSE MKT: EPM Ability to Withstand the Cycle

XCO

EXXI SN

LGCY

WRE

SMHR

CWEI

REXX SM EP

EEO

XRR

CBC

EI

JONE

BBG

NFX CPE

DNRER

NAX

AS QEPDVN

MTD

RPD

CEEO

GEG

NMUR

FANG

AREX M

CF

USEG

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

Debt to Equity (as of September 30, 2015)

Strong Balance Sheet

Debt-FreeAt Sep 30, 2015

ZER

O

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NYSE MKT: EPM Capital Budget / Dividend Protection

Hedging Program

Time Period Volume (BOPD)

Floor ($/BBL)

Ceiling($/BBL)

July – Dec 2015 (Collar)

550 $54.00 $66.50

July – Dec 2015 (Collar)Jan – Mar 2016 (Swap)

5501,100

$56.00$51.45

$61.60$51.45

Total ~300,000 Bbls

Two-Thirds Estimated Production Covered

Note:1. Approx 600 BOPD unhedged.2. Hedges are for WTI exposure only; LLS spread to WTI remains unhedged.3. No hedges in place beyond March 20164. Realized derivative gains of $1.2MM through Oct 2015

Looking Forward

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NYSE MKT: EPM Recovering More, Generating Returns

Accretive Growth Delhi Field Production Increasing From Ongoing CO2 Flood

Development Low-Cost Reserves Additions and Upgrades Installation of NGL Recovery Plant at Delhi Field – Summer 2016

Underlying Value Long-Lived (40+ Years) Cash Flow from Huge Delhi Field Resource GARP® Patented Technology

Enviable Balance Sheet Ability to Weather the Cycle & Fund Growth Capital Expenditures Potential to Capitalize on Cyclical Opportunities

Returning Cash to Shareholders Competitive Common Dividend - Potential For Increases Flexible $5 MM Share Repurchase Program

Summary